Comstock Inc 10-Q for FY2023 Q3

Comstock Inc. (LODE)

10-Q 2023-10-26 For: 2023-09-30

Added on April 10, 2026

About this 10-Q

Comstock Inc filed this 10-Q on October 26, 2023, covering the quarter ended September 30, 2023 (FY2023 Q3).

Headline figures

Quarter ended September 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $760.72K; up 1809.0% from $39.85K a year earlier
Net income: $13.74M; compared with a net loss of $5.32M a year earlier
Diluted EPS: $0.11; compared with -$0.07 a year earlier

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Nevada		65-0955118
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

117 American Flat Road, Virginia City, NV		89440
(Address of principal executive offices)		(Zip Code)
	(775) 847-5272
	(Registrant’s telephone number)

	Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.000666 per share	LODE	NYSE American


PART I – FINANCIAL INFORMATION

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			10
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS			12
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.			39
Item 3. Quantitative and Qualitative Disclosures About Market Risk.			50
Item 4. Controls and Procedures.			50

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.			51
Item 1A. Risk Factors.			51
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.			51
Item 3. Defaults Upon Senior Securities.			51
Item 4. Mine Safety Disclosures.			51
Item 5. Other Information.			51
Item 6. Exhibits.			51
Signatures			53


	September 30, 2023		December 31, 2022
ASSETS

Current Assets:
Cash and cash equivalents	$	3,440,085	$	2,521,772
Notes receivable and advances, net - current portion	6,476,267		5,012,275
Investments	18,912,985		—
Assets held for sale	—		21,684,865
Deposits - current portion	370,098		809,583
Prepaid expenses and other current assets	1,538,917		739,118
Total current assets	30,738,352		30,767,613

Non-current Assets:
Investments	12,928,816		18,784,327
Mineral rights and properties	13,302,013		12,571,418
Properties, plant and equipment, net	14,158,183		13,474,094
Reclamation bond deposit	2,816,194		2,727,815
Notes receivable and advances, net	988,271		959,318
Intangible assets, net	16,162,329		17,663,681
Finance lease - right of use asset, net	2,934,999		2,911,458
Other assets	618,960		194,035
Total noncurrent assets	63,909,765		69,286,146

TOTAL ASSETS	$	94,648,117	$	100,053,759


	September 30, 2023		December 31, 2022
LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:
Accounts payable	$	557,106	$	714,077
Accrued expenses and other liabilities	2,329,114		1,719,597
Deposits	422,603		422,603

Derivative liabilities	7,507,177		14,545,800
Liabilities, held for sale	—		12,021,566
Finance lease - right of use lease liability	847,129		409,143
Debt, net - current portion	—		1,795,890
Total current liabilities	11,663,129		31,628,676

Long-Term Liabilities:
Reclamation liability	5,508,624		5,226,505
Finance lease - right of use lease liability, non-current portion	—		406,968
Debt, net - non-current portion	5,814,978		6,121,443
Other liabilities	1,792,022		306,708
Total long-term liabilities	13,115,624		12,061,624

TOTAL LIABILITIES	24,778,753		43,690,300

COMMITMENTS AND CONTINGENCIES (Note 10)

Stockholders' Equity:
Preferred Stock $.000666 par value, 50,000,000 shares authorized, no shares outstanding	—		—
Common stock, $.000666 par value, 245,000,000 shares authorized, 117,130,225 and 91,442,018 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	77,888		60,660
Treasury stock 2,605,323 and 2,605,323 shares, at cost, at September 30, 2023 and December 31, 2022, respectively	(3,360,867)		(3,360,867)
Additional paid-in capital	359,533,078		348,390,556
Accumulated deficit	(290,263,882)		(291,491,432)
Total equity - Comstock Inc.	65,986,217		53,598,917
Non-controlling interest	3,883,147		2,764,542
Total stockholders' equity	69,869,364		56,363,459
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$	94,648,117	$	100,053,759


	Three-Months Ended				Nine-Months Ended
	September 30,				September 30,
	2023		2022		2023		2022

Revenue	$	760,721	$	39,850	$	826,796	$	147,400

Operating expenses:
Selling, general and administrative expenses	3,140,080		1,894,500		10,025,904		6,805,839
Research and development	1,394,860		1,330,340		4,426,543		5,104,908
Depreciation & amortization	676,779		794,565		2,012,701		2,447,988
Gain on sale of Daney Ranch	—		(1,055,623)		—		(1,055,623)
Gain on sale of Facility (Note 8)	(7,126,377)		—		(7,304,570)		—
Total operating expenses	(1,914,658)		2,963,782		9,160,578		13,303,112

Income (loss) from operations	2,675,379		(2,923,932)		(8,333,782)		(13,155,712)

Other Income (Expense):
Gain (loss) on investments	14,074,875		(43,514)		13,309,875		9,309
Interest expense	(320,815)		(326,937)		(1,312,154)		(963,687)
Interest income	73,067		10,050		179,942		368,401
Change in fair value of derivative instruments	(2,369,176)		(1,600,000)		(105,964)		(6,725,000)

Gain on conversion of debt	289,512		—		51,856		—
Impairment of intangible assets	—		—		—		(338,033)
Impairment of investments and note receivable, net recovery	—		4,441		—		(3,239,210)
Other income (expense)	(681,678)		(435,152)		(1,234,940)		(1,908,732)
Total other income (expense), net	11,065,785		(2,391,112)		10,888,615		(12,796,952)

Net income (loss)	13,741,164		(5,315,044)		2,554,833		(25,952,664)

Net income (loss) attributable to non-controlling interest	1,376,189		(188,792)		1,327,283		(681,011)

Net income (loss) attributable to Comstock Inc.	$	12,364,975	$	(5,126,252)	$	1,227,550	$	(25,271,653)

Earnings per Share - Basic:
Net income (loss) per share - basic	$	0.11	$	(0.07)	$	0.01	$	(0.36)

Earnings per Share - Diluted:
Net income (loss) per share - diluted	$	0.11	$	(0.07)	$	0.01	$	(0.36)

Weighted average common shares outstanding, basic	109,093,289		76,481,625		101,853,484		70,866,854
Weighted average common shares outstanding, diluted	110,356,870		76,481,625		101,996,145		70,866,854


	Common Stock			Additional Paid in Capital		Accumulated Deficit		Treasury Stock		Non-Controlling Interest		Total
	Shares	Amount
BALANCE - January 1, 2022	71,207,832	$	47,065	$	338,936,145	$	(245,542,688)	$	(3,870,000)	$	3,400,000	$	92,970,522

Common stock received and cancelled in the rescission of the LPB transaction	(3,500,000)	(2,331)		(5,107,669)		—		—		—		(5,110,000)
Common stock issuance costs	—	—		(70,000)		—		—		—		(70,000)
Capital contribution to LINICO by Aqua Metals	—	—		176,695		—		—		323,305		500,000
Employee and director share-based compensation	—	119		108,480		—		—		—		108,599
Sales of treasury shares (1,485 common shares)	—	—		805		—		1,916		—		2,721
Net loss	—	—		—		(6,378,555)		—		(168,468)		(6,547,023)
BALANCE - March 31, 2022	67,707,832	44,853		334,044,456		(251,921,243)		(3,868,084)		3,554,837		81,854,819

Issuance of common stock for Haywood lease	1,500,000	999		2,294,001		—		—		—		2,295,000
Tysadco private placement funding	3,076,923	2,049		1,997,951								2,000,000
Issuance of common stock	4,377,697	2,916		3,457,084		—		—		—		3,460,000
Issuance of common stock for stock issuance costs	829,597	553		839,447		—		—		—		840,000
Common stock issuance costs	—	—		(1,053,000)		—		—		—		(1,053,000)
Common stock received and cancelled in connection with employee termination	(720,000)	(480)		480		—		—		—		—
Employee and director share-based compensation	—	—		113,580		—		—		—		113,580
Repurchase of employee stock options	—	—		(12,195)		—		—		—		(12,195)
Exercise of employee stock options	50,000	33		27,967		—		—		—		28,000
Net loss	—	—		—		(13,766,846)		—		(323,751)		(14,090,597)
BALANCE - June 30, 2022	76,822,049	50,923		341,709,771		(265,688,089)		(3,868,084)		3,231,086		75,435,607

Issuance of common stock	4,763,945	3,174		2,398,826		—		—		—		2,402,000
Warrants issued with note amendment	—	—		18,975		—		—		—		18,975
Payment to Northern Comstock LLC for mineral rights	802,295	534		481,966		—		—		—		482,500
Employee and director share-based compensation	—	—		89,738		—		—		—		89,738
Sales of treasury shares (393,192 common shares)	—	—		(269,861)		—		507,217		—		237,356
Net loss	—	—				(5,126,252)		—		(188,792)		(5,315,044)
BALANCE - September 30, 2022	82,388,289	$	54,631	$	344,429,415	$	(270,814,341)	$	(3,360,867)	$	3,042,294	$	73,351,132


	Nine-Months Ended September 30,
	2023		2022
CASH FLOW FROM OPERATING ACTIVITIES:
Net income (loss)	$	2,554,833	$	(25,952,664)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	478,388		409,784
Amortization of finance leases	32,960		1,009,687
Amortization of discount associated with finance leases	229,425		—
Amortization of debt discount and other debt-related items	659,743		130,652
Amortization of intangibles	1,501,352		1,641,308
Accretion of reclamation liability	282,119		291,213




Gain on sale of Facility (Note 8)	(7,304,570)		—


Gain on investments	(13,309,875)		—
Gain on conversion of debt	(51,856)		—
Gain on sale of Daney Ranch	—		(1,055,623)
Loss on change in fair value of equity securities	—		518,837
Loss on write off of investments in MCU and MCU-P, net of recovery	—		2,455,333
Loss on Pelen option	150,000		150,000
Employee and director share based compensation (recapture)	(67,605)		311,917
Change in fair value of derivative instruments	105,964		6,725,000
Change in fair value of investment	—		76,854
Interest expense paid in lieu of common stock	152,877		—


Share of net loss of equity-method investments	1,337,801		858,712


Impairment of MCU-P note receivable	—		733,731
Impairment of Flux Photon intangibles	—		338,035




Other	(34,357)		18,780





Changes in operating assets and liabilities:

Prepaid expenses	(165,780)		(379,127)
Deposits	289,485		109,664

Other assets	428,264		330,490
Accounts payable	(320,236)		(227,788)
Accrued expenses, other liabilities and deposits	581,456		(241,137)

Other liabilities	1,285,628		—

Net cash used in operating activities	(11,183,984)		(11,746,342)

CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of mineral rights and property, plant and equipment	(1,515,553)		(816,302)
Proceeds received from the sale of the Facility (Note 8)	21,000,000		—
Proceeds from sale of ABTC common shares	5,365,981		—
Proceeds from sale of Green Li-ion preferred shares	779,600		—
Purchase of Facility (Note 8)	(12,000,000)		—
Payments on contractual commitments associated with derivatives	(5,625,000)		—
Investment in Quantum Generative Materials, LLC	—		(2,200,000)


NON-CASH INVESTING AND FINANCING ACTIVITIES:


