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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 | |
---|---|---|---|---|---|---|---|---|
-0.0077 | -2.77% | 0.2698 | 0.293 | 0.2402 | 0.29 | 1,517,951 | 23:35:50 |
|
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
|
|
x
|
|
|
||||
|
|
|
|
|
|
Smaller reporting company
|
|
x
|
|
|
|
|
|
|
|
|
Emerging growth company
|
|
¨
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
REVENUES
|
|
|
|
|
|
|
|
||||||||
Revenue - mining
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Revenue - real estate
|
48,350
|
|
|
32,281
|
|
|
130,132
|
|
|
83,946
|
|
||||
Total revenues
|
48,350
|
|
|
32,281
|
|
|
130,132
|
|
|
83,946
|
|
||||
|
|
|
|
|
|
|
|
||||||||
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
||||||||
Costs applicable to mining revenue
|
318,537
|
|
|
717,155
|
|
|
1,329,322
|
|
|
2,174,618
|
|
||||
Real estate operating costs
|
8,651
|
|
|
12,887
|
|
|
31,362
|
|
|
29,858
|
|
||||
Exploration and mine development
|
109,189
|
|
|
241,902
|
|
|
576,594
|
|
|
700,088
|
|
||||
Mine claims and costs
|
(324,027
|
)
|
|
(291,602
|
)
|
|
(36,172
|
)
|
|
(20,346
|
)
|
||||
Environmental and reclamation
|
30,590
|
|
|
88,612
|
|
|
(278,784
|
)
|
|
208,866
|
|
||||
General and administrative
|
697,793
|
|
|
801,157
|
|
|
2,322,428
|
|
|
2,355,320
|
|
||||
Total costs and expenses
|
840,733
|
|
|
1,570,111
|
|
|
3,944,750
|
|
|
5,448,404
|
|
||||
|
|
|
|
|
|
|
|
||||||||
LOSS FROM OPERATIONS
|
(792,383
|
)
|
|
(1,537,830
|
)
|
|
(3,814,618
|
)
|
|
(5,364,458
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(179,588
|
)
|
|
(340,548
|
)
|
|
(822,632
|
)
|
|
(1,054,775
|
)
|
||||
Other income (expense)
|
1,358,868
|
|
|
(166,732
|
)
|
|
1,111,338
|
|
|
(526,113
|
)
|
||||
Total other income (expense), net
|
1,179,280
|
|
|
(507,280
|
)
|
|
288,706
|
|
|
(1,580,888
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
386,897
|
|
|
(2,045,110
|
)
|
|
(3,525,912
|
)
|
|
(6,945,346
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
INCOME TAXES
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
NET INCOME (LOSS)
|
$
|
386,897
|
|
|
$
|
(2,045,110
|
)
|
|
$
|
(3,525,912
|
)
|
|
$
|
(6,945,346
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per common share – basic and diluted
|
$
|
0.00
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.13
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding — basic and diluted
|
100,062,905
|
|
|
58,531,058
|
|
|
87,482,183
|
|
|
54,755,753
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Accumulated
Deficit
|
|
|
||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Total
|
||||||||||||||||
BALANCE - January 1, 2019
|
—
|
|
|
$
|
—
|
|
|
75,338,273
|
|
|
$
|
50,175
|
|
|
$
|
241,419,897
|
|
|
$
|
(232,085,170
|
)
|
|
$
|
9,384,902
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Issuance of common stock
|
—
|
|
|
—
|
|
|
5,452,000
|
|
|
3,631
|
|
|
809,930
|
|
|
—
|
|
|
813,561
|
|
|||||||||
