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As filed with the Securities and Exchange Commission on July 8, 2022
Registration No. 333-266069
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
–––––––––––––––––––––– 
Amendment No. 1 to
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
––––––––––––––––––––––
COMSTOCK INC.
(Exact name of registrant as specified in its charter)
2860
(Primary Standard Industrial Classification Code Number)
65-0955118
(I.R.S. Employer Identification No.)
Nevada
(State or Other Jurisdiction of Incorporation)
117 American Flat Road
Virginia City, NV 89440
(775) 847-5272
(Address, including zip code, and telephone number, including area code,
of registrant’s principal executive offices)
Corrado De Gasperis
Executive Chairman & Chief Executive Officer
117 American Flat Road Virginia City, NV 89440 (775) 847-4755
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
––––––––––––––––––––––
Copies to:
Clyde W. Tinnen, Jr., Esq.
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, WI 53202
(414) 271-2400
Approximate date of commencement of proposed sale to the public: From time to time after the effective date of this registration statement.
If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒
If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
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 filerAccelerated filer Emerging growth company
Non-accelerated filerSmaller reporting company
If an emerging growth company, that prepares its financial statements in accordance with U.S. GAAP, 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 7(a)(2)(B) of the Securities Act. ☐
The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to Section 8(a), may determine.



PROSPECTUS


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This prospectus relates to the offer and sale by Tysadco Partners, LLC (“Tysadco Partners” or the “Selling Stockholder”) of up to 11,187,363 shares (assuming an average purchase price per share of approximately $0.89) of common stock, par value $0.000666 per share, issued by Comstock Inc., a Nevada corporation (the “Company,” “Comstock,” “we,” “us,” and “our”).
The shares of common stock being offered by the Selling Stockholder may be issued pursuant to that certain purchase agreement dated June 21, 2022, which we refer to in this prospectus as the “Tysadco Purchase Agreement.” Please refer to the section of this prospectus entitled “Tysadco Partners Transaction” for a description of the Tysadco Purchase Agreement and the section entitled “Selling Stockholder” for additional information regarding Tysadco Partners. The prices at which Tysadco Partners may sell the shares will be determined by the prevailing market price for the shares or in negotiated transactions.
The Selling Stockholder may sell or otherwise dispose of the shares of common stock covered by this prospectus in a number of different ways and at varying prices. We provide more information about how the Selling Stockholder may sell or otherwise dispose of their shares of common stock in the section entitled “Plan of Distribution.” The Selling Stockholder will pay all brokerage fees and commissions and similar expenses. We will pay all expenses (except brokerage fees and commissions and similar expenses) relating to the registration of the shares with the Securities and Exchange Commission.
The Selling Stockholder is an “underwriter” within the meaning of the Securities Act of 1933, as amended.
Our common stock is listed on the NYSE AMERICAN LLC under the symbol “LODE.” The last reported price of our common stock on the NYSE AMERICAN LLC on July 7, 2022 was $0.63 per share. The aggregate market value of our outstanding voting common stock held by non-affiliates, based upon a closing sale price of our common stock on July 7, 2022 was $42,167,015.
We will receive proceeds from the sale of the shares being registered in this offering. See “Use of Proceeds” for more information about how we will use the proceeds from this offering.
Investing in our securities involves risks that are referenced in the “Risk Factors” section, at page 7, of this prospectus and are set forth in our periodic reports filed with the Securities and Exchange Commission.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
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The date of this prospectus is July 8, 2022



TABLE OF CONTENTS
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ABOUT THIS PROSPECTUS
This prospectus constitutes a part of a registration statement on Form S-1 (together with all amendments and exhibits thereto, the “Registration Statement”) filed by us with the Securities and Exchange Commission (“SEC”) under the Securities Act of 1933, as amended (the “Securities Act”). As permitted by the rules and regulations of the SEC, this prospectus omits certain information contained in the Registration Statement, and reference is made to the Registration Statement and related exhibits for further information with respect to the Company and the securities offered hereby. With regard to any statements contained herein concerning the provisions of any document filed as an exhibit to the Registration Statement or otherwise filed with the SEC, in each instance reference is made to the copy of such document so filed. Each such statement is qualified in its entirety by such reference.
Neither we nor the Selling Stockholder has authorized anyone to provide you with information or make any representations other than those contained in this prospectus or in any free writing prospectuses prepared by or on behalf of us or to which we have referred you. Neither we nor the Selling Stockholder take any responsibility for, and provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the shares offered hereby, and only under circumstances and in jurisdictions where it is lawful to do so. You should assume that the information appearing in this prospectus is accurate as of the date on the front cover of this prospectus only. Our business, financial condition, results of operations and prospects may have changed since that date.
For investors outside the United States: neither we nor the Selling Stockholder has done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to, the offering of the shares of common stock and the distribution of this prospectus outside the United States.
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INDUSTRY AND MARKET DATA
We are responsible for the disclosure in this prospectus. However, this prospectus includes industry data that we obtained from internal surveys, market research, and publicly available information and industry publications. The market research, publicly available information and industry publications that we use generally state that the information contained therein has been obtained from sources believed to be reliable. The information therein represents the most recently available data from the relevant sources and publications, and we believe remains reliable. We did not fund and are not otherwise affiliated with any of the sources cited in this prospectus. Forward-looking information obtained from these sources is subject to the same qualifications and additional uncertainties regarding the other forward-looking statements in this prospectus.
TRADEMARKS
We own or have rights to use various trademarks, service marks, and trade names that we use in connection with the operation of our business. We use our trademarks and related design marks in this prospectus. This prospectus may also contain trademarks, service marks, and tradenames of third parties, which are the property of their respective owners. Our use or display of third parties’ trademarks, service marks, trade names, or products in this prospectus is not intended to, and does not imply a relationship with, or endorsement or sponsorship by us. Solely for convenience, the trademarks, service marks, and trade names referred to in this prospectus may appear without the ®,TM, or SM symbols, but the omission of such references is not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable owner of these trademarks, service marks and trade names.
PROSPECTUS SUMMARY
This summary highlights information contained elsewhere or incorporated by reference in this prospectus and does not contain all of the information you should consider in making your investment decision. You should read this summary together with the more detailed information included elsewhere or incorporated by reference in this prospectus, including financial statements and the related notes. You should carefully consider, among other things, the matters discussed under “Risks Factors” in the 2021 Form 10-K, the Form 10-Qs and in other documents that we subsequently file with the Commission that are incorporated by reference herein.
The Company innovates technologies that contribute to global decarbonization and circularity by efficiently converting supplies of unused and under-utilized natural resources into renewable fuels and electrification products. The Company intends to achieve growth and financial, natural, and social gains by building, owning and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners.
Our strategic plan is based on innovating and using our technologies and the renewable energy products that they enable to reduce reliance on long cycle fossil fuels, to shift to and maximize throughput of short cycle fuels, and to lead and support the adoption and growth of a highly profitable, balanced worldwide short cycle ecosystem that continuously offsets, recycles, and contributes to neutralizing global carbon emissions by rapidly growing and replenishing vast quantities of feedstock for renewable circular fuels. We also make strategic investments that contribute to our mission of enabling systemic decarbonization and support our vision of a net zero carbon world.
Comstock historically focused on natural resource exploration, development, and production, with an emphasis on mining gold and silver resources from its extensive contiguous property holdings in the historic Comstock and Silver City mining districts in Nevada. During 2021 and 2022, we completed a series of transactions that were designed to build on our competencies and position us to address and capitalize on the global transition to clean energy. Those transactions primarily included (i) our strategic acquisitions of 100% of Comstock Innovations Corporation (F/K/A Plain Sight Innovations Corporation), 100% of Comstock Engineering Corporation (F/K/A Renewable Process Solutions, Inc.), 100% of MANA Corporation, and 90% of LINICO Corporation, (ii) our acquisition of intellectual property assets from FLUX Photon Corporation, (iii) our purchase of 48.19% of Quantum Generative Materials LLC and (i) our optioning for sale of Comstock Mining LLC, the owner of our Lucerne resource area in Storey County, Nevada, and related permits. Collectively, these transactions added the management, employees, facilities, intellectual properties, and other assets we needed to restructure and transform our Company and business into an
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emerging leader in the innovation and sustainable production of renewable energy products, including cellulosic fuels and electrification metals.
In light of the Company’s recent transformation, the Company changed its name to “Comstock Inc.” on May 26, 2022.
Corporate Information
The Company’s executive offices are located at 117 American Flat Road, Virginia City, Nevada 89440 and its telephone number is (775) 847-5272. The Company’s mailing address is P.O. Box 1118, Virginia City, Nevada 89440. The Company’s website address is www.comstock.inc. The Company’s website and the information contained on, or that can be accessed through, the website are not part of this prospectus.
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CAUTIONARY NOTICE REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained or incorporated by reference in this prospectus 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, 2021, 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, silver or other 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); 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; changes in generally accepted accounting principles; 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
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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.
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THE OFFERING
Common Stock Being Offered by the Selling Stockholder
Up to 11,187,363 shares (assuming an average purchase price per share of approximately $0.89) of common stock that may be issued and sold to Tysadco Partners pursuant to the Tysadco Purchase Agreement described below.
Shares of Common Stock Outstanding Prior to the Offering
77,492,049 shares of our common stock (as of July 8, 2022), including the issuance of 3,505,494 restricted shares to Tysadco Partners.
Shares of Common Stock Outstanding Immediately Following this Offering
88,679,412 shares of our common stock and assuming the issuance of 11,187,363 shares (assuming an average purchase price per share of approximately $0.89) of common stock to Tysadco Partners pursuant to the Tysadco Purchase Agreement described below of all of the shares that are being offered by this prospectus).
Use of Proceeds
Tysadco Partners will receive all of the proceeds from the sale of the shares offered for sale by it under this prospectus. We will not receive proceeds from the sale of the shares by the Selling Stockholder. However, we may receive in the aggregate gross proceeds of up to $10 million from the sale of our common stock to Tysadco Partners pursuant to the Tysadco Purchase Agreement described below. Any proceeds from Tysadco Partners that we receive under the Tysadco Purchase Agreement are expected to be used as described below.
We estimate our net proceeds from this Offering, after deducting expenses payable by us at closing of approximately $550,000, will be approximately $9,450,000.
We intend to use the net proceeds from this Offering (i) in connection with the engineering, development, manufacture, assembly, and commercialization of decarbonization technological solutions; (ii) to finance capital expenditures, including without limitation, the acquisition and/or expansion of facilities, engineering costs, research and development, and acquisition of equipment and (iii) for general corporate purposes, including, without limitation, for working capital purposes. See the section titled “ Use of Proceeds” for additional information.
Stock Symbol
We are currently listed on the NYSE AMERICAN LLC, under the symbol “LODE.”
Risk Factors
An investment in our common stock is highly speculative and involves a high degree of risk. Please see “Risk Factors” starting on page 7 and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in shares of our common stock.
Dividend Policy
We do not currently anticipate paying dividends on our common stock. Any declaration and payment of future dividends to holders of our common stock will be at the sole discretion of our board of directors (the “Board”) and will depend on many factors, including our financial condition, earnings, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends, and other considerations that our Board deems relevant. See “Dividend Policy.”
Voting Rights
Shares of our Common Stock are entitled to one vote per share.
Tysadco Purchase Agreement
On June 21, 2022, we entered into a purchase agreement (the “Tysadco Purchase Agreement”) with Tysadco Partners. Under the Tysadco Purchase Agreement, we sold 3,076,923 restricted common to Tysadco Partners in exchange for a purchase price of $2,000,000 and we also have the right to sell Tysadco Partners up to $10,000,000 in shares of common stock, subject to certain limitations and conditions set forth in the Tysadco Purchase Agreement. As consideration for Tysadco Partner’s commitment to purchase shares of common stock pursuant to the Tysadco Purchase Agreement, we issued to Tysadco Partners 428,571 restricted shares of common stock, or the Commitment Shares. We did not receive any cash proceeds from the issuance of such shares. See “The Tysadco Purchase Agreement” for additional information regarding the terms of the Tysadco Purchase Agreement that we entered into with Tysadco Partners.
We do not know what the purchase price for our common stock will be and therefore cannot be certain as to the exact number of shares we might issue to Tysadco Partners under the Tysadco Purchase Agreement after the date of this prospectus, however, that number cannot exceed 11,187,363 common shares.
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RISK FACTORS
Investment in any securities offered pursuant to this prospectus involves risks. You should carefully consider the risk factors incorporated by reference to the 2021 Form 10-K or periodic reports we file after the date of this prospectus, and all other information contained or incorporated by reference into this prospectus, as updated by our subsequent filings under the Exchange Act. The occurrence of any of these risks might cause you to lose all or part of your investment in the offered securities.
Risks Relating to the Company’s Common Stock and this Offering
The Company may issue additional common stock or other equity securities in the future that could dilute the ownership interest of existing shareholders.
The Company is currently authorized to issue 245,000,000 shares of common stock, of which 77,492,049 shares were issued and outstanding as of July 7, 2022, respectively, and 50,000,000 shares of preferred stock, of which no Preferred Shares are issued or outstanding as of July 7, 2022. To maintain its capital at desired levels or to fund future growth, the Board may decide from time to time to issue additional shares of common stock, or securities convertible into, exchangeable for or representing rights to acquire shares of common stock. The sale of these securities may significantly dilute stockholders’ ownership interest and the market price of the common stock. New investors in other equity securities issued by the Company in the future may also have rights, preferences and privileges senior to the Company’s current stockholders that may adversely impact its current stockholders.
You may experience immediate and substantial dilution in the net tangible book value per share of the common stock you purchase.
If the price per share of our common stock is offered at price that is substantially higher than the net tangible book value per share of our common stock, you will suffer substantial dilution in the net tangible book value of the common stock you purchase in this offering. The net tangible book value of our common stock on March 31, 2022, was approximately $0.69 per share. Purchasing our common stock at a purchase price in excess of the net tangible book value per share, will result in you suffering an immediate and substantial dilution. See the section entitled “Dilution” in this prospectus for a more detailed discussion of the dilution you will incur if you purchase common stock in this offering.
If we are unable to maintain the listing standards of the NYSE American LLC, our common stock may be delisted, which may have a material adverse effect on the liquidity and value of our common stock.
Our common stock is traded on the NYSE American LLC. To maintain our listing on the NYSE American LLC, we must meet certain financial and liquidity criteria. The market price of our common stock has been and may continue to be subject to significant fluctuation as a result of periodic variations in our revenues and results of operations. If we fail to meet any of the NYSE American LLC’s listing standards, we may be delisted. In the event of delisting, trading of our common stock would most likely be conducted in the over-the-counter market on an electronic bulletin board established for unlisted securities, which could have a material adverse effect on the market liquidity and value of our common stock.
We will have broad discretion in how we use the proceeds from the sale of shares to Tysadco, and we may use the proceeds in ways in which you and other stockholders may disagree.
We intend to use the net proceeds from the sale of shares to Tysadco for strategic development programs, working capital and other general corporate purposes. See the section entitled “Use of Proceeds.” Our management will have broad discretion in the application of the proceeds from such sales and could spend the proceeds in ways that do not necessarily improve our operating results or enhance the value of our common stock.
The price of our common stock has and may continue to fluctuate significantly, which could negatively affect the Company and holders of our common stock.
The market price of our common shares is subject to volatility, has fluctuated, and may continue to fluctuate significantly due to, among other things, changes in market sentiment regarding our operations, financial results or
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business prospects, the mining, metals, recycling or environmental remediation industries generally, coordinated trading activities, large derivative positions or the macroeconomic outlook. The price of our common stock has been, and may continue to be, highly volatile in response to our recent transactions. Certain events or changes in the market or our industries generally are beyond our control. In addition to the other risk factors contained or incorporated by reference herein, factors that could impact our trading price include:
our actual or anticipated operating and financial results, including how those results vary from the expectations of management, securities analysts and investors;
changes in financial estimates or publication of research reports and recommendations by financial analysts or actions taken by rating agencies with respect to us or other industry participants;
failure to declare dividends on our common stock from time to time;
reports in the press, the financial services industry or the investment community relating to our reputation;
developments in our business or operations or our industry sectors generally
any future offerings by us of our common stock;
any coordinated trading activities or large derivative positions in our common stock, for example, a short squeeze, which occurs when a number of investors take a short position in a stock and have to buy the borrowed securities to close out the position at a time that other short sellers of the same security also want to close out their positions, resulting in surges in stock prices when demand is greater than supply;
legislative or regulatory changes affecting our industry generally or our business and operations specifically;
the operating and stock price performance of companies that investors consider to be comparable to us;
announcements of strategic developments, acquisitions, restructurings, dispositions, financings and other material events by us or our competitors;
expectations of (or actual) equity dilution, including the actual or expected dilution to various financial measures, including earnings per share, that may be caused by this offering;
actions by our current shareholders, including future sales of common shares by existing shareholders, including our directors and executive officers;
proposed or final regulatory changes or developments;
anticipated or pending regulatory investigations, proceedings, or litigation that may involve or affect us; and
other changes in U.S. or global financial markets, global economies and general market conditions, such as interest or foreign exchange rates, stock, commodity prices, credit or asset valuations or volatility.
We may not be able to access the full amounts available under the Purchase Agreement, which could prevent us from accessing the capital we need to continue our operations, which could have an adverse effect on our business.
We intend to rely on the Tysadco Purchase Agreement for our near-term capital needs. We may direct Selling Stockholder to purchase up to $10 million of shares of our common stock over a 24-month period, commencing upon the satisfaction of certain conditions, including that the registration statement of which this prospectus is a part is declared effective by the SEC. Thereafter, on any trading day selected by us, we may sell shares of common stock to Selling Stockholder in an amount equal to the lesser of $2,000,000 or 500% of the average shares traded for the 10 days prior to the request date, with a minimum request of $25,000. The purchase price shall be 90% of the VWAP on the date the request. In addition, Garden State Securities (the “Placement Agent”) shall be entitled to a
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commission, payable in cash, equal to 5% of the purchase price payable by Tysadco to the Company pursuant to the Tysadco Purchase Agreement.
In addition, Selling Stockholder will not be required to purchase any shares of our common stock if such sale would result in its beneficial ownership exceeding 9.99% of the then outstanding shares of our common stock. Our inability to access a portion or the full amount available under the Purchase Agreement, in the absence of any other financing sources, could have a material adverse effect on our business.
The sale or issuance of our common stock to Selling Stockholder may cause dilution and the sale of the shares of common stock acquired by Selling Stockholder, or the perception that such sales may occur, could cause the price of our common stock to fall.
Upon the execution of the Purchase Agreement, we issued 428,571 Commitment Shares to Selling Stockholder in consideration for its commitment to purchase shares of our common stock under the Purchase Agreement. The remaining shares of our common stock that may be issued under the Purchase Agreement may be sold by us to Selling Stockholder at our discretion from time to time over a 24-month period commencing after the satisfaction of certain conditions set forth in the Purchase Agreement, including that the SEC has declared effective the registration statement of which this prospectus is a part and that such registration statement remains effective. The purchase price for the shares that we may sell to Selling Stockholder under the Purchase Agreement will fluctuate based on the price of our common stock. Depending on market liquidity at the time, sales of such shares may cause the trading price of our common stock to fall.
We generally have the right to control the timing and amount of any future sales of our shares to Selling Stockholder. Additional sales of our common stock, if any, to Selling Stockholder will depend upon market conditions and other factors to be determined by us. We may ultimately decide to sell to Selling Stockholder all, some, or none of the additional shares of our common stock that may be available for us to sell pursuant to the Purchase Agreement. If and when we do sell shares to Selling Stockholder, after Selling Stockholder has acquired the shares, Selling Stockholder may resell all or some of those shares at any time or from time to time in its discretion. Therefore, sales to Selling Stockholder by us could result in substantial dilution to the interests of other holders of our common stock. Additionally, the sale of a substantial number of shares of our common stock to Selling Stockholder, or the anticipation of such sales, could make it more difficult for us to sell equity or equity-related securities in the future at a time and at a price that we might otherwise wish to effect sales.
It is not possible to predict the actual number of shares we will sell under the Purchase Agreement to the Selling Stockholder, or the actual gross proceeds resulting from those sales.
Subject to certain limitations in the Purchase Agreement and compliance with applicable law, we have the discretion to deliver notices to the Selling Stockholder at any time throughout the term of the Purchase Agreement. The actual number of shares that are sold to the Selling Stockholder may depend based on a number of factors, including the market price of the common stock during the sales period. Actual gross proceeds will be less than $10 million, which may impact our future liquidity. Because the price per share of each share sold to the Selling Stockholder will fluctuate during the sales period, it is not currently possible to predict the number of shares that will be sold or the actual gross proceeds to be raised in connection with those sales.
Investors who buy shares at different times will likely pay different prices.
Investors who purchase shares in this offering at different times will likely pay different prices, and so may experience different levels of dilution and different outcomes in their investment results. In connection with the sale of our common stock pursuant to the terms of the Purchase Agreement, we will have discretion, subject to market demand, to vary the timing, prices, and numbers of shares sold to the Selling Stockholder. Similarly, the Selling Stockholder may sell such shares at different times and at different prices. Investors may experience a decline in the value of the shares they purchase from the Selling Stockholder in this offering as a result of sales made by us in future transactions to Selling Stockholder at prices lower than the prices they paid.
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THE TYSADCO TRANSACTION
General
On June 21, 2022, we entered into the Tysadco Purchase Agreement with Tysadco Partners, pursuant to which Tysadco Partners purchased 3,076,923 restricted shares for $2 million and agreed to purchase from us up to $10 million of our common stock (subject to certain limitations) from time to time during the term of the Tysadco Purchase Agreement. Pursuant to the terms of the Tysadco Purchase Agreement, we issued 428,571 commitment shares (the “Commitment Shares”) to Tysadco Partners as consideration for its commitment to purchase shares of our common stock under the Tysadco Purchase Agreement. Neither the Commitment Shares nor the 3,076,923 restricted common shares issued under the Tysadco Purchase Agreement are being registered for resale pursuant to the registration statement of which this prospectus is a part.
We may, from time to time and at our sole discretion, direct Tysadco Partners to purchase shares of our common stock upon the satisfaction of certain conditions set forth in the Tysadco Purchase Agreement at a purchase price per share based on a discount to the market price of our common stock at the time of sale as computed under the Tysadco Purchase Agreement. Tysadco Partners may not assign or transfer its rights and obligations under the Tysadco Purchase Agreement.
The Tysadco Purchase Agreement prohibits us from directing Tysadco Partners to purchase any shares of our common stock if those shares, when aggregated with all other shares of our common stock then beneficially owned by Tysadco Partners, would result in Tysadco Partners and its affiliates exceeding 9.99% of our then outstanding equity.
Purchase of Shares under the Tysadco Purchase Agreement
Under the Tysadco Purchase Agreement, on any business day selected by us, we may direct Tysadco Partners to purchase the lesser of $2,000,000 or 500% of the average shares traded for the 10 days prior to the closing request date, with a minimum request of $25,000. The per share purchase price will be a equal to 90% of the VWAP on the date the request. In addition, the Placement Agent shall be entitled to a commission, payable in cash, equal to 5% of the purchase price payable by Tysadco to the Company pursuant to the Tysadco Purchase Agreement. As consideration for Tysadco Partner’s commitment to purchase shares of common stock pursuant to the Tysadco Purchase Agreement, we issued to Tysadco Partners 428,571 restricted shares of common stock.
Other than as described above, there are no trading volume requirements or restrictions under the Tysadco Purchase Agreement, and we will control the timing and amount of any sales of our common stock to Tysadco Partners.
Conditions to Obligations To Purchase
Tysadco Partners obligation to buy the shares of common stock is subject to certain conditions being met which include, among others, the following:
The Commitment Shares having been issued;
This registration statement having been declared effective;
No Event of Default having occurred; and
The representations and warranties in the transaction documents being true and correct in all material respects.
Our Termination Rights
We have the unconditional right, at any time following the Commencement Date (as defined in the Tysadco Purchase Agreement), for any reason and without any payment or liability to us, to give notice to Tysadco Partners to terminate the Tysadco Purchase Agreement.
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No Short-Selling or Hedging by Tysadco Partners
Tysadco Partners has agreed that neither it nor any of its affiliates shall engage in any direct or indirect short-selling or hedging of our common stock during any time prior to the termination of the Tysadco Purchase Agreement.
The foregoing description of the Tysadco Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the copy of such agreement filed as Exhibit 10.1 to this registration statement.
Effect of Performance of the Tysadco Purchase Agreement on our Stockholders
All shares registered in this offering that have been or may be issued or sold by us to Tysadco Partners under the Tysadco Purchase Agreement are expected to be freely tradable. Shares registered in this offering may be sold by us to Tysadco Partners over a period of up to 24 months commencing on the date of this registration statement of which this prospectus is a part becomes effective. The resale by Tysadco Partners of a significant amount of shares registered in this offering at any given time, or the perception that these sales may occur, could cause the market price of our common stock to decline and to be highly volatile. Sales of our common stock to Tysadco Partners, if any, will depend upon market conditions and other factors to be determined by us. We may ultimately decide to sell to Tysadco Partners all, some or none of the additional shares of our common stock that may be available for us to sell pursuant to the Tysadco Purchase Agreement. If and when we do sell shares to Tysadco Partners, after Tysadco Partners has acquired the shares, Tysadco Partners may resell all, some or none of those shares at any time or from time to time in its discretion. Therefore, sales to Tysadco Partners by us under the Tysadco Purchase Agreement in addition to the issuance of the 428,571 Commitment Shares and 3,076,923 restricted common shares issued pursuant the Tysadco Purchase Agreement, may result in substantial dilution to the interests of other holders of our common stock. In addition, if we sell a substantial number of shares to Tysadco Partners under the Tysadco Purchase Agreement, or if investors expect that we will do so, the actual sales of shares or the mere existence of our arrangement with Tysadco Partners may make it more difficult for us to sell equity or equity-related securities in the future at a time and at a price that we might otherwise wish to effect such sales.
However, we have the right to control the timing and amount of any additional sales of our shares to Tysadco Partners and the Tysadco Purchase Agreement may be terminated by us at any time at our discretion without any cost to us.
Pursuant to the terms of the Tysadco Purchase Agreement, we have the right, but not the obligation and subject to certain limitations, to direct Tysadco Partners to purchase up to $10 million of our common stock. We are registering what could be all the shares issuable under the Tysadco Purchase Agreement; however, since the number of shares we may sell cannot be determined at this time, we may have registered only a portion of the shares issuable under the Tysadco Purchase Agreement and, therefore, we may seek to issue and sell to Tysadco Partners under the Tysadco Purchase Agreement more shares of our common stock than are offered under this prospectus. If we choose to do so, we must first register for resale under the Securities Act any such additional shares, which could cause additional substantial dilution to our stockholders. The number of shares ultimately offered for resale under this prospectus is dependent upon the number of shares we direct Tysadco Partners to purchase under the Tysadco Purchase Agreement.
11


