We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Comstock Inc | AMEX:LODE | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.014 | -5.16% | 0.2574 | 0.28 | 0.25 | 0.28 | 956,340 | 00:55:46 |
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
NEVADA
(State or other jurisdiction of
incorporation or organization)
|
|
1040
(Primary Standard Industrial
Classification Code Number)
|
|
65-0955118
(I.R.S. Employer
Identification No.)
|
|
|
|
|
|
|
June 30,
2014 |
|
December 31,
2013 |
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
12,226,293
|
|
|
$
|
2,409,446
|
|
Accounts receivable
|
204,715
|
|
|
14,629
|
|
||
Inventories
|
508,128
|
|
|
591,961
|
|
||
Stockpiles and mineralized material on leach pads
|
610,010
|
|
|
547,480
|
|
||
Prepaid expenses
|
1,933,522
|
|
|
2,396,747
|
|
||
Total current assets
|
15,482,668
|
|
|
5,960,263
|
|
||
MINERAL RIGHTS AND PROPERTIES, Net
|
7,406,780
|
|
|
7,470,780
|
|
||
PROPERTIES, PLANT AND EQUIPMENT, Net
|
24,472,100
|
|
|
25,275,440
|
|
||
RECLAMATION BOND DEPOSIT
|
3,316,785
|
|
|
2,742,804
|
|
||
RETIREMENT OBLIGATION ASSET
|
1,989,146
|
|
|
2,491,956
|
|
||
OTHER ASSETS
|
45,814
|
|
|
58,753
|
|
||
TOTAL ASSETS
|
$
|
52,713,293
|
|
|
$
|
43,999,996
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Accounts payable
|
$
|
2,537,323
|
|
|
$
|
3,131,029
|
|
Accrued expenses
|
6,837,267
|
|
|
7,043,335
|
|
||
Long-term debt obligations and capital lease – current portion
|
7,602,025
|
|
|
2,675,800
|
|
||
Derivative liabilities
|
529,170
|
|
|
250,000
|
|
||
Total current liabilities
|
17,505,785
|
|
13,100,164
|
|
|||
LONG-TERM LIABILITIES:
|
|
|
|
||||
Long-term debt and capital lease obligations
|
5,090,721
|
|
|
5,231,674
|
|
||
Long-term reclamation liability
|
5,596,353
|
|
|
5,424,410
|
|
||
Total long-term liabilities
|
10,687,074
|
|
|
10,656,084
|
|
||
Total liabilities
|
28,192,859
|
|
|
23,756,248
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
||
STOCKHOLDERS’ EQUITY:
|
|
|
|
||||
Common stock, $.000666 par value, 3,950,000,000 shares authorized, 80,556,241 and 70,188,937 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively
|
53,591
|
|
|
46,746
|
|
||
Convertible Preferred Stock; 50,000,000 shares authorized
|
|
|
|
||||
7.5% Series A-1 convertible preferred stock; $.000666 par value, 1,500,000 shares authorized; 24,362 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively
|
16
|
|
|
16
|
|
||
7.5% Series A-2 convertible preferred stock, $.000666 par value, 250,000 shares authorized; 1,610 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively
|
1
|
|
|
1
|
|
||
7.5% Series B convertible preferred stock, $.000666 par value, 600,000 shares authorized; 22,975 and 24,193 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively
|
15
|
|
|
16
|
|
||
Additional paid-in capital
|
210,650,712
|
|
|
199,167,304
|
|
||
Accumulated deficit
|
(186,183,901
|
)
|
|
(178,970,335
|
)
|
||
Total stockholders’ equity
|
24,520,434
|
|
|
20,243,748
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
52,713,293
|
|
|
$
|
43,999,996
|
|
|
Three Months Ended June 30,
|
||||||
|
2014
|
|
2013
|
||||
REVENUE - MINING
|
$
|
5,978,983
|
|
|
$
|
6,811,516
|
|
REVENUE - HOSPITALITY
|
236,932
|
|
|
174,393
|
|
||
Total revenues
|
6,215,915
|
|
|
6,985,909
|
|
||
|
|
|
|
||||
COST AND EXPENSES
|
|
|
|
||||
Costs applicable to mining revenue
|
5,466,762
|
|
|
8,233,818
|
|
||
Hospitality operating costs
|
304,846
|
|
|
253,583
|
|
||
Mine development, reclamation and exploration
|
2,068,740
|
|
|
2,336,948
|
|
||
General and administrative
|
1,476,336
|
|
|
1,826,513
|
|
||
Total cost and expenses
|
9,316,684
|
|
|
12,650,862
|
|
||
|
|
|
|
||||
LOSS FROM OPERATIONS
|
(3,100,769
|
)
|
|
(5,664,953
|
)
|
||
|
|
|
|
||||
OTHER INCOME (EXPENSE)
|
|
|
|
||||
Change in fair value of derivatives
|
18,373
|
|
|
81,787
|
|
||
Interest expense
|
(307,204
|
)
|
|
(228,511
|
)
|
||
Interest and other income
|
1,014
|
|
|
287,353
|
|
||
Total other income (expense), net
|
(287,817
|
)
|
|
140,629
|
|
||
|
|
|
|
||||
NET LOSS
|
(3,388,586
|
)
|
|
(5,524,324
|
)
|
||
|
|
|
|
||||
INCOME TAXES
|
—
|
|
|
—
|
|
||
|
|
|
|
||||
NET LOSS
|
(3,388,586
|
)
|
|
(5,524,324
|
)
|
||
|
|
|
|
||||
DIVIDENDS ON CONVERTIBLE PREFERRED STOCK
|
(957,307
|
)
|
|
(1,029,735
|
)
|
||
|
|
|
|
||||
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS
|
$
|
(4,345,893
|
)
|
|
$
|
(6,554,059
|
)
|
|
|
|
|
||||
Net loss per common share – basic
|
$
|
(0.06
|
)
|
|
$
|
(0.11
|
)
|
|
|
|
|
||||
Net loss per common share – diluted
|
$
|
(0.06
|
)
|
|
$
|
(0.11
|
)
|
|
|
|
|
||||
Weighted average common shares outstanding — basic
|
76,592,200
|
|
|
57,443,706
|
|
||
|
|
|
|
||||
Weighted average common shares outstanding — diluted
|
76,592,200
|
|
|
57,443,706
|
|
|
Six Months Ended June 30,
|
||||||
|
2014
|
|
2013
|
||||
REVENUE - MINING
|
$
|
11,585,047
|
|
|
$
|
10,479,438
|
|
REVENUE - HOSPITALITY
|
394,329
|
|
|
296,237
|
|
||
Total revenues
|
11,979,376
|
|
|
10,775,675
|
|
||
|
|
|
|
||||
COST AND EXPENSES
|
|
|
|
||||
Costs applicable to mining revenue
|
10,229,663
|
|
|
12,069,915
|
|
||
Hospitality operating costs
|
591,145
|
|
|
459,923
|
|
||
Mine development, reclamation and exploration
|
3,994,695
|
|
|
4,425,812
|
|
||
General and administrative
|
3,668,307
|
|
|
5,223,138
|
|
||
Total cost and expenses
|
18,483,810
|
|
|
22,178,788
|
|
||
|
|
|
|
||||
LOSS FROM OPERATIONS
|
(6,504,434
|
)
|
|
(11,403,113
|
)
|
||
|
|
|
|
||||
OTHER INCOME (EXPENSE)
|
|
|
|
||||
Change in fair value of derivatives
|
(216,834
|
)
|
|
519,601
|
|
||
Interest expense
|
(493,534
|
)
|
|
(691,947
|
)
|
||
Interest and other income
|
1,236
|
|
|
288,103
|
|
||
Total other income (expense), net
|
(709,132
|
)
|
|
115,757
|
|
||
|
|
|
|
||||
NET LOSS
|