Common stock issuance costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(85,093
|
)
|
|
—
|
|
|
(85,093
|
)
|
|||||||||
Net Loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(1,835,065
|
)
|
|
(1,835,065
|
)
|
|||||
BALANCE - March 31, 2019
|
—
|
|
|
—
|
|
|
80,790,273
|
|
|
53,806
|
|
|
242,144,734
|
|
|
(233,920,235
|
)
|
|
8,278,305
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Issuance of common stock
|
—
|
|
|
—
|
|
|
3,643,949
|
|
|
2,427
|
|
|
673,041
|
|
|
—
|
|
|
675,468
|
|
|||||||||
Common stock issuance costs
|
—
|
|
|
—
|
|
|
1,065,778
|
|
|
710
|
|
|
(126,305
|
)
|
|
—
|
|
|
(125,595
|
)
|
|||||||||
Issuance of convertible preferred stock
|
1,274
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1,514,999
|
|
|
—
|
|
|
1,515,000
|
|
|||||||||
Net Loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(2,077,744
|
)
|
|
(2,077,744
|
)
|
|||||
BALANCE - June 30, 2019
|
1,274
|
|
|
|
1
|
|
|
|
85,500,000
|
|
|
|
56,943
|
|
|
|
244,206,469
|
|
|
(235,997,979
|
)
|
|
8,265,434
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Issuance of common stock
|
—
|
|
|
—
|
|
|
22,498,856
|
|
|
14,984
|
|
|
2,763,854
|
|
|
—
|
|
|
2,778,838
|
|
|||||||||
Common stock issuance costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(60,772
|
)
|
|
—
|
|
|
(60,772
|
)
|
|||||||||
Preferred stock converted to common
|
(1,274
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1,514,999
|
)
|
|
—
|
|
|
(1,515,000
|
)
|
|||||||||
Payment for mineral rights
|
—
|
|
|
—
|
|
|
3,731,347
|
|
|
2,485
|
|
|
480,015
|
|
|
—
|
|
|
482,500
|
|
|||||||||
Investment in Mercury Clean Up LLC
|
—
|
|
|
—
|
|
|
4,500,000
|
|
|
2,997
|
|
|
748,053
|
|
|
—
|
|
|
751,050
|
|
|||||||||
Termination of share option with Tonogold
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,200,000
|
)
|
|
—
|
|
|
(2,200,000
|
)
|
|||||||||
Net lncome
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
386,897
|
|
|
386,897
|
|
|||||||||
BALANCE - September 30, 2019
|
—
|
|
|
$
|
—
|
|
|
116,230,203
|
|
|
$
|
77,409
|
|
|
$
|
244,422,620
|
|
|
$
|
(235,611,082
|
)
|
|
$
|
8,888,947
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Accumulated
Deficit
|
|
|
||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Total
|
||||||||||||||||
BALANCE - January 1, 2018
|
—
|
|
|
—
|
|
|
47,236,103
|
|
|
$
|
31,459
|
|
|
$
|
234,438,057
|
|
|
$
|
(222,604,417
|
)
|
|
$
|
11,865,099
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Issuance of common stock
|
—
|
|
|
—
|
|
|
4,064,310
|
|
|
2,707
|
|
|
1,182,745
|
|
|
—
|
|
|
1,185,452
|
|
|||||||||
Common stock issuance costs
|
—
|
|
|
—
|
|
|
615,605
|
|
|
410
|
|
|
(52,978
|
)
|
|
—
|
|
|
(52,568
|
)
|
|||||||||
Purchase of membership interests
|
—
|
|
|
—
|
|
|
1,475,410
|
|
|
983
|
|
|
(983
|
)
|
|
—
|
|
|
—
|
|
|||||||||
Net Loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(2,484,903
|
)
|
|
(2,484,903
|
)
|
|||||
BALANCE - March 31, 2018
|
—
|
|
|
—
|
|
|
53,391,428
|
