Comstock Inc.

For the period ended Mar 31, 2025. Filed May 8, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 8, 2025

LODE$1.67-13.0%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three-Months Ended
	March 31,
	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$(9,093,931)	$(6,918,320)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	365,659	643,312
Amortization of finance leases	12,811	11,233
Amortization on discount associated with finance leases	—	24,321
Amortization of debt discount and other debt-related items	214,298	522,107
Accretion of reclamation liability	109,915	100,162
Interest expense paid with common stock	142,422	116,603
Research and development expense paid with common stock	1,487,476	—
Gain on extinguishment of liability	(845,000)	—
Loss on conversion of debt	1,196,880	193,523
Employee and director share based compensation	—	56,184
Change in fair value of derivative instruments	1,190,803	756,118
Share of net (income) loss of equity-method investments	(41,438)	575,904
Other	175,943	9,557
Changes in operating assets and liabilities:
Accounts receivable	(378,808)	(384,277)
Prepaid expenses	(48,672)	(38,568)
Deposits - asset	(60,000)	—
Other assets	(6,270)	(142,895)
Accounts payable	339,379	(96,069)
Accrued expenses, other liabilities, and deposits	(606,943)	502,737
Deferred revenue	757,958	—
Other liabilities	125,000	237,772
Net cash used in operating activities	(4,962,518)	(3,830,596)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of mineral rights and properties, plant and equipment	(240,873)	(355,939)
Acquisition of intangible asset	(180,000)	—
Funding of RenFuel note receivable	(430,000)	(250,000)
Investment in Hexas SAFE Note	(366,667)	—
Investment in SSOF	(300,000)	(480,000)
Payments on contractual commitments associated with derivatives	(120,000)	(1,500,000)
Payment of reclamation bond deposit	(150,000)	—
Other	(28,790)	(34,000)
Net cash used in investing activities	(1,816,330)	(2,619,939)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on financing leases	(23,650)	(41,656)
Principal payments of debt	(100,000)	(150,000)
Issuances of debt	10,000,000	2,000,000
Proceeds from the issuance of common stock	—	1,463,710
Common stock issuance costs	(145,000)	(140,120)
Net cash provided by financing activities	9,731,350	3,131,934
Net increase (decrease) in cash and cash equivalents	2,952,502	(3,318,601)
Cash and cash equivalents at beginning of period	954,271	3,785,577
Cash and cash equivalents at end of period	$3,906,773	$466,976
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Issuance of common shares for debt conversion and accrued interest	$4,001,243	$894,773
Recognition of operating lease liability and right of use asset	$3,548,557	$—
Issuance of common stock for LINICO acquisition-related payable	$1,860,000	$—
Issuance of common stock for AST lease amendment	$2,482,200	$—
Acquisition of plant and equipment from Marathon SAFE Note	$12,000,000	$—
Issuance of common shares with debt	$—	$250,000
Investment acquired with payable	$—	$1,285,961
Issuance of common shares for due diligence and commitment fees	$—	$85,000

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.