Haywood land lease and acquisition	$	—	$	2,050,000

Issuance of common shares for Haywood land lease and acquisition	$	—	$	245,000

Issuance of common shares for Northern Comstock LLC mineral rights payments	$	482,500	$	482,500
Issuance of common shares for debt conversion and accrued interest	$	4,499,598	$	—
Return of common stock in connection with conversion of debt and accrued interest	$	(287,049)	$	—
Investment shares received on sale of Facility	$	9,365,000	$	—
Return of investment shares in lieu of escrowed funds	$	(1,500,000)	$	—
Issuance of common shares for due diligence and commitment fees	$	350,000	$	840,000
Right of use asset and liability due to building operating lease	$	213,925	$	—
Common stock received in the rescission of the LPB transaction	$	—	$	5,110,000
Tonogold note receivable exchanged for option	$	—	$	(6,650,000)
Note receivable issued in sale of Daney Ranch property	$	—	$	993,000
Increase in finance lease asset and liability due to modification of lease terms	$	—	$	1,147,669


	September 30, 2023			December 31, 2022
Equity Method Investments:	Investment		Ownership %	Investment		Ownership %
Quantum Generative Materials LLC	$	11,989,589	48.19%	$	13,312,433	48.19%
Pelen Limited Liability Company	604,227		25.00%	619,184		25.00%
Total equity method investments	12,593,816			13,931,617

Measurement Alternative Investments:
Green Li-ion Pte. Ltd. preferred shares	18,912,985			4,517,710
Sierra Springs Opportunity Fund, Inc.	335,000			335,000
Total measurement alternative investments	19,247,985			4,852,710

Total Investments	31,841,801			18,784,327
Less: current investments	18,912,985			—
Long-term investments	$	12,928,816		$	18,784,327


	September 30, 2023		December 31, 2022
Current assets	$	366,838	$	1,023,023
Non-current assets	7,565,211		12,034,506
Current liabilities	—		89,584


	Nine-Months Ended
	September 30, 2023		September 30, 2022
Revenues	47,400		52,675
Gross Profit	47,400		52,675

Net loss	$	(3,587,417)	$	(2,228,217)


	September 30, 2023		December 31, 2022
Current portion
Sierra Springs advances receivable	$	6,460,000	$	4,990,000
Other notes receivable	16,267		22,275
Total notes receivable and advances, current portion	$	6,476,267	$	5,012,275

Non-current portion
Daney Ranch note receivable	$	988,271	$	993,000
Unamortized discount for implied interest	—		(33,682)
Daney Ranch note receivable, net of discount	988,271		959,318
Total notes receivable and advances, non-current portion, net	$	988,271	$	959,318


	September 30, 2023		December 31, 2022
Land	$	6,328,338	$	6,328,338
Real property leased to third parties	1,037,049		1,037,049
Property, plant and equipment for mineral processing	27,644,745		27,644,745
Other property and equipment	6,391,050		5,212,891
Accumulated depreciation	(27,242,999)		(26,748,929)
Total property, plant and equipment, net	$	14,158,183	$	13,474,094


	September 30, 2023		December 31, 2022
Comstock Mineral Estate	$	12,164,013	$	12,164,013
Other mineral properties	317,405		317,405
Water rights	820,595		90,000
Total mineral rights and properties	$	13,302,013	$	12,571,418


Description	Estimated Economic Life	September 30, 2023		December 31, 2022
Developed technologies	10 years	$	19,382,402	$	19,382,402
License agreements	10 years	510,752		510,752
Customer agreements	1 year	122,885		122,885
Distribution agreements	8 years	19,733		19,733
Trademarks	10 years	7,000		7,000
Accumulated amortization		(3,880,443)		(2,379,091)
Intangible assets, net		$	16,162,329	$	17,663,681


Remainder of 2023	$	498,375
2024	1,993,499
2025	1,993,499
2026	1,993,499
2027	1,991,425
Thereafter	7,692,032
	$	16,162,329


For the remainder of 2023	$	22,725
2024	94,725
2025	96,000
2026	96,000
2027	96,000
Thereafter	192,000
Total Minimum Lease Income	$	597,450


Year	Leases
Remainder of 2023	$	25,750
2024	109,000
2025	111,000
2026	151,000
2027	151,000
Thereafter	1,512,250
Total minimum annual lease payments	$	2,060,000


