FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Liabilities Measured on Recurring Basis

The following table presents our assets and liabilities measured at fair value on a recurring basis at December 31, 2021:


			Fair Value Measurements at
			December 31, 2021
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Tonogold common shares	$	910,558	$	910,558	$	—	$	—
Tonogold note receivable	7,255,000		—		—		7,255,000
LPB derivative asset	342,000		—		342,000		—
Other equity securities	15,260		15,260		—		—
Total assets measured at fair value	$	8,522,818	$	925,818	$	342,000	$	7,255,000

Liabilities:
LINICO acquisition derivative liability	$	(2,743,162)	$	(2,743,162)	$	—	$	—
GenMat derivative	$	(6,130,000)	$	—	$	(6,130,000)	$	—
Total liabilities measured at fair value	$	(8,873,162)	$	(2,743,162)	$	(6,130,000)	$	—

The following table presents our assets and liabilities at December 31, 2020, which are 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:
Tonogold common shares	$	3,939,558	$	3,939,558	$	—	$	—
Tonogold note receivable	5,498,500		—		—		5,498,500
MCU derivative asset	265,127		—		265,127		—
Other equity securities	40,165		—		40,165		—
Total assets measured at fair value	$	9,743,350	$	3,939,558	$	305,292	$	5,498,500

The following table presents our assets and liabilities measured at fair value on a recurring basis at March 31, 2022:


			Fair Value Measurements at
			March 31, 2022
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Tonogold common shares	$	1,100,293	$	1,100,293	$	—	$	—
Other equity securities	7,449		7,449		—		—
Total assets measured at fair value	$	1,107,742	$	1,107,742	$	—	$	—

Liabilities:
LINICO acquisition derivative liability	$	(1,413,162)	$	—	$	(1,413,162)	$	—
GenMat derivative liability	(4,990,000)		—		(4,990,000)		—
Total liabilities measured at fair value	$	(6,403,162)	$	—	$	(6,403,162)	$	—

The following table presents our assets and liabilities at December 31, 2021, which are measured at fair value on a recurring basis:


			Fair Value Measurements at
			December 31, 2021
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Tonogold common shares	$	910,559	$	910,559	$	—	$	—
Tonogold note receivable	7,255,000		—		—		7,255,000
MCU derivative asset	342,000		—		342,000		—
Other equity securities	15,260		15,260		—		—
Total assets measured at fair value	$	8,522,819	$	925,819	$	342,000	$	7,255,000

Liabilities:
LINICO acquisition derivative liability	$	(2,743,162)	$	—	$	(2,743,162)	$	—
GenMat derivative liability	(6,130,000)		—		(6,130,000)		—
Total liabilities measured at fair value	$	(8,873,162)	$	—	$	(8,873,162)	$	—

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

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


	12/31/21		12/31/20
Beginning Balance	$	5,498,500	$	9,080,000
Total change in fair value recognized in earnings
Tonogold convertible preferred shares	—		(2,544,000)
Tonogold contingent forward asset	—		765,880
Tonogold note receivable	(418,500)		(642,997)
	(418,500)		(2,421,117)
Additions
Tonogold contingent forward asset	—		1,232,952
Tonogold note receivable	2,175,000		6,141,497
	2,175,000		7,374,449
Transfers
Conversion of Tonogold convertible preferred shares to Tonogold common	—		(3,920,000)
Deductions:
Redemption of Tonogold convertible preferred shares	—		(2,616,000)
Settlement of Tonogold contingent forward asset	—		(1,998,832)
	—		(4,614,832)
Ending balance	$	7,255,000	$	5,498,500