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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________ 
FORM 10-Q
_______________________________________________________________________ 
QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED September 30, 2023

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    
logo-from-email-wings.jpg
COMSTOCK INC.
(Exact name of registrant as specified in its charter)
Nevada65-0955118
(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
 Identification No.)
117 American Flat Road, Virginia City, NV
89440
(Address of principal executive offices)(Zip Code)
(775) 847-5272
(Registrant’s telephone number)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.000666 per shareLODENYSE American
         Securities registered pursuant to Section 12(g) of the Acts: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 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.YesxNo
¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the prior 12 months (or for such shorter period that the registrant was required to submit and post such files).YesxNo
¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting 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, 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.Yes
Nox
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes
Nox
The number of shares outstanding of Common Stock, $0.000666 par value per share, on October 25, 2023 was 117,130,225.































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2




COMSTOCK INC.
FORM 10Q
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

TABLE OF CONTENTS


3



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 financial, natural, and social gains; 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 and asset 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, 2022, 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, and cadmium, silver, lithium, nickel, cobalt, and other metal recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other 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 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; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset and equity investment 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.

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PART 1 - FINANCIAL INFORMATION
Item 1. Financial Statements

COMSTOCK INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

September 30, 2023December 31, 2022
ASSETS  
Current Assets:  
Cash and cash equivalents $3,440,085 $2,521,772 
Notes receivable and advances, net - current portion6,476,267 5,012,275 
Investments18,912,985  
Assets held for sale 21,684,865 
Deposits - current portion 370,098 809,583 
Prepaid expenses and other current assets1,538,917 739,118 
Total current assets30,738,352 30,767,613 
Non-current Assets:
Investments12,928,816 18,784,327 
Mineral rights and properties13,302,013 12,571,418 
Properties, plant and equipment, net14,158,183 13,474,094 
Reclamation bond deposit2,816,194 2,727,815 
Notes receivable and advances, net988,271 959,318 
Intangible assets, net16,162,329 17,663,681 
Finance lease - right of use asset, net2,934,999 2,911,458 
Other assets618,960 194,035 
Total noncurrent assets63,909,765 69,286,146 
TOTAL ASSETS$94,648,117 $100,053,759 
The accompanying notes to the Condensed Consolidated Financial Statements are an integral part of these statements.




























5


COMSTOCK INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(UNAUDITED)


September 30, 2023December 31, 2022
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable$557,106 $714,077 
Accrued expenses and other liabilities2,329,114 1,719,597 
Deposits422,603 422,603 
Derivative liabilities7,507,177 14,545,800 
Liabilities, held for sale 12,021,566 
Finance lease - right of use lease liability847,129 409,143 
Debt, net - current portion 1,795,890 
Total current liabilities11,663,129 31,628,676 
Long-Term Liabilities:
Reclamation liability5,508,624 5,226,505 
Finance lease - right of use lease liability, non-current portion 406,968 
Debt, net - non-current portion5,814,978 6,121,443 
Other liabilities1,792,022 306,708 
Total long-term liabilities13,115,624 12,061,624 
TOTAL LIABILITIES24,778,753 43,690,300 
COMMITMENTS AND CONTINGENCIES (Note 10)
Stockholders' Equity:
Preferred Stock $.000666 par value, 50,000,000 shares authorized, no shares outstanding
  
Common stock, $.000666 par value, 245,000,000 shares authorized, 117,130,225 and 91,442,018 shares issued and outstanding at September 30, 2023 and
December 31, 2022, respectively
77,888 60,660 
Treasury stock 2,605,323 and 2,605,323 shares, at cost, at September 30, 2023 and December 31, 2022, respectively
(3,360,867)(3,360,867)
Additional paid-in capital359,533,078 348,390,556 
Accumulated deficit(290,263,882)(291,491,432)
Total equity - Comstock Inc.65,986,217 53,598,917 
Non-controlling interest3,883,147 2,764,542 
Total stockholders' equity69,869,364 56,363,459 
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY$94,648,117 $100,053,759 

The accompanying notes to the Condensed Consolidated Financial Statements are an integral part of these statements.
6


