Comstock Inc.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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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, 2026 · Filed Nov 4, 2026
LODE$1.95+13.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-23.
0001437749-26-024304
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001437749-26-034934
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 112 previous paragraphs and 106 current paragraphs.
28 unchanged; 43 reworded; 35 added; 34 removed; 7 previous and 0 current paragraphs rearranged.
Tables are not compared: 10 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (35)
Current report
Comstock develops technologies and supply chains that convert under-utilized waste and natural resources into clean energy and clean-energy materials, including electrification metals and minerals recovered from end-of-life solar panels. We operate in four reportable segments: Metals, Fuels, Strategic Investments and Corporate. Mining was a reportable segment through August 21, 2026. Segment financial information appears in Note 15 to the accompanying condensed consolidated financial statements and includes the historical information for the recently divested Mining segment which was sold on August 21, 2026.
Current report
At September 30, 2026, Comstock owns 47.63% of Sierra Springs Opportunity Fund, Inc. (“SSOF”), a qualified opportunity zone fund that owns 100% of Sierra Springs Enterprises Inc. (“SSE”). In October 2026, the Company invested an additional $1,500,000 for 2,307,692 additional shares of SSOF common stock at $0.65 per share increasing our ownership in SSOF to 48.64%. SSE and its subsidiaries own or controls over 2,200 acres of mostly contiguous industrial, commercial and residential lands, water rights, leased manufacturing facilities, an operating regional airport and dedicated natural gas pipeline access representing prospective (“powered lands”) plans for industrial-scale developments.
Current report
Comstock owns 77.00% of Bioleum Corporation (“Bioleum”) that seeks innovate renewable energy solutions, primarily from dedicated energy crops from Bioleum's wholly-owned Hexas Biomass Inc. (“Hexas”) and other forms of underutilized biomass.
Current report
Comstock Metals is our primary commercial growth platform. We are building a domestic solar-panel recycling and metal extraction business and critical metals supply chain designed to recover industrial metals at scale, supported by:
Current report
The pilot-scale metal-extraction process is designed to recover additional, higher-value metals, initially and primarily silver, from the industrial secondary materials (“tailings”) generated by our recycling operations.
Current report
From 2024 through 2026, our permitted demonstration-scale facility generated revenue from decommissioning services, panel recycling and processing, and sales of recovered materials, including aluminum, glass, and precious and other metals. For the nine-months ended September 30, 2026 and 2025, this facility generated revenue of approximately $0.9 million and $1.1 million, respectively.
Current report
Comstock Metals is fully permitted for its first industry-scale production facility, located on the same campus as the demonstration facility. The facility is designed to recycle up to 3.3 million panels (approximately 100,000 tons) per year, per production line, and began operating continuously in late September 2026. The subsequent recycling facilities have now been designed to phase the scale ups starting at approximately 825,000 panels (approximately 25,000 tons) per year. This enables more efficient capital deployment and expedient scaling up to the 100,000 tons. Over the next five years, we plan to build and operate at least four more similar facilities in the United States.
Current report
Fuels Segment—* Bioleum*
Current report
Bioleum operates our Fuels segment and is developing technology to produce renewable fuels — including biointermediate oils, cellulosic ethanol, gasoline, renewable diesel, and sustainable aviation fuel — from our proprietary, dedicated energy crops and woody biomass, under an integrated "farm to fuel" model.
Current report
Bioleum's fuels are designed for low carbon-intensity scores and competitive yields per dry metric ton of feedstock, depending on feedstock, site conditions, and other process parameters. A key part of Bioleum's strategy is its proprietary XanoGrass™ feedstock, previously grown at pilot sites in Europe and Asia, together with its Wisconsin facility and two U.S. pilot farms.
Current report
Bioleum continues to operate various pilot and demonstration facilities in Madison, Wisconsin, where it works to advance process readiness, stabilize yields, and reduce carbon intensity and cost, including through partnerships with the Idaho National Laboratory, the National Laboratory of the Rockies, the Massachusetts Institute of Technology, and the University of Wisconsin, among others. In 2026, Bioleum cancelled the Tulsa lease. Bioleum also recognized impairment losses of $16,415,894 consisting of impairments on intangibles of $13,648,042, impairments on properties, plant and equipment of $1,736,481 and impairments on investments of $1,031,371.
Current report
On August 21, 2026, the Company completed the sale of the Acquired Interests and Acquired Entities to Mackay for the following consideration:
Current report
Our Strategic Investments segment holds minority equity and equity-linked positions that support our Metals business, including:
Current report
Depreciation and amortization for the three-months ended September 30, 2026 decreased by $444,642 to $717,604 from $1,162,246 in the comparable 2025 period. The decrease is primarily related to lower amortization for impaired intangible assets in 2026.
Current report
In 2025, loss on intangible assets impairment and loss on properties, plant and equipment impairment were $9,333 and $433,411, respectively, which was attributed to the impairment of intangible assets and equipment in 2025.
Current report
In 2026, gain on sales of properties, mineral and royalty rights of $14,018,466 was attributed to the sale of mining interests (see Note 2 of the Notes to the Condensed Consolidated Financial Statements).
Current report
The loss on investments of $260,000 was attributed to the change in fair value of our investment in Mackay Parent common stock (see Notes 3 and 12 of the Notes to the Condensed Consolidated Financial Statements).
Current report
In 2025, loss on debt extinguishment of $2,767,887 resulted from the 2025 Kips Bay Note payoff of $1,795,883 and note and warrant amendments for GHF and Alvin Fund Notes of $972,004.
Current report
Nine-Months Ended September 30, 2026 Compared to Nine-Months Ended September 30, 2025
Current report
The loss on investments of $260,000 was attributed to the change in fair value of our investment in Mackay Parent common stock (see Notes 3 and 12 of the Notes to the Condensed Consolidated Financial Statements).
Current report
In 2025, loss on debt extinguishment of $2,767,887 resulted from the 2025 Kips Bay Note payoff of $1,795,883 and note and warrant amendments for GHF and Alvin Fund Notes of $972,004.
Current report
Our Metals business continues to advance and is positioned to expand into material upgrades (e.g., glass products) and metal extractions (e.g., silver, aluminum, additional glass and silica, etc.) beyond our original plans.
Current report
We have also completed the sale of our mining assets while pursuing the monetization and value growing opportunities, most likely with strategic partners, for our industrial powered lands held by SSOF. The Company has also facilitated the restructuring and streamlining of the Bioleum organization while pursuing non-dilutive capital sources to fund their proprietary feedstocks and conversion technologies.
Current report
In August 2026, Comstock Metals commissioned its first industry-scale solar-recycling facility in northern Nevada and in September 2026, began continuous operations as the final phase of commissioning. We have also developed a pilot-scale metal-recovery facility to better recover the metal containing tailings generated by our recycling operations.
