Comstock Inc. Files 8-K for Material Agreement

TL;DR

Comstock Inc. signed a big deal on 4/25, check the 8-K.

AI Summary

Comstock Inc. filed an 8-K on April 30, 2024, reporting a material definitive agreement entered into on April 25, 2024. The filing also includes financial statements and exhibits. The company, formerly known as Comstock Mining Inc., is incorporated in Nevada and operates in the industrial organic chemicals sector.

Why It Matters

This filing indicates a significant new agreement for Comstock Inc., which could impact its business operations and financial performance.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that are not yet fully understood.

Key Numbers

• 001-35200 — SEC File Number (Identifies the company's filing with the SEC.)
• 65-0955118 — IRS Employer Identification Number (Company's tax identification number.)

Key Players & Entities

• Comstock Inc. (company) — Registrant
• April 25, 2024 (date) — Date of earliest event reported
• April 30, 2024 (date) — Date of report
• Nevada (location) — State of incorporation
• Comstock Mining Inc. (company) — Former company name

FAQ

Key Financial Figures

• $0.000666 — ich registered Common Stock, par value $0.000666 per share LODE NYSE American Indicate
• $1,000 — of 50,000 Units at a purchase price of $1,000 per Unit. Such 50,000 Units would repre
• $15,000,000 — he "Closing Units") in exchange for the $15,000,000 ("Initial Funding"), commitment compris
• $5,000,000 — tial Funding"), commitment comprised of $5,000,000 in cash funds (the "Cash Payments"), an
• $15 million — ded the Initial Funding requirements of $15 million and the Company agrees to the cancellat
• $25 million — y commits to continue funding up to the $25 million ($500,000 per month), at a value of $25
• $500,000 — continue funding up to the $25 million ($500,000 per month), at a value of $254.07 per s
• $254.07 — ion ($500,000 per month), at a value of $254.07 per share and an expected total ownersh
• $10,000,000 — secures third-party equity financing of $10,000,000 or more; d. The Company shall not have

Filing Documents

• lode-20240425.htm (8-K) — 38KB
• exhibit101-genmatxcomsto.htm (EX-10.1) — 18KB
• exhibit991-2024x4x29genmat.htm (EX-99.1) — 29KB
• comstocklogoblack.jpg (GRAPHIC) — 3KB
• exhibit101-genmatxcomsto001.jpg (GRAPHIC) — 97KB
• exhibit101-genmatxcomsto002.jpg (GRAPHIC) — 219KB
• exhibit101-genmatxcomsto003.jpg (GRAPHIC) — 239KB
• exhibit101-genmatxcomsto004.jpg (GRAPHIC) — 222KB
• exhibit101-genmatxcomsto005.jpg (GRAPHIC) — 199KB
• 0001120970-24-000048.txt ( ) — 1573KB
• lode-20240425.xsd (EX-101.SCH) — 2KB
• lode-20240425_lab.xml (EX-101.LAB) — 21KB
• lode-20240425_pre.xml (EX-101.PRE) — 12KB
• lode-20240425_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On April 25, 2024, Comstock Inc. (the "Company") entered into a non-binding memorandum of understanding (the "MOU") with Genmat to effectively amend, restate, terminate and/or supersede agreements with Quantum Generative Materials LLC ("Genmat") dated June 24, 2021. On June 24, 2021, the Company, made an investment in and agreed to certain licensing and development agreements with Genmat. Pursuant to the Limited Liability Company Operating Agreement of Genmat (the "Operating Agreement"), the Company received 285,000 Class A Membership Interest Units in Genmat ("Units") on the date of closing in consideration of its time, efforts, resources and covenants required to achieve Genmat's goals. In addition, pursuant to the Operating Agreement, the Company's ownership of additional Units would vest upon achievement of three different and phased objectives. At the date of execution of the Operating Agreement, Genmat had 950,000 total issued, reserved and outstanding Units (including all Units issued to the Company, subject to vesting). On June 24, 2021, the Company also entered into a Membership Interest Purchase Agreement (the "Purchase Agreement") with Genmat. Under the terms of the Purchase Agreement, the Company agreed to purchase a total of 50,000 Units at a purchase price of $1,000 per Unit. Such 50,000 Units would represent 5% of the total outstanding Units of Genmat. The Company also purchased an additional 15,000 Units at the closing (the "Closing Units") in exchange for the $15,000,000 ("Initial Funding"), commitment comprised of $5,000,000 in cash funds (the "Cash Payments"), and 3,000,000 restricted common shares issued by the Company (the "Stock Payment"). Upon the issuance of the Closing Units, Genmat had 965,000 total issued and outstanding Units (including a total of 465,000 Units issued to the Company, subject to vesting). In addition, pursuant to three Exclusive Early Adopter License Agreements

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits 10.1 Memorandum of Understanding 99.1 Press Release 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. COMSTOCK INC. Date: April 30, 2024 By: /s/ Corrado De Gasperis Corrado De Gasperis Executive Chairman and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR