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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 | |
---|---|---|---|---|---|---|---|---|
0.002 | 0.81% | 0.25 | 0.2584 | 0.2435 | 0.2525 | 1,193,599 | 23:50:03 |
|
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.)
|
|
|
Large accelerated filer
|
|
¨
|
|
Accelerated filer
|
|
¨
|
|
|
|
|
Non-accelerated filer
|
|
¨
|
|
(Do not check if a smaller reporting company)
|
||||
|
|
|
|
|
|
Smaller reporting company
|
|
x
|
|
|
|
|
|
|
|
|
Emerging growth company
|
|
¨
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
REVENUES
|
|
|
|
|
|
|
|
||||||||
Revenue - mining
|
$
|
—
|
|
|
$
|
1,106,196
|
|
|
$
|
—
|
|
|
$
|
4,544,951
|
|
Revenue - real estate
|
26,960
|
|
|
28,599
|
|
|
73,624
|
|
|
101,641
|
|
||||
Total revenues
|
26,960
|
|
|
1,134,795
|
|
|
73,624
|
|
|
4,646,592
|
|
||||
|
|
|
|
|
|
|
|
||||||||
COST AND EXPENSES
|
|
|
|
|
|
|
|
||||||||
Costs applicable to mining revenue
|
846,443
|
|
|
829,558
|
|
|
2,663,188
|
|
|
3,507,795
|
|
||||
Real estate operating costs
|
19,396
|
|
|
31,367
|
|
|
59,342
|
|
|
176,120
|
|
||||
Exploration and mine development
|
240,020
|
|
|
589,351
|
|
|
782,124
|
|
|
4,027,859
|
|
||||
Mine claims and costs
|
235,535
|
|
|
358,886
|
|
|
744,528
|
|
|
929,196
|
|
||||
Environmental and reclamation
|
152,075
|
|
|
296,493
|
|
|
669,390
|
|
|
1,026,427
|
|
||||
General and administrative
|
571,931
|
|
|
696,586
|
|
|
2,189,828
|
|
|
2,744,626
|
|
||||
Total cost and expenses
|
2,065,400
|
|
|
2,802,241
|
|
|
7,108,400
|
|
|
12,412,023
|
|
||||
|
|
|
|
|
|
|
|
||||||||
LOSS FROM OPERATIONS
|
(2,038,440
|
)
|
|
(1,667,446
|
)
|
|
(7,034,776
|
)
|
|
(7,765,431
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(442,610
|
)
|
|
(165,212
|
)
|
|
(1,297,546
|
)
|
|
(603,307
|
)
|
||||
Other income (expense), net
|
(15,961
|
)
|
|
(360,543
|
)
|
|
128,409
|
|
|
(730,642
|
)
|
||||
Total other expense, net
|
(458,571
|
)
|
|
(525,755
|
)
|
|
(1,169,137
|
)
|
|
(1,333,949
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
LOSS BEFORE INCOME TAXES
|
(2,497,011
|
)
|
|
(2,193,201
|
)
|
|
(8,203,913
|
)
|
|
(9,099,380
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
INCOME TAXES
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
NET LOSS
|
$
|
(2,497,011
|
)
|
|
$
|
(2,193,201
|
)
|
|
$
|
(8,203,913
|
)
|
|
$
|
(9,099,380
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net loss per common share – basic
|
$
|
(0.01
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.05
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net loss per common share – diluted
|
$
|
(0.01
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.05
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding — basic
|
217,990,163
|
|
|
182,134,873
|
|
|
193,902,517
|
|
|
174,173,436
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding — diluted
|
217,990,163
|
|
|
182,134,873
|
|
|
196,902,517
|
|
|
174,173,436
|
|
|
Nine Months Ended
September 30, |
||||||
|
2017
|
|