|
|
35,559
|
|
|
235,566,841
|
|
|
(225,089,320
|
)
|
|
10,513,080
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Issuance of common stock
|
—
|
|
|
—
|
|
|
2,365,000
|
|
|
1,575
|
|
|
608,833
|
|
|
—
|
|
|
610,408
|
|
|||||||||
Common stock issuance costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(275
|
)
|
|
—
|
|
|
(275
|
)
|
|||||||||
Issuance of share options with Tonogold at fair value
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,000,000
|
|
|
—
|
|
|
2,000,000
|
|
|||||||||
Net Loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,415,332
|
)
|
|
(2,415,332
|
)
|
|||||||
BALANCE - June 30, 2018
|
—
|
|
|
—
|
|
|
55,756,428
|
|
|
37,134
|
|
|
238,175,399
|
|
|
(227,504,652
|
)
|
|
10,707,881
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Issuance of common stock
|
—
|
|
|
—
|
|
|
12,060,273
|
|
|
8,032
|
|
|
1,979,548
|
|
|
—
|
|
|
1,987,580
|
|
|||||||||
Common stock issuance costs
|
—
|
|
|
—
|
|
|
261,628
|
|
|
174
|
|
|
(31,606
|
)
|
|
—
|
|
|
(31,432
|
)
|
|||||||||
Payment for mineral rights
|
—
|
|
|
—
|
|
|
2,774,490
|
|
|
1,848
|
|
|
480,653
|
|
|
—
|
|
|
482,501
|
|
|||||||||
Net Loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(2,045,110
|
)
|
|
(2,045,110
|
)
|
|||||
BALANCE - September 30, 2018
|
—
|
|
|
$
|
—
|
|
|
70,852,819
|
|
|
$
|
47,188
|
|
|
$
|
240,603,994
|
|
|
$
|
(229,549,762
|
)
|
|
$
|
11,101,420
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
||||||
|
2019
|
|
2018
|
||||
OPERATING ACTIVITIES:
|
|
|
|
||||
Net loss
|
$
|
(3,525,912
|
)
|
|
$
|
(6,945,346
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation, amortization, and depletion
|
1,573,236
|
|
|
2,468,817
|
|
||
(Reduction) accretion of reclamation liability
|
(392,888
|
)
|
|
17,233
|
|
||
Gain on sale of properties, plant, and equipment
|
(3,125
|
)
|
|
(26,000
|
)
|
||
Amortization of debt discounts and issuance costs
|
174,254
|
|
|
282,708
|
|
||
Net loss on early retirement of long-term debt
|
284,647
|
|
|
164,751
|
|
||
Payment-in-kind interest expense
|
470,246
|
|
|
437,852
|
|
||
Cancellation of Tonogold share option
|
(2,200,000
|
)
|
|
—
|
|
||
Change in make-whole liability with Pelen, LLC
|
46,591
|
|
|
369,000
|
|
||
Change on make-whole liability - MCU
|
370,750
|
|
|
—
|
|
||
Mark to market Tonogold preferred shares
|
332,263
|
|
|
—
|
|
||
Preferred shares issuance expense
|
432,000
|
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Prepaid expenses and other assets
|
(72,515
|
)
|
|
(775,311
|
)
|
||
Accounts payable
|
401,069
|
|
|
24,633
|
|
||
Accrued expenses and other liabilities
|
(173,127
|
)
|
|
484,443
|
|
||
NET CASH USED IN OPERATING ACTIVITIES
|
(2,282,511
|
)
|
|
(3,497,220
|
)
|
||
INVESTING ACTIVITIES:
|
|
|
|
||||
Proceeds from principal payment on note receivable
|
396
|
|
|
376
|
|
||
Proceeds from sale of mineral rights and properties, plant, and equipment
|
3,125
|
|
|
26,000
|
|
||
Proceeds from deposits on Membership Interest Purchase Agreement