	Number of Warrants	Exercise Price		Expiration Date
GHF, Inc.	200,000	$	1.0000	August 22, 2024
GHF, Inc.	500,000	$	0.4555	December 15, 2024
GHF, Inc.	500,000	$	2.5217	December 15, 2024
Total Outstanding warrants	1,200,000


			Fair Value Measurements at
			September 30, 2023
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities:
LINICO related derivative	$	(3,773,162)	$	—	$	(3,773,162)	$	—
Haywood derivative	(1,085,000)		—		(1,085,000)		—
GenMat derivative	(2,649,015)		—		(2,649,015)		—
Total liabilities measured at fair value	$	(7,507,177)	$	—	$	(7,507,177)	$	—


	As of December 31, 2022		Additions		Impairment		Amortization		As of September 30, 2023
Intangible assets	$	20,042,772	$	—	$	—	$	—	$	20,042,772
Accumulated amortization	(2,379,091)		—		—		(1,501,352)		(3,880,443)

Total intangible assets and goodwill, net	$	17,663,681	$	—	$	—	$	(1,501,352)	$	16,162,329


	As of December 31, 2021		Additions		Impairment		Amortization		As of September 30, 2022
Intangible assets	$	23,514,259	$	500,000	$	(350,000)	$	—	$	23,664,259
Accumulated amortization	(338,958)		—		11,965		(1,641,308)		(1,968,301)
Goodwill	12,788,671		—		—		—		12,788,671
Total intangible assets and goodwill, net	$	35,963,972	$	500,000	$	(338,035)	$	(1,641,308)	$	34,484,629


	September 30, 2023		December 31, 2022
Accrued interest expense	$	17,072	$	43,398
Accrued payroll costs	646,932		627,210
Accrued incentive compensation	1,332,169		928,125
Accrued vendor liabilities	234,726		115,653
Other accrued expenses	98,215		5,211
Total accrued expenses and other liabilities	$	2,329,114	$	1,719,597


Lease Assets and Liabilities	Classification	September 30, 2023		December 31, 2022
Finance lease right-of-use asset	Assets held for sale	$	—	$	15,709,039
Finance lease right-of-use asset	Finance lease - right of use asset, net	2,934,999		2,911,458
Operating lease right-of-use asset	Other assets - noncurrent	208,799		—
Operating lease right-of-use asset	Other assets - noncurrent	38,095		42,061
Total right of use assets		$	3,181,893	$	18,662,558

Operating lease liability - current	Accrued expenses and other liabilities	$	35,712	$	5,211
Operating lease liability - long-term	Other liabilities	215,252		40,193
Finance lease liability	Liabilities - held for sale	—		12,021,566
Finance lease liability, current portion	Finance lease - right of use lease liability	847,129		409,143
Finance lease liability	Finance lease - right of use lease liability, non-current portion	—		406,968
Total lease liabilities		$	1,098,093	$	12,883,081


	September 30, 2023		September 30, 2022
Weighted-average remaining lease term in years - finance leases	0.58		0.48
Weighted-average remaining lease term in years - operating leases	4.86		6.00
Weighted-average discount rate - finance leases	8.0	%	6.1	%
Weighted-average discount rate - operating leases	13.2	%	11.0	%


	Operating Leases		Finance Leases
For the remainder of 2023	$	16,565	$	25,065
2024	67,112		860,564
2025	69,118		—
2026	71,175		—
2027	73,285		—
Thereafter	46,372		—
Total lease payments	343,627		885,629
Less: imputed interest operating and finance leases	(92,663)		(38,500)
Present value of lease liabilities	$	250,964	$	847,129


Date	Consideration	Fair Value of Consideration
March 1, 2023	Cash	$	6,000,000
March 31, 2023	Cash	5,000,000
April 6, 2023 (modified April 21, 2023)	Restricted shares of ABTC common stock (10,000,000 shares)	9,000,000
April 21, 2023	Cash	7,000,000
May 12, 2023	Cash	1,000,000
May 12, 2023	Restricted shares of ABTC common stock (1,000,000 shares)	365,000
May 22, 2023	Cash	2,000,000
June 30, 2023	ABTC common shares returned in lieu of escrowed funds (1,923,077 shares)	(1,500,000)
Total Consideration		$	28,865,000