(7,213,566
|
)
|
|
(11,287,356
|
)
|
||
|
|
|
|
||||
INCOME TAXES
|
—
|
|
|
—
|
|
||
|
|
|
|
||||
NET LOSS
|
(7,213,566
|
)
|
|
(11,287,356
|
)
|
||
|
|
|
|
||||
DIVIDENDS ON CONVERTIBLE PREFERRED STOCK
|
(1,915,025
|
)
|
|
(2,064,042
|
)
|
||
|
|
|
|
||||
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS
|
$
|
(9,128,591
|
)
|
|
$
|
(13,351,398
|
)
|
|
|
|
|
||||
Net loss per common share – basic
|
$
|
(0.12
|
)
|
|
$
|
(0.24
|
)
|
|
|
|
|
||||
Net loss per common share – diluted
|
$
|
(0.12
|
)
|
|
$
|
(0.24
|
)
|
|
|
|
|
||||
Weighted average common shares outstanding — basic
|
74,192,028
|
|
|
54,571,012
|
|
||
|
|
|
|
||||
Weighted average common shares outstanding — diluted
|
74,192,028
|
|
|
54,571,012
|
|
COMSTOCK MINING INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|||||||
|
Six Months Ended June 30,
|
||||||
|
2014
|
|
2013
|
||||
OPERATING ACTIVITIES:
|
|
|
|
||||
Net loss
|
$
|
(7,213,566
|
)
|
|
$
|
(11,287,356
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation, amortization and depletion
|
3,299,133
|
|
|
2,126,279
|
|
||
Stock payments and stock-based compensation
|
1,193,265
|
|
|
1,317,400
|
|
||
Accretion of reclamation liability
|
171,943
|
|
|
146,413
|
|
||
Loss on sale of properties, plant, and equipment
|
45,499
|
|
|
1,015,496
|
|
||
Amortization of debt discounts and issuance costs
|
300,924
|
|
|
547,913
|
|
||
Write down of inventories and stockpiles and mineralized material on leach pad
|
—
|
|
|
986,600
|
|
||
Net change in fair values of derivatives
|
279,170
|
|
|
(519,601
|
)
|
||
Gain on settlement of debt obligations
|
—
|
|
|
(286,535
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(190,086
|
)
|
|
(2,340,924
|
)
|
||
Inventories
|
83,833
|
|
|
(83,757
|
)
|
||
Stockpiles and mineralized material on leach pads
|
(62,530
|
)
|
|
(306,120
|
)
|
||
Prepaid expenses and other current assets
|
(213,291
|
)
|
|
78,235
|
|
||
Other assets
|
12,939
|
|
|
12,941
|
|
||
Accounts payable
|
191,462
|
|
|
211,732
|
|
||
Accrued expenses and other liabilities
|
(180,049
|
)
|
|
(14,795
|
)
|
||
NET CASH USED IN OPERATING ACTIVITIES
|
(2,281,354
|
)
|
|
(8,396,079
|
)
|
||
INVESTING ACTIVITIES:
|
|
|
|
||||
Proceeds from sale of properties, plant and equipment
|
155,120
|
|
|
571,820
|
|
||
Purchase of mineral rights and properties, plant and equipment
|
(1,450,794
|
)
|
|
(1,001,136
|
)
|
||
Increase in reclamation bond deposit
|
(600,000
|
)
|
|
(650,000
|
)
|
||
NET CASH USED IN INVESTING ACTIVITIES
|
(1,895,674
|
)
|
|
(1,079,316
|
)
|
||
FINANCING ACTIVITIES:
|
|
|
|
||||
Principal payments on long-term debt and capital lease obligations
|
(1,529,648
|
)
|
|
(3,752,916
|
)
|
||
Proceeds from long-term debt obligations
|
4,626,289
|
|
|
—
|
|
||
Proceeds from the issuance of common stock
|
10,993,283
|
|
|
10,000,000
|
|
||
Common stock issuance costs
|
(96,049
|
)
|
|
(306,647
|
)
|
||
