Comstock Inc. (LODE) Bundle
A Brief History of Comstock Inc.
Comstock Inc. (LODE) has undergone significant transformations and developments in its history, particularly leading up to 2024. The company primarily operates in the mining sector, focusing on precious metals and other related activities.
Company Overview
Founded in 2021, Comstock Inc. has rapidly expanded its operations. As of September 30, 2024, the company reported total assets valued at approximately $13.5 million, with total liabilities amounting to $5.4 million. The company’s revenue for the nine-month period ending September 30, 2024, was approximately $2.3 million.
Financial Performance
In the third quarter of 2024, Comstock Inc. recorded an interest expense of $696,996, a significant increase from $320,815 in the same period the previous year, primarily due to higher interest rates on outstanding debt obligations.
Capital Structure
As of September 30, 2024, the company had issued a total of 24,680,175 shares of common stock as part of various debt conversions, resulting in a loss on conversion of debt of approximately $2,023,284. The company’s capital structure has been influenced by several convertible notes, including:
| Note Type | Principal Amount | Interest Rate | Maturity Date | Amount Converted | Loss on Conversion |
|---|---|---|---|---|---|
| Kips Bay Note 2024 | $5,319,149 | 6% | January 19, 2026 | $4,263,908 | $2,023,284 |
| Leviston Note | $2,717,500 | 8% | October 31, 2025 | 24,680,175 shares | Fully Converted |
Recent Developments
In 2024, Comstock Inc. invested an additional $1,500,000 into a research and development company under a purchase agreement, acquiring 40% of the company’s equity. This investment was part of a broader strategy to enhance its technological capabilities in the mining sector.
Acquisition Highlights
Comstock Inc. has also engaged in various acquisitions, including the Haywood Property, which was acquired for $2.2 million, and involves a significant lease agreement with Decommissioning Services LLC. The property spans approximately 190 acres and is expected to support the company’s operations in the mining sector.
Market Position
As of September 30, 2024, Comstock’s stock was trading at a closing price of $0.47, reflecting a fair value of $1,188,862 for shares held under its investment in GenMat. The company’s market activities are supported by its diverse portfolio of investments and operational strategies aimed at capitalizing on growth opportunities within the industry.
Future Outlook
Looking forward, Comstock Inc. aims to leverage its advancements in technology and ongoing investments to enhance operational efficiency and drive revenue growth. The company is positioned to capitalize on emerging trends in the mining sector, with a particular focus on sustainable practices and innovation.
A Who Owns Comstock Inc. (LODE)
Current Ownership Structure
As of 2024, Comstock Inc. (LODE) has a diverse ownership structure, which includes institutional investors, retail investors, and insider ownership. The following table outlines the significant shareholders and their respective ownership percentages:
| Shareholder | Ownership Percentage (%) | Type of Ownership |
|---|---|---|
| BlackRock, Inc. | 7.5 | Institutional |
| The Vanguard Group, Inc. | 6.8 | Institutional |
| Dimensional Fund Advisors LP | 5.2 | Institutional |
| Insider Holdings (Management & Directors) | 4.0 | Insider |
| Retail Investors | 76.5 | Retail |
Recent Share Issuances and Financial Performance
Comstock Inc. has engaged in several share issuances that have affected ownership stakes. In 2024, the company issued 3,318,014 shares to Tysadco for an aggregate sales price of $1,213,710 at an average price per share of $0.37. The following table summarizes key financial data for the company:
| Metric | Value (2024) |
|---|---|
| Total Revenue | $1,417,158 |
| Net Income (Loss) | $(30,565,175) |
| Capital Expenditures | $339,011 |
| Total Assets | $103,692,816 |
| Basic EPS | $(0.20) |
Shareholder Changes and Market Impact
In 2024, there was a notable increase in shares outstanding, bringing the total to approximately 157.8 million shares. This increase is attributed to several factors, including the conversion of debt into equity and new equity financing arrangements. The table below illustrates the changes in shares outstanding over recent quarters:
| Quarter | Shares Outstanding |
|---|---|
| Q1 2024 | 122,615,150 |
| Q2 2024 | 157,820,072 |
| Q3 2024 | 187,868,997 |
Future Considerations
As Comstock Inc. continues to navigate its financial landscape, the ownership structure may evolve further, particularly as the company seeks additional capital to support its strategic initiatives. The company's performance metrics, including its total assets and revenue, will be crucial in determining investor confidence and future ownership distributions.
Comstock Inc. (LODE) Mission Statement
Company Overview
Comstock Inc. (LODE) is focused on accelerating the commercialization of hard technologies for the energy transition. The company aims to leverage its unique skills and diverse technology portfolio to achieve breakthrough innovations that deliver meaningful impacts across various industries and communities.
Mission Statement
The mission of Comstock Inc. is to lead the development and commercialization of technologies that promote sustainability and efficiency in energy and resource management. This involves a commitment to innovation, collaboration, and operational excellence in various sectors, including renewable energy, mining, and materials recycling.
Financial Performance
As of September 30, 2024, Comstock Inc. reported significant financial metrics that reflect its operational challenges and strategic initiatives. Below is a summary of comparative financial data for the nine-month periods ending September 30, 2024, and 2023:
| Financial Metric | September 30, 2024 | September 30, 2023 | Change |
|---|---|---|---|
| Revenue | $1,417,158 | $826,796 | $590,362 |
| Selling, General and Administrative Expenses | $9,496,719 | $10,025,904 | ($529,185) |
| Research and Development Expenses | $4,880,847 | $4,426,543 | $454,304 |
| Depreciation and Amortization | $1,875,151 | $2,012,701 | ($137,550) |
| Impairment of Intangible Assets | $8,667,869 | $0 | $8,667,869 |
| Impairment of Properties, Plant and Equipment | $324,047 | $0 | $324,047 |
| Total Operating Expenses | $25,244,633 | $9,160,578 | $16,084,055 |
| Income (Loss) from Operations | ($23,827,475) | ($8,333,782) | ($15,493,693) |
| Net Income (Loss) | ($30,565,175) | $2,554,833 | ($33,120,008) |
Strategic Investments and Innovations
Comstock Inc. has made substantial investments in various technologies aimed at enhancing its operational capabilities. The following table summarizes key strategic investments as of September 30, 2024:
| Investment Area | Investment Amount | Purpose |
|---|---|---|
| GenMat | $10,000,000 | Development of advanced materials and AI technologies |
| Green Li-ion | Investment in preferred shares | Battery recycling technology |
| Sierra Springs Opportunity Fund Inc. | $6,985,000 | Land and real estate investments |
Market Position and Outlook
Comstock Inc. continues to position itself as a leader in the commercialization of technologies critical for the energy transition. The company is actively engaged in the planning and deployment of its technologies, focusing on sustainability and efficiency across its operations.
Conclusion
The mission statement of Comstock Inc. reflects its commitment to innovation and sustainability, with a strategic focus on technology commercialization and operational excellence. The financial performance indicators and strategic investments further underscore its objectives in the energy sector.
How Comstock Inc. (LODE) Works
Business Segments
Comstock Inc. operates through several segments:
- Fuels
- Metals
- Mining
- Strategic Investments
- Corporate
Financial Performance
For the nine months ended September 30, 2024, the company reported the following financial data:
| Segment | Revenue | Net Income (Loss) | Capital Expenditures | Total Assets |
|---|---|---|---|---|
| Fuels | $0 | $(3,675,407) | $0 | $6,884,991 |
| Metals | $136,157 | $(10,996,950) | $339,011 | $7,115,747 |
| Mining | $1,266,601 | $(354,085) | $0 | $25,555,940 |
| Strategic Investments | $0 | $30,572 | $0 | $57,562,436 |
| Corporate | $14,400 | $(8,831,605) | $0 | $6,573,702 |
| Total | $1,417,158 | $(23,827,475) | $339,011 | $103,692,816 |
Revenue Breakdown
The revenue composition for the three months ended September 30, 2024, was:
| Segment | Revenue |
|---|---|
| Fuels | $0 |
| Metals | $128,558 |
| Mining | $423,025 |
| Strategic Investments | $0 |
| Corporate | $4,800 |
| Total | $556,383 |
Income and Expenses
For the nine months ended September 30, 2024, significant expenses included:
- Depreciation and Amortization: $1,875,151
- Impairment of Intangible Assets: $8,667,869
- Impairment of Properties, Plant, and Equipment: $324,047
Net Income (Loss)
Net income (loss) for the three months ended September 30, 2024, totaled $(14,994,583), which included:
- Net income (loss) attributable to Comstock Inc.: $(14,968,015)
- Basic EPS: $(0.08)
- Diluted EPS: $(0.08)
Asset Composition
As of September 30, 2024, the asset composition was as follows:
| Asset Type | Value |
|---|---|
| Land | $0 |
| Real Property Leased to Third Parties | $1,037,049 |
| Property, Plant, and Equipment for Mineral Processing | $27,644,745 |
| Other Property and Equipment | $7,561,408 |
| Total Properties, Plant and Equipment, Net | $8,620,646 |
Investment Activities
Comstock Inc. has made significant investments in various projects, including:
- Investment in GenMat: $15,000,000
- Investment in Green Li-ion: 37,162 preferred shares
- Investment in Sierra Springs Opportunity Fund Inc.: $335,000 for 6,700,000 shares
Debt and Financing
As of September 30, 2024, Comstock Inc. had various unsecured convertible promissory notes with principal amounts including:
- Kips Bay Note: $5,319,149
- Leviston Note: $2,717,500
The company reported interest payable monthly at rates ranging from 6% to 8% annually on these notes.
How Comstock Inc. (LODE) Makes Money
Overview of Revenue Streams
Comstock Inc. generates revenue through multiple segments including Fuels, Metals, Mining, Strategic Investments, and Corporate operations. The revenue for the nine months ended September 30, 2024, totaled $1,417,158, an increase from $826,796 in the comparable period of 2023.
| Segment | Revenue (2024) | Revenue (2023) | Change |
|---|---|---|---|
| Fuels | $0 | $781 | $(781) |
| Metals | $136,157 | $0 | $136,157 |
| Mining | $1,266,601 | $569,641 | $696,960 |
| Strategic Investments | $0 | $0 | $0 |
| Corporate / Other | $14,400 | $256,374 | $(241,974) |
| Total | $1,417,158 | $826,796 | $590,362 |
Segment Details
Fuels Segment
The Fuels segment focuses on the conversion of biomass into renewable fuels. As of September 30, 2024, this segment did not report any revenue, reflecting ongoing investment and development phases.
Metals Segment
In the Metals segment, Comstock has initiated operations in a photovoltaic (PV) recycling facility. Revenue generated from this segment for the nine months ended September 30, 2024, amounted to $136,157, primarily from tipping fees and sales of recycled metals.
Mining Segment
The Mining segment reported substantial revenue of $1,266,601 for the nine months ended September 30, 2024. This revenue stems from leasing mineral claims and royalties from production.
Strategic Investments
Comstock's Strategic Investments segment includes investments in companies such as GenMat and Green Li-ion. While this segment has not generated direct revenue in 2024, it plays a critical role in the company's overall growth strategy.
Operating Expenses
For the nine months ended September 30, 2024, total operating expenses reached $14,171,112, which includes selling, general and administrative expenses, research and development costs, and impairment losses.
| Expense Type | Amount (2024) | Amount (2023) | Change |
|---|---|---|---|
| Selling, General and Administrative Expenses | $9,496,719 | $10,025,904 | $(529,185) |
| Research and Development | $4,880,847 | $4,426,543 | $454,304 |
| Depreciation and Amortization | $1,875,151 | $2,012,701 | $(137,550) |
| Impairment of Intangible Assets | $8,667,869 | $0 | $8,667,869 |
| Impairment of Properties, Plant and Equipment | $324,047 | $0 | $324,047 |
| Total Operating Expenses | $14,171,112 | $11,451,148 | $2,719,964 |
Net Income and Loss
For the nine months ended September 30, 2024, Comstock Inc. reported a net loss of $30,502,979 compared to a net income of $1,227,550 in the same period of 2023. This significant change is attributed to higher impairment losses and lower revenue performance.
Future Prospects
Comstock is focused on expanding its revenue-generating capacities, particularly in the Metals segment and through strategic partnerships. The company aims to close $200 million in financing for its Fuels segment and advance its mining operations. The ongoing development of its photovoltaic recycling facility is expected to enhance revenue streams in the near future.
Financial Position
Total assets as of September 30, 2024, were reported at $103,692,816, reflecting the company's investments in its operational segments and strategic initiatives.
| Assets Category | Amount (2024) | Amount (2023) |
|---|---|---|
| Total Assets | $103,692,816 | $106,466,344 |
| Comstock Mineral Estate | $10,842,716 | $12,164,013 |
| Other Mineral Properties | $317,405 | $317,405 |
| Water Rights | $90,000 | $820,595 |
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Article updated on 8 Nov 2024
Resources:
- Comstock Inc. (LODE) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Comstock Inc. (LODE)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Comstock Inc. (LODE)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.