SELLING STOCKHOLDER
This prospectus relates to the possible resale by the Selling Stockholder, Tysadco Partners, of shares of common stock that may be issued to Tysadco Partners pursuant to the Tysadco Purchase Agreement. We are filing the registration statement of which this prospectus forms a part pursuant to the provisions of the Tysadco Purchase Agreement, in which we agreed to register the offer and sales by Tysadco Partners of certain shares of common stock that may be issued to Tysadco Partners under the Tysadco Purchase Agreement.
Tysadco Partners, as the Selling Stockholder, may, from time to time, offer and sell pursuant to this prospectus any or all of the shares that we may sell to Tysadco Partners under the Tysadco Purchase Agreement. The Selling Stockholder may sell some, all or none of its shares. We do not know how long the Selling Stockholder will hold the shares before selling them, and we currently have no agreements, arrangements or understandings with the Selling Stockholder regarding the sale of any of the shares.
The shares beneficially owned after the offering assumes the sale of all of the shares offered by the Selling Stockholder pursuant to this prospectus. However, because the Selling Stockholder may sell all or some or none of the shares under this prospectus or another permitted manner, we cannot assure you that the actual number of shares that will be sold by the Selling Stockholder or that will be held by the Selling Stockholder after completion of any sales. We do not know how long the Selling Stockholder will hold the shares before selling them.
The Selling Stockholder may sell all, some or none of the shares in this offering. See “Plan of Distribution.”
The following table presents information regarding the Selling Stockholder and the shares that it may offer and sell from time to time under this prospectus. The table is prepared based on information supplied to us by the Selling Stockholder and reflects its holdings as of July 7, 2022. Neither Tysadco Partners nor any of its affiliates has held a position or office, or had any other material relationship, with us or any of our predecessors or affiliates other than, the Tysadco Purchase Agreement, pursuant to which we agreed to issue Tysadco Partners 3,505,494 restricted common shares that are set forth below and not being registered pursuant to this Registration Statement.
Selling StockholderShares Beneficially Owned Before this OfferingPercentage of Outstanding Shares Beneficially Owned Before this OfferingShares to be Sold in this Offering Assuming The Company issues the Maximum Number of Shares Under the Purchase AgreementShares Beneficially Owned After this OfferingPercentage of Outstanding Shares Beneficially Owned After this Offering
Tysadco Partners, LLC (1)
3,505,494(2)
4.5%(3)
11,187,363
3,505,494(4)
4.0%(4)
_________________
(1)Jeffrey Hart, the Managing Member of Tysadco Partners, LLC, is deemed to be beneficial owner of all of the shares of common stock owned by Tysadco Partners, LLC. Mr. Hart has sole voting and investment power over the shares being offered under the prospectus filed with the SEC in connection with the transactions contemplated under the Tysadco Purchase Agreement. Tysadco Partners is not a licensed broker-dealer or an affiliate of a licensed broker-dealer. The address of Tysadco Partners is 210 West 77th Street, New York, New York 10024
(2)Represents (a) 3,076,923 shares of restricted common stock issued to Tysadco Partners pursuant to the terms of the Tysadco Purchase Agreement for $2,000,000 and (b) 428,571 shares issued to Tysadco Partners as Commitment Shares for this Offering under the Tysadco Purchase Agreement.
(3)Based on 77,492,049 outstanding shares of our common stock issued and outstanding as of July 7, 2022.
(4)Calculated assuming sale of 11,187,363 shares (assuming an average purchase price per share of approximately $0.89) sold by Tysadco in the offering. Although the Tysadco Purchase Agreement provides that we may sell up to $10,000,000 of our common stock to Tysadco Partners in addition to the 428,571 Commitment Shares issued to Tysadco Partners, only 11,187,363 shares (assuming an average purchase price per share of approximately $0.89) of our common stock are being offered under this prospectus that have been or may be sold by us to Tysadco Partners at our discretion from time to time over a 24-month period commencing after the satisfaction of certain conditions set forth in the Tysadco Purchase Agreement, including that the SEC has declared effective the registration statement that includes this prospectus. The number of shares ultimately offered for resale by Tysadco Partners is dependent upon the number of shares we actually sell to Tysadco Partners under the Tysadco Purchase Agreement.
12