Current report
We have also identified a site for our second facility in central Ohio, with plans for potential sites for a third location in Texas, a fourth location in the south eastern part of the U.S. and a fifth location in southern Nevada. Each industry-scale facility is designed to recycle up to 3.3 million panels (approximately 100,000 tons) per year, per production line, and have now been modified to phase the scale up to start the recycling at approximately 825,000 panels (approximately 25,000 tons) per year in a manner that enables more efficient capital deployment and more expedient scaling to approximately 100,000 tons. We continue to evaluate potential sites for storage.
Current report
SSOF
Current report
SSOF’s objectives for 2026 include:
Current report
SSOF has consolidated a significant land position with high potential for added power and energy infrastructure, datacenters and advanced manufacturing in Northern Nevada and is now advancing its efforts to maximize the realizable value while mitigating the Company’s capital requirements. While the completion of any development partnership or transaction is not guaranteed, the planned process is scheduled, and future updates are anticipated through the fourth quarter of 2026.
Current report
Green Li-ion Pte. LTD
Current report
Mackay Gold & Silver Corp.
Current report
We expect to explore the monetization of our 2,000,000 common shares of Mackay Parent, that are contractually restricted until February 21, 2028, subject to its liquidity and other market conditions, most likely starting in February 2028 and continuing into 2028.
Current report
Under the precedent agreement with Great Basin Gas Transmission Company (“Great Basin”), the Company is responsible for providing financial assurance of up to approximately $39.0 million by December 31, 2026 and approximately $54.0 million by December 2027 in connection with the planned natural gas transportation capacity. The Company anticipates satisfying this requirement through a combination of third-party surety bonding and financial support from SSOF, an equity method investee of the Company. SSOF is expected to fund the cash collateral or other financial commitments required to support the surety arrangements, potentially through note financing, and the Company expects SSOF to reimburse the Company cash funded in the escrow of $6.0 million. The Company expects that the use of third-party surety bonding will reduce the cash collateral required relative to the maximum financial assurance amount. However, the anticipated financing arrangement has not been finalized, and there can be no assurance that the anticipated financing arrangement will be obtained on acceptable terms. To the extent such arrangements are not completed, the Company may be required to identify alternative sources of financing or liquidity to satisfy its obligations under the precedent agreement including our existing cash, reduced discretionary spending and other financing alternatives. The Company also expects that 20-year firm transportation reservation charges will commence in November 2028. At September 30, 2026, the Company has funded $4.0 million in restricted cash held in an interest earning escrow and on October 9, 2026, the Company deposited an additional $2.0 million.
Current report
On November 21, 2025, the Company entered into an At the Market Offering Agreement (“2025 Titan ATM Agreement”) with Titan Partners to offer and sell registered shares of common stock of the Company at an aggregate offering price of up to $100 million from time to time, at our option, on terms we deem favorable. In 2026, the Company issued 872,838 registered shares of common stock to Titan Partners for an aggregate sales price of $3,479,181 at an average price per share of $3.99. At September 30, 2026, the 2025 Titan ATM Agreement has $94.2 million remaining capacity.
Current report
Great Basin Guaranty. In March 2026, we recognized a guarantee liability, measured at fair value, for the Great Basin Guaranty (as defined in Note 9 to the condensed consolidated financial statements). The carrying amount was $475,000 as of September 30, 2026. With the help of third-party valuation specialists, we estimated fair value using a probability-weighted expected return method. Its significant unobservable inputs are the probabilities assigned to the base and failure scenarios and a 35% discount rate. The estimate is uncertain because it depends on future events largely outside our control, including Federal Energy Regulatory Commission approval and whether the Expansion Facilities (as defined in Note 9 to the condensed consolidated financial statements) are feasible. A higher probability of failure, or a lower discount rate, would have produced a higher liability. If a loss under the guaranty becomes probable, we may need to recognize additional liabilities. See Notes 9 and 12 to the condensed consolidated financial statements.
Current report
Performance-Based Stock Units. During 2026, we granted Performance Stock Units that vest based on continued service and on our common stock reaching specified share price targets. We estimate their grant-date fair value with a Monte Carlo simulation, which requires significant assumptions, most notably expected volatility and the risk-free interest rate. Higher assumed volatility generally increases fair value. Because the share price targets are market conditions, we recognize compensation cost over the service period whether or not the targets are achieved, so the assumptions used at grant determine the total expense we recognize. See Note 11 to the condensed consolidated financial statements.
Removed paragraphs (34)
Previous report
Comstock commercializes innovative technologies, systems and supply chains that extract, process, and convert under-utilized waste and natural resources into clean energy and clean energy supporting products, including truly sustainable solutions that produce renewed and repurposed electrification metals and minerals from end-of-life solar panels. We approach industrial growth opportunities by identifying, acquiring, and building companies with the potential for superior financial returns on deployed capital, by systematically creating and operating industrial enterprises and systems from the ground up, typically in full equity-based alignment with the founders of the technologies, and then developing, integrating and commercializing their breakthrough technology-based solutions through a distinctive combination of operational and organizational scale-up expertise. Comstock's primary growth platform is its renewable metals business, which is commercializing industry-scale solar panel recycling industrial metal recovery that is positioning the Company to become a leading domestic recycler of end-of-life photovoltaic panels and producer of industrial metals and materials.
Previous report
Complementing this strategy, Bioleum represents a longer-term renewable fuels opportunity, differentiated by exclusive access to advanced biomass feedstocks through its ownership of Hexas Biomass Inc. (“Hexas”).
Previous report
Comstock Metals has established the goal of setting the global standard for solar panel recycling. Our recycling process creates no waste, generates no landfilled materials, and results in clean recycled products that are safe for reuse.
Previous report
Bioleum's competitive advantage begins with feedstock. Through its ownership with Hexas, Bioleum has access to dedicated energy crops engineered for exceptionally high biomass yields, low carbon impact, consistent quality, efficient logistics, and low costs.
Previous report
We approach the challenge of sustainability head-on by innovating, developing and commercializing technologies that accomplish more while utilizing fewer natural resources, protecting our ecosystem from the negative impact of carbon emissions and toxic materials, and enabling and empowering the next industrial revolution. Our plans to generate these throughputs involve both deploying and licensing our technologies within a purpose-driven and designed ecosystem, including extended and interdependent partners that leverage their infrastructures, capacities, and resources, that are often directly integrated with our system.
Previous report
At Comstock Metals, we are building a scalable domestic solar panel recycling platform with our current network including storage and logistics facilities in California and Ohio, and processing capacity expanding through our existing northern Nevada operations and new industry-scale facilities planned in southern Nevada and Ohio. Our strategic metals assets include an operating Nevada-based solar panel recycling demonstration facility and a first-of-its-kind industry-scale solar panel recycling and upgrading facility that is currently being installed, tested, and commissioned. We are also developing a metal extraction solution that further recovers higher purity, higher value metals and materials from our generated industrial solar tailings.