|
3,925,000
|
|
|
—
|
|
||
Purchase of mineral rights and properties, plant and equipment
|
(1,635,000
|
)
|
|
(1,055,631
|
)
|
||
Investment in Sierra Springs Opportunity Fund
|
(225,000
|
)
|
|
—
|
|
||
Investment in Mercury Clean Up LLC
|
(350,000
|
)
|
|
—
|
|
||
Change in reclamation bond deposit
|
(57,803
|
)
|
|
—
|
|
||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
1,660,718
|
|
|
(1,029,255
|
)
|
||
FINANCING ACTIVITIES:
|
|
|
|
||||
Principal payments on long-term debt
|
(3,154,622
|
)
|
|
(2,000,631
|
)
|
||
Proceeds from the issuance of share option with Tonogold
|
—
|
|
|
2,000,000
|
|
||
Proceeds from the issuance of common stock
|
3,835,867
|
|
|
3,783,442
|
|
||
Common stock issuance costs
|
(271,460
|
)
|
|
(84,276
|
)
|
||
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
409,785
|
|
|
3,698,535
|
|
||
DECREASE IN CASH AND CASH EQUIVALENTS
|
(212,008
|
)
|
|
(827,940
|
)
|
||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
488,657
|
|
|
2,066,718
|
|
||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
276,649
|
|
|
$
|
1,238,778
|
|
|
|
|
|
||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
||||
Cash paid for interest
|
$
|
66,854
|
|
|
$
|
99,092
|
|
|
|
|
(Continued)
|
|
|
Nine Months Ended
September 30, |
||||||
|
2019
|
|
2018
|
||||
Supplemental disclosure of non-cash operating, investing and financing activities:
|
|
|
|
||||
Receipt of preferred shares of Tonogold
|
$
|
5,650,000
|
|
|
$
|
—
|
|
Advance payment received on Membership Interest Purchase Agreement (Note 16)
|
$
|
5,982,263
|
|
|
$
|
—
|
|
Issuance of common stock for mineral lease
|
$
|
482,500
|
|
|
$
|
—
|
|
Issuance of common stock to pay for common stock issuance costs
|
$
|
—
|
|
|
$
|
245,000
|
|
Issuance of common stock (in advance) to purchase Pelen membership interest
|
$
|
—
|
|
|
$
|
585,000
|
|
Issuance of common stock (in advance) to purchase MCU membership interest
|
$
|
751,050
|
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Industrial Park (Land and water rights)
|
$
|
2,738,462
|
|
|
$
|
2,738,462
|
|
Daney Ranch (Land and buildings)
|
2,146,575
|
|
|
2,146,575
|
|
||
Lucerne Mine (Mineral rights and properties) (Note 16)
|
1,539,197
|
|
|
—
|
|
||
Gold Hill Hotel (Land and buildings)
|
478,366
|
|
|
478,366
|
|
||
Total assets held for sale
|
$
|
6,902,600
|
|
|
$
|
5,363,403
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Land and property deposits (Note 15)
|
$
|
3,250,000
|
|
|
$
|
1,800,000
|
|
Mercury Clean Up Investment
|
1,101,050
|
|
|
—
|
|
||
Reimbursements due from Tonogold
|
451,566
|
|
|
82,951
|
|
||
Surety bond and insurance
|
180,766
|
|
|
475,861
|
|
||
Other
|
248,737
|
|
|
353,390
|
|
||
Total prepaid expenses and other current assets
|
$
|
5,232,119
|
|
|
$
|
2,712,202
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Land and building
|
$
|
9,140,805
|
|
|
$
|
9,169,605
|
|
Vehicle and equipment
|
2,308,773
|
|
|
2,319,290
|
|
||