PLAN OF DISTRIBUTION
An aggregate of up to 11,187,363 shares (assuming an average purchase price per share of approximately $0.89) of our common stock may be offered by this prospectus by Tysadco Partners pursuant to the Tysadco Purchase Agreement. The common stock may be sold or distributed from time to time by Tysadco Partners directly to one or more purchasers or through brokers, dealers, or underwriters who may act solely as agents at market prices prevailing at the time of sale, at prices related to the prevailing market prices, at negotiated prices, or at fixed prices, which may be changed. The sale of the common stock offered by this prospectus could be affected in one or more of the following methods:
ordinary brokers’ transactions;
transactions involving cross or block trades
through brokers, dealers, or underwriters who may act solely as agents;
at the market” into an existing market for the common stock;
in other ways not involving market makers or established business markets, including direct sales to purchasers or sales effected through agents;
in privately negotiated transactions; or
any combination of the foregoing.
In order to comply with the securities laws of certain states, if applicable, the shares may be sold only through registered or licensed brokers or dealers. In addition, in certain states, the shares may not be sold unless they have been registered or qualified for sale in the state or an exemption from the state’s registration or qualification requirement is available and complied with.
Tysadco Partners is an “underwriter” within the meaning of Section 2(a)(11) of the Securities Act.
Tysadco Partners has informed us that it intends to use an unaffiliated broker-dealer to effectuate all sales, if any, of the common stock that it may purchase from us pursuant to the Tysadco Purchase Agreement. Such sales will be made at prices and at terms then prevailing or at prices related to the then current market price. Each such unaffiliated broker-dealer will be an underwriter within the meaning of Section 2(a)(11) of the Securities Act. Tysadco Partners has informed us that each such broker-dealer will receive commissions from Tysadco Partners that will not exceed customary brokerage commissions.
Brokers, dealers, underwriters or agents participating in the distribution of the shares as agents may receive compensation in the form of commissions, discounts, or concessions from Tysadco Partners and/or purchasers of the common stock for whom the broker-dealers may act as agent. The compensation paid to a particular broker-dealer may be less than or in excess of customary commissions. Neither we nor Tysadco Partners can presently estimate the amount of compensation that any agent will receive. We know of no existing arrangements between Tysadco Partners or any other stockholder, broker, dealer, underwriter or agent relating to the sale or distribution of the shares offered by this prospectus. At the time a particular offer of shares is made, a prospectus supplement, if required, will be distributed that will set forth the names of any agents, underwriters or dealers and any compensation from Tysadco Partners and any other required information.
We will pay the expenses incident to the registration, offering, and sale of the shares to Tysadco Partners. We have agreed to indemnify Tysadco Partners and certain other persons against certain liabilities in connection with the offering of shares of common stock offered hereby, including liabilities arising under the Securities Act or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such liabilities. Tysadco Partners has agreed to indemnify us against liabilities under the Securities Act that may arise from certain written information furnished to us by Tysadco Partners specifically for use in this prospectus or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such liabilities.
13