COMSTOCK INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three-Months EndedNine-Months Ended
September 30,September 30,
 2023202220232022
  
Revenue$760,721 $39,850 $826,796 $147,400 
Operating expenses:  
Selling, general and administrative expenses3,140,080 1,894,500 10,025,904 6,805,839 
Research and development1,394,860 1,330,340 4,426,543 5,104,908 
Depreciation & amortization676,779 794,565 2,012,701 2,447,988 
Gain on sale of Daney Ranch (1,055,623) (1,055,623)
Gain on sale of Facility (Note 8)(7,126,377) (7,304,570) 
Total operating expenses(1,914,658)2,963,782 9,160,578 13,303,112 
Income (loss) from operations2,675,379 (2,923,932)(8,333,782)(13,155,712)
Other Income (Expense):  
Gain (loss) on investments14,074,875 (43,514)13,309,875 9,309 
Interest expense(320,815)(326,937)(1,312,154)(963,687)
Interest income73,067 10,050 179,942 368,401 
Change in fair value of derivative instruments(2,369,176)(1,600,000)(105,964)(6,725,000)
Gain on conversion of debt289,512  51,856  
Impairment of intangible assets   (338,033)
Impairment of investments and note receivable, net recovery 4,441  (3,239,210)
Other income (expense)(681,678)(435,152)(1,234,940)(1,908,732)
Total other income (expense), net11,065,785 (2,391,112)10,888,615 (12,796,952)
Net income (loss)13,741,164 (5,315,044)2,554,833 (25,952,664)
Net income (loss) attributable to non-controlling interest1,376,189 (188,792)1,327,283 (681,011)
Net income (loss) attributable to Comstock Inc.$12,364,975 $(5,126,252)$1,227,550 $(25,271,653)
Earnings per Share - Basic:
Net income (loss) per share - basic$0.11 $(0.07)$0.01 $(0.36)
Earnings per Share - Diluted:
Net income (loss) per share - diluted$0.11 $(0.07)$0.01 $(0.36)
Weighted average common shares outstanding, basic109,093,289 76,481,625 101,853,484 70,866,854 
Weighted average common shares outstanding, diluted110,356,870 76,481,625 101,996,145 70,866,854 

The accompanying notes to the Condensed Consolidated Financial Statements are an integral part of these statements.
7


COMSTOCK INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(UNAUDITED)

 Common StockAdditional Paid in CapitalAccumulated DeficitTreasury StockNon-Controlling InterestTotal
 SharesAmount
BALANCE - January 1, 202271,207,832 $47,065 $338,936,145 $(245,542,688)$(3,870,000)$3,400,000 $92,970,522 
Common stock received and cancelled in the rescission of the LPB transaction(3,500,000)(2,331)(5,107,669)— — — (5,110,000)
Common stock issuance costs— — (70,000)— — — (70,000)
Capital contribution to LINICO by Aqua Metals— — 176,695 — — 323,305 500,000 
Employee and director share-based compensation— 119 108,480 — — — 108,599 
Sales of treasury shares (1,485 common shares)
— — 805 — 1,916 — 2,721 
Net loss— — — (6,378,555)— (168,468)(6,547,023)
BALANCE - March 31, 202267,707,832 44,853 334,044,456 (251,921,243)(3,868,084)3,554,837 81,854,819 
Issuance of common stock for Haywood lease 1,500,000 999 2,294,001 — — — 2,295,000 
Tysadco private placement funding3,076,923 2,049 1,997,951 2,000,000 
Issuance of common stock 4,377,697 2,916 3,457,084 — — — 3,460,000 
Issuance of common stock for stock issuance costs829,597 553 839,447 — — — 840,000 
Common stock issuance costs— — (1,053,000)— — — (1,053,000)
Common stock received and cancelled in connection with employee termination(720,000)(480)480 — — —  
Employee and director share-based compensation— — 113,580 — — — 113,580 
Repurchase of employee stock options— — (12,195)— — — (12,195)
Exercise of employee stock options50,000 33 27,967 — — — 28,000 
Net loss— — — (13,766,846)— (323,751)(14,090,597)
BALANCE - June 30, 202276,822,049 50,923 341,709,771 (265,688,089)(3,868,084)3,231,086 75,435,607 
Issuance of common stock4,763,945 3,174 2,398,826 — — — 2,402,000 
Warrants issued with note amendment— — 18,975 — — — 18,975 
Payment to Northern Comstock LLC for mineral rights802,295 534 481,966 — — — 482,500 
Employee and director share-based compensation— — 89,738 — — — 89,738 
Sales of treasury shares (393,192 common shares)
— — (269,861)— 507,217 — 237,356 
  Net loss— — (5,126,252)— (188,792)(5,315,044)
BALANCE - September 30, 202282,388,289 $54,631 $344,429,415 $(270,814,341)$(3,360,867)$3,042,294 $73,351,132 
 
The accompanying notes to the Condensed Consolidated Financial Statements are an integral part of these statements.










8





COMSTOCK INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - (Continued)
(UNAUDITED)


Common StockAdditional Paid in CapitalAccumulated DeficitTreasury StockNon-Controlling InterestTotal
SharesAmount
BALANCE - January 1, 202391,442,018 $60,660 $348,390,556 $(291,491,432)$(3,360,867)$2,764,542 $56,363,459 
Issuance of common stock6,090,276 4,056 2,145,944 — — — 2,150,000 
Common stock issuance costs— — (607,620)— — — (607,620)
Issuance of common stock for stock issuance costs963,445 642 349,358 — — — 350,000 
Issuance of common stock for conversion of debt and accrued interest4,539,413 3,023 1,659,700 — — — 1,662,723 
Employee and director share-based compensation— 120 126,168 — — — 126,288 
LINICO dividends earned by AQMS not distributed— — — — — (44,703)(44,703)
Net loss— — — (5,668,937)— (12,805)(5,681,742)
BALANCE - March 31, 2023103,035,152 68,501 352,064,106 (297,160,369)(3,360,867)2,707,034 54,318,405 
Issuance of common stock619,352 412 499,588 — — — 500,000 
Issuance of common stock for conversion of debt and accrued interest, net shares returned1,951,248 1,300 1,667,632 — — — 1,668,932 
Issuance of common stock in lieu of payment of interest270,757 180 107,327 — — — 107,507 
Employee and director share-based compensation— — 46,328 — — — 46,328 
LINICO dividends earned by AQMS not distributed— — — — — (46,092)(46,092)
Net loss— — — (5,468,488)— (36,101)(5,504,589)
BALANCE - June 30, 2023105,876,509 70,393 354,384,981 (302,628,857)(3,360,867)2,624,841 51,090,491 
Issuance of common stock7,397,575 4,927 3,695,073 — — — 3,700,000 
Payment to Northern Comstock LLC for mineral rights963,074 641 481,859 — — — 482,500 
Issuance of common stock for conversion of debt and accrued interest2,818,714 1,877 1,166,066 — — — 1,167,943 
Issuance of common stock in lieu of payment of interest74,353 50 45,320 — — — 45,370 
Employee and director share-based compensation (recapture)— — (240,221)— — — (240,221)
LINICO dividends earned by AQMS not distributed— — — — — (47,528)(47,528)
LINICO distribution to AQMS — — — — — (70,355)(70,355)
Net income— — — 12,364,975 — 1,376,189 13,741,164 
BALANCE - September 30, 2023117,130,225 $77,888 $359,533,078 $(290,263,882)$(3,360,867)$3,883,147 $69,869,364 

The accompanying notes to the Condensed Consolidated Financial Statements are an integral part of these statements.
9