Total consideration		$	28,865,000
Carrying value of manufacturing facility and equipment sold		(21,397,165)
Costs associated with the transaction		(163,265)
Gain on sale of manufacturing facility		$	7,304,570


	December 31, 2022
Right of use lease asset, net of amortization	$	15,709,039
Lease intangible, net of amortization	3,501,939
Deposits	1,250,000
Property, plant and equipment	710,563
Construction in progress	513,324
Total assets held for sale	$	21,684,865


	December 31, 2022
Right of use lease liability	12,021,566
Total liabilities held for sale	$	12,021,566


	September 30, 2023		December 31, 2022
GHF Secured Promissory Note – 6% interest, due December 15, 2024	$	4,290,000	$	4,290,000
Alvin Fund LLC Promissory Note - 16% interest, due January 31, 2026	2,000,000		2,000,000
Ionic Unsecured Convertible Promissory Note - 8% interest, due March 16, 2024	—		3,150,000
Total debt	6,290,000		9,440,000
Less: debt discounts and issuance costs	(475,022)		(1,522,667)
Total debt, net of discounts	5,814,978		7,917,333
Less: current maturities, net of discounts and issuance costs	—		(1,795,890)
Long-term debt, net of discounts and issuance costs	$	5,814,978	$	6,121,443


	For the Three-Months Ended September 30, 2023
	As of June 30, 2023		Additions (Deductions)		Unrealized Gain (Loss) on Change in Fair Value		Payments for Decrease in Contractual Stock Consideration		As of September 30, 2023
Ionic convertible debenture derivative	$	(600,000)	$	523,333	$	76,667	$	—	$	—
LINICO related derivative	(3,278,162)		—		(1,120,000)		625,000		(3,773,162)
Haywood derivative	(605,000)		—		(480,000)		—		(1,085,000)
GenMat derivative	(3,303,172)		—		(845,843)		1,500,000		(2,649,015)
Total liabilities measured at fair value	$	(7,786,334)	$	523,333	$	(2,369,176)	$	2,125,000	$	(7,507,177)


	For the Nine-Months Ended September 30, 2023
	As of December 31, 2022		Additions (Deductions)		Unrealized Gain (Loss) on Change in Fair Value		Payments for Decrease in Contractual Stock Consideration		As of September 30, 2023
Ionic convertible debenture derivative	$	(420,000)	$	1,519,587	$	(1,099,587)	$	—	$	—
LINICO related derivative	(6,053,162)		—		455,000		1,825,000		(3,773,162)
Haywood derivative	(1,480,000)		—		195,000		200,000		(1,085,000)
GenMat derivative	(6,592,638)		—		343,623		3,600,000		(2,649,015)
Total liabilities measured at fair value	$	(14,545,800)	$	1,519,587	$	(105,964)	$	5,625,000	$	(7,507,177)


	For the Three-Months Ended September 30, 2022
	As of June 30, 2022		Additions (Deductions)		Unrealized Gain (Loss) on Change in Fair Value		Payments for Decrease in Contractual Stock Consideration		As of September 30, 2022
LINICO related derivative	$	(5,088,162)	$	—	$	(700,000)	$	—	$	(5,788,162)
Haywood derivative	(1,120,000)		—		(300,000)		—		(1,420,000)
GenMat derivative	(8,140,000)		—		(600,000)		—		(8,740,000)
Total liabilities measured at fair value	$	(14,348,162)	$	—	$	(1,600,000)	$	—	$	(15,948,162)