2016
|
||||
OPERATING ACTIVITIES:
|
|
|
|
||||
Net loss
|
$
|
(8,203,913
|
)
|
|
$
|
(9,099,380
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation, amortization and depletion
|
3,263,948
|
|
|
4,643,513
|
|
||
Stock payments and stock-based compensation
|
—
|
|
|
18,900
|
|
||
Accretion of reclamation liability
|
48,250
|
|
|
139,334
|
|
||
Gain on sale of properties, plant, and equipment
|
(137,229
|
)
|
|
(357,037
|
)
|
||
Amortization of debt discounts and issuance costs
|
317,559
|
|
|
182,471
|
|
||
Payment of interest expense and sales tax with common stock
|
—
|
|
|
299,379
|
|
||
Loss on payment of debt obligation with common stock
|
—
|
|
|
150,166
|
|
||
Net loss on early retirement of long-term debt
|
126,997
|
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
—
|
|
|
1,677
|
|
||
Inventories
|
—
|
|
|
361,978
|
|
||
Stockpiles and mineralized material on leach pads
|
—
|
|
|
981,937
|
|
||
Prepaid expenses and other current assets
|
(1,551
|
)
|
|
(271,687
|
)
|
||
Accounts payable
|
(483,112
|
)
|
|
(48,301
|
)
|
||
Accrued expenses and other liabilities
|
10,614
|
|
|
(238,144
|
)
|
||
NET CASH USED IN OPERATING ACTIVITIES
|
(5,058,437
|
)
|
|
(3,235,194
|
)
|
||
INVESTING ACTIVITIES:
|
|
|
|
||||
Proceeds from sale of properties, plant and equipment
|
911,597
|
|
|
3,277,011
|
|
||
Purchase of mineral rights and properties, plant and equipment
|
(126,639
|
)
|
|
(150,325
|
)
|
||
Decrease in reclamation bond deposit
|
—
|
|
|
20,260
|
|
||
NET CASH PROVIDED BY INVESTING ACTIVITIES
|
784,958
|
|
|
3,146,946
|
|
||
FINANCING ACTIVITIES:
|
|
|
|
||||
Principal payments on long-term debt and capital lease obligations
|
(8,639,335
|
)
|
|
(5,648,610
|
)
|
||
Proceeds from long-term debt obligations (net of issuance costs)
|
9,379,446
|
|
|
925,000
|
|
||
Proceeds from the issuance of common stock
|
5,861,203
|
|
|
4,180,944
|
|
||
Common stock issuance costs
|
(216,116
|
)
|
|
(585,703
|
)
|
||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
6,385,198
|
|
|
(1,128,369
|
)
|
||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
2,111,719
|
|
|
(1,216,617
|
)
|
||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
184,359
|
|
|
1,663,170
|
|
||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
2,296,078
|
|
|
$
|
446,553
|
|
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
||||
Cash paid for interest
|
$
|
776,846
|
|
|
$
|
321,405
|
|
|
|
|
|
||||
Supplemental disclosure of non-cash investing and financing activities:
|
|
|
|
||||
Payment for purchase of property, plant and equipment with prepaid deposits
|
$
|
1,158,785
|
|
|
$
|
—
|
|
Issuance of debt to purchase of property, plant and equipment
|
$
|
247,494
|
|
|
$
|
3,200,000
|
|
Settlement of long-term debt obligations with prepaid deposits
|
$
|
231,000
|
|
|
$
|
—
|
|
Issuance of common stock for settlement of long-term debt obligations
|
$
|
124,920
|
|
|
$
|
4,140,029
|
|
Property transferred in satisfaction of accounts payable
|
$
|
—
|
|
|
$
|
1,100,000
|