Previous report
Bioleum strategy is based on its renewable fuels platform, anchored by its proprietary XanoGrass™ feedstock. XanoGrass™ is currently being grown across pilot sites in the United States, Europe, and Asia. Bioleum's strategic assets include two Wisconsin renewable fuels demonstration facilities and two pilot farms. The integration of dedicated energy crops and leading conversion yields enables the possibility of efficient and scalable low carbon fuel solutions and differentiates our ability for delivering these solutions globally.
Previous report
We also own and manage investments in various legacy assets that previously supported our current or prior businesses that we are working to monetize. This includes our legacy gold and silver mining assets that we have announced the sale of, real estate assets and certain non-strategic investments. This includes northern Nevada real estate that we own, control and/or manage comprised of industrial and commercial land, water rights and other direct investments.
Previous report
Lines of Business
Previous report
Our Metals Segment utilizes solar panel recycling and materials recovery solutions that drive sustainability across the electrification products market. From 2024 through 2026, we operated a permitted, demonstration-scale solar panel recycling facility that delivers environmentally superior, zero-landfilled recycling solutions to support U.S. mineral industries. For the six-months ended June 30, 2026 and 2025, this facility generated revenues of $0.6 million and $1.1 million, respectively, from service fees for decommissioning services, recycling and processing end-of-life solar panels, and offtake sales of recycled materials, including aluminum, copper, glass, and secondary salable materials that include precious and other metals. We believe this technology deployment is globally leading and positioned to operate a world-class, quality, global solar panel recycling operation and has the potential to set the global standard for solar panel recycling and ultimately, a global industrial materials supply change company.
Previous report
Comstock Metals has completed all permitting requirements for its first industry-scale production facility, located on the same campus as the operating demonstration-scale facility. The cost of equipment, installation and expanded storage capacity was $14.5 million. Equipment arrival and installation began in the first half of 2026, and commissioning of the plant is expected to be completed in the third quarter with operations coming on-line shortly thereafter. This plant is expected to scale to a production capacity to over 3 million panels per year representing up to 100,000 tons of processed waste materials per year. This strategically located facility enables the transition of proven processes from commercial demonstration to full-scale production. The industry-scale facility is expected to enhance our ability to meet the rapid and continuously growing demand for domestically recovered metals. Comstock Metals has selected and submitted state-level permits for a second industry-scale production facility in southern Nevada.
Previous report
Our plan supports the creation of a more robust domestic supply chain for critical materials by innovating and scaling sustainable recycling technologies. The Company plans to build up to five facilities in the United States over the next five years and support American energy and resource independence while simultaneously delivering significant economic and environmental value.
Previous report
Our Metals Segment's 2026 objectives included (1) finalizing commercial plant equipment installation, (2) commissioning of commercial plant, (3) securing larger and longer terms supply contracts (4) select site number two, three and four and begin permitting for site number two and three, (5) ordering all of the industry-scale equipment for our second industry-scale facility, (6) finalizing the design for downstream recovery of the solar tailings, (7) extending and operate an upgrading line capable of making high specification glass materials, and (8) operating a one ton per day pilot that can recover silver products and initially create concentrated “other metal” slurries we will use for subsequent Doré production. We believe we are on track for completing all of our 2026 objectives.
Previous report
The aggregate purchase price for the Acquired Interests consists of the following:
Previous report
The Purchase Agreement includes a 1.5% NSR royalty on minerals produced from the transferred properties, including a Royalty Agreement, and subject to Mackay's repurchase rights under specified conditions. The closing of the transaction is subject to TSX-V stock exchange approvals and is expected to close by August 30, 2026. Mackay shall have the right at any time to repurchase 100% of the NSR Royalty for a payment of $3,500,000, provided that if the seven-year period for the payment of the Contingent Payment has lapsed without the payment of the Contingent Payment, the royalty buyout payment shall be increased to $7,000,000. The Second Tranche Payment is secured by a Deed of Trust on the properties owned by the Acquired Entities and bears interest at the rate of twelve percent (12%) per annum after its due date. A non-refundable deposit of $150,000 previously paid by Buyer is credited against the Initial Payment at Closing. The related assets and liabilities were classified as Held for Sale and $22,992,892 was classified as Assets Held for Sale and $6,832,924 was classified as Liabilities Held for Sale on the condensed consolidated balance sheet as of June 30, 2026.
Previous report
Fuels Segment - Bioleum Corporation
Previous report
Bioleum operates two complementary and interdependent pilot facilities, including the Wausau Facility, and the Madison Facility. Bioleum continues innovating its existing commercial process for the purpose of advancing its technological readiness, stabilizing its potentially market-leading yields, further decreasing carbon intensities, and driving down costs.
Previous report
Bioleum’s innovations group has further partnered with other industry leading technologists, including the National Renewable Energy Laboratory, the Massachusetts Institute of Technology, the University of Wisconsin and Emerging Fuels Technologies Inc., and others with sponsored research, licensing, and other agreements.
Previous report
We own and manage several investments and projects that are strategic to our plans and ability to produce and maximize throughput in our Metals and Strategic Investments Segments, that are held for the purpose of complementing or enhancing our mission of accelerating the commercialization of hard technologies for the energy transition and creating value but that are not a component of such other segments or otherwise have distinct operating activities. Our Strategic Investments Segment includes minority equity and equity-linked investments in Green Li-ion Pte Limited (“Green Li-ion”) (lithium-ion battery component recycler and remanufacturing) and Sierra Springs Opportunity Fund (northern Nevada real estate).
Previous report
Investment in Green Li-ion– Our wholly owned LINICO subsidiary owns 35,662 Green Li-ion preferred shares representing 11.98% of Green Li-ion. The Company intends to sell its remaining shares in conjunction with a liquidity event at Green Li-ion.
Previous report
Investment in SSOF– At December 31, 2025, the Company had an advance to SSOF of $9,400,000. During the three-months ended March 31, 2026, the Company advanced an additional $5,750,000. On March 26, 2026, all advances, totaling $15,150,000 were converted into 23,307,692 shares of SSOF common stock at $0.65 per share. On April 30, 2026, the Company converted accrued interest from advances of $237,415 to 365,255 additional shares of SSOF common stock at $0.65 per share(see Note 4). As of June 30, 2026, the Company subscribed to and invested an additional $13,640,000 for 20,984,615 additional shares of SSOF common stock at $0.65 per share. At June 30, 2026 and December 31, 2025, the Company owns 55,893,673 and 11,236,111, respectively, in SSOF shares of common stock, representing an ownership of 47.63% and 16.99%, respectively.