Date	Description	Fair Value		Beginning Stock Price		Volatility		Risk Free Rate
April 6, 2023	10 million ABTC shares (make-whole provision $6.6 million to $7.6 million)	$	7,000,000	$	0.78	94.0	%	4.80	%
April 21, 2023	10 million ABTC shares (make-whole provision $6.6 million)	$	2,000,000	$	0.86	95.0	%	5.00	%
May 12, 2023	1 million ABTC shares	$	365,000	$	0.74	95.0	%	5.07	%
June 30, 2023	ABTC common shares (9,076,923 shares)	$	7,100,000	$	0.77	89.0	%	5.26	%


Three-Months Ended September 30, 2023	Fuels		Metals		Mining		Strategic Investments		Corporate/Other		Total
Revenue	$	781	$	—	$	519,166	$	—	$	240,774	$	760,721

Depreciation and amortization	$	20,423	$	15,911	$	61,694	$	15,098	$	563,653	$	676,779

Income (loss) from operations	$	(1,269,183)	$	(188,933)	$	27,740	$	(2,981,631)	$	7,087,386	$	2,675,379

Change in fair value of derivative instruments	$	—	$	—	$	—	$	—	$	(2,369,176)	$	(2,369,176)









Total other income (expense), net	$	732	$	—	$	53,016	$	14,549,213	$	(3,537,176)	$	11,065,785

Net income (loss)	$	(1,268,451)	$	(188,933)	$	80,756	$	11,567,582	$	3,550,210	$	13,741,164

Total Assets	$	253,425	$	1,352,814	$	24,769,367	$	46,484,033	$	21,788,478	$	94,648,117

Capital Expenditures	$	—	$	694,480	$	—	$	—	$	5,000	$	699,480


Three-Months Ended September 30, 2022	Fuels		Metals		Mining		Strategic Investments		Corporate/Other		Total
Revenue	$	—	$	—	$	32,050	$	—	$	7,800	$	39,850

Depreciation and amortization	$	12,453	$	—	$	71,844	$	147,247	$	563,021	$	794,565

Income (loss) from operations	$	(1,236,509)	$	—	$	1,185,570	$	(599,771)	$	(2,273,222)	$	(2,923,932)

Change in fair value of derivative instruments	$	—	$	—	$	—	$	—	$	(1,600,000)	$	(1,600,000)



Impairment of investments and note receivable, net recovery	$	—	$	—	$	4,441	$	—	$	—	$	4,441

Total other income (expense), net	$	1,357	$	—	$	1,210	$	(417,806)	$	(1,975,873)	$	(2,391,112)

Net income (loss)	$	(1,235,150)	$	—	$	1,186,780	$	(867,577)	$	(4,399,097)	$	(5,315,044)

Total Assets	$	2,538,029	$	—	$	27,114,496	$	48,537,296	$	38,309,191	$	116,499,012

Capital Expenditures	$	—	$	—	$	—	$	229,300	$	—	$	229,300


Nine-Months Ended September 30, 2023	Fuels		Metals		Mining		Strategic Investments		Corporate/Other		Total
Revenue	$	781	$	—	$	569,641	$	—	$	256,374	$	826,796

Depreciation and amortization	$	59,984	$	15,911	$	185,082	$	60,392	$	1,691,332	$	2,012,701

Income (loss) from operations	$	(4,705,633)	$	(317,115)	$	(1,328,673)	$	(3,509,780)	$	1,527,419	$	(8,333,782)

Change in fair value of derivative instruments	$	—	$	—	$	—	$	—	$	(105,964)	$	(105,964)







Total other income (expense), net	$	2,642	$	—	$	142,546	$	13,657,392	$	(2,913,965)	$	10,888,615

Net income (loss)	$	(4,702,991)	$	(317,115)	$	(1,186,127)	$	10,147,613	$	(1,386,547)	$	2,554,833

Total Assets	$	253,425	$	1,352,814	$	24,769,367	$	46,484,033	$	21,788,478	$	94,648,117