|
Issuance of common stock to purchase properties, plant and equipment
|
$
|
274,400
|
|
|
$
|
—
|
|
Issuance of common stock for mineral lease
|
$
|
482,500
|
|
|
$
|
—
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Land and property deposits
|
$
|
—
|
|
|
$
|
1,208,785
|
|
Lease obligation deposits
|
—
|
|
|
355,920
|
|
||
Other
|
372,638
|
|
|
321,087
|
|
||
Total prepaid expenses and other current assets
|
$
|
372,638
|
|
|
$
|
1,885,792
|
|
|
Nine Months Ended
|
|
Twelve Months
Ended
|
||||
|
September 30, 2017
|
|
December 31, 2016
|
||||
Long-term reclamation liability — beginning of period
|
$
|
7,353,346
|
|
|
$
|
6,827,568
|
|
Additional obligations incurred
|
—
|
|
|
340,000
|
|
||
Accretion of reclamation liability
|
48,250
|
|
|
185,778
|
|
||
Long-term reclamation liability — end of period
|
$
|
7,401,596
|
|
|
$
|
7,353,346
|
|
|
Nine Months Ended
|
|
Twelve Months
Ended
|
||||
|
September 30, 2017
|
|
December 31, 2016
|
||||
Retirement obligation asset — beginning of period
|
$
|
617,126
|
|
|
$
|
1,107,120
|
|
Additional obligations incurred
|
—
|
|
|
340,000
|
|
||
Amortization of retirement obligation asset
|
(250,785
|
)
|
|
(829,994
|
)
|
||
Retirement obligation asset — end of period
|
$
|
366,341
|
|
|
$
|
617,126
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Accrued interest expense
|
$
|
283,569
|
|
|
$
|
—
|
|
Accrued personal property tax
|
146,505
|
|
|
56,895
|
|
||
Accrued Northern Comstock Joint Venture
|
67,708
|
|
|
480,833
|
|
||
Accrued Board of Directors fees
|
84,000
|
|
|
290,600
|
|
||
Accrued payroll costs
|
67,738
|
|
|
60,735
|
|
||
Accrued vendor liabilities
|
40,000
|
|
|
121,081
|
|
||
Accrued production royalties
|
—
|
|
|
7,940
|
|
||
Other accrued expenses
|
21,095
|
|
|
117,850
|
|
||
Total accrued expenses
|
$
|
710,615
|
|
|
$
|
1,135,934
|
|
Note Description
|
September 30, 2017
|
|
December 31, 2016
|
||||
Debenture - (net of discount and deferred issuance costs of $778,505)
|
$
|
9,251,954
|
|
|
$
|
—
|
|
Note Payable (Caterpillar Equipment)
|
1,313,289
|
|
|
1,540,629
|
|
||
Note Payable - (Lynch House)
|
—
|
|
|
186,000
|
|
||
Note Payable (Silver Springs Property)
|
—
|
|
|
3,310,851
|
|
||
Finance Obligation (Varilease)
|
—
|
|
|
1,964,882
|
|
||
Note Payable (Daney)
|
—
|
|
|
868,398
|
|
||
Note Payable (Donovan Property)
|
—
|
|
|
300,733
|
|
||
Note Payable (V&T)
|
—
|
|
|
298,955
|
|
||
Note Payable (White House)
|
—
|
|
|
275,433
|
|
||
Note Payable (Gold Hill Hotel)
|
—
|
|
|
239,216
|
|
||
Note Payable (Dayton Property "Golden Goose")
|
—
|
|
|
207,562
|
|
||
Notes Payable - Other
|
—
|
|
|
277,636
|
|
||
Subtotal
|
10,565,243
|
|
|
9,470,295
|
|
||
Less current portion
|
(287,417
|
)
|
|
(483,669
|
)
|
||
Long-term portion of long-term debt
|
$
|
10,277,826
|
|
|
$
|
8,986,626
|
|
|
Nine Months Ended
|
|
Twelve Months
Ended
|
||||
|
September 30, 2017
|
|
December 31, 2016
|
||||
Number of shares sold
|
35,206,738
|
|
|
1,835,300
|
|
||
Gross proceeds
|
$
|
5,861,203
|
|
|
$