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
13,993,875
|
|
|
5,940,437
|
|
||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
9,816,847
|
|
|
(3,534,958
|
)
|
||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
2,409,446
|
|
|
5,973,079
|
|
||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
12,226,293
|
|
|
$
|
2,438,121
|
|
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
||||
Cash paid for interest
|
$
|
375,389
|
|
|
$
|
189,632
|
|
|
|
|
(Continued)
|
|
COMSTOCK MINING INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|||||||
|
Six Months Ended June 30,
|
||||||
|
2014
|
|
2013
|
||||
Supplemental disclosure of non-cash investing and financing activities:
|
|
|
|
||||
Conversion of convertible preferred stock to common stock (par value)
|
$
|
1
|
|
|
$
|
2,273
|
|
Reclamation bond deposit included in accrued expenses and other liabilities
|
973,982
|
|
|
1,400,000
|
|
||
Settlement of long-term debt obligations from gold transfers
|
—
|
|
|
2,723,107
|
|
||
Settlement of long-term debt obligations through transfer of properties, plant and equipment
|
—
|
|
|
1,028,180
|
|
||
Issuance of common stock for settlement of long-term debt obligations
|
—
|
|
|
50,000
|
|
||
Dividends paid in common stock (par value)
|
767
|
|
|
639
|
|
||
Issuance of common stock for mineral property
|
149,332
|
|
|
—
|
|
||
Issuance of long-term debt obligations for purchase of mineral rights and properties, plant and equipment
|
1,314,644
|
|
|
—
|
|
||
Vested restricted common stock (par value)
|
517
|
|
|
84
|
|
||
Properties, plant and equipment purchases in current liabilities
|
87,060
|
|
|
400,152
|
|
|
June 30,
2014 |
|
December 31,
2013 |
||||
In-process
|
$
|
508,128
|
|
|
$
|
591,961
|
|
Finished goods
|
—
|
|
|
—
|
|
||
Total inventories
|
$
|
508,128
|
|
|
$
|
591,961
|
|
|
|
|
|
||||
Stockpiles
|
$
|
155,785
|
|
|
$
|
45,455
|
|
Mineralized material on leach pads
|
454,225
|
|
|
502,025
|
|
||
Total stockpiles and mineralized material on leach pads
|
$
|
610,010
|
|
|
$
|
547,480
|
|
Total
|
$
|
1,118,138
|
|
|
$
|
1,139,441
|
|
|
June 30,
|
|
December 31,
|
||||
Derivative Type
|
2014
|
|
2013
|
||||
Derivative liabilities
|
|
|
|
||||
Gold collar options (written calls and purchased puts)
|
$
|
28,980
|
|
|
$
|
—
|
|
Contingent debt obligation payment
|
437,854
|
|
|
250,000
|
|
||
Gold call options and forwards
|
62,336
|
|
|
—
|
|
||
Total derivative liabilities
|
$
|
529,170
|
|
|
$
|
250,000
|
|
|
June 30,
2014 |
|
December 31,
2013 |
||||
Long-term reclamation liability — beginning of period
|
$
|
5,424,410
|
|
|
$
|
4,597,156
|
|
Additional obligations incurred
|
—
|
|
|
531,770
|
|
||
Accretion of reclamation liability
|
171,943
|
|
|
295,484
|
|
||
Long-term reclamation liability — end of period
|
$
|
5,596,353
|
|
|
$
|
5,424,410
|
|
|
June 30,
2014 |
|
December 31,
2013 |
||||