Tysadco Partners has represented to us that at no time prior to the Tysadco Purchase Agreement has it or its agents, representatives or affiliates engaged in or effected, in any manner whatsoever, directly or indirectly, any short sale (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of our common stock or any hedging transaction, which establishes a net short position with respect to our common stock. Tysadco Partners has agreed that during the term of the Tysadco Purchase Agreement, it, its agents, representatives or affiliates will not enter into or effect, directly or indirectly, any of the foregoing transactions.
We have advised Tysadco Partners that it is required to comply with Regulation M promulgated under the Exchange Act. With certain exceptions, Regulation M precludes Tysadco Partners, any affiliated purchasers, and any broker-dealer or other person who participates in the distribution from bidding for or purchasing or attempting to induce any person to bid for or purchase any security which is the subject of the distribution until the entire distribution is complete. Regulation M also prohibits any bids or purchases made in order to stabilize the price of a security in connection with the distribution of that security. All of the foregoing may affect the marketability of the securities offered by this prospectus.
14


DIVIDEND POLICY
We have never declared nor paid any cash dividends on our common stock, and currently intend to retain all of our cash and any earnings for use in our business and, therefore, do not anticipate paying any cash dividends in the foreseeable future. Any future determination to pay cash dividends on our common stock will be at the discretion of the Board of Directors and will be dependent upon our consolidated financial condition, results of operations, capital requirements and such other factors as the Board of Directors deems relevant.
15


USE OF PROCEEDS
Except as may be described otherwise in any supplemental disclosure or free writing prospectus, we will use the net proceeds of approximately $9,450,000 from the sale by us of shares to Tysadco for (i) engineering, development, manufacture, assembly, and commercialization of decarbonization technological solutions; (ii) to finance capital expenditures, including without limitation, the acquisition and/or expansion of facilities, engineering costs, research and development, and acquisition of equipment and (iii) for general corporate purposes, including, without limitation, for working capital purposes.
16


MARKET PRICE FOR OUR COMMON STOCK AND RELATED STOCKHOLDER MATTERS
a) Market Information.
Our shares of common stock are traded on the NYSE AMERICAN LLC under the symbol “LODE.” On July 6, 2022, the closing sales price for one share of common stock was $0.63.
The following table sets forth for the indicated periods the high and low intra-day sales price per share for our common stock for the four quarters of 2020, the four quarters of 2021 and as of May 26, 2022.
HighLow
2020: First Quarter
$0.85 $0.33 
2020: Second Quarter
$1.10 $0.35 
2020: Third Quarter
$2.12 $0.57 
2020: Fourth Quarter
$1.30 $0.93 
2021: First Quarter
$9.89 $1.03 
2021: Second Quarter
$4.99 $2.92 
2021: Third Quarter
$3.71 $2.52 
2021: Fourth Quarter
$2.66 $1.24 
2022: First Quarter
$2.12 $1.25 
2022: Second Quarter
$1.89 $0.61 
Penny Stock
The SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a market price of less than $5.00, other than securities registered on certain national securities exchanges or quoted on the NASDAQ system, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or system. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock, to deliver a standardized risk disclosure document prepared by the SEC, that: (a) contains a description of the nature and level of risk in the market for penny stocks in both public offerings and secondary trading; (b) contains a description of the broker’s or dealer’s duties to the customer and of the rights and remedies available to the customer with respect to a violation of such duties or other requirements of the securities laws; (c) contains a brief, clear, narrative description of a dealer market, including bid and ask prices for penny stocks and the significance of the spread between the bid and ask price; (d) contains a toll-free telephone number for inquiries on disciplinary actions; (e) defines significant terms in the disclosure document or in the conduct of trading in penny stocks; and (f) contains such other information and is in such form, including language, type size and format, as the SEC shall require by rule or regulation.
The broker-dealer also must provide, prior to effecting any transaction in a penny stock, the customer with (a) bid and offer quotations for the penny stock; (b) the compensation of the broker-dealer and its salesperson in the transaction; (c) the number of shares to which such bid and ask prices apply, or other comparable information relating to the depth and liquidity of the market for such stock; and (d) a monthly account statement showing the market value of each penny stock held in the customer’s account.
In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from those rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written acknowledgment of the receipt of a risk disclosure statement, a written agreement as to transactions involving penny stocks, and a signed and dated copy of a written suitability statement.
17


These disclosure requirements may have the effect of reducing the trading activity for our common stock. Therefore, shareholders may have difficulty selling our securities.
(b) Holders.
As of July 8, 2022, there were 506 record holders of 77,492,049 shares of the Company’s common stock. The number of record holders was determined from the records of our transfer agent and does not include beneficial owners of common stock whose shares are held in the names of various security brokers, dealers, and registered clearing agencies. The transfer agent of our common stock is Equiniti.
(c) Dividends.
We have never declared nor paid any cash dividends on our common stock, and currently intend to retain all of our cash and any earnings for use in our business and, therefore, do not anticipate paying any cash dividends in the foreseeable future. Any future determination to pay cash dividends on our common stock will be at the discretion of the Board of Directors and will be dependent upon our consolidated financial condition, results of operations, capital requirements and such other factors as the Board of Directors deems relevant.
18


CAPITALIZATION
The following table sets forth our actual cash and cash equivalents and our capitalization as of March 31, 2022, and as adjusted to give effect to the sale of the shares offered hereby and the use of proceeds, as described in the section titled “Use of Proceeds” above.
The pro forma information set forth in the table below is illustrative only and will be adjusted based on the assumed public offering price and other terms of this offering determined at pricing.
You should read this information in conjunction with “Managements’ Discussion and Analysis of Financial Condition and Results of Operations” and our unaudited financial statements and related notes appearing in our Quarterly Report on Form 10-Q for the period ended March 31, 2022.
As of March 31, 2022
Actual (Unaudited)Pro forma**
CASH AND CASH EQUIVALENTS:
$2,249,007 $13,699,007 
STOCKHOLDERS’ EQUITY:
Preferred stock, par value $0.000666 per share; 50,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2022
— — 
Common stock, par value $0.000666 per share, 158,000,000 shares authorized*, 67,707,832 shares issued and outstanding as of March 31, 2022
44,853 54,677 
Additional paid-in capital333,867,761 345,307,938 
Treasury stock 2,998,515 shares, at cost, at March 31, 2022
(3,868,084)(3,868,084)
Accumulated deficit(251,921,243)(251,921,243)
Non-controlling interest3,731,532 3,731,532 
Total stockholders’ equity$81,854,819 $93,304,820 
_________________
*An increase in the authorized common shares to 245,000,000 was approved on May 26, 2022.
**    Adjusted to give effect to the issuance of 3,505,494 restricted shares to Tysadco Partners and assuming the issuance of 11,187,363 shares (assuming an average purchase price per share of approximately $0.89) of common stock to Tysadco Partners pursuant to the Tysadco Purchase Agreement, in addition to 57,143 restricted shares issued to the Placement Agent in connection with such sale.
19