Processing and laboratory
|
21,113,178
|
|
|
21,129,248
|
|
||
Furniture and fixtures
|
549,860
|
|
|
648,309
|
|
||
Construction in progress
|
35,190
|
|
|
35,190
|
|
||
|
33,147,806
|
|
|
33,301,642
|
|
||
Less accumulated depreciation
|
(24,950,557
|
)
|
|
(23,559,522
|
)
|
||
Total properties, plant and equipment
|
$
|
8,197,249
|
|
|
$
|
9,742,120
|
|
|
Nine Months Ended
|
|
Twelve Months
Ended
|
||||
|
September 30, 2019
|
|
December 31, 2018
|
||||
Retirement obligation asset — beginning of period
|
$
|
203,274
|
|
|
$
|
282,745
|
|
Additional obligations incurred
|
—
|
|
|
—
|
|
||
Amortization of retirement obligation asset
|
(50,818
|
)
|
|
(79,471
|
)
|
||
Retirement obligation asset — end of period
|
$
|
152,456
|
|
|
$
|
203,274
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Accrued make-whole for Mercury Clean Up LLC (Note 15)
|
$
|
370,750
|
|
|
$
|
—
|
|
Accrued make-whole for Pelen LLC (Note 15)
|
181,754
|
|
|
135,162
|
|
||
Accrued liability for purchase of DTSS (Note 15)
|
—
|
|
|
185,000
|
|
||
Accrued payroll costs
|
173,191
|
|
|
140,915
|
|
||
Accrued interest expense
|
171,444
|
|
|
481,946
|
|
||
Accrued Board of Directors fees
|
79,000
|
|
|
20,000
|
|
||
Accrued Northern Comstock Joint Venture
|
67,708
|
|
|
180,833
|
|
||
Accrued insurance liabilities
|
34,168
|
|
|
341,680
|
|
||
Accrued personal property tax
|
—
|
|
|
74,434
|
|
||
Other accrued expenses
|
196,824
|
|
|
114,763
|
|
||
Total accrued expenses and other liabilities
|
$
|
1,274,839
|
|
|
$
|
1,674,733
|
|
Note Description
|
September 30, 2019
|
|
December 31, 2018
|
||||
Senior Secured Debenture (GF Comstock 2) - 11% interest, due 2021.
|
$
|
6,419,112
|
|
|
$
|
8,872,663
|
|
Note Payable (Caterpillar Financial Services) - 5.75% interest.
|
725,021
|
|
|
955,845
|
|
||
Total debt
|
7,144,133
|
|
|
9,828,508
|
|
||
Less: long-term debt discounts and issuance costs
|
(201,895
|
)
|
|
(660,795
|
)
|
||
Total debt, net of discounts and issuance costs
|
6,942,238
|
|
|
9,167,713
|
|
||
Less: current maturities
|
(323,415
|
)
|
|
(309,843
|
)
|
||
Long-term debt, net of discounts and issuance costs
|
$
|
6,618,823
|
|
|
$
|
8,857,870
|
|
|
Nine Months Ended
|
|
Twelve Months
Ended
|
||||
|
September 30, 2019
|
|
December 31, 2018
|
||||
Long-term reclamation liability — beginning of period
|
$
|
7,441,091
|
|
|
$
|
7,417,680
|
|
Additional obligations incurred
|
—
|
|
|
—
|
|
||
Reduction of obligation
|
(410,018
|
)
|
|
—
|
|
||
Accretion of reclamation liability
|
17,130
|
|
|
23,411
|
|
||
Long-term reclamation liability — end of period
|
$
|
7,048,203
|
|
|
$
|
7,441,091
|
|
Cash paid for amounts included in the measurement of lease liabilities
|
$
|
6,750
|
|
|
Right-of-use assets obtained in exchange for operating lease obligations
|
$
|
2,909
|
|
Lease Assets and Liabilities
|
Classification
|
|
September 30, 2019
|
||
Operating lease right-of-use asset
|
Other assets
|
|
$
|
48,536
|
|
|
|
|
|
||
Operating lease liability - current