Previous report
SSOF is a qualified opportunity zone fund, which owns 100% of Sierra Springs Enterprises Inc. (“SSE”), a qualified opportunity zone business. SSE and its subsidiaries own or control approximately 2,200 acres of land, a manufacturing facility, significant senior, junior and effluent water rights, sewer rights and also owns and operates the Silver Springs Regional Airport LLC. The substantial majority of these properties are contiguous and strategically located within immediate proximity of Highway 50, State Route 439, the Northern Nevada Industrial Center and the Tahoe Reno Industrial Center where high-tech companies like Tesla, Switch, Google, Microsoft, and Tract, and over one hundred other companies are currently located, expanding or locating in this industrializing region.
Previous report
Other
Previous report
Investments in Properties – The Company directly owns three types of properties in Silver Springs, NV, including 98.51 acres of industrial land, 160 acres of commercial land, both centrally located in Silver Springs, just south of the Silver Springs Regional Airport and a portfolio of water rights. The Company plans on enabling the continued consolidation and entitlement of these lands so that it can market these assets for sale as industrial, commercial and residential development as interest in Silver Springs, NV continues to increase.
Previous report
Six-Months Ended June 30, 2026 Compared to Six-Months Ended June 30, 2025
Previous report
Comstock Metals has established the goal of setting the global standard for solar panel recycling. Our process creates no waste, no landfilled materials, and results in clean recycled products safe for reuse.
Previous report
Bioleum seeks to commercialize technologies, systems and supply chains that produce renewable fuels from dedicated energy crops and other forms of woody biomass, enabling and integrating agricultural and clean energy into a differentiated “farm to fuel” solution.
Previous report
The growth opportunities for both Comstock Metals and Bioleum have and continue developing beyond our original plans, and we have now realigned both the organizations and their respective capital bases with some of the most sophisticated partners for investment, feedstocks, technologies, operations, and offtakes, including significant investments.
Previous report
Comstock Metals
Previous report
Comstock Metals is finalizing the commissioning of its first industry-scale solar recycling facility in northern Nevada for continuing operations in August of 2026. At the same time, the Company is developing its first pilot scale metal recovery facility capable of handling the metals-rich tailings produced by its recycling facilities Comstock Metals has also identified its second site in the southern part of Nevada and its third site in central Ohio. These industry-scale facilities are designed for recycling up to 3.3 million panels (or approximately 100,000 tons) of annual capacity, per production line. The Company does not plan on ordering equipment for subsequent facilities until the first facility is operating and production is effectively ramped up. Site assessments remain ongoing for what would be the fourth and fifth industry-scale facilities and associated storage sites.
Previous report
Comstock Mining
Previous report
The aggregate purchase price for the Acquired Interests consists of: (a) the Initial Payment; (b) the First Tranche Shares; (c) the Second Tranche Payment, which may be paid partially in shares of Mackay Parent common stock under certain conditions based on the volume-weighted average trading price of Mackay Parent’s common stock; (d) assumption of all of the Acquired Entities reclamation obligations and the associated reclamation and surety bond deposits and collateral and (e) the Contingent Payment. The Purchase Agreement also includes a 1.5% net smelter returns (“NSR”) royalty on minerals produced from the transferred properties, including a Royalty Agreement, and subject to Mackay's repurchase rights under specified conditions. The closing of the transaction is subject to TSX-V stock exchange approvals.
Previous report
Investment in Green Li-ion
Previous report
Investments in other non-mining real estate, water rights and securities
Reworded paragraphs (43)
Previous wording
Our Fuels Segment is administered by Bioleum and we hold an investment in Bioleum, through our Preferred Series 1 equity position. Bioleum seeks to deliver advanced lignocellulosic biomass refining solutions that set new industry standards for the production of cellulosic ethanol, gasoline, renewable diesel, sustainable aviation fuel, and other renewable Bioleum™ fuels, with extremely low carbon intensity scores of 15 and the potential for market-leading yields per dry metric ton of feedstock (on a gasoline gallon equivalent basis), depending on feedstock, site conditions, and other process parameters. In December 2025, Bioleum completed the acquisitions of Hexas Biomass Inc. (“Hexas”) (see Note 2 of the Notes to Consolidated Financial Statements) and substantially all of the patents and other intellectual property assets of RenFuel K2B AB (“RenFuel IP”), including RenFuel IP’s patented catalytic esterification process to refine Bioleum’s proprietary biointermediates. Bioleum is now capable of producing its own purpose grown energy crops used in producing our liquid fuels applications with proven yields exceeding 25 to 30 dry metric tons per acre per year. The combination of Bioleum’s high yielding refining platform and Hexas’ high yielding energy crops enables the possibility of market leading yields of fuel per acre per year, with regenerative practices that can effectively transform marginal agricultural lands into perpetual “drop-in sedimentary oilfields” with the potential to dramatically boost regional energy security and rural economies.
Current wording
In December 2025, Bioleum acquired Hexas and substantially all of the patents and other intellectual property of RenFuel K2B AB (“RenFuel IP”), including RenFuel's patented catalytic esterification process. Hexas provides access to purpose-grown energy crops, with yields of 25 to 30 dry metric tons per acre per year.
Previous wording
On June 21, 2026, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Mackay Precious Metals Inc. (“Mackay”) and Mackay Gold & Silver Corp., a British Columbia corporation (“Mackay Parent”), pursuant to which the Company agreed to sell all of its rights, titles, and interest in and to the membership interests in Comstock Mining LLC, Comstock Processing LLC, and Comstock Exploration and Development LLC (each a Nevada limited liability company), and all of the issued and outstanding shares of capital stock of Comstock Real Estate Inc., a Nevada corporation whose primary asset is the Gold Hill Hotel that resides within the boundaries of the Comstock mining district (collectively, the “Acquired Interests”), to Mackay. The entities whose interests comprise the Acquired Interests (collectively, the “Acquired Entities”) own or control properties in Lyon County and Storey County, Nevada. This sale does not include the Company’s real estate in Silver Springs, Nevada.
Current wording
On June 21, 2026, and amended on August 13, 2026, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Mackay Precious Metals Inc. (“Mackay”) and Mackay Gold & Silver Corp., a British Columbia corporation (“Mackay Parent”), pursuant to which the Company agreed to sell all of its rights, titles, and interest in and to the membership interests in Comstock Mining LLC, Comstock Processing LLC, and Comstock Exploration and Development LLC (each a Nevada limited liability company), and all of the issued and outstanding shares of capital stock of Comstock Real Estate Inc., a Nevada corporation whose primary asset is the Gold Hill Hotel that resides within the boundaries of the Comstock mining district (collectively, the “Acquired Interests”), to Mackay. The entities whose interests comprise the Acquired Interests (collectively, the “Acquired Entities”) own or control properties in Lyon and Storey Counties, Nevada. This sale does not include our real estate in Silver Springs, Nevada.