COMSTOCK INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine-Months Ended 
 
September 30,
 20232022
CASH FLOW FROM OPERATING ACTIVITIES:  
Net income (loss)$2,554,833 $(25,952,664)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation478,388 409,784 
Amortization of finance leases32,960 1,009,687 
Amortization of discount associated with finance leases229,425  
Amortization of debt discount and other debt-related items659,743 130,652 
Amortization of intangibles1,501,352 1,641,308 
Accretion of reclamation liability282,119 291,213 
Gain on sale of Facility (Note 8)(7,304,570) 
Gain on investments(13,309,875) 
Gain on conversion of debt(51,856) 
Gain on sale of Daney Ranch (1,055,623)
Loss on change in fair value of equity securities 518,837 
Loss on write off of investments in MCU and MCU-P, net of recovery 2,455,333 
Loss on Pelen option150,000 150,000 
Employee and director share based compensation (recapture)(67,605)311,917 
Change in fair value of derivative instruments105,964 6,725,000 
Change in fair value of investment  76,854 
Interest expense paid in lieu of common stock152,877  
Share of net loss of equity-method investments1,337,801 858,712 
Impairment of MCU-P note receivable 733,731 
Impairment of Flux Photon intangibles 338,035 
Other(34,357)18,780 
Changes in operating assets and liabilities:
Prepaid expenses(165,780)(379,127)
Deposits289,485 109,664 
Other assets428,264 330,490 
Accounts payable(320,236)(227,788)
Accrued expenses, other liabilities and deposits581,456 (241,137)
Other liabilities1,285,628  
Net cash used in operating activities(11,183,984)(11,746,342)
CASH FLOW FROM INVESTING ACTIVITIES:  
Purchase of mineral rights and property, plant and equipment(1,515,553)(816,302)
Proceeds received from the sale of the Facility (Note 8)21,000,000  
Proceeds from sale of ABTC common shares5,365,981  
Proceeds from sale of Green Li-ion preferred shares779,600  
Purchase of Facility (Note 8)(12,000,000) 
Payments on contractual commitments associated with derivatives(5,625,000) 
Investment in Quantum Generative Materials, LLC (2,200,000)
10


Nine-Months Ended 
 
September 30,
 20232022
Advances to Sierra Springs Opportunity Fund, Inc.(1,470,000)(1,300,000)
Recovery of funds from MCU and MCU-P 895,204 
Acquisition of Intellectual Property (500,000)
Proceeds from repayment by Sierra Springs Opportunity Fund, Inc. 1,300,000 
Proceeds from Tonogold option agreement 750,000 
Proceeds from sale of Daney Ranch 1,500,000 
Payments on Haywood land lease and acquisition (50,000)
Additions to construction in progress (306,430)
Proceeds from sale of Tonogold shares 933,129 
Payment for option to purchase additional membership interests in Pelen LLC (100,000)
Other(77,642)(4,413)
Net cash provided by investing activities6,457,386 101,188 
CASH FLOWS FROM FINANCING ACTIVITIES:  
Payments on debt principal and financing leases(377,114)(1,445,404)
Distribution paid to AQMS(70,355) 
Proceeds from the issuance of common stock6,350,000 7,862,020 
Proceeds from sale of treasury stock 240,077 
Capital contributed to LINICO from AQMS 500,000 
Common stock issuance costs(257,620)(283,020)
Other  15,805 
Net cash provided by financing activities5,644,911 6,889,478 
Net increase (decrease) in cash and cash equivalents918,313 (4,755,676)
Cash and cash equivalents at beginning of period2,521,772 5,912,188 
Cash and cash equivalents at end of period$3,440,085 $1,156,512 
 
NON-CASH INVESTING AND FINANCING ACTIVITIES:  
Haywood land lease and acquisition$ $2,050,000 
Issuance of common shares for Haywood land lease and acquisition$ $245,000 
Issuance of common shares for Northern Comstock LLC mineral rights payments$482,500 $482,500 
Issuance of common shares for debt conversion and accrued interest$4,499,598 $ 
Return of common stock in connection with conversion of debt and accrued interest$(287,049)$ 
Investment shares received on sale of Facility$9,365,000 $ 
Return of investment shares in lieu of escrowed funds$(1,500,000)$ 
Issuance of common shares for due diligence and commitment fees$350,000 $840,000 
Right of use asset and liability due to building operating lease$213,925 $ 
Common stock received in the rescission of the LPB transaction$ $5,110,000 
Tonogold note receivable exchanged for option$ $(6,650,000)
Note receivable issued in sale of Daney Ranch property$ $993,000 
Increase in finance lease asset and liability due to modification of lease terms$ $1,147,669 
The accompanying notes to the Condensed Consolidated Financial Statements are an integral part of these statements.
11


COMSTOCK INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1        SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
REFERENCES TO THE COMPANY

Unless context otherwise indicates, the terms we, us, our, Comstock, or the Company mean Comstock Inc., and its subsidiaries on a consolidated basis.

