Comstock Inc. Q3 2024 10-Q Filed

TL;DR

Comstock Inc. Q3 2024: Assets $206.6M, Liabilities $2.6M. NV incorporated.

AI Summary

Comstock Inc. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $206,634,788 and total liabilities of $2,605,322. Comstock Inc. has a fiscal year end of December 31 and is incorporated in Nevada.

Why It Matters

This filing provides a snapshot of Comstock Inc.'s financial health as of Q3 2024, detailing its assets and liabilities for investors and stakeholders.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative financial events indicated.

Key Numbers

• $206,634,788 — Total Assets (Financial position as of September 30, 2024)
• $2,605,322 — Total Liabilities (Financial obligations as of September 30, 2024)
• December 31 — Fiscal Year End (Annual reporting cycle)

Key Players & Entities

• Comstock Inc. (company) — Filer
• 20240930 (date) — Period of Report
• 206,634,788 (dollar_amount) — Total Assets
• 2,605,322 (dollar_amount) — Total Liabilities
• NV (location) — State of Incorporation

FAQ

Key Financial Figures

• $0.000666 — ich registered Common Stock, par value $0.000666 per share LODE NYSE American Secu

Filing Documents

• lode20240930_10q.htm (10-Q) — 2736KB
• ex_715718.htm (EX-31) — 12KB
• ex_715719.htm (EX-32) — 4KB
• ex_715720.htm (EX-95) — 30KB
• logo01.jpg (GRAPHIC) — 5KB
• 0001437749-24-031673.txt ( ) — 14765KB
• lode-20240930.xsd (EX-101.SCH) — 114KB
• lode-20240930_cal.xml (EX-101.CAL) — 86KB
• lode-20240930_def.xml (EX-101.DEF) — 812KB
• lode-20240930_lab.xml (EX-101.LAB) — 650KB
• lode-20240930_pre.xml (EX-101.PRE) — 853KB
• lode20240930_10q_htm.xml (XML) — 2868KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. CONDENSED CONSOLIDATED BALANCE SHEETS 5 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 7 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY 8 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 9 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 10

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations. 32

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk . 42

Controls and Procedures

Item 4. Controls and Procedures. 42

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 43

Risk Factors

Item 1A. Risk Factors. 43

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 43

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 44

Other Information

Item 5. Other Information. 44

Exhibits

Item 6. Exhibits. 44

Signatures

Signatures 45 3 Table of Contents Cautionary Notice Regarding Forward-Looking Statements Certain statements contained in this quarterly report on Form 10-Q are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words " believe, " " expect, " " anticipate, " " estimate, " " project, " " plan, " " should, " " intend, " " may, " " will, " " would, " " potential " and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future explorations or acquisitions; future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital ne

Financial Statements

Item 1. Financial Statements COMSTOCK INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 1,363,327 $ 3,785,577 Investments 18,912,985 18,912,985 Derivative assets 428,850 — Assets held for sale - land and mineral rights and properties 8,380,231 — Prepaid expenses and other current assets 799,760 484,577 Total current assets 29,885,153 23,183,139 Non-current Assets: Investments 31,406,475 31,260,928 Mineral rights and properties 11,250,121 13,302,013 Properties, plant and equipment, net 8,620,646 15,204,030 Deposits 411,268 411,268 Reclamation bond deposit 3,228,229 2,850,518 Notes receivable and advances, net 4,754,789 980,291 Intangible assets, net 5,886,548 15,866,032 Finance lease - right of use asset, net 3,100,972 2,923,766 Operating lease - right of use asset, net 4,729,427 237,617 Other assets 419,188 246,742 Total non-current assets 73,807,663 83,283,205 TOTAL ASSETS $ 103,692,816 $ 106,466,344 The accompanying notes to the Condensed Consolidated Financial Statements are an integral part of these statements . 5 Table of Contents COMSTOCK INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Continued) (UNAUDITED) September 30, 2024 December 31, 2023 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 2,524,119 $ 1,333,980 Accrued expenses and other liabilities 6,053,784 2,283,986 Deposits — 410,100 Deferred revenue 1,236,645 78,495 Derivative liabilities 1,250,000 5,400,128 Finance lease - right of use lease liability 515,140 838,676 Debt, net - current portion 626,044 4,495,660 Total current liabilities 12,205,732 14,841,025 Long-term Liabilities: Reclamation liability 5,925,903 5,606,681 Operating lease - right of use lease liability, long-term portion 4,779,042 205,154 Deferred revenue — 1,156,250

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