Previous wording
Buyer shall have the right at any time to repurchase 100% of the NSR Royalty for a payment of $3,500,000, provided that if the seven-year period for the payment of the Contingent Payment has lapsed without the payment of the Contingent Payment, the royalty buyout payment shall be increased to $7,000,000. The Second Tranche Payment is secured by a Deed of Trust on the properties owned by the Acquired Entities and bears interest at the rate of twelve percent (12%) per annum after its due date. A non-refundable deposit of $150,000 previously paid by Mackay is credited against the Initial Payment at Closing. The related assets and liabilities were classified as Held for Sale and $22,992,892 was classified as Assets Held for Sale and $6,832,924 was classified as Liabilities Held for Sale on the condensed consolidated balance sheet as of June 30, 2026.
Current wording
Mackay retained the right to repurchase 100% of the NSR Royalty at any time for a payment of $3,500,000, provided that if the seven-year period for the payment of the Contingent Payment has lapsed without the payment of the Contingent Payment, then the royalty buyout payment shall be increased to $7,000,000. The Second Tranche Payment is secured by a Deed of Trust on the properties owned by the Acquired Entities and bears interest at the rate of twelve percent (12%) per annum after its due date.
Previous wording
Revenues for the three-months ended June 30, 2026 decreased by $66,722 to $272,824 from $339,546 for the comparable 2025 period, primarily due to lower revenues from our Metals Segment of $67,922 primarily attributed to lower decommissioning services.
Current wording
Revenues for the three-months ended September 30, 2026 increased by $313,172 to $367,251 from $54,079 for the comparable 2025 period, primarily due to higher revenues from our Metals Segment of $322,222 attributed to higher solar decommissioning services.
Previous wording
Cost of goods sold for the three-months ended June 30, 2026 increased $354,896 primarily due to the ramp up of plant operations and associated labor for our first metal recycling commercial facility.
Current wording
Cost of goods sold for the three-months ended September 30, 2026 increased $648,915 primarily due to the commissioning and startup of operations and associated labor for our first commercial metal recycling facility.
Previous wording
Selling, general and administrative expense for the three-months ended June 30, 2026 increased by $2,714,580 to $7,349,670 from $4,635,090 in the comparable 2025 period, primarily as a result of higher employee-related costs of $1,283,465 due to higher headcount in 2026 compared to 2025 as we ramp up our metals recycling commercial operations and biofuels development businesses and accrual of annual incentive plans in 2026 of $404,043, and higher rent expense of $457,233 also due to leasing our industry-scale metal recycling facility in Silver Springs, NV and our renewable fuels pilot facilities in Madison, WI. Increase is also attributed to higher consulting fees of $213,680, higher permits and license expenses of $195,458, higher director fees of $185,039, higher legal fees of $177,319, higher insurance expense of $105,783, higher stock-based compensation expense of $106,712, higher marketing expense of $90,752; offset by lower mining costs of $216,856.
Current wording
Selling, general and administrative expense for the three-months ended September 30, 2026 increased by $2,005,399 to $8,115,410 from $6,110,011 in the comparable 2025 period, primarily as a result of higher employee-related costs of $1,352,877 due to higher headcount in 2026 compared to 2025 as we ramp up our commercial metals recycling operations and accrual of annual incentive plans in 2026 of $252,834. Increase is also attributed to higher legal fees of $747,229, higher stock-based compensation expense of $612,912, higher rent expense of $295,648, higher consulting fees of $258,955, higher director fees of $250,240, and higher insurance expense of $83,780; offset by lower mining exploration, development and safety costs of $1,120,250, gain of $473,695 for the cancellation of the Bioleum Tulsa lease and lower permits and license expenses of $154,309.
Previous wording
Research and development expenses for the three-months ended June 30, 2026 increased by $163,718 to $2,284,363 from $2,120,645 in the comparable 2025 period, primarily related to higher costs attributed to the Metals refinery development project of $1,007,990; offset by lower research and development costs for renewable fuel projects of $760,514 and lower consulting expense of $51,942.
Current wording
Research and development expenses for the three-months ended September 30, 2026 increased by $186,675 to $2,416,513 from $2,229,838 in the comparable 2025 period, primarily related to higher costs attributed to the metal extraction development project costs of $725,770 and higher employee-related costs of $432,809 offset by lower research and development costs for renewable fuel projects of $983,920.
Previous wording
Interest expense for the three-months ended June 30, 2026 decreased by $551,656 to $222,406 from $774,062 in the comparable 2025 period, primarily due to lower interest and related amortization in 2026 compared to 2025 due to the payoff of obligations.
Current wording
Interest expense for the three-months ended September 30, 2026 decreased by $167,357 to $168,719 from $336,076 in the comparable 2025 period, primarily due to lower interest and related amortization in 2026 compared to 2025 due to the payoff of debt obligations.
Previous wording
Interest income for the three-months ended June 30, 2026 increased by $273,806 to $428,506 from $154,700 in the comparable 2025 period, primarily due to higher interest income related to interest earned on higher average cash balances.
Current wording
Interest income for the three-months ended September 30, 2026 increased by $93,992 to $406,854 from $312,862 in the comparable 2025 period, primarily due to higher interest income related to higher interest earned on higher average cash balances and accretion of the discount on the Mackay long-term receivable of $87,350.
Previous wording
Change in the fair value of our derivative instruments for the three-months ended June 30, 2026 decreased by $1,270,338 to a gain of $1,597,838 from a gain of $2,868,176 in the comparable 2025 period, resulting from a change in the Company's share price in connection with potential make whole obligations for minimum value commitments on the Company’s common stock and the change in fair value of conversion option derivatives. The 2026 gain of $1,597,838 was attributed to the Flux Photon and Georges Trust derivative assets. The 2025 gain of $2,868,176 was attributed to the Flux Photon, LINICO acquisition-related payable, AST, Haywood and 2025 Kips Bay convertible debt derivatives.
Current wording
Change in the fair value of our derivative instruments for the three-months ended September 30, 2026 increased by $1,860,618 to a loss of $3,104,000 from a loss of $1,243,382 in the comparable 2025 period, resulting from a change in the Company's share price in connection with potential make whole obligations for minimum value commitments on the Company’s common stock and the change in fair value of conversion option derivatives. The 2026 loss of $3,104,000 was attributed to the Flux Photon derivative liability. The 2025 loss of $1,243,382 was attributed to the Flux Photon, Kips Bay, Haywood, Georges Trust and Alvin derivatives.
Previous wording
In 2025, the loss on the conversion of debt to equity of $3,330,831 was attributed to the 2025 Kips Bay Note.
Current wording
In 2025, the gain on the conversion of debt to equity of $242,664 was attributed to the 2025 Kips Bay Note.
Previous wording
In 2026, we recognized an unrealized gain on the change in the fair value of our SAFE Note of $1,100,000 related to the Marathon agreement.
Current wording
In 2025, we recognized an unrealized gain on the change in the fair value of our SAFE Note of $900,000 related to the Marathon agreement.
Previous wording
Other income (expense), net for the three-months ended June 30, 2026 were $2,362, primarily consisting of losses from our equity method investments of $36,716.
Current wording
Other income for the three-months ended September 30, 2026 was $209,532, primarily consisting of gains from our equity method investments of $162,125.
Previous wording
Other income (expense), net for the three-months ended June 30, 2025 were $274,924, primarily consisting of unrealized loss on fair value change on the AST receivables of $266,483.
Current wording
Other income for the three-months ended September 30, 2025 was $218,640, primarily consisting of unrealized gain on fair value change on the AST and Haywood non-trade receivables of $200,238.
Previous wording
Below we set forth a summary of comparative financial information for the six-months ended June 30, 2026 and 2025:
Current wording
Below we set forth a summary of comparative financial information for the nine-months ended September 30, 2026 and 2025:
Previous wording
Revenues for the six-months ended June 30, 2026 decreased by $539,081 to $586,280 from $1,125,361 for the comparable 2025 period, primarily attributed to lower decommissioning revenues from our Metals Segment of $541,481 resulting from a large emergency decommissioning that occurred in first quarter of 2025.
Current wording
Revenues for the nine-months ended September 30, 2026 decreased by $225,909 to $953,531 from $1,179,440 for the comparable 2025 period, primarily attributed to lower decommissioning revenues from our Metals Segment of $219,259 resulting from a large emergency decommissioning that occurred in first quarter of 2025.
Previous wording
Cost of goods sold for the six-months ended June 30, 2026 increased $67,910 primarily due to the ramp up of plant operations and associated labor for our first metal recycling commercial facility.
Current wording
Cost of goods sold for the nine-months ended September 30, 2026 increased $716,825 primarily due to the commissioning and startup of operations and associated labor for our first commercial metal recycling facility.
Previous wording
Selling, general and administrative expense for the six-months ended June 30, 2026 increased by $6,024,888 to $13,918,443 from $7,893,555 in the comparable 2025 period, primarily as a result of higher employee-related costs of $2,822,642 due to higher headcount in 2026 compared to 2025 as we ramp up our metals recycling commercial operations and biofuels development businesses and accrual of annual incentive plans in 2026 of $404,043, compared to a prior year adjustment to lower the accrued incentive compensation for $600,000, and higher rent expense of $982,771 due to leasing our industry-scale metal recycling facility in Silver Springs, NV and our renewable fuels pilot facilities in Madison, WI. Increase is also attributed to higher consulting fees of $602,493, higher legal fees of $402,358, higher director fees of $381,697, higher marketing expense of $219,012 higher insurance expense of $183,104, higher utilities of $175,625, higher permits and license expense of $155,241, and higher stock-based compensation of $106,712; offset by lower mining cost of $445,248.
Current wording
Selling, general and administrative expense for the nine-months ended September 30, 2026 increased by $8,030,287 to $22,033,853 from $14,003,566 in the comparable 2025 period, primarily as a result of higher employee-related costs of $4,175,519 due to higher headcount in 2026 compared to 2025 as we ramp up our metals recycling commercial operations and biofuels development businesses and accrual of annual incentive plans in 2026 of $656,877, compared to a prior year adjustment to lower the accrued incentive compensation for $700,000, and higher rent expense of $804,723 due to leasing our industry-scale metal recycling facility in Silver Springs, NV, our renewable fuels pilot facilities in Madison, WI, and the Tulsa lease for Fuels, offset by a gain of $473,695 for the cancellation of that Tulsa lease. Increase is also attributed to higher legal fees of $1,149,587, higher consulting fees of $861,448, higher stock-based compensation of $719,624, higher director fees of $631,937, higher insurance expense of $266,884, higher marketing expense of $215,493, higher utilities of $197,362 and higher dues and subscription expense of $178,967; offset by lower mining exploration, development and safety costs of $1,565,498.
Previous wording
Research and development expenses for the six-months ended June 30, 2026 decreased by $1,043,958 to $4,380,605 from $5,424,563 in the comparable 2025 period, primarily related to lower rent expense of $1,565,694 attributed to the AST research and development rent of $1,487,476 paid in March 2025 and lower research and development costs for renewable fuel associated projects of $978,434; offset by higher costs attributed to the Metals refinery development project of $1,065,590 and higher employee-related costs of $564,674 due to higher headcount in 2026 compared to 2025.
Current wording
Research and development expenses for the nine-months ended September 30, 2026 decreased by $857,283 to $6,797,118 from $7,654,401 in the comparable 2025 period, primarily related to lower research and development costs for renewable fuel associated projects of $1,962,353, lower rent expense of $1,565,727 attributed to the AST research and development rent of $1,487,476 paid in common stock in March 2025 and lower consulting expense of $177,000; offset by higher costs attributed to the metal extraction development project of $1,791,360 and higher employee-related costs of $989,122 due to higher headcount in 2026 compared to 2025.
Previous wording
Depreciation and amortization for the three-months ended June 30, 2026 increased by $384,068 to $1,020,760 from $636,692 in the comparable 2025 period, primarily from higher amortization for intangible asset additions in 2025 and higher depreciation for property, plant and equipment additions in 2025 including the Bioleum Madison facility.
Current wording
Depreciation and amortization for the nine-months ended September 30, 2026 increased by $955,426 to $3,129,748 from $2,174,322 in the comparable 2025 period, primarily from higher amortization for intangible asset additions in 2025 and higher depreciation for property, plant and equipment additions in 2025 including the Bioleum Madison facility.
Previous wording
In 2026, we recognized a loss on impairment of intangible assets associated with the Bioleum acquisition of $13,648,042 (see Note 6 of the Notes to the Condensed Consolidated Financial Statements).
Current wording
In 2026, we recognized a loss on impairment of intangible assets associated with the Bioleum acquisition of $13,648,042. The Company concluded that its plans for advanced lignocellulosic biomass and other decarbonizing solutions no longer considered the use of certain Flux Photon and Fenix developed technologies, acquired in 2021 and 2025, relevant. In 2025, loss on intangible assets impairment of $9,333 was attributed to the impairment of intangible assets in 2025 (see Note 6 of the Notes to the Condensed Consolidated Financial Statements).
Previous wording
In 2026, we recognized a loss on impairment of property, plant and equipment of $1,736,481 associated with Bioleum related development activities (see Note 5 of the Notes to the Condensed Consolidated Financial Statements).
Current wording
In 2026, we recognized a loss on impairment of property, plant and equipment of $1,736,481 associated with Bioleum related development activities. In 2025, loss on properties, plant and equipment impairment of $433,411 was attributed to the impairment of equipment in 2025 (see Note 5 of the Notes to the Condensed Consolidated Financial Statements).
Previous wording
In 2026, we recognized a gain on the sale of royalty rights of $1,400,010 (see Note 5 of the Notes to the Condensed Consolidated Financial Statements). In 2025, we recognized a gain on sale of mineral rights of $200,000.
Current wording
In 2026, we recognized a gain on sales of properties, mineral and royalty rights of $14,018,466 attributed to the sale of mining interests and also recognized a gain on the sale of royalty rights of $1,400,010. In 2025, we recognized a gain on sale of mineral rights of $200,000 (see Note 2 of the Notes to the Condensed Consolidated Financial Statements).
Previous wording
Interest expense for the six-months ended June 30, 2026 decreased by $1,062,807 to $370,399 from $1,433,206 in the comparable 2025 period, primarily due to lower interest and amortization in 2026 compared to 2025 due to the payoff of obligations.
Current wording
Interest expense for the nine-months ended September 30, 2026 decreased by $1,230,164 to $539,118 from $1,769,282 in the comparable 2025 period, primarily due to lower interest and amortization in 2026 compared to 2025 due to the payoff of obligations.
Previous wording
Interest income for the six-months ended June 30, 2026 increased by $833,001 to $1,083,810 from $250,809 in the comparable 2025 period, primarily due to higher interest income related to interest earned on higher average cash balances and $237,415 of interest income related to the SSOF advances (see Note 4 of the Notes to the Condensed Consolidated Financial Statements).
Current wording
Interest income for the nine-months ended September 30, 2026 increased by $926,993 to $1,490,664 from $563,671 in the comparable 2025 period, primarily due to higher interest income related to interest earned on higher average cash balances and $237,415 of interest income related to the SSOF advances (see Note 4 of the Notes to the Condensed Consolidated Financial Statements).
Previous wording
Change in the fair value of our derivative instruments for the six-months ended June 30, 2026 decreased by $801,550 to a gain of $875,823 from a gain of $1,677,373 in the comparable 2025 period, resulting from a change in the Company's share price in connection with potential make whole obligations for minimum value commitments on the Company’s common stock and the change in fair value of conversion option derivatives. The 2026 gain of $875,823 was attributed to the Flux Photon, Georges Trust and Alvin Fund derivative assets. The 2025 gain of $1,677,373 was attributed to the Flux Photon, LINICO acquisition-related payable, AST, Haywood and 2025 Kips Bay convertible debt derivatives.
Current wording
Change in the fair value of our derivative instruments for the nine-months ended September 30, 2026 decreased by $2,662,168 to a loss of $2,228,177 from a gain of $433,991 in the comparable 2025 period, resulting from a change in the Company's share price in connection with potential make whole obligations for minimum value commitments on the Company’s common stock and the change in fair value of conversion option derivatives. The 2026 net loss of $2,228,177 was attributed to the Flux Photon, Georges Trust and Alvin Fund derivatives. The 2025 gain of $433,991 was attributed to the Flux Photon, LINICO acquisition-related payable, AST, Georges Trust, Alvin, Haywood and 2025 Kips Bay convertible debt derivatives.
Previous wording
In 2025, the loss on the conversion of debt to equity of $2,133,951 was attributed to the 2025 Kips Bay Note.
Current wording
In 2025, the loss on the conversion of debt to equity of $3,088,167 was attributed to the 2025 Kips Bay Note.
Previous wording
In 2026, we recognized an unrealized gain on the change in the fair value of our SAFE Note of $1,100,000 related to the Marathon agreement.
Current wording
In 2026, we recognized an unrealized gain on the change in the fair value of our SAFE Note of $1,100,000 related to the Marathon agreement. In 2025, we recognized an unrealized gain on the change in the fair value of our SAFE Note of $900,000 related to the Marathon agreement.
Previous wording
Other income (expense), net for the six-months ended June 30, 2026 were $228,332, primarily consisting of losses from our equity method investments of $288,560.
Current wording
Other expense for the nine-months ended September 30, 2026 was $18,800, primarily consisting of losses from our equity method investments of $126,435.
Previous wording
Other income (expense), net for the six-months ended June 30, 2025 were $224,389 primarily consisting of unrealized loss on fair value change on the AST receivables of $266,483.
Current wording
Other expense for the nine-months ended September 30, 2025 was $5,749, primarily consisting of unrealized loss on fair value change on the AST and Haywood non-trade receivables of $66,245.
Previous wording
The Company is monetizing its portfolio of non-core assets, simplifying its business and further enhancing its liquidity.
Current wording
The Company successfully monetized its legacy mineral and mining properties, plants and equipment, and eliminated all reclamation and related mining liabilities. The Company continues monetizing its portfolio of non-core assets, simplifying its business and further enhancing its liquidity.
Previous wording
The capital expenditures for each of the first and second facilities with 100,000 tons of annual capacity are expected to be approximately $14 million each, which includes recycling, product upgrading and expanded storage. Master Service Agreements are being signed with major utility and electronic recycling aggregators across the U.S. and particularly in the southwest regions including California, Arizona and Nevada. Future revenue growth will depend on the rate of customer replacements, pricing, and operating performance as the Company scales production.
Current wording
We expect capital expenditures for each of our remaining facilities to be approximately $15.0 million, including recycling, product upgrading, power generation and expanded storage. We are signing Master Service Agreements with major utility and electronics-recycling aggregators across the U.S., particularly in the Southwest, including California, Arizona, and Nevada, the Midwest, including Indiana and Ohio, the southeast, including Florida, Georgia, and in Texas. Future revenue growth will depend on the pace of new and replacement customer contracts, pricing, and our operating performance as we scale production.
Previous wording
Bioleum is actively engaged in the expansion of its pilot production facilities and the planning for its first commercial demonstration facilities and the associated supply chain participants (including feedstock, site selection, engineering, construction and offtake).
Current wording
Bioleum continues to expand its pilot production facilities and plan its first commercial demonstration facilities, along with the associated supply chain, including feedstock, site selection, engineering, construction, and offtake.
Previous wording
Bioleum also offers integrations of its solutions into existing agriculture, forestry, pulp and paper, ethanol, and existing petroleum infrastructures to generate additional capacities, revenues, technical services, engineering and royalties.
Current wording
Bioleum also offers to integrate its solutions into existing agriculture, forestry, pulp and paper, ethanol, and petroleum infrastructure, which may generate additional capacity, revenue, and royalty opportunities.
Previous wording
The Company has announced plans for monetizing its mining, non-mining real estate and water rights as soon as practical, also subject to market conditions.