|
Accrued expenses and other liabilities
|
|
$
|
9,000
|
|
Operating lease liability - long-term
|
Other liabilities
|
|
39,845
|
|
|
Total operating lease liabilities
|
|
|
$
|
48,845
|
|
Remainder of 2019
|
|
$
|
2,250
|
|
2020
|
|
9,050
|
|
|
2021
|
|
9,350
|
|
|
2022
|
|
9,650
|
|
|
2023
|
|
9,950
|
|
|
Thereafter
|
|
52,300
|
|
|
Total operating lease payments
|
|
92,550
|
|
|
Less: Imputed interest
|
|
43,705
|
|
|
Present value of lease liabilities
|
|
$
|
48,845
|
|
|
Nine Months Ended
|
|
Nine Months Ended
|
||||
|
September 30, 2019
|
|
September 30, 2018
|
||||
Number of shares sold
|
31,594,805
|
|
|
18,489,583
|
|
||
|
|
|
|
||||
Gross cash proceeds
|
$
|
3,835,867
|
|
|
$
|
3,783,442
|
|
Fees
|
271,460
|
|
|
84,276
|
|
||
Net proceeds
|
$
|
3,564,407
|
|
|
$
|
3,699,166
|
|
|
|
|
|
||||
Average price per share
|
$
|
0.12
|
|
|
$
|
0.20
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||||
|
March 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income (loss)
|
$
|
(1,835,065
|
)
|
|
$
|
(2,484,903
|
)
|
|
$
|
(2,077,744
|
)
|
|
$
|
(2,415,332
|
)
|
|
$
|
386,897
|
|
|
$
|
(2,045,110
|
)
|
|
$
|
(3,525,912
|
)
|
|
$
|
(6,945,346
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic and diluted weighted average shares outstanding
|
79,080,429
|
|
|
49,863,424
|
|
|
83,072,638
|
|
|
53,834,285
|
|
|
100,062,905
|
|
|
58,531,058
|
|
|
87,482,183
|
|
|
54,755,753
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic and Diluted
|
$
|
(0.02
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
0.00
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.13
|
)
|
|
|
|
Fair Value Measurements at
|
||||||||||||
|
|
|
September 30, 2019
|
||||||||||||
|
Total
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Convertible preferred shares of Tonogold (Note 16)
|
$
|
5,650,000
|
|
|
—
|
|
|
—
|
|
|
$
|
5,650,000
|
|
||
Total Assets
|
$
|
5,650,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,650,000
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Accrued make-whole for Pelen LLC (Note 15)
|
$
|
181,754
|
|
|
$
|
—
|
|
|
$
|
181,754
|
|
|
$
|
—
|
|
Accrued make-whole for Mercury Clean Up LLC (Note 15)
|
370,750
|
|
|
—
|
|
|
370,750
|
|
|
—
|
|
||||
Total Liabilities
|
$
|
552,504
|
|
|
$
|
—
|
|
|
$
|
552,504
|
|
|
$
|
—
|
|
|
|
|
Fair Value Measurements at
|
||||||||||||
|
|
|
December 31, 2018
|
||||||||||||
|
Total
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Accrued make-whole for Pelen LLC (Note 15)
|
$
|
135,162
|
|
|
$
|
—
|
|
|
$
|
135,162
|
|
|
$
|
—
|
|
Total Liabilities
|
$
|
135,162
|
|
|
$
|
—
|
|
|
$
|
135,162
|
|
|
$
|
—
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue
|
|
|
|
|
|
|
|
||||||||
Mining
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Real estate
|
48,350
|
|
|
32,281
|
|
|
130,132
|
|
|
83,946
|
|
||||
Total revenue
|
48,350
|
|
|
32,281
|
|
|
130,132
|
|
|
83,946
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Costs and Expenses
|
|
|