Retirement obligation asset — beginning of period
|
$
|
2,491,956
|
|
|
$
|
2,803,318
|
|
Additional obligations incurred
|
—
|
|
|
531,770
|
|
||
Amortization of retirement obligation asset
|
(502,810
|
)
|
|
(843,132
|
)
|
||
Retirement obligation asset — end of period
|
$
|
1,989,146
|
|
|
$
|
2,491,956
|
|
Note Description
|
June 30,
2014 |
|
December 31,
2013 |
||||
Note Payable (Auramet Facility)
|
$
|
5,000,000
|
|
|
$
|
—
|
|
Note Payable (Caterpillar Equipment)
|
2,667,467
|
|
|
2,311,595
|
|
||
Note Payable (Dayton Resource Area)
|
—
|
|
|
125,000
|
|
||
Note Payable (Donovan Property)
|
593,288
|
|
|
611,870
|
|
||
Note Payable (Gold Hill Hotel)
|
287,477
|
|
|
296,496
|
|
||
Note Payable (White House)
|
289,232
|
|
|
291,811
|
|
||
Note Payable (Railroad & Gold Property)
|
214,516
|
|
|
220,618
|
|
||
Notes Payable - Other
|
354,911
|
|
|
403,278
|
|
||
Capital Lease Obligations
|
3,285,855
|
|
|
3,646,806
|
|
||
Subtotal
|
12,692,746
|
|
|
7,907,474
|
|
||
Less current portion
|
(7,602,025
|
)
|
|
(2,675,800
|
)
|
||
Long-term portion of long-term debt and capital lease obligations
|
$
|
5,090,721
|
|
|
$
|
5,231,674
|
|
|
|
|
Fair Value Measurements at June 30, 2014
|
||||||||||||
|
Total
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Gold collar options (written calls and purchased puts)
|
$
|
28,980
|
|
|
$
|
—
|
|
|
$
|
28,980
|
|
|
$
|
—
|
|
Contingent debt obligation payment
|
437,854
|
|
|
—
|
|
|
437,854
|
|
|
—
|
|
||||
Gold Call options and forwards
|
62,336
|
|
|
—
|
|
|
62,336
|
|
|
—
|
|
||||
Total Liabilities
|
$
|
529,170
|
|
|
$
|
—
|
|
|
$
|
529,170
|
|
|
$
|
—
|
|
|
|
|
Fair Value Measurements at December 31, 2013
|
||||||||||||
|
Total
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Contingent debt obligation payment
|
$
|
250,000
|
|
|
$
|
—
|
|
|
$
|
250,000
|
|
|
$
|
—
|
|
Total Liabilities
|
$
|
250,000
|
|
|
$
|
—
|
|
|
$
|
250,000
|
|
|
$
|
—
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(3,388,586
|
)
|
|
$
|
(5,524,324
|
)
|
|
$
|
(7,213,566
|
)
|
|
$
|
(11,287,356
|
)
|
Preferred stock dividends
|
(957,307
|
)
|
|
(1,029,735
|
)
|
|
(1,915,025
|
)
|
|
(2,064,042
|
)
|
||||
Loss available to common shareholders
|
$
|
(4,345,893
|
)
|
|
$
|
(6,554,059
|
)
|
|
$
|
(9,128,591
|
)
|
|
$
|
(13,351,398
|
)
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Basic weighted average shares outstanding
|
76,592,200
|
|
|
57,443,706
|
|
|
74,192,028
|
|
|
54,571,012
|
|
||||
Effect of dilutive securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Diluted weighted average shares outstanding
|
76,592,200
|
|
|
57,443,706
|
|
|
74,192,028
|
|
|
54,571,012
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net loss per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.06
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
(0.24
|
)
|
Diluted
|
$
|
(0.06
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