Current wording
We have also announced plans to monetize our non-mining real estate, and water rights as soon as practicable, subject to market conditions. SSOF is a qualified opportunity zone fund that owns SSE, a qualified opportunity zone business. Through SSE and its subsidiaries, SSOF owns or controls approximately 2,200 acres of land in Silver Springs, in addition to two manufacturing facilities currently leased to Comstock Metals, the Silver Springs Regional Airport, significant water and sewer rights, and other infrastructure assets.
Previous wording
Green Li-ion continues making meaningful progress in the development and deployment of its system that remanufactures critical PCAM, having now deployed its first commercial battery remanufacturing facility from fully recycled battery materials deployed. The Company intends to sell the remaining 35,662 Green Li-ion preferred shares as soon as Green Li-ion experiences a liquidity event, subject to market conditions.
Current wording
We expect to explore the monetization of our remaining 35,662 Green Li-ion preferred shares once Green Li-ion experiences a liquidity event, subject to market conditions, most likely in late 2027 or 2028.
Previous wording
Our financial position and liquidity are based on our net sources of capital from financing as compared to our net uses of capital from investing and operating activities and ultimately, our ability to provide cash flows from our operations. Our cash balances at June 30, 2026 and December 31, 2025 were $31,405,235 and $16,951,645, respectively. The Company had current assets of $58,132,861 and current liabilities of $18,185,790, representing working capital excess of $39,947,071 at June 30, 2026.
Current wording
Our financial position and liquidity are based on our net sources of capital from financing as compared to our net uses of capital from investing and operating activities and ultimately, our ability to provide cash flows from our operations. Our cash balances at September 30, 2026 and December 31, 2025 were $39,454,853 and $16,951,645, respectively. At September 30, 2026, the Company has $4.0 million in restricted cash held in escrow for the Great Basin Guaranty and on October 9, 2026, the Company deposited an additional $2.0 million into the interest bearing escrow. The Company had current assets of $47,738,883 and current liabilities of $14,424,643, representing working capital excess of $33,314,240 at September 30, 2026.
Previous wording
The current liabilities include $4,040,758 of accrued expenses, including but not limited to $1,314,205 for third party research and development payables, $1,043,058 for accrued payroll and related expenses, $725,844 representing the current portion of the Flux Photon earn-out payable, and $541,528 for accrued vendor payables.
Current wording
The current liabilities include $4,762,863 of accrued expenses, including but not limited to $1,344,720 for third party research and development payables, $1,546,959 for accrued payroll and related expenses, accrued incentive compensation of $656,877, $570,961 representing the current portion of the payable to Flux Photon, and $620,028 for accrued vendor payables.
Previous wording
The Company intends to fund its operations over the next twelve months from existing cash and cash equivalents, expected proceeds from the announced sale of the mining business, planned monetization of other non-strategic assets, sales and deferred revenue from our solar panel recycling business, and issuance of subsidiary-level equity (that is, by Bioleum). Based on these existing and expected funding sources, management believes we will have sufficient funds to sustain our operations and meet our commitments under our investment agreements during the 12 months following the date of issuance of the consolidated financial statements included herein. While we have been successful in the past in obtaining the necessary capital to support our operations, including registered equity financings from our existing shelf registration statement, non-registered equity placements, non-registered equity issued directly from certain subsidiaries, borrowings, and various other means, there is no assurance we will be able to obtain additional equity capital or other financing, if needed.
Current wording
The Company intends to fund its operations over the next twelve months from existing cash and cash equivalents, proceeds received from the sale of the mining business, cash from sales from our solar panel recycling business, planned monetization of other non-strategic assets, and issuance of subsidiary-level equity (that is, by Bioleum). Based on these existing and expected funding sources, management believes we will have sufficient funds to sustain our operations and meet our commitments and collateral requirements including the Great Basin agreement during the 12 months following the date of issuance of the condensed consolidated financial statements included herein. While we have been successful in the past in obtaining the necessary capital to support our operations, including registered equity financings from our existing shelf registration statement, non-registered equity placements, non-registered equity issued directly from certain subsidiaries, borrowings, and various other means, there is no assurance we will be able to obtain additional equity capital or other financing, if needed.
Previous wording
Our primary source of liquidity during the first six-months of 2026 and 2025 was cash from financing activities. During the six-months ended June 30, 2026, we generated $56,369,583 in cash from our financing activities and we used $15,923,917 and $25,992,076, respectively, in cash in our operating and investing activities. During the six-months ended June 30, 2025, we generated $31,231,350 in cash from our financing activities and we used $9,779,185 and $3,818,694, respectively, in cash in our operating and investing activities.
Current wording
Our primary source of liquidity during the first nine-months of 2026 and 2025 was cash from financing activities. During the nine-months ended September 30, 2026, we generated $56,367,316 in cash from our financing activities and we used $25,323,874 and $8,540,234, respectively, in cash in our operating and investing activities. During the nine-months ended September 30, 2025, we generated $60,341,689 in cash from our financing activities and we used $18,486,753 and $11,096,855, respectively, in cash in our operating and investing activities.
Showing the first 40 of 43 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
In 2025, we recognized a gain on the sale of mineral rights of $200,000.
Previous report — wording carried elsewhere
Depreciation and amortization for the six-months ended June 30, 2026 increased by $1,400,068 to $2,412,144 from $1,012,076 in the comparable 2025 period, primarily from higher amortization for intangible asset additions in 2025 and higher depreciation for property, plant and equipment additions in 2025 including the Bioleum Madison facility.
Previous report — wording carried elsewhere
In 2026, we recognized a loss on impairment of intangible assets associated with the Bioleum acquisition of $13,648,042 (see Note 6 of the Notes to the Condensed Consolidated Financial Statements).
Previous report — wording carried elsewhere
In 2026, we recognized a loss on impairment of property, plant and equipment of $1,736,481 associated with Bioleum related development activities (see Note 5 of the Notes to the Condensed Consolidated Financial Statements).
Previous report — wording carried elsewhere
In 2026, we recognized a loss on impairment of investments of $1,031,371 associated with Bioleum related development activities (see Note 3 of the Notes to the Condensed Consolidated Financial Statements).
Previous report — wording carried elsewhere
In 2026, we sold the Daney note receivable for $500,000 in cash proceeds and recognized a loss on sale of that note receivable of $403,217 (see Note 4 of the Notes to the Condensed Consolidated Financial Statements).
Previous report — wording carried elsewhere
On June 21, 2026, the Company entered into the Purchase Agreement with Mackay and Mackay Parent, pursuant to which the Company agreed to sell all of its right, title, and interest in and to the Acquired Interests, to Mackay. The Acquired Entities own or control properties in Lyon County and Storey County, Nevada. This sale does not include the Company’s real estate in Silver Springs, Nevada.