DILUTION
Investors in shares of our common stock offered in this offering will experience an immediate dilution in the net tangible book value of their common stock from the public offering price of the common stock. The net tangible book value of our common stock as of March 31, 2022, was approximately $46.4 million, or approximately $0.69 per share of common stock. Net tangible book value per share of our common stock is calculated by subtracting our total liabilities from our total tangible assets (which is equal to total assets less intangible assets) and dividing this amount by the number of shares of common stock outstanding as of such date.
Dilution per share represents the difference between the public offering price per share of our common stock and the adjusted net tangible book value per share of our common stock included in this offering after giving effect to this offering. Any sale of our common stock in this offering at a price per share greater than the net tangible book value per share will result in (after giving effect to such sale and deducting discounts, commissions estimated offering expenses payable by us) an increase in our as adjusted net tangible book value per share of common stock with respect to our existing stockholders and an immediate and substantial dilution in net tangible book value per share of common stock to new investors purchasing shares in this offering.
20


DESCRIPTION OF COMMON STOCK
The information appearing under “Item 1. Description of Registrant’s Securities to be Registered” in the Form 8-A, is hereby incorporated by reference. The Company currently has 77,492,049 shares of Common Stock issued and outstanding.
VALIDITY OF THE SECURITIES
The validity of the securities offered and to be offered hereby and certain other legal matters will be passed upon for us by McDonald Carano LLP, Reno, Nevada.
EXPERTS
The consolidated financial statements included in this Registration Statement for the two years ended December 31, 2021, and December 31, 2020, respectively, have been audited by Assure CPA, LLC, an independent registered public accounting firm, as stated in their report. Such consolidated financial statements have been so incorporated in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.
WHERE YOU CAN FIND MORE INFORMATION
We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, and file reports, proxy statements and other information with the SEC. These reports, proxy statements and other information may be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549 and at the SEC’s regional offices located at the Northwestern Atrium Center, 500 West Madison Street, Suite 1400, Chicago, Illinois 60661 and 233 Broadway, New York, New York 10279. You can obtain copies of these materials from the Public Reference Section of the SEC upon payment of fees prescribed by the SEC. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC’s website contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of that site is http://www.sec.gov.
We have filed a registration statement on Form S-1 with the SEC under the Securities Act of 1933, as amended, with respect to the securities offered in this prospectus. This prospectus, which is filed as part of a registration statement, does not contain all of the information set forth in the registration statement, some portions of which have been omitted in accordance with the SEC’s rules and regulations. Statements made in this prospectus as to the contents of any contract, agreement or other document referred to in this prospectus are not necessarily complete and are qualified in their entirety by reference to each such contract, agreement or other document that is filed as an exhibit to the registration statement. The registration statement may be inspected without charge at the public reference facilities maintained by the SEC, and copies of such materials can be obtained from the Public Reference Section of the SEC at prescribed rates.
We make available, free of charge, on or through our web site, copies of our proxy statements, our annual reports on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file them with or furnish them to the Commission. We maintain a web site at http://www.comstock.inc. The information contained on our web site is not part of this prospectus or the registration statement.
21


INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
We have filed the following documents with the Commission pursuant to the Exchange Act and hereby incorporate them by reference in this prospectus and registration statement:
We incorporate by reference the documents listed below and any future documents that we file with the Commission under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus and registration statement:
(a)Our annual report on Form 10-K for the fiscal year ended December 31, 2021, filed with the Commission on March 28, 2022 (the “2021 Form 10-K”);
(b)Our quarterly report on Form 10-Q for the quarter year ended March 31, 2022, filed with the Commission on May 2, 2022 (the “Form 10-Q”);
(c)Our current reports on Form 8-K filed with the Commission on January 5, 2022, January 24, 2022, March 3, 2022, April 18, 2022, May 23, 2022, June 2, 2022, June 27, 2022 and;
(d)The description of our Common Stock contained in our Form 8-A (File No. 001-35200), filed with the Commission under Section 12 of the Exchange Act on June 8, 2011 (the “Form 8-A”).
All documents subsequently filed by us with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in the registration statement and to be a part hereof from the date of filing of such documents.
Notwithstanding the foregoing, documents or portions thereof containing information furnished under Items 2.02 and 7.01 of any Current Report on Form 8-K, including the related exhibits under Item 9.01, are not incorporated by reference in this prospectus.
We make available copies of the documents incorporated by reference in this prospectus to each person, including any beneficial owner, to whom a prospectus is delivered, without charge, upon written or oral request. Such requests should be directed to:
Comstock Inc.
P.O. Box 1118
Virginia City, Nevada 89440
Attention: Investor Relations
Telephone: (775) 847-5272
22


INDEX TO FINANCIAL STATEMENTS
Page
F-1


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders
Comstock Mining Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Comstock Mining Inc. (“the Company”) as of December 31, 2021 and 2020, and the related consolidated statements of operations, of changes in stockholders’ equity and of cash flows for the years then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
Business Combinations and Asset Acquisition– Refer to Notes 2 and 15 to the consolidated financial statements
Critical Audit Matter Description
The Company had various business combinations and an asset acquisition transaction in 2021. The purchase price associated with these transactions was allocated to the assets acquired and liabilities assumed, in each case based on estimates of their respective fair values at the acquisition dates. Assets acquired included developed technology intangible assets totaling approximately $18.3 million. In addition, consideration paid in certain of the acquisitions included shares of the Company’s common stock that contained provisions restricting the holder’s ability to transfer or sell the shares for a period of time. Such shares had an estimated fair value on the acquisition dates totaling approximately $31.0 million.
Fair values of the developed technologies and restricted shares were estimated by the Company with the assistance of its third-party specialists. Management exercised significant judgment to select the valuation methods; to select appropriate inputs and metrics; and to develop assumptions used in the measurement of the fair value. Certain assumptions were forward-looking and could be affected by future economic and market conditions.
F-2