(0.24
|
)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Revenue
|
|
|
|
|
|
|
|
||||||||
Mining
|
$
|
5,978,983
|
|
|
$
|
6,811,516
|
|
|
$
|
11,585,047
|
|
|
$
|
10,479,438
|
|
Hospitality
|
236,932
|
|
|
174,393
|
|
|
394,329
|
|
|
296,237
|
|
||||
Total revenue
|
6,215,915
|
|
|
6,985,909
|
|
|
11,979,376
|
|
|
10,775,675
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cost and Expenses
|
|
|
|
|
|
|
|
||||||||
Mining
|
(9,011,838
|
)
|
|
(12,360,332
|
)
|
|
(17,892,665
|
)
|
|
(21,681,917
|
)
|
||||
Hospitality
|
(304,846
|
)
|
|
(290,530
|
)
|
|
(591,145
|
)
|
|
(496,871
|
)
|
||||
Total cost and expenses
|
(9,316,684
|
)
|
|
(12,650,862
|
)
|
|
(18,483,810
|
)
|
|
(22,178,788
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating Income (Loss)
|
|
|
|
|
|
|
|
||||||||
Mining
|
(3,032,855
|
)
|
|
(5,548,816
|
)
|
|
(6,307,618
|
)
|
|
(11,202,479
|
)
|
||||
Hospitality
|
(67,914
|
)
|
|
(116,137
|
)
|
|
(196,816
|
)
|
|
(200,634
|
)
|
||||
Total loss from operations
|
(3,100,769
|
)
|
|
(5,664,953
|
)
|
|
(6,504,434
|
)
|
|
(11,403,113
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense), net
|
(287,817
|
)
|
|
140,629
|
|
|
(709,132
|
)
|
|
115,757
|
|
||||
Net loss
|
$
|
(3,388,586
|
)
|
|
$
|
(5,524,324
|
)
|
|
$
|
(7,213,566
|
)
|
|
$
|
(11,287,356
|
)
|
|
|
|
|
|
|
|
|
||||||||
Depreciation, Depletion and Amortization
|
|
|
|
|
|
|
|
||||||||
Mining
|
$
|
1,629,530
|
|
|
$
|
1,010,692
|
|
|
$
|
3,234,179
|
|
|
$
|
2,061,443
|
|
Hospitality
|
29,293
|
|
|
32,418
|
|
|
64,954
|
|
|
64,836
|
|
||||
Total depreciation, amortization and depletion
|
$
|
1,658,823
|
|
|
$
|
1,043,110
|
|
|
$
|
3,299,133
|
|
|
$
|
2,126,279
|
|
|
|
|
|
|
|
|
|
||||||||
Capital Expenditures
|
|
|
|
|
|
|
|
||||||||
Mining
|
$
|
231,285
|
|
|
$
|
1,133,465
|
|
|
$
|
2,091,127
|
|
|
$
|
1,262,027
|
|
Hospitality
|
—
|
|
|
—
|
|
|
83,477
|
|
|
—
|
|
||||
Total capital expenditures
|
$
|
231,285
|
|
|
$
|
1,133,465
|
|
|
$
|
2,174,604
|
|
|
$
|
1,262,027
|
|
|
As of June 30,
|
|
As of December 31,
|
||||
|
2014
|
|
2013
|
||||
Assets
|
|
|
|
||||
Mining
|
$
|
51,548,469
|
|
|
$
|
42,841,452
|
|
Hospitality
|
1,164,824
|
|
|
1,158,544
|
|
||
|
$
|
52,713,293
|
|
|
$
|
43,999,996
|
|
|
June 30, 2014
|
|
June 30, 2013
|
|
Change
|
||||||
Revenue - Mining
|
$
|
5,978,983
|
|
|
$
|
6,811,516
|
|
|
$
|
(832,533
|
)
|
Revenue - Hospitality
|
236,932
|
|
|
174,393
|
|
|
62,539
|
|
|||
|
|
|
|
|
|
||||||
Cost applicable to mining revenue
|
5,466,762
|
|
|
8,233,818
|
|
|
(2,767,056
|
)
|
|||
Hospitality operating costs
|
304,846
|
|
|
253,583
|
|
|
51,263
|
|
|||
Mine development, reclamation and exploration expenses
|
2,068,740
|
|
|
2,336,948
|
|
|
(268,208
|
)
|
|||
General and administrative
|
1,476,336
|
|
|
1,826,513
|
|
|
(350,177
|
)
|
|||
Loss from operations
|
(3,100,769
|
)
|
|
(5,664,953
|
)
|
|
2,564,184
|
|
|||