|
|
|
|
|
||||||||
Mining
|
(832,082
|
)
|
|
(1,557,224
|
)
|
|
(3,913,388
|
)
|
|
(5,418,546
|
)
|
||||
Real estate
|
(8,651
|
)
|
|
(12,887
|
)
|
|
(31,362
|
)
|
|
(29,858
|
)
|
||||
Total costs and expenses
|
(840,733
|
)
|
|
(1,570,111
|
)
|
|
(3,944,750
|
)
|
|
(5,448,404
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating Income (Loss)
|
|
|
|
|
|
|
|
||||||||
Mining
|
(832,082
|
)
|
|
(1,557,224
|
)
|
|
(3,913,388
|
)
|
|
(5,418,546
|
)
|
||||
Real estate
|
39,699
|
|
|
19,394
|
|
|
98,770
|
|
|
54,088
|
|
||||
Total loss from operations
|
(792,383
|
)
|
|
(1,537,830
|
)
|
|
(3,814,618
|
)
|
|
(5,364,458
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense), net
|
1,179,280
|
|
|
(507,280
|
)
|
|
288,706
|
|
|
(1,580,888
|
)
|
||||
Net income (loss)
|
$
|
386,897
|
|
|
$
|
(2,045,110
|
)
|
|
$
|
(3,525,912
|
)
|
|
$
|
(6,945,346
|
)
|
|
|
|
|
|
|
|
|
||||||||
Capital Expenditures
|
|
|
|
|
|
|
|
||||||||
Mining
|
$
|
—
|
|
|
$
|
800,000
|
|
|
$
|
—
|
|
|
$
|
1,305,631
|
|
Real estate
|
550,000
|
|
|
—
|
|
|
1,635,000
|
|
|
—
|
|
||||
Total capital expenditures
|
$
|
550,000
|
|
|
$
|
800,000
|
|
|
$
|
1,635,000
|
|
|
$
|
1,305,631
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation, Amortization, and Depletion
|
|
|
|
|
|
|
|
||||||||
Mining
|
$
|
396,910
|
|
|
$
|
1,631,007
|
|
|
$
|
1,565,841
|
|
|
$
|
2,461,422
|
|
Real estate
|
2,465
|
|
|
4,930
|
|
|
7,395
|
|
|
7,395
|
|
||||
Total depreciation, amortization, and depletion
|
$
|
399,375
|
|
|
$
|
1,635,937
|
|
|
$
|
1,573,236
|
|
|
$
|
2,468,817
|
|
|
As of September 30,
|
|
As of December 31,
|
||||
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
||||
Mining
|
$
|
27,598,489
|
|
|
$
|
21,166,231
|
|
Real estate
|
7,808,965
|
|
|
7,445,494
|
|
||
Total assets
|
$
|
35,407,454
|
|
|
$
|
28,611,725
|
|
|
September 30, 2019
|
|
December 31, 2018
|
|||
Cash payments (non-refundable)
|
$
|
3,925,000
|
|
|
$0
|
|
Convertible Preferred Stock payments at fair value (non-refundable)
|
5,650,000
|
|
|
—
|
|
|
Mark to market adjustment for Convertible Preferred Stock
|
332,263
|
|
|
—
|
|
|
Mineral Lease payment (in advance)
|
8,333
|
|
|
—
|
|
|
Total Deferred Liabilities
|
$
|
9,915,596
|
|
|
$0
|
|
|
Nine Months Ended September 30,
|
||||
|
|
2019
|
|
2018
|
||
Shares outstanding as of beginning of period
|
|
75,338,273
|
|
|
47,236,103
|
|
Shares issued for:
|
|
|
|
|
||
Equity issue agreements
|
|
20,392,599
|
|
|
18,489,583
|
|
Preferred shares converted to common stock
|
|
11,202,206
|
|
|
—
|
|
Purchase of Pelen, LLC membership interest
|
|
—
|
|
|
1,475,410
|
|
Payment for equity issue costs
|
|
1,065,778
|
|
|
877,233
|
|
Payment for mineral rights
|
|
3,731,347
|
|
|
2,774,490
|
|
Investment in Mercury Clean Up LLC
|
|
4,500,000
|
|
|
—
|
|
Shares outstanding as of end of period
|
|
116,230,203
|
|
|
70,852,819
|
|
|
September 30, 2019
|
|
September 30, 2018
|
|
Change
|
||||||
Revenue - mining
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Revenue - real estate
|
48,350
|
|
|
32,281
|
|
|
16,069
|
|
|||
|
|
|
|
|
|
|
|||||
Costs applicable to mining revenue
|
318,537
|
|
|
717,155
|
|
|
(398,618
|
)
|
|||
Real estate operating costs
|
8,651
|
|
|
12,887
|
|
|
(4,236
|
)
|
|||
Exploration and mine development
|
109,189
|
|
|
241,902
|
|
|
(132,713
|
)
|
|||
Mine claims and costs
|
(324,027
|
)
|
|
(291,602
|
)
|
|
(32,425
|
)
|
|||
Environmental and reclamation
|
30,590
|
|
|
88,612
|
|
|
(58,022
|
)
|
|||
General and administrative
|
697,793
|
|
|
801,157
|
|
|
(103,364
|
)
|
|||
Total costs and expenses
|
840,733
|
|
|
1,570,111
|
|
|
(729,378
|
)
|
|||
|
|
|
|
|
|
||||||
Loss from operations
|
(792,383
|
)
|
|
(1,537,830
|
)
|
|
745,447
|
|
|||
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
||||||
Interest expense
|
(179,588
|
)
|
|
(340,548
|
)
|
|
160,960
|
|
|||
Other income (expense)
|
1,358,868
|
|
|
(166,732
|
)
|
|
1,525,600
|
|
|||
|
|
|
|
|
|
||||||
NET INCOME (LOSS)
|
$
|
386,897
|
|
|
$
|
(2,045,110
|
)
|
|
$
|
2,432,007
|
|
|
September 30, 2019
|
|
September 30, 2018
|
|
Change
|
||||||
Revenue - mining
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Revenue - real estate
|
130,132
|
|
|
83,946
|
|
|
46,186
|
|
|||
|
|
|
|
|
|
||||||
Costs applicable to mining revenue
|
1,329,322
|
|
|
2,174,618
|
|
|
(845,296
|
)
|
|||
Real estate operating costs
|
31,362
|
|
|
29,858
|
|
|
1,504
|
|
|||
Exploration and mine development
|
576,594
|
|
|
700,088
|
|
|
(123,494
|
)
|
|||
Mine claims and costs
|
(36,172
|
)
|
|
(20,346
|
)
|
|
(15,826
|
)
|
|||
Environmental and reclamation
|
(278,784
|
)
|
|
208,866
|
|
|
(487,650
|
)
|
|||
General and administrative
|
2,322,428
|
|
|
2,355,320
|
|
|
(32,892
|
)
|
|||
Total costs and expenses
|
3,944,750
|
|
|
5,448,404
|
|
|
(1,503,654
|
)
|
|||
|
|
|
|
|
|
||||||
Loss from operations
|
(3,814,618
|
)
|
|
(5,364,458
|
)
|
|
1,549,840
|
|
|||
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
||||||
Interest expense
|
(822,632
|
)
|
|
(1,054,775
|
)
|
|
232,143
|
|
|||
Other income (expense)
|
1,111,338
|
|
|
(526,113
|
)
|
|
1,637,451
|
|
|||
|
|
|
|
|
|
||||||
NET LOSS
|
$
|
(3,525,912
|
)
|
|
$
|
(6,945,346
|
)
|
|
$
|
3,419,434
|
|
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Exhibit
|
|
|
|
31*
|
|
|
|
|
|
32*
|
|
|
|
|
|
95*
|
|
|
|
|
|
101*
|
|
Interactive Data File (Quarterly Report on Form 10-Q, for the periods ended September 30, 2019, 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, 2019 and December 31, 2018, (ii) the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018, (iii) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 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:
|
November 4, 2019
|
By:
|
/s/ Corrado De Gasperis
|
|
|
|
Name: Corrado De Gasperis
|
|
|
|
Title: Chief Executive Officer and Executive Chairman (Principal Executive Officer and Principal Financial Officer)
|
|
|
|
|
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