|
522,889
|
|
Fees
|
$
|
216,116
|
|
|
$
|
14,090
|
|
Net proceeds
|
$
|
5,645,087
|
|
|
$
|
508,799
|
|
Average price per share
|
$
|
0.166
|
|
|
$
|
0.280
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(2,497,011
|
)
|
|
$
|
(2,193,201
|
)
|
|
$
|
(8,203,913
|
)
|
|
$
|
(9,099,380
|
)
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Basic and diluted weighted average shares outstanding
|
217,990,163
|
|
|
182,134,873
|
|
|
196,902,517
|
|
|
174,173,436
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net loss per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.01
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.05
|
)
|
Diluted
|
$
|
(0.01
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.05
|
)
|
|
|
September 30,
|
||||
|
|
2017
|
|
2016
|
||
Stock options and warrants
|
|
50,000
|
|
|
50,000
|
|
Restricted stock
|
|
—
|
|
|
1,420,000
|
|
|
|
50,000
|
|
|
1,470,000
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenue
|
|
|
|
|
|
|
|
||||||||
Mining
|
$
|
—
|
|
|
$
|
1,106,196
|
|
|
$
|
—
|
|
|
$
|
4,544,951
|
|
Real estate
|
26,960
|
|
|
28,599
|
|
|
73,624
|
|
|
101,641
|
|
||||
Total revenue
|
26,960
|
|
|
1,134,795
|
|
|
73,624
|
|
|
4,646,592
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cost and Expenses
|
|
|
|
|
|
|
|
||||||||
Mining
|
(2,046,004
|
)
|
|
(2,770,874
|
)
|
|
(7,049,058
|
)
|
|
(12,235,903
|
)
|
||||
Real estate
|
(19,396
|
)
|
|
(31,367
|
)
|
|
(59,342
|
)
|
|
(176,120
|
)
|
||||
Total cost and expenses
|
(2,065,400
|
)
|
|
(2,802,241
|
)
|
|
(7,108,400
|
)
|
|
(12,412,023
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating Income (Loss)
|
|
|
|
|
|
|
|
||||||||
Mining
|
(2,046,004
|
)
|
|
(1,664,678
|
)
|
|
(7,049,058
|
)
|
|
(7,690,952
|
)
|
||||
Real estate
|
7,564
|
|
|
(2,768
|
)
|
|
14,282
|
|
|
(74,479
|
)
|
||||
Total loss from operations
|
(2,038,440
|
)
|
|
(1,667,446
|
)
|
|
(7,034,776
|
)
|
|
(7,765,431
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense), net
|
(458,571
|
)
|
|
(525,755
|
)
|
|
(1,169,137
|
)
|
|
(1,333,949
|
)
|
||||
Net loss
|
$
|
(2,497,011
|
)
|
|
$
|
(2,193,201
|
)
|
|
$
|
(8,203,913
|
)
|
|
$
|
(9,099,380
|
)
|
|
|
|
|
|
|
|
|
||||||||
Depreciation, Depletion and Amortization
|
|
|
|
|
|
|
|
||||||||
Mining
|
$
|
1,005,754
|
|
|
$
|
1,268,352
|
|
|
$
|
3,254,845
|
|
|
$
|
4,509,065
|
|
Real estate
|
2,465
|
|
|
19,984
|
|
|
9,103
|
|
|
134,448
|
|
||||
Total depreciation, amortization and depletion
|
$
|
1,008,219
|
|
|
$
|
1,288,336
|
|
|
$
|
3,263,948
|
|
|
$
|
4,643,513
|
|
|
|
|
|
|
|
|
|
||||||||
Capital Expenditures
|
|
|
|
|
|
|
|
||||||||
Mining
|
$
|
9,639
|
|
|
$
|
—
|
|
|
$
|
1,807,318
|
|
|
$
|
334,840
|
|
Real estate
|
—
|
|
|
3,200,000
|
|
|
—
|
|
|
5,461,263
|
|
||||
Total capital expenditures
|
$
|
9,639
|
|
|
$
|
3,200,000
|
|
|
$
|
1,807,318
|
|
|
$
|
5,796,103
|
|
|
As of September 30,
|
|
As of December 31,
|
||||
|
2017
|
|
2016
|
||||
Assets
|
|
|
|
||||
Mining
|
$
|
26,203,885
|
|
|
$
|
27,829,802
|
|
Real estate
|
