Comstock Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decline in revenue, with total revenue for the three months amounting to $556,383, down from $760,721 in the same period of 2023. For the nine months, revenue increased to $1,417,158 from $826,796, primarily driven by lease payments and mineral rights agreements. However, the company faced substantial operating expenses, which surged to $14,171,112 for the quarter, compared to a negative $1,914,658 in the prior year, leading to a loss from operations of $(13,614,729) for the quarter.
Net loss for the three months ended September 30, 2024, was $(14,994,583), a stark contrast to a net income of $13,741,164 in the same quarter of 2023. For the nine-month period, the net loss reached $(30,565,175), compared to a net income of $2,554,833 in the previous year. The losses were attributed to increased impairment of intangible assets, absence of investment sales, and rising interest expenses.
The company’s total assets decreased to $103,692,816 as of September 30, 2024, from $106,466,344 at the end of 2023. Current assets rose to $29,885,153, while cash and cash equivalents fell sharply to $1,363,327 from $3,785,577. Total liabilities increased to $35,620,463, driven by a rise in long-term debt, which grew to $10,604,251 from $5,355,062.
Strategically, Comstock has been active in securing financing, raising $14,058,395 through financing activities in the nine months ended September 30, 2024, compared to $5,644,911 in the same period of 2023. The company plans to fund operations through asset sales, equity issuance, and licensing services. Recent agreements include a Securities Purchase Agreement to acquire shares in a research and development company and a Mineral Exploration and Mining Lease Agreement with Mackay Precious Metals Inc.
The company continues to focus on its strategic goal of innovating and commercializing technologies for systemic decarbonization, with ongoing projects in renewable fuels and electrification metals. Despite the financial challenges, management remains optimistic about sustaining operations and meeting commitments over the next twelve months.
About Comstock Inc.
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