Capital Expenditures	$	68,582	$	694,480	$	736,595	$	—	$	15,896	$	1,515,553


Nine-Months Ended September 30, 2022	Fuels		Metals		Mining		Strategic Investments		Corporate/Other		Total
Revenue	$	—	$	—	$	124,000	$	—	$	23,400	$	147,400

Depreciation and amortization	$	64,113	$	—	$	257,147	$	441,741	$	1,684,987	$	2,447,988

Income (loss) from operations	$	(5,207,142)	$	—	$	633,592	$	(1,369,791)	$	(7,212,371)	$	(13,155,712)

Change in fair value of derivative instruments	$	—	$	—	$	—	$	595,000	$	(7,320,000)	$	(6,725,000)

Impairment of intangible assets	$	—	$	—	$	—	$	—	$	(338,033)	$	(338,033)

Impairment of investments and note receivable, net recovery	$	—	$	—	$	(2,450,892)	$	(54,587)	$	(733,731)	$	(3,239,210)



Total other income (expense), net	$	4,462	$	—	$	(2,435,522)	$	(1,179,664)	$	(9,186,228)	$	(12,796,952)

Net income (loss)	$	(5,202,680)	$	—	$	(1,801,930)	$	(2,399,455)	$	(16,548,599)	$	(25,952,664)

Total Assets	$	2,538,029	$	—	$	27,114,496	$	48,537,296	$	38,309,191	$	116,499,012

Capital Expenditures	$	—	$	—	$	—	$	816,302	$	—	$	816,302


	September 30, 2023		September 30, 2022		Change
Revenue	$	760,721	$	39,850	$	720,871

Operating expenses:
Selling, general and administrative expenses	3,140,080		1,894,500		1,245,580
Research and development	1,394,860		1,330,340		64,520
Depreciation & amortization	676,779		794,565		(117,786)
Gain on sale of Daney Ranch	—		(1,055,623)		1,055,623
Gain on sale of Facility	(7,126,377)		—		(7,126,377)
Total operating expenses	(1,914,658)		2,963,782		(4,878,440)

Income (loss) from operations	2,675,379		(2,923,932)		5,599,311

Other Income (Expense):
Gain (loss) on investments	14,074,875		(43,514)		14,118,389
Interest expense	(320,815)		(326,937)		6,122
Interest income	73,067		10,050		63,017
Change in fair value of derivative instruments	(2,369,176)		(1,600,000)		(769,176)

Gain on conversion of debt	289,512		—		289,512

Impairment of investments and note receivable, net recovery	—		4,441		(4,441)
Other income (expense)	(681,678)		(435,152)		(246,526)
Total other income (expense), net	11,065,785		(2,391,112)		13,456,897

Net income (loss)	13,741,164		(5,315,044)		19,056,208

Net income (loss) attributable to non-controlling interest	1,376,189		(188,792)		1,564,981

Net income (loss) attributable to Comstock Inc.	$	12,364,975	$	(5,126,252)	$	17,491,227


Exhibit Number						Exhibit

31*						Certification of Principal Executive Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities Exchange Act of 1934, as amended. pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities Exchange Act of 1934, as amended.

32*						Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

95*						Mine Safety Disclosures

101*						Interactive Data File (Quarterly Report on Form 10-Q, for the periods ended September 30, 2023, furnished in XBRL (eXtensible Business Reporting Language)). Attached as Exhibit 101 to this report are the following documents formatted in XBRL: (i) the Condensed Consolidated Balance Sheets at September 30, 2023 and December 31, 2022, (ii) the Condensed Consolidated Statements of Operations for the three and nine-months ended September 30, 2023 and 2022, (iii) the Condensed Consolidated Statements of Changes in Equity for the three and nine-months ended September 30, 2023 and 2022, (iv) the Condensed Consolidated Statements of Cash Flows for nine-months ended September 30, 2023 and 2022 and (v) the Notes to Condensed Consolidated Financial Statements, tagged as blocks of text. Users of this data are advised pursuant to Rule 406T of Regulation S-T that this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.