10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2021

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission File No. 001-35200

COMSTOCK MINING INC.

(Exact name of registrant as specified in its charter)

Nevada	1040	65-0955118
(State or other jurisdiction of incorporation or organization)	(Primary Standard Industrial Classification Code Number)	(I.R.S. Employer Identification No.)

117 American Flat Road

Virginia City, NV

(Address of principal executive offices)

89440

(Zip Code)

(775) 847-5272

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities Registered pursuant to Section 12(b) of the Act:

Title of each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock	LODE	NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒  No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☒  No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer," "accelerated filer,” "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☒

The registrant's number of outstanding Common Stock, $0.000666 par value, at November 2, 2021, was 65,297,109.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.	4
CONDENSED CONSOLIDATED BALANCE SHEETS	5
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY	7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	9
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	12
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	46
Item 3. Quantitative and Qualitative Disclosures About Market Risk	56
Item 4. Controls and Procedures.	56
PART II – OTHER INFORMATION
Item 1. Legal Proceedings.	57
Item 1A. Risk Factors.	57
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	57
Item 3. Defaults Upon Senior Securities.	57
Item 4. Mine Safety Disclosures.	57
Item 5. Other Information.	57
Item 6. Exhibits.	58
Signatures	60

2

Cautionary Notice Regarding Forward-Looking Statements

    Certain statements contained in this quarterly report on Form 10-Q are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future explorations or acquisitions; future changes in our research, development and exploration activities; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings.

    These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in this report and our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, mercury remediation, and, lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mercury remediation, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with mercury remediation, metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology, mercury remediation technology and efficacy, quantum computing and advanced materials development, and development of cellulosic technology in bio-fuels and related carbon-based material production; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

3

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

4

COMSTOCK MINING INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	September 30, 2021		December 31, 2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	2,917,785	$	2,431,944
Restricted cash (Note 2)	500,000		—
Assets held for sale (Note 5)	6,328,338		6,328,338
Investments in equity securities (Notes 3 and 17)	1,051,718		3,979,723
Notes receivable and advances, net - current portion (Notes 4 and 17)	11,879,459		7,148,500
Derivative assets related to investments (Note 17)	11,432,000		265,127
Prepaid expenses and other current assets (Note 6)	1,356,611		681,078
Total current assets	35,465,911		20,834,710
Investments (Notes 2 and 17)	27,099,280		3,272,597
Mineral rights and properties (Note 7)	6,638,394		6,597,644
Properties, plant and equipment, net (Note 7)	8,287,144		8,624,700
Reclamation bond deposit (Note 8)	2,695,879		2,695,704
Retirement obligation assets, net (Note 14)	—		57,963
Notes receivable and advances, net (Note 4)	1,569,306		860,940
Intangible assets (Note 9)	7,475,912		—
Goodwill (Note 9)	17,737,226		—
Other assets (Note 10)	433,492		179,304
TOTAL ASSETS	$	107,402,544	$	43,123,562
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	1,329,072	$	313,772
Accrued expenses and other liabilities (Note 11)	419,580		534,947
Deposits (Note 5)	420,183		419,266
Derivative liability (Note 17)	1,990,000		—
Long-term debt, net - current portion (Note 13)	—		3,557,705
Total current liabilities	4,158,835		4,825,690
LONG-TERM LIABILITIES:
Long-term reclamation liability (Note 14)	5,364,582		6,054,919
Other liabilities	46,583		463,747
Total long-term liabilities	5,411,165		6,518,666
Total liabilities	9,570,000		11,344,356
COMMITMENTS AND CONTINGENCIES (Notes 2 and 15)
EQUITY:
Preferred Stock, $.000666 par value, 50,000,000 shares authorized, no shares issued	—		—
Common stock, $.000666 par value, 158,000,000 shares authorized, 64,402,789 and 34,980,766 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	42,532		22,937
Additional paid-in capital	326,376,347		252,715,337
Accumulated deficit	(228,586,335)		(220,959,068)
Total equity	97,832,544		31,779,206
TOTAL LIABILITIES AND EQUITY	$	107,402,544	$	43,123,562

See accompanying notes to condensed consolidated financial statements.

5

COMSTOCK MINING INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2021		2020		2021		2020
REVENUES
Revenue	$	362,713	$	49,425	$	465,838	$	146,225
COSTS AND EXPENSES
Real estate and other services	113,111		9,826		123,405		26,821
Depreciation and amortization	335,605		776,234		566,204		1,091,904
Exploration, research and development	168,837		262,167		519,138		550,554
Environmental and reclamation (Note 14)	53,384		(31,466)		(445,074)		(2,678)
Mining and mining claims (Notes 3 and 7)	(310,643)		(331,746)		(893,306)		(134,645)
Selling, general and administrative	1,722,336		845,982		3,627,347		2,528,659
Total costs and expenses	2,082,630		1,530,997		3,497,714		4,060,615
LOSS FROM OPERATIONS	(1,719,917)		(1,481,572)		(3,031,876)		(3,914,390)
OTHER INCOME (EXPENSE)
Gain on sale of membership interests in Comstock Mining, LLC	—		18,275,846		—		18,275,846
Change in estimated fair value of contingent forward asset	—		(647,502)		—		765,880
Interest expense	(4,076)		(164,448)		(148,652)		(306,692)
Interest income	261,281		141,019		648,250		328,391
Other income (expense) (Note 19)	(8,031,794)		1,206,719		(5,094,989)		3,193,801
Total other income (expense), net	(7,774,589)		18,811,634		(4,595,391)		22,257,226
NET INCOME (LOSS)	$	(9,494,506)	$	17,330,062	$	(7,627,267)	$	18,342,836
Basic income (loss) per common share:
Net income (loss) per share	$	(0.17)	$	0.54	$	(0.17)	$	0.63
Weighted average common shares outstanding	54,600,262		32,082,972		45,213,469		29,210,777
Diluted income (loss) per common share:
Net income (loss) per share	$	(0.17)	$	0.54	$	(0.17)	$	0.63
Weighted average common shares outstanding	54,600,262		32,140,979		45,213,469		29,237,240

See accompanying notes to condensed consolidated financial statements.

6

COMSTOCK MINING INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)

	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Noncontrolling Interest in Subsidiary
	Shares	Amount		Amount		Amount		Amount		Total
BALANCE - January 1, 2020	27,236,489	$	18,139	$	259,095,152	$	(235,890,272)	$	269,541	$	23,492,560
Issuance of common stock	638,511	425		242,196		—		—		242,621
Common stock issuance costs	—	—		(50,070)		—		—		(50,070)
Initial value of contingent forward	—	—		1,232,952		—		—		1,232,952
Sale of membership interests in Comstock Mining LLC	—	—		100,000		—		—		100,000
Net Loss	—	—		—		(263,212)		—		(263,212)
BALANCE - March 31, 2020	27,875,000	$	18,564	$	260,620,230	$	(236,153,484)	$	269,541	$	24,754,851
Investment in Mercury Clean Up LLC	625,000	416		314,271		—		—		314,687
Director compensation	315,000	210		176,190		—		—		176,400
Investment in Pelen LLC	—	—		585,000		—		—		585,000
Employee share-based compensation	—	—		27,849		—		—		27,849
Sale of membership interests in Comstock Mining LLC	—	—		475,384		—		24,616		500,000
Net Income	—	—		—		1,275,986		—		1,275,986
BALANCE - June 30, 2020	28,815,000	$	19,190	$	262,198,924	$	(234,877,498)	$	294,157	$	27,634,773
Issuance of common stock	5,282,708	3,519		4,076,482		—		—		4,080,001
Common stock issuance costs	—	—		(205,000)		—		—		(205,000)
Sale of membership interests in Comstock Mining LLC	—	—		6,661,800		—		19,697		6,681,497
Payment for mineral rights	343,058	228		482,272		—		—		482,500
Investment in Mercury Clean Up LLC	—	—		—		—		—		—
Deconsolidation of Comstock Mining LLC	—	—		(20,499,141)		(766)		(313,854)		(20,813,761)
Net Income	—	—		—		17,330,062		—		17,330,062
BALANCE - September 30, 2020	34,440,766	22,937		$	252,715,337	$	(217,548,202)	$	—	35,190,072

See accompanying notes to condensed consolidated financial statements.

7

COMSTOCK MINING INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)

Common Stock		Additional Paid-in Capital	Accumulated Deficit
Shares	Amount	Amount	Amount	Total

BALANCE - January 1, 2021	34,980,766	$	22,937	$	252,715,337	$	(220,959,068)	$	31,779,206
Investment in LINICO Corporation	3,000,000	1,998		6,748,002		—		$	6,750,000
Issuance of common stock	4,423,842	2,946		18,017,054		—		18,020,000
Issuance of common stock for stock issuance costs	50,907	34		249,968		—		250,002
Common stock issuance costs	—	—		(1,248,002)		—		(1,248,002)
Employee and director share-based compensation	—	—		97,010		—		97,010
Repurchase of employee stock options	—	—		(194,581)		—		(194,581)
Net income	—	—		—		8,188,231		8,188,231
BALANCE - March 31, 2021	42,455,515	$	27,915	$	276,384,788	$	(212,770,837)	$	63,641,866
Acquisition of RPS	1,000,000	666		2,394,322		—		2,394,988
Investment in GenMat	3,000,000	1,998		10,528,002		—		10,530,000
Employee and director share-based compensation	—	—		104,958		—		104,958
Repurchase of employee stock options	—	—		(27,975)		—		(27,975)
Common stock issuance costs	—	—		(65,000)		—		(65,000)
Net loss	—	—		—		(6,320,992)		(6,320,992)
BALANCE - June 30, 2021	46,455,515	$	30,579	$	289,319,095	$	(219,091,829)	$	70,257,845
Investment in LP Biosciences LLP	3,500,000	2,331		10,812,669		—		10,815,000
Issuance of common stock	1,549,153	1,031		3,978,968		—		3,979,999
Issuance of common stock for stock issuance costs	34,965	23		99,977		—		100,000
Common stock issuance costs	—	—		(101,500)		—		(101,500)
Acquisition of MANA Corporation	4,200,000	2,797		6,824,669		—		6,827,466
Acquisition of Renewable Process Solutions Inc.	—	—		(90,182)		—		(90,182)
Payment to Northern Comstock LLC for mineral rights	163,156	109		482,391		—		482,500
Acquisition of Plain Sight Innovations Corporation	8,500,000	5,662		14,947,145		—		14,952,807
Employee and director share-based compensation	—	—		127,715		—		127,715
Repurchase of employee stock options	—	—		(24,600)		—		(24,600)
Net loss	—	—		—		(9,494,506)		(9,494,506)
BALANCE - September 30, 2021	64,402,789	$	42,532	$	326,376,347	$	(228,586,335)	$	97,832,544

See accompanying notes to condensed consolidated financial statements.

8

COMSTOCK MINING INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Nine Months Ended   September 30,
	2021		2020
OPERATING ACTIVITIES:
Net income	$	(7,627,267)	$	18,342,836
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation, amortization, and depletion	405,781		1,091,904
Amortization of intangibles	218,387		—
Accretion (reduction) of reclamation liability	(690,337)		15,533
Amortization (recovery) of discount on MCU Philippines, Inc. note receivable	(77,703)		—
Gain on sale of mining claims	—		(100,000)
Amortization of debt discounts and other debt-related costs	(45,791)		207,559
Employee and director share-based compensation	329,683		204,249
Changes in fair value of derivative assets	2,232,750		(162,711)
Gain on sale of membership interest in Comstock Mining LLC	—		(18,275,846)
Unrealized (gain) loss on investments in securities	2,200,472		(767,275)
Loss from equity method investments	511,602		—
Realized gain on sale of Tonogold Resources, Inc. common shares	(70,780)		(1,282,319)
Non-cash Tonogold reimbursements and fees	(2,175,000)		—
Change in fair value of Tonogold Resources, Inc. note receivable	617,500		(256,000)
Change in fair value of contingent forward asset	—		(765,880)
Gain on final settlement of accounts payable	—		(144,473)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(493,027)		(67,593)
Other assets	(254,332)		—
Accounts payable	(18,583)		(41,303)
Accrued expenses, other liabilities and deposits	(52,375)		(408,628)
NET CASH USED IN OPERATING ACTIVITIES	(4,989,020)		(2,409,947)
INVESTING ACTIVITIES:
Proceeds from principal payment on note receivable	144		416
Proceeds from sale of mineral rights and properties, plant and equipment	—		100,000
Proceeds from Tonogold Resources, Inc. related to Comstock Mining LLC	—		1,140,000
Proceeds from sale of Tonogold Resources, Inc. common shares	998,313		1,371,909
Deposits received on the sale of properties to Sierra Springs Opportunity Fund, Inc.	—		100,000
Purchase of mineral rights, properties, plant and equipment	(47,750)		(15,000)
Advances to Sierra Springs Opportunity Fund, Inc.	(3,035,000)		(1,315,000)
Cash commitment payments to LINICO Corporation	(3,500,000)		—
Legal fees on investments	(224,948)
Loans to Plain Sight Innovations LLC	(1,375,503)		—
Investment in Quantum Generative Materials LLC	(3,500,000)		—
Non-refundable loan advance to LP Biosciences, LLP	(326,258)		—
Addition to other note receivable	(100,000)		—
Cash acquired in acquisition of subsidiaries	124,531		—
Proceeds from Mercury Clean Up, LLC derivative asset settlement	762,377		—
Addition to MCU Philippines, Inc. note receivable	(820,000)
Payment and deposits for MCU Philippines, Inc. and Mercury Clean Up, LLC investments	(1,000)		(1,400,000)
Payment for option to purchase additional membership interests in Pelen LLC	(100,000)		(100,000)
Investment in Pelen LLC	—		(17,500)
Change in reclamation bond deposit	(175)		(6,676)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(11,145,269)		(141,851)

9

FINANCING ACTIVITIES:
Principal payments on debt	(3,568,214)		(5,074,378)
Proceeds from issuance of unsecured promissory notes	—		4,220,000
Proceeds from issuance of common stock	21,999,999		4,197,622
Cash common stock issuance costs	(1,064,499)		(130,070)
Repurchase of employee stock options	(247,156)		—
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	17,120,130		3,213,174
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	985,841		661,376
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2,431,944		1,015,857
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	3,417,785	$	1,677,233

10

COMSTOCK MINING INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Nine Months Ended   September 30,
	2021		2020
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Issuance of common stock for acquisitions:
Renewable Process Solutions Inc.	$	2,304,806	$	—
MANA Corporation	6,827,466		—
Plain Sight Innovations Corporation	14,952,807		—
Issuance of common shares for investments:
LINICO Corporation	6,250,000		—
Quantum Generative Materials LLC	10,000,000		—
LP Biosciences LLC	4,173,000		—
Issuance of common shares for derivative assets:
LINICO Corporation	500,000		—
Quantum Generative Materials LLC	530,000		—
LP Biosciences LLC	6,642,000		—
Increase in Tonogold note receivable in exchange for non-cash reimbursements	1,000,000		—
Issuance of common shares for Northern Comstock LLC mineral rights payments	482,500		482,500
Issuance of common shares for stock issuance costs	350,002		125,000
Issuance of common shares for Mercury Clean Up, LLC make whole liability	—		314,687
Issuance of common shares for Pelen LLC membership interests	—		585,000

See accompanying notes to condensed consolidated financial statements.

11

COMSTOCK MINING INC. AND SUBSIDIARIES 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIODS ENDED SEPTEMBER 30, 2021 and 2020

(UNAUDITED)

1. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Comstock Mining, Inc. and its wholly-owned subsidiaries (we, us, our, Comstock, or the Company), is a leading innovator in the sustainable extraction, valorization, and production of scarce natural resources, with a focus on strategic materials that are essential to meeting the rapidly increasing global demand for clean energy, natural products and carbon-neutrality. We expect to generate revenue by developing, using, selling, and supporting new clean technologies that facilitate the more efficient use of scarce natural resources. We are commercializing environment-enhancing, material science-based technologies, products, and processes including carbon neutral cellulosic bio-fuels, carbon reducing lithium-ion battery metal recycling, and gold recovered from mercury remediation operations. We additionally manage an extensive portfolio of mining and related assets, including 9,358 acres of contiguous property in the historic Comstock and Silver City mining districts in Nevada (collectively, the “Comstock District”), and assets held for sale.

The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and include the accounts of Comstock Mining Inc. and its wholly-owned subsidiaries, Comstock Processing LLC, Comstock Northern Exploration LLC, Comstock Exploration and Development LLC, Comstock Real Estate Inc., Comstock Industrial LLC, Downtown Silver Springs LLC ("DTSS"), Renewable Process Solutions, Inc. (“RPS”) since its acquisition in June 2021, MANA Corporation (“MANA”) since its acquisition in July 2021, Plain Sight Innovations Corporation (“PSI”) since its acquisition in September 2021, and, prior to its sale in September 2020, Comstock Mining LLC. Intercompany transactions and balances have been eliminated. The condensed consolidated financial statements do not include all disclosures required of annual consolidated financial statements and, accordingly, should be read in conjunction with our consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal years ended December 31, 2020 and 2019.

Operating results for the three and nine months ended September 30, 2021 may not be indicative of results expected for the full year ending December 31, 2021.

In management's opinion, the accompanying condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of our financial position as of September 30, 2021, and our results of operations, cash flows and changes in equity for the three and nine months ended September 30, 2021 and 2020.

Business Combinations

We apply the acquisition method of accounting for business combinations to all acquisitions where we gain a controlling interest, regardless of whether consideration was exchanged. With respect to business combinations, we (a) recognize and measure in our financial statements the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree; (b) recognize and measure the goodwill acquired in the business combination or a gain from a bargain purchase; and, (c) disclose the nature and financial effects of the business combination. Accounting for acquisitions requires us to recognize, separately from goodwill, the assets acquired and the liabilities assumed at their acquisition-date fair values. Goodwill as of the acquisition date is measured as the excess of the fair value of consideration transferred and the net acquisition-date fair values of the assets acquired and liabilities assumed.

While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, the estimates inherently are uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets, including intangible assets acquired and liabilities assumed with corresponding offsets to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of operations.

Variable Interest Entities

A variable interest entity (“VIE”) refers to a legal business structure wherein an investor has a controlling interest despite not having a majority of voting rights, including when the entity invested in is thinly capitalized and its equity is not sufficient to fund its activities without additional subordinated financial support. An investor in a VIE has a controlling interest if the

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investor is determined to be the primary beneficiary of the VIE, defined as having the (i) power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or (ii) obligation to absorb losses of the VIE that could potentially be significant to the VIE, or (iii) right to receive benefits from the VIE that could be significant to the VIE.

We have investments in Quantum Generative Materials LLC (“GenMat”), LP Biosciences LLC ("LPB"), LINICO Corporation (“LINICO”), and Sierra Springs Opportunity Fund, Inc. (“SSOF”), that we have determined to be VIEs. We have also determined that we do not have a controlling interest in any of these companies, as we do not meet the definition of primary beneficiary cited above. Accordingly, the accounts of these companies are not included in our condensed consolidated financial statements.

Liquidity and Capital Resources

The condensed consolidated financial statements are prepared on the going concern basis of accounting that assumes the realization of assets and the satisfaction of liabilities in the ordinary course of business. We have had recurring net losses from operations and have an accumulated deficit of $228.6 million as of September 30, 2021. For the nine months ended September 30, 2021, we recognized net loss of $7.6 million and cash and cash equivalents and restricted cash increased $1.0 million from $2.4 million as of December 31, 2020 to $3.4 million as of September 30, 2021.

We intend to fund our operations over the next twelve months from existing cash and cash equivalents, planned sales of Tonogold Resources, Inc. ("Tonogold") common shares, the repayment of the Tonogold note receivable ("Note"), and advances to SSOF, and the planned sale of our two Silver Springs, Nevada properties ("Silver Springs Properties"). Based on these 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 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, borrowings and other means, there is no assurance we will be able to obtain additional equity capital or other financing, if needed.

Future operating expenditures above management’s expectations, including but not limited to exploration, pre-development, research and development, selling, general and administrative, and investment related expenditures in excess of planned proceeds from the sale of Tonogold securities, repayment of the Note and advances to SSOF and sale of the Silver Springs Properties, amounts to be raised from the issuance of equity under our existing shelf registration statement, declines in the market value of properties held for sale, or declines in the share price of our common stock would adversely affect our results of operations, financial condition and cash flows. If we were unable to obtain any necessary additional funds, this could have an immediate material adverse effect on liquidity and raise substantial doubt about our ability to continue as a going concern. In such case, we could be required to limit or discontinue certain business plans, activities or operations, reduce or delay certain capital expenditures or investments, or sell certain assets or businesses. There can be no assurance that we would be able to take any such actions on favorable terms, in a timely manner, or at all.

Use of Estimates

In preparing GAAP financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and related income, costs, expenses, receipts and expenditures during the reported periods. Actual results could differ materially from those estimates. Estimates may include those pertaining to the Tonogold Series D Convertible Junior Participating Non-Cumulative Perpetual Preferred Stock ("CPS") redeemed in 2020, impairment of equity investments, notes receivable accounted for at fair value or amortized cost, discount rates on non-interest bearing notes receivable, derivative assets and liabilities, the useful lives and valuation of properties, plant and equipment, carrying values of assets held for sale and mineral rights, deferred tax assets, fair values of net assets acquired, useful lives of intangible assets, impairment of intangibles and goodwill, reclamation liabilities, contingent liabilities, revenue contract progress toward completion, and stock-based compensation.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include bank deposits and highly liquid investments purchased with maturities of three months or less. Cash deposits with banks may exceed Federal Deposit Insurance Corporation insured limits.

Restricted cash as of September 30, 2021 consists of a $500,000 escrow account with MANA related to our investment in LPB (Note 2).

Investments

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Investments in Debt and Equity Securities

From time to time, we hold investments in the form of debt securities and other instruments, and equity securities.

Investments in debt are classified as trading, available for sale or held to maturity, in certain cases electing the fair value option. Upon sale of a debt security, the realized gain or loss is recognized in current earnings. At the end of each reporting period, we consider whether impairment indicators exist to evaluate if a debt investment security or loan is impaired and, if so, record an impairment loss (Notes 2 and 17).

Investments in equity securities are generally measured at fair value. Unrealized gains and losses for equity securities resulting from changes in fair value are recognized in current earnings. If an equity security does not have a readily determinable fair value, we may elect to measure the security at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer. At the end of each reporting period, we reassess whether an equity investment security without a readily determinable fair value qualifies to be measured at cost less impairment, consider whether impairment indicators exist to evaluate if an equity investment security is impaired and, if so, record an impairment loss. At the end of each reporting period, unrealized gains and losses resulting from changes in fair value are recognized in current earnings. Upon sale of an equity security, the realized gain or loss is recognized in current earnings.

Investments - Equity Method and Joint Ventures:

Investments in companies and joint ventures for which we have the ability to exercise significant influence, but do not control, are accounted for under the equity method. Under the equity method of accounting, our share of the net earnings or losses of the investee are included in other income (expense) in the condensed consolidated statements of operations. Upon investment, we assess whether a step up in the basis of the investee's assets has occurred and, if so, adjust our share of net earnings or losses by related depreciation and amortization expense. At the end of each reporting period, we consider whether impairment indicators exist to evaluate whether an equity method investment is impaired and, if so, record an impairment loss.

Intangible Assets and Goodwill

Purchased Intangible Assets

Purchased intangible assets represent the estimated acquisition date fair value of acquired intangible assets used in our business. We expense the cost of modifying and updating purchased intangible assets in the period the costs are incurred. Intangible assets with definite lives are amortized over their estimated useful lives. We amortize intangible assets on a straight-line basis, generally over periods ranging from one to ten years.

We review purchased intangible assets for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. We measure recoverability of these assets by comparing the carrying amounts to the future undiscounted cash flows the assets or asset group are expected to generate. If the carrying value of the assets or asset group are not recoverable, impairment recognized is measured and recorded as the amount by which the carrying value exceeds its fair value.

Goodwill

Goodwill represents the cost in excess of the fair value of net assets acquired in a business combination. We allocate goodwill to reporting units based on the expected benefit from the business combination. We evaluate our reporting units periodically, as well as when changes in our operating segments occur. For changes in reporting units, we reassign goodwill using a relative fair value allocation approach.

Goodwill is tested for impairment at the reporting unit level on an annual basis, and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We perform our annual goodwill impairment tests at December 31.

Derivative Instruments

Derivative instruments are recognized as either assets or liabilities on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivative instruments depends on their intended use and resulting hedge designations. Changes in the fair value of derivative instruments not designated as hedges are recorded in current earnings.

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The Company evaluates and accounts for embedded derivatives in its financial instruments based on three criteria that, if met, require bifurcation of embedded derivatives from their host instruments and accounting for them as free standing derivative financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not required to be re-measured at fair value, and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative financial instrument, and is shown at its fair value at each balance sheet date and recorded as an asset or liability with the change in fair value recorded in current earnings. We have no derivative instruments designated as hedges.

Reclamation Liabilities and Asset Retirement Obligations

Minimum standards for site reclamation and closure have been established for us by various government agencies and contractual obligations with lessors. Asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The liability is accreted over time through periodic charges to current earnings. In addition, the asset retirement cost is capitalized and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time, and revisions to the estimates of either the timing or amount of reclamation and abandonment costs. We review, on an annual basis, unless otherwise deemed necessary, the asset retirement obligation at each mine site and processing facility. Separately, we accrue costs associated with environmental remediation obligations when it is probable that such costs will be incurred and they are reasonably estimable.

Revenue Recognition

Real Estate Revenues

We generate rental revenues from tenants via long-term lease contracts in various forms, including lease and sublease agreements. Providing access to the leased land and facilities, and performing specified repair and maintenance services over the length of the tenant contract term represent our performance obligations under our tenant contracts. Tenant rental payments are typically due monthly or quarterly, depending on the contract.

Engineering and Construction Management Services

For the majority of our operations, services revenues are recognized when services are performed and are contractually billable. For service contracts, principally engineering and construction management service, we recognize revenue over a period of time based on estimated progress toward completion. Service contracts that include multiple performance obligations are segmented between types of services. For contracts with multiple performance obligations, we allocate the transaction price to each performance obligation using an estimate of the stand-alone selling price of each distinct service in the contract. Revenue recognized on service contracts that has not been billed to clients is recorded as contract assets. Amounts billed to clients in excess of revenue recognized on service contracts to date are recorded as contract liabilities. Customer payments are typically due within 30 to 45 days of billing, depending on the contract.

Stock-Based Compensation

All transactions in which goods or services are received for the issuance of shares of our common stock or options to purchase shares of our common stock are accounted for based on the fair value of the equity interest issued. The fair value of shares of common stock is determined based upon the closing price per share of our common stock on the date of issuance and other applicable inputs.

We recognize stock-based compensation for common stock grants evenly over the related vesting period.

The fair value of market condition performance share awards is determined based on path-dependent valuation techniques and inputs including the closing price per share of our common stock at date of grant, volatility and the risk-free interest rate. We recognize stock-based compensation for market condition performance share awards evenly over the derived service period resulting from the path-dependent valuation.

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The fair value of performance condition share awards is determined based on the closing price per share of our common stock at date of grant and the probability of achieving the performance condition during the term of the award agreement. We recognize stock-based compensation for performance condition share awards evenly over the term of the award agreement.

We recognize forfeitures of unvested common stock, performance shares and stock option grants as they occur.

Reclassifications

Certain prior period amounts have been reclassified to conform to the 2021 financial statement presentation. Reclassifications had no effect on net income (loss), stockholders' equity or cash flows as previously reported.

Recently Issued Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2020-06–Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The update is to address issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2021, including condensed periods within those fiscal years and with early adoption permitted. We are currently evaluating the impact of adopting this standard on our consolidated financial statements.

In January 2020, the FASB issued ASU No. 2020-01–Investments–Equity Securities (Topic 321), Investments–Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)–Clarifying the Interactions Between Topic 321, Topic 323 and Topic 815 (A Consensus of the Emerging Issues Task Force) which makes improvements related to accounting for certain equity securities when the equity method of accounting is applied or discontinued, and scope considerations related to forward contracts and purchased options on certain securities. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020. Our adoption of this standard on January 1, 2021 did not have a material impact on our condensed consolidated financial statements.

COVID-19

For more than a year in Nevada, local governments, state health officials, emergency managers, local health authorities and community partners have come together in a statewide response to COVID-19. Processes continue to be in place to support testing, contact tracing, disease investigation and vaccine rollout in communities throughout the state.

On July 27, 2021, Nevada Governor Steve Sisolak signed Emergency Directive 047. This directive requires people in areas with substantial or high COVID-19 transmission to wear a face covering while in public indoor locations. Currently, 15 of Nevada’s 17 counties meet this threshold including Story and Lyon counties. This mandate went into effect on Friday, July 30, 2021.

We are operating in alignment with these guidelines for limiting the spread of COVID-19 and continue prioritizing the health of our employees, partners and suppliers. This includes the continuation of remote working for certain at-risk professionals and heightened monitoring of illness indicators.

2. Acquisitions and Investments

Acquisitions

Plain Sight Innovations Corporation

On September 7, 2021 we acquired 100% of the issued and outstanding equity and voting shares of PSI in exchange for 8.5 million restricted shares of our restricted common stock with a fair value of $14,952,807 (Note 17). We incurred $28,825 of legal expense in connection with the PSI acquisition, that has been recognized as selling, general and administrative expense on the condensed consolidated statements of operations for the nine months ended September 30, 2021.

In support of our focus on strategic materials that are essential to meeting the rapidly increasing global demand for clean energy, natural products and carbon-neutrality, the PSI acquisition brings an array of patented, patent-pending and proprietary process technologies that were designed to convert low cost, ubiquitous woody biomass feedstocks into cellulosic ethanol, while producing a portfolio of co-products, including renewable diesel and biomass-derived crystalline graphite, or biographite,

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with applications in the production of carbon neutral batteries and other electrification components. PSI also operates a commercial pilot cellulosic fuel facility based on its technologies, which converts woody biomass into cellulosic ethanol and co-product precursors for renewable diesel, biographite, bioplastics, and a portfolio of carbon neutral alternatives to fossil fuels.

The PSI purchase price consideration and initial allocation to net assets acquired is presented below:

Fair value of consideration transferred:
Comstock shares of common stock issued (8,500,000 at $1.76 per share)	$	14,952,807
Loans to Plain Sight Innovations LLC prior to acquisition	1,423,327
Total fair value of consideration transferred	16,376,134
Recognized amounts of identifiable assets acquired
Cash and cash equivalents	100,147
Intangible assets - Intellectual property (Note 9)	7,073,534
Total identifiable assets	7,173,681
Goodwill	$	9,202,453

The initial purchase price allocation is subject to change.

From the acquisition date through September 30, 2021, PSI recognized no revenue and incurred a net loss of $246,422.

The pro forma financial information below represents the combined results of operations for the nine months ended September 30, 2021 as if the acquisition had occurred as of PSI’s March 1, 2021 date of incorporation, with pro forma amortization expense related to acquired intangible assets included from January 1, 2021. The unaudited pro forma financial information is presented for informational purposes only and is neither indicative of the results of operations that would have occurred if the acquisition had taken place at the beginning of the period presented nor indicative of future operating results.

	September 30, 2021
Revenue	$	471,838
Net loss	$	(8,978,284)

FLUX Photon Corporation

On September 7, 2021, we purchased all of the intellectual property assets of PSI’s affiliate, FLUX Photon Corporation (“FPC”), in exchange for performance-based cash payments equal to 20% of our future consolidated Net Cash Flow (as defined in the related Asset Purchase Agreement) up to $18,000,000. The acquired FPC intellectual property includes new approaches to carbon capture and utilization, atmospheric water harvesting, waste heat and energy recovery, industrial photosynthesis for mass scale decarbonization, and the sustainable production of very large agricultural outputs for fractional inputs. We have not recorded the purchased assets or related contingent purchase consideration, as we have determined the fair value of the intellectual property is not realizable in the foreseeable future, and the contingent purchase consideration is neither probable nor reasonably estimable.

MANA Corporation

On July 24, 2021, we acquired 100% of the issued and outstanding equity and voting shares of MANA, an industrial hemp technology development, marketing, and management company, in exchange for 4.2 million restricted shares of our common stock with a fair value of $6.8 million (Note 17). Industrial hemp is a natural resource with numerous known applications, including food, feed, fuel, and fiber, and an array of emerging applications in batteries, bioplastics, and other renewable

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alternatives to fossil fuel derived products. We expect MANA to provide a suite of complimentary technology, marketing and other management services, with a focus on acquiring and using pre-existing and new feedstock and offtake arrangements in connection with our investment in LPB (See LP Biosciences LLC investment below). Following the acquisition, Comstock transferred its ownership interests in LPB to MANA. As part of the purchase consideration, we assumed MANA’s contingent payment obligation to Red Wolf Agro LLC equal to 20% of future MANA Net Cash Flow (as defined in the related agreement) up to $8.6 million. We have not recorded the assumed contingent liability, as we have determined it is neither probable nor reasonably estimable.

The MANA purchase price consideration and initial allocation to net assets acquired is presented below:

Fair value of consideration transferred:
Comstock shares of common stock issued (4,200,000 at $1.63 per share)	$	6,827,466
Total fair value of consideration transferred	6,827,466
Recognized amounts of identifiable assets acquired and liabilities assumed:
Intangible assets - Intellectual property (Note 9)	461,528
Total identifiable net assets	461,528
Goodwill	$	6,365,938

The initial purchase price allocation is subject to change.

From the acquisition date through September 30, 2021, MANA recognized $100,000 of revenue and incurred a net loss of $1.7 million (including a $1,470,000 decrease in the fair value of the LPB derivative asset).

The pro forma financial information below represents the combined results of operations for the nine months ended September 30, 2021 as if the acquisition had occurred as of MANA’s February 16, 2021 date of incorporation, with pro forma amortization expense related to acquired intangible assets included from January 1, 2021. The unaudited pro forma financial information is presented for informational purposes only and is neither indicative of the results of operations that would have occurred if the acquisition had taken place at the beginning of the period presented nor indicative of future operating results.

	September 30, 2021
Revenue	$	100,000
Net loss	$	(1,938,825)

Renewable Process Solutions, Inc.

On June 18, 2021, we acquired 100% of the issued and outstanding equity and voting shares of RPS, a process engineering and renewable technology development company, in exchange for 1.0 million restricted shares of our common stock, with a fair value of $2.3 million (Notes 16 and 17).

RPS was acquired to increase our core competencies in process engineering and renewable technology development necessary to facilitate the development and growth of our acquired companies and equity method investments.

The RPS purchase price consideration and initial allocation to net assets acquired is presented below:

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Fair value of consideration transferred:
Comstock shares of common stock issued (1,000,000 at $2.30 per share)	$	2,304,806
Total fair value of consideration transferred	2,304,806
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	24,385
Notes receivable, net	38,459
Prepaid expenses and other current assets	4,072
Intangible assets (Note 9)	159,237
Accounts payable	(33,882)
Accrued expenses and other liabilities	(56,300)
Total identifiable net assets	135,971
Goodwill	$	2,168,835

The initial purchase price allocation is subject to change.

From the acquisition date through September 30, 2021, RPS revenue and net income were $206,338 and $38,109, respectively.

The pro forma financial information below represents the combined results of operations for the nine months ended September 30, 2021 and 2020 as if the acquisition had occurred at the beginning of the periods presented. The unaudited pro forma financial information is presented for informational purposes only and is neither indicative of the results of operations that would have occurred if the acquisition had taken place at the beginning of the periods presented nor indicative of future operating results.

	September 30, 2021		September 30, 2020
Revenue	$	587,053	$146,225
Net loss	$	(7,803,424)	$17,965,168

Investments

Our investments are accounted for under the equity method, with one investment accounted for at cost less impairment.

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As of September 30, 2021 and December 31, 2020, our non-current investments include:

	September 30, 2021			December 31, 2020
	Investment		Ownership %	Investment		Ownership %
LP Biosciences LLC	$	4,256,016	50.00%	$	—	—%
Quantum Generative Materials LLC	13,571,659		37.50%	—		—%
LINICO Corporation	5,869,421		48.78%	—		—%
Mercury Clean Up, LLC	1,989,149		25.0%	2,010,113		15.0%
MCU Philippines, Inc.	499,427		50.0%	323,770		50.0%
Pelen Limited Liability Company	578,608		25.0%	603,714		25.0%
Total equity method investments	26,764,280			2,937,597
Sierra Springs Opportunity Fund, Inc.	335,000			335,000
Total Investments	$	27,099,280		$	3,272,597

LP Biosciences LLC

On July 23, 2021, we executed a series of agreements with Lakeview Energy LLC (“Lakeview”) and its subsidiaries, including LP Nutrition LLC ("LPN"), pursuant to which we acquired 50% of the equity of Lakeview’s subsidiary, LPB, and agreed to provide the financing needed to retrofit LPB’s pre-existing industrial scale solvent extraction and valorization facility in Merrill, Iowa (“LPB Facility”), for the production of an array of wholesale products from up to 200,000 pounds per day of industrial hemp. We issued 3.5 million restricted shares of our common stock with a fair value of $10.8 million to LPB, $4.2 million of which was in connection with our investment and $6.6 million of which was recognized as a derivative asset in connection with our financing commitments (Notes 16 and 17). We incurred $83,016 of legal expense in connection with the LPB investment, which has been recorded to non-current investments on the condensed consolidated balance sheets as of September 30, 2021.

As of closing and September 30, 2021, we hold 50% of LPB voting membership interests, and three of our executive officers are members of the LPB six-member Manager Board. LPB is a VIE but we are not the primary beneficiary, as LPN is a 50% holder of LPB voting membership interests and three of the LPB Manager Board positions. Accordingly, we have not consolidated the accounts of LPB, which is accounted for as an equity method investment.

Also on July 23, 2021, we purchased a secured promissory note from LPB with a face value of $17.0 million in exchange for future cash payments of $15.0 million, representing a $2.0 million original issue discount. Interest on the promissory note is 13.5% per annum. Repayments are based on an amortization schedule and commence on August 31, 2022, or 90 days after LPB commences production and sales from the LPB facility. Proceeds from the secured promissory note will be exclusively used for the retrofitting of the LPB Facility for industrial hemp processing. The $15.0 million is scheduled to be paid in tranches: (i) $326,258 (“Advance Payment”) paid in June 2021, (ii) 10% of the amount stated in the LPB Facility project spend plan and any additional amounts necessary to establish and provide LPB with cash funds equal to the first six months of expenditures under the project spend plan (such initial funding amount estimated to be between $2.0 million and $2.5 million), and (iii) the balance of the $15.0 million purchase price each month thereafter at the rate stated in the project spend plan such that LPB maintains cash funds on hand equal to a rolling six-month average under the project spend plan. The purchase price of the promissory note is subject to upwards adjustment by a maximum of 20%, or $3.0 million, in the event the LPB facility start-up costs (engineering, procurement, construction, and management fees and allocable costs) exceed $15.0 million. In such event, the principal amount of the promissory note would be increased to reflect an original issue discount of 13.33% of the increase above $15.0 million. The estimated timeline for the funding is to be completed in 12 months. As of September 30, 2021, we have provided only the Advance Payment.

In June 2021, we placed $500,000 in an escrow account with MANA, and made the $326,258 non-refundable Advance Payment to LPB described above. The escrow balance and advance are included in restricted cash and prepaid expenses and other current assets, respectively, on the condensed consolidated balance sheets as of September 30, 2021. As part of the $4.2 million LPB investment described above, the MANA escrow balance will be transferred to LPN.

Quantum Generative Materials LLC

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On June 24, 2021, we invested in the equity of GenMat, a developer of quantum computing technologies with the goal of accelerating material science discovery and development, and partnering in the commercialization of new quantum generated materials. GenMat is developing a proprietary quantum operating system to harnesses emerging quantum computing technologies and develop new materials for use in our strategically aligned fields of interest, including global mining, battery recycling, and carbon capture. We incurred $71,659 of legal expense in connection with the GenMat investment, which has been recorded to non-current investments on the condensed consolidated balance sheets as of September 30, 2021.

At closing, we received 465,000 membership units and committed $15.0 million in cash and stock for the initial seed investment and an additional $35.0 million based upon GenMat’s realization of key development milestones, for up to 50% ownership of GenMat membership units. As of September 30, 2021, we have paid $3.5 million in cash toward the $5.0 million in scheduled cash purchase payments, At closing, we issued 3.0 million restricted shares of our common stock with a fair value of $10.5 million toward the $10.0 million required stock purchase price and recorded a $0.5 million related derivative asset (Notes 16 and 17).

As of closing and September 30, 2021, we hold 48.19% of GenMat membership units, 37.5% of voting membership units, and our chief executive officer is a member and chairman of the GenMat management committee.

LINICO Corporation

On February 15, 2021, the Company, Aqua Metals, Inc. (“AQMS”) and LINICO entered into a Series A Preferred Stock Purchase Agreement (“LINICO Stock Purchase Agreement”).

Pursuant to the LINICO Stock Purchase Agreement, we purchased 6,250 shares of LINICO Series A 8% Convertible Preferred Stock (“Series A Preferred”) and issued 3.0 million shares of our restricted common stock with a fair value of $6,750,000 in payment of the purchase price; $6,250,000 of which was in connection with our investment and $0.5 million of which was recognized as a related derivative asset (Notes 16 and 17). The Series A Preferred has a conversion price of $1.25 per share of LINICO common stock. Following the purchase of the Series A Preferred, we own 45.45% of LINICO in substance common shares and 48.78% of voting shares. Our chief executive officer is a member and Chairman of the LINICO board of directors. Judd Merrill, one of our directors, is chief financial officer of AQMS. We incurred $70,273 of legal expense in connection with the LINICO investment, which has been recorded to non-current investments on the condensed consolidated balance sheets as of September 30, 2021.

Under the LINICO Stock Purchase Agreement, we also agreed to make $4.5 million in cash payments to LINICO (“Cash Commitment”), payable in a series of installments between February 26, 2021 and September 30, 2021. As of September 30, 2021, $3.5 million has been paid, with an additional $1.0 million which is included in accounts payable at September 30, 2021 and paid on October 1, 2021, and recorded as adjustment to the derivative asset related to LINICO on the condensed consolidated balance sheets (Note 17).

Pursuant to the LINICO Stock Purchase Agreement, the Company and LINICO entered into a warrant agreement (“Warrant”) wherein we have the right to purchase 2,500 additional shares of Series A Preferred for a total exercise amount of $2.5 million. The Series A Preferred received by us pursuant to exercise of the Warrant may be converted into shares of LINICO common stock at a conversion price of (i) $1.25, if exercised on or before February 15, 2022, or (ii) $2.00, if exercised after February 15, 2022.

Pursuant to the terms of an industrial lease between LINICO and AQMS entered into on February 15, 2021 (“LINICO Lease Agreement”), if LINICO elects not to exercise its option to purchase from AQMS land, buildings and related improvements, initially leased by AQMS to LINICO, for (i) $14,250,000, if the purchase is made on or before October 1, 2022 or (ii) $15,250,000, if the purchase is made after October 1, 2022, we can assume the purchase option.

The LINICO Lease Agreement requires LINICO to make an initial deposit by October 15, 2021 in an amount equal to $1,250,000, which was made on a timely basis, and an additional deposit (“Additional Deposit”) by November 1, 2022, in an amount equal to $2,000,000, both to be credited towards the purchase price of the facility. The LINICO Stock Purchase Agreement grants us the option to fund the Additional Deposit with shares of our common stock (in no event will we issue shares to LINICO pursuant to the LINICO Stock Purchase Agreement that exceed 19.9% of our total issued and outstanding shares of common stock as of February 15, 2021).

Mercury Clean Up, LLC

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The Mercury Remediation Pilot, Investment and Joint Venture Agreement (as amended, the "MCU Agreement") contains a provision whereby we are were required to issue additional shares of our common stock for a make whole difference between the value of the 900,000 previously issued shares of our common stock received by Mercury Clean Up, LLC ("MCU") and our required stock-based investment of $850,000. In May 2020, we issued to MCU 650,000 additional shares of our common stock to reduce the make whole difference. During January and February 2021, MCU sold the 625,000 common shares for net proceeds of $1.1 million, resulting in a $0.8 million excess contribution, which was paid to us in February 2021 (Note 17).

MCU Philippines, Inc.

On December 4, 2020, we formalized a non-interest-bearing note receivable from MCU Philippines, Inc. ("MCU-P") that had a fair value based on the discounted present value of future payments of $855,866, which was comprised of the $1,180,000 face amount less implied interest of $324,134, which was recognized as consideration for our December 4, 2020 investment in MCU-P. As of December 31, 2020, the net balance of the note receivable was $860,940. On March 5, 2021, we loaned an additional $820,000 to MCU-P, increasing the face value of the non-interest-bearing note receivable to $2,000,000. Implied interest of $189,337 for the additional loan increased the value of our investment in MCU-P to $513,107. The discounted present value was calculated using a rate of 7.1%, which was based on the alternative borrowing cost of MCU-P, considering market data for companies with comparable credit ratings. The additional loan amount resulted in our ownership interest in MCU increasing from 15% to 25%. As of September 30, 2021, the net balance of the note receivable is $1,569,306 which is recorded on the condensed consolidated balance sheets in notes receivable and advances, net. For the three and nine months ended September 30, 2021, we recognized implied interest income of $28,987 and $107,644, respectively. The note receivable matures on December 31, 2024.

Sierra Springs Opportunity Fund, Inc.

During 2019, Comstock invested $335,000 into a qualified opportunity zone fund, SSOF, which owns Sierra Springs Enterprises, Inc. ("SSE"), a qualified opportunity zone business. We expect to own 9% of SSOF upon issuance by SSOF of all 75.0 million authorized shares to investors. As of September 30, 2021, our $335,000 investment in SSOF and 6.7 million voting shares represent 12.0% of total as converted SSOF common shares and the $0.5 million investment and 9.0 million voting shares of our Chief Executive Officer and two of our Directors represent 16.4% of total as converted SSOF common shares. Our Chief Executive Officer is President and a Director of SSOF and an Executive and a Director of SSE.

As of September 30, 2021, Comstock’s $335,000 investment in SSOF is recorded to non-current investments on the condensed consolidated balance sheets. The investment is accounted for at cost less impairment. Management has identified no events or changes in circumstances that have a significant adverse effect on the carrying value of the investment.

For the three and nine months ended September 30, 2021, we advanced SSOF an additional $0.3 million and $3.0 million, respectively, increasing total advances to $4.7 million, to be used by SSOF for deposits and payments on land and other facilities related to investments in qualified businesses in the opportunity zone. The advances are non-interest-bearing and are expected to be repaid on or before the sale of our Silver Springs Properties to SSE during the first half of 2022 (Note 5). The $4.7 million of advances are recorded on the condensed consolidated balance sheets as of September 30, 2021 in notes receivable and advances, net.

3. Tonogold Resources, Inc.

On September 8, 2020, the remaining membership interests of Comstock Mining LLC were purchased by Tonogold. The fair value of the Tonogold consideration for 100% of the membership interests was $18.8 million, including cash, the CPS, and the Note. Our gain on the sale was $18.3 million, recorded during the three and nine months ended September 30, 2020 on the condensed consolidated statements of operations.

There are three agreements between the Company and Tonogold associated with the September 2020 sale of the membership interests of Comstock Mining LLC: the Membership Interest Purchase Agreement, the Mineral Exploration and Mining Lease, and a Lease Option Agreement for our American Flat processing facility.

Under the three agreements, Tonogold is required to reimburse certain payments made by Comstock including but not limited to all costs associated with owning certain properties, and certain option, interest expense and lease payments. For the three and nine months ended September 30, 2021, total related reimbursements and lease income were $0.8 million and $2.5 million, respectively, in comparison to $1.0 million and $2.2 million for the prior year comparable periods. Reimbursements for the nine months ended September 30, 2021 include the $812,500 reimbursement of the Northern Comstock accelerated payment added to the Note principal balance in March 2021, and the $1.0 million added to the Note principal balance in June 2021.

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As of September 30, 2021, we held 8.9 million shares of Tonogold common stock with fair value of $1.0 million, which were converted from Tonogold CPS in 2020 (Note 17).

In connection with Tonogold's acquisition of Comstock Mining LLC, we recorded the Note due from Tonogold on the consolidated balance sheets, with a principal amount of $4,475,000 and a 12% annual interest rate. Interest is due and payable monthly with the principal originally due and payable on September 20, 2021 and extended to March 31, 2022.

On March 3, 2021, we made a $812,500 accelerated payment to Northern Comstock pursuant to the Northern Comstock operating agreement (Note 23). Primarily as a result of the Northern Comstock accelerated payment, the Note was amended in March 2021, which included adding $812,500 for Tonogold’s Northern Comstock accelerated payment reimbursement obligation and an amendment fee of $262,500 to the principal amount of the Note, increasing the principal amount to $5,550,000.

The Note was further amended in June 2021, to add $1.0 million for certain Tonogold, Northern Comstock and other reimbursement obligations and an amendment fee of $100,000 to the principal amount of the Note, increasing the principal amount to $6,650,000 (Note 17).

4. Notes Receivable and Advances, Net

Notes receivable and advances, net as of September 30, 2021 and December 31, 2020 include:

	September 30, 2021		December 31, 2020
Tonogold note receivable, face value	$	6,650,000	$	4,475,000
Unrealized gain	406,000		1,023,500
Tonogold note receivable, fair value (Notes 3 and 15)	7,056,000		5,498,500
SSOF advances receivable (Note 2)	4,685,000		1,650,000
Other notes receivable	138,459		—
Total notes receivable and advances, net - current portion	11,879,459		7,148,500
MCU-P note receivable, face value	2,000,000		1,180,000
Unamortized discount for implied interest	(430,694)		(319,060)
Note receivable, net - non-current (Note 2)	1,569,306		860,940
Total notes receivable and advances, net	$	13,448,765	$	8,009,440

5. Assets Held for Sale

We previously committed to a plan to sell certain land, buildings, and water rights. As of September 30, 2021 and December 31, 2020, we had assets, with a value of $6.3 million, that met the criteria to be classified as assets held for sale.

Assets held for sale as of September 30, 2021 and December 31, 2020 include:

	September 30, 2021		December 31, 2020
Silver Springs Properties:
DTSS (Land)	$	3,589,876	$	3,589,876
Industrial Park (Land and water rights)	2,738,462		2,738,462
Total assets held for sale	$	6,328,338	$	6,328,338

We entered into agreements to sell the two Silver Springs Properties to SSE, a subsidiary of SSOF on September 26, 2019, as amended (Note 2). The agreements, as amended, include the sale of 98 acres of industrial land and senior water rights for $6.5 million, and 160 acres of commercial land along with its rights in the membership interests in DTSS for $3.6 million. During 2020 and 2019, we received $0.1 million and $0.3 million, respectively, in escrowed deposits from SSE for the sale of these assets and expect the sales to close in 2021. Total deposits of $0.4 million are included in deposits liability on the condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020, respectively.

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6. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Accounts receivable - Service income	$	179,720	$	—
Accounts receivable - Tonogold	192,088
Accrued interest receivable	165,626		—
Land and property deposits	—		12,600
Surety bond and insurance	73,019		139,527
Stock sales proceeds receivable	—		200,000
Pelen option	200,000		100,000
LPB non-refundable advance	326,258		—
Other	219,900		228,951
Total prepaid expenses and other current assets	$	1,356,611	$	681,078

On December 16, 2020, we entered into a securities purchase agreement with Wingfield Tono, LP (“Wingfield”), and agreed to sell 15,666,667 Tonogold common shares at $0.33 per share in three closings. On December 23, 2020, we transferred 3,333,333 Tonogold common shares to Wingfield for total proceeds of $1.1 million. As of December 31, 2020, we had received $0.9 million in connection with the securities purchase agreement. On April 13, 2021, Wingfield returned 606,601 of the Tonogold common shares previously transferred under the Wingfield securities purchase agreement. The return of the shares eliminated a $200,000 receivable from Wingfield and terminated the securities purchase agreement.

On September 1, 2020, we paid $100,000 for a one-year option to purchase the remaining 75% of the membership interests of Pelen Limited Liability Company ("Pelen") not owned by the Company for a purchase price of $3,750,000. On August 26, 2021, we paid an additional $100,000 for a one-year extension of the option to purchase the remaining 75% membership interests for a purchase price of $4.4 million less a $0.1 million credit for the option payments.

On June 8, 2021, we made a $326,258 non-refundable advance to LPB to fund certain costs associated with a financing of the retrofit of the LPB Facility.

As of and for the nine months ended September 30, 2021, RPS accounts receivable of $112,200 and other services revenue of $206,338 were recognized for LINICO, in which we have a 48.78% investment interest. MANA recognized $100,000 of other services revenue for LPB, in which we have a 50.0% investment interest (Note 2).

7. Mineral Rights and Properties and Properties, Plant and Equipment, Net

Mineral Rights and Properties

Mineral rights and properties as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Dayton resource area	$	2,971,838	$	2,971,838
Spring Valley area	1,630,332		1,630,332
Occidental area	1,002,172		1,002,172
Oest area	307,522		307,522
Northern extension	157,205		157,205
Northern targets	161,920		121,170
Other mineral properties	317,405		317,405
Water rights	90,000		90,000
	$	6,638,394	$	6,597,644

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These mineral rights and properties are segmented based on our identified resource areas and exploration targets. During the three and nine months ended September 30, 2021 and 2020, we did not record any depletion expense, as none of the properties are in production.

On January 17, 2021, we acquired two patented lode mining claims. The two patents, totaling 34 acres, are located at the north end of the Occidental trend in Storey County, Nevada. The claims were purchased for a total of $40,750.

All of our mineral exploration and mining lease payments are classified as mining and mining claims costs and expenses in the condensed consolidated statements of operations.

Properties, Plant and Equipment, Net

Properties, plant and equipment as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Land and buildings leased to others
Daney Ranch	$	2,261,263	$	2,261,263
Gold Hill Hotel	753,272		753,272
Other real estate	314,526		314,526
Less accumulated depreciation	(1,318,373)		(1,196,426)
Total, net	2,010,688		2,132,635
Property, plant, and equipment for mineral processing
American Flat land and buildings	6,500,817		6,500,817
Crushing, processing, and refining plant and equipment	21,113,178		21,113,178
Less accumulated depreciation	(22,103,194)		(21,943,657)
Total, net	5,510,801		5,670,338
Other property and equipment
Comstock corporate campus	1,549,453		1,549,453
Vehicle and equipment	2,267,916		2,267,916
Furniture and fixtures	556,860		549,860
Less accumulated depreciation	(3,608,574)		(3,545,502)
Total, net	765,655		821,727
Total properties, plant and equipment, net	$	8,287,144	$	8,624,700

During the three and nine months ended September 30, 2021, we recognized depreciation expense of $0.1 million and $0.4 million, respectively. During the three and nine months ended September 30, 2020, we recognized depreciation expense of $0.8 million and $1.0 million, respectively. This included $0.7 million of depreciation, included in real estate operating costs for the three months ended September 30, 2020, for the Gold Hill Hotel and Daney Ranch properties, to recognize the depreciation that would have been recognized had the properties not been held for sale in prior periods.

8. Reclamation Bond Deposit

The Nevada Revised Statutes and Regulations require a surety bond to be posted for mining projects so that, after the completion of such mining projects, the sites are left safe, stable and capable of productive post-mining uses. The bond is intended to cover the estimated costs required to safely reclaim the natural environment to the regulatory standards established by the State of Nevada’s Division of Environmental Protection. Accordingly, we have a $6.8 million reclamation surety bond with the State of Nevada’s Bureau of Mining Regulation and Reclamation as of September 30, 2021. In addition, we have a $0.5 million surety bond with Storey County, Nevada related to mine reclamation as of September 30, 2021. As part of the surety agreement, we agreed to pay a 2% annual bonding fee. The total cash collateral, per the surety agreement, was $2.6 million as of September 30, 2021 and December 31, 2020.

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The reclamation bond deposit as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Surety bond cash collateral	$	2,588,943	$	2,588,768
Other cash reclamation bond deposits	106,936		106,936
Total reclamation bond deposit	$	2,695,879	$	2,695,704

The total cash collateral is a component of the reclamation bond deposit on the condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020.

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9. Intangible Assets and Goodwill

Intangible assets as of September 30, 2021 and December 31, 2020 consisted of the following (Notes 2 and 17):

Description	Estimated Economic Life	September 30, 2021		December 31, 2020
RPS
Technology-related
License agreement	2 years	$	16,619	$	—
Contract-related
Distribution agreement	7 years, 7 months	19,733		—
Customer contract	9 months	122,885		—
		159,237		—
MANA
Contract-related
Customer contract	1 year	461,528		—
PSI
Technology-related
License agreements	10 years	494,133		—
PSI-developed technology	10 years	6,579,401		—
		7,073,534		—
Total intangible assets		7,694,299		—
Accumulated amortization		(218,387)		—
Intangible assets, net		$	7,475,912	$	—

The estimated economic lives shown above were as of the closing dates of the respective acquisitions. The estimated economic lives of the RPS license agreement, distribution agreement and customer contract, and the MANA customer contract, are based on the specified terms of the respective agreements. The estimated economic lives of the PSI license agreements and developed technology are based on the midpoint of the indicated lives derived from the related valuation analyses.

The RPS license agreement relates to certain technology used in the provision of RPS engineering and development services. The RPS distribution agreement relates to exclusive North American distribution rights for equipment developed and manufactured by a third-party supplier. The RPS customer contract relates to the provision of certain engineering services to LINICO in connection with its lithium-ion battery recycling operations. The customer contract contains no warranties or other obligations beyond the provision of professional services.

The MANA customer contract relates to the provision of certain management services to LPB in connection with their retrofit of the LPB Facility, as well as a suite of complimentary technology, marketing and other management services, with a focus on acquiring and using pre-existing and new feedstock and offtake arrangements in connection with our investment in LPB (Note 2). The customer contract contains no warranties or other obligations beyond the provision of professional services.

With respect to the PSI license agreements, PSI is party to an asset purchase agreement and three license agreements with American Science and Technology Corporation (“AST”) pursuant to which PSI agreed to (i) acquire substantially all of AST’s assets in exchange for $3,920,000 with a payment schedule consisting of (a) $35,000 per month from May 1, 2021 to April 30, 2023, (b) $1,750,000 on April 30, 2023, and (c) $1,750,000 on April 30, 2024; and, (ii) license AST’s intellectual properties for use at three customer facilities in exchange for (a) three facility-specific license fees of $500,000 each, and (b) a royalty fee

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equal to 1.0% of the gross revenue of each of the three licensed facilities. The AST transaction documents additionally provide PSI with the exclusive right to access and fully use the AST assets for so long as PSI remains current with the foregoing payment provisions. As of the September 7, 2021, PSI acquisition date, one facility-specific license had been purchased by PSI.

Also with respect to the PSI license agreements, PSI is party to a research agreement with Virginia Polytechnic Institute and State University (“Virginia Tech”), and an exclusive license agreement with Virginia Tech’s affiliate, Virginia Tech Intellectual Properties, Inc. (“VTIP”) pursuant to which PSI agreed to (i) pay Virginia Tech $234,755 to conduct sponsored research for PSI (as of the September 7, 2021 PSI acquisition date, $24,336 remained to be paid); and (ii), license VTIP’s related intellectual property on a worldwide exclusive basis in exchange for a royalty fee equal to 1.0% of PSI’s net sales, subject to a minimum annual royalty of $5,000 per year.

Future minimum amortization expense is as follows as of September 30, 2021:

Remainder of 2021	$	335,738
2022	990,386
2023	714,506
2024	710,351
2025	710,351
Thereafter	4,014,580
	$	7,475,912

Goodwill as of September 30, 2021 and December 31, 2020 is presented below (Note 2):

	September 30, 2021		December 31, 2020
RPS	$	2,168,835	$	—
MANA	6,365,938		—
PSI	9,202,453		—
Total goodwill	$	17,737,226	$	—

Goodwill recorded in connection with the RPS, MANA and PSI acquisitions represents the future economic benefits arising from other assets acquired in the business combinations that are not individually identified and separately recognized. Goodwill is considered a residual value and is a function of the excess of the fair value of the total purchase price consideration for the acquisitions over the fair value of the separately recognized net assets, including tangible and intangible assets net of assumed liabilities. The elements of goodwill that are not separable into identifiable intangible assets represent the future value generating capacity of the overall businesses and the acquirer’s ability to create incremental value, and include the value of the assembled workforces and subcontractors with the expertise and experience to facilitate the generation of that value.

10. Other Assets

Other assets as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Prepaid Northern Comstock LLC contributions, net (Note 23)	$	308,137	$	—
Other long-term receivables and prepaid expenses	101,000		154,950
Long-term deposits	24,355		24,354
	$	433,492	$	179,304

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11. Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Accrued Northern Comstock LLC contributions, net (Note 23)	$	—	$	180,833
Accrued payroll costs	235,353		153,615
Accrued board of directors' fees	—		60,000
Accrued vendor liabilities	100,769		136,499
Other accrued expenses	83,458		4,000
Total accrued expenses and other liabilities	$	419,580	$	534,947

During the nine months ended September 30, 2021, the $56,300 RPS SBA loan was repaid.

12. Leases

Lease Expense

For the three and nine months ended September 30, 2021, the fixed operating lease expense was $2,525 and $7,575, respectively, with 7.01 years remaining on the lease at September 30, 2021. For the three and nine months ended September 30, 2020, the fixed operating lease expense was $2,250 and $6,750, respectively, with 8.1 years remaining on the lease.

We have the following lease balances recorded on the condensed consolidated balance sheets as follows:

Lease Assets and Liabilities	Classification	September 30, 2021		December 31, 2020
Operating lease right-of-use asset	Other assets	$	48,034	$	51,294
Operating lease liability - current	Accrued expenses and other liabilities	$	4,195	$	3,650
Operating lease liability - long-term	Other liabilities	46,583		49,791
Total operating lease liabilities		$	50,778	$	53,441

Maturities of lease liabilities by fiscal year for the Company's operating leases are as follows:

Remainder of 2021	$	2,375
2022	9,650
2023	9,950
2024	10,250
2025	10,550
Thereafter	31,500
Total operating lease payments	74,275
Less: Imputed interest	(23,497)
Present value of lease liabilities	$	50,778

Lease Income

Real estate revenue from operating leases on our land and buildings leased to others (Note 7) recorded on the condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020 is as follows:

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	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Daney Ranch	$	27,000	$	9,000	$	81,000	$	9,000
Gold Hill Hotel	13,575		13,500		33,725		61,500
Lab and office space	—		5,000		—		20,000
Land	4,500		4,500		13,500		13,500
All other residential	11,300		17,425		31,275		42,225
Total real estate revenue from operating leases	$	56,375	$	49,425	$	159,500	$	146,225

Maturities of lease payments for operating leases on our land and buildings leased to others are as follows:

Remainder of 2021	$	60,075
2022	180,025
2023	166,325
2024	22,725
Thereafter	—
Total Minimum Lease Income	$	429,150

On February 1, 2021, we signed a lease, as lessor, with Gold Hill Management LLC to lease the Gold Hill Hotel. The lease term began on April 1, 2021 and ends on March 31, 2024. The agreement includes the payment of $19,500 in previously deferred rent from the previous month-to-month tenant, Crown Point Management LLC. The rent is $4,525 per month for the first year, inclusive of real estate taxes, increasing to $6,050 per month for the second year, and $7,575 per month for the third year. At the end of the three-year term, the tenant may renew the lease for up to two additional five-year periods, at a rate of $8,000 per month. The options to extend are not included in the lease payments to be received on an annual basis in the above table.

13. Long-Term Debt

Long-term debt as of September 30, 2021 and December 31, 2020 consisted of the following:

Note Description	September 30, 2021		December 31, 2020
Georges Trust Unsecured Promissory Notes - 12% interest, due September 2021	$	—	$	1,389,014
Concorde Trust Unsecured Promissory Note - 12% interest, due 2021	—		683,263
Bean Trust Unsecured Promissory Note - 12% interest, due 2021	—		290,386
GHF Inc Unsecured Promissory Note - 12% interest, due September 2021	—		916,712
Note Payable (Caterpillar Financial Services) - 5.7% interest	—		404,373
Total debt	—		3,683,748
Less: debt discounts and issuance costs	—		(126,043)
Total debt, net of discounts and issuance costs	—		3,557,705
Less: current maturities	—		(3,557,705)
Long-term debt, net of discounts and issuance costs	$	—	$	—

Unsecured Promissory Notes

On March 4, 2021, we retired our unsecured promissory notes ("Promissory Notes") by paying the remaining principal balance of $3.1 million plus earned OID of $0.1 million. For the nine months ended September 30, 2021, interest expense on the Promissory Notes was $139,213, which includes OID amortization of $71,289.

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GF Comstock 2 LP Debenture

On August 11, 2020, we retired the GF Comstock 2 LP debenture ("Debenture") by paying the remaining principal balance of $4.0 million, plus the remaining make whole obligation of $0.2 million and recognized a loss on early retirement of debt of $51,000. Interest expense on the Debenture was $0.1 million and $0.4 million for the three and nine months ended September 30, 2020, respectively, of which Tonogold reimbursed $0.04 million and $0.3 million, respectively which was netted against interest expense in the consolidated statements of operations.

Caterpillar Equipment Facility

On March 4, 2021, we retired the Caterpillar Financial Services loan by paying the remaining principal balance of $296,171.

14. Long-Term Reclamation Liability and Retirement Obligation Asset

We are required to mitigate long-term environmental impacts by stabilizing, contouring, re-sloping, and re-vegetating various portions of our sites after mining and mineral processing operations are completed. These reclamation actions are conducted in accordance with plans reviewed and approved by appropriate regulatory agencies.

As of September 30, 2021 and December 31, 2020, we had accrued a long-term liability of $5.4 million and $6.1 million. respectively, for our obligation to reclaim our mine facilities based on our most recent reclamation plan, as revised, submitted and approved by the Nevada State Environmental Commission and Division of Environmental Protection. Our total reclamation liability includes cost estimates for our American Flat processing facility, Dayton project and enhanced reclamation obligations in Storey County, Nevada. Effective January 1, 2021, we updated the expected reclamation commencement date to December 31, 2025. This resulted in a reduction in the liability of $926,434. The adjustment in excess of the net retirement obligation asset of $57,964 was $868,471 as of January 1, 2021 and was recorded as a credit to environmental and reclamation costs and expenses in the condensed consolidated statements of operations.

In conjunction with recording the original reclamation liability, we recorded a retirement obligation asset on the consolidated balance sheets that was amortized over the period of the anticipated land disturbance and operations. Such costs were based on management’s original estimate of then expected amounts for remediation work, assuming the work is performed in accordance with current laws and regulations. It is reasonably possible that, due to uncertainties associated with the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology, the ultimate cost and timing of reclamation and remediation could change in the future.

The accretion of the reclamation liability for the three and nine months ended September 30, 2021 totaled $79,883 and $236,097, respectively, and was a component of environmental and reclamation costs and expenses in the condensed consolidated statements of operations. The accretion of the reclamation liability for the three and nine months ended September 30, 2020 totaled $5,178 and $15,533, respectively, and was a component of environmental and reclamation costs and expenses in the condensed consolidated statements of operations. The amortization of the retirement obligation asset for the three and nine months ended September 30, 2021 was $0. The amortization of the retirement obligation asset for the three and nine months ended September 30, 2020 was $14,491 and $43,472, respectively, and was a component of environmental and reclamation costs and expenses in the condensed consolidated statements of operations.

Following is a reconciliation of the mining retirement liability associated with our reclamation plan for the mining projects as of September 30, 2021 and December 31, 2020:

	Nine Months Ended		Twelve Months Ended
	September 30, 2021		December 31, 2020
Long-term reclamation liability — beginning of period	$	6,054,919	$	6,034,208
Reduction of obligation due to extension of time	(926,434)		—
Accretion of reclamation liability	236,097		20,711
Long-term reclamation liability — end of period	$	5,364,582	$	6,054,919

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15. Commitments and Contingencies

Contingent Payment Obligations

Red Wolf Agro LLC

MANA has a contingent payment obligation to Red Wolf Agro LLC equal to 20% of future MANA Net Cash Flow (as defined in the related agreement) up to $8.6 million. This amount has not been recorded in our condensed consolidated financial statements for the three and nine months ended September 30, 2021, as it has been determined to be neither probable nor reasonably estimable.

FLUX Photon Corporation

We have contingent consideration payments to FPC equal to 20% of our future Net Cash Flow (as defined in the FPC Asset Purchase Agreement) up to $18 million, related to intangible assets acquired from FPC. We do not expect to realize the intangible assets or incur the contingent consideration payments in the foreseeable future. Accordingly, these amounts have not been recorded in our condensed consolidated financial statements for the three and nine months ended September 30, 2021, as they have been determined to be neither probable nor reasonably estimable (Note 2).

Mineral Rights Leases and Royalties

We lease certain mineral rights and properties under operating leases expiring at various dates through 2040. Future minimum annual lease payments, including royalty and rental payments, under these existing lease agreements are as follows as of September 30, 2021:

Remainder of 2021	$	25,500
2022	114,000
2023	114,000
2024	108,000
2025	110,000
Thereafter	1,686,250
	$	2,157,750

Lease expense for the three and nine months ended September 30, 2021 was $25,150 and $87,735, respectively. Tonogold reimbursements of lease costs for the three and nine months ended September 30, 2021 were $25,150 and $71,350 respectively.

Lease expense for the three and nine months ended September 30, 2020 was $14,850 and $40,550, respectively. Tonogold reimbursements of lease costs for the three and nine months ended September 30, 2020 were $14,850 and $40,550, respectively.

Royalty Agreements

We have minimum royalty obligations for certain of our mineral properties and leases. For most of the mineral properties and leases, we are subject to a range of royalty obligations once production commences. These royalties range from 0.5% to 5% of Net Smelter Returns ("NSR") from minerals produced on the properties, with the majority being under 3%. Some of the factors that influence the amount of the royalties include ounces extracted and the price of gold.

Regulatory Compliance

Our mining and exploration activities are subject to various laws and regulations governing environmental protection. These laws and regulations are frequently changing and generally becoming more restrictive. We believe our operations are in compliance with applicable laws and regulations, in all material respects. We continuously make expenditures to comply with such laws and regulations and we cannot predict the full amount of such future expenditures.

Comstock Residents Association

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On January 31, 2014, the Comstock Residents Association (“CRA”) and two of its members filed a civil action in the Third Judicial District Court in Lyon County, Nevada (“District Court”) against the Lyon County Board of Commissioners (the “Commissioners”) and the Company, asking the District Court to reverse the Commissioners’ decision to grant a master plan amendment and zone changes that were approved by the Commissioners in 2014 (“Application”).

Prior to the approval of the Application, the master plan designation and zoning precluded mining on certain property of the Company in the area of Silver City, Nevada.

On January 11, 2021, the Nevada Supreme Court issued a final order affirming the District Court's judgment in favor of Lyon County and Comstock Mining. On January 29, 2021, the CRA filed a Petition for Rehearing to the Nevada Supreme Court. On February 25, 2021, the Nevada Supreme Court issued an order denying a rehearing. On March 8, 2021, the CRA filed a Petition for En Banc Reconsideration to the Nevada Supreme Court. On April 9, 2021, the Nevada Supreme Court responded to the petition by issuing an order denying en banc reconsideration, once again, in favor of Lyon County and Comstock Mining.

On July 30, 2021 Judge Estes of the Third Judicial District Court in Lyon County, Nevada ruled in favor of Lyon County and Comstock Mining and awarded attorney fees and costs to be paid by the plaintiffs in the sum of $50,000 to Lyon County and $203,151 to Comstock Mining. On August 27, 2021 the CRA filed a notice of appeal to the Nevada Supreme Court.

Litigation

On or about February 27, 2020, we received notice that three former employees had filed a complaint with OSHA regarding alleged wrongful termination of employment in 2019, seeking backpay, front pay and other compensatory damages as well as interest and legal fees and costs. On September 8, 2021, OSHA notified the three former employees that it was dismissing their complaint after OSHA was informed that the former employees were instead planning to file a complaint in federal court. On August 20, 2021, the former employees filed a lawsuit against the Company, its Board of Directors, its Audit and Finance Committee, its Chief Executive Officer and certain of its managers for the wrongful termination of their employment. We believe those terminations were lawful and intend to vigorously defend the complaint.

As of September 30, 2021 and December 31, 2020, we have accrued severance of $84,166 in connection with this lawsuit, which is recorded in accrued expenses and other liabilities on the condensed consolidated balance sheets.

From time to time, we are involved in claims, investigations and proceedings that arise in the ordinary course of business. There are no matters pending that we expect to have a material adverse impact on our business, results of operations, financial condition or cash flows.

16. Equity

Issuance of Registered Shares of Common Stock

On September 28, 2021, we entered into an equity purchase agreement (“2021 Leviston Equity Agreement”) with Leviston Resources LLC (“Leviston”) to offer and sell registered shares of common stock at an aggregate offering price of up to $5.0 million from time to time, at our option, on terms we deem favorable. The term of the agreement is 24 months. We agreed to deliver to Leviston additional shares of common stock, for no additional consideration, with a fair value of $100,000, on the first settlement date with respect to a put notice delivered by us, and $150,000 upon the written request of Leviston. For the three months ended September 30, 2021, we issued to Leviston 421,235 common shares with an aggregate sales price of $1.0 million, at an average price per share of $2.37, and an additional 34,965 common shares in due diligence fees. As of September 30, 2021, the 2021 Leviston Equity Agreement has $4.0 million of remaining capacity.

On March 2, 2021, we entered into equity purchase agreements (“Equity Purchase Agreements”) with certain investors to issue and sell in a registered direct offering (“Offering”) 4.0 million shares of common stock at a price of $4.00 per share. The Equity Purchase Agreements contain customary representations, warranties and agreements of the Company, and customary conditions to closing, indemnification rights and obligations of the parties. The Offering of the shares closed on March 4, 2021. We paid Noble Capital Markets, Inc., the placement agent for the Offering, an aggregate cash fee of $960,000 (equal to 6% of the aggregate gross proceeds raised in the Offering), and $30,000 for other expenses, resulting in net proceeds of $15,010,000.

On February 8, 2021, we entered into an equity purchase agreement (“2021 Leviston Sales Agreement”) with Leviston to offer and sell registered shares of common stock at an aggregate offering price of up to $5.0 million from time to time, at our option,

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on terms we deem favorable. The term of the agreement was 24 months. We agreed to deliver to Leviston additional shares of common stock with a fair value of $250,003, for no additional consideration, on the first settlement date with respect to a put notice delivered by us. For the nine months ended September 30, 2021, we issued to Leviston 1,551,760 common shares with an aggregate sales price of $5.0 million, at an average price per share of $3.22, and an additional 50,907 common shares in commitment and due diligence fees. As of September 30, 2021, the 2021 Leviston Sales Agreement has no remaining capacity.

Gross proceeds from and fees related to the issuance of shares of our common stock pursuant to registered equity issuance agreements for the nine months ended September 30, 2021 and 2020 are as follows:

	2021		2020
Number of shares sold	5,972,995		5,747,608
Gross proceeds	$	21,999,999	$	4,197,621
Cash common stock issuance costs	(1,064,499)		(130,070)
Net proceeds	$	20,935,500	$	4,067,551
Average price per share	$	3.68	$	0.73

Issuance of Unregistered Shares of Common Stock

Issuance of restricted shares of our common stock in connection with acquisitions and investments for the nine months ended September 30, 2021 are as follows:

Issuance Date	Acquisition/Investment	Common Shares Issued	Restriction Period
June 18, 2021	Renewable Process Solutions Inc.	1,000,000	(A)
July 23, 2021	MANA Corporation	4,200,000	(A)
September 7, 2021	Plain Sight Innovations Corporation	8,500,000	(A)
Total Business Acquisitions		13,700,000
February 16, 2021	LINICO Corporation	3,000,000	(B)
June 24, 2021	Quantum Generative Materials LLC	3,000,000	(B)
July 23, 2021	LP Biosciences LLC	3,500,000	(C)
Total Equity Method Investments		9,500,000
August 27, 2021	Northern Comstock LLC	163,156	(B)
Total Common Shares Issued		23,363,156	(D)

(A) 28% six months from issuance date; additional 8% becomes unrestricted semi-annually through 5 years from issuance date.

(B) Six months from issuance date

(C) Six months from issuance date. On September 30, 2021, we filed a prospectus on Form S-3 with the Securities and Exchange

Commission to register the 3,500,000 shares of common stock issued to LPB for resale at a proposed maximum offering price

per unit of $2.71.

(D) Excludes 55,965 restricted shares issued to Leviston in connection with registered share issuances.

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17. Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents our assets at September 30, 2021 measured at fair value on a recurring basis:

			Fair Value Measurements as of
			September 30, 2021
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Common shares of Tonogold	$	1,032,461	$	1,032,461	$	—	$	—
Tonogold note receivable (Note 3)	7,056,000		—		—		7,056,000
LINICO derivative asset (Note 2)	6,260,000		—		6,260,000		—
LPB derivative asset (Note 2)	5,172,000		—		5,172,000		—
Common shares of Elevation	19,257		19,257		—		—
Total Assets	$	19,539,718	$	1,051,718	$	11,432,000	$	7,056,000
Liabilities:
GenMat derivative liability (Note 2)	$	(1,990,000)	$	—	$	(1,990,000)	$	—
Total Liabilities	$	(1,990,000)	$	—	$	(1,990,000)	$	—

The following table presents our assets and liabilities at December 31, 2020 measured at fair value on a recurring basis:

			Fair Value Measurements at
			December 31, 2020
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Common shares of Tonogold	$	3,939,558	$	3,939,558	$	—	$	—
Tonogold note receivable (Note 3)	5,498,500		—		—		5,498,500
MCU derivative asset (Note 2)	265,127				265,127		—
Common shares of Elevation	40,165		—		40,165		—
Total Assets	$	9,743,350	$	3,939,558	$	305,292	$	5,498,500

During the nine months ended September 30, 2021, the common shares of Elevation Gold Mining Corporation ("Elevation") (previously Northern Vertex) were transferred from Level 2 to Level 1 as a result of the restriction period expiring on March 1, 2021. For the nine months ended September 30, 2021 and 2020, there were no other transfers of assets and liabilities between Level 1, Level 2 and Level 3.

The following tables provides reconciliation between the beginning and ending balance of investments measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

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	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Beginning balance	$	7,246,000	$	10,581,334	$	5,498,500	$	9,080,000
Total change in fair value recognized in earnings
Tonogold convertible preferred shares	—		(2,499,000)		—		(2,544,000)
Tonogold contingent forward asset	—		(647,502)		—		765,880
Tonogold note receivable (Note 3)	(190,000)		256,000		(617,500)		256,000
	(190,000)		(2,890,502)		(617,500)		(1,522,120)
Additions
Tonogold note receivable (Note 3)			6,141,497		2,175,000		6,141,497
Tonogold contingent forward asset	—		—		—		1,232,952
	—		6,141,497		2,175,000		7,374,449
Transfers
Conversion of Tonogold convertible preferred shares to Tonogold common	—		(2,820,000)		—		(3,920,000)
	—		(2,820,000)		—		(3,920,000)
Deductions:
Settlement of Tonogold contingent forward asset	—		(1,998,832)		—		(1,998,832)
	—		(1,998,832)		—		(1,998,832)
Ending balance	$	7,056,000	$	9,013,497	$	7,056,000	$	9,013,497

Valuation Methodologies

Following is a description of the valuation methodologies used for our financial instruments measured at fair value on a recurring basis as well as the general classification of such instruments pursuant to the valuation hierarchy.

Common Shares of Tonogold

The fair value of our investment in common shares of Tonogold is based on the closing price per share of the stock. At September 30, 2021 and December 31, 2020, we held 8.9 million and 13.1 million Tonogold common shares with fair values of $1.0 million and $3.9 million, respectively. The fair values of the common shares are based on the $0.12 and $0.30 closing share prices (OTC: TNGL), respectively. We recorded unrealized losses of $0.3 million and $2.2 million for the change in fair value in other income (expense) in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021, respectively. We recorded unrealized gains of $2.4 million and $3.8 million for the change in fair value in other income (expense) in the condensed consolidated statements of operations for the three and nine months ended September 30, 2020, respectively. The Tonogold common shares are classified within Level 1 of the valuation hierarchy.

Tonogold Note Receivable

The Tonogold Note may be converted into Tonogold common shares, at the sole discretion of the Company, at the Maturity Date, upon an event of default or upon a partial or whole prepayment by Tonogold. The Maturity Date may be extended at the Company’s option if an event of default has occurred or is expected to occur or a fundamental transaction (as defined by the Note) has been announced but not yet closed. Because of the embedded features, the Company made the irrevocable election to report the Note on a fair value basis. The Note principal was originally due and payable on September 20, 2021, and has been extended to March 31, 2022. The Note was amended on March 31, 2021 and June 1, 2021 to its current principal balance of $6,650,000.

The Company recorded the Note at an initial fair value of $6.1 million as of September 8, 2020. The fair value of the Note was based on a Monte Carlo model with the following inputs: Tonogold common share price - $0.35; volatility – 96%; risk free rate – 0.15%; cost of debt – 11.12%; conversion premium – 30%; probability of prepayment – 5% at both March and June 2021; probability of change in control – 5% at June 2021; probability of default – 27% at September 2021.

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At December 31, 2020, the fair value of the Note was $5.5 million based on a Monte Carlo model with the following inputs: Tonogold common share price – $0.30; volatility – 89%; risk free rate – 0.09%; cost of debt – 7.62%; conversion premium – 30%; probability of prepayment – 5% at both March and June 2021; probability of change in control – 5% as of June 2021; probability of default – 27% as of September 2021.

At September 30, 2021, the fair value of the Note was $7.1 million based on a Monte Carlo model with the following inputs: Tonogold common share price – $0.11; volatility – 54%; risk free rate – 0.05%; cost of debt – 6.93%; conversion premium – 30%; probability of prepayment – 0% ; probability of default – 28% as of March 2022. We recorded other expense of $0.2 million and $0.6 million in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021, respectively, which represented changes in fair value of the Note. The Note is classified within Level 3 of the valuation hierarchy.

LINICO Derivative Asset

On February 16, 2021, we recorded a derivative asset on the consolidated balance sheets in connection with the LINICO Stock Purchase Agreement. On that date, the $500,000 fair value of the derivative asset was determined based on the excess of the fair value of 3.0 million shares of our common stock issued to and held by LINICO over the $6,250,000 contractual consideration required under the agreement. The fair value of the shares was based on the $2.25 closing price per share of our common stock on that date. As of September 30, 2021, the $6.3 million fair value of the derivative asset is based on the same number of shares and the $2.67 closing price per share of our common stock plus $4.5 million of Cash Commitment payments made to LINICO. We recorded an unrealized loss of $2,880,000 and an unrealized gain of $1,260,000 for the change in fair value of the LINICO derivative asset in other income (expense) in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021, respectively. The derivative asset is classified within Level 2 of the valuation hierarchy.

GenMat Derivative Asset and Liability

On June 24, 2021, we recorded a derivative asset on the consolidated balance sheets in connection with the GenMat Membership Interest Purchase Agreement. On that date, the $530,000 fair value of the derivative asset was determined based on the excess of the fair value of 3.0 million shares of our common stock issued to and held by GenMat over the $10.0 million contractual stock consideration required under the agreement. The value of the shares was based on the $3.51 closing price per share of our common stock on that date. As of September 30, 2021, the $1,990,000 fair value of the derivative liability is based on the same number of shares and the $2.67 closing price per share of our common stock on that date. We recorded unrealized losses for the change in fair value of the GenMat derivative liability of $2.9 million and $2.5 million in other income (expense) in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021, respectively. The derivative liability is classified within Level 2 of the valuation hierarchy.

LPB Derivative Asset

On July 23, 2021, we recorded a derivative asset on the consolidated balance sheets in connection with the LPB Contribution Agreement. On that date, the $6,642,000 fair value of the derivative asset was determined based on the excess of the fair value of 3.5 million shares of our common stock issued to and held by LPB over the $4,173,000 fair value of our contractual consideration under the LPB Partnership Interest Purchase Agreement. The value of the shares was based on the $3.09 closing price per share of our common stock on that date. As of September 30, 2021, the $5,172,000 fair value of the derivative asset is based on the same number of shares and the $2.67 closing price per share of our common stock on that date. We recorded an unrealized loss for the change in fair value of the LPB derivative asset of $1.5 million in other income (expense) in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021. The derivative asset is classified within Level 2 of the valuation hierarchy.

Common Shares of Elevation

During 2020, we sold certain mining claims in exchange for 100,000 shares of common stock of Eclipse, which were restricted from sale through March 1, 2021. As of December 31, 2020, the fair value of the Company’s investment was based on the $0.43 closing price per share of the stock with a discount of $3,010 calculated based on a required holding period of 0.17 years, risk-free rate of 0.08% and volatility of 74.0%. In February 2021, Eclipse merged with Northern Vertex and our 100,000 shares of Eclipse were converted to 109,000 Northern Vertex shares. On March 1, 2021, the restriction period expired. In September 2021, Northern Vertex changed its name to Elevation Gold Mining Corporation ("Elevation") and had a share consolidation of its common shares on a one for six basis resulting in the consolidation of our shares to 18,167 shares. The fair value of the shares of $19,257 as of September 30, 2021 is based on the closing price per share of $1.06. We recorded an unrealized loss of

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$9,628 and $20,908 for the reduction in fair value of the Northern Vertex shares in other income (expense) in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021, respectively. Upon expiration of the restriction period in February 2021, the Northern Vertex common shares were transferred from Level 2 to Level 1 of the valuation hierarchy.

MCU Derivative Asset

On December 4, 2020, we recorded a derivative asset on the consolidated balance sheets in connection with our $2.0 million purchase of 15% of MCU membership interests. As of December 31, 2020, the $265,127 fair value of the derivative asset was based on 625,000 shares of our common stock issued as a portion of the purchase price, and the $1.04 closing price per share of our common stock. During the nine months ended September 30, 2021, MCU sold all 625,000 shares, resulting in a final derivative asset fair value of $762,377 based on the excess of actual net proceeds and cash payments to MCU over the $2 million purchase price. We received a cash payment of $762,377 from MCU in February 2021 in full satisfaction of any excess proceeds from the sale of the stock, which was applied to the derivative asset, resulting in no remaining fair value as of September 30, 2021. We recorded $497,250 for the change in fair value of the derivative asset in other income (expense) in the condensed consolidated statements of operations for the nine months ended September 30, 2021. The derivative asset was classified within Level 2 of the valuation hierarchy.

Tonogold Contingent Forward

On March 20, 2020, Tonogold issued to the Company a senior secured convertible note with a principal amount of $5,475,000 reflecting Tonogold’s intent to purchase additional membership interests in Comstock Mining LLC in the future at a specified price. The Contingent Forward included the following features: 1) conversion feature allowing Comstock, at our sole option, to elect payment in Tonogold common shares upon certain events; 2) change of control redemption right allowing Comstock to redeem the note in cash at a 125% premium; 3) event of default redemption right allowing Comstock the right to redeem the note in cash at a 118% premium; and 4) a payment modification included in the Contingent Forward. The fair value of the Contingent Forward was based on a Monte Carlo model with various inputs. These inputs included the Tonogold common share price of $0.35 on September 8, 2020, volatility of 96.0%, risk-free rate of 0.15%, cost of debt of 11.12%, required conversion premium of 30.0%, probability of prepayment of 5%, probability of change in control of 5% and probability of default of 27%. We recorded $0.6 million in other expense and $0.8 million in other income in the condensed consolidated statements of operations for the three and nine months ended September 30, 2020, respectively. The contingent forward asset was netted against the gain on sale of Comstock Mining LLC recorded for the year ended December 31, 2020.

Tonogold Convertible Preferred Shares

The consideration received for Tonogold's acquisition of Comstock Mining LLC included shares of the Tonogold CPS. Since the CPS were not listed securities, and had no readily available market, we elected the fair value option for this instrument.

The value of the CPS as of September 30, 2020 was based on 120% of par value as a result of several factors, which made it likely that Tonogold would be able to apply the redemption provision of the CPS. We recorded $2.5 million and $2.5 million in other income and other expense, respectively, related to the changes in fair value of the CPS in the condensed consolidated statements of operations for the three and nine months ended September 30, 2020, respectively. The Company held no shares of Tonogold CPS at September 30, 2021 and December 31, 2020.

Other Financial Instruments

As of September 30, 2021, the carrying amount of cash and cash equivalents and notes receivable carried at amortized costs, approximates fair value because of the short-term maturity of these financial instruments.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Following is a description of the valuation methodologies used in determining the fair values of the nonrecurring stock purchase price consideration and intangible assets recorded in connection with the three acquisitions completed during the nine months ended September 30, 2021 (Notes 2 and 17), all of which are classified within Level 3 of the valuation hierarchy.

PSI Stock Purchase Price Consideration

On September 7, 2021, we entered into a Securities Purchase Agreement to purchase 100% of PSI equity and voting shares from the former shareholders of PSI. Under the agreement, the purchase price was paid through the issuance of 8.5 million

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restricted shares of our common stock to the former shareholders, with an estimated fair value of $14,952,807. The restricted shares issued are subject to lockup provisions wherein 28.0% of the restricted shares (2,380,000 shares) are released from resale restrictions 180 days, or six months, after the closing. The remaining 72.0% of the restricted shares (6,120,000 shares) are released from resale restrictions in eight equal installments of 9.0% every six months thereafter.

In determining the fair value of the shares issued, we assessed the lack of marketability of the shares issued utilizing the European and Asian Protective Put Models and, because PSI is a non-public company, we evaluated selected guideline companies from the same industry to determine discounts for lack of marketability associated with the lockup restrictions of 18.2% for the six-month lockup and 54.0% for the longer-term lockups. Related inputs for the six-month lockup include stock price $1.00, exercise price $1.00, term 0.5 years, volatility 101.3%, risk free rate 0.05% and dividend yield 0.0%. Related inputs for the longer-term lockups include stock price $1.00, exercise price $1.00, term 2.5 years, volatility 130.9%, risk free rate 0.30% and dividend yield 0.0%.

PSI Intangible Assets

PSI intangible assets acquired consist of technology-related assets, including two third-party license agreements and PSI-developed technology. Because adequate information is not available to determine the fair value of one of the license agreements using income (economic benefit stream) or market (comparable assets) valuation approaches, its fair values are based on a cost approach (to replace the future service capability of the asset) and an 80.0% opportunity cost to negotiate the agreement over a one-month period, resulting in an estimated fair value of $10,800. The second license agreement has been recorded at the cost of the minimum license fee less amortization, resulting in an estimated fair value of $483,333. The estimated fair value of the PSI-developed technology is based on the income approach, estimating the present value of related future cash flows after tax discounted at an estimated 80.0% per annum weighted average cost of capital, resulting in an estimated fair value of $6,579,401. All three intangible assets are being amortized on a straight line basis over their 10-year estimated useful lives (Note 9).

MANA Stock Purchase Price Consideration

On July 23, 2021, we entered into a Securities Purchase Agreement to purchase 100% of MANA equity and voting shares from the former shareholders of MANA. Under the agreement, the purchase price was paid through the issuance of 4.2 million restricted shares of our common stock to the former shareholders, with an estimated fair value of $6,827,466. The restricted shares issued are subject to lockup provisions wherein 28.0% of the restricted shares (1,176,000 shares) are released from resale restrictions 180 days, or six months, after the closing. The remaining 72.0% of the restricted shares (3,024,000 shares) are released from resale restrictions in eight equal installments of 9.0% every six months thereafter.

In determining the fair value of the shares issued, we assessed the lack of marketability of the shares issued utilizing the European and Asian Protective Put Models and, because MANA is a non-public company, we evaluated selected guideline companies from the same industry to determine discounts for lack of marketability associated with the lockup restrictions of 30.4% for the six-month lockup and 54.0% for the longer-term lockups. Related inputs for the six-month lockup include stock price $1.00, exercise price $1.00, term 0.5 years, volatility 163.9%, risk free rate 0.05% and dividend yield 0.0%. Related inputs for the longer-term lockups include stock price $1.00, exercise price $1.00, term 2.5 years, volatility 130.4%, risk free rate 0.30% and dividend yield 0.0%.

MANA Intangible Asset

MANA intangible assets acquired consist of a contract-related asset with an estimated fair value of $461,528. The fair value of the customer contract is based on the income approach, estimating the present value of related future cash flows after tax discounted at an estimated 12.0% per annum weighted average cost of capital. The customer contract is being amortized on a straight line basis over the estimated one-year period to complete the related services (Note 9).

RPS Stock Purchase Price Consideration

On June 18, 2021, we entered into a Securities Purchase Agreement to purchase 100% of RPS equity and voting shares from the former shareholder of RPS. Under the agreement, the purchase price is paid through the issuance of 1.0 million restricted shares of our common stock to the former shareholder, with an estimated fair value of $2,304,806. The restricted shares issued are subject to lockup provisions wherein 28.0% of the restricted shares (280,000 shares) are released from resale restrictions 180 days, or six months, after the closing. The remaining 72.0% of the restricted shares (720,000 shares) are released from resale restrictions in eight equal installments of 9.0% every six months thereafter.

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In determining the fair value of the shares issued, we assessed the lack of marketability of the shares issued utilizing the European and Asian Protective Put Models and, because RPS is a non-public company, we evaluated selected guideline companies from the same industry to determine discounts for lack of marketability associated with the lockup restrictions of 26.2% for the six-month lockup and 37.5% for the longer-term lockups. Related inputs for the six-month lockup include stock price $1.00, exercise price $1.00, term 0.5 years, volatility 142.4%, risk free rate 0.06% and dividend yield 0.0%. Related inputs for the longer-term lockups include stock price $1.00, exercise price $1.00, term 2.49 years, volatility 90.8%, risk free rate 0.36% and dividend yield 0.0%.

RPS Intangible Assets

RPS intangible assets acquired consist of technology-related and contract-related assets. The technology-related asset is a third-party license agreement with an estimated fair value of $16,619, and the contract-related assets include a third-party distribution agreement with an estimated fair value of $19,733, and a customer contract with an estimated fair value of $122,885. Because adequate information is not available to determine the fair values of the license and distribution agreements using income (economic benefit stream) or market (comparable assets) valuation approaches, their fair values are based on a cost approach (to replace the future service capability of the assets) and an 11.8% opportunity cost to negotiate the agreements over a six-month period. The fair values of the license and distribution agreements are being amortized on a straight line basis over their estimated 24 and 79 month estimated useful lives, respectively. The fair value of the customer contract is based on the income approach, estimating the present value of related future cash flows after tax discounted at an estimated 11.8% per annum weighted average cost of capital. The customer contract is being amortized on a straight line basis over the estimated nine-month period to complete the related services (Note 9).

18. Stock-Based Compensation

2020 Equity Incentive Plan

In 2020, the Company adopted the Comstock Mining Inc. 2020 Equity Incentive Plan (“2020 Plan”). The maximum number of shares of our common stock that may be delivered pursuant to awards granted under the 2020 Plan is 1,800,000. The plan provides for the grant of various types of awards, including but not limited to restricted stock (including performance awards), restricted stock units, stock options, and other types of stock-based awards.

In December 2020, 540,000 shares were granted to non-executive directors under the 2020 Plan, which vest in three equal increments of 180,000 shares each on January 1, 2022, January 1, 2023 and January 1, 2024. The fair value of the common shares issued was $1.06 per share, based on the closing price of our common stock on December 30, 2020. Compensation cost totaling $572,400 will be recognized on a straight-line basis over the three years vesting period. Compensation cost for these grants totaling $47,700 and $143,100 was recorded as a selling, general and administrative expense in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021, respectively. Unamortized stock-based compensation of $429,300 as of September 30, 2021 will be amortized over the remaining 27-month vesting term.

In January 2021, 1,055,000 performance shares were granted to employees under the 2020 Plan. The vesting of 50% of the employee performance share awards is contingent on the achievement of performance goals over the next three years, and vesting of the remaining 50% is contingent on the achievement of our common stock market price goals over the next five years, defined on a per share basis. Vesting is dependent on the employee remaining with the Company from the grant date through the vesting date. The performance shares which vest based on the achievement of performance goals were valued using the Company's common stock price on the grant date of $1.10 per share, and stock-based compensation was determined based on the probability of achieving each goal. The performance shares which vest based on the market price of the Company's shares were valued using a path-dependent model with the following inputs: beginning stock price – $1.10; annual equity volatility – 77%; risk-free rate – 0.36%; number of iterations – 100,000, resulting in an indicated fair value of $0.41 per share, with stock-based compensation recognized evenly over the term of 3.2 years.

In June 2021, 60,000 performance shares were granted to employees under the 2020 Plan. The performance shares which vest based on the market price of the Company's shares were valued using a path-dependent model with the following inputs: beginning stock price – $3.51; annual equity volatility – 93%; risk-free rate – 0.79%; number of iterations – 100,000, which resulted in an indicated fair value of $2.71 per share, with stock-based compensation recognized evenly over the derived term of 1.7 years.

In July and August 2021, a total of 60,000 performance shares were granted to employees under the 2020 Plan. The performance shares which vest based on the market price of the Company's shares were valued using a path-dependent model with the following inputs: beginning stock price – $3.04; annual equity volatility – 95%; risk-free rate – 0.65%; number of iterations – 100,000, resulting in an indicated fair value of $2.26 per share, with stock-based compensation recognized evenly over the derived term of 1.8 years.

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Stock-based compensation for all employee performance share grants totaling $80,015 and $186,584 was recorded as costs and expenses in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021, respectively. As of September 30, 2021, unamortized stock-based compensation for performance goals-based grants of $654,002 will be amortized over the remaining 27-month vesting term, and $289,915 for market price-based grants will be amortized over the remaining 29-month, 15-month and 18-month derived vesting terms, as applicable.

2011 Equity Incentive Plan

In 2011, the Company adopted the Comstock Mining Inc. 2011 Equity Incentive Plan (“2011 Plan”). The maximum number of shares of our common stock that could be delivered pursuant to awards granted under the 2011 Plan was 1,200,000. The plan provided for the grant of various types of awards, including, but not limited to, restricted stock (including performance awards), restricted stock units, stock options, and other types of stock-based awards. The 2011 Plan expired June 23, 2021. As of September 30, 2021, there are no shares available to be issued under the plan.

In May 2020, non-executive board members were granted 135,000 common shares for past services and 180,000 common shares for current services for a total of 315,000 common shares. The fair value of the common shares issued was $0.56 per share, based on the closing price per share of our common stock on May 28, 2020.

Also in May 2020, employees were granted 138,800 fully vested stock options to acquire common shares with an exercise price equal to the $0.56 closing price per share of our common stock on the date of the grant, and expiring on the second anniversary of the grants. Compensation cost for the stock options issued totaled $27,849 and was recorded as additional paid in capital on the consolidated balance sheets for the year ended December 31, 2020. As of September 30, 2021, 66,150 stock options have been repurchased and cancelled. Cash paid for the stock options totaling $24,600 and $247,156 for the three and nine months ended September 30, 2021 was deemed to be the incremental fair value of the stock options at the repurchase date, and was recorded as a reduction in additional paid-in capital on the condensed consolidated balance sheets. As of September 30, 2021, the intrinsic value of the remaining 72,650 stock options outstanding was $153,292.

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19. Other Income and Expense

Other income (expense) net consisted of the following for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Change in fair value of derivative asset related to Mercury Clean Up, LLC	—		—		497,250		—
Change in fair value of derivative asset related to LINICO Corporation	(2,880,000)		—		1,260,000		—
Change in estimated fair value of derivative asset or liability related to GenMat	(2,880,000)		—		(2,520,000)		—
Change in estimated fair value of derivative asset related to LPB	(1,470,000)		—		(1,470,000)		—
Equity loss in affiliates	(320,834)		—		(511,601)		—
Gain on sale of mining claims	—		—		—		100,000
Tonogold reimbursement of Pelen acquisition costs	—		84,944		—		234,944
Change in fair value of Tonogold preferred shares	—		(2,499,000)		—		(2,544,000)
Change in fair value MCU make whole	—		—		—		162,711
Realized gain (loss) on sale of Tonogold common shares	(33,539)		743,535		70,780		767,275
Change in fair value of Tonogold note receivable	(190,000)		256,000		(617,500)		256,000
Tonogold note receivable amendment fee	—		—		362,500		—
Unrealized gain (loss) on investments in securities	(268,672)		2,445,391		(2,200,472)		3,826,320
Recognition of grant from CARES Act PPP loan	—		67,624		—		261,170
Other	11,251		108,225		34,054		129,381
Total other income (expense)	$	(8,031,794)	$	1,206,719	$	(5,094,989)	$	3,193,801

20. Income Taxes

The tax provision or benefit from income taxes for interim periods is determined using the estimated annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, we update the estimate of the annual effective tax rate and, if the estimated tax rate changes, we make a cumulative adjustment.

In 2021, our effective tax rate is not expected to be affected by increases or decreases in pre-tax income principally due to a full valuation allowance applied against net deferred tax assets, as noted below. For the nine months ended September 30, 2021, we recognized no income tax benefit or expense, and paid no cash for income taxes.

Income taxes are provided for using the asset and liability method under which deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that are expected to be in effect when such differences are expected to reverse.

We are required to establish a valuation allowance against the deferred tax assets if, based on the weight of all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of September 30, 2021, management has determined that a full valuation allowance is necessary against our net deferred tax assets based on the weight of all available evidence. Management will continue to assess the need for a valuation allowance on a quarterly basis.

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21. Net Income (Loss) Per Common Share

Basic income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per share reflects the potential dilution that could occur if stock options were exercised. The following is a reconciliation of the numerator and denominator used in the basic and diluted computation of net income (loss) per share: 

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Numerator:
Net income (loss)	$	(9,494,506)	$	17,330,062	$	(7,627,267)	$	18,342,836
Denominator:
Basic weighted average shares outstanding	54,600,262		32,082,972		45,213,469		29,210,777
Incremental shares	—		58,007		—		26,463
Diluted weighted average shares outstanding	54,600,262		32,140,979		45,213,469		29,237,240
Net income (loss) per common share:
Basic EPS	$	(0.17)	$	0.54	$	(0.17)	$	0.63
Diluted EPS	$	(0.17)	$	0.54	$	(0.17)	$	0.63

For the three and nine months ended September 30, 2021, we had no common stock equivalent shares that were dilutive.

22. Segment Reporting

We are organized into three operating segments, Mining, Real Estate, and Natural Resource Renewal. Our mining segment consists of mining claim, development and processing, environmental and reclamation operations, and related assets, including investments in and loans to Tonogold and Pelen. Our real estate segment consists of real estate rental operations, including the Daney Ranch and Gold Hill Hotel, and related assets, and investments in and advances and assets held for sale to SSOF. Our natural resource renewal segment consists of remediation, recycling and materials development operations, and related assets, including investments in and loans to MCU, MCU-P, LINICO, GenMat and LPB, and our RPS, MANA and PSI subsidiaries. We evaluate the performance of our operating segments based on income (loss) from operations, including and income (loss) allocations from our equity method investments. All intercompany transactions are eliminated. Financial information relating to our reportable operating segments follows:

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	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2021		2020		2021		2020
Revenue
Mining	$	—	$	—	$	—	$	—
Real estate	56,375		49,425		159,500		146,225
Natural resource renewal	306,338		—		306,338		—
Total revenue	362,713		49,425		465,838		146,225
Costs and Expenses
Mining	(1,255,070)		(792,391)		(2,512,371)		(3,273,428)
Real estate	(77,812)		(738,606)		(234,884)		(787,187)
Natural resource renewal	(749,748)		—		(750,459)		—
Total costs and expenses	(2,082,630)		(1,530,997)		(3,497,714)		(4,060,615)
Operating Income (Loss)
Mining	(1,255,070)		(792,391)		(2,512,371)		(3,273,428)
Real estate	(21,437)		(689,181)		(75,384)		(640,962)
Natural resource renewal	(443,410)		—		(444,121)		—
Total loss from operations	(1,719,917)		(1,481,572)		(3,031,876)		(3,914,390)
Other income (expense) (Note 19)	(7,774,589)		18,811,634		(4,595,391)		22,257,226
Net income (loss)	$	(9,494,506)	$	17,330,062	$	(7,627,267)	$	18,342,836
Capital Expenditures
Mining	$	—	$	4,000	$	47,750	$	15,000
Real estate	—		—		—		—
Natural resource renewal	—		—		—		—
Total capital expenditures	$	—	$	4,000	$	47,750	$	15,000
Depreciation, Amortization, and Depletion
Mining	$	70,878	$	86,083	$	187,812	$	386,671
Real estate	46,340		690,151		160,006		705,233
Natural resource renewal	218,387		—		218,386		—
Total depreciation, amortization, and depletion	$	335,605	$	776,234	$	566,204	$	1,091,904

	As of September 30,		As of December 31,
	2021		2020
Assets
Mining	$	27,951,114	$	28,893,242
Real estate	13,724,621		10,770,370
Natural resource renewal	65,726,809		3,459,950
Total assets	$	107,402,544	$	43,123,562

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Goodwill
Mining	$	—	$	—
Real Estate	—		—
Natural resource renewal	17,737,226		—
	$	17,737,226	$	—

The addition of the natural resource renewal segment reflects the growth in our environmental, social and corporate governance ("ESG") initiatives, which expand beyond our historical focus on mining and real estate.

Certain amounts presented above have been reclassified to conform to the current period presentation, most notably to reclassify our investments in and advances and assets held for sale to SSOF from our mining segment to our real estate segment, and our investments in and loans to MCU and MCU-P from our mining segment to our new natural resource renewal segment. Income (loss) allocations from equity method investments are included in other income (expense).

23. Related Party Transactions

We identify, account for and disclose related party transactions. Parties, which can be entities or individuals, are considered to be related if either party has the ability, directly or indirectly, to control or exercise significant influence over the other party in making financial and operational decisions. Entities and individuals are also considered to be related if they are subject to the common control or significant influence of another party. The following related party transactions occurred during the three and nine months ended September 30, 2021 and 2020 (Notes 1 and 2).

Acquisitions

During the three months ended September 30, 2021, the former shareholder of RPS, acquired by Comstock on June 18, 2021, was appointed Chief Processing Engineer of Comstock. Also, during the three months ended September 30, 2021, following Comstock’s acquisition of PSI on September 7, 2021, the two former majority shareholders of PSI were appointed President and Chief Financial Officer and Chief Technology Officer, respectively, of Comstock. At that time, one former shareholder of MANA, acquired by Comstock on July 23, 2021, was appointed Chief Operating Officer of Comstock.

Prior to its acquisition, RPS entered into an Engineering Service Agreement with LINICO and continues to provide services thereunder. As of the July 23, 2021 closing of our investment in LPB, LPB and MANA entered into a management services agreement whereby MANA is providing certain general management, engineering, construction management and other services in connection with LPB’s retrofitting and operation of the LPB Facility (Note 6).

Northern Comstock LLC

We have an operating agreement with Northern Comstock, an entity controlled by a related party. For each of the three months ended September 30, 2021 and 2020, we made cash and common stock payments for mineral rights under the Northern Comstock operating agreement of $542,500 and for the nine months ended September 30, 2021 and 2020, $1,535,000 and $772,500, respectively. Cash payments for nine months ended September 30, 2021 included a one-time accelerated payment of $812,500 as a result of the net proceeds of $15.0 million we received on March 4, 2021 from the Equity Purchase Agreements (Notes 3 and 16).

Mercury Clean Up, LLC and MCU Philippines, Inc.

For the three and nine months ended September 30, 2021 and 2020, in connection with our investments in MCU and MCU-P, we have provided certain services relating to feasibility studies and permitting that are separate from those investments and not included as obligations under the MCU Agreement.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion provides information that we believe is relevant to an assessment and understanding of our condensed consolidated results of operations and financial condition as of and for the three and nine months ended September 30, 2021 and 2020. It should be read in conjunction with the condensed consolidated financial statements and accompanying notes included in this Form 10-Q and our Annual Report on Form 10-K as of and for the fiscal year ended December 31, 2020.

Overview

Comstock Mining, Inc. ("we", "our", "us", "Comstock", or "the Company"), is a leading innovator in the sustainable extraction, valorization, and production of scarce natural resources, with a focus on high value strategic materials that are essential to meeting the rapidly increasing global demand for clean energy, natural products and carbon-neutrality. We are building businesses that generate revenue by developing, using, selling, and supporting new clean technologies that facilitate the more efficient use of scarce natural resources. We are commercializing environment-enhancing, material science-based technologies, products, and processes including carbon neutral cellulosic bio-fuels, carbon reducing lithium-ion battery metal recycling, and mercury remediation for gold. We additionally manage an extensive portfolio of mining and related assets, including 9,358 acres of contiguous property in the historic Comstock and Silver City mining districts in Nevada (collectively, the “Comstock District”), and assets held for sale at values in excess of our cost basis.

Our goal is to grow per-share value by accelerating the commercialization of decarbonizing, self-sustaining, throughput generating businesses capable of exponential growth, increasing financial returns and globally meaningful human benefits.

We are currently developing four renewable businesses that all contribute to our decarbonization goals, including cellulosic bio-fuel and related by products of Plain Sight Innovations Corporation ("PSI"); the lithium-ion battery recycling business of LINICO Corporation ("LINICO"); the mercury remediation business of Mercury Clean Up, LLC ("MCU"); and, the carbon-reducing industrial hemp processing and crude oil extraction business of MANA Corporation ("MANA"). We have also invested in Quantum Generative Materials, LLC ("GenMat"), a developer of quantum computing technologies with the goal of accelerating material science discovery and development, and GenMat partners with us in the commercialization of new quantum generated materials in three primary fields of use; battery recycling, carbon capture and utilization, and global mining.

Lines of Business

Cellulosic Fuels – Plain Sight Innovations Corporation

In September 2021, we acquired 100% of the issued and outstanding equity and voting shares of Plain Sight Innovations Corporation ("PSI") in exchange for 8.5 million restricted shares of our restricted common stock with a fair value of $15.0 million in support of our focus on high value strategic materials that are essential to meeting the rapidly increasing global demand for clean energy, carbon-neutrality and natural products. The PSI acquisition brings an array of patented, patent-pending and proprietary process technologies that were designed to convert low cost, ubiquitous woody biomass feedstocks into cellulosic ethanol, while producing a portfolio of co-products, including renewable diesel, clean, enhanced marine fuels, lithium extraction and biomass-derived crystalline graphite, or biographite. These materials present carbon neutral alternatives to fossil fuels and have significant decarbonizing impacts in broad transportation markets applications, including liquid fuels used in ground and sea transportation and carbon materials used in electrification components.

PSI operates a commercial pilot cellulosic fuel facility based on its technologies, where it has already proven the ability to efficiently convert various forms of woody biomass into cellulosic ethanol and co-product precursors for renewable diesel, biographite, bioplastics, and a portfolio of carbon neutral alternatives to fossil fuels. PSI’s discovery of a natural source of carbon neutral graphite is strategically important to us, given that every cathode in every lithium-ion battery needs an anode, and most anodes are made from synthetic graphite produced with carbon intensive fossil fuel derivatives.

The acquired intellectual property also includes advanced new approaches to carbon capture and utilization, atmospheric water harvesting, waste heat and energy recovery, industrial photosynthesis for mass scale decarbonization, and the sustainable production of very large agricultural outputs for fractional inputs.

Industrial Hemp-Based Fuels and Byproducts – MANA Corporation and LP Biosciences LLC

In July 2021, we acquired 100% of the issued and outstanding equity and voting shares of MANA in exchange for 4.2 million restricted shares of our common stock with a fair value of $6.8 million, and executed a series of agreements with Lakeview Energy LLC (“Lakeview”) and its subsidiaries, pursuant to which we acquired 50% of the equity of Lakeview’s subsidiary, LP Biosciences LLC (“LPB”), and agreed to provide the financing needed to retrofit LPB’s pre-existing industrial

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scale solvent extraction and valorization facility in Merrill, Iowa, for the production of an array of wholesale products from up to 200,000 pounds per day of industrial hemp. We issued 3.5 million restricted shares of our common stock with a fair value of $10.8 million to LPB and recorded a $6.6 million related derivative asset in connection with our investment and financing commitments.

Industrial hemp is a natural resource with numerous known applications, including food, feed, fuel, and fiber, and an array of emerging applications in batteries, bioplastics, and other renewable alternatives to fossil fuel derived products. We expect MANA to provide a suite of complimentary technology, marketing and other management services, with a focus on acquiring and using pre-existing and new feedstock and offtake arrangements in connection with our investment in LPB. Following the acquisition, the Company transferred its ownership interests in LPB to MANA.

Battery Metal Recycling – LINICO Corporation

In February 2021, we acquired the rights to a majority equity stake in LINICO, and, as of September 30, 2021, hold 48.78% of LINICO voting shares. LINICO is a lithium-ion battery (“LIB”) recycling company that owns the rights to a 100,000 ton per annum state-of-the-art battery metal recycling facility in the Tahoe Reno Industrial (“TRI”) Center in Storey County, Nevada. LINICO's facility and separation systems are designed for, and situated to, receive, crush, and separate battery materials into black mass. LINICO also owns 20% of Green Li-ion Pte, Ltd. (“Green Li-ion”), with rights to purchase Green Li-ion’s patented process equipment, with exclusive rights for manufacturing and selling 99.9% pure lithium-ion cathodes in the U.S. market. Comstock's research, development and engineering teams, in Wausau, Wisconsin, are enabling a unique lithium extraction technology from this black mass and Green Li-ion’s technology is expected to convert this lithium-free black mass into high purity cathodes for a fraction of the cost and time of conventional solutions.

Each ton of conventionally mined lithium extraction can require nearly 2,000 tons of water utilization whereas LINICO’s process and the existing water recycling system in LINICO’s state-of-the art facility only consumes a tiny fraction of that amount to produce the same output, significantly enhancing conservation.

Mercury and Precious Metal Remediation - Mercury Clean Up, LLC

The Company entered into the Mercury Remediation Pilot, Investment and Joint Venture Agreement (as amended, the "MCU Agreement") to pilot test new, cleaner technologies, in collaboration with Oro Industries Inc. (“Oro”), for the manufacture and global deployment of mercury remediation systems with proprietary mechanical, hydro, electro-chemical and oxidation processes, to reclaim and remediate mercury from soils, waste and tailings. MCU has the exclusive, worldwide rights to four patentable technologies and equipment that we believe will demonstrate feasible, economic mercury remediation. Comstock provides the platform for testing the mercury remediation system and MCU has commenced conducting trials intending to prove scalable feasibility. MCU plans to deploy the solution globally and has secured its first major, international remediation project in the Philippines. Comstock’s award-winning mercury reclamation experience having received both a national reclamation award from the Bureau of Land Management and reclamation excellence awards from five Nevada agencies, including the Nevada Division of Environmental Protection and the Nevada Department of Minerals coupled with MCU’s technology and processing know-how positions a continuing, global growth opportunity.

Worldwide artisanal and small-scale mining activity has released thousands of tons of mercury into the environment. The continued worldwide use of mercury in unregulated activities, primarily outside of the United States, is polluting air, soils and waters, poisoning marine life and endangering lives. Ongoing, unregulated artisanal mining outside of the United States represents more than 40% of ongoing mercury contamination and a tremendous opportunity for cleaning up the environment in a sustainable, profitable manner. Mercury will not degrade in the environment by itself and must be removed to stop the pollution it causes. Mercury cannot be broken down or destroyed, and MCU, in collaboration with Oro and the Company, is pioneering an effective solution.

    The first processing unit was shipped to the Philippines in the fourth quarter of 2020. Mercury remediation testing combined with limited production of sand and gravel commenced in the first half of 2021. A permit is pending to allow the operation to scale to full production rates. Production rates are expected to increase throughout the remainder of 2021.

Engineering, Construction and Manufacturing - Renewable Process Solutions Inc.

In June 2021, Comstock acquired 100% of the capital stock and voting shares of Renewable Process Solutions Inc. ("RPS"), an advanced process engineering and renewable technology development company, in exchange for 1.0 million restricted shares of our common stock, with a fair value of $2.3 million.

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We identified RPS in discussions with our other acquired and equity method investment companies and acquired RPS to build our critical core competencies in advanced process engineering and renewable technology development necessary to facilitate our participation in the development and growth of these companies. RPS has strategic agreements with engineering services companies and high-tech manufacturers of the critical components and equipment required in our cellulosic fuels and lithium extraction processes. RPS has already designed LINICO’s crushing and separation systems and is collaborating with PSI for development of a new lithium extraction process. RPS is also engineering PSI’s first cellulosic ethanol, bio-diesel and marine fuel facility.

Quantum Computing and New Material Discoveries - Quantum Generative Materials,LLC

In June 2021, we committed to an investment of $15.0 million in the equity of Quantum Generative Materials, LLC ("GenMat"), a developer of quantum computing technologies, with the goal of accelerating material science discovery and development and partnering in the commercialization of new quantum generated materials. GenMat is developing a proprietary quantum operating system to harness emerging quantum computing technologies and develop breakthrough new materials for use in our strategically aligned, high-impact fields of interest, including battery recycling, carbon capture and utilization, and global mining. As of September 30, 2021, we own 37.5% of GenMat voting shares.

Gold and Silver Mining

We have consolidated the most significant portions of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and completed two phases of test production. We now own, control, or retain a royalty interest in 9,358 acres of mining claims, parcels, and royalty interests in the broader Comstock District and surrounding area. The acreage includes 2,396 acres of patented claims and surface parcels (private lands), and 6,962 acres of unpatented mining claims (public lands), which the U.S. Bureau of Land Management administers.

Because of the Comstock District’s historical significance, the geology is well known and has been extensively studied by the Company, our advisors and many independent researchers. We have expanded our understanding of the geology through vigorous surface mapping and drill hole logging. The volume of geologic data is immense, particularly in the Lucerne and Dayton resource areas. We have amassed a large library of historical data and detailed surface mapping of Comstock District properties and continue to obtain historical information from public and private sources. We integrate this data with information obtained from our mining operations to target prospective geological exploration areas and plan exploratory drilling programs, including expanded surface and underground drilling.

We have identified many exploration targets within our land holdings in the Comstock District and, to date, have focused on the Dayton-Spring Valley resource areas and exploration targets and, through our collaboration with Tonogold Resources, Inc. ("Tonogold"), the Lucerne resource area (including surface and underground exploration) and the adjacent Occidental and Gold Hill exploration targets. We have leased our remaining Storey County mineral claims, including the Occidental and Gold Hill claim groups and other exploration targets, to Tonogold, which has near-term plans for exploration and ultimately development toward economic feasibility for those assets.

Our sale to Tonogold of the membership interests in Comstock Mining LLC, the owner of the Lucerne Mine, resource area and related permits closed on September 8, 2020. We retain a Tonogold $6.7 million face value secured note receivable ("Note") on the Lucerne mine assets and a 1.5% NSR royalty in the Lucerne properties. Tonogold is in the final stages of completing an updated, third party, S-K 1300 technical report to be published by Mine Development Associates.

We own or control 100% of the Dayton-Spring Valley properties and are also completing an updated, third party, S-K 1300 technical report. We are developing exploration plans for our remaining areas, primarily the Dayton resource area and Spring Valley mineral claim group, that we view as an extension of the Dayton resource area.

Sierra Springs Opportunity Fund, Inc.

We hold an investment in Sierra Springs Opportunity Fund, Inc. (“SSOF”), a qualified opportunity zone fund, which wholly-owns a qualified opportunity zone business, Sierra Springs Enterprises, Inc. ("SSE"). We expect to own 9% of SSOF upon issuance by SSOF of all 75.0 million authorized shares to investors. As of September 30, 2021, we own 12.0% of the voting shares of SSOF and SSOF has received $12.0 million in equity from investors, including $335,000 from the Company and $525,000 (16.4% of voting shares) from our officers and directors. Our chief executive officer is president and a director of SSOF and an executive and a director of SSE.

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On September 26, 2019, and as later amended, we entered into agreements with SSE to sell our two Silver Springs properties ("Silver Springs Properties"). The agreements include the sale of 98 acres of industrial land and senior water rights for $6.5 million and 160 acres of commercial land along with its rights in the membership interests of Downtown Silver Springs LLC for $3.6 million. As of September 30, 2021, we have received deposits in cash and escrow from SSE totaling $0.4 million towards the purchase of the Silver Springs Properties, recorded in deposits under current liabilities on the condensed consolidated balance sheets. The transactions are expected to close during the first half of 2022.

For the nine months ended September 30, 2021, we advanced SSOF an additional $3.0 million, increasing total advances to $4.7 million, for use by SSOF for deposits and payments on land and other facilities related to investments in qualified businesses in the opportunity zone. The advances are non-interest-bearing and are expected to be repaid on or before the expected sale of our Silver Springs Properties to SSE during the first half of 2022.

COVID-19

For more than a year in Nevada, local governments, state health officials, emergency managers, local health authorities and community partners have come together in a statewide response to COVID-19. Processes continue to be in place to support testing, contact tracing, disease investigation and vaccine rollout in communities throughout the state.

On July 27, 2021, Nevada Governor Steve Sisolak signed Emergency Directive 047. This directive requires people in areas with substantial or high COVID-19 transmission to wear a face covering while in public indoor locations. Currently, 15 of Nevada’s 17 counties meet this threshold including Storey and Lyon counties. This mandate went into effect on Friday, July 30, 2021.

We are operating in alignment with these guidelines for limiting the spread of COVID-19 and continue prioritizing the health of our employees, partners and suppliers. This includes the continuation of remote working for any at-risk professionals and heightened monitoring of illness indicators.

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Outlook

We have approved a three-year, strategic plan with specific performance objectives designed to deliver per-share value over the next three years, while positioning the Company for continued growth beyond 2023. The plan objectives include commercializing and growing existing, ESG-compliant, cellulosic fuel, lithium-ion battery recycling and mercury remediation businesses while developing enhancing material science-based products and engineered processes from our investments in RPS and GenMat.

The plan objectives separately include monetizing over $25.0 million in non-strategic assets for funding these investments and their prospective growth. The plan is designed to deliver significant per-share value increases over the next three years, while positioning the Company for continued growth thereafter.

Our annual operating expenditures, excluding depreciation and amortization, are planned at $8.0 million, with $2.0 million of that amount being reimbursed under the various Tonogold agreements, resulting in expected net operating expenses for 2021 of $6.0 million.

During the first half of 2022, we expect to close the sale of the Silver Springs Properties for total proceeds of $10.1 million. The related agreements, as amended, included $0.4 million of non-refundable deposits released to the Company from escrow. We will use a portion of the proceeds from the sale to fund investments in LINICO, GenMat, and LPB.

Our remaining 2021 plans include advancing the investment in and the commercialization of PSI's cellulosic fuels operation, LINICO's battery metal recycling operation and MCU’s mercury remediation processing technologies.

We expect to exercise our $2.5 million warrant between the Company and LINICO wherein we have the right to purchase 2,500 additional shares of Series A Preferred and increase our investment in our LINICO lithium-ion battery recycling venture before the first quarter 2022, resulting in a majority stake in LINICO and consolidating LINICO’s financial results into our consolidated financial statements.

Our 2021 plans also include updating the Dayton’s current resource area estimate and continuing southerly into Spring Valley with incremental exploration programs that include recently completed geophysical surveys, surface exploration and definition drilling of targets identified by the geophysical surveys, surface mapping, prior drilling and deeper geological interpretations that all lead to publishing a new, S-K 1300 compliant, mineral resource estimate.

With the completion of the MANA and PSI acquisitions and investment in LPB, we have expanded our assets to include the extraction and valorization of a portfolio of critical and inevitably scarce materials, with an initial preference for high cash throughput generators that complement our existing competencies and operations.

Issuance of Equity

    For the nine months ended September 30, 2021, we issued 6.0 million registered shares of common stock at an average share price of $3.68, and net proceeds of $21.0 million after fees and expenses. In connection with these sales, we issued 85,872 shares for no additional compensation in payment of commitment and due diligence fees.

We also issued 23.4 million unregistered shares of common stock as consideration for acquisitions, investments and payment for mineral rights. On September 30, 2021, we filed a prospectus on Form S-3 with the Securities and Exchange Commission to register the 3.5 million shares of common stock issued to LPB for resale at a proposed maximum offering price per unit of $2.71. See Note 16, Equity, to our condensed consolidated financial statements.

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Comparative Financial Information

Our comparative financial information is reflected in the following table:

Three Months Ended:

	September 30, 2021		September 30, 2020		Change
Revenue	362,713		49,425		313,288
Real estate and other services	113,111		9,826		103,285
Depreciation and amortization	335,605		776,234		(440,629)
Exploration, research and development	168,837		262,167		(93,330)
Environmental and reclamation (Note 14)	53,384		(31,466)		84,850
Mining and mining claims (Notes 3 and 7)	(310,643)		(331,746)		21,103
Selling, general and administrative	1,722,336		845,982		876,354
Total costs and expenses	2,082,630		1,530,997		551,633
Income (loss) from operations	(1,719,917)		(1,481,572)		(238,345)
OTHER INCOME (EXPENSE)
Gain on sale of membership interests in Comstock Mining, LLC	—		18,275,846		(18,275,846)
Change in estimated fair value of contingent forward asset	—		(647,502)		647,502
Interest expense	(4,076)		(164,448)		160,372
Interest income	261,281		141,019		120,262
Other income (expense) (Note 19)	(8,031,794)		1,206,719		(9,238,513)
Other income (expense), net	(7,774,589)		18,811,634		(26,586,223)
NET INCOME (LOSS)	$	(9,494,506)	$	17,330,062	$	(26,824,568)

Real estate and other services revenue for the three months ended September 30, 2021 increased $313,288 as compared to the same period in 2020. Sales of RPS and MANA services, which were acquired in June and July 2021, respectively, produced $306,338 in revenue. Real estate revenue increased $6,950 for three months ended as compared to the same period in 2020, primarily from increased rental income from the Daney Ranch lease signed September 1, 2020, partially offset by a decrease in rentals income from our metallurgical labs and the Gold Hill Hotel.

Real estate and other services costs for the three months increased $103,285 as compared to the same period in 2020, as a result of $103,720 in engineering services costs related to RPS partially offset by a decrease in real estate costs related to lower repairs and maintenance costs for leased facilities.

Depreciation and amortization expense for the three months decreased $440,629 as compared to the same period in 2020, as a result of recognizing the depreciation that would have been recognized had the Gold Hill Hotel and Daney Ranch properties not been held for sale in prior period, partially offset by amortization of intangible assets acquired in 2021.

Exploration, research and development costs and expenses decreased by $93,330 for the three months, as compared to the same period in 2020, primarily due to an aerial geophysical survey performed in the prior year and lower utilities costs, partially offset by increased labor, maintenance and repairs, and equipment rental costs.

Environmental and reclamation costs and expenses increased by $84,850 during the three months, as compared to the same period in 2020, primarily due to an increase in accretion expense related to the asset retirement obligation revised in January 2021, and higher labor and insurance costs.

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Mining and mining claim costs increased by $21,103 for the three months, as compared to the same period in 2020, primarily due to an increase in the Northern Comstock net monthly expense related to the accelerated payment in 2021 and increased Bureau of Land Management claim fees.

Selling, general and administrative expenses increased by $876,354 during the three months, as compared to the same period in 2020, primarily due to higher labor costs related to new employees from 2021 acquisitions, legal fees associated with acquisitions, and higher professional service costs, performance-based stock compensation expense and directors' fees, partially offset by lower legal fees.

We recorded a gain of $18,275,846 on the sale and deconsolidation of Comstock Mining LLC during the three months ended September 30, 2020.

During the three months ended September 30, 2020, a loss of $647,502 was recognized in connection with a change in estimated fair value of a contingent forward asset, which was initially recorded in March 2020 and was eliminated on September 8, 2020 with the completion of the sale to Tonogold and deconsolidation of Comstock Mining LLC.

Interest expense decreased by $160,372 during the three months, as compared to the same period in 2020, as a result of the early repayment of unsecured promissory notes in March 2021 and related reduced interest expense, partially offset by interest accrued on an RPS liability.

Interest income increased by $120,262 during the three months, as compared to the same period in 2020, as a result of higher income from Tonogold principal amounts due, higher accrued interest on the note receivable from MCU Philippines, Inc. ("MCU-P"), and accrued interest on the 2021 PSI note prior to acquisition.

Other expense of $8,031,794 for the three months ended September 30, 2021, primarily resulted from the net $7.2 million decrease in estimated fair value of derivative assets related to LINICO, GenMat and LPB, losses from affiliate companies of $0.3 million, unrealized losses on the value of Tonogold common shares of $0.3 million, decrease in fair value of the Tonogold Note of $0.2 million, and realized losses on sales of common shares of $0.03 million.

Other income of $1,206,719 for the three months ended September 30, 2020, resulted from an increase in value of Tonogold common shares of $2.4 million, realized gains on the sale of Tonogold common shares of $0.7 million, an increase in fair value of the Tonogold Note of $0.3 million, settlement of accounts payable of $0.2 million, and recognition of Paycheck Protection Program ("PPP") loan proceeds of $0.1 million, partially offset by a decrease in fair value of Tonogold preferred shares of $2.5 million.

Net loss was $9,494,506 for the three months ended September 30, 2021, as compared to a net income of $17,330,062 for the same period in 2020. The $26,824,568 reduction in earnings primarily resulted from the gain on sale to Tonogold of $18.3 million, a decrease in estimated fair value of the derivative assets related to LINICO, GenMat and LPB of $7.2 million, increased realized losses of $0.8 million on sales of Tonogold shares, reductions in fair value of the Tonogold Note of $0.4 million, increased losses from operations of $0.4 million, increased losses from affiliate companies of $0.3 million, increased unrealized losses on Tonogold shares of $0.2 million, PPP loan proceeds recognized in 2020 of $0.1 million, partially offset by losses recognized in 2020 on the contingent forward asset of $0.6 million, reduced interest expense of $0.2 million and increased interest income of $0.1 million.

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Nine Months Ended:

	September 30, 2021		September 30, 2020		Change
Revenue	465,838		146,225		319,613
Real estate and other services	123,405		26,821		96,584
Depreciation and amortization	566,204		1,091,904		(525,700)
Exploration, research and development	519,138		550,554		(31,416)
Environmental and reclamation (Note 14)	(445,074)		(2,678)		(442,396)
Mining and mining claims (Note 7)	(893,306)		(134,645)		(758,661)
Selling, general and administrative	3,627,347		2,528,659		1,098,688
Total costs and expenses	3,497,714		4,060,615		(562,901)
Income (loss) from operations	(3,031,876)		(3,914,390)		882,514
OTHER INCOME (EXPENSE)
Gain on sale of membership interests in Comstock Mining, LLC	—		18,275,846		(18,275,846)
Change in estimated fair value of contingent forward asset	—		765,880		(765,880)
Interest expense	(148,652)		(306,692)		158,040
Interest income	648,250		328,391		319,859
Other income (expense) (Note 19)	(5,094,989)		3,193,801		(8,288,790)
Other income (expense), net	(4,595,391)		22,257,226		(26,852,617)
NET INCOME (LOSS)	$	(7,627,267)	$	18,342,836	$	(25,970,103)

Real estate and other services revenue for the nine months ended September 30, 2021 increased $319,613 as compared to the same period in 2020. Sales of RPS and MANA services, which were acquired in June and July 2021, respectively, produced $306,338 in revenue. Real estate revenue for the nine months ended increased $13,275 as compared to the same period in 2020, primarily related to an increase in rental income from the Daney Ranch lease signed September 1, 2020, partially offset by a decrease in rental income associated with our metallurgical labs and Gold Hill Hotel.

Real estate and other service costs for the nine months increased $96,584 as compared to the same period in 2020, as a result of $103,720 in engineering services costs related to RPS revenue, partially offset by a decrease in real estate costs of $16,995 related to reduced maintenance and utilities costs.

Depreciation and amortization costs for the nine months decreased $525,700 as compared to the same period in 2020, as a result of recognizing the depreciation that would have been recognized had the Gold Hill Hotel and Daney Ranch properties not been held for sale in prior periods, partially offset by amortization of intangible assets acquired in 2021.

Exploration, research and development costs and expenses decreased by $31,416 during the nine months, as compared to the same period in 2020, primarily due to an aerial geophysical survey performed in the prior year and lower utilities costs, somewhat offset by increased labor, maintenance and repairs, and equipment rental costs.

Environmental and reclamation costs and expenses decreased by $442,396 during the nine months, as compared to the same period in 2020, primarily due to reduction in the estimated reclamation liability of $0.9 million which was recognized as income, partially offset by increased accretion related to the reclamation liability and higher environmental and labor costs.

Mining and mining claims costs decreased by $758,661 during the nine months, as compared to the same period in 2020, primarily due to the reimbursement of $0.8 million for the Northern Comstock accelerated payment, partially offset by an increase in the Northern Comstock net monthly expense and increased Bureau of Land Management claim fees.

General and administrative expenses increased by $1,098,688 during the nine months, as compared to the same period in 2020, primarily due to higher labor costs related to new employees from 2021 acquisitions, legal fees associated with

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acquisitions, as well as higher professional service costs and performance-based stock compensation expense, partially offset by lower legal fees.

The Company recorded a gain of $18,275,846 on the sale and deconsolidation of Comstock Mining LLC during the nine months ended September 30, 2020.

During the nine months ended September 30, 2020, a gain of $765,880 was recognized in connection with a change in estimated fair value of a contingent forward asset, which was initially recorded in March 2020 and was eliminated on September 8, 2020 with the completion of the sale to Tonogold and deconsolidation of Comstock Mining LLC.

Interest expense decreased by $158,040 during the nine months, as compared to the same period in 2020, as a result of the early repayment of promissory notes in March 2021, and the related reduced interest expenses, partially offset by interest accrued on an RPS liability acquired in 2021.

Interest income increased by $319,859 during the nine months, as compared to the same period in 2020, as a result of higher income from Tonogold principal amounts due, higher accrued interest on the note receivable from MCU-P, and accrued interest on the 2021 PSI note receivable prior to acquisition.

Other expense of $5,094,989 for the nine months, primarily resulted from a $2.2 million net decrease in estimated fair value of the derivative assets related to MCU, LINICO, GenMat and LPB, unrealized losses on the value of Tonogold common shares of $2.2 million, decrease in fair value of the Tonogold Note of $0.6 million and losses from affiliate companies of $0.5 million, partially offset by Tonogold Note amendment fee income of $0.4 million.

Other income of $3,193,801 for the nine months ended September 30, 2020primarily resulted from $1.2 million in unrealized losses on Tonogold convertible preferred and common shares, realized gains on sales of Tonogold common shares of $0.8 million, increase in fair value of the Tonogold Note of $0.3 million, recognition of PPP loan proceeds of $0.3 million used for qualifying expenses, and gains related to the change in estimated fair value of MCU make whole of $0.2 million, Tonogold reimbursements of Pelen acquisition costs of $0.2 million, settlement of accounts payable of $0.1 million and gain on sale of assets and mining claims of $0.1 million.

Net loss was $7,627,267 for the nine months, as compared to net income of $18,342,836 for the same period in 2020. The $25,970,103 reduction in earnings primarily resulted from the absence of the $18.3 million gain on the sale to Tonogold, unrealized losses on Tonogold shares of $3.5 million, net reductions in fair value of derivative assets and make whole amounts of $2.4 million related to 2021 acquisitions and MCU, reductions in fair value of the Tonogold Note $0.9 million, gains recognized in 2020 on contingent forward asset of $0.8 million, reduced realized gains on sales of Tonogold shares of $0.7 million, and losses from affiliate companies of $0.5 million, partially offset by decreased losses from operations of $0.8 million, and increased interest income of $0.3 million.

Liquidity and Capital Resources

The condensed consolidated financial statements are prepared on the going concern basis of accounting that assumes the realization of assets and the satisfaction of liabilities in the ordinary course of business. We have had recurring net losses from operations and have an accumulated deficit of $228.6 million as of September 30, 2021. For the nine months ended September 30, 2021, we recognized net loss of $7.6 million and cash and cash equivalents and restricted cash increased $1.0 million from $2.4 million as of December 31, 2020 to $3.4 million as of September 30, 2021.

For the nine months ended September 30, 2021, we used $5.0 million of cash in operating activities, with $11.1 million used in investing activities and $17.1 million provided by financing activities.

Net cash used in operating activities for the nine months ended September 30, 2021, increased $2.6 million from the same period in 2020 due to $26.0 million higher net income the prior year, partially offset by $20.8 million of non-cash income and changes in working capital for the prior year and $2.6 million of non-cash costs and expenses and changes in working capital for the current year.

Net cash used in investing activities for the nine months ended September 30, 2021, was $11.1 million, primarily for cash payments to GenMat and LINICO, PSI and LPB totaling $8.6 million, advances made to SSOF of $3.0 million, increases in MCU-P, LPB and other notes receivable totaling $1.2 million, offset by proceeds from the sale of Tonogold common shares of $1.0 million and proceeds from the MCU-P derivative asset settlement of $0.7 million.

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Net cash used in investing activities for the nine months ended September 30, 2020, was $0.1 million, primarily from $1.4 million proceeds from the sale of Tonogold common shares, $1.1 million in proceeds from Tonogold for payments toward the purchase of Comstock Mining LLC, $0.1 million in proceeds from the sale of mineral rights and properties and $0.1 million in deposits received related to the sale of the Silver Springs Properties, partially offset by $1.4 million in deposits made toward the investment in MCU, $1.3 million of advances to SSOF and $0.1 million payment for the option to purchase additional membership interests in Pelen.

Net cash provided by financing activities for the nine months ended September 30, 2021 was $17.1 million, primarily from net proceeds from the sale of common stock of $22.0 million, partially offset by repayments on long term debt of $3.6 million, common stock issuance costs of $1.1 million and repurchase of employee stock options of $0.3 million. Net cash provided by financing activities for the nine months ended September 30, 2020 was $3.2 million, primarily from net proceeds from the sale of common stock of $4.2 million and proceeds from promissory notes of $4.2 million, partially offset by principal payments on long-term debt of $5.1 million and common stock issuance costs of $0.1 million.

We intend to fund our operations over the next twelve months from existing cash and cash equivalents, planned sales of Tonogold common shares, the repayment of the Tonogold Note and advances to SSOF, and the planned sale of the Silver Springs Properties. Based on these 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 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, borrowings and other means, there is no assurance we will be able to obtain additional equity capital or other financing, if needed.

Future operating expenditures above management’s expectations, including but not limited to exploration, research and development, selling, general and administrative, and investment related expenditures in excess of planned proceeds from the sale of Tonogold securities, repayment of the Note and advances to SSOF and sale of the Silver Springs Properties, and amounts to be raised from the issuance of equity under our existing shelf registration statement, declines in the market value of properties held for sale, or declines in the share price of our common stock would adversely affect our results of operations, financial condition and cash flows. If we were unable to obtain any necessary additional funds, this could have an immediate material adverse effect on liquidity and raise substantial doubt about our ability to continue as a going concern. In such case, we could be required to limit or discontinue certain business plans, activities or operations, reduce or delay certain capital expenditures or investments, or sell certain assets or businesses. There can be no assurance that we would be able to take any such actions on favorable terms, in a timely manner, or at all.

Critical Accounting Policies and Estimates

There have been no material changes to the critical accounting policies and estimates previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020. However, in order to add or enhance disclosures of certain policies as a result of our recently acquired subsidiaries, we have added our policy regarding revenue recognition, and revised our policies regarding Intangible Assets and Goodwill and Use of Estimates in Note 1, Summary of Significant Accounting Policies, to our condensed consolidated financial statements.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk – In March 2021, we repaid all outstanding long-term debt borrowings. Our risk associated with fluctuating interest expense is limited to other short-term obligations we may incur in the normal course of our operations.

There have been no material changes in the market risks discussed in Item 7A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

ITEM 4. CONTROLS AND PROCEDURES.

A. Disclosure

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q, with the participation of our Principal Executive and Financial Officer, an evaluation of the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 ("Exchange Act") was conducted. Our disclosure controls and procedures are designed to ensure information required to be disclosed in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Exchange Act rules, and such information is accumulated and communicated to our management, including our Principal Executive and Financial Officer, to allow timely decisions regarding required disclosures. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Our Principal Executive and Financial Officer concluded that, as of September 30, 2021, in conjunction with the implementation of additional reviews and resources, including matter experts associated with complex accounting and valuations , our disclosure controls and procedures, including monitoring controls over the determination of the accounting for and valuation of complex transactions, were effective.

Officer Certifications

We have attached as an exhibit to this Quarterly Report the certification of our Principal Executive and Financial Officer, which is required in compliance with the Exchange Act.

Changes in Internal Control Over Financial Reporting

During the quarter ended September 30, 2021, there was no change in our internal control over financial reporting that materially affected, or is reasonably likely to materially affect our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

Our mining and exploration activities are subject to various laws and regulations governing environmental protection. These laws and regulations are frequently changing and generally becoming more restrictive. We believe our operations are in compliance with applicable laws and regulations, in all material respects. We continuously make expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures.

All other legal proceedings are disclosed in Note 15, Commitments and Contingencies, to our condensed consolidated financial statements.

Item 1A. Risk Factors.

No new risk factors have been identified in addition to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q for the interim period ended September 30, 2021.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

On September 7, 2021, we issued 8.5 million shares of unregistered restricted common stock under Section 4(a)(2) of the Securities Act of 1933 (the “Securities Act”) with a fair value of $15.0 million to the former shareholders of Plain Sight Innovations Corporation (“PSI”) in exchange for 100% of the capital stock in PSI.

On July 23, 2021, we issued 4.2 million shares of unregistered restricted common stock under Section 4(a)(2) of the Securities Act with a fair value of $6.8 million to the former shareholders of MANA Corporation (“MANA”) in exchange for 100% of the capital stock in MANA.

On July 23, 2021, we issued 3.5 million shares of unregistered restricted common stock under Section 4(a)(2) of the Securities Act with a fair value of $10.8 million to LP Biosciences LLC (“LPB”) as part of the consideration for the investment in LPB.

On September 30, 2021, we filed a prospectus on Form S-3with the Securities and Exchange Commission to register the 3.5 million shares issued to LPB for resale at a proposed maximum offering price per unit of $2.71.

Item 3. Defaults Upon Senior Securities.

    None.

Item 4. Mine Safety Disclosures.

Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 104 of Regulation S-K, we are required to disclose items believed to be violations of the Federal Mine Safety and Health Act of 1977, any health and safety standard, or any regulation, as administered by the Federal Mine Safety and Health Administration. The required information is included in Exhibit 95 to this report.

Item 5. Other Information.

On August 2, 2021, the Compensation Committee (the “Committee”) of the Board of Directors of the Company approved the grant of a special monetary award of $193,299 to the Executive Chairman and Chief Executive Officer of the Company, Corrado De Gasperis, in consideration of superlative efforts. The amount of the monetary award is equal to the difference between the designated base salary amount in the employment agreement of the Executive Chairman and Chief Executive Officer and actual cash payments by the Company to the Executive Chairman and Chief Executive Officer from January 1, 2016 to June 30, 2021. Mr. De Gasperis’ salary was voluntarily reduced from $360,000 to $288,000 in 2016 in conjunction with the Company's efforts to reduce administrative expenses. On August 2, 2021, the Committee also approved the reinstatement of Mr. DeGasperis’ base salary to $360,000 per his employment agreement, effective retroactively from July 1, 2021.

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Item 6. Exhibits.

The exhibits required to be filed as a part of this Report on Form 10-Q are listed in the Exhibit Index attached hereto, which is incorporated herein by reference.

(1) Exhibits filed as part of this Report:

See Exhibits for which the Exhibit number is noted with an asterisk on the Exhibit Index attached hereto.

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Exhibit Number	Exhibit
10.1	Securities Exchange Agreement, dated September 7, 2021 between Comstock Mining Inc., Plain Sight Innovations Corporation, Triple Point Asset Management LLC and Global Catalytic Disruptor Fund LLC (previously filed with Securities and Exchange Commission on September 9, 2021 as exhibit 10.1 to the Company's Form 8-K (file number 001-35200/film number 21143134), and incorporated herein by reference).
10.2	Asset Purchase Agreement, dated September 7, 2021 between Comstock Mining Inc., and Flux Photon Corporation (previously filed with Securities and Exchange Commission on September 9, 2021 as exhibit 10.2 to the Company's Form 8-K (file number 001-35200/film number 21143134), and incorporated herein by reference).
10.3	Securities Exchange Agreement, dated July 23, 2021 between Comstock Mining Inc. and MANA Corporation (previously filed with Securities and Exchange Commission on July 29, 2021 as exhibit 10.1 to the Company's Form 8-K (file number 001-35200/film number 211124379), and incorporated herein by reference).
10.4	LP Biosciences LLC Amended and Restated Operating Agreement, dated July 23, 2021 (previously filed with Securities and Exchange Commission on July 29, 2021 as exhibit 10.2 to the Company's Form 8-K (file number 001-35200/film number 211124379), and incorporated herein by reference).
10.5	Note Purchase Agreement, dated July 23, 2021 between Comstock Mining Inc. and LP Biosciences LLC (previously filed with Securities and Exchange Commission on July 29, 2021 as exhibit 10.3 to the Company's Form 8-K (file number 001-35200/film number 211124379), and incorporated herein by reference).
10.6	Secured Promissory Note, dated July 23, 2021 between Comstock Mining Inc. and LP Biosciences LLC (previously filed with Securities and Exchange Commission on July 29, 2021 as exhibit 10.4 to the Company's Form 8-K (file number 001-35200/film number 211124379), and incorporated herein by reference).
10.7	LPB Partnership Interest Purchase Agreement, dated July 23, 2021 between Comstock Mining Inc. and LP Nutrition LLC (previously filed with Securities and Exchange Commission on July 29, 2021 as exhibit 10.5 to the Company's Form 8-K (file number 001-35200/film number 211124379), and incorporated herein by reference).
31*	Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities Exchange Act of 1934, as amended.
32*	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
95*	Mine Safety Disclosures.
101*	Interactive Data File (Quarterly Report on Form 10-Q, for the periods ended September 30, 2021, furnished in XBRL (extensible Business Reporting Language)).
	Attached as Exhibit 101 to this report are the following documents formatted in XBRL: (i) the Condensed Consolidated Balance Sheets at September 30, 2021 and December 31, 2020, (ii) the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020, (iii) the Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2021 and 2020, (iv) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 and (v) the Notes to the Condensed Consolidated Financial Statements, tagged as blocks of text. Users of this data are advised pursuant to Rule 406T of Regulation S-T that this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		COMSTOCK MINING INC.
		(Registrant)
Date:	November 9, 2021	By:	/s/ Corrado De Gasperis
			Name: Corrado De Gasperis
			Title:   Executive Chairman and Chief Executive Officer (Principal Executive and Accounting Officer)
Date:	November 9, 2021	By:	/s/ Kevin Kreisler
			Name: Kevin Kreisler
			Title:   President and Chief Financial Officer (Principal Financial Officer)

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EX-31

EXHIBIT 31.1

CERTIFICATION

I, Corrado De Gasperis, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Comstock Mining Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. 

Date:  November 9, 2021

/s/ Corrado De Gasperis

Corrado De Gasperis

Executive Chairman and Chief Executive Officer (Principal Executive and Accounting Officer)

EXHIBIT 31.2

CERTIFICATION

I, Kevin Kreisler, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Comstock Mining Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. 

Date:  November 9, 2021

/s/ Kevin Kreisler

Kevin Kreisler

President and Chief Financial Officer (Principal Financial Officer)

EX-32

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Section 1350 Certification

In connection with the Quarterly Report of Comstock Mining Inc. (the “Company”) on Form 10-Q for the fiscal quarter ended September 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Corrado De Gasperis, Executive Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)  The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m(a) or 78o(d)); and

(2)  The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date:  November 9, 2021

/s/ Corrado De Gasperis

Corrado De Gasperis

Executive Chairman and Chief Executive Officer (Principal Executive and Accounting Officer)

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Section 1350 Certification

In connection with the Quarterly Report of Comstock Mining Inc. (the “Company”) on Form 10-Q for the fiscal quarter ended September 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Kevin Kreisler, President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)  The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m(a) or 78o(d)); and

(2)  The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date:  November 9, 2021

/s/ Kevin Kreisler

Kevin Kreisler

President and Chief Financial Officer (Principal Financial Officer)

EX-95

Exhibit 95

The following disclosures are provided pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K, which requires certain disclosures by companies required to file periodic reports under the Securities Exchange Act of 1934, as amended, that operate mines regulated under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”).

Whenever the Federal Mine Safety and Health Administration (“MSHA”) believes that a violation of the Mine Act, any health or safety standard, or any regulation has occurred, it may issue a citation or order which describes the violation and fixes a time within which the operator must abate the violation. In some situations, such as when the MSHA believes that conditions pose a hazard to persons, MSHA may issue an order requiring removal of persons from the area of the mine affected by the condition until the hazards are correction. Whenever MSHA issues a citation or order, it has authority to propose a civil penalty or fine, as a result of the violation.

The table below reflects citations and orders issued by MSHA during the nine months ended September 30, 2021.

Mining Operating Name MSHA Identification Number	Section 104S&S Citations	Section 104(b) Orders	Section 104(d) Citations and Orders	Section 110(b)(2) Violations	Section 107(a) Orders	Total Dollar Value of MSHA Assessments Proposed		Total Number Of Mining Related Fatalities	Received Notice of Pattern of Violations Under 104(3)	Received Notice of Potential to Have Pattern of Violations Under Sections 104(3)	Legal Actions Pending as of Last Day of Period	Legal Actions Initiated During Period	Legal Actions Resolved During Period
26-01871	—	—	—	—	—	$	—	—	No	No	No	—	—
26-02771	—	—	—	—	—	$	—	—	No	No	No	—	—

XML

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 02, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-35200
Entity Registrant Name	COMSTOCK MINING INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	65-0955118
Entity Address, Address Line One	117 American Flat Road
Entity Address, City or Town	Virginia City
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89440
City Area Code	775
Local Phone Number	847-5272
Title of 12(b) Security	Common Stock
Trading Symbol	LODE
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Smaller Reporting Company	true
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		65,297,109
Amendment Flag	false
Entity Central Index Key	0001120970
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 2,917,785	$ 2,431,944
Restricted cash (Note 2)	500,000	0
Assets held for sale (Note 5)	6,328,338	6,328,338
Investments in equity securities (Notes 3 and 17)	1,051,718	3,979,723
Notes receivable and advances, net - current portion (Notes 4 and 17)	11,879,459	7,148,500
Derivative assets related to investments (Note 17)	11,432,000	265,127
Prepaid expenses and other current assets (Note 6)	1,356,611	681,078
Total current assets	35,465,911	20,834,710
Investments (Notes 2 and 17)	27,099,280	3,272,597
Mineral rights and properties (Note 7)	6,638,394	6,597,644
Properties, plant and equipment, net (Note 7)	8,287,144	8,624,700
Reclamation bond deposit (Note 8)	2,695,879	2,695,704
Retirement obligation assets, net (Note 14)	0	57,963
Notes receivable and advances, net (Note 4)	1,569,306	860,940
Intangible assets (Note 9)	7,475,912	0
Goodwill (Note 9)	17,737,226	0
Other assets (Note 10)	433,492	179,304
TOTAL ASSETS	107,402,544	43,123,562
CURRENT LIABILITIES:
Accounts payable	1,329,072	313,772
Accrued expenses and other liabilities (Note 11)	419,580	534,947
Deposits (Note 5)	420,183	419,266
Derivative liability (Note 17)	1,990,000	0
Long-term debt, net - current portion (Note 13)	0	3,557,705
Total current liabilities	4,158,835	4,825,690
LONG-TERM LIABILITIES:
Long-term reclamation liability (Note 14)	5,364,582	6,054,919
Other liabilities	46,583	463,747
Total long-term liabilities	5,411,165	6,518,666
Total liabilities	9,570,000	11,344,356
COMMITMENTS AND CONTINGENCIES (Notes 2 and 15)
EQUITY:
Preferred Stock, $.000666 par value, 50,000,000 shares authorized, no shares issued	0	0
Common stock, $.000666 par value, 158,000,000 shares authorized, 64,402,789 and 34,980,766 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	42,532	22,937
Additional paid-in capital	326,376,347	252,715,337
Accumulated deficit	(228,586,335)	(220,959,068)
Total equity	97,832,544	31,779,206
TOTAL LIABILITIES AND EQUITY	$ 107,402,544	$ 43,123,562

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in dollars per share)	$ 0.000666	$ 0.000666
Preferred Stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred Stock, shares issued (in shares)	0	0
Common stock, par value per share (in dollars per share)	$ 0.000666	$ 0.000666
Common stock, shares authorized (in shares)	158,000,000	158,000,000
Common stock, shares issued (in shares)	64,402,789	34,980,766
Common stock, shares outstanding (in shares)	64,402,789	34,980,766

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
REVENUES
Revenue	$ 362,713	$ 49,425	$ 465,838	$ 146,225
COSTS AND EXPENSES
Real estate and other services	113,111	9,826	123,405	26,821
Depreciation and amortization	335,605	776,234	566,204	1,091,904
Exploration, research and development	168,837	262,167	519,138	550,554
Environmental and reclamation (Note 14)	53,384	(31,466)	(445,074)	(2,678)
Mining and mining claims (Notes 3 and 7)	(310,643)	(331,746)	(893,306)	(134,645)
Selling, general and administrative	1,722,336	845,982	3,627,347	2,528,659
Total costs and expenses	2,082,630	1,530,997	3,497,714	4,060,615
LOSS FROM OPERATIONS	(1,719,917)	(1,481,572)	(3,031,876)	(3,914,390)
OTHER INCOME (EXPENSE)
Gain on sale of membership interest in Comstock Mining LLC	0	18,275,846	0	18,275,846
Change in estimated fair value of contingent forward asset	0	(647,502)	0	765,880
Interest expense	(4,076)	(164,448)	(148,652)	(306,692)
Interest income	261,281	141,019	648,250	328,391
Other income (expense) (Note 19)	(8,031,794)	1,206,719	(5,094,989)	3,193,801
Total other income (expense), net	(7,774,589)	18,811,634	(4,595,391)	22,257,226
NET INCOME (LOSS)	$ (9,494,506)	$ 17,330,062	$ (7,627,267)	$ 18,342,836
Basic income (loss) per common share:
Net income (loss) per share (in dollars per share)	$ (0.17)	$ 0.54	$ (0.17)	$ 0.63
Weighted average common shares outstanding (in shares)	54,600,262	32,082,972	45,213,469	29,210,777
Diluted income (loss) per common share:
Net income (loss) per share (in dollars per share)	$ (0.17)	$ 0.54	$ (0.17)	$ 0.63
Weighted average common shares outstanding (in shares)	54,600,262	32,140,979	45,213,469	29,237,240

XML

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($)	Total	Mercury Clean Up LLC	Pelen LLC	LINICO	Renewable Process Solutions	Quantum Generative Materials LLC	LP Biosciences LLC	MANA Corporation	Plain Sight Innovations LLC	Common Stock	Common Stock Mercury Clean Up LLC	Common Stock LINICO	Common Stock Renewable Process Solutions	Common Stock Quantum Generative Materials LLC	Common Stock LP Biosciences LLC	Common Stock MANA Corporation	Common Stock Plain Sight Innovations LLC	Additional Paid-in Capital	Additional Paid-in Capital Mercury Clean Up LLC	Additional Paid-in Capital Pelen LLC	Additional Paid-in Capital LINICO	Additional Paid-in Capital Renewable Process Solutions	Additional Paid-in Capital Quantum Generative Materials LLC	Additional Paid-in Capital LP Biosciences LLC	Additional Paid-in Capital MANA Corporation	Additional Paid-in Capital Plain Sight Innovations LLC	Accumulated Deficit	Noncontrolling Interest in Subsidiary
Beginning balance (in shares) at Dec. 31, 2019										27,236,489
Beginning balance at Dec. 31, 2019	$ 23,492,560									$ 18,139								$ 259,095,152									$ (235,890,272)	$ 269,541
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)										638,511
Issuance of common stock	242,621									$ 425								242,196
Common stock issuance costs	(50,070)																	(50,070)
Initial value of contingent forward	1,232,952																	1,232,952
Sale of membership interests in Comstock Mining LLC	100,000																	100,000
Net income (loss)	(263,212)																										(263,212)
Ending balance (in shares) at Mar. 31, 2020										27,875,000
Ending balance at Mar. 31, 2020	24,754,851									$ 18,564								260,620,230									(236,153,484)	269,541
Beginning balance (in shares) at Dec. 31, 2019										27,236,489
Beginning balance at Dec. 31, 2019	23,492,560									$ 18,139								259,095,152									(235,890,272)	269,541
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	18,342,836
Ending balance (in shares) at Sep. 30, 2020										34,440,766
Ending balance at Sep. 30, 2020	35,190,072									$ 22,937								252,715,337									(217,548,202)	0
Beginning balance (in shares) at Mar. 31, 2020										27,875,000
Beginning balance at Mar. 31, 2020	24,754,851									$ 18,564								260,620,230									(236,153,484)	269,541
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Sale of membership interests in Comstock Mining LLC	500,000																	475,384										24,616
Net income (loss)	1,275,986																										1,275,986
Investment in joint ventures (in shares)											625,000
Investment in joint ventures		$ 314,687	$ 585,000								$ 416								$ 314,271	$ 585,000
Director compensation (in shares)										315,000
Director compensation	176,400									$ 210								176,190
Employee and director share-based compensation	27,849																	27,849
Ending balance (in shares) at Jun. 30, 2020										28,815,000
Ending balance at Jun. 30, 2020	27,634,773									$ 19,190								262,198,924									(234,877,498)	294,157
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)										5,282,708
Issuance of common stock	4,080,001									$ 3,519								4,076,482
Common stock issuance costs	(205,000)																	(205,000)
Sale of membership interests in Comstock Mining LLC	6,681,497																	6,661,800										19,697
Net income (loss)	17,330,062																										17,330,062
Investment in joint ventures		$ 0
Payment for mineral rights (in shares)										343,058
Payment for mineral rights	482,500									$ 228								482,272
Deconsolidation of Comstock Mining LLC	(20,813,761)																	(20,499,141)									(766)	(313,854)
Ending balance (in shares) at Sep. 30, 2020										34,440,766
Ending balance at Sep. 30, 2020	35,190,072									$ 22,937								252,715,337									(217,548,202)	$ 0
Beginning balance (in shares) at Dec. 31, 2020										34,980,766
Beginning balance at Dec. 31, 2020	31,779,206									$ 22,937								252,715,337									(220,959,068)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)										4,423,842
Issuance of common stock	18,020,000									$ 2,946								18,017,054
Common stock issuance costs	(1,248,002)																	(1,248,002)
Net income (loss)	8,188,231																										8,188,231
Investment in joint ventures (in shares)												3,000,000
Investment in joint ventures				$ 6,750,000								$ 1,998									$ 6,748,002
Employee and director share-based compensation	97,010																	97,010
Issuance of common stock for stock issuance costs (in shares)										50,907
Issuance of common stock for stock issuance costs	250,002									$ 34								249,968
Repurchase of employee stock options	(194,581)																	(194,581)
Ending balance (in shares) at Mar. 31, 2021										42,455,515
Ending balance at Mar. 31, 2021	63,641,866									$ 27,915								276,384,788									(212,770,837)
Beginning balance (in shares) at Dec. 31, 2020										34,980,766
Beginning balance at Dec. 31, 2020	31,779,206									$ 22,937								252,715,337									(220,959,068)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(7,627,267)
Repurchase of employee stock options																		(24,600)
Ending balance (in shares) at Sep. 30, 2021										64,402,789
Ending balance at Sep. 30, 2021	97,832,544									$ 42,532								326,376,347									(228,586,335)
Beginning balance (in shares) at Mar. 31, 2021										42,455,515
Beginning balance at Mar. 31, 2021	63,641,866									$ 27,915								276,384,788									(212,770,837)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance costs	(65,000)																	(65,000)
Net income (loss)	(6,320,992)																										(6,320,992)
Investment in joint ventures (in shares)														3,000,000
Investment in joint ventures						$ 10,530,000								$ 1,998									$ 10,528,002
Employee and director share-based compensation	104,958																	104,958
Repurchase of employee stock options	(27,975)																	(27,975)
Acquisitions (in shares)													1,000,000
Acquisitions					$ 2,394,988								$ 666									$ 2,394,322
Ending balance (in shares) at Jun. 30, 2021										46,455,515
Ending balance at Jun. 30, 2021	70,257,845									$ 30,579								289,319,095									(219,091,829)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)										1,549,153
Issuance of common stock	3,979,999									$ 1,031								3,978,968
Common stock issuance costs	(101,500)																	(101,500)
Net income (loss)	(9,494,506)																										(9,494,506)
Investment in joint ventures (in shares)															3,500,000
Investment in joint ventures							$ 10,815,000								$ 2,331									$ 10,812,669
Employee and director share-based compensation	127,715																	127,715
Payment for mineral rights (in shares)										163,156
Payment for mineral rights	482,500									$ 109								482,391
Issuance of common stock for stock issuance costs (in shares)										34,965
Issuance of common stock for stock issuance costs	100,000									$ 23								99,977
Repurchase of employee stock options	(24,600)
Acquisitions (in shares)																4,200,000	8,500,000
Acquisitions								$ 6,827,466	$ 14,952,807							$ 2,797	$ 5,662								$ 6,824,669	$ 14,947,145
Acquisition of Renewable Process Solutions Inc.					$ (90,182)																	$ (90,182)
Ending balance (in shares) at Sep. 30, 2021										64,402,789
Ending balance at Sep. 30, 2021	$ 97,832,544									$ 42,532								$ 326,376,347									$ (228,586,335)

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES:
Net income (loss)	$ (7,627,267)	$ 18,342,836
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation, amortization, and depletion	405,781	1,091,904
Amortization of intangibles	218,387	0
Accretion (reduction) of reclamation liability	(690,337)	15,533
Amortization (recovery) of discount on MCU Philippines, Inc. note receivable	(77,703)	0
Gain on sale of mining claims	0	(100,000)
Amortization of debt discounts and other debt-related costs	(45,791)	207,559
Employee and director share-based compensation	329,683	204,249
Changes in fair value of derivative assets	2,232,750	(162,711)
Gain on sale of membership interest in Comstock Mining LLC	0	(18,275,846)
Gain on sale of investments	(70,780)	(1,282,319)
Unrealized (gain) loss on investments in securities	2,200,472	(767,275)
Loss from equity method investments	511,602	0
Non-cash Tonogold reimbursements and fees	(2,175,000)	0
Change in fair value of Tonogold Resources, Inc. note receivable	617,500	(256,000)
Change in fair value of contingent forward asset	0	(765,880)
Gain on final settlement of accounts payable	0	(144,473)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(493,027)	(67,593)
Other assets	(254,332)	0
Accounts payable	(18,583)	(41,303)
Accrued expenses, other liabilities and deposits	(52,375)	(408,628)
NET CASH USED IN OPERATING ACTIVITIES	(4,989,020)	(2,409,947)
INVESTING ACTIVITIES:
Proceeds from principal payment on note receivable	144	416
Proceeds from sale of mineral rights and properties, plant and equipment	0	100,000
Proceeds from Tonogold Resources, Inc. related to Comstock Mining LLC	0	1,140,000
Proceeds from sale of Tonogold Resources, Inc. common shares	998,313	1,371,909
Deposits received on the sale of properties to Sierra Springs Opportunity Fund, Inc.	0	100,000
Purchase of mineral rights, properties, plant and equipment	(47,750)	(15,000)
Advances to Sierra Springs Opportunity Fund, Inc.	(3,035,000)	(1,315,000)
Legal fees on investments	(224,948)
Non-refundable loan advance to LP Biosciences, LLP	(326,258)	0
Addition to note receivable	(100,000)	0
Cash acquired in acquisition of subsidiaries	124,531	0
Proceeds from Mercury Clean Up, LLC derivative asset settlement	762,377	0
Payment for option to purchase additional membership interests in Pelen LLC	(100,000)	(100,000)
Change in reclamation bond deposit	(175)	(6,676)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(11,145,269)	(141,851)
FINANCING ACTIVITIES:
Principal payments on debt	(3,568,214)	(5,074,378)
Proceeds from issuance of unsecured promissory notes	0	4,220,000
Proceeds from issuance of common stock	21,999,999	4,197,622
Cash common stock issuance costs	(1,064,499)	(130,070)
Repurchase of employee stock options	(247,156)	0
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	17,120,130	3,213,174
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	985,841	661,376
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2,431,944	1,015,857
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	3,417,785	1,677,233
LINICO
INVESTING ACTIVITIES:
Payments to acquire investments	(3,500,000)	0
Plain Sight Innovations LLC
INVESTING ACTIVITIES:
Payments to acquire investments	(1,375,503)	0
Quantum Generative Materials LLC
INVESTING ACTIVITIES:
Payments to acquire investments	(3,500,000)	0
MCU Philippines Inc
INVESTING ACTIVITIES:
Payments to acquire investments	(1,000)	(1,400,000)
Addition to note receivable	(820,000)
Pelen LLC
INVESTING ACTIVITIES:
Payments to acquire investments	$ 0	$ (17,500)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Increase in Tonogold note receivable in exchange for non-cash reimbursements	$ 1,000,000	$ 0
Issuance of common shares for Northern Comstock LLC mineral rights payments	482,500	482,500
Issuance of common shares for stock issuance costs	350,002	125,000
Issuance of common shares for Pelen LLC membership interests	0	585,000
Renewable Process Solutions
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Issuance of common stock for acquisitions:	2,304,806	0
MANA Corporation
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Issuance of common stock for acquisitions:	6,827,466	0
Plain Sight Innovations LLC
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Issuance of common stock for acquisitions:	14,952,807	0
Issuance of common shares for Mercury Clean Up, LLC make whole liability	0	314,687
LINICO
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Issuance of common stock for investments	6,250,000	0
Issuance of common stock for derivative asset	500,000	0
Quantum Generative Materials LLC
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Issuance of common stock for investments	10,000,000	0
Issuance of common stock for derivative asset	530,000	0
LP Biosciences LLC
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Issuance of common stock for investments	4,173,000	0
Issuance of common stock for derivative asset	$ 6,642,000	$ 0

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Comstock Mining, Inc. and its wholly-owned subsidiaries (we, us, our, Comstock, or the Company), is a leading innovator in the sustainable extraction, valorization, and production of scarce natural resources, with a focus on strategic materials that are essential to meeting the rapidly increasing global demand for clean energy, natural products and carbon-neutrality. We expect to generate revenue by developing, using, selling, and supporting new clean technologies that facilitate the more efficient use of scarce natural resources. We are commercializing environment-enhancing, material science-based technologies, products, and processes including carbon neutral cellulosic bio-fuels, carbon reducing lithium-ion battery metal recycling, and gold recovered from mercury remediation operations. We additionally manage an extensive portfolio of mining and related assets, including 9,358 acres of contiguous property in the historic Comstock and Silver City mining districts in Nevada (collectively, the “Comstock District”), and assets held for sale.

The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and include the accounts of Comstock Mining Inc. and its wholly-owned subsidiaries, Comstock Processing LLC, Comstock Northern Exploration LLC, Comstock Exploration and Development LLC, Comstock Real Estate Inc., Comstock Industrial LLC, Downtown Silver Springs LLC ("DTSS"), Renewable Process Solutions, Inc. (“RPS”) since its acquisition in June 2021, MANA Corporation (“MANA”) since its acquisition in July 2021, Plain Sight Innovations Corporation (“PSI”) since its acquisition in September 2021, and, prior to its sale in September 2020, Comstock Mining LLC. Intercompany transactions and balances have been eliminated. The condensed consolidated financial statements do not include all disclosures required of annual consolidated financial statements and, accordingly, should be read in conjunction with our consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal years ended December 31, 2020 and 2019.

Operating results for the three and nine months ended September 30, 2021 may not be indicative of results expected for the full year ending December 31, 2021.

In management's opinion, the accompanying condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of our financial position as of September 30, 2021, and our results of operations, cash flows and changes in equity for the three and nine months ended September 30, 2021 and 2020.

Business Combinations

We apply the acquisition method of accounting for business combinations to all acquisitions where we gain a controlling interest, regardless of whether consideration was exchanged. With respect to business combinations, we (a) recognize and measure in our financial statements the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree; (b) recognize and measure the goodwill acquired in the business combination or a gain from a bargain purchase; and, (c) disclose the nature and financial effects of the business combination. Accounting for acquisitions requires us to recognize, separately from goodwill, the assets acquired and the liabilities assumed at their acquisition-date fair values. Goodwill as of the acquisition date is measured as the excess of the fair value of consideration transferred and the net acquisition-date fair values of the assets acquired and liabilities assumed.

While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, the estimates inherently are uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets, including intangible assets acquired and liabilities assumed with corresponding offsets to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of operations.

Variable Interest Entities

A variable interest entity (“VIE”) refers to a legal business structure wherein an investor has a controlling interest despite not having a majority of voting rights, including when the entity invested in is thinly capitalized and its equity is not sufficient to fund its activities without additional subordinated financial support. An investor in a VIE has a controlling interest if the

investor is determined to be the primary beneficiary of the VIE, defined as having the (i) power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or (ii) obligation to absorb losses of the VIE that could potentially be significant to the VIE, or (iii) right to receive benefits from the VIE that could be significant to the VIE.

We have investments in Quantum Generative Materials LLC (“GenMat”), LP Biosciences LLC ("LPB"), LINICO Corporation (“LINICO”), and Sierra Springs Opportunity Fund, Inc. (“SSOF”), that we have determined to be VIEs. We have also determined that we do not have a controlling interest in any of these companies, as we do not meet the definition of primary beneficiary cited above. Accordingly, the accounts of these companies are not included in our condensed consolidated financial statements.

Liquidity and Capital Resources

The condensed consolidated financial statements are prepared on the going concern basis of accounting that assumes the realization of assets and the satisfaction of liabilities in the ordinary course of business. We have had recurring net losses from operations and have an accumulated deficit of $228.6 million as of September 30, 2021. For the nine months ended September 30, 2021, we recognized net loss of $7.6 million and cash and cash equivalents and restricted cash increased $1.0 million from $2.4 million as of December 31, 2020 to $3.4 million as of September 30, 2021.

We intend to fund our operations over the next twelve months from existing cash and cash equivalents, planned sales of Tonogold Resources, Inc. ("Tonogold") common shares, the repayment of the Tonogold note receivable ("Note"), and advances to SSOF, and the planned sale of our two Silver Springs, Nevada properties ("Silver Springs Properties"). Based on these 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 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, borrowings and other means, there is no assurance we will be able to obtain additional equity capital or other financing, if needed.

Future operating expenditures above management’s expectations, including but not limited to exploration, pre-development, research and development, selling, general and administrative, and investment related expenditures in excess of planned proceeds from the sale of Tonogold securities, repayment of the Note and advances to SSOF and sale of the Silver Springs Properties, amounts to be raised from the issuance of equity under our existing shelf registration statement, declines in the market value of properties held for sale, or declines in the share price of our common stock would adversely affect our results of operations, financial condition and cash flows. If we were unable to obtain any necessary additional funds, this could have an immediate material adverse effect on liquidity and raise substantial doubt about our ability to continue as a going concern. In such case, we could be required to limit or discontinue certain business plans, activities or operations, reduce or delay certain capital expenditures or investments, or sell certain assets or businesses. There can be no assurance that we would be able to take any such actions on favorable terms, in a timely manner, or at all.

Use of Estimates

In preparing GAAP financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and related income, costs, expenses, receipts and expenditures during the reported periods. Actual results could differ materially from those estimates. Estimates may include those pertaining to the Tonogold Series D Convertible Junior Participating Non-Cumulative Perpetual Preferred Stock ("CPS") redeemed in 2020, impairment of equity investments, notes receivable accounted for at fair value or amortized cost, discount rates on non-interest bearing notes receivable, derivative assets and liabilities, the useful lives and valuation of properties, plant and equipment, carrying values of assets held for sale and mineral rights, deferred tax assets, fair values of net assets acquired, useful lives of intangible assets, impairment of intangibles and goodwill, reclamation liabilities, contingent liabilities, revenue contract progress toward completion, and stock-based compensation.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include bank deposits and highly liquid investments purchased with maturities of three months or less. Cash deposits with banks may exceed Federal Deposit Insurance Corporation insured limits.

Restricted cash as of September 30, 2021 consists of a $500,000 escrow account with MANA related to our investment in LPB (Note 2).

Investments

Investments in Debt and Equity Securities

From time to time, we hold investments in the form of debt securities and other instruments, and equity securities.

Investments in debt are classified as trading, available for sale or held to maturity, in certain cases electing the fair value option. Upon sale of a debt security, the realized gain or loss is recognized in current earnings. At the end of each reporting period, we consider whether impairment indicators exist to evaluate if a debt investment security or loan is impaired and, if so, record an impairment loss (Notes 2 and 17).

Investments in equity securities are generally measured at fair value. Unrealized gains and losses for equity securities resulting from changes in fair value are recognized in current earnings. If an equity security does not have a readily determinable fair value, we may elect to measure the security at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer. At the end of each reporting period, we reassess whether an equity investment security without a readily determinable fair value qualifies to be measured at cost less impairment, consider whether impairment indicators exist to evaluate if an equity investment security is impaired and, if so, record an impairment loss. At the end of each reporting period, unrealized gains and losses resulting from changes in fair value are recognized in current earnings. Upon sale of an equity security, the realized gain or loss is recognized in current earnings.

Investments - Equity Method and Joint Ventures:

Investments in companies and joint ventures for which we have the ability to exercise significant influence, but do not control, are accounted for under the equity method. Under the equity method of accounting, our share of the net earnings or losses of the investee are included in other income (expense) in the condensed consolidated statements of operations. Upon investment, we assess whether a step up in the basis of the investee's assets has occurred and, if so, adjust our share of net earnings or losses by related depreciation and amortization expense. At the end of each reporting period, we consider whether impairment indicators exist to evaluate whether an equity method investment is impaired and, if so, record an impairment loss.

Intangible Assets and Goodwill

Purchased Intangible Assets

Purchased intangible assets represent the estimated acquisition date fair value of acquired intangible assets used in our business. We expense the cost of modifying and updating purchased intangible assets in the period the costs are incurred. Intangible assets with definite lives are amortized over their estimated useful lives. We amortize intangible assets on a straight-line basis, generally over periods ranging from one to ten years.

We review purchased intangible assets for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. We measure recoverability of these assets by comparing the carrying amounts to the future undiscounted cash flows the assets or asset group are expected to generate. If the carrying value of the assets or asset group are not recoverable, impairment recognized is measured and recorded as the amount by which the carrying value exceeds its fair value.

Goodwill

Goodwill represents the cost in excess of the fair value of net assets acquired in a business combination. We allocate goodwill to reporting units based on the expected benefit from the business combination. We evaluate our reporting units periodically, as well as when changes in our operating segments occur. For changes in reporting units, we reassign goodwill using a relative fair value allocation approach.

Goodwill is tested for impairment at the reporting unit level on an annual basis, and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We perform our annual goodwill impairment tests at December 31.

Derivative Instruments

Derivative instruments are recognized as either assets or liabilities on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivative instruments depends on their intended use and resulting hedge designations. Changes in the fair value of derivative instruments not designated as hedges are recorded in current earnings.

The Company evaluates and accounts for embedded derivatives in its financial instruments based on three criteria that, if met, require bifurcation of embedded derivatives from their host instruments and accounting for them as free standing derivative financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not required to be re-measured at fair value, and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative financial instrument, and is shown at its fair value at each balance sheet date and recorded as an asset or liability with the change in fair value recorded in current earnings. We have no derivative instruments designated as hedges.

Reclamation Liabilities and Asset Retirement Obligations

Minimum standards for site reclamation and closure have been established for us by various government agencies and contractual obligations with lessors. Asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The liability is accreted over time through periodic charges to current earnings. In addition, the asset retirement cost is capitalized and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time, and revisions to the estimates of either the timing or amount of reclamation and abandonment costs. We review, on an annual basis, unless otherwise deemed necessary, the asset retirement obligation at each mine site and processing facility. Separately, we accrue costs associated with environmental remediation obligations when it is probable that such costs will be incurred and they are reasonably estimable.

Revenue Recognition

Real Estate Revenues

We generate rental revenues from tenants via long-term lease contracts in various forms, including lease and sublease agreements. Providing access to the leased land and facilities, and performing specified repair and maintenance services over the length of the tenant contract term represent our performance obligations under our tenant contracts. Tenant rental payments are typically due monthly or quarterly, depending on the contract.

Engineering and Construction Management Services

For the majority of our operations, services revenues are recognized when services are performed and are contractually billable. For service contracts, principally engineering and construction management service, we recognize revenue over a period of time based on estimated progress toward completion. Service contracts that include multiple performance obligations are segmented between types of services. For contracts with multiple performance obligations, we allocate the transaction price to each performance obligation using an estimate of the stand-alone selling price of each distinct service in the contract. Revenue recognized on service contracts that has not been billed to clients is recorded as contract assets. Amounts billed to clients in excess of revenue recognized on service contracts to date are recorded as contract liabilities. Customer payments are typically due within 30 to 45 days of billing, depending on the contract.

Stock-Based Compensation

All transactions in which goods or services are received for the issuance of shares of our common stock or options to purchase shares of our common stock are accounted for based on the fair value of the equity interest issued. The fair value of shares of common stock is determined based upon the closing price per share of our common stock on the date of issuance and other applicable inputs.

We recognize stock-based compensation for common stock grants evenly over the related vesting period.

The fair value of market condition performance share awards is determined based on path-dependent valuation techniques and inputs including the closing price per share of our common stock at date of grant, volatility and the risk-free interest rate. We recognize stock-based compensation for market condition performance share awards evenly over the derived service period resulting from the path-dependent valuation.

The fair value of performance condition share awards is determined based on the closing price per share of our common stock at date of grant and the probability of achieving the performance condition during the term of the award agreement. We recognize stock-based compensation for performance condition share awards evenly over the term of the award agreement.

We recognize forfeitures of unvested common stock, performance shares and stock option grants as they occur.

Reclassifications

Certain prior period amounts have been reclassified to conform to the 2021 financial statement presentation. Reclassifications had no effect on net income (loss), stockholders' equity or cash flows as previously reported.

Recently Issued Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2020-06–Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The update is to address issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2021, including condensed periods within those fiscal years and with early adoption permitted. We are currently evaluating the impact of adopting this standard on our consolidated financial statements.

In January 2020, the FASB issued ASU No. 2020-01–Investments–Equity Securities (Topic 321), Investments–Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)–Clarifying the Interactions Between Topic 321, Topic 323 and Topic 815 (A Consensus of the Emerging Issues Task Force) which makes improvements related to accounting for certain equity securities when the equity method of accounting is applied or discontinued, and scope considerations related to forward contracts and purchased options on certain securities. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020. Our adoption of this standard on January 1, 2021 did not have a material impact on our condensed consolidated financial statements.

COVID-19

For more than a year in Nevada, local governments, state health officials, emergency managers, local health authorities and community partners have come together in a statewide response to COVID-19. Processes continue to be in place to support testing, contact tracing, disease investigation and vaccine rollout in communities throughout the state.

On July 27, 2021, Nevada Governor Steve Sisolak signed Emergency Directive 047. This directive requires people in areas with substantial or high COVID-19 transmission to wear a face covering while in public indoor locations. Currently, 15 of Nevada’s 17 counties meet this threshold including Story and Lyon counties. This mandate went into effect on Friday, July 30, 2021.

We are operating in alignment with these guidelines for limiting the spread of COVID-19 and continue prioritizing the health of our employees, partners and suppliers. This includes the continuation of remote working for certain at-risk professionals and heightened monitoring of illness indicators.

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Acquisitions and Investments

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Investments

Acquisitions and Investments

Acquisitions

Plain Sight Innovations Corporation

On September 7, 2021 we acquired 100% of the issued and outstanding equity and voting shares of PSI in exchange for 8.5 million restricted shares of our restricted common stock with a fair value of $14,952,807 (Note 17). We incurred $28,825 of legal expense in connection with the PSI acquisition, that has been recognized as selling, general and administrative expense on the condensed consolidated statements of operations for the nine months ended September 30, 2021.

In support of our focus on strategic materials that are essential to meeting the rapidly increasing global demand for clean energy, natural products and carbon-neutrality, the PSI acquisition brings an array of patented, patent-pending and proprietary process technologies that were designed to convert low cost, ubiquitous woody biomass feedstocks into cellulosic ethanol, while producing a portfolio of co-products, including renewable diesel and biomass-derived crystalline graphite, or biographite,

with applications in the production of carbon neutral batteries and other electrification components. PSI also operates a commercial pilot cellulosic fuel facility based on its technologies, which converts woody biomass into cellulosic ethanol and co-product precursors for renewable diesel, biographite, bioplastics, and a portfolio of carbon neutral alternatives to fossil fuels.

The PSI purchase price consideration and initial allocation to net assets acquired is presented below:

Fair value of consideration transferred:
Comstock shares of common stock issued (8,500,000 at $1.76 per share)	$	14,952,807
Loans to Plain Sight Innovations LLC prior to acquisition	1,423,327
Total fair value of consideration transferred	16,376,134
Recognized amounts of identifiable assets acquired
Cash and cash equivalents	100,147
Intangible assets - Intellectual property (Note 9)	7,073,534
Total identifiable assets	7,173,681
Goodwill	$	9,202,453

The initial purchase price allocation is subject to change.

From the acquisition date through September 30, 2021, PSI recognized no revenue and incurred a net loss of $246,422.

The pro forma financial information below represents the combined results of operations for the nine months ended September 30, 2021 as if the acquisition had occurred as of PSI’s March 1, 2021 date of incorporation, with pro forma amortization expense related to acquired intangible assets included from January 1, 2021. The unaudited pro forma financial information is presented for informational purposes only and is neither indicative of the results of operations that would have occurred if the acquisition had taken place at the beginning of the period presented nor indicative of future operating results.

	September 30, 2021
Revenue	$	471,838
Net loss	$	(8,978,284)

FLUX Photon Corporation

On September 7, 2021, we purchased all of the intellectual property assets of PSI’s affiliate, FLUX Photon Corporation (“FPC”), in exchange for performance-based cash payments equal to 20% of our future consolidated Net Cash Flow (as defined in the related Asset Purchase Agreement) up to $18,000,000. The acquired FPC intellectual property includes new approaches to carbon capture and utilization, atmospheric water harvesting, waste heat and energy recovery, industrial photosynthesis for mass scale decarbonization, and the sustainable production of very large agricultural outputs for fractional inputs. We have not recorded the purchased assets or related contingent purchase consideration, as we have determined the fair value of the intellectual property is not realizable in the foreseeable future, and the contingent purchase consideration is neither probable nor reasonably estimable.

MANA Corporation

On July 24, 2021, we acquired 100% of the issued and outstanding equity and voting shares of MANA, an industrial hemp technology development, marketing, and management company, in exchange for 4.2 million restricted shares of our common stock with a fair value of $6.8 million (Note 17). Industrial hemp is a natural resource with numerous known applications, including food, feed, fuel, and fiber, and an array of emerging applications in batteries, bioplastics, and other renewable

alternatives to fossil fuel derived products. We expect MANA to provide a suite of complimentary technology, marketing and other management services, with a focus on acquiring and using pre-existing and new feedstock and offtake arrangements in connection with our investment in LPB (See LP Biosciences LLC investment below). Following the acquisition, Comstock transferred its ownership interests in LPB to MANA. As part of the purchase consideration, we assumed MANA’s contingent payment obligation to Red Wolf Agro LLC equal to 20% of future MANA Net Cash Flow (as defined in the related agreement) up to $8.6 million. We have not recorded the assumed contingent liability, as we have determined it is neither probable nor reasonably estimable.

The MANA purchase price consideration and initial allocation to net assets acquired is presented below:

Fair value of consideration transferred:
Comstock shares of common stock issued (4,200,000 at $1.63 per share)	$	6,827,466
Total fair value of consideration transferred	6,827,466
Recognized amounts of identifiable assets acquired and liabilities assumed:
Intangible assets - Intellectual property (Note 9)	461,528
Total identifiable net assets	461,528
Goodwill	$	6,365,938

The initial purchase price allocation is subject to change.

From the acquisition date through September 30, 2021, MANA recognized $100,000 of revenue and incurred a net loss of $1.7 million (including a $1,470,000 decrease in the fair value of the LPB derivative asset).

The pro forma financial information below represents the combined results of operations for the nine months ended September 30, 2021 as if the acquisition had occurred as of MANA’s February 16, 2021 date of incorporation, with pro forma amortization expense related to acquired intangible assets included from January 1, 2021. The unaudited pro forma financial information is presented for informational purposes only and is neither indicative of the results of operations that would have occurred if the acquisition had taken place at the beginning of the period presented nor indicative of future operating results.

	September 30, 2021
Revenue	$	100,000
Net loss	$	(1,938,825)

Renewable Process Solutions, Inc.

On June 18, 2021, we acquired 100% of the issued and outstanding equity and voting shares of RPS, a process engineering and renewable technology development company, in exchange for 1.0 million restricted shares of our common stock, with a fair value of $2.3 million (Notes 16 and 17).

RPS was acquired to increase our core competencies in process engineering and renewable technology development necessary to facilitate the development and growth of our acquired companies and equity method investments.

The RPS purchase price consideration and initial allocation to net assets acquired is presented below:

Fair value of consideration transferred:
Comstock shares of common stock issued (1,000,000 at $2.30 per share)	$	2,304,806
Total fair value of consideration transferred	2,304,806
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	24,385
Notes receivable, net	38,459
Prepaid expenses and other current assets	4,072
Intangible assets (Note 9)	159,237
Accounts payable	(33,882)
Accrued expenses and other liabilities	(56,300)
Total identifiable net assets	135,971
Goodwill	$	2,168,835

The initial purchase price allocation is subject to change.

From the acquisition date through September 30, 2021, RPS revenue and net income were $206,338 and $38,109, respectively.

The pro forma financial information below represents the combined results of operations for the nine months ended September 30, 2021 and 2020 as if the acquisition had occurred at the beginning of the periods presented. The unaudited pro forma financial information is presented for informational purposes only and is neither indicative of the results of operations that would have occurred if the acquisition had taken place at the beginning of the periods presented nor indicative of future operating results.

	September 30, 2021		September 30, 2020
Revenue	$	587,053	$146,225
Net loss	$	(7,803,424)	$17,965,168

Investments

Our investments are accounted for under the equity method, with one investment accounted for at cost less impairment.

As of September 30, 2021 and December 31, 2020, our non-current investments include:

	September 30, 2021			December 31, 2020
	Investment		Ownership %	Investment		Ownership %
LP Biosciences LLC	$	4,256,016	50.00%	$	—	—%
Quantum Generative Materials LLC	13,571,659		37.50%	—		—%
LINICO Corporation	5,869,421		48.78%	—		—%
Mercury Clean Up, LLC	1,989,149		25.0%	2,010,113		15.0%
MCU Philippines, Inc.	499,427		50.0%	323,770		50.0%
Pelen Limited Liability Company	578,608		25.0%	603,714		25.0%
Total equity method investments	26,764,280			2,937,597
Sierra Springs Opportunity Fund, Inc.	335,000			335,000
Total Investments	$	27,099,280		$	3,272,597

Quantum Generative Materials LLC

On June 24, 2021, we invested in the equity of GenMat, a developer of quantum computing technologies with the goal of accelerating material science discovery and development, and partnering in the commercialization of new quantum generated materials. GenMat is developing a proprietary quantum operating system to harnesses emerging quantum computing technologies and develop new materials for use in our strategically aligned fields of interest, including global mining, battery recycling, and carbon capture. We incurred $71,659 of legal expense in connection with the GenMat investment, which has been recorded to non-current investments on the condensed consolidated balance sheets as of September 30, 2021.

At closing, we received 465,000 membership units and committed $15.0 million in cash and stock for the initial seed investment and an additional $35.0 million based upon GenMat’s realization of key development milestones, for up to 50% ownership of GenMat membership units. As of September 30, 2021, we have paid $3.5 million in cash toward the $5.0 million in scheduled cash purchase payments, At closing, we issued 3.0 million restricted shares of our common stock with a fair value of $10.5 million toward the $10.0 million required stock purchase price and recorded a $0.5 million related derivative asset (Notes 16 and 17).

As of closing and September 30, 2021, we hold 48.19% of GenMat membership units, 37.5% of voting membership units, and our chief executive officer is a member and chairman of the GenMat management committee.

LINICO Corporation

On February 15, 2021, the Company, Aqua Metals, Inc. (“AQMS”) and LINICO entered into a Series A Preferred Stock Purchase Agreement (“LINICO Stock Purchase Agreement”).

Pursuant to the LINICO Stock Purchase Agreement, we purchased 6,250 shares of LINICO Series A 8% Convertible Preferred Stock (“Series A Preferred”) and issued 3.0 million shares of our restricted common stock with a fair value of $6,750,000 in payment of the purchase price; $6,250,000 of which was in connection with our investment and $0.5 million of which was recognized as a related derivative asset (Notes 16 and 17). The Series A Preferred has a conversion price of $1.25 per share of LINICO common stock. Following the purchase of the Series A Preferred, we own 45.45% of LINICO in substance common shares and 48.78% of voting shares. Our chief executive officer is a member and Chairman of the LINICO board of directors. Judd Merrill, one of our directors, is chief financial officer of AQMS. We incurred $70,273 of legal expense in connection with the LINICO investment, which has been recorded to non-current investments on the condensed consolidated balance sheets as of September 30, 2021.

Under the LINICO Stock Purchase Agreement, we also agreed to make $4.5 million in cash payments to LINICO (“Cash Commitment”), payable in a series of installments between February 26, 2021 and September 30, 2021. As of September 30, 2021, $3.5 million has been paid, with an additional $1.0 million which is included in accounts payable at September 30, 2021 and paid on October 1, 2021, and recorded as adjustment to the derivative asset related to LINICO on the condensed consolidated balance sheets (Note 17).

Pursuant to the LINICO Stock Purchase Agreement, the Company and LINICO entered into a warrant agreement (“Warrant”) wherein we have the right to purchase 2,500 additional shares of Series A Preferred for a total exercise amount of $2.5 million. The Series A Preferred received by us pursuant to exercise of the Warrant may be converted into shares of LINICO common stock at a conversion price of (i) $1.25, if exercised on or before February 15, 2022, or (ii) $2.00, if exercised after February 15, 2022.

Pursuant to the terms of an industrial lease between LINICO and AQMS entered into on February 15, 2021 (“LINICO Lease Agreement”), if LINICO elects not to exercise its option to purchase from AQMS land, buildings and related improvements, initially leased by AQMS to LINICO, for (i) $14,250,000, if the purchase is made on or before October 1, 2022 or (ii) $15,250,000, if the purchase is made after October 1, 2022, we can assume the purchase option.

The LINICO Lease Agreement requires LINICO to make an initial deposit by October 15, 2021 in an amount equal to $1,250,000, which was made on a timely basis, and an additional deposit (“Additional Deposit”) by November 1, 2022, in an amount equal to $2,000,000, both to be credited towards the purchase price of the facility. The LINICO Stock Purchase Agreement grants us the option to fund the Additional Deposit with shares of our common stock (in no event will we issue shares to LINICO pursuant to the LINICO Stock Purchase Agreement that exceed 19.9% of our total issued and outstanding shares of common stock as of February 15, 2021).

Mercury Clean Up, LLC

The Mercury Remediation Pilot, Investment and Joint Venture Agreement (as amended, the "MCU Agreement") contains a provision whereby we are were required to issue additional shares of our common stock for a make whole difference between the value of the 900,000 previously issued shares of our common stock received by Mercury Clean Up, LLC ("MCU") and our required stock-based investment of $850,000. In May 2020, we issued to MCU 650,000 additional shares of our common stock to reduce the make whole difference. During January and February 2021, MCU sold the 625,000 common shares for net proceeds of $1.1 million, resulting in a $0.8 million excess contribution, which was paid to us in February 2021 (Note 17).

MCU Philippines, Inc.

On December 4, 2020, we formalized a non-interest-bearing note receivable from MCU Philippines, Inc. ("MCU-P") that had a fair value based on the discounted present value of future payments of $855,866, which was comprised of the $1,180,000 face amount less implied interest of $324,134, which was recognized as consideration for our December 4, 2020 investment in MCU-P. As of December 31, 2020, the net balance of the note receivable was $860,940. On March 5, 2021, we loaned an additional $820,000 to MCU-P, increasing the face value of the non-interest-bearing note receivable to $2,000,000. Implied interest of $189,337 for the additional loan increased the value of our investment in MCU-P to $513,107. The discounted present value was calculated using a rate of 7.1%, which was based on the alternative borrowing cost of MCU-P, considering market data for companies with comparable credit ratings. The additional loan amount resulted in our ownership interest in MCU increasing from 15% to 25%. As of September 30, 2021, the net balance of the note receivable is $1,569,306 which is recorded on the condensed consolidated balance sheets in notes receivable and advances, net. For the three and nine months ended September 30, 2021, we recognized implied interest income of $28,987 and $107,644, respectively. The note receivable matures on December 31, 2024.

Sierra Springs Opportunity Fund, Inc.

During 2019, Comstock invested $335,000 into a qualified opportunity zone fund, SSOF, which owns Sierra Springs Enterprises, Inc. ("SSE"), a qualified opportunity zone business. We expect to own 9% of SSOF upon issuance by SSOF of all 75.0 million authorized shares to investors. As of September 30, 2021, our $335,000 investment in SSOF and 6.7 million voting shares represent 12.0% of total as converted SSOF common shares and the $0.5 million investment and 9.0 million voting shares of our Chief Executive Officer and two of our Directors represent 16.4% of total as converted SSOF common shares. Our Chief Executive Officer is President and a Director of SSOF and an Executive and a Director of SSE.

As of September 30, 2021, Comstock’s $335,000 investment in SSOF is recorded to non-current investments on the condensed consolidated balance sheets. The investment is accounted for at cost less impairment. Management has identified no events or changes in circumstances that have a significant adverse effect on the carrying value of the investment.

For the three and nine months ended September 30, 2021, we advanced SSOF an additional $0.3 million and $3.0 million, respectively, increasing total advances to $4.7 million, to be used by SSOF for deposits and payments on land and other facilities related to investments in qualified businesses in the opportunity zone. The advances are non-interest-bearing and are expected to be repaid on or before the sale of our Silver Springs Properties to SSE during the first half of 2022 (Note 5). The $4.7 million of advances are recorded on the condensed consolidated balance sheets as of September 30, 2021 in notes receivable and advances, net.

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Tonogold Resources, Inc.

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Tonogold Resources, Inc.

Tonogold Resources, Inc.

On September 8, 2020, the remaining membership interests of Comstock Mining LLC were purchased by Tonogold. The fair value of the Tonogold consideration for 100% of the membership interests was $18.8 million, including cash, the CPS, and the Note. Our gain on the sale was $18.3 million, recorded during the three and nine months ended September 30, 2020 on the condensed consolidated statements of operations.

There are three agreements between the Company and Tonogold associated with the September 2020 sale of the membership interests of Comstock Mining LLC: the Membership Interest Purchase Agreement, the Mineral Exploration and Mining Lease, and a Lease Option Agreement for our American Flat processing facility.

Under the three agreements, Tonogold is required to reimburse certain payments made by Comstock including but not limited to all costs associated with owning certain properties, and certain option, interest expense and lease payments. For the three and nine months ended September 30, 2021, total related reimbursements and lease income were $0.8 million and $2.5 million, respectively, in comparison to $1.0 million and $2.2 million for the prior year comparable periods. Reimbursements for the nine months ended September 30, 2021 include the $812,500 reimbursement of the Northern Comstock accelerated payment added to the Note principal balance in March 2021, and the $1.0 million added to the Note principal balance in June 2021.

As of September 30, 2021, we held 8.9 million shares of Tonogold common stock with fair value of $1.0 million, which were converted from Tonogold CPS in 2020 (Note 17).

In connection with Tonogold's acquisition of Comstock Mining LLC, we recorded the Note due from Tonogold on the consolidated balance sheets, with a principal amount of $4,475,000 and a 12% annual interest rate. Interest is due and payable monthly with the principal originally due and payable on September 20, 2021 and extended to March 31, 2022.

On March 3, 2021, we made a $812,500 accelerated payment to Northern Comstock pursuant to the Northern Comstock operating agreement (Note 23). Primarily as a result of the Northern Comstock accelerated payment, the Note was amended in March 2021, which included adding $812,500 for Tonogold’s Northern Comstock accelerated payment reimbursement obligation and an amendment fee of $262,500 to the principal amount of the Note, increasing the principal amount to $5,550,000.

The Note was further amended in June 2021, to add $1.0 million for certain Tonogold, Northern Comstock and other reimbursement obligations and an amendment fee of $100,000 to the principal amount of the Note, increasing the principal amount to $6,650,000 (Note 17).

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Notes Receivable and Advances, Net

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Notes Receivable and Advances, Net

Notes Receivable and Advances, Net

Notes receivable and advances, net as of September 30, 2021 and December 31, 2020 include:

	September 30, 2021		December 31, 2020
Tonogold note receivable, face value	$	6,650,000	$	4,475,000
Unrealized gain	406,000		1,023,500
Tonogold note receivable, fair value (Notes 3 and 15)	7,056,000		5,498,500
SSOF advances receivable (Note 2)	4,685,000		1,650,000
Other notes receivable	138,459		—
Total notes receivable and advances, net - current portion	11,879,459		7,148,500
MCU-P note receivable, face value	2,000,000		1,180,000
Unamortized discount for implied interest	(430,694)		(319,060)
Note receivable, net - non-current (Note 2)	1,569,306		860,940
Total notes receivable and advances, net	$	13,448,765	$	8,009,440

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Assets Held for Sale

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Assets Held for Sale

Assets Held for Sale

We previously committed to a plan to sell certain land, buildings, and water rights. As of September 30, 2021 and December 31, 2020, we had assets, with a value of $6.3 million, that met the criteria to be classified as assets held for sale.

Assets held for sale as of September 30, 2021 and December 31, 2020 include:

	September 30, 2021		December 31, 2020
Silver Springs Properties:
DTSS (Land)	$	3,589,876	$	3,589,876
Industrial Park (Land and water rights)	2,738,462		2,738,462
Total assets held for sale	$	6,328,338	$	6,328,338

We entered into agreements to sell the two Silver Springs Properties to SSE, a subsidiary of SSOF on September 26, 2019, as amended (Note 2). The agreements, as amended, include the sale of 98 acres of industrial land and senior water rights for $6.5 million, and 160 acres of commercial land along with its rights in the membership interests in DTSS for $3.6 million. During 2020 and 2019, we received $0.1 million and $0.3 million, respectively, in escrowed deposits from SSE for the sale of these assets and expect the sales to close in 2021. Total deposits of $0.4 million are included in deposits liability on the condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020, respectively.

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Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Accounts receivable - Service income	$	179,720	$	—
Accounts receivable - Tonogold	192,088
Accrued interest receivable	165,626		—
Land and property deposits	—		12,600
Surety bond and insurance	73,019		139,527
Stock sales proceeds receivable	—		200,000
Pelen option	200,000		100,000
LPB non-refundable advance	326,258		—
Other	219,900		228,951
Total prepaid expenses and other current assets	$	1,356,611	$	681,078

On December 16, 2020, we entered into a securities purchase agreement with Wingfield Tono, LP (“Wingfield”), and agreed to sell 15,666,667 Tonogold common shares at $0.33 per share in three closings. On December 23, 2020, we transferred 3,333,333 Tonogold common shares to Wingfield for total proceeds of $1.1 million. As of December 31, 2020, we had received $0.9 million in connection with the securities purchase agreement. On April 13, 2021, Wingfield returned 606,601 of the Tonogold common shares previously transferred under the Wingfield securities purchase agreement. The return of the shares eliminated a $200,000 receivable from Wingfield and terminated the securities purchase agreement.

On September 1, 2020, we paid $100,000 for a one-year option to purchase the remaining 75% of the membership interests of Pelen Limited Liability Company ("Pelen") not owned by the Company for a purchase price of $3,750,000. On August 26, 2021, we paid an additional $100,000 for a one-year extension of the option to purchase the remaining 75% membership interests for a purchase price of $4.4 million less a $0.1 million credit for the option payments.

On June 8, 2021, we made a $326,258 non-refundable advance to LPB to fund certain costs associated with a financing of the retrofit of the LPB Facility.

As of and for the nine months ended September 30, 2021, RPS accounts receivable of $112,200 and other services revenue of $206,338 were recognized for LINICO, in which we have a 48.78% investment interest. MANA recognized $100,000 of other services revenue for LPB, in which we have a 50.0% investment interest (Note 2).

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Mineral Rights and Properties and Properties, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2021

Mineral Industries Disclosures [Abstract]

Mineral Rights and Properties and Properties, Plant and Equipment, Net

Mineral Rights and Properties and Properties, Plant and Equipment, Net

Mineral Rights and Properties

Mineral rights and properties as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Dayton resource area	$	2,971,838	$	2,971,838
Spring Valley area	1,630,332		1,630,332
Occidental area	1,002,172		1,002,172
Oest area	307,522		307,522
Northern extension	157,205		157,205
Northern targets	161,920		121,170
Other mineral properties	317,405		317,405
Water rights	90,000		90,000
	$	6,638,394	$	6,597,644

These mineral rights and properties are segmented based on our identified resource areas and exploration targets. During the three and nine months ended September 30, 2021 and 2020, we did not record any depletion expense, as none of the properties are in production.

On January 17, 2021, we acquired two patented lode mining claims. The two patents, totaling 34 acres, are located at the north end of the Occidental trend in Storey County, Nevada. The claims were purchased for a total of $40,750.

All of our mineral exploration and mining lease payments are classified as mining and mining claims costs and expenses in the condensed consolidated statements of operations.

Properties, Plant and Equipment, Net

Properties, plant and equipment as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Land and buildings leased to others
Daney Ranch	$	2,261,263	$	2,261,263
Gold Hill Hotel	753,272		753,272
Other real estate	314,526		314,526
Less accumulated depreciation	(1,318,373)		(1,196,426)
Total, net	2,010,688		2,132,635
Property, plant, and equipment for mineral processing
American Flat land and buildings	6,500,817		6,500,817
Crushing, processing, and refining plant and equipment	21,113,178		21,113,178
Less accumulated depreciation	(22,103,194)		(21,943,657)
Total, net	5,510,801		5,670,338
Other property and equipment
Comstock corporate campus	1,549,453		1,549,453
Vehicle and equipment	2,267,916		2,267,916
Furniture and fixtures	556,860		549,860
Less accumulated depreciation	(3,608,574)		(3,545,502)
Total, net	765,655		821,727
Total properties, plant and equipment, net	$	8,287,144	$	8,624,700

During the three and nine months ended September 30, 2021, we recognized depreciation expense of $0.1 million and $0.4 million, respectively. During the three and nine months ended September 30, 2020, we recognized depreciation expense of $0.8 million and $1.0 million, respectively. This included $0.7 million of depreciation, included in real estate operating costs for the three months ended September 30, 2020, for the Gold Hill Hotel and Daney Ranch properties, to recognize the depreciation that would have been recognized had the properties not been held for sale in prior periods.

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Reclamation Bond Deposit

9 Months Ended

Sep. 30, 2021

Environmental Remediation Obligations [Abstract]

Reclamation Bond Deposit

Reclamation Bond DepositThe Nevada Revised Statutes and Regulations require a surety bond to be posted for mining projects so that, after the completion of such mining projects, the sites are left safe, stable and capable of productive post-mining uses. The bond is intended to cover the estimated costs required to safely reclaim the natural environment to the regulatory standards established by the State of Nevada’s Division of Environmental Protection. Accordingly, we have a $6.8 million reclamation surety bond with the State of Nevada’s Bureau of Mining Regulation and Reclamation as of September 30, 2021. In addition, we have a $0.5 million surety bond with Storey County, Nevada related to mine reclamation as of September 30, 2021. As part of the surety agreement, we agreed to pay a 2% annual bonding fee. The total cash collateral, per the surety agreement, was $2.6 million as of September 30, 2021 and December 31, 2020.

The reclamation bond deposit as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Surety bond cash collateral	$	2,588,943	$	2,588,768
Other cash reclamation bond deposits	106,936		106,936
Total reclamation bond deposit	$	2,695,879	$	2,695,704

The total cash collateral is a component of the reclamation bond deposit on the condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020.

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Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets and Goodwill

Intangible assets as of September 30, 2021 and December 31, 2020 consisted of the following (Notes 2 and 17):

Description	Estimated Economic Life	September 30, 2021		December 31, 2020
RPS
Technology-related
License agreement	2 years	$	16,619	$	—
Contract-related
Distribution agreement	7 years, 7 months	19,733		—
Customer contract	9 months	122,885		—
		159,237		—
MANA
Contract-related
Customer contract	1 year	461,528		—
PSI
Technology-related
License agreements	10 years	494,133		—
PSI-developed technology	10 years	6,579,401		—
		7,073,534		—
Total intangible assets		7,694,299		—
Accumulated amortization		(218,387)		—
Intangible assets, net		$	7,475,912	$	—

The estimated economic lives shown above were as of the closing dates of the respective acquisitions. The estimated economic lives of the RPS license agreement, distribution agreement and customer contract, and the MANA customer contract, are based on the specified terms of the respective agreements. The estimated economic lives of the PSI license agreements and developed technology are based on the midpoint of the indicated lives derived from the related valuation analyses.

The RPS license agreement relates to certain technology used in the provision of RPS engineering and development services. The RPS distribution agreement relates to exclusive North American distribution rights for equipment developed and manufactured by a third-party supplier. The RPS customer contract relates to the provision of certain engineering services to LINICO in connection with its lithium-ion battery recycling operations. The customer contract contains no warranties or other obligations beyond the provision of professional services.

The MANA customer contract relates to the provision of certain management services to LPB in connection with their retrofit of the LPB Facility, as well as a suite of complimentary technology, marketing and other management services, with a focus on acquiring and using pre-existing and new feedstock and offtake arrangements in connection with our investment in LPB (Note 2). The customer contract contains no warranties or other obligations beyond the provision of professional services.

With respect to the PSI license agreements, PSI is party to an asset purchase agreement and three license agreements with American Science and Technology Corporation (“AST”) pursuant to which PSI agreed to (i) acquire substantially all of AST’s assets in exchange for $3,920,000 with a payment schedule consisting of (a) $35,000 per month from May 1, 2021 to April 30, 2023, (b) $1,750,000 on April 30, 2023, and (c) $1,750,000 on April 30, 2024; and, (ii) license AST’s intellectual properties for use at three customer facilities in exchange for (a) three facility-specific license fees of $500,000 each, and (b) a royalty fee

equal to 1.0% of the gross revenue of each of the three licensed facilities. The AST transaction documents additionally provide PSI with the exclusive right to access and fully use the AST assets for so long as PSI remains current with the foregoing payment provisions. As of the September 7, 2021, PSI acquisition date, one facility-specific license had been purchased by PSI.

Also with respect to the PSI license agreements, PSI is party to a research agreement with Virginia Polytechnic Institute and State University (“Virginia Tech”), and an exclusive license agreement with Virginia Tech’s affiliate, Virginia Tech Intellectual Properties, Inc. (“VTIP”) pursuant to which PSI agreed to (i) pay Virginia Tech $234,755 to conduct sponsored research for PSI (as of the September 7, 2021 PSI acquisition date, $24,336 remained to be paid); and (ii), license VTIP’s related intellectual property on a worldwide exclusive basis in exchange for a royalty fee equal to 1.0% of PSI’s net sales, subject to a minimum annual royalty of $5,000 per year.

Future minimum amortization expense is as follows as of September 30, 2021:

Remainder of 2021	$	335,738
2022	990,386
2023	714,506
2024	710,351
2025	710,351
Thereafter	4,014,580
	$	7,475,912

Goodwill as of September 30, 2021 and December 31, 2020 is presented below (Note 2):

	September 30, 2021		December 31, 2020
RPS	$	2,168,835	$	—
MANA	6,365,938		—
PSI	9,202,453		—
Total goodwill	$	17,737,226	$	—

Goodwill recorded in connection with the RPS, MANA and PSI acquisitions represents the future economic benefits arising from other assets acquired in the business combinations that are not individually identified and separately recognized. Goodwill is considered a residual value and is a function of the excess of the fair value of the total purchase price consideration for the acquisitions over the fair value of the separately recognized net assets, including tangible and intangible assets net of assumed liabilities. The elements of goodwill that are not separable into identifiable intangible assets represent the future value generating capacity of the overall businesses and the acquirer’s ability to create incremental value, and include the value of the assembled workforces and subcontractors with the expertise and experience to facilitate the generation of that value.

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Other Assets

9 Months Ended

Sep. 30, 2021

Other Assets, Noncurrent [Abstract]

Other Assets

Other Assets

Other assets as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Prepaid Northern Comstock LLC contributions, net (Note 23)	$	308,137	$	—
Other long-term receivables and prepaid expenses	101,000		154,950
Long-term deposits	24,355		24,354
	$	433,492	$	179,304

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Accrued Expenses and Other Liabilities

9 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Accrued Northern Comstock LLC contributions, net (Note 23)	$	—	$	180,833
Accrued payroll costs	235,353		153,615
Accrued board of directors' fees	—		60,000
Accrued vendor liabilities	100,769		136,499
Other accrued expenses	83,458		4,000
Total accrued expenses and other liabilities	$	419,580	$	534,947

During the nine months ended September 30, 2021, the $56,300 RPS SBA loan was repaid.

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Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

Leases

Lease Expense

For the three and nine months ended September 30, 2021, the fixed operating lease expense was $2,525 and $7,575, respectively, with 7.01 years remaining on the lease at September 30, 2021. For the three and nine months ended September 30, 2020, the fixed operating lease expense was $2,250 and $6,750, respectively, with 8.1 years remaining on the lease.

We have the following lease balances recorded on the condensed consolidated balance sheets as follows:

Lease Assets and Liabilities	Classification	September 30, 2021		December 31, 2020
Operating lease right-of-use asset	Other assets	$	48,034	$	51,294
Operating lease liability - current	Accrued expenses and other liabilities	$	4,195	$	3,650
Operating lease liability - long-term	Other liabilities	46,583		49,791
Total operating lease liabilities		$	50,778	$	53,441

Maturities of lease liabilities by fiscal year for the Company's operating leases are as follows:

Remainder of 2021	$	2,375
2022	9,650
2023	9,950
2024	10,250
2025	10,550
Thereafter	31,500
Total operating lease payments	74,275
Less: Imputed interest	(23,497)
Present value of lease liabilities	$	50,778

Lease Income

Real estate revenue from operating leases on our land and buildings leased to others (Note 7) recorded on the condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020 is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Daney Ranch	$	27,000	$	9,000	$	81,000	$	9,000
Gold Hill Hotel	13,575		13,500		33,725		61,500
Lab and office space	—		5,000		—		20,000
Land	4,500		4,500		13,500		13,500
All other residential	11,300		17,425		31,275		42,225
Total real estate revenue from operating leases	$	56,375	$	49,425	$	159,500	$	146,225

Maturities of lease payments for operating leases on our land and buildings leased to others are as follows:

Remainder of 2021	$	60,075
2022	180,025
2023	166,325
2024	22,725
Thereafter	—
Total Minimum Lease Income	$	429,150

On February 1, 2021, we signed a lease, as lessor, with Gold Hill Management LLC to lease the Gold Hill Hotel. The lease term began on April 1, 2021 and ends on March 31, 2024. The agreement includes the payment of $19,500 in previously deferred rent from the previous month-to-month tenant, Crown Point Management LLC. The rent is $4,525 per month for the first year, inclusive of real estate taxes, increasing to $6,050 per month for the second year, and $7,575 per month for the third year. At the end of the three-year term, the tenant may renew the lease for up to two additional five-year periods, at a rate of $8,000 per month. The options to extend are not included in the lease payments to be received on an annual basis in the above table.

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Long-Term Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

Long-term debt as of September 30, 2021 and December 31, 2020 consisted of the following:

Note Description	September 30, 2021		December 31, 2020
Georges Trust Unsecured Promissory Notes - 12% interest, due September 2021	$	—	$	1,389,014
Concorde Trust Unsecured Promissory Note - 12% interest, due 2021	—		683,263
Bean Trust Unsecured Promissory Note - 12% interest, due 2021	—		290,386
GHF Inc Unsecured Promissory Note - 12% interest, due September 2021	—		916,712
Note Payable (Caterpillar Financial Services) - 5.7% interest	—		404,373
Total debt	—		3,683,748
Less: debt discounts and issuance costs	—		(126,043)
Total debt, net of discounts and issuance costs	—		3,557,705
Less: current maturities	—		(3,557,705)
Long-term debt, net of discounts and issuance costs	$	—	$	—

Unsecured Promissory Notes

On March 4, 2021, we retired our unsecured promissory notes ("Promissory Notes") by paying the remaining principal balance of $3.1 million plus earned OID of $0.1 million. For the nine months ended September 30, 2021, interest expense on the Promissory Notes was $139,213, which includes OID amortization of $71,289.

GF Comstock 2 LP Debenture

On August 11, 2020, we retired the GF Comstock 2 LP debenture ("Debenture") by paying the remaining principal balance of $4.0 million, plus the remaining make whole obligation of $0.2 million and recognized a loss on early retirement of debt of $51,000. Interest expense on the Debenture was $0.1 million and $0.4 million for the three and nine months ended September 30, 2020, respectively, of which Tonogold reimbursed $0.04 million and $0.3 million, respectively which was netted against interest expense in the consolidated statements of operations.

Caterpillar Equipment Facility

On March 4, 2021, we retired the Caterpillar Financial Services loan by paying the remaining principal balance of $296,171.

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Long-Term Reclamation Liability and Retirement Obligation Asset

9 Months Ended

Sep. 30, 2021

Asset Retirement Obligation Disclosure [Abstract]

Long-Term Reclamation Liability and Retirement Obligation Asset

Long-Term Reclamation Liability and Retirement Obligation Asset

We are required to mitigate long-term environmental impacts by stabilizing, contouring, re-sloping, and re-vegetating various portions of our sites after mining and mineral processing operations are completed. These reclamation actions are conducted in accordance with plans reviewed and approved by appropriate regulatory agencies.

As of September 30, 2021 and December 31, 2020, we had accrued a long-term liability of $5.4 million and $6.1 million. respectively, for our obligation to reclaim our mine facilities based on our most recent reclamation plan, as revised, submitted and approved by the Nevada State Environmental Commission and Division of Environmental Protection. Our total reclamation liability includes cost estimates for our American Flat processing facility, Dayton project and enhanced reclamation obligations in Storey County, Nevada. Effective January 1, 2021, we updated the expected reclamation commencement date to December 31, 2025. This resulted in a reduction in the liability of $926,434. The adjustment in excess of the net retirement obligation asset of $57,964 was $868,471 as of January 1, 2021 and was recorded as a credit to environmental and reclamation costs and expenses in the condensed consolidated statements of operations.

In conjunction with recording the original reclamation liability, we recorded a retirement obligation asset on the consolidated balance sheets that was amortized over the period of the anticipated land disturbance and operations. Such costs were based on management’s original estimate of then expected amounts for remediation work, assuming the work is performed in accordance with current laws and regulations. It is reasonably possible that, due to uncertainties associated with the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology, the ultimate cost and timing of reclamation and remediation could change in the future.

The accretion of the reclamation liability for the three and nine months ended September 30, 2021 totaled $79,883 and $236,097, respectively, and was a component of environmental and reclamation costs and expenses in the condensed consolidated statements of operations. The accretion of the reclamation liability for the three and nine months ended September 30, 2020 totaled $5,178 and $15,533, respectively, and was a component of environmental and reclamation costs and expenses in the condensed consolidated statements of operations. The amortization of the retirement obligation asset for the three and nine months ended September 30, 2021 was $0. The amortization of the retirement obligation asset for the three and nine months ended September 30, 2020 was $14,491 and $43,472, respectively, and was a component of environmental and reclamation costs and expenses in the condensed consolidated statements of operations.

Following is a reconciliation of the mining retirement liability associated with our reclamation plan for the mining projects as of September 30, 2021 and December 31, 2020:

	Nine Months Ended		Twelve Months Ended
	September 30, 2021		December 31, 2020
Long-term reclamation liability — beginning of period	$	6,054,919	$	6,034,208
Reduction of obligation due to extension of time	(926,434)		—
Accretion of reclamation liability	236,097		20,711
Long-term reclamation liability — end of period	$	5,364,582	$	6,054,919

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Contingent Payment Obligations

Red Wolf Agro LLC

MANA has a contingent payment obligation to Red Wolf Agro LLC equal to 20% of future MANA Net Cash Flow (as defined in the related agreement) up to $8.6 million. This amount has not been recorded in our condensed consolidated financial statements for the three and nine months ended September 30, 2021, as it has been determined to be neither probable nor reasonably estimable.

FLUX Photon Corporation

We have contingent consideration payments to FPC equal to 20% of our future Net Cash Flow (as defined in the FPC Asset Purchase Agreement) up to $18 million, related to intangible assets acquired from FPC. We do not expect to realize the intangible assets or incur the contingent consideration payments in the foreseeable future. Accordingly, these amounts have not been recorded in our condensed consolidated financial statements for the three and nine months ended September 30, 2021, as they have been determined to be neither probable nor reasonably estimable (Note 2).

Mineral Rights Leases and Royalties

We lease certain mineral rights and properties under operating leases expiring at various dates through 2040. Future minimum annual lease payments, including royalty and rental payments, under these existing lease agreements are as follows as of September 30, 2021:

Remainder of 2021	$	25,500
2022	114,000
2023	114,000
2024	108,000
2025	110,000
Thereafter	1,686,250
	$	2,157,750

Lease expense for the three and nine months ended September 30, 2021 was $25,150 and $87,735, respectively. Tonogold reimbursements of lease costs for the three and nine months ended September 30, 2021 were $25,150 and $71,350 respectively.

Lease expense for the three and nine months ended September 30, 2020 was $14,850 and $40,550, respectively. Tonogold reimbursements of lease costs for the three and nine months ended September 30, 2020 were $14,850 and $40,550, respectively.

Royalty Agreements

We have minimum royalty obligations for certain of our mineral properties and leases. For most of the mineral properties and leases, we are subject to a range of royalty obligations once production commences. These royalties range from 0.5% to 5% of Net Smelter Returns ("NSR") from minerals produced on the properties, with the majority being under 3%. Some of the factors that influence the amount of the royalties include ounces extracted and the price of gold.

Regulatory Compliance

Our mining and exploration activities are subject to various laws and regulations governing environmental protection. These laws and regulations are frequently changing and generally becoming more restrictive. We believe our operations are in compliance with applicable laws and regulations, in all material respects. We continuously make expenditures to comply with such laws and regulations and we cannot predict the full amount of such future expenditures.

Comstock Residents Association

On January 31, 2014, the Comstock Residents Association (“CRA”) and two of its members filed a civil action in the Third Judicial District Court in Lyon County, Nevada (“District Court”) against the Lyon County Board of Commissioners (the “Commissioners”) and the Company, asking the District Court to reverse the Commissioners’ decision to grant a master plan amendment and zone changes that were approved by the Commissioners in 2014 (“Application”).

Prior to the approval of the Application, the master plan designation and zoning precluded mining on certain property of the Company in the area of Silver City, Nevada.

On January 11, 2021, the Nevada Supreme Court issued a final order affirming the District Court's judgment in favor of Lyon County and Comstock Mining. On January 29, 2021, the CRA filed a Petition for Rehearing to the Nevada Supreme Court. On February 25, 2021, the Nevada Supreme Court issued an order denying a rehearing. On March 8, 2021, the CRA filed a Petition for En Banc Reconsideration to the Nevada Supreme Court. On April 9, 2021, the Nevada Supreme Court responded to the petition by issuing an order denying en banc reconsideration, once again, in favor of Lyon County and Comstock Mining.

On July 30, 2021 Judge Estes of the Third Judicial District Court in Lyon County, Nevada ruled in favor of Lyon County and Comstock Mining and awarded attorney fees and costs to be paid by the plaintiffs in the sum of $50,000 to Lyon County and $203,151 to Comstock Mining. On August 27, 2021 the CRA filed a notice of appeal to the Nevada Supreme Court.

Litigation

On or about February 27, 2020, we received notice that three former employees had filed a complaint with OSHA regarding alleged wrongful termination of employment in 2019, seeking backpay, front pay and other compensatory damages as well as interest and legal fees and costs. On September 8, 2021, OSHA notified the three former employees that it was dismissing their complaint after OSHA was informed that the former employees were instead planning to file a complaint in federal court. On August 20, 2021, the former employees filed a lawsuit against the Company, its Board of Directors, its Audit and Finance Committee, its Chief Executive Officer and certain of its managers for the wrongful termination of their employment. We believe those terminations were lawful and intend to vigorously defend the complaint.

As of September 30, 2021 and December 31, 2020, we have accrued severance of $84,166 in connection with this lawsuit, which is recorded in accrued expenses and other liabilities on the condensed consolidated balance sheets.

From time to time, we are involved in claims, investigations and proceedings that arise in the ordinary course of business. There are no matters pending that we expect to have a material adverse impact on our business, results of operations, financial condition or cash flows.

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Equity

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Equity

Equity

Issuance of Registered Shares of Common Stock

On September 28, 2021, we entered into an equity purchase agreement (“2021 Leviston Equity Agreement”) with Leviston Resources LLC (“Leviston”) to offer and sell registered shares of common stock at an aggregate offering price of up to $5.0 million from time to time, at our option, on terms we deem favorable. The term of the agreement is 24 months. We agreed to deliver to Leviston additional shares of common stock, for no additional consideration, with a fair value of $100,000, on the first settlement date with respect to a put notice delivered by us, and $150,000 upon the written request of Leviston. For the three months ended September 30, 2021, we issued to Leviston 421,235 common shares with an aggregate sales price of $1.0 million, at an average price per share of $2.37, and an additional 34,965 common shares in due diligence fees. As of September 30, 2021, the 2021 Leviston Equity Agreement has $4.0 million of remaining capacity.

On March 2, 2021, we entered into equity purchase agreements (“Equity Purchase Agreements”) with certain investors to issue and sell in a registered direct offering (“Offering”) 4.0 million shares of common stock at a price of $4.00 per share. The Equity Purchase Agreements contain customary representations, warranties and agreements of the Company, and customary conditions to closing, indemnification rights and obligations of the parties. The Offering of the shares closed on March 4, 2021. We paid Noble Capital Markets, Inc., the placement agent for the Offering, an aggregate cash fee of $960,000 (equal to 6% of the aggregate gross proceeds raised in the Offering), and $30,000 for other expenses, resulting in net proceeds of $15,010,000.

On February 8, 2021, we entered into an equity purchase agreement (“2021 Leviston Sales Agreement”) with Leviston to offer and sell registered shares of common stock at an aggregate offering price of up to $5.0 million from time to time, at our option,

on terms we deem favorable. The term of the agreement was 24 months. We agreed to deliver to Leviston additional shares of common stock with a fair value of $250,003, for no additional consideration, on the first settlement date with respect to a put notice delivered by us. For the nine months ended September 30, 2021, we issued to Leviston 1,551,760 common shares with an aggregate sales price of $5.0 million, at an average price per share of $3.22, and an additional 50,907 common shares in commitment and due diligence fees. As of September 30, 2021, the 2021 Leviston Sales Agreement has no remaining capacity.

Gross proceeds from and fees related to the issuance of shares of our common stock pursuant to registered equity issuance agreements for the nine months ended September 30, 2021 and 2020 are as follows:

	2021		2020
Number of shares sold	5,972,995		5,747,608
Gross proceeds	$	21,999,999	$	4,197,621
Cash common stock issuance costs	(1,064,499)		(130,070)
Net proceeds	$	20,935,500	$	4,067,551
Average price per share	$	3.68	$	0.73

Issuance of Unregistered Shares of Common Stock

Issuance of restricted shares of our common stock in connection with acquisitions and investments for the nine months ended September 30, 2021 are as follows:

Issuance Date	Acquisition/Investment	Common Shares Issued	Restriction Period
June 18, 2021	Renewable Process Solutions Inc.	1,000,000	(A)
July 23, 2021	MANA Corporation	4,200,000	(A)
September 7, 2021	Plain Sight Innovations Corporation	8,500,000	(A)
Total Business Acquisitions		13,700,000
February 16, 2021	LINICO Corporation	3,000,000	(B)
June 24, 2021	Quantum Generative Materials LLC	3,000,000	(B)
July 23, 2021	LP Biosciences LLC	3,500,000	(C)
Total Equity Method Investments		9,500,000
August 27, 2021	Northern Comstock LLC	163,156	(B)
Total Common Shares Issued		23,363,156	(D)

(A) 28% six months from issuance date; additional 8% becomes unrestricted semi-annually through 5 years from issuance date.

(B) Six months from issuance date

(C) Six months from issuance date. On September 30, 2021, we filed a prospectus on Form S-3 with the Securities and Exchange

Commission to register the 3,500,000 shares of common stock issued to LPB for resale at a proposed maximum offering price

per unit of $2.71.

(D) Excludes 55,965 restricted shares issued to Leviston in connection with registered share issuances.

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Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents our assets at September 30, 2021 measured at fair value on a recurring basis:

			Fair Value Measurements as of
			September 30, 2021
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Common shares of Tonogold	$	1,032,461	$	1,032,461	$	—	$	—
Tonogold note receivable (Note 3)	7,056,000		—		—		7,056,000
LINICO derivative asset (Note 2)	6,260,000		—		6,260,000		—
LPB derivative asset (Note 2)	5,172,000		—		5,172,000		—
Common shares of Elevation	19,257		19,257		—		—
Total Assets	$	19,539,718	$	1,051,718	$	11,432,000	$	7,056,000
Liabilities:
GenMat derivative liability (Note 2)	$	(1,990,000)	$	—	$	(1,990,000)	$	—
Total Liabilities	$	(1,990,000)	$	—	$	(1,990,000)	$	—

The following table presents our assets and liabilities at December 31, 2020 measured at fair value on a recurring basis:

			Fair Value Measurements at
			December 31, 2020
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Common shares of Tonogold	$	3,939,558	$	3,939,558	$	—	$	—
Tonogold note receivable (Note 3)	5,498,500		—		—		5,498,500
MCU derivative asset (Note 2)	265,127				265,127		—
Common shares of Elevation	40,165		—		40,165		—
Total Assets	$	9,743,350	$	3,939,558	$	305,292	$	5,498,500

During the nine months ended September 30, 2021, the common shares of Elevation Gold Mining Corporation ("Elevation") (previously Northern Vertex) were transferred from Level 2 to Level 1 as a result of the restriction period expiring on March 1, 2021. For the nine months ended September 30, 2021 and 2020, there were no other transfers of assets and liabilities between Level 1, Level 2 and Level 3.

The following tables provides reconciliation between the beginning and ending balance of investments measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Beginning balance	$	7,246,000	$	10,581,334	$	5,498,500	$	9,080,000
Total change in fair value recognized in earnings
Tonogold convertible preferred shares	—		(2,499,000)		—		(2,544,000)
Tonogold contingent forward asset	—		(647,502)		—		765,880
Tonogold note receivable (Note 3)	(190,000)		256,000		(617,500)		256,000
	(190,000)		(2,890,502)		(617,500)		(1,522,120)
Additions
Tonogold note receivable (Note 3)			6,141,497		2,175,000		6,141,497
Tonogold contingent forward asset	—		—		—		1,232,952
	—		6,141,497		2,175,000		7,374,449
Transfers
Conversion of Tonogold convertible preferred shares to Tonogold common	—		(2,820,000)		—		(3,920,000)
	—		(2,820,000)		—		(3,920,000)
Deductions:
Settlement of Tonogold contingent forward asset	—		(1,998,832)		—		(1,998,832)
	—		(1,998,832)		—		(1,998,832)
Ending balance	$	7,056,000	$	9,013,497	$	7,056,000	$	9,013,497

Valuation Methodologies

Following is a description of the valuation methodologies used for our financial instruments measured at fair value on a recurring basis as well as the general classification of such instruments pursuant to the valuation hierarchy.

Common Shares of Tonogold

The fair value of our investment in common shares of Tonogold is based on the closing price per share of the stock. At September 30, 2021 and December 31, 2020, we held 8.9 million and 13.1 million Tonogold common shares with fair values of $1.0 million and $3.9 million, respectively. The fair values of the common shares are based on the $0.12 and $0.30 closing share prices (OTC: TNGL), respectively. We recorded unrealized losses of $0.3 million and $2.2 million for the change in fair value in other income (expense) in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021, respectively. We recorded unrealized gains of $2.4 million and $3.8 million for the change in fair value in other income (expense) in the condensed consolidated statements of operations for the three and nine months ended September 30, 2020, respectively. The Tonogold common shares are classified within Level 1 of the valuation hierarchy.

Tonogold Note Receivable

The Tonogold Note may be converted into Tonogold common shares, at the sole discretion of the Company, at the Maturity Date, upon an event of default or upon a partial or whole prepayment by Tonogold. The Maturity Date may be extended at the Company’s option if an event of default has occurred or is expected to occur or a fundamental transaction (as defined by the Note) has been announced but not yet closed. Because of the embedded features, the Company made the irrevocable election to report the Note on a fair value basis. The Note principal was originally due and payable on September 20, 2021, and has been extended to March 31, 2022. The Note was amended on March 31, 2021 and June 1, 2021 to its current principal balance of $6,650,000.

The Company recorded the Note at an initial fair value of $6.1 million as of September 8, 2020. The fair value of the Note was based on a Monte Carlo model with the following inputs: Tonogold common share price - $0.35; volatility – 96%; risk free rate – 0.15%; cost of debt – 11.12%; conversion premium – 30%; probability of prepayment – 5% at both March and June 2021; probability of change in control – 5% at June 2021; probability of default – 27% at September 2021.

At December 31, 2020, the fair value of the Note was $5.5 million based on a Monte Carlo model with the following inputs: Tonogold common share price – $0.30; volatility – 89%; risk free rate – 0.09%; cost of debt – 7.62%; conversion premium – 30%; probability of prepayment – 5% at both March and June 2021; probability of change in control – 5% as of June 2021; probability of default – 27% as of September 2021.

At September 30, 2021, the fair value of the Note was $7.1 million based on a Monte Carlo model with the following inputs: Tonogold common share price – $0.11; volatility – 54%; risk free rate – 0.05%; cost of debt – 6.93%; conversion premium – 30%; probability of prepayment – 0% ; probability of default – 28% as of March 2022. We recorded other expense of $0.2 million and $0.6 million in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021, respectively, which represented changes in fair value of the Note. The Note is classified within Level 3 of the valuation hierarchy.

LINICO Derivative Asset

On February 16, 2021, we recorded a derivative asset on the consolidated balance sheets in connection with the LINICO Stock Purchase Agreement. On that date, the $500,000 fair value of the derivative asset was determined based on the excess of the fair value of 3.0 million shares of our common stock issued to and held by LINICO over the $6,250,000 contractual consideration required under the agreement. The fair value of the shares was based on the $2.25 closing price per share of our common stock on that date. As of September 30, 2021, the $6.3 million fair value of the derivative asset is based on the same number of shares and the $2.67 closing price per share of our common stock plus $4.5 million of Cash Commitment payments made to LINICO. We recorded an unrealized loss of $2,880,000 and an unrealized gain of $1,260,000 for the change in fair value of the LINICO derivative asset in other income (expense) in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021, respectively. The derivative asset is classified within Level 2 of the valuation hierarchy.

GenMat Derivative Asset and Liability

On June 24, 2021, we recorded a derivative asset on the consolidated balance sheets in connection with the GenMat Membership Interest Purchase Agreement. On that date, the $530,000 fair value of the derivative asset was determined based on the excess of the fair value of 3.0 million shares of our common stock issued to and held by GenMat over the $10.0 million contractual stock consideration required under the agreement. The value of the shares was based on the $3.51 closing price per share of our common stock on that date. As of September 30, 2021, the $1,990,000 fair value of the derivative liability is based on the same number of shares and the $2.67 closing price per share of our common stock on that date. We recorded unrealized losses for the change in fair value of the GenMat derivative liability of $2.9 million and $2.5 million in other income (expense) in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021, respectively. The derivative liability is classified within Level 2 of the valuation hierarchy.

LPB Derivative Asset

On July 23, 2021, we recorded a derivative asset on the consolidated balance sheets in connection with the LPB Contribution Agreement. On that date, the $6,642,000 fair value of the derivative asset was determined based on the excess of the fair value of 3.5 million shares of our common stock issued to and held by LPB over the $4,173,000 fair value of our contractual consideration under the LPB Partnership Interest Purchase Agreement. The value of the shares was based on the $3.09 closing price per share of our common stock on that date. As of September 30, 2021, the $5,172,000 fair value of the derivative asset is based on the same number of shares and the $2.67 closing price per share of our common stock on that date. We recorded an unrealized loss for the change in fair value of the LPB derivative asset of $1.5 million in other income (expense) in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021. The derivative asset is classified within Level 2 of the valuation hierarchy.

Common Shares of Elevation

During 2020, we sold certain mining claims in exchange for 100,000 shares of common stock of Eclipse, which were restricted from sale through March 1, 2021. As of December 31, 2020, the fair value of the Company’s investment was based on the $0.43 closing price per share of the stock with a discount of $3,010 calculated based on a required holding period of 0.17 years, risk-free rate of 0.08% and volatility of 74.0%. In February 2021, Eclipse merged with Northern Vertex and our 100,000 shares of Eclipse were converted to 109,000 Northern Vertex shares. On March 1, 2021, the restriction period expired. In September 2021, Northern Vertex changed its name to Elevation Gold Mining Corporation ("Elevation") and had a share consolidation of its common shares on a one for six basis resulting in the consolidation of our shares to 18,167 shares. The fair value of the shares of $19,257 as of September 30, 2021 is based on the closing price per share of $1.06. We recorded an unrealized loss of

$9,628 and $20,908 for the reduction in fair value of the Northern Vertex shares in other income (expense) in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021, respectively. Upon expiration of the restriction period in February 2021, the Northern Vertex common shares were transferred from Level 2 to Level 1 of the valuation hierarchy.

MCU Derivative Asset

On December 4, 2020, we recorded a derivative asset on the consolidated balance sheets in connection with our $2.0 million purchase of 15% of MCU membership interests. As of December 31, 2020, the $265,127 fair value of the derivative asset was based on 625,000 shares of our common stock issued as a portion of the purchase price, and the $1.04 closing price per share of our common stock. During the nine months ended September 30, 2021, MCU sold all 625,000 shares, resulting in a final derivative asset fair value of $762,377 based on the excess of actual net proceeds and cash payments to MCU over the $2 million purchase price. We received a cash payment of $762,377 from MCU in February 2021 in full satisfaction of any excess proceeds from the sale of the stock, which was applied to the derivative asset, resulting in no remaining fair value as of September 30, 2021. We recorded $497,250 for the change in fair value of the derivative asset in other income (expense) in the condensed consolidated statements of operations for the nine months ended September 30, 2021. The derivative asset was classified within Level 2 of the valuation hierarchy.

Tonogold Contingent Forward

On March 20, 2020, Tonogold issued to the Company a senior secured convertible note with a principal amount of $5,475,000 reflecting Tonogold’s intent to purchase additional membership interests in Comstock Mining LLC in the future at a specified price. The Contingent Forward included the following features: 1) conversion feature allowing Comstock, at our sole option, to elect payment in Tonogold common shares upon certain events; 2) change of control redemption right allowing Comstock to redeem the note in cash at a 125% premium; 3) event of default redemption right allowing Comstock the right to redeem the note in cash at a 118% premium; and 4) a payment modification included in the Contingent Forward. The fair value of the Contingent Forward was based on a Monte Carlo model with various inputs. These inputs included the Tonogold common share price of $0.35 on September 8, 2020, volatility of 96.0%, risk-free rate of 0.15%, cost of debt of 11.12%, required conversion premium of 30.0%, probability of prepayment of 5%, probability of change in control of 5% and probability of default of 27%. We recorded $0.6 million in other expense and $0.8 million in other income in the condensed consolidated statements of operations for the three and nine months ended September 30, 2020, respectively. The contingent forward asset was netted against the gain on sale of Comstock Mining LLC recorded for the year ended December 31, 2020.

Tonogold Convertible Preferred Shares

The consideration received for Tonogold's acquisition of Comstock Mining LLC included shares of the Tonogold CPS. Since the CPS were not listed securities, and had no readily available market, we elected the fair value option for this instrument.

The value of the CPS as of September 30, 2020 was based on 120% of par value as a result of several factors, which made it likely that Tonogold would be able to apply the redemption provision of the CPS. We recorded $2.5 million and $2.5 million in other income and other expense, respectively, related to the changes in fair value of the CPS in the condensed consolidated statements of operations for the three and nine months ended September 30, 2020, respectively. The Company held no shares of Tonogold CPS at September 30, 2021 and December 31, 2020.

Other Financial Instruments

As of September 30, 2021, the carrying amount of cash and cash equivalents and notes receivable carried at amortized costs, approximates fair value because of the short-term maturity of these financial instruments.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Following is a description of the valuation methodologies used in determining the fair values of the nonrecurring stock purchase price consideration and intangible assets recorded in connection with the three acquisitions completed during the nine months ended September 30, 2021 (Notes 2 and 17), all of which are classified within Level 3 of the valuation hierarchy.

PSI Stock Purchase Price Consideration

On September 7, 2021, we entered into a Securities Purchase Agreement to purchase 100% of PSI equity and voting shares from the former shareholders of PSI. Under the agreement, the purchase price was paid through the issuance of 8.5 million

restricted shares of our common stock to the former shareholders, with an estimated fair value of $14,952,807. The restricted shares issued are subject to lockup provisions wherein 28.0% of the restricted shares (2,380,000 shares) are released from resale restrictions 180 days, or six months, after the closing. The remaining 72.0% of the restricted shares (6,120,000 shares) are released from resale restrictions in eight equal installments of 9.0% every six months thereafter.

In determining the fair value of the shares issued, we assessed the lack of marketability of the shares issued utilizing the European and Asian Protective Put Models and, because PSI is a non-public company, we evaluated selected guideline companies from the same industry to determine discounts for lack of marketability associated with the lockup restrictions of 18.2% for the six-month lockup and 54.0% for the longer-term lockups. Related inputs for the six-month lockup include stock price $1.00, exercise price $1.00, term 0.5 years, volatility 101.3%, risk free rate 0.05% and dividend yield 0.0%. Related inputs for the longer-term lockups include stock price $1.00, exercise price $1.00, term 2.5 years, volatility 130.9%, risk free rate 0.30% and dividend yield 0.0%.

PSI Intangible Assets

PSI intangible assets acquired consist of technology-related assets, including two third-party license agreements and PSI-developed technology. Because adequate information is not available to determine the fair value of one of the license agreements using income (economic benefit stream) or market (comparable assets) valuation approaches, its fair values are based on a cost approach (to replace the future service capability of the asset) and an 80.0% opportunity cost to negotiate the agreement over a one-month period, resulting in an estimated fair value of $10,800. The second license agreement has been recorded at the cost of the minimum license fee less amortization, resulting in an estimated fair value of $483,333. The estimated fair value of the PSI-developed technology is based on the income approach, estimating the present value of related future cash flows after tax discounted at an estimated 80.0% per annum weighted average cost of capital, resulting in an estimated fair value of $6,579,401. All three intangible assets are being amortized on a straight line basis over their 10-year estimated useful lives (Note 9).

MANA Stock Purchase Price Consideration

On July 23, 2021, we entered into a Securities Purchase Agreement to purchase 100% of MANA equity and voting shares from the former shareholders of MANA. Under the agreement, the purchase price was paid through the issuance of 4.2 million restricted shares of our common stock to the former shareholders, with an estimated fair value of $6,827,466. The restricted shares issued are subject to lockup provisions wherein 28.0% of the restricted shares (1,176,000 shares) are released from resale restrictions 180 days, or six months, after the closing. The remaining 72.0% of the restricted shares (3,024,000 shares) are released from resale restrictions in eight equal installments of 9.0% every six months thereafter.

In determining the fair value of the shares issued, we assessed the lack of marketability of the shares issued utilizing the European and Asian Protective Put Models and, because MANA is a non-public company, we evaluated selected guideline companies from the same industry to determine discounts for lack of marketability associated with the lockup restrictions of 30.4% for the six-month lockup and 54.0% for the longer-term lockups. Related inputs for the six-month lockup include stock price $1.00, exercise price $1.00, term 0.5 years, volatility 163.9%, risk free rate 0.05% and dividend yield 0.0%. Related inputs for the longer-term lockups include stock price $1.00, exercise price $1.00, term 2.5 years, volatility 130.4%, risk free rate 0.30% and dividend yield 0.0%.

MANA Intangible Asset

MANA intangible assets acquired consist of a contract-related asset with an estimated fair value of $461,528. The fair value of the customer contract is based on the income approach, estimating the present value of related future cash flows after tax discounted at an estimated 12.0% per annum weighted average cost of capital. The customer contract is being amortized on a straight line basis over the estimated one-year period to complete the related services (Note 9).

RPS Stock Purchase Price Consideration

On June 18, 2021, we entered into a Securities Purchase Agreement to purchase 100% of RPS equity and voting shares from the former shareholder of RPS. Under the agreement, the purchase price is paid through the issuance of 1.0 million restricted shares of our common stock to the former shareholder, with an estimated fair value of $2,304,806. The restricted shares issued are subject to lockup provisions wherein 28.0% of the restricted shares (280,000 shares) are released from resale restrictions 180 days, or six months, after the closing. The remaining 72.0% of the restricted shares (720,000 shares) are released from resale restrictions in eight equal installments of 9.0% every six months thereafter.

In determining the fair value of the shares issued, we assessed the lack of marketability of the shares issued utilizing the European and Asian Protective Put Models and, because RPS is a non-public company, we evaluated selected guideline companies from the same industry to determine discounts for lack of marketability associated with the lockup restrictions of 26.2% for the six-month lockup and 37.5% for the longer-term lockups. Related inputs for the six-month lockup include stock price $1.00, exercise price $1.00, term 0.5 years, volatility 142.4%, risk free rate 0.06% and dividend yield 0.0%. Related inputs for the longer-term lockups include stock price $1.00, exercise price $1.00, term 2.49 years, volatility 90.8%, risk free rate 0.36% and dividend yield 0.0%.

RPS Intangible Assets

RPS intangible assets acquired consist of technology-related and contract-related assets. The technology-related asset is a third-party license agreement with an estimated fair value of $16,619, and the contract-related assets include a third-party distribution agreement with an estimated fair value of $19,733, and a customer contract with an estimated fair value of $122,885. Because adequate information is not available to determine the fair values of the license and distribution agreements using income (economic benefit stream) or market (comparable assets) valuation approaches, their fair values are based on a cost approach (to replace the future service capability of the assets) and an 11.8% opportunity cost to negotiate the agreements over a six-month period. The fair values of the license and distribution agreements are being amortized on a straight line basis over their estimated 24 and 79 month estimated useful lives, respectively. The fair value of the customer contract is based on the income approach, estimating the present value of related future cash flows after tax discounted at an estimated 11.8% per annum weighted average cost of capital. The customer contract is being amortized on a straight line basis over the estimated nine-month period to complete the related services (Note 9).

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Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

2020 Equity Incentive Plan

In 2020, the Company adopted the Comstock Mining Inc. 2020 Equity Incentive Plan (“2020 Plan”). The maximum number of shares of our common stock that may be delivered pursuant to awards granted under the 2020 Plan is 1,800,000. The plan provides for the grant of various types of awards, including but not limited to restricted stock (including performance awards), restricted stock units, stock options, and other types of stock-based awards.

In December 2020, 540,000 shares were granted to non-executive directors under the 2020 Plan, which vest in three equal increments of 180,000 shares each on January 1, 2022, January 1, 2023 and January 1, 2024. The fair value of the common shares issued was $1.06 per share, based on the closing price of our common stock on December 30, 2020. Compensation cost totaling $572,400 will be recognized on a straight-line basis over the three years vesting period. Compensation cost for these grants totaling $47,700 and $143,100 was recorded as a selling, general and administrative expense in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021, respectively. Unamortized stock-based compensation of $429,300 as of September 30, 2021 will be amortized over the remaining 27-month vesting term.

In January 2021, 1,055,000 performance shares were granted to employees under the 2020 Plan. The vesting of 50% of the employee performance share awards is contingent on the achievement of performance goals over the next three years, and vesting of the remaining 50% is contingent on the achievement of our common stock market price goals over the next five years, defined on a per share basis. Vesting is dependent on the employee remaining with the Company from the grant date through the vesting date. The performance shares which vest based on the achievement of performance goals were valued using the Company's common stock price on the grant date of $1.10 per share, and stock-based compensation was determined based on the probability of achieving each goal. The performance shares which vest based on the market price of the Company's shares were valued using a path-dependent model with the following inputs: beginning stock price – $1.10; annual equity volatility – 77%; risk-free rate – 0.36%; number of iterations – 100,000, resulting in an indicated fair value of $0.41 per share, with stock-based compensation recognized evenly over the term of 3.2 years.

In June 2021, 60,000 performance shares were granted to employees under the 2020 Plan. The performance shares which vest based on the market price of the Company's shares were valued using a path-dependent model with the following inputs: beginning stock price – $3.51; annual equity volatility – 93%; risk-free rate – 0.79%; number of iterations – 100,000, which resulted in an indicated fair value of $2.71 per share, with stock-based compensation recognized evenly over the derived term of 1.7 years.

In July and August 2021, a total of 60,000 performance shares were granted to employees under the 2020 Plan. The performance shares which vest based on the market price of the Company's shares were valued using a path-dependent model with the following inputs: beginning stock price – $3.04; annual equity volatility – 95%; risk-free rate – 0.65%; number of iterations – 100,000, resulting in an indicated fair value of $2.26 per share, with stock-based compensation recognized evenly over the derived term of 1.8 years.

Stock-based compensation for all employee performance share grants totaling $80,015 and $186,584 was recorded as costs and expenses in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021, respectively. As of September 30, 2021, unamortized stock-based compensation for performance goals-based grants of $654,002 will be amortized over the remaining 27-month vesting term, and $289,915 for market price-based grants will be amortized over the remaining 29-month, 15-month and 18-month derived vesting terms, as applicable.

2011 Equity Incentive Plan

In 2011, the Company adopted the Comstock Mining Inc. 2011 Equity Incentive Plan (“2011 Plan”). The maximum number of shares of our common stock that could be delivered pursuant to awards granted under the 2011 Plan was 1,200,000. The plan provided for the grant of various types of awards, including, but not limited to, restricted stock (including performance awards), restricted stock units, stock options, and other types of stock-based awards. The 2011 Plan expired June 23, 2021. As of September 30, 2021, there are no shares available to be issued under the plan.

In May 2020, non-executive board members were granted 135,000 common shares for past services and 180,000 common shares for current services for a total of 315,000 common shares. The fair value of the common shares issued was $0.56 per share, based on the closing price per share of our common stock on May 28, 2020.

Also in May 2020, employees were granted 138,800 fully vested stock options to acquire common shares with an exercise price equal to the $0.56 closing price per share of our common stock on the date of the grant, and expiring on the second anniversary of the grants. Compensation cost for the stock options issued totaled $27,849 and was recorded as additional paid in capital on the consolidated balance sheets for the year ended December 31, 2020. As of September 30, 2021, 66,150 stock options have been repurchased and cancelled. Cash paid for the stock options totaling $24,600 and $247,156 for the three and nine months ended September 30, 2021 was deemed to be the incremental fair value of the stock options at the repurchase date, and was recorded as a reduction in additional paid-in capital on the condensed consolidated balance sheets. As of September 30, 2021, the intrinsic value of the remaining 72,650 stock options outstanding was $153,292.

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Other Income and Expense

9 Months Ended

Sep. 30, 2021

Other Income and Expenses [Abstract]

Other Income and Expense

Other Income and Expense

Other income (expense) net consisted of the following for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Change in fair value of derivative asset related to Mercury Clean Up, LLC	—		—		497,250		—
Change in fair value of derivative asset related to LINICO Corporation	(2,880,000)		—		1,260,000		—
Change in estimated fair value of derivative asset or liability related to GenMat	(2,880,000)		—		(2,520,000)		—
Change in estimated fair value of derivative asset related to LPB	(1,470,000)		—		(1,470,000)		—
Equity loss in affiliates	(320,834)		—		(511,601)		—
Gain on sale of mining claims	—		—		—		100,000
Tonogold reimbursement of Pelen acquisition costs	—		84,944		—		234,944
Change in fair value of Tonogold preferred shares	—		(2,499,000)		—		(2,544,000)
Change in fair value MCU make whole	—		—		—		162,711
Realized gain (loss) on sale of Tonogold common shares	(33,539)		743,535		70,780		767,275
Change in fair value of Tonogold note receivable	(190,000)		256,000		(617,500)		256,000
Tonogold note receivable amendment fee	—		—		362,500		—
Unrealized gain (loss) on investments in securities	(268,672)		2,445,391		(2,200,472)		3,826,320
Recognition of grant from CARES Act PPP loan	—		67,624		—		261,170
Other	11,251		108,225		34,054		129,381
Total other income (expense)	$	(8,031,794)	$	1,206,719	$	(5,094,989)	$	3,193,801

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Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The tax provision or benefit from income taxes for interim periods is determined using the estimated annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, we update the estimate of the annual effective tax rate and, if the estimated tax rate changes, we make a cumulative adjustment.

In 2021, our effective tax rate is not expected to be affected by increases or decreases in pre-tax income principally due to a full valuation allowance applied against net deferred tax assets, as noted below. For the nine months ended September 30, 2021, we recognized no income tax benefit or expense, and paid no cash for income taxes.

Income taxes are provided for using the asset and liability method under which deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that are expected to be in effect when such differences are expected to reverse.

We are required to establish a valuation allowance against the deferred tax assets if, based on the weight of all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of September 30, 2021, management has determined that a full valuation allowance is necessary against our net deferred tax assets based on the weight of all available evidence. Management will continue to assess the need for a valuation allowance on a quarterly basis.

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Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

Net Income (Loss) Per Common Share

Basic income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per share reflects the potential dilution that could occur if stock options were exercised. The following is a reconciliation of the numerator and denominator used in the basic and diluted computation of net income (loss) per share: 

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Numerator:
Net income (loss)	$	(9,494,506)	$	17,330,062	$	(7,627,267)	$	18,342,836
Denominator:
Basic weighted average shares outstanding	54,600,262		32,082,972		45,213,469		29,210,777
Incremental shares	—		58,007		—		26,463
Diluted weighted average shares outstanding	54,600,262		32,140,979		45,213,469		29,237,240
Net income (loss) per common share:
Basic EPS	$	(0.17)	$	0.54	$	(0.17)	$	0.63
Diluted EPS	$	(0.17)	$	0.54	$	(0.17)	$	0.63

For the three and nine months ended September 30, 2021, we had no common stock equivalent shares that were dilutive.

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Segment Reporting

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

We are organized into three operating segments, Mining, Real Estate, and Natural Resource Renewal. Our mining segment consists of mining claim, development and processing, environmental and reclamation operations, and related assets, including investments in and loans to Tonogold and Pelen. Our real estate segment consists of real estate rental operations, including the Daney Ranch and Gold Hill Hotel, and related assets, and investments in and advances and assets held for sale to SSOF. Our natural resource renewal segment consists of remediation, recycling and materials development operations, and related assets, including investments in and loans to MCU, MCU-P, LINICO, GenMat and LPB, and our RPS, MANA and PSI subsidiaries. We evaluate the performance of our operating segments based on income (loss) from operations, including and income (loss) allocations from our equity method investments. All intercompany transactions are eliminated. Financial information relating to our reportable operating segments follows:

	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2021		2020		2021		2020
Revenue
Mining	$	—	$	—	$	—	$	—
Real estate	56,375		49,425		159,500		146,225
Natural resource renewal	306,338		—		306,338		—
Total revenue	362,713		49,425		465,838		146,225
Costs and Expenses
Mining	(1,255,070)		(792,391)		(2,512,371)		(3,273,428)
Real estate	(77,812)		(738,606)		(234,884)		(787,187)
Natural resource renewal	(749,748)		—		(750,459)		—
Total costs and expenses	(2,082,630)		(1,530,997)		(3,497,714)		(4,060,615)
Operating Income (Loss)
Mining	(1,255,070)		(792,391)		(2,512,371)		(3,273,428)
Real estate	(21,437)		(689,181)		(75,384)		(640,962)
Natural resource renewal	(443,410)		—		(444,121)		—
Total loss from operations	(1,719,917)		(1,481,572)		(3,031,876)		(3,914,390)
Other income (expense) (Note 19)	(7,774,589)		18,811,634		(4,595,391)		22,257,226
Net income (loss)	$	(9,494,506)	$	17,330,062	$	(7,627,267)	$	18,342,836
Capital Expenditures
Mining	$	—	$	4,000	$	47,750	$	15,000
Real estate	—		—		—		—
Natural resource renewal	—		—		—		—
Total capital expenditures	$	—	$	4,000	$	47,750	$	15,000
Depreciation, Amortization, and Depletion
Mining	$	70,878	$	86,083	$	187,812	$	386,671
Real estate	46,340		690,151		160,006		705,233
Natural resource renewal	218,387		—		218,386		—
Total depreciation, amortization, and depletion	$	335,605	$	776,234	$	566,204	$	1,091,904

	As of September 30,		As of December 31,
	2021		2020
Assets
Mining	$	27,951,114	$	28,893,242
Real estate	13,724,621		10,770,370
Natural resource renewal	65,726,809		3,459,950
Total assets	$	107,402,544	$	43,123,562

Goodwill
Mining	$	—	$	—
Real Estate	—		—
Natural resource renewal	17,737,226		—
	$	17,737,226	$	—

The addition of the natural resource renewal segment reflects the growth in our environmental, social and corporate governance ("ESG") initiatives, which expand beyond our historical focus on mining and real estate.

Certain amounts presented above have been reclassified to conform to the current period presentation, most notably to reclassify our investments in and advances and assets held for sale to SSOF from our mining segment to our real estate segment, and our investments in and loans to MCU and MCU-P from our mining segment to our new natural resource renewal segment. Income (loss) allocations from equity method investments are included in other income (expense).

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Related Party Disclosures

9 Months Ended

Sep. 30, 2021

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

We identify, account for and disclose related party transactions. Parties, which can be entities or individuals, are considered to be related if either party has the ability, directly or indirectly, to control or exercise significant influence over the other party in making financial and operational decisions. Entities and individuals are also considered to be related if they are subject to the common control or significant influence of another party. The following related party transactions occurred during the three and nine months ended September 30, 2021 and 2020 (Notes 1 and 2).

Acquisitions

During the three months ended September 30, 2021, the former shareholder of RPS, acquired by Comstock on June 18, 2021, was appointed Chief Processing Engineer of Comstock. Also, during the three months ended September 30, 2021, following Comstock’s acquisition of PSI on September 7, 2021, the two former majority shareholders of PSI were appointed President and Chief Financial Officer and Chief Technology Officer, respectively, of Comstock. At that time, one former shareholder of MANA, acquired by Comstock on July 23, 2021, was appointed Chief Operating Officer of Comstock.

Prior to its acquisition, RPS entered into an Engineering Service Agreement with LINICO and continues to provide services thereunder. As of the July 23, 2021 closing of our investment in LPB, LPB and MANA entered into a management services agreement whereby MANA is providing certain general management, engineering, construction management and other services in connection with LPB’s retrofitting and operation of the LPB Facility (Note 6).

Northern Comstock LLC

We have an operating agreement with Northern Comstock, an entity controlled by a related party. For each of the three months ended September 30, 2021 and 2020, we made cash and common stock payments for mineral rights under the Northern Comstock operating agreement of $542,500 and for the nine months ended September 30, 2021 and 2020, $1,535,000 and $772,500, respectively. Cash payments for nine months ended September 30, 2021 included a one-time accelerated payment of $812,500 as a result of the net proceeds of $15.0 million we received on March 4, 2021 from the Equity Purchase Agreements (Notes 3 and 16).

Mercury Clean Up, LLC and MCU Philippines, Inc.

For the three and nine months ended September 30, 2021 and 2020, in connection with our investments in MCU and MCU-P, we have provided certain services relating to feasibility studies and permitting that are separate from those investments and not included as obligations under the MCU Agreement.

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

Comstock Mining, Inc. and its wholly-owned subsidiaries (we, us, our, Comstock, or the Company), is a leading innovator in the sustainable extraction, valorization, and production of scarce natural resources, with a focus on strategic materials that are essential to meeting the rapidly increasing global demand for clean energy, natural products and carbon-neutrality. We expect to generate revenue by developing, using, selling, and supporting new clean technologies that facilitate the more efficient use of scarce natural resources. We are commercializing environment-enhancing, material science-based technologies, products, and processes including carbon neutral cellulosic bio-fuels, carbon reducing lithium-ion battery metal recycling, and gold recovered from mercury remediation operations. We additionally manage an extensive portfolio of mining and related assets, including 9,358 acres of contiguous property in the historic Comstock and Silver City mining districts in Nevada (collectively, the “Comstock District”), and assets held for sale.

The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and include the accounts of Comstock Mining Inc. and its wholly-owned subsidiaries, Comstock Processing LLC, Comstock Northern Exploration LLC, Comstock Exploration and Development LLC, Comstock Real Estate Inc., Comstock Industrial LLC, Downtown Silver Springs LLC ("DTSS"), Renewable Process Solutions, Inc. (“RPS”) since its acquisition in June 2021, MANA Corporation (“MANA”) since its acquisition in July 2021, Plain Sight Innovations Corporation (“PSI”) since its acquisition in September 2021, and, prior to its sale in September 2020, Comstock Mining LLC. Intercompany transactions and balances have been eliminated. The condensed consolidated financial statements do not include all disclosures required of annual consolidated financial statements and, accordingly, should be read in conjunction with our consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal years ended December 31, 2020 and 2019.

Operating results for the three and nine months ended September 30, 2021 may not be indicative of results expected for the full year ending December 31, 2021.

In management's opinion, the accompanying condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of our financial position as of September 30, 2021, and our results of operations, cash flows and changes in equity for the three and nine months ended September 30, 2021 and 2020.

Liquidity and Capital ResourcesThe condensed consolidated financial statements are prepared on the going concern basis of accounting that assumes the realization of assets and the satisfaction of liabilities in the ordinary course of business.

Business Combinations

Business Combinations

We apply the acquisition method of accounting for business combinations to all acquisitions where we gain a controlling interest, regardless of whether consideration was exchanged. With respect to business combinations, we (a) recognize and measure in our financial statements the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree; (b) recognize and measure the goodwill acquired in the business combination or a gain from a bargain purchase; and, (c) disclose the nature and financial effects of the business combination. Accounting for acquisitions requires us to recognize, separately from goodwill, the assets acquired and the liabilities assumed at their acquisition-date fair values. Goodwill as of the acquisition date is measured as the excess of the fair value of consideration transferred and the net acquisition-date fair values of the assets acquired and liabilities assumed.

While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, the estimates inherently are uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets, including intangible assets acquired and liabilities assumed with corresponding offsets to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of operations.

Variable-Interest Entity

Variable Interest Entities

A variable interest entity (“VIE”) refers to a legal business structure wherein an investor has a controlling interest despite not having a majority of voting rights, including when the entity invested in is thinly capitalized and its equity is not sufficient to fund its activities without additional subordinated financial support. An investor in a VIE has a controlling interest if the

investor is determined to be the primary beneficiary of the VIE, defined as having the (i) power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or (ii) obligation to absorb losses of the VIE that could potentially be significant to the VIE, or (iii) right to receive benefits from the VIE that could be significant to the VIE.

We have investments in Quantum Generative Materials LLC (“GenMat”), LP Biosciences LLC ("LPB"), LINICO Corporation (“LINICO”), and Sierra Springs Opportunity Fund, Inc. (“SSOF”), that we have determined to be VIEs. We have also determined that we do not have a controlling interest in any of these companies, as we do not meet the definition of primary beneficiary cited above. Accordingly, the accounts of these companies are not included in our condensed consolidated financial statements.

Use of Estimates

Use of Estimates

In preparing GAAP financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and related income, costs, expenses, receipts and expenditures during the reported periods. Actual results could differ materially from those estimates. Estimates may include those pertaining to the Tonogold Series D Convertible Junior Participating Non-Cumulative Perpetual Preferred Stock ("CPS") redeemed in 2020, impairment of equity investments, notes receivable accounted for at fair value or amortized cost, discount rates on non-interest bearing notes receivable, derivative assets and liabilities, the useful lives and valuation of properties, plant and equipment, carrying values of assets held for sale and mineral rights, deferred tax assets, fair values of net assets acquired, useful lives of intangible assets, impairment of intangibles and goodwill, reclamation liabilities, contingent liabilities, revenue contract progress toward completion, and stock-based compensation.

Cash and Cash Equivalents

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include bank deposits and highly liquid investments purchased with maturities of three months or less. Cash deposits with banks may exceed Federal Deposit Insurance Corporation insured limits.

Restricted cash as of September 30, 2021 consists of a $500,000 escrow account with MANA related to our investment in LPB (Note 2).

Investments

Investments

Investments in Debt and Equity Securities

From time to time, we hold investments in the form of debt securities and other instruments, and equity securities.

Investments in debt are classified as trading, available for sale or held to maturity, in certain cases electing the fair value option. Upon sale of a debt security, the realized gain or loss is recognized in current earnings. At the end of each reporting period, we consider whether impairment indicators exist to evaluate if a debt investment security or loan is impaired and, if so, record an impairment loss (Notes 2 and 17).

Investments in equity securities are generally measured at fair value. Unrealized gains and losses for equity securities resulting from changes in fair value are recognized in current earnings. If an equity security does not have a readily determinable fair value, we may elect to measure the security at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer. At the end of each reporting period, we reassess whether an equity investment security without a readily determinable fair value qualifies to be measured at cost less impairment, consider whether impairment indicators exist to evaluate if an equity investment security is impaired and, if so, record an impairment loss. At the end of each reporting period, unrealized gains and losses resulting from changes in fair value are recognized in current earnings. Upon sale of an equity security, the realized gain or loss is recognized in current earnings.

Investments - Equity Method and Joint Ventures:

Investments in companies and joint ventures for which we have the ability to exercise significant influence, but do not control, are accounted for under the equity method. Under the equity method of accounting, our share of the net earnings or losses of the investee are included in other income (expense) in the condensed consolidated statements of operations. Upon investment, we assess whether a step up in the basis of the investee's assets has occurred and, if so, adjust our share of net earnings or losses by related depreciation and amortization expense. At the end of each reporting period, we consider whether impairment indicators exist to evaluate whether an equity method investment is impaired and, if so, record an impairment loss.

Intangible Assets and Goodwill

Intangible Assets and Goodwill

Purchased Intangible Assets

Purchased intangible assets represent the estimated acquisition date fair value of acquired intangible assets used in our business. We expense the cost of modifying and updating purchased intangible assets in the period the costs are incurred. Intangible assets with definite lives are amortized over their estimated useful lives. We amortize intangible assets on a straight-line basis, generally over periods ranging from one to ten years.

We review purchased intangible assets for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. We measure recoverability of these assets by comparing the carrying amounts to the future undiscounted cash flows the assets or asset group are expected to generate. If the carrying value of the assets or asset group are not recoverable, impairment recognized is measured and recorded as the amount by which the carrying value exceeds its fair value.

Goodwill

Goodwill represents the cost in excess of the fair value of net assets acquired in a business combination. We allocate goodwill to reporting units based on the expected benefit from the business combination. We evaluate our reporting units periodically, as well as when changes in our operating segments occur. For changes in reporting units, we reassign goodwill using a relative fair value allocation approach.

Goodwill is tested for impairment at the reporting unit level on an annual basis, and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We perform our annual goodwill impairment tests at December 31.

Derivative Instruments

Derivative Instruments

Derivative instruments are recognized as either assets or liabilities on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivative instruments depends on their intended use and resulting hedge designations. Changes in the fair value of derivative instruments not designated as hedges are recorded in current earnings.

The Company evaluates and accounts for embedded derivatives in its financial instruments based on three criteria that, if met, require bifurcation of embedded derivatives from their host instruments and accounting for them as free standing derivative financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not required to be re-measured at fair value, and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative financial instrument, and is shown at its fair value at each balance sheet date and recorded as an asset or liability with the change in fair value recorded in current earnings. We have no derivative instruments designated as hedges.

Reclamation Liabilities and Asset Retirement Obligations

Reclamation Liabilities and Asset Retirement Obligations

Minimum standards for site reclamation and closure have been established for us by various government agencies and contractual obligations with lessors. Asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The liability is accreted over time through periodic charges to current earnings. In addition, the asset retirement cost is capitalized and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time, and revisions to the estimates of either the timing or amount of reclamation and abandonment costs. We review, on an annual basis, unless otherwise deemed necessary, the asset retirement obligation at each mine site and processing facility. Separately, we accrue costs associated with environmental remediation obligations when it is probable that such costs will be incurred and they are reasonably estimable.

Revenue Recognition

Revenue Recognition

Real Estate Revenues

We generate rental revenues from tenants via long-term lease contracts in various forms, including lease and sublease agreements. Providing access to the leased land and facilities, and performing specified repair and maintenance services over the length of the tenant contract term represent our performance obligations under our tenant contracts. Tenant rental payments are typically due monthly or quarterly, depending on the contract.

Engineering and Construction Management Services

For the majority of our operations, services revenues are recognized when services are performed and are contractually billable. For service contracts, principally engineering and construction management service, we recognize revenue over a period of time based on estimated progress toward completion. Service contracts that include multiple performance obligations are segmented between types of services. For contracts with multiple performance obligations, we allocate the transaction price to each performance obligation using an estimate of the stand-alone selling price of each distinct service in the contract. Revenue recognized on service contracts that has not been billed to clients is recorded as contract assets. Amounts billed to clients in excess of revenue recognized on service contracts to date are recorded as contract liabilities. Customer payments are typically due within 30 to 45 days of billing, depending on the contract.

Stock-Based Compensation

Stock-Based Compensation

All transactions in which goods or services are received for the issuance of shares of our common stock or options to purchase shares of our common stock are accounted for based on the fair value of the equity interest issued. The fair value of shares of common stock is determined based upon the closing price per share of our common stock on the date of issuance and other applicable inputs.

We recognize stock-based compensation for common stock grants evenly over the related vesting period.

The fair value of market condition performance share awards is determined based on path-dependent valuation techniques and inputs including the closing price per share of our common stock at date of grant, volatility and the risk-free interest rate. We recognize stock-based compensation for market condition performance share awards evenly over the derived service period resulting from the path-dependent valuation.

The fair value of performance condition share awards is determined based on the closing price per share of our common stock at date of grant and the probability of achieving the performance condition during the term of the award agreement. We recognize stock-based compensation for performance condition share awards evenly over the term of the award agreement.

We recognize forfeitures of unvested common stock, performance shares and stock option grants as they occur.

Reclassifications

Reclassifications

Certain prior period amounts have been reclassified to conform to the 2021 financial statement presentation. Reclassifications had no effect on net income (loss), stockholders' equity or cash flows as previously reported.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2020-06–Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The update is to address issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2021, including condensed periods within those fiscal years and with early adoption permitted. We are currently evaluating the impact of adopting this standard on our consolidated financial statements.

In January 2020, the FASB issued ASU No. 2020-01–Investments–Equity Securities (Topic 321), Investments–Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)–Clarifying the Interactions Between Topic 321, Topic 323 and Topic 815 (A Consensus of the Emerging Issues Task Force) which makes improvements related to accounting for certain equity securities when the equity method of accounting is applied or discontinued, and scope considerations related to forward contracts and purchased options on certain securities. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020. Our adoption of this standard on January 1, 2021 did not have a material impact on our condensed consolidated financial statements.

COVID-19

For more than a year in Nevada, local governments, state health officials, emergency managers, local health authorities and community partners have come together in a statewide response to COVID-19. Processes continue to be in place to support testing, contact tracing, disease investigation and vaccine rollout in communities throughout the state.

On July 27, 2021, Nevada Governor Steve Sisolak signed Emergency Directive 047. This directive requires people in areas with substantial or high COVID-19 transmission to wear a face covering while in public indoor locations. Currently, 15 of Nevada’s 17 counties meet this threshold including Story and Lyon counties. This mandate went into effect on Friday, July 30, 2021.

We are operating in alignment with these guidelines for limiting the spread of COVID-19 and continue prioritizing the health of our employees, partners and suppliers. This includes the continuation of remote working for certain at-risk professionals and heightened monitoring of illness indicators.

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Acquisitions and Investments (Tables)

9 Months Ended

Sep. 30, 2021

Business Acquisition [Line Items]

Schedule of Non-current Investments

As of September 30, 2021 and December 31, 2020, our non-current investments include:

	September 30, 2021			December 31, 2020
	Investment		Ownership %	Investment		Ownership %
LP Biosciences LLC	$	4,256,016	50.00%	$	—	—%
Quantum Generative Materials LLC	13,571,659		37.50%	—		—%
LINICO Corporation	5,869,421		48.78%	—		—%
Mercury Clean Up, LLC	1,989,149		25.0%	2,010,113		15.0%
MCU Philippines, Inc.	499,427		50.0%	323,770		50.0%
Pelen Limited Liability Company	578,608		25.0%	603,714		25.0%
Total equity method investments	26,764,280			2,937,597
Sierra Springs Opportunity Fund, Inc.	335,000			335,000
Total Investments	$	27,099,280		$	3,272,597

Plain Sight Innovations LLC

Business Acquisition [Line Items]

Schedule of business acquisitions

The PSI purchase price consideration and initial allocation to net assets acquired is presented below:

Fair value of consideration transferred:
Comstock shares of common stock issued (8,500,000 at $1.76 per share)	$	14,952,807
Loans to Plain Sight Innovations LLC prior to acquisition	1,423,327
Total fair value of consideration transferred	16,376,134
Recognized amounts of identifiable assets acquired
Cash and cash equivalents	100,147
Intangible assets - Intellectual property (Note 9)	7,073,534
Total identifiable assets	7,173,681
Goodwill	$	9,202,453

Pro forma information

	September 30, 2021
Revenue	$	471,838
Net loss	$	(8,978,284)

MANA Corporation

Business Acquisition [Line Items]

Schedule of business acquisitions

The MANA purchase price consideration and initial allocation to net assets acquired is presented below:

Fair value of consideration transferred:
Comstock shares of common stock issued (4,200,000 at $1.63 per share)	$	6,827,466
Total fair value of consideration transferred	6,827,466
Recognized amounts of identifiable assets acquired and liabilities assumed:
Intangible assets - Intellectual property (Note 9)	461,528
Total identifiable net assets	461,528
Goodwill	$	6,365,938

Pro forma information

	September 30, 2021
Revenue	$	100,000
Net loss	$	(1,938,825)

Renewable Process Solutions

Business Acquisition [Line Items]

Schedule of business acquisitions

The RPS purchase price consideration and initial allocation to net assets acquired is presented below:

Fair value of consideration transferred:
Comstock shares of common stock issued (1,000,000 at $2.30 per share)	$	2,304,806
Total fair value of consideration transferred	2,304,806
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	24,385
Notes receivable, net	38,459
Prepaid expenses and other current assets	4,072
Intangible assets (Note 9)	159,237
Accounts payable	(33,882)
Accrued expenses and other liabilities	(56,300)
Total identifiable net assets	135,971
Goodwill	$	2,168,835

Pro forma information

	September 30, 2021		September 30, 2020
Revenue	$	587,053	$146,225
Net loss	$	(7,803,424)	$17,965,168

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Notes Receivable and Advances, Net (Tables)

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Schedule of Notes Receivable and Advances, Net

Notes receivable and advances, net as of September 30, 2021 and December 31, 2020 include:

	September 30, 2021		December 31, 2020
Tonogold note receivable, face value	$	6,650,000	$	4,475,000
Unrealized gain	406,000		1,023,500
Tonogold note receivable, fair value (Notes 3 and 15)	7,056,000		5,498,500
SSOF advances receivable (Note 2)	4,685,000		1,650,000
Other notes receivable	138,459		—
Total notes receivable and advances, net - current portion	11,879,459		7,148,500
MCU-P note receivable, face value	2,000,000		1,180,000
Unamortized discount for implied interest	(430,694)		(319,060)
Note receivable, net - non-current (Note 2)	1,569,306		860,940
Total notes receivable and advances, net	$	13,448,765	$	8,009,440

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Assets Held for Sale (Tables)

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of Assets Held for Sale

Assets held for sale as of September 30, 2021 and December 31, 2020 include:

	September 30, 2021		December 31, 2020
Silver Springs Properties:
DTSS (Land)	$	3,589,876	$	3,589,876
Industrial Park (Land and water rights)	2,738,462		2,738,462
Total assets held for sale	$	6,328,338	$	6,328,338

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Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Accounts receivable - Service income	$	179,720	$	—
Accounts receivable - Tonogold	192,088
Accrued interest receivable	165,626		—
Land and property deposits	—		12,600
Surety bond and insurance	73,019		139,527
Stock sales proceeds receivable	—		200,000
Pelen option	200,000		100,000
LPB non-refundable advance	326,258		—
Other	219,900		228,951
Total prepaid expenses and other current assets	$	1,356,611	$	681,078

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Mineral Rights and Properties and Properties, Pland and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2021

Mineral Industries Disclosures [Abstract]

Schedule of Mineral Rights and Properties

Mineral rights and properties as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Dayton resource area	$	2,971,838	$	2,971,838
Spring Valley area	1,630,332		1,630,332
Occidental area	1,002,172		1,002,172
Oest area	307,522		307,522
Northern extension	157,205		157,205
Northern targets	161,920		121,170
Other mineral properties	317,405		317,405
Water rights	90,000		90,000
	$	6,638,394	$	6,597,644

Schedule of Properties, Plant and Equipment

Properties, plant and equipment as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Land and buildings leased to others
Daney Ranch	$	2,261,263	$	2,261,263
Gold Hill Hotel	753,272		753,272
Other real estate	314,526		314,526
Less accumulated depreciation	(1,318,373)		(1,196,426)
Total, net	2,010,688		2,132,635
Property, plant, and equipment for mineral processing
American Flat land and buildings	6,500,817		6,500,817
Crushing, processing, and refining plant and equipment	21,113,178		21,113,178
Less accumulated depreciation	(22,103,194)		(21,943,657)
Total, net	5,510,801		5,670,338
Other property and equipment
Comstock corporate campus	1,549,453		1,549,453
Vehicle and equipment	2,267,916		2,267,916
Furniture and fixtures	556,860		549,860
Less accumulated depreciation	(3,608,574)		(3,545,502)
Total, net	765,655		821,727
Total properties, plant and equipment, net	$	8,287,144	$	8,624,700

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Reclamation Bond Deposit (Tables)

9 Months Ended

Sep. 30, 2021

Environmental Remediation Obligations [Abstract]

Schedule of Reclamation Bond Deposits

The reclamation bond deposit as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Surety bond cash collateral	$	2,588,943	$	2,588,768
Other cash reclamation bond deposits	106,936		106,936
Total reclamation bond deposit	$	2,695,879	$	2,695,704

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Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

ntangible assets as of September 30, 2021 and December 31, 2020 consisted of the following (Notes 2 and 17):

Description	Estimated Economic Life	September 30, 2021		December 31, 2020
RPS
Technology-related
License agreement	2 years	$	16,619	$	—
Contract-related
Distribution agreement	7 years, 7 months	19,733		—
Customer contract	9 months	122,885		—
		159,237		—
MANA
Contract-related
Customer contract	1 year	461,528		—
PSI
Technology-related
License agreements	10 years	494,133		—
PSI-developed technology	10 years	6,579,401		—
		7,073,534		—
Total intangible assets		7,694,299		—
Accumulated amortization		(218,387)		—
Intangible assets, net		$	7,475,912	$	—

Schedule of Future Minimum Amortization Expense

Future minimum amortization expense is as follows as of September 30, 2021:

Remainder of 2021	$	335,738
2022	990,386
2023	714,506
2024	710,351
2025	710,351
Thereafter	4,014,580
	$	7,475,912

Schedule of Goodwill

Goodwill as of September 30, 2021 and December 31, 2020 is presented below (Note 2):

	September 30, 2021		December 31, 2020
RPS	$	2,168,835	$	—
MANA	6,365,938		—
PSI	9,202,453		—
Total goodwill	$	17,737,226	$	—

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Other Assets (Tables)

9 Months Ended

Sep. 30, 2021

Other Assets, Noncurrent [Abstract]

Schedule of Other Assets

Other assets as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Prepaid Northern Comstock LLC contributions, net (Note 23)	$	308,137	$	—
Other long-term receivables and prepaid expenses	101,000		154,950
Long-term deposits	24,355		24,354
	$	433,492	$	179,304

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Accrued Expenses and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Accrued Northern Comstock LLC contributions, net (Note 23)	$	—	$	180,833
Accrued payroll costs	235,353		153,615
Accrued board of directors' fees	—		60,000
Accrued vendor liabilities	100,769		136,499
Other accrued expenses	83,458		4,000
Total accrued expenses and other liabilities	$	419,580	$	534,947

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Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Schedule of Lease Balances Recorded in Balance Sheet

We have the following lease balances recorded on the condensed consolidated balance sheets as follows:

Lease Assets and Liabilities	Classification	September 30, 2021		December 31, 2020
Operating lease right-of-use asset	Other assets	$	48,034	$	51,294
Operating lease liability - current	Accrued expenses and other liabilities	$	4,195	$	3,650
Operating lease liability - long-term	Other liabilities	46,583		49,791
Total operating lease liabilities		$	50,778	$	53,441

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities by fiscal year for the Company's operating leases are as follows:

Remainder of 2021	$	2,375
2022	9,650
2023	9,950
2024	10,250
2025	10,550
Thereafter	31,500
Total operating lease payments	74,275
Less: Imputed interest	(23,497)
Present value of lease liabilities	$	50,778

Future minimum annual lease payments, including royalty and rental payments, under these existing lease agreements are as follows as of September 30, 2021:

Remainder of 2021	$	25,500
2022	114,000
2023	114,000
2024	108,000
2025	110,000
Thereafter	1,686,250
	$	2,157,750

Schedule of Lease Income

Real estate revenue from operating leases on our land and buildings leased to others (Note 7) recorded on the condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020 is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Daney Ranch	$	27,000	$	9,000	$	81,000	$	9,000
Gold Hill Hotel	13,575		13,500		33,725		61,500
Lab and office space	—		5,000		—		20,000
Land	4,500		4,500		13,500		13,500
All other residential	11,300		17,425		31,275		42,225
Total real estate revenue from operating leases	$	56,375	$	49,425	$	159,500	$	146,225

Maturities of lease payments for operating leases on our land and buildings leased to others are as follows:

Remainder of 2021	$	60,075
2022	180,025
2023	166,325
2024	22,725
Thereafter	—
Total Minimum Lease Income	$	429,150

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Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt as of September 30, 2021 and December 31, 2020 consisted of the following:

Note Description	September 30, 2021		December 31, 2020
Georges Trust Unsecured Promissory Notes - 12% interest, due September 2021	$	—	$	1,389,014
Concorde Trust Unsecured Promissory Note - 12% interest, due 2021	—		683,263
Bean Trust Unsecured Promissory Note - 12% interest, due 2021	—		290,386
GHF Inc Unsecured Promissory Note - 12% interest, due September 2021	—		916,712
Note Payable (Caterpillar Financial Services) - 5.7% interest	—		404,373
Total debt	—		3,683,748
Less: debt discounts and issuance costs	—		(126,043)
Total debt, net of discounts and issuance costs	—		3,557,705
Less: current maturities	—		(3,557,705)
Long-term debt, net of discounts and issuance costs	$	—	$	—

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Long-Term Reclamation Liability and Retirement Obligation Asset (Tables)

9 Months Ended

Sep. 30, 2021

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Reconciliation of the Aggregate Reclamation Liability

Following is a reconciliation of the mining retirement liability associated with our reclamation plan for the mining projects as of September 30, 2021 and December 31, 2020:

	Nine Months Ended		Twelve Months Ended
	September 30, 2021		December 31, 2020
Long-term reclamation liability — beginning of period	$	6,054,919	$	6,034,208
Reduction of obligation due to extension of time	(926,434)		—
Accretion of reclamation liability	236,097		20,711
Long-term reclamation liability — end of period	$	5,364,582	$	6,054,919

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Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2021

Lessee, Lease, Description [Line Items]

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities by fiscal year for the Company's operating leases are as follows:

Remainder of 2021	$	2,375
2022	9,650
2023	9,950
2024	10,250
2025	10,550
Thereafter	31,500
Total operating lease payments	74,275
Less: Imputed interest	(23,497)
Present value of lease liabilities	$	50,778

Future minimum annual lease payments, including royalty and rental payments, under these existing lease agreements are as follows as of September 30, 2021:

Remainder of 2021	$	25,500
2022	114,000
2023	114,000
2024	108,000
2025	110,000
Thereafter	1,686,250
	$	2,157,750

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Equity (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Schedule of Stock by Class

Gross proceeds from and fees related to the issuance of shares of our common stock pursuant to registered equity issuance agreements for the nine months ended September 30, 2021 and 2020 are as follows:

	2021		2020
Number of shares sold	5,972,995		5,747,608
Gross proceeds	$	21,999,999	$	4,197,621
Cash common stock issuance costs	(1,064,499)		(130,070)
Net proceeds	$	20,935,500	$	4,067,551
Average price per share	$	3.68	$	0.73

Issuance of Unregistered Shares of Common Stock

Issuance of restricted shares of our common stock in connection with acquisitions and investments for the nine months ended September 30, 2021 are as follows:

Issuance Date	Acquisition/Investment	Common Shares Issued	Restriction Period
June 18, 2021	Renewable Process Solutions Inc.	1,000,000	(A)
July 23, 2021	MANA Corporation	4,200,000	(A)
September 7, 2021	Plain Sight Innovations Corporation	8,500,000	(A)
Total Business Acquisitions		13,700,000
February 16, 2021	LINICO Corporation	3,000,000	(B)
June 24, 2021	Quantum Generative Materials LLC	3,000,000	(B)
July 23, 2021	LP Biosciences LLC	3,500,000	(C)
Total Equity Method Investments		9,500,000
August 27, 2021	Northern Comstock LLC	163,156	(B)
Total Common Shares Issued		23,363,156	(D)

(A) 28% six months from issuance date; additional 8% becomes unrestricted semi-annually through 5 years from issuance date.

(B) Six months from issuance date

(C) Six months from issuance date. On September 30, 2021, we filed a prospectus on Form S-3 with the Securities and Exchange

Commission to register the 3,500,000 shares of common stock issued to LPB for resale at a proposed maximum offering price

per unit of $2.71.

(D) Excludes 55,965 restricted shares issued to Leviston in connection with registered share issuances.

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Liabilities Measured on Recurring Basis

The following table presents our assets at September 30, 2021 measured at fair value on a recurring basis:

			Fair Value Measurements as of
			September 30, 2021
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Common shares of Tonogold	$	1,032,461	$	1,032,461	$	—	$	—
Tonogold note receivable (Note 3)	7,056,000		—		—		7,056,000
LINICO derivative asset (Note 2)	6,260,000		—		6,260,000		—
LPB derivative asset (Note 2)	5,172,000		—		5,172,000		—
Common shares of Elevation	19,257		19,257		—		—
Total Assets	$	19,539,718	$	1,051,718	$	11,432,000	$	7,056,000
Liabilities:
GenMat derivative liability (Note 2)	$	(1,990,000)	$	—	$	(1,990,000)	$	—
Total Liabilities	$	(1,990,000)	$	—	$	(1,990,000)	$	—

The following table presents our assets and liabilities at December 31, 2020 measured at fair value on a recurring basis:

			Fair Value Measurements at
			December 31, 2020
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Common shares of Tonogold	$	3,939,558	$	3,939,558	$	—	$	—
Tonogold note receivable (Note 3)	5,498,500		—		—		5,498,500
MCU derivative asset (Note 2)	265,127				265,127		—
Common shares of Elevation	40,165		—		40,165		—
Total Assets	$	9,743,350	$	3,939,558	$	305,292	$	5,498,500

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables provides reconciliation between the beginning and ending balance of investments measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Beginning balance	$	7,246,000	$	10,581,334	$	5,498,500	$	9,080,000
Total change in fair value recognized in earnings
Tonogold convertible preferred shares	—		(2,499,000)		—		(2,544,000)
Tonogold contingent forward asset	—		(647,502)		—		765,880
Tonogold note receivable (Note 3)	(190,000)		256,000		(617,500)		256,000
	(190,000)		(2,890,502)		(617,500)		(1,522,120)
Additions
Tonogold note receivable (Note 3)			6,141,497		2,175,000		6,141,497
Tonogold contingent forward asset	—		—		—		1,232,952
	—		6,141,497		2,175,000		7,374,449
Transfers
Conversion of Tonogold convertible preferred shares to Tonogold common	—		(2,820,000)		—		(3,920,000)
	—		(2,820,000)		—		(3,920,000)
Deductions:
Settlement of Tonogold contingent forward asset	—		(1,998,832)		—		(1,998,832)
	—		(1,998,832)		—		(1,998,832)
Ending balance	$	7,056,000	$	9,013,497	$	7,056,000	$	9,013,497

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Other Income and Expense (Tables)

9 Months Ended

Sep. 30, 2021

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income (Expense)

Other income (expense) net consisted of the following for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Change in fair value of derivative asset related to Mercury Clean Up, LLC	—		—		497,250		—
Change in fair value of derivative asset related to LINICO Corporation	(2,880,000)		—		1,260,000		—
Change in estimated fair value of derivative asset or liability related to GenMat	(2,880,000)		—		(2,520,000)		—
Change in estimated fair value of derivative asset related to LPB	(1,470,000)		—		(1,470,000)		—
Equity loss in affiliates	(320,834)		—		(511,601)		—
Gain on sale of mining claims	—		—		—		100,000
Tonogold reimbursement of Pelen acquisition costs	—		84,944		—		234,944
Change in fair value of Tonogold preferred shares	—		(2,499,000)		—		(2,544,000)
Change in fair value MCU make whole	—		—		—		162,711
Realized gain (loss) on sale of Tonogold common shares	(33,539)		743,535		70,780		767,275
Change in fair value of Tonogold note receivable	(190,000)		256,000		(617,500)		256,000
Tonogold note receivable amendment fee	—		—		362,500		—
Unrealized gain (loss) on investments in securities	(268,672)		2,445,391		(2,200,472)		3,826,320
Recognition of grant from CARES Act PPP loan	—		67,624		—		261,170
Other	11,251		108,225		34,054		129,381
Total other income (expense)	$	(8,031,794)	$	1,206,719	$	(5,094,989)	$	3,193,801

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Net Income (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Reconciliation of Numerator and Denominator Used in Basic and Diluted Computation of Net Loss Per Share

The following is a reconciliation of the numerator and denominator used in the basic and diluted computation of net income (loss) per share: 

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Numerator:
Net income (loss)	$	(9,494,506)	$	17,330,062	$	(7,627,267)	$	18,342,836
Denominator:
Basic weighted average shares outstanding	54,600,262		32,082,972		45,213,469		29,210,777
Incremental shares	—		58,007		—		26,463
Diluted weighted average shares outstanding	54,600,262		32,140,979		45,213,469		29,237,240
Net income (loss) per common share:
Basic EPS	$	(0.17)	$	0.54	$	(0.17)	$	0.63
Diluted EPS	$	(0.17)	$	0.54	$	(0.17)	$	0.63

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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Financial Information Relating to Reportable Operating Segments and Reconciliation to Consolidated Totals

	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2021		2020		2021		2020
Revenue
Mining	$	—	$	—	$	—	$	—
Real estate	56,375		49,425		159,500		146,225
Natural resource renewal	306,338		—		306,338		—
Total revenue	362,713		49,425		465,838		146,225
Costs and Expenses
Mining	(1,255,070)		(792,391)		(2,512,371)		(3,273,428)
Real estate	(77,812)		(738,606)		(234,884)		(787,187)
Natural resource renewal	(749,748)		—		(750,459)		—
Total costs and expenses	(2,082,630)		(1,530,997)		(3,497,714)		(4,060,615)
Operating Income (Loss)
Mining	(1,255,070)		(792,391)		(2,512,371)		(3,273,428)
Real estate	(21,437)		(689,181)		(75,384)		(640,962)
Natural resource renewal	(443,410)		—		(444,121)		—
Total loss from operations	(1,719,917)		(1,481,572)		(3,031,876)		(3,914,390)
Other income (expense) (Note 19)	(7,774,589)		18,811,634		(4,595,391)		22,257,226
Net income (loss)	$	(9,494,506)	$	17,330,062	$	(7,627,267)	$	18,342,836
Capital Expenditures
Mining	$	—	$	4,000	$	47,750	$	15,000
Real estate	—		—		—		—
Natural resource renewal	—		—		—		—
Total capital expenditures	$	—	$	4,000	$	47,750	$	15,000
Depreciation, Amortization, and Depletion
Mining	$	70,878	$	86,083	$	187,812	$	386,671
Real estate	46,340		690,151		160,006		705,233
Natural resource renewal	218,387		—		218,386		—
Total depreciation, amortization, and depletion	$	335,605	$	776,234	$	566,204	$	1,091,904

	As of September 30,		As of December 31,
	2021		2020
Assets
Mining	$	27,951,114	$	28,893,242
Real estate	13,724,621		10,770,370
Natural resource renewal	65,726,809		3,459,950
Total assets	$	107,402,544	$	43,123,562

Goodwill
Mining	$	—	$	—
Real Estate	—		—
Natural resource renewal	17,737,226		—
	$	17,737,226	$	—

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Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended						9 Months Ended
	Sep. 30, 2021 USD ($) a	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2021 USD ($) a	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Finite-Lived Intangible Assets [Line Items]
Acres of contiguous property managed by the Company | a	9,358						9,358
Accumulated deficit	$ 228,586,335						$ 228,586,335		$ 220,959,068
Net income (loss)	(9,494,506)	$ (6,320,992)	$ 8,188,231	$ 17,330,062	$ 1,275,986	$ (263,212)	(7,627,267)	$ 18,342,836
Increase in cash, cash equivalents and restricted cash							985,841	661,376
Cash and cash equivalents and restricted cash	3,417,785			$ 1,677,233			3,417,785	$ 1,677,233	$ 2,431,944	$ 1,015,857
Escrow deposit	$ 500,000						$ 500,000
Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life							1 year
Contract with customer payment period							30 days
Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life							10 years
Contract with customer payment period							45 days

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Acquisitions and Investments - Acquisitions Narrative (Details) - USD ($)					1 Months Ended	2 Months Ended	3 Months Ended	9 Months Ended
	Sep. 07, 2021	Jul. 24, 2021	Jul. 23, 2021	Jun. 18, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Performance-based cash payments as percentage of future consolidated net cash flow (percent)	20.00%
Plain Sight Innovations LLC
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%
Acquisition costs								$ 28,825
Revenue of acquiree since acquisition date					$ 0
Income (loss) of acquiree since acquisition date					$ 246,422
Plain Sight Innovations LLC | Restricted Stock
Business Acquisition [Line Items]
Shares issued in acquisition (in shares)	8,500,000
Comstock shares of common stock issued	$ 14,952,807
FLUX Photon Corporation
Business Acquisition [Line Items]
Maximum performance-based cash payments as percentage of future consolidated net cash flow	$ 18,000,000
MANA Corporation
Business Acquisition [Line Items]
Percentage of voting interests acquired		100.00%	100.00%
Revenue of acquiree since acquisition date						$ 100,000
Income (loss) of acquiree since acquisition date						1,700,000
Performance-based cash payments as percentage of future consolidated net cash flow (percent)		20.00%
Maximum performance-based cash payments as percentage of future consolidated net cash flow		$ 8,600,000
Decrease in fair value of LPB derivative asset						$ 1,470,000
MANA Corporation | Restricted Stock
Business Acquisition [Line Items]
Shares issued in acquisition (in shares)		4,200,000	4,200,000
Comstock shares of common stock issued		$ 6,827,466	$ 6,827,466
Renewable Process Solutions
Business Acquisition [Line Items]
Percentage of voting interests acquired				100.00%
Revenue of acquiree since acquisition date							$ 206,338
Income (loss) of acquiree since acquisition date							$ 38,109
Renewable Process Solutions | Restricted Stock
Business Acquisition [Line Items]
Shares issued in acquisition (in shares)				1,000,000
Comstock shares of common stock issued				$ 2,304,806

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Acquisitions and Investments - Acquisitions (Details) - USD ($)	Sep. 07, 2021	Jul. 24, 2021	Jul. 23, 2021	Jun. 18, 2021	Sep. 30, 2021	Dec. 31, 2020
Recognized amounts of identifiable assets acquired
Goodwill					$ 17,737,226	$ 0
Plain Sight Innovations LLC
Fair value of consideration transferred:
Loans to Plain Sight Innovations LLC prior to acquisition	$ 1,423,327
Total fair value of consideration transferred	16,376,134
Recognized amounts of identifiable assets acquired
Cash and cash equivalents	100,147
Intangible assets - Intellectual property (Note 9)	7,073,534
Total identifiable assets	7,173,681
Goodwill	9,202,453
Plain Sight Innovations LLC | Restricted Stock
Fair value of consideration transferred:
Comstock shares of common stock issued	$ 14,952,807
Shares issued in acquisition (in shares)	8,500,000
Shares issued (in dollars per share)	$ 1.76
MANA Corporation
Fair value of consideration transferred:
Total fair value of consideration transferred		$ 6,827,466
Recognized amounts of identifiable assets acquired
Intangible assets - Intellectual property (Note 9)		461,528
Total identifiable assets		461,528
Goodwill		6,365,938
MANA Corporation | Restricted Stock
Fair value of consideration transferred:
Comstock shares of common stock issued		$ 6,827,466	$ 6,827,466
Shares issued in acquisition (in shares)		4,200,000	4,200,000
Shares issued (in dollars per share)		$ 1.63
Renewable Process Solutions
Fair value of consideration transferred:
Total fair value of consideration transferred				$ 2,304,806
Recognized amounts of identifiable assets acquired
Cash and cash equivalents				24,385
Intangible assets - Intellectual property (Note 9)				159,237
Notes receivable, net				38,459
Prepaid expenses and other current assets				4,072
Accounts payable				(33,882)
Accrued expenses and other liabilities				(56,300)
Total identifiable assets				135,971
Goodwill				2,168,835
Renewable Process Solutions | Restricted Stock
Fair value of consideration transferred:
Comstock shares of common stock issued				$ 2,304,806
Shares issued in acquisition (in shares)				1,000,000
Shares issued (in dollars per share)				$ 2.30

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Acquisitions and Investments - Acquisitions Pro Forma Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Plain Sight Innovations LLC
Business Acquisition [Line Items]
Revenue	$ 471,838
Net income (loss)	(8,978,284)
MANA Corporation
Business Acquisition [Line Items]
Revenue	100,000
Net income (loss)	(1,938,825)
Renewable Process Solutions
Business Acquisition [Line Items]
Revenue	587,053	$ 146,225
Net income (loss)	$ (7,803,424)	$ 17,965,168

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Acquisitions and Investments - Schedule of Non-current Investments (Details)	Sep. 30, 2021 USD ($) investment	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Number of investments recorded at cost less impairment | investment	1
Equity method investments	$ 26,764,280	$ 2,937,597
Total Investments	27,099,280	3,272,597
LP Biosciences LLC
Business Acquisition [Line Items]
Equity method investments	$ 4,256,016	$ 0
Ownership interest percentage	50.00%	0.00%
Quantum Generative Materials LLC
Business Acquisition [Line Items]
Equity method investments	$ 13,571,659	$ 0
Ownership interest percentage	37.50%	0.00%
LINICO
Business Acquisition [Line Items]
Equity method investments	$ 5,869,421	$ 0
Ownership interest percentage	48.78%	0.00%
MCU
Business Acquisition [Line Items]
Equity method investments	$ 1,989,149	$ 2,010,113
Ownership interest percentage	25.00%	15.00%
MCU Philippines Inc
Business Acquisition [Line Items]
Equity method investments	$ 499,427	$ 323,770
Ownership interest percentage	50.00%	50.00%
Pelen LLC
Business Acquisition [Line Items]
Equity method investments	$ 578,608	$ 603,714
Ownership interest percentage	25.00%	25.00%
Sierra Springs Opportunity Fund, Inc.
Business Acquisition [Line Items]
Sierra Springs Opportunity Fund, Inc.	$ 335,000	$ 335,000

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Acquisitions and Investments - LP Biosciences, LLC (Details)	Sep. 30, 2021 USD ($) director	Jul. 23, 2021 USD ($) shares lb	Jun. 30, 2021 USD ($)	Jun. 08, 2021 USD ($)
Variable Interest Entity [Line Items]
Fair value of equity issued in acquisition	$ 10,500,000
Discount on issuance of debt	71,289
Escrow deposit	500,000
LP Biosciences LLC
Variable Interest Entity [Line Items]
Advances to affiliate	$ 326,258			$ 326,258
LP Biosciences LLC | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	50.00%	50.00%
Daily production of industrial hemp (pounds) | lb		200,000
Investment in Variable Interest Entity		$ 4,200,000
Derivative asset		6,600,000
Legal expense incurred		83,016
Number of board seats held by executive officers of the Company | director	3
Secured promissory note, principal amount		17,000,000
Secured promissory note		15,000,000
Discount on issuance of debt		$ 2,000,000
Number of board members | director	6
Interest rate		13.50%
Period for commencement of repayment after LPB Commences production and sales from the LPB facility		90 days
Potential Increase in promissory note (percent)		20.00%
Potential increase in promissory note		$ 3,000,000
Original issue discount as percent of the potential increase the promissory note (percent)		13.33%
Promissory note, estimated timeline for funding		12 months
Escrow deposit			$ 500,000
Advances to affiliate			$ 326,258
LP Biosciences LLC | Variable Interest Entity, Not Primary Beneficiary | Debt Repayment, Tranche One
Variable Interest Entity [Line Items]
Advances to affiliate		$ 326,258
LP Biosciences LLC | Variable Interest Entity, Not Primary Beneficiary | Debt Repayment, Tranche Two
Variable Interest Entity [Line Items]
Repayment of promissory note, as percent of spend plan (percent)		10.00%
LP Biosciences LLC | Variable Interest Entity, Not Primary Beneficiary | Debt Repayment, Tranche Two | Minimum
Variable Interest Entity [Line Items]
Estimated expenditures during first six months of spend plan		$ 2,000,000
LP Biosciences LLC | Variable Interest Entity, Not Primary Beneficiary | Debt Repayment, Tranche Two | Maximum
Variable Interest Entity [Line Items]
Estimated expenditures during first six months of spend plan		$ 2,500,000
LP Biosciences LLC | Variable Interest Entity, Not Primary Beneficiary | LP Nutrition LLC
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	50.00%
Number of board seats held by co-investor | director	3
LP Biosciences LLC | Variable Interest Entity, Not Primary Beneficiary | Restricted Stock
Variable Interest Entity [Line Items]
Shares issued in connection with investment and financing commitments (shares) | shares		3,500,000
Fair value of equity issued in acquisition		$ 10,800,000

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Acquisitions and Investments - Quantum Generative Materials LLC (Details) - USD ($)		3 Months Ended
	Jun. 30, 2021	Sep. 30, 2021	Jun. 24, 2021
Related Party Transaction [Line Items]
Fair value of equity issued in acquisition		$ 10,500,000
Quantum Generative Materials LLC | Restricted Stock
Related Party Transaction [Line Items]
Shares issued in acquisition (in shares)	3,000,000.0
Quantum Generative Materials LLC
Related Party Transaction [Line Items]
Stock committed as investment in affiliates, subsidiaries and joint ventures			$ 10,000,000.0
Affiliated entity | Quantum Generative Materials LLC | Restricted Stock
Related Party Transaction [Line Items]
Shares issued in acquisition (in shares)		3,000,000
Affiliated entity | Quantum Generative Materials LLC
Related Party Transaction [Line Items]
Legal expense incurred		$ 71,659
Cash and stock committed as investment in affiliates, subsidiaries and joint ventures			15,000,000
Additional investment upon realization of key development milestones			$ 35,000,000
Ownership interest in affiliate after realization of key development milestones (percent)			50.00%
Investment in affiliates, subsidiaries and joint ventures		3,500,000
Cash committed as investment in affiliates, subsidiaries and joint ventures		5,000,000
Stock committed as investment in affiliates, subsidiaries and joint ventures		10,000,000
Derivative asset		$ 500,000
Affiliated entity | Quantum Generative Materials LLC | Membership Units
Related Party Transaction [Line Items]
Investment in affiliates, subsidiaries and joint ventures (in membership units)			465,000
Ownership interest percentage		48.19%
Affiliated entity | Quantum Generative Materials LLC | Voting Membership Units
Related Party Transaction [Line Items]
Ownership interest percentage		37.50%

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Acquisitions and Investments - LINICO (Details) - USD ($)				7 Months Ended
	Oct. 01, 2021	Sep. 30, 2021	Feb. 15, 2021	Sep. 30, 2021	Nov. 01, 2022	Oct. 15, 2021	Feb. 16, 2021	Dec. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Fair value of equity issued in acquisition		$ 10,500,000		$ 10,500,000
Equity method investments		$ 26,764,280		$ 26,764,280				$ 2,937,597
LINICO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership percentage, fully diluted shares			45.45%
Ownership interest percentage, voting shares			48.78%
Warrants, right to purchase (in shares)			2,500
Warrants, exercise amount			$ 2,500,000
Purchase on or before October 1, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property, plant and Equipment, purchase price option, amount			14,250,000
Purchase after October 1, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property, plant and Equipment, purchase price option, amount			$ 15,250,000
Exercised on or before February 15, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants conversion prince (in dollars per share)			$ 1.25
Exercised after February 15, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants conversion prince (in dollars per share)			$ 2.00
LINICO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common shares issued on conversion (in shares)							3,000,000.0
Equity method investments			$ 6,250,000				$ 6,250,000
Derivative asset			$ 500,000				$ 500,000
Preferred shares, conversion price (in dollars per share)			$ 1.25
Ownership interest percentage, voting shares		48.78%		48.78%
Legal expense incurred		$ 70,273		$ 70,273
Cash consideration		$ 3,500,000		$ 4,500,000
Share issuance limit (percent)			19.90%
LINICO | Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash consideration	$ 1,000,000.0
LINICO | Forecast
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Lease deposit					$ 2,000,000	$ 1,250,000
LINICO | Restricted Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common shares issued on conversion (in shares)			3,000,000.0
Fair value of equity issued in acquisition			$ 6,750,000
LINICO | Series A Preferred Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Convertible preferred stock, initial purchase (in shares)			6,250
Convertible preferred stock dividend (percent)			8.00%

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Acquisitions and Investments - Mercury Cleanup LLC Pilot and Joint Venture Agreements (Details)		2 Months Ended	3 Months Ended	9 Months Ended
	Mar. 05, 2021 USD ($) $ / shares	Feb. 28, 2021 USD ($) shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2021 USD ($) shares	Dec. 31, 2020 USD ($)	Dec. 04, 2020 USD ($) shares	May 31, 2020 shares
Mercury Clean Up LLC
Schedule of Equity Method Investments [Line Items]
Joint venture, common stock issued (in shares) | shares			900,000	900,000		625,000	650,000
Issuable common stock value			$ 850,000	$ 850,000
Joint venture, common stock sold (in shares) | shares		625,000	625,000
Net proceeds from common stock		$ 1,100,000
Joint venture, excess capital contribution		$ 800,000	$ 762,377
MCU Philippines Inc
Schedule of Equity Method Investments [Line Items]
Notes receivable at fair value						$ 855,866
Notes receivable, face amount						1,180,000
Notes receivable, implied interest	$ 189,337					$ 324,134
Note receivable balance	2,000,000		1,569,306	1,569,306	$ 860,940
Note receivable, additional principal	820,000
Investment in affiliates, subsidiaries and joint ventures	$ 513,107
Percent interest in joint venture	25.00%				15.00%
Recognition of amortization			$ 28,987	$ 107,644
MCU Philippines Inc | Discount Rate
Schedule of Equity Method Investments [Line Items]
Measurement input | $ / shares	0.071

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Acquisitions and Investments - Sierra Springs Opportunity Fund Inc. Investment (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2021 USD ($) director shares	Sep. 30, 2021 USD ($) director shares	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Addition to advance to affiliate		$ 326,258	$ 0
Sierra Springs Opportunity Fund, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Prepaid Investment	$ 335,000	$ 335,000			$ 335,000
Variable interest entity, ownership percentage		9.00%
Variable interest entity shares authorized (in shares) | shares	75,000,000	75,000,000
Addition to advance to affiliate	$ 300,000	$ 3,000,000
Advances to affiliate	4,685,000	4,685,000		$ 1,650,000
Sierra Springs Opportunity Fund, Inc. | Non-current Investment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Prepaid Investment	335,000	335,000
Sierra Springs Opportunity Fund, Inc. | Chief Executive Officer and Directors
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Prepaid Investment	$ 500,000	$ 500,000
Variable interest entity, ownership percentage		16.40%
Variable interest entity, ownership (in shares) | shares	9,000,000	9,000,000
Sierra Springs Opportunity Fund, Inc. | The Company
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Variable interest entity, ownership percentage		12.00%
Variable interest entity, ownership (in shares) | shares	6,700,000	6,700,000
Sierra Springs Opportunity Fund, Inc. | The Company | Directors
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of directors | director	2	2

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Tonogold Resources, Inc. (Details)			1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 03, 2021 USD ($)	Sep. 08, 2020 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2021 USD ($) agreement shares	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) agreement shares	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) shares
Financing Receivable, Allowance for Credit Loss [Line Items]
Gain on sale of membership interest in Comstock Mining LLC					$ 0	$ 18,275,846	$ 0	$ 18,275,846
Number of counterparty agreements | agreement					3		3
Common stock, shares outstanding (in shares) | shares					64,402,789		64,402,789		34,980,766
Common stock held					$ 42,532		$ 42,532		$ 22,937
Amendment fee					0	0	362,500	0
Affiliated entity | Comstock Mining LLC
Financing Receivable, Allowance for Credit Loss [Line Items]
Payment of accelerated capital contribution	$ 812,500						812,500
Tonogold Resources, Inc.
Financing Receivable, Allowance for Credit Loss [Line Items]
Consideration received		$ 18,800,000
Gain on sale of membership interest in Comstock Mining LLC						18,300,000		18,300,000
Expense reimbursement and lease income					$ 800,000	$ 1,000,000.0	$ 2,500,000	$ 2,200,000
Common stock, shares outstanding (in shares) | shares					8,900,000		8,900,000
Common stock held					$ 1,000,000		$ 1,000,000
Notes receivable					$ 7,056,000		$ 7,056,000		$ 5,498,500
Tonogold Resources, Inc. | Comstock Mining LLC
Financing Receivable, Allowance for Credit Loss [Line Items]
Membership interest acquired by Tonogold (percent)		100.00%
Tonogold Resources, Inc. | Affiliated entity
Financing Receivable, Allowance for Credit Loss [Line Items]
Note receivable, additional principal			$ 1,000,000	$ 812,500
Notes receivable	$ 5,550,000	$ 4,475,000	6,650,000
Stated interest rate (percent)		12.00%
Amendment fee			$ 100,000	$ 262,500

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Notes Receivable and Advances, Net (Details) - USD ($)	Sep. 30, 2021	Mar. 05, 2021	Dec. 31, 2020	Dec. 04, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other notes receivable	$ 138,459		$ 0
Total notes receivable and advances, net - current portion	11,879,459		7,148,500
Total notes receivable and advances, net	13,448,765		8,009,440
Tonogold Resources, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivable, face value	6,650,000		4,475,000
Unrealized gain	406,000		1,023,500
Notes receivable, fair value	7,056,000		5,498,500
Sierra Springs Opportunity Fund, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Advances	4,685,000		1,650,000
MCU Philippines Inc
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, fair value				$ 1,180,000
MCU-P note receivable, face value	2,000,000		1,180,000
Unamortized discount for implied interest	(430,694)		(319,060)
Note receivable, net - non-current (Note 2)	$ 1,569,306	$ 2,000,000	$ 860,940

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Assets Held for Sale - Narrative (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2021 USD ($)	Sep. 26, 2019 USD ($) a property
Property, Plant and Equipment [Line Items]
Total assets held for sale	$ 6,328,338		$ 6,328,338
Deposits	419,266		420,183
Deposit Toward Sale of Silver Springs Properties
Property, Plant and Equipment [Line Items]
Deposits	400,000		400,000
Silver springs
Property, Plant and Equipment [Line Items]
Number of properties sold | property				2
Proceeds from assets held for sale	100,000	$ 300,000
Disposal Group, Held-for-sale, Not Discontinued Operations
Property, Plant and Equipment [Line Items]
Total assets held for sale	$ 6,328,338		$ 6,328,338
Disposal Group, Held-for-sale, Not Discontinued Operations | Downtown Silver Springs, LLC Equity Purchase Agreement | Silver springs
Property, Plant and Equipment [Line Items]
Total assets held for sale				$ 3,600,000
Disposal Group, Held-for-sale, Not Discontinued Operations | Industrial, land and senior water rights | Silver springs
Property, Plant and Equipment [Line Items]
Area of land | a				98
Disposal Group, Held-for-sale, Not Discontinued Operations | 98 Acres | Downtown Silver Springs, LLC Equity Purchase Agreement | Silver springs
Property, Plant and Equipment [Line Items]
Total assets held for sale				$ 6,500,000
Disposal Group, Held-for-sale, Not Discontinued Operations | Commercial land | Silver springs
Property, Plant and Equipment [Line Items]
Area of land | a				160

XML

Assets Held for Sale - Schedule of Assets Held for Sale (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Long Lived Assets Held-for-sale [Line Items]
Total assets held for sale	$ 6,328,338	$ 6,328,338
Disposal Group, Held-for-sale, Not Discontinued Operations
Long Lived Assets Held-for-sale [Line Items]
Total assets held for sale	6,328,338	6,328,338
Disposal Group, Held-for-sale, Not Discontinued Operations | DTSS (Land)
Long Lived Assets Held-for-sale [Line Items]
Total assets held for sale	3,589,876	3,589,876
Disposal Group, Held-for-sale, Not Discontinued Operations | Industrial Park (Land and water rights)
Long Lived Assets Held-for-sale [Line Items]
Total assets held for sale	$ 2,738,462	$ 2,738,462

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Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Accounts receivable - Service income	$ 179,720	$ 0
Accounts Receivable, Related Parties, Current	192,088
Accrued interest receivable	165,626	0
Land and property deposits	0	12,600
Surety bond and insurance	73,019	139,527
Stock sales proceeds receivable	0	200,000
Other	219,900	228,951
Total prepaid expenses and other current assets	1,356,611	681,078
Pelen LLC
Related Party Transaction [Line Items]
Advances	$ 200,000	100,000
LP Biosciences LLC
Related Party Transaction [Line Items]
Advances		$ 0

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Prepaid Expenses and Other Current Assets - Narrative (Details) - USD ($)							9 Months Ended
	Aug. 26, 2021	Apr. 13, 2021	Dec. 31, 2020	Dec. 23, 2020	Dec. 16, 2020	Sep. 01, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 08, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from issuance of common stock							$ 21,999,999	$ 4,197,622
Total notes receivable and advances, net			$ 8,009,440				13,448,765
Pelen LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Option fee	$ 100,000
Membership interest						75.00%
Purchase price, total	4,400,000
Wingfield Tono LP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of shares sold (in shares)				3,333,333	15,666,667
Sale of stock, price per share (in dollars per share)					$ 0.33
Proceeds from issuance of common stock			$ 900,000	$ 1,100,000
Shares returned to eliminate receivable (shares)		606,601
Decrease in consideration receivable under securities purchase agreement		$ 200,000
Pelen LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Option fee	$ 100,000					$ 100,000
Option term	1 year					1 year
Purchase price, first year						$ 3,750,000
LP Biosciences LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Advances							326,258		$ 326,258
Renewable Process Solutions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable and advances, net							112,200
LINICO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable and advances, net							$ 206,338
Ownership interest percentage							48.78%
Variable interest entity, ownership percentage							50.00%
MANA Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other services revenue							$ 100,000

XML

Mineral Rights and Properties and Properties, Plant and Equipment, Net - Summary (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Mineral Properties [Line Items]
Mineral rights and properties, net	$ 6,638,394	$ 6,597,644
Dayton resource area
Mineral Properties [Line Items]
Mineral rights and properties, net	2,971,838	2,971,838
Spring Valley area
Mineral Properties [Line Items]
Mineral rights and properties, net	1,630,332	1,630,332
Occidental area
Mineral Properties [Line Items]
Mineral rights and properties, net	1,002,172	1,002,172
Oest area
Mineral Properties [Line Items]
Mineral rights and properties, net	307,522	307,522
Northern extension
Mineral Properties [Line Items]
Mineral rights and properties, net	157,205	157,205
Northern targets
Mineral Properties [Line Items]
Mineral rights and properties, net	161,920	121,170
Other mineral properties
Mineral Properties [Line Items]
Mineral rights and properties, net	317,405	317,405
Water rights
Mineral Properties [Line Items]
Mineral rights and properties, net	$ 90,000	$ 90,000

XML

Mineral Rights and Properties and Properties, Plant and Equipment, Net - Narrative (Details)		3 Months Ended		9 Months Ended
	Jan. 17, 2021 USD ($) a mining_claim	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depletion		$ 0	$ 0	$ 0	$ 0
Lauri Nitz Revocable Trust
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Unpatented mining claims, purchased | mining_claim	2
Mining claim acreage | a	34
Payments to acquire mineral rights	$ 40,750

XML

Mineral Rights and Properties and Properties, Plant and Equipment, Net - Schedule of Properties, Plant and Equipment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Less accumulated depreciation	$ (1,318,373)		$ (1,318,373)		$ (1,196,426)
Total, net	2,010,688		2,010,688		2,132,635
Less accumulated depreciation	(22,103,194)		(22,103,194)		(21,943,657)
Total, net	5,510,801		5,510,801		5,670,338
Less accumulated depreciation	(3,608,574)		(3,608,574)		(3,545,502)
Total, net	765,655		765,655		821,727
Total properties, plant and equipment, net	8,287,144		8,287,144		8,624,700
Depreciation expense	100,000	$ 800,000	400,000	$ 1,000,000.0
Daney Ranch
Property, Plant and Equipment [Line Items]
Land and buildings gross	2,261,263		2,261,263		2,261,263
Gold Hill Hotel
Property, Plant and Equipment [Line Items]
Land and buildings gross	753,272		753,272		753,272
Other real estate
Property, Plant and Equipment [Line Items]
Land and buildings gross	314,526		314,526		314,526
American Flat land and buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment mineral processing, gross	6,500,817		6,500,817		6,500,817
Crushing, processing, and refining plant and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment mineral processing, gross	21,113,178		21,113,178		21,113,178
Comstock corporate campus
Property, Plant and Equipment [Line Items]
Other property and equipment, gross	1,549,453		1,549,453		1,549,453
Vehicle and equipment
Property, Plant and Equipment [Line Items]
Other property and equipment, gross	2,267,916		2,267,916		2,267,916
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Other property and equipment, gross	556,860		$ 556,860		$ 549,860
Golden Hill Hotel and Delaney Ranch Properties
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 700,000

XML

Reclamation Bond Deposit (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Total reclamation bond deposit	$ 2,695,879	$ 2,695,704
Surety bond cash collateral
Loss Contingencies [Line Items]
Bond fee (percent)	2.00%
Total reclamation bond deposit	$ 2,588,943	$ 2,588,768
Other | Surety bond cash collateral
Loss Contingencies [Line Items]
Long-term reclamation liability	6,800,000
Other | Reclamation surety bond with Storey County
Loss Contingencies [Line Items]
Long-term reclamation liability	$ 500,000

XML

Reclamation Bond Deposit - Schedule of Reclamation Bond Deposit (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Total reclamation bond deposit	$ 2,695,879	$ 2,695,704
Surety bond cash collateral
Loss Contingencies [Line Items]
Total reclamation bond deposit	2,588,943	2,588,768
Other cash reclamation bond deposits
Loss Contingencies [Line Items]
Total reclamation bond deposit	$ 106,936	$ 106,936

XML

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 7,694,299	$ 0
Accumulated amortization	(218,387)	0
Intangible assets, net	7,475,912	0
RPS
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	159,237	0
RPS | License agreement
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 16,619	0
Finite-lived intangible asset, useful life	2 years
RPS | Distribution agreement
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 19,733	0
Finite-lived intangible asset, useful life	7 years 7 months
RPS | Customer contract
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 122,885	0
Finite-lived intangible asset, useful life	9 months
MANA | Customer contract
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 461,528	0
Finite-lived intangible asset, useful life	1 year
PSI
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 7,073,534	0
PSI | License agreement
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 494,133	0
Finite-lived intangible asset, useful life	10 years
PSI | PSI-developed technology
Finite-Lived Intangible Assets [Line Items]
Total intangible assets		$ 0
Finite-lived intangible asset, useful life	10 years

XML

Intangible Assets and Goodwill - Narrative (Details)				24 Months Ended
	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)	Sep. 07, 2021 USD ($) agreement intangibleAsset	Apr. 30, 2023 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Finite-Lived Intangible Assets [Line Items]
License fee amount, per license					$ 7,694,299	$ 0
Plain Sight Innovations LLC
Finite-Lived Intangible Assets [Line Items]
License fee amount, per license					7,073,534	0
License agreement | Plain Sight Innovations LLC
Finite-Lived Intangible Assets [Line Items]
License fee amount, per license					$ 494,133	$ 0
License agreement | Virginia Polytechnic Institute
Finite-Lived Intangible Assets [Line Items]
Payments to acquire intangible assets			$ 234,755
Amount unpaid for acquisition of intangible assets			$ 24,336
License fee agreement, royalty (percent)			1.00%
License fee agreement, minimum annual royalty			$ 5,000
License agreement | American Science and Technology Corporation
Finite-Lived Intangible Assets [Line Items]
Number of intangible assets acquired | intangibleAsset			3
Payments to acquire intangible assets			$ 3,920,000
Number of intellectual property licenses granted | agreement			3
License fee amount, per license			$ 500,000
License fee agreement, royalty (percent)			1.00%
License agreement | American Science and Technology Corporation | Plain Sight Innovations LLC
Finite-Lived Intangible Assets [Line Items]
Number of intellectual property licenses granted | agreement			1
License agreement | American Science and Technology Corporation | Forecast
Finite-Lived Intangible Assets [Line Items]
Payments to acquire intangible assets	$ 1,750,000	$ 1,750,000
Payments to acquire intangible assets, monthly amount				$ 35,000

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Intangible Assets and Goodwill - Amortization (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 335,738
2022	990,386
2023	714,506
2024	710,351
2025	710,351
Thereafter	4,014,580
Intangible assets, net	$ 7,475,912	$ 0

XML

Intangible Assets and Goodwill - Goodwill (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Goodwill [Line Items]
Total goodwill	$ 17,737,226	$ 0
RPS
Goodwill [Line Items]
Total goodwill	2,168,835	0
MANA
Goodwill [Line Items]
Total goodwill	6,365,938	0
PSI
Goodwill [Line Items]
Total goodwill	$ 9,202,453	$ 0

XML

Other Assets - Schedule of Other Assets (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Other Assets, Noncurrent [Abstract]
Prepaid Northern Comstock LLC contributions, net (Note 23)	$ 308,137	$ 0
Other long-term receivables and prepaid expenses	101,000	154,950
Long-term deposits	24,355	24,354
Other assets	$ 433,492	$ 179,304

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Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued Northern Comstock LLC contributions, net (Note 23)	$ 0	$ 180,833
Accrued payroll costs	235,353	153,615
Accrued board of directors' fees	0	60,000
Accrued vendor liabilities	100,769	136,499
Other accrued expenses	83,458	4,000
Total accrued expenses and other liabilities	$ 419,580	$ 534,947

XML

Accrued Expenses and Other Liabilities - Loan Repaid (Details)	9 Months Ended
	Sep. 30, 2021 USD ($)
Economic Injury Disaster Loan | Renewable Process Solutions
Debt Instrument [Line Items]
Repayments of long-term debt	$ 56,300

XML

Leases - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease expense	$ 2,525	$ 2,250	$ 7,575	$ 6,750
Remaining lease term	7 years 3 days	8 years 1 month 6 days	7 years 3 days	8 years 1 month 6 days

XML

Leases - Lease Balances Recorded in Balance Sheet (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease right-of-use asset	$ 48,034	$ 51,294
Operating lease liability - current	4,195	3,650
Operating lease liability - long-term	46,583	49,791
Total operating lease liabilities	$ 50,778	$ 53,441
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets (Note 10)	Other assets (Note 10)
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other liabilities (Note 11)	Accrued expenses and other liabilities (Note 11)
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities

XML

Leases - Maturities of Lease Liabilities (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2021	$ 2,375
2022	9,650
2023	9,950
2024	10,250
2025	10,550
Thereafter	31,500
Total operating lease payments	74,275
Less: Imputed interest	(23,497)
Present value of lease liabilities	$ 50,778	$ 53,441

XML

Leases - Lease Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lessor, Lease, Description [Line Items]
Total real estate revenue from operating leases	$ 56,375	$ 49,425	$ 159,500	$ 146,225
Daney Ranch
Lessor, Lease, Description [Line Items]
Total real estate revenue from operating leases	27,000	9,000	81,000	9,000
Gold Hill Hotel
Lessor, Lease, Description [Line Items]
Total real estate revenue from operating leases	13,575	13,500	33,725	61,500
Lab and office space
Lessor, Lease, Description [Line Items]
Total real estate revenue from operating leases	0	5,000	0	20,000
Land
Lessor, Lease, Description [Line Items]
Total real estate revenue from operating leases	4,500	4,500	13,500	13,500
All other residential
Lessor, Lease, Description [Line Items]
Total real estate revenue from operating leases	$ 11,300	$ 17,425	$ 31,275	$ 42,225

XML

Leases - Schedule of Maturity of Minimum Lease Income (Details)	Sep. 30, 2021 USD ($)
Leases [Abstract]
Remainder of 2021	$ 60,075
2022	180,025
2023	166,325
2024	22,725
Thereafter	0
Total Minimum Lease Income	$ 429,150

XML

Leases - New Lease (Details) - Gold Hill Hotel	Apr. 01, 2021 USD ($) renewalOption
Lessor, Lease, Description [Line Items]
Proceeds from collection of previously deferred rent	$ 19,500
Monthly rent, first year	4,525
Monthly rent, second year	6,050
Monthly rent, third year	$ 7,575
Lease term	3 years
Number of renewal options | renewalOption	2
Lease renewal term	5 years
Monthly rent during renewal term	$ 8,000

XML

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 3,683,748
Less: debt discounts and issuance costs	0	(126,043)
Total debt, net of discounts and issuance costs	0	3,557,705
Less: current maturities	0	(3,557,705)
Long-term debt, net of discounts and issuance costs	0	0
Note Payable (Caterpillar Financial Services) - 5.7% interest
Debt Instrument [Line Items]
Long-term debt	$ 0	404,373
Interest rate	5.70%
Unsecured Debt | Georges Trust Unsecured Promissory Notes - 12% interest, due September 2021
Debt Instrument [Line Items]
Long-term debt	$ 0	1,389,014
Interest rate	12.00%
Unsecured Debt | Concorde Trust Unsecured Promissory Note - 12% interest, due 2021
Debt Instrument [Line Items]
Long-term debt	$ 0	683,263
Interest rate	12.00%
Unsecured Debt | Bean Trust Unsecured Promissory Note - 12% interest, due 2021
Debt Instrument [Line Items]
Long-term debt	$ 0	290,386
Interest rate	12.00%
Unsecured Debt | GHF Inc Unsecured Promissory Note - 12% interest, due September 2021
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 916,712
Interest rate	12.00%

XML

Long-Term Debt - Narrative (Details) - USD ($)			3 Months Ended	9 Months Ended
	Mar. 04, 2021	Aug. 11, 2020	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Discount on issuance of debt				$ 71,289
Interest payments				$ 139,213
Promissory Notes Retired | Unsecured Debt
Debt Instrument [Line Items]
Principal payment, debt amount	$ 3,100,000
Discount on issuance of debt	100,000
Senior Secured Debenture - GF Comstock 2 LP
Debt Instrument [Line Items]
Interest payments			$ 100,000		$ 400,000
Senior Secured Debenture - GF Comstock 2 LP | Secured Debt
Debt Instrument [Line Items]
Principal payment, debt amount		$ 4,000,000
Remaining balance of make whole obligation		200,000
Loss on extinguishment of debt		$ 51,000
Interest expense reimbursed by Tonogold			$ (40,000.00)		$ (300,000)
Caterpillar Equipment Facility and Capital Lease
Debt Instrument [Line Items]
Repayments of long-term debt	$ 296,171

XML

Long-Term Reclamation Liability and Retirement Obligation Asset - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 01, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Regulatory Liabilities [Line Items]
Long-term reclamation liability		$ 5,364,582		$ 5,364,582		$ 6,054,919	$ 6,034,208
Reduction of obligation due to extension of time	$ 926,434			926,434		0
Retirement obligation asset	57,964
Accretion of reclamation liability		79,883	$ 5,178	236,097	$ 15,533	$ 20,711
Amortization of retirement obligation asset		$ 0	$ 14,491	$ 0	$ 43,472
Other Income
Regulatory Liabilities [Line Items]
Downward adjustment in retirement asset obligation	$ 868,471

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Long-Term Reclamation Liability and Retirement Obligation Asset - Reconciliation of Aggregate Retirement Liability (Details) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 01, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Mine Reclamation and Closing Liability [Roll Forward]
Long-term reclamation liability — beginning of period	$ 6,054,919			$ 6,054,919	$ 6,034,208	$ 6,034,208
Reduction of obligation due to extension of time	$ (926,434)			(926,434)		0
Accretion of reclamation liability		$ 79,883	$ 5,178	236,097	$ 15,533	20,711
Long-term reclamation liability — end of period		$ 5,364,582		$ 5,364,582		$ 6,054,919

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Commitments and Contingencies - Narrative (Details)				3 Months Ended		9 Months Ended
	Jul. 30, 2021 USD ($)	Feb. 27, 2020 plaintiff	Jan. 31, 2014 plaintiff	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 07, 2021	Dec. 31, 2020 USD ($)
Loss Contingencies [Line Items]
Performance-based cash payments as percentage of future consolidated net cash flow (percent)								20.00%
Operating lease expense				$ 25,150	$ 14,850	$ 87,735	$ 40,550
Reimbursement of lease costs				$ 25,150	$ 14,850	$ 71,350	$ 40,550
Percentage of royalty obligations, majority are less than						3.00%
Attorney fees and costs paid by the plaintiffs	$ 203,151
MANA to Red Wolf Agro LLC
Loss Contingencies [Line Items]
Performance-based cash payments as percentage of future consolidated net cash flow (percent)				20.00%		20.00%
Maximum performance-based cash payments as percentage of future consolidated net cash flow				$ 8,600,000		$ 8,600,000
FLUX Photon Corporation
Loss Contingencies [Line Items]
Performance-based cash payments as percentage of future consolidated net cash flow (percent)				20.00%		20.00%
Maximum performance-based cash payments as percentage of future consolidated net cash flow				$ 18,000,000		$ 18,000,000
Lyon County
Loss Contingencies [Line Items]
Attorney fees and costs paid by the plaintiffs	$ 50,000
Comstock Residents Association
Loss Contingencies [Line Items]
Number of plaintiffs | plaintiff			2
OSHA Complaint
Loss Contingencies [Line Items]
Number of plaintiffs | plaintiff		3
Accrued severance				$ 84,166		$ 84,166			$ 84,166
Minimum
Loss Contingencies [Line Items]
Percentage of royalty obligations						0.50%
Maximum
Loss Contingencies [Line Items]
Percentage of royalty obligations						5.00%

XML

Commitment and Contingencies - Minimum Annual Lease Payments (Details)	Sep. 30, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2021	$ 2,375
2022	9,650
2023	9,950
2024	10,250
2025	10,550
Thereafter	31,500
Total operating lease payments	74,275
Third Party
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2021	25,500
2022	114,000
2023	114,000
2024	108,000
2025	110,000
Thereafter	1,686,250
Total operating lease payments	$ 2,157,750

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Equity - Equity Issuance Agreements (Details) - USD ($)				3 Months Ended	9 Months Ended
	Sep. 28, 2021	Mar. 04, 2021	Feb. 08, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Feb. 28, 2021
Class of Stock [Line Items]
Proceeds from issuance of common stock					$ 21,999,999	$ 4,197,622
Payments of issuance fees					$ 1,064,499	$ 130,070
2021 Equity Agreement | Leviston Resources LLC
Class of Stock [Line Items]
Aggregate offering price	$ 5,000,000
Equity purchase agreement, period in force	24 months
Common stock issued for fees, value	$ 100,000
Common stock issued upon written request	$ 150,000
Number of shares sold (in shares)				421,235
Proceeds from issuance of common stock				$ 1,000,000
Average price per share (in dollars per share)				$ 2.37	$ 2.37
Common stock, shares issued as commitment fee (in shares)				34,965	34,965
Remaining capacity				$ 4,000,000	$ 4,000,000
Equity Purchase Agreements
Class of Stock [Line Items]
Proceeds from issuance of common stock		$ 15,010,000
Number of shares sold (in shares)		4,000,000
Sale of stock, price per share (in dollars per share)		$ 4.00
Payments of issuance fees		$ 960,000
Issuance fee as percent of gross offering proceeds		6.00%
Payment of other expenses		$ 30,000
2021 Sales Agreement | Leviston Resources LLC
Class of Stock [Line Items]
Aggregate offering price			$ 5,000,000
Equity purchase agreement, period in force			24 months
Common stock issued for fees, value							$ 250,003
Number of shares sold (in shares)				1,551,760
Proceeds from issuance of common stock				$ 5,000,000
Average price per share (in dollars per share)				$ 3.22	$ 3.22
Common stock, shares issued as commitment fee (in shares)				50,907	50,907
Remaining capacity				$ 0	$ 0

XML

Equity - Reconciliation of Transactions Under ATM Agreement (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Class of Stock [Line Items]
Net proceeds	$ 21,999,999	$ 4,197,622
ATM Agreement
Class of Stock [Line Items]
Number of shares sold (in shares)	5,972,995	5,747,608
Gross proceeds	$ 21,999,999	$ 4,197,621
Cash common stock issuance costs	(1,064,499)	(130,070)
Net proceeds	$ 20,935,500	$ 4,067,551
Average price per share (in dollars per share)	$ 3.68	$ 0.73

XML

Equity - Issuances of Unregistered Shares of Common Stock (Details) - $ / shares								9 Months Ended
	Sep. 07, 2021	Aug. 27, 2021	Jul. 24, 2021	Jul. 23, 2021	Jun. 24, 2021	Jun. 18, 2021	Feb. 16, 2021	Sep. 30, 2021
Restricted Common Shares
Business Acquisition [Line Items]
Common shares issued on conversion (in shares)								9,500,000
Total Common Shares Issued								23,363,156
Restricted shares excluded from shares issued (shares)								55,965
Business Combinations | Restricted Common Shares
Business Acquisition [Line Items]
Issuance of common stock (in shares)								13,700,000
Renewable Process Solutions | Restricted Common Shares
Business Acquisition [Line Items]
Issuance of common stock (in shares)						1,000,000
Renewable Process Solutions | Restricted Common Shares | Restricted Stock Vesting Six Months from Issuance Date
Business Acquisition [Line Items]
Vesting percentage						28.00%
Restricted stock, period of restriction						5 years
Renewable Process Solutions | Restricted Common Shares | Shares Vesting Semi-annually through Five Years from Issuance Date
Business Acquisition [Line Items]
Vesting percentage						8.00%
MANA Corporation | Restricted Common Shares
Business Acquisition [Line Items]
Issuance of common stock (in shares)			4,200,000	4,200,000
Plain Sight Innovations LLC | Restricted Common Shares
Business Acquisition [Line Items]
Issuance of common stock (in shares)	8,500,000
LINICO
Business Acquisition [Line Items]
Common shares issued on conversion (in shares)							3,000,000.0
LINICO | Restricted Common Shares
Business Acquisition [Line Items]
Common shares issued on conversion (in shares)							3,000,000
Restricted stock, period of restriction							6 months
Quantum Generative Materials LLC | Restricted Common Shares
Business Acquisition [Line Items]
Common shares issued on conversion (in shares)					3,000,000
Restricted stock, period of restriction					6 months
LP Biosciences LLC | Restricted Common Shares
Business Acquisition [Line Items]
Common shares issued on conversion (in shares)				3,500,000				3,500,000
Restricted stock, initial period of restriction				6 months
Sale of stock, price per share (in dollars per share)								$ 2.71
Northern Comstock LLC | Restricted Common Shares
Business Acquisition [Line Items]
Non-cash issuance of common stock (in shares)		163,156
Restricted stock, period of restriction				6 months

XML

Fair Value Measurements - Schedule of Liabilities Measured on Recurring Basis (Details) - USD ($)	Sep. 30, 2021	Jun. 24, 2021	Feb. 16, 2021	Feb. 15, 2021	Dec. 31, 2020	Sep. 08, 2020
Assets:
Equity securities	$ 1,051,718				$ 3,979,723
Fair Value, Measurements, Recurring
Assets:
Total Assets	19,539,718				9,743,350
Liabilities:
Total Liabilities	(1,990,000)
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1)
Assets:
Total Assets	1,051,718				3,939,558
Liabilities:
Total Liabilities	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets:
Total Assets	11,432,000				305,292
Liabilities:
Total Liabilities	(1,990,000)
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets:
Total Assets	7,056,000				5,498,500
Liabilities:
Total Liabilities	0
Tonogold Resources, Inc.
Assets:
Notes receivable at fair value	7,100,000				5,500,000	$ 6,100,000
Tonogold Resources, Inc. | Common Stock
Assets:
Equity securities	1,000,000				3,900,000
Tonogold Resources, Inc. | Fair Value, Measurements, Recurring
Assets:
Notes receivable at fair value	7,056,000				5,498,500
Tonogold Resources, Inc. | Fair Value, Measurements, Recurring | Common Stock
Assets:
Equity securities	1,032,461				3,939,558
Tonogold Resources, Inc. | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1)
Assets:
Notes receivable at fair value	0				0
Tonogold Resources, Inc. | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Common Stock
Assets:
Equity securities	1,032,461				3,939,558
Tonogold Resources, Inc. | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets:
Notes receivable at fair value	0				0
Tonogold Resources, Inc. | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Common Stock
Assets:
Equity securities	0				0
Tonogold Resources, Inc. | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets:
Notes receivable at fair value	7,056,000				5,498,500
Tonogold Resources, Inc. | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Common Stock
Assets:
Equity securities	0				0
LINICO
Assets:
Derivative asset			$ 500,000	$ 500,000
LINICO | Fair Value, Measurements, Recurring
Assets:
Derivative asset	6,260,000
LINICO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1)
Assets:
Derivative asset	0
LINICO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets:
Derivative asset	6,260,000
LINICO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets:
Derivative asset	0
LP Biosciences LLC | Fair Value, Measurements, Recurring
Assets:
Derivative asset	5,172,000
LP Biosciences LLC | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1)
Assets:
Derivative asset	0
LP Biosciences LLC | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets:
Derivative asset	5,172,000
LP Biosciences LLC | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets:
Derivative asset	0
Elevation Gold Mining Corporation | Fair Value, Measurements, Recurring | Common Stock
Assets:
Equity securities	19,257				40,165
Elevation Gold Mining Corporation | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Common Stock
Assets:
Equity securities	19,257				0
Elevation Gold Mining Corporation | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Common Stock
Assets:
Equity securities	0				40,165
Elevation Gold Mining Corporation | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Common Stock
Assets:
Equity securities	0				0
Quantum Generative Materials LLC | Fair Value, Measurements, Recurring
Assets:
Derivative asset	1,990,000	$ 530,000
Liabilities:
GenMat derivative liability (Note 2)	(1,990,000)
Quantum Generative Materials LLC | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1)
Liabilities:
GenMat derivative liability (Note 2)	0
Quantum Generative Materials LLC | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Liabilities:
GenMat derivative liability (Note 2)	(1,990,000)
Quantum Generative Materials LLC | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Liabilities:
GenMat derivative liability (Note 2)	$ 0
MCU | Fair Value, Measurements, Recurring
Assets:
Derivative asset					265,127
MCU | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1)
Assets:
Derivative asset
MCU | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets:
Derivative asset					265,127
MCU | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets:
Derivative asset					$ 0

XML

Fair Value Measurements - Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value recognized in earnings	$ (190,000)	$ (2,890,502)	$ (617,500)	$ (1,522,120)
Additions	0	6,141,497	2,175,000	7,374,449
Conversion of Tonogold convertible preferred shares to Tonogold common	0	(2,820,000)	0	(3,920,000)
Settlement of Tonogold contingent forward asset	0	(1,998,832)	0	(1,998,832)
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	7,246,000	10,581,334	5,498,500	9,080,000
Total change in fair value recognized in earnings	0	(2,499,000)	0	(2,544,000)
Conversion of Tonogold convertible preferred shares to Tonogold common	0	(2,820,000)	0	(3,920,000)
Ending balance	7,056,000	9,013,497	7,056,000	9,013,497
Tonogold contingent forward asset
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value recognized in earnings	0	(647,502)	0	765,880
Additions	0	0	0	1,232,952
Settlement of Tonogold contingent forward asset	0	(1,998,832)	0	(1,998,832)
Tonogold note receivable (Note 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value recognized in earnings	(190,000)	256,000	(617,500)	256,000
Additions		$ 6,141,497	$ 2,175,000	$ 6,141,497

XML

Fair Value Measurements - Narrative (Details)									2 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 07, 2021 USD ($) $ / shares intangibleAsset installment agreement shares	Jul. 24, 2021 USD ($) shares	Jul. 23, 2021 USD ($) $ / shares installment shares	Jun. 30, 2021 shares	Jun. 18, 2021 USD ($) $ / shares installment shares	Mar. 01, 2021 shares	Dec. 04, 2020 USD ($) shares	Mar. 20, 2020 USD ($)	Feb. 28, 2021 USD ($) shares	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) $ / shares	Sep. 30, 2021 USD ($) $ / shares acquisition shares	Sep. 30, 2020 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares shares	Mar. 31, 2022	Jun. 24, 2021 USD ($) $ / shares shares	Mar. 31, 2021	Feb. 16, 2021 USD ($) $ / shares shares	Feb. 15, 2021 USD ($)	Sep. 08, 2020 USD ($) $ / shares	May 31, 2020 shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock, shares outstanding (in shares) | shares										64,402,789		64,402,789		34,980,766
Equity securities										$ 1,051,718		$ 1,051,718		$ 3,979,723
Closing stock price (in dollars per share) | $ / shares			$ 3.09							$ 2.67		$ 2.67				$ 3.51		$ 2.25
Gain (loss) on change in fair value											$ 2,500,000		$ (2,500,000)
Change in estimated fair value of contingent forward asset										$ 0	$ (647,502)	$ 0	$ 765,880
Income recognized on change in fair value												(600,000)
Stock based investment										26,764,280		26,764,280		2,937,597
Equity method, fully diluted equity ownership							15.00%
Issuance of convertible preferred stock										$ 0		$ 0		0
Number of acquisitions | acquisition												3
Restricted Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common shares issued on conversion (in shares) | shares										9,500,000		9,500,000
Convertible Preferred Stock | Tonogold Resources, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of CPS as percentage of par value (percent)											120.00%		120.00%
Quantum Generative Materials LLC | Restricted Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares issued in acquisition (in shares) | shares				3,000,000.0
LP Biosciences LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in estimated fair value of contingent forward asset										$ (1,500,000)		$ (1,500,000)
Stock committed as investment in affiliates, subsidiaries and joint ventures			$ 4,173,000
LP Biosciences LLC | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset			$ 6,642,000							$ 5,172,000		$ 5,172,000
LP Biosciences LLC | Restricted Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares issued in acquisition (in shares) | shares			3,500,000
Plain Sight Innovations LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of voting interests acquired	100.00%
Number of intangible assets | intangibleAsset	3
Finite-lived intangible asset, useful life	10 years
Plain Sight Innovations LLC | Technology-related assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of third-party license agreements | agreement	2
Plain Sight Innovations LLC | Fair Value Measurements, Nonrecurring | Cost Approach | License Agreement 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of intangible assets	$ 10,800
Plain Sight Innovations LLC | Fair Value Measurements, Nonrecurring | Cost Approach | License Agreement 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of intangible assets	483,333
Plain Sight Innovations LLC | Fair Value Measurements, Nonrecurring | Income Approach | Technology-related assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of intangible assets	$ 6,579,401
Plain Sight Innovations LLC | Restricted Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares issued in acquisition (in shares) | shares	8,500,000
Comstock shares of common stock issued	$ 14,952,807
Plain Sight Innovations LLC | Restricted Stock | Shares Released Six Months after Closing Date
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lockup provision for restricted shares (percent)	28.00%
Lockup provision (shares) | shares	2,380,000
Lockup provision period	180 days
Plain Sight Innovations LLC | Restricted Stock | Shares Released every Six Months Beginning One Year after Closing Date
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lockup provision for restricted shares (percent)	72.00%
Lockup provision (shares) | shares	6,120,000
Number of equal installments | installment	8
Lockup provision, shares released in each installment (percent)	9.00%
Plain Sight Innovations LLC | Common Share Price | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input | $ / shares	1.00
Plain Sight Innovations LLC | Common Share Price | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input | $ / shares	1.00
Plain Sight Innovations LLC | Volatility | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	1.013
Plain Sight Innovations LLC | Volatility | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	1.309
Plain Sight Innovations LLC | Risk-Free Rate | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	0.0005
Plain Sight Innovations LLC | Risk-Free Rate | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	0.0030
Plain Sight Innovations LLC | Discount for Lack of Marketability | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	0.182
Plain Sight Innovations LLC | Discount for Lack of Marketability | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	0.540
Plain Sight Innovations LLC | Exercise Price | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input | $ / shares	1.00
Plain Sight Innovations LLC | Exercise Price | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input | $ / shares	1.00
Plain Sight Innovations LLC | Expected Term | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, term	6 months
Plain Sight Innovations LLC | Expected Term | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, term	2 years 6 months
Plain Sight Innovations LLC | Dividend Yield | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	0.000
Plain Sight Innovations LLC | Dividend Yield | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	0.000
Plain Sight Innovations LLC | Opportunity Cost | Fair Value Measurements, Nonrecurring | Cost Approach | License Agreement 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, term	1 month
Intangible assets, measurement input	0.800
Plain Sight Innovations LLC | Discounted Cash Flow | Fair Value Measurements, Nonrecurring | Income Approach | Technology-related assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible assets, measurement input	0.800
MANA Corporation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of voting interests acquired		100.00%	100.00%
MANA Corporation | Fair Value Measurements, Nonrecurring | Income Approach | Contract-related asset
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of intangible assets			$ 461,528
Finite-lived intangible asset, useful life			1 year
MANA Corporation | Restricted Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares issued in acquisition (in shares) | shares		4,200,000	4,200,000
Comstock shares of common stock issued		$ 6,827,466	$ 6,827,466
MANA Corporation | Restricted Stock | Shares Released Six Months after Closing Date
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lockup provision for restricted shares (percent)			28.00%
Lockup provision (shares) | shares			1,176,000
Lockup provision period			180 days
MANA Corporation | Restricted Stock | Shares Released every Six Months Beginning One Year after Closing Date
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lockup provision for restricted shares (percent)			72.00%
Lockup provision (shares) | shares			3,024,000
Number of equal installments | installment			8
Lockup provision, shares released in each installment (percent)			9.00%
MANA Corporation | Common Share Price | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input | $ / shares			1.00
MANA Corporation | Common Share Price | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input | $ / shares			1.00
MANA Corporation | Volatility | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input			1.639
MANA Corporation | Volatility | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input			1.304
MANA Corporation | Risk-Free Rate | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input			0.0005
MANA Corporation | Risk-Free Rate | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input			0.0030
MANA Corporation | Discount for Lack of Marketability | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input			0.304
MANA Corporation | Discount for Lack of Marketability | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input			0.540
MANA Corporation | Exercise Price | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input | $ / shares			1.00
MANA Corporation | Exercise Price | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input | $ / shares			1.00
MANA Corporation | Expected Term | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, term			6 months
MANA Corporation | Expected Term | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, term			2 years 6 months
MANA Corporation | Dividend Yield | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input			0.000
MANA Corporation | Dividend Yield | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input			0.000
MANA Corporation | Discounted Cash Flow | Fair Value Measurements, Nonrecurring | Income Approach | Contract-related asset
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible assets, measurement input			0.120
Renewable Process Solutions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of voting interests acquired					100.00%
Renewable Process Solutions | Fair Value Measurements, Nonrecurring | Cost Approach | License agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of intangible assets					$ 16,619
Finite-lived intangible asset, useful life					79 months
Renewable Process Solutions | Fair Value Measurements, Nonrecurring | Cost Approach | Contract-related asset
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of intangible assets					$ 122,885
Finite-lived intangible asset, useful life					9 months
Renewable Process Solutions | Fair Value Measurements, Nonrecurring | Cost Approach | Distribution agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of intangible assets					$ 19,733
Finite-lived intangible asset, useful life					24 months
Renewable Process Solutions | Restricted Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares issued in acquisition (in shares) | shares					1,000,000
Comstock shares of common stock issued					$ 2,304,806
Renewable Process Solutions | Restricted Stock | Shares Released Six Months after Closing Date
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lockup provision for restricted shares (percent)					28.00%
Lockup provision (shares) | shares					280,000
Lockup provision period					180 days
Renewable Process Solutions | Restricted Stock | Shares Released every Six Months Beginning One Year after Closing Date
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lockup provision for restricted shares (percent)					72.00%
Lockup provision (shares) | shares					720,000
Number of equal installments | installment					8
Lockup provision, shares released in each installment (percent)					9.00%
Renewable Process Solutions | Common Share Price | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input | $ / shares					1.00
Renewable Process Solutions | Common Share Price | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input | $ / shares					1.00
Renewable Process Solutions | Volatility | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input					1.424
Renewable Process Solutions | Volatility | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input					0.908
Renewable Process Solutions | Risk-Free Rate | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input					0.0006
Renewable Process Solutions | Risk-Free Rate | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input					0.0036
Renewable Process Solutions | Discount for Lack of Marketability | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input					0.262
Renewable Process Solutions | Discount for Lack of Marketability | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input					0.375
Renewable Process Solutions | Exercise Price | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input | $ / shares					1.00
Renewable Process Solutions | Exercise Price | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input | $ / shares					1.00
Renewable Process Solutions | Expected Term | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, term					6 months
Renewable Process Solutions | Expected Term | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, term					2 years 5 months 26 days
Renewable Process Solutions | Dividend Yield | Fair Value Measurements, Nonrecurring | Shares Released Six Months after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input					0.000
Renewable Process Solutions | Dividend Yield | Fair Value Measurements, Nonrecurring | Shares Released every Six Months Beginning One Year after Closing Date | European and Asian Protective Put Models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input					0.000
Renewable Process Solutions | Opportunity Cost | Fair Value Measurements, Nonrecurring | Cost Approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, term					6 months
Intangible assets, measurement input					0.118
Renewable Process Solutions | Discounted Cash Flow | Fair Value Measurements, Nonrecurring | Cost Approach | Contract-related asset
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible assets, measurement input					0.118
Tonogold Resources, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock, shares outstanding (in shares) | shares										8,900,000		8,900,000
Change in estimated fair value of contingent forward asset											$ 600,000		$ 800,000
Notes receivable, face amount										$ 6,650,000		$ 6,650,000
Notes receivable at fair value										7,100,000		7,100,000		5,500,000						$ 6,100,000
Tonogold Resources, Inc. | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable at fair value										7,056,000		$ 7,056,000		$ 5,498,500
Tonogold Resources, Inc. | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount								$ 5,475,000
Income recognized on change in fair value										$ (200,000)
Tonogold Resources, Inc. | Convertible Debt | Change Of Control, Redemption Right
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redemption price percentage								125.00%
Tonogold Resources, Inc. | Convertible Debt | Default Redemption Right
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redemption price percentage								118.00%
Tonogold Resources, Inc. | Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock, shares outstanding (in shares) | shares										8,900,000		8,900,000		13,100,000
Equity securities										$ 1,000,000		$ 1,000,000		$ 3,900,000
Closing stock price (in dollars per share) | $ / shares										$ 0.12		$ 0.12		$ 0.30
Gain (loss) on change in fair value										$ (300,000)		$ (2,200,000)
Change in estimated fair value of contingent forward asset											$ 2,400,000		$ 3,800,000
Tonogold Resources, Inc. | Common Stock | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities										1,032,461		1,032,461		$ 3,939,558
Tonogold Resources, Inc. | Convertible Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issuance of convertible preferred stock										$ 0		$ 0		$ 0
Tonogold Resources, Inc. | Common Share Price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input | $ / shares										0.11		0.11		0.30						0.35
Tonogold Resources, Inc. | Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input										0.54		0.54		0.89						0.960
Tonogold Resources, Inc. | Risk-Free Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input										0.0005		0.0005		0.0009						0.0015
Tonogold Resources, Inc. | Cost of Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input										0.0693		0.0693		0.0762						0.1112
Tonogold Resources, Inc. | Private Placement Conversion Price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input										0.30		0.30		0.30						0.300
Tonogold Resources, Inc. | Probability of Prepayment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input				0.05						0		0					0.05			0.05
Tonogold Resources, Inc. | Probability of Change in Control
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input				0.05																0.05
Tonogold Resources, Inc. | Probability of Default
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input										0.27		0.27								0.27
Tonogold Resources, Inc. | Probability of Default | Forecast
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input															0.28
LINICO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on change in fair value										$ (2,880,000)		$ 1,260,000
Derivative asset																		$ 500,000	$ 500,000
Common shares issued on conversion (in shares) | shares																		3,000,000.0
Stock based investment																		$ 6,250,000	$ 6,250,000
Derivative asset, cash commitment payments										4,500,000		4,500,000
LINICO | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset										6,260,000		6,260,000
LINICO | Restricted Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common shares issued on conversion (in shares) | shares																		3,000,000
Quantum Generative Materials LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Income recognized on change in fair value										(2,900,000)		(2,500,000)
Stock committed as investment in affiliates, subsidiaries and joint ventures																$ 10,000,000.0
Quantum Generative Materials LLC | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset										1,990,000		1,990,000				$ 530,000
Quantum Generative Materials LLC | Restricted Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common shares issued on conversion (in shares) | shares																3,000,000
Eclipse
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Closing stock price (in dollars per share) | $ / shares														$ 0.43
Total consideration received (in shares) | shares														100,000
Common stock, discount on shares														$ 3,010
Equity securities holding period														2 months 1 day
Eclipse | Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input | $ / shares														0.740
Eclipse | Risk-Free Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input | $ / shares														0.0008
Northern Vertex Mining Corp.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total consideration received (in shares) | shares									109,000
Elevation Gold Mining Corporation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Closing stock price (in dollars per share) | $ / shares											$ 1.06		$ 1.06
Gain (loss) on change in fair value										(9,628)		(20,908)
Total consideration received (in shares) | shares						18,167
Share consolidation ratio						0.16667
Fair value of shares										19,257		19,257
Elevation Gold Mining Corporation | Common Stock | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities										19,257		19,257		$ 40,165
Mercury Clean Up LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Closing stock price (in dollars per share) | $ / shares														$ 1.04
Income recognized on change in fair value												$ 497,250
Capital contribution, total							$ 2,000,000			$ 2,000,000
Joint venture, common stock issued (in shares) | shares							625,000			900,000		900,000									650,000
Joint venture, common stock sold (in shares) | shares									625,000	625,000
Joint venture, excess capital contribution									$ 800,000	$ 762,377
Joint venture, proceeds from return of excess capital contribution									$ 762,377
Mercury Clean Up LLC | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset														$ 265,127

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Stock-Based Compensation (Details)		1 Months Ended				2 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 30, 2020 USD ($) $ / shares	Jun. 30, 2021 iteration $ / shares shares	Jan. 31, 2021 iteration $ / shares shares	Dec. 31, 2020 tranche shares	May 31, 2020 $ / shares shares	Aug. 31, 2021 iteration $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Jul. 23, 2021 $ / shares	Jun. 24, 2021 $ / shares	Feb. 16, 2021 $ / shares	Dec. 31, 2011 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price (in dollars per share) | $ / shares							$ 2.67	$ 2.67		$ 3.09	$ 3.51	$ 2.25
Share-based Payment Arrangement, Nonemployee | Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)				180,000
Share-based Payment Arrangement, Nonemployee | Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)				180,000
Share-based Payment Arrangement, Nonemployee | Vesting Period Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)				180,000
2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares of common stock that may be delivered (in shares)				1,800,000					1,800,000
2020 Equity Incentive Plan | Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Director restricted stock grants (in shares)				540,000
Number of vesting tranches | tranche				3
Fair value of common shares issued (in dollars per share) | $ / shares	$ 1.06
Compensation cost | $	$ 572,400
Award vesting period	3 years
Unamortized stock compensation expense | $							$ 429,300	$ 429,300
Unamortized stock compensation expense, remaining period								27 months
2020 Equity Incentive Plan | Share-based Payment Arrangement, Nonemployee | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost | $							47,700	$ 143,100
2020 Equity Incentive Plan | Share-based Payment Arrangement, Nonemployee | Achievement of Performance Objectives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock compensation expense | $							654,002	$ 654,002
Unamortized stock compensation expense, remaining period								27 months
2020 Equity Incentive Plan | Share-based Payment Arrangement, Nonemployee | Achievement of Targeted Growth
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock compensation expense | $							289,915	$ 289,915
2020 Equity Incentive Plan | Share-based Payment Arrangement, Nonemployee | Achievement of Targeted Growth, Group 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock compensation expense, remaining period								29 months
2020 Equity Incentive Plan | Share-based Payment Arrangement, Nonemployee | Achievement of Targeted Growth, Group 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock compensation expense, remaining period								15 months
2020 Equity Incentive Plan | Share-based Payment Arrangement, Nonemployee | Achievement of Targeted Growth, Group 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock compensation expense, remaining period								18 months
2020 Equity Incentive Plan | Share-based Payment Arrangement, Employee | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)			1,055,000
2020 Equity Incentive Plan | Share-based Payment Arrangement, Employee | Achievement of Performance Objectives | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost | $							$ 80,015	$ 186,584
Award vesting period		1 year 8 months 12 days	3 years 2 months 12 days			1 year 9 months 18 days
Number of awards granted (in shares)		60,000				60,000
Vesting percentage			50.00%
Award target period			3 years
Closing stock price (in dollars per share) | $ / shares		$ 3.51	$ 1.10			$ 3.04
Expected volatility rate		93.00%	77.00%			95.00%
Risk free interest rate		0.79%	0.36%			0.65%
Number of iterations | iteration		100,000	100,000			100,000
Indicated fair value (in dollars per share) | $ / shares		$ 2.71	$ 0.41			$ 2.26
2020 Equity Incentive Plan | Share-based Payment Arrangement, Employee | Achievement of Targeted Growth | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50.00%
Award target period			5 years
2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares of common stock that may be delivered (in shares)													1,200,000
Remaining shares available for grant under the plan (in shares)							0	0
2011 Equity Incentive Plan | Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Director restricted stock grants (in shares)					315,000
Fair value of common shares issued (in dollars per share) | $ / shares					$ 0.56
2011 Equity Incentive Plan | Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost | $									$ 27,849
Closing stock price (in dollars per share) | $ / shares					$ 0.56
Options granted in period (in shares)					138,800
Options repurchased and cancelled in the period (in shares)								66,150
Cash paid for repurchased and cancelled in period | $							$ 24,600	$ 247,156
Options outstanding (in shares)							72,650	72,650
Intrinsic value | $							$ 153,292	$ 153,292
2011 Equity Compensation Plan, Past Services | Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Director restricted stock grants (in shares)					135,000
2011 Equity Compensation Plan, Current Services | Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Director restricted stock grants (in shares)					180,000

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Other Income and Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Non Operating, Income And Expense [Line Items]
Equity loss in affiliates	$ (320,834)	$ 0	$ (511,601)	$ 0
Gain on sale of mining claims	0	0	0	100,000
Tonogold reimbursement of Pelen acquisition costs	0	84,944	0	234,944
Change in fair value of Tonogold preferred shares	0	(2,499,000)	0	(2,544,000)
Realized gain (loss) on sale of Tonogold common shares	(33,539)	743,535	70,780	767,275
Change in fair value of Tonogold note receivable	(190,000)	256,000	(617,500)	256,000
Tonogold note receivable amendment fee	0	0	362,500	0
Unrealized gain (loss) on investments in securities	(268,672)	2,445,391	(2,200,472)	3,826,320
Recognition of grant from CARES Act PPP loan	0	67,624	0	261,170
Other	11,251	108,225	34,054	129,381
Other income (expense) (Note 19)	(8,031,794)	1,206,719	(5,094,989)	3,193,801
MCU
Other Non Operating, Income And Expense [Line Items]
Change in fair value of derivative asset	0	0	497,250	0
Change in fair value MCU make whole	0	0	0	162,711
LINICO
Other Non Operating, Income And Expense [Line Items]
Change in fair value of derivative asset	(2,880,000)	0	1,260,000	0
Quantum Generative Materials LLC
Other Non Operating, Income And Expense [Line Items]
Change in fair value of derivative asset	(2,880,000)	0	(2,520,000)	0
LP Biosciences LLC
Other Non Operating, Income And Expense [Line Items]
Change in fair value of derivative asset	$ (1,470,000)	$ 0	$ (1,470,000)	$ 0

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Income Taxes (Details)	9 Months Ended
	Sep. 30, 2021 USD ($)
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 0
Income taxes paid	$ 0

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Net Income (Loss) Per Common Share - Reconciliation of Net Loss Per Share (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income (loss)	$ (9,494,506)	$ (6,320,992)	$ 8,188,231	$ 17,330,062	$ 1,275,986	$ (263,212)	$ (7,627,267)	$ 18,342,836
Denominator:
Basic weighted average shares outstanding (in shares)	54,600,262			32,082,972			45,213,469	29,210,777
Incremental shares (in shares)	0			58,007			0	26,463
Diluted weighted average shares outstanding (in shares)	54,600,262			32,140,979			45,213,469	29,237,240
Net income (loss) per common share:
Basic EPS (in dollars per share)	$ (0.17)			$ 0.54			$ (0.17)	$ 0.63
Diluted EPS (in dollars per share)	$ (0.17)			$ 0.54			$ (0.17)	$ 0.63

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Segment Reporting - Schedule of Reportable Operating Segments (Details)	3 Months Ended						9 Months Ended
	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2021 USD ($) segment	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment							3
Segment Reporting Information [Line Items]
Revenue	$ 362,713			$ 49,425			$ 465,838	$ 146,225
Costs and Expenses	(2,082,630)			(1,530,997)			(3,497,714)	(4,060,615)
Operating Income (Loss)	(1,719,917)			(1,481,572)			(3,031,876)	(3,914,390)
Other income (expense) (Note 19)	(7,774,589)			18,811,634			(4,595,391)	22,257,226
Net income (loss)	(9,494,506)	$ (6,320,992)	$ 8,188,231	17,330,062	$ 1,275,986	$ (263,212)	(7,627,267)	18,342,836
Capital Expenditures	0			4,000			47,750	15,000
Depreciation, Amortization, and Depletion	335,605			776,234			566,204	1,091,904
Assets	107,402,544						107,402,544		$ 43,123,562
Mining
Segment Reporting Information [Line Items]
Revenue	0			0			0	0
Costs and Expenses	(1,255,070)			(792,391)			(2,512,371)	(3,273,428)
Operating Income (Loss)	(1,255,070)			(792,391)			(2,512,371)	(3,273,428)
Capital Expenditures	0			4,000			47,750	15,000
Depreciation, Amortization, and Depletion	70,878			86,083			187,812	386,671
Assets	27,951,114						27,951,114		28,893,242
Real estate
Segment Reporting Information [Line Items]
Revenue	56,375			49,425			159,500	146,225
Costs and Expenses	(77,812)			(738,606)			(234,884)	(787,187)
Operating Income (Loss)	(21,437)			(689,181)			(75,384)	(640,962)
Capital Expenditures	0			0			0	0
Depreciation, Amortization, and Depletion	46,340			690,151			160,006	705,233
Assets	13,724,621						13,724,621		10,770,370
Natural Resource Renewal
Segment Reporting Information [Line Items]
Revenue	306,338			0			306,338	0
Costs and Expenses	(749,748)			0			(750,459)	0
Operating Income (Loss)	(443,410)			0			(444,121)	0
Capital Expenditures	0			0			0	0
Depreciation, Amortization, and Depletion	218,387			$ 0			218,386	$ 0
Assets	$ 65,726,809						$ 65,726,809		$ 3,459,950

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Segment Reporting - Schedule of Goodwill (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 17,737,226	$ 0
Mining
Goodwill [Line Items]
Goodwill	0	0
Real estate
Goodwill [Line Items]
Goodwill	0	0
Natural Resource Renewal
Goodwill [Line Items]
Goodwill	$ 17,737,226	$ 0

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Related Party Disclosures (Details)		3 Months Ended		9 Months Ended
	Mar. 04, 2021 USD ($)	Sep. 30, 2021 USD ($) officer	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) officer	Sep. 30, 2020 USD ($)
Related Party Transaction [Line Items]
Proceeds from equity purchase agreements	$ 15,000,000.0
MANA Corporation
Related Party Transaction [Line Items]
Number of officers that were former shareholders | officer		1		1
Plain Sight Innovations LLC
Related Party Transaction [Line Items]
Number of officers that were former shareholders | officer		2		2
Affiliated entity | Northern Comstock LLC
Related Party Transaction [Line Items]
Cash payments under joint venture agreement		$ 542,500	$ 542,500	$ 1,535,000	$ 772,500
Payment of accelerated capital contribution				$ 812,500