We identified the assessment of the acquisition-date fair value of developed technologies and restricted stock as a critical audit matter. The principal considerations for our determination included the use of the following: (i) significant assumptions, (ii) significant unobservable inputs, and (iii) the use of valuation models. Auditing these elements involved especially subjective auditor judgment due to the nature and extent of audit effort required to address these matters, including the extent of specialized skill or knowledge needed. The revenue growth rates and the discount rate used to determine the fair value of the developed technologies were challenging to evaluate as there was limited observable market information and minor changes to those assumptions could have a significant effect on the acquisition-date fair value of the intangible asset.
How the Critical Audit Matter was Addressed in the Audit
We performed to following to address the critical audit matter:
a.Obtained an understanding of management’s process related to the determination of the fair value of acquired intangible assets and restricted stock issued, including the related revenue growth rates and the discount rates.
b.With the assistance of third-party valuation specialists, we:
i.tested the completeness, accuracy and relevance of underlying data used in the analysis;
ii.assessed the reasonableness of significant underlying assumptions which included: (i) comparing to historical information and available market data and (ii) comparing prospective financial information to current industry trends;
iii.assessed the appropriateness of various valuation models utilized by management to determine the fair values of the assets acquired; and
iv.performed sensitivity analyses around significant assumptions that affect projected cash flows.
/s/Assure CPA, LLC
Spokane, Washington
March 28, 2022
We have served as the Company’s auditor since 2020.
F-3


COMSTOCK MINING INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2021 AND 2020
12/31/2112/31/20
ASSETS
Current Assets:
Cash and cash equivalents$5,912,188 $2,431,944 
Assets held for sale  6,328,338 
Investments in equity securities 925,819 3,979,723 
Notes receivable and advances, net - current portion 4,964,545 7,148,500 
Derivative assets342,000 265,127 
Deposits, current portion347,454 145,600 
Prepaid expenses and other current assets 1,336,983 535,478 
Total current assets13,828,989 20,834,710 
Investments 25,850,879 3,272,597 
Mineral rights and properties 6,669,111 6,597,644 
Properties, plant and equipment, net 14,563,672 8,624,700 
Reclamation bond deposit 2,695,944 2,695,704 
Retirement obligation asset  57,963 
Notes receivable and advances, net 8,853,841 860,940 
Intangible assets, net23,175,301  
Goodwill 12,788,671  
Finance lease - right of use asset, net15,033,000  
Deposits3,219,607  
Other assets275,617 179,304 
Total noncurrent assets113,125,643 22,288,852 
TOTAL ASSETS$126,954,632 $43,123,562 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable$633,223 $313,772 
Accrued expenses and other liabilities 939,443 534,947 
Deposits 420,183 419,266 
Derivative liabilities 8,873,162  
Finance lease - right of use lease liability13,043,499  
Debt 3,557,705 
Total current liabilities23,909,510 4,825,690 
Long-term Liabilities:
Reclamation liability5,445,672 6,054,919 
Debt, net4,486,256  
Other liabilities142,672 463,747 
Total long-term liabilities10,074,600 6,518,666 
Total liabilities33,984,110 11,344,356 
COMMITMENTS AND CONTINGENCIES
Stockholders' Equity
Preferred Stock $.000666 par value, 50,000,000 shares authorized, no shares outstanding
  
Common stock, $.000666 par value, 158,000,000 shares authorized, 71,207,832 and 34,980,766 shares issued and outstanding at December 31, 2021 and 2020, respectively
47,065 22,937 
Treasury stock(3,870,000) 
Additional paid-in capital338,936,145 252,715,337 
Accumulated deficit(245,542,688)(220,959,068)
Total equity89,570,522 31,779,206 
Non-controlling interest3,400,000  
Total stockholders' equity - Comstock Mining Inc.92,970,522 31,779,206 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $126,954,632 $43,123,562 
The accompanying notes to the Consolidated Financial Statements are an integral part of these statements.
F-4


COMSTOCK MINING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
12/31/2112/31/20
Revenue $862,165 $201,700 
Cost of goods sold272,082 51,890 
Gross profit590,083 149,810 
Operating expenses:
Selling, general and administrative expenses5,546,767 4,401,633 
Research and development414,751  
Depreciation and amortization1,034,486 1,222,438 
Total operating expenses6,996,004 5,624,071 
Loss from operations(6,405,921)(5,474,261)
Other Income (Expense)
Gain (loss) on investments(2,244,951)3,152,702 
Gain on sale of membership interests in Comstock Mining, LLC 18,275,846 
Change in estimated fair value of contingent forward asset 765,880 
Interest expense(168,881)(421,887)
Interest income1,017,947 473,681 
Change in fair value of derivative instruments(13,155,946)427,838 
Impairment of goodwill and intangible assets(6,394,610) 
Other income (expense)(2,979,363)(2,267,829)
Total other income  (expense), net(23,925,804)20,406,231 
Net income (loss) before deferred income tax benefit(30,331,725)14,931,970 
Deferred income tax benefit5,748,105  
Net income (loss)$(24,583,620)$14,931,970 
Weighted average common shares outstanding, basic50,417,979 30,526,895 
Weighted average common shares outstanding, diluted50,417,979 30,561,168 
Earnings per Share - Basic:
Net income (loss) per share - basic$(0.49)$0.49 
Earnings per Share - Diluted:
Net income (loss) per share - diluted$(0.49)$0.49 
The accompanying notes to the Consolidated Financial Statements are an integral part of these statements.
F-5


COMSTOCK MINING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
Preferred StockCommon StockAdditionalAccumulatedTreasury StockNon-Controlling
SharesAmountSharesAmountPaid in CapitalDeficitAmountInterestTotal
BALANCE - December 31, 2019 $ 27,236,489 $18,139 $259,095,152 $(235,890,272) $269,541 $23,492,560 
Issuance of common stock for cash5,747,608 3,828 4,193,794 4,197,622 
Non-cash issuance of common stock173,611 116 124,884 125,000 
Common stock issuance costs(255,070)(255,070)
Initial value of contingent forward1,232,952 1,232,952 
Sale of membership interests in Comstock Mining LLC7,237,184 44,313 7,281,497 
Deposit for investment in Mercury Clean Up, LLC625,000 416 314,271 314,687 
Director compensation315,000 210 176,190 176,400 
Investment in Pelen LLC585,000 585,000 
Employee and director share-based compensation27,849 27,849 
Payment to Northern Comstock LLC for mineral rights343,058 228 482,272 482,500 
Deconsolidation of Comstock Mining LLC(20,499,141)(766)(313,854)(20,813,761)
Director restricted stock grants540,000 — 
Net income14,931,970 14,931,970 
BALANCE - December 31, 2020 $ 34,980,766 $22,937 $252,715,337 $(220,959,068)$ $ $31,779,206 
Issuance of common stock for cash9,220,123 6,140 27,393,859 27,399,999 
Non-cash issuance of common stock143,787 97 499,906 500,003 
Common stock issuance costs— — (1,564,502)(1,564,502)
Employee and director share-based compensation— — 463,986 463,986 
Repurchase of employee stock options— — (247,156)(247,156)
Investment in LINICO Corporation6,500,000 4,329 14,003,833