Comstock Inc.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
View on SEC.govAbout 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.
Sep 30, 2025 · Filed Oct 30, 2025
LODE$1.67-13.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine-Months Ended | ||
|---|---|---|
| September 30, | ||
| 2025 | 2024 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net loss | $(29,809,210) | $(30,565,175) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 2,139,757 | 1,833,878 |
| Impairment of properties, plant and equipment | 433,411 | 324,047 |
| Impairment of intangible assets | 9,333 | 8,667,869 |
| Amortization of finance leases and discount associated with finance leases | 38,431 | 53,298 |
| Amortization of debt discount and other debt-related items | 542,470 | 1,178,105 |
| Accretion of reclamation liability | 337,237 | 308,276 |
| Gain on sale of mineral rights | (200,000) | — |
| Gain on extinguishment of liability | (845,000) | — |
| Loss on conversion of debt | 3,088,167 | 3,690,760 |
| Loss on debt extinguishment | 2,767,887 | 744,256 |
| Interest expense paid with common stock | 401,523 | 384,241 |
| Research and development expense paid with common stock | 1,487,476 | 1,208,180 |
| Change in fair value of derivative instruments | (433,991) | (516,756) |
| Employee and director share based compensation | — | 142,482 |
| Share of net (income) loss of equity-method investments | 6,562 | 1,675,069 |
| Change in fair value of SAFE Note | (900,000) | — |
| Gain on write-off of SSOF deposits | — | (400,000) |
| Other | 565,927 | (392,318) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 1,128,496 | (414,583) |
| Prepaid expenses | (133,014) | 265,221 |
| Deposits | (375,000) | — |
| Other assets | 38,632 | 310,055 |
| Accounts payable | (1,359,356) | 1,510,114 |
| Accrued expenses, other current liabilities, and deposits | (240,806) | (1,902) |
| Deferred revenue - Metals recycling | 1,687,111 | 56,351 |
| Deferred revenue - income grant | 1,000,000 | — |
| Other long-term liabilities | 137,204 | 320,547 |
| Net cash used in operating activities | (18,486,753) | (9,617,985) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Purchase of mineral rights and properties, plant and equipment | (1,630,189) | (804,949) |
| Investment in Sierra Springs Opportunity Fund | (650,000) | (530,000) |
| Advances to Sierra Springs Opportunity Fund | (2,500,000) | — |
| Deposits paid on equipment | (5,140,028) | — |
| Proceeds received from sale of mineral rights | 1,950,000 | — |
| Acquisition of intangible asset | (300,000) | (100,000) |
| Funding of RenFuel note receivable | (1,000,000) | (1,350,000) |
| Advances to GenMat | — | (1,235,636) |
| Investment in Hexas SAFE Note | (960,000) | — |
| Payments on contractual commitments associated with derivatives | (316,000) | (2,464,364) |
| Payments of reclamation bond deposit | (450,000) | (274,711) |
| Other | (100,638) | (103,000) |
| Net cash used in investing activities | (11,096,855) | (6,862,660) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
|---|---|---|
| Proceeds from the issuance of common stock and warrants | 36,000,002 | 7,213,710 |
| Issuances of debt | 10,000,000 | 8,000,000 |
| Proceeds from the issuance of equity in subsidiary | 20,000,000 | — |
| Principal payments of debt | (2,600,000) | (850,000) |
| Common stock issuance costs | (3,034,663) | (140,120) |
| Principal payments on financing leases | (23,650) | (75,195) |
| Debt issuance costs | — | (90,000) |
| Net cash provided by financing activities | 60,341,689 | 14,058,395 |
| Net increase (decrease) in cash and cash equivalents | 30,758,081 | (2,422,250) |
| Cash and cash equivalents at beginning of period | 954,271 | 3,785,577 |
| Cash and cash equivalents at end of period | $31,712,352 | $1,363,327 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
| Acquisition of plant and equipment from Marathon SAFE Note | $12,000,000 | $— |
| Issuance of common shares for debt conversion and accrued interest | $11,850,097 | $9,523,870 |
| Issuance of common shares for promissory note settlement | $9,193,000 | $— |
| Issuance of common stock for AST lease amendment | $2,482,200 | $378,845 |
| Issuance of common stock for Haywood lease amendment | $700,000 | $509,850 |
| Issuance of common stock for LINICO acquisition-related payable | $1,860,000 | $— |
| Issuance of common stock for Northern Comstock LLC mineral rights payments | $482,500 | $482,500 |
| Intangible asset acquired with common stock issued for Flux amendment | $5,780,000 | $— |
| Intangible asset acquired with derivative liability for Flux amendment | $5,087,000 | $— |
| Intangible asset acquired with issuance of equity in subsidiary | $5,280,000 | $— |
| Recognition of operating lease liability and right of use asset | $11,717,706 | $4,567,814 |
| Intangible asset acquired with commitment obligation | $4,468,617 | $— |
| Fair value of common stock held by AST transferred to accounts receivable | $722,361 | $— |
| Fair value of common stock held by Haywood transferred to accounts receivable | $389,174 | $— |
| Transfer of derivative liability to accrued expenses | $— | $3,243,853 |
| Issuance of common stock in lieu of payment of marketing expense | $— | $162,693 |
| Fair value of common stock held by GenMat transferred to GenMat Advances | $— | $694,970 |
| Issuance of common stock with debt | $— | $385,875 |
| Investment acquired with payable | $— | $1,285,961 |
| Issuance of common shares for due diligence and commitment fees | $— | $85,000 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.