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
||||||
Change in fair value of derivatives
|
18,373
|
|
|
81,787
|
|
|
(63,414
|
)
|
|||
Interest expense
|
(307,204
|
)
|
|
(228,511
|
)
|
|
(78,693
|
)
|
|||
Interest income
|
1,014
|
|
|
287,353
|
|
|
(286,339
|
)
|
|||
|
|
|
|
|
|
||||||
Net loss
|
$
|
(3,388,586
|
)
|
|
$
|
(5,524,324
|
)
|
|
$
|
2,135,738
|
|
|
June 30, 2014
|
|
June 30, 2013
|
|
Change
|
||||||
Revenue - Mining
|
$
|
11,585,047
|
|
|
$
|
10,479,438
|
|
|
$
|
1,105,609
|
|
Revenue - Hospitality
|
394,329
|
|
|
296,237
|
|
|
98,092
|
|
|||
|
|
|
|
|
|
||||||
Cost applicable to mining revenue
|
10,229,663
|
|
|
12,069,915
|
|
|
(1,840,252
|
)
|
|||
Hospitality operating costs
|
591,145
|
|
|
459,923
|
|
|
131,222
|
|
|||
Mine development, reclamation and exploration expenses
|
3,994,695
|
|
|
4,425,812
|
|
|
(431,117
|
)
|
|||
General and administrative
|
3,668,307
|
|
|
5,223,138
|
|
|
(1,554,831
|
)
|
|||
Loss from operations
|
(6,504,434
|
)
|
|
(11,403,113
|
)
|
|
4,898,679
|
|
|||
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
||||||
Change in fair value of derivatives
|
(216,834
|
)
|
|
519,601
|
|
|
(736,435
|
)
|
|||
Interest expense
|
(493,534
|
)
|
|
(691,947
|
)
|
|
198,413
|
|
|||
Interest income
|
1,236
|
|
|
288,103
|
|
|
(286,867
|
)
|
|||
|
|
|
|
|
|
||||||
Net loss
|
$
|
(7,213,566
|
)
|
|
$
|
(11,287,356
|
)
|
|
$
|
4,073,790
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Exhibit
|
|
|
|
31
|
|
Certification of Principal Executive Officer and Principal Financial Officer 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
|
|
|
|
101
|
|
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended June 30, 2014, 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 June 30, 2014 and December 31, 2013, (ii) the Condensed Consolidated Statements of Operations for the three months and six months periods ended June 30, 2014 and 2013, (iii) the Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2014 and 2013 and (iv) the Notes to the 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, is deemed not filed for purposes of section 18 of the Securities and Exchange Act of 1934, and otherwise is not subject to liability under these sections.
|
|
COMSTOCK MINING, INC.
|
|
|
(Registrant)
|
|
|
|
|
Date: July 22, 2014
|
By:
|
/s/ Corrado De Gasperis
|
|
|
Name: Corrado De Gasperis
|
|
|
Title: President and Chief Executive Officer (Principal Executive Officer and Principal Financial Officer)
|
Exhibit
Number
|
|
Exhibit
|
|
|
|
31
|
|
Certification of Principal Executive Officer and Principal Financial Officer 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.
|
|
|
|
101
|
|
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended June 30, 2014, furnished in XBRL (eXtensible Business Reporting Language)).
|
1 Year Comstock Chart |
1 Month Comstock Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions