Assets and Liabilities Held for Sale

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

The Company has committed to a plan to sell certain land, buildings, and water rights ("the Non-mining assets"). In January 2019, the Company also committed to a plan to sell certain mining properties. As of both June 30, 2020, and December 31, 2019, the Company has assets with a net book value of $10.5 million, which met the criteria to be classified as assets held for sale. Those criteria specify that the asset must be available for immediate sale in its present condition (subject only to terms that are usual and customary for sales of such assets), the sale of the asset must be probable, and its transfer expected to qualify for recognition as a completed sale generally within one year. Proceeds from the sale of these assets are required to be used to satisfy obligations due under the terms of the debenture described in Note 9.

Assets held for sale include:



	June 30, 2020		December 31, 2019
DTSS (Land)	$	3,589,876	$	3,589,876
Industrial Park (Land and water rights)	2,738,462		2,738,462
Daney Ranch (Land and buildings)	2,146,575		2,146,575
Lucerne Mine (Mineral rights and properties) (Note 19)	1,539,197		1,539,197
Lucerne Properties (Reclamation asset, net)	19,590		19,590
Gold Hill Hotel (Land and buildings)	478,366		478,366
Total assets held for sale	$	10,512,066	$	10,512,066

Liabilities held for sale include:



	June 30, 2020		December 31, 2019
Lucerne Properties (Reclamation liabilities)	$	1,019,705	$	1,019,705
Total liabilities held for sale	$	1,019,705	$	1,019,705

Non-mining Assets Held for Sale - Silver Springs, NV

On September 26, 2019, as amended on November 30, 2019, December 26, 2019, March 31, 2020, and June 30, 2020, the Company entered into agreements with SSE to sell two properties in Silver Springs, NV. 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 in Downtown Silver Springs, LLC (“DTSS”) for $3.6 million. The carrying value of the 160 acres of commercial land and DTSS membership rights was adjusted to the contract value of $3.6 million less estimated costs to sell, resulting in an impairment of $0.5 million, charged to other expense in the consolidated statements of operations as of December 31, 2019. As of June 30, 2020, the Company received $0.4 million in escrowed deposits for the purchase of these assets and expects the sales to close during the third quarter of 2020.

Non-mining Assets Held for Sale - Dayton and Gold Hill, NV

The Company owns a 225 acre residential property (the “Daney Ranch) along Highway 50 in Dayton, NV, listed for sale, in two components, for a total of $3.7 million and a historic, operating hotel (the “Gold Hill Hotel”) including 19 leasable rooms, 4 cottages, a bar and a restaurant listed for sale for $1.5 million.