6,006,713
|
|
|
6,013,229
|
|
||
Total assets
|
$
|
32,210,598
|
|
|
$
|
33,843,031
|
|
|
September 30, 2017
|
|
September 30, 2016
|
|
Change
|
||||||
Revenue - mining
|
$
|
—
|
|
|
$
|
1,106,196
|
|
|
$
|
(1,106,196
|
)
|
Revenue - real estate
|
26,960
|
|
|
28,599
|
|
|
(1,639
|
)
|
|||
|
|
|
|
|
|
|
|||||
Costs applicable to mining revenue
|
846,443
|
|
|
829,558
|
|
|
16,885
|
|
|||
Real estate operating costs
|
19,396
|
|
|
31,367
|
|
|
(11,971
|
)
|
|||
Exploration and mine development
|
240,020
|
|
|
589,351
|
|
|
(349,331
|
)
|
|||
Mine claims and costs
|
235,535
|
|
|
358,886
|
|
|
(123,351
|
)
|
|||
Environmental and reclamation
|
152,075
|
|
|
296,493
|
|
|
(144,418
|
)
|
|||
General and administrative
|
571,931
|
|
|
696,586
|
|
|
(124,655
|
)
|
|||
Loss from operations
|
(2,038,440
|
)
|
|
(1,667,446
|
)
|
|
(370,994
|
)
|
|||
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
||||||
Interest expense
|
$
|
(442,610
|
)
|
|
$
|
(165,212
|
)
|
|
$
|
(277,398
|
)
|
Other income (expense)
|
(15,961
|
)
|
|
(360,543
|
)
|
|
344,582
|
|
|||
|
|
|
|
|
|
||||||
NET LOSS
|
$
|
(2,497,011
|
)
|
|
$
|
(2,193,201
|
)
|
|
$
|
(303,810
|
)
|
|
September 30, 2017
|
|
September 30, 2016
|
|
Change
|
||||||
Revenue - mining
|
$
|
—
|
|
|
$
|
4,544,951
|
|
|
$
|
(4,544,951
|
)
|
Revenue - real estate
|
73,624
|
|
|
101,641
|
|
|
(28,017
|
)
|
|||
|
|
|
|
|
|
||||||
Costs applicable to mining revenue
|
2,663,188
|
|
|
3,507,795
|
|
|
(844,607
|
)
|
|||
Real estate operating costs
|
59,342
|
|
|
176,120
|
|
|
(116,778
|
)
|
|||
Exploration and mine development
|
782,124
|
|
|
4,027,859
|
|
|
(3,245,735
|
)
|
|||
Mine claims and costs
|
744,528
|
|
|
929,196
|
|
|
(184,668
|
)
|
|||
Environmental and reclamation
|
669,390
|
|
|
1,026,427
|
|
|
(357,037
|
)
|
|||
General and administrative
|
2,189,828
|
|
|
2,744,626
|
|
|
(554,798
|
)
|
|||
Loss from operations
|
(7,034,776
|
)
|
|
(7,765,431
|
)
|
|
730,655
|
|
|||
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
||||||
Interest expense
|
$
|
(1,297,546
|
)
|
|
$
|
(603,307
|
)
|
|
$
|
(694,239
|
)
|
Other income (expense)
|
128,409
|
|
|
(730,642
|
)
|
|
859,051
|
|
|||
|
|
|
|
|
|
||||||
NET LOSS
|
$
|
(8,203,913
|
)
|
|
$
|
(9,099,380
|
)
|
|
$
|
895,467
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Exhibit
|
|
|
|
31*
|
|
|
|
|
|
32*
|
|
|
|
|
|
95*
|
|
|
|
|
|
101*
|
|
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended September 30, 2017, 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, 2017 and December 31, 2016, (ii) the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2017 and 2016, (iii) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 and 2016 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:
|
October 31, 2017
|
By:
|
/s/ Corrado De Gasperis
|
|
|
|
Name: Corrado De Gasperis
|
|
|
|
Title: President, Chief Executive Officer and Executive Chairman (Principal Executive Officer and Principal Financial Officer)
|
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