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION

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 Inc. and its wholly-owned subsidiaries, Comstock Fuels Corporation ("Comstock Fuels"), Comstock Metals Corporation ("Comstock Metals"), Comstock Innovation Corporation (“Comstock Innovations”), Comstock IP Holdings LLC ("Comstock IP Holdings"), Comstock Engineering Corporation ("Comstock Engineering"), Comstock Mining LLC, Comstock Processing LLC, Comstock Northern Exploration LLC, Comstock Exploration and Development LLC, Comstock Real Estate Inc., Comstock Industrial LLC, MANA Corporation ("MANA"), Downtown Silver Springs LLC ("DTSS"), Aqua Metals Transfer LLC, the Company’s 88.23% owned subsidiary LINICO Corporation ("LINICO") and MCU Philippines, since its acquisition in June 2022. Intercompany transactions 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 year ended December 31, 2022.

Operating results for the three and nine-months ended September 30, 2023 may not be indicative of full year 2023 results.

In management's opinion, the accompanying condensed consolidated financial statements contain all adjustments necessary for a fair statement of our financial position as of September 30, 2023, and our results of operations and changes in stockholders' equity for the three and nine-months ended September 30, 2023 and 2022, and our cash flows for the nine-months ended September 30, 2023 and 2022.

DESCRIPTION OF THE BUSINESS

Comstock innovates and commercializes technologies that enable systemic decarbonization and circularity by efficiently converting under-utilized waste and renewable natural resources into fuels, metals and electrification products that contribute to balancing global uses and emissions of carbon and accelerate more efficient and effective mineral and material discoveries.

Our strategic plan is based on innovating and enabling material science solutions and using our technologies 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 profitable, balanced, short cycle ecosystems that continuously offset, recycle, and/or neutralize carbon emissions.

Comstock Fuels – Most renewable fuels draw from the same feedstock pool, primarily vegetable oils, but the total supply can only meet a small fraction of the demand. Our technologies unblock that constraint by converting abundant, lignocellulosic biomass into biointermediates for refining into renewable fuels.

Comstock Metals – The world is also focused on the production of energy generation and storage technologies to reduce reliance on fossil fuels, including photovoltaics, lithium-ion batteries (“LIBs”), and fuel cells. Each of those technologies relies on scarce critical metals, increasing global demand for primary metal mining and recycling. In 2023, we are deploying a demonstration system to commercialize technologies for use in efficiently crushing, conditioning, extracting, and ultimately recycling metal concentrates from photovoltaics and other electronic devices.

Comstock Mining – We own or control twelve square miles of patented and unpatented mining claims and surface parcels, covering six and a half miles of continuous mineral strike length. We plan on further enhancing that data with hyperspectral orbital imaging and generative artificial intelligence (“AI”) solutions that provide prospecting analytics and enable more effective mineral discovery.

Artificial Intelligence – Quantum Generative Materials LLC ("GenMat"), our 48% owned investment, has recently developed and launched a new generative AI to simulate critical properties of known materials during calibration testing. GenMat also
12


plans on using its AI to simulate new material characteristics. GenMat's generative AI models can be employed today for commercial use on GenMat's existing high-performance computing platform, well before quantum computers become mainstream.

The Company’s strategic investment in the Sierra Springs Opportunity Fund ("SSOF") and its subsidiaries further demonstrates our commitment to and support of sustainable economic growth in our northern Nevada communities.

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. The Company has had recurring net losses from operations and had an accumulated deficit of $290.3 million at September 30, 2023. For the nine-months ended September 30, 2023, the Company recognized net income of $2.6 million and cash and cash equivalents increased by $0.9 million from $2.5 million at December 31, 2022 to $3.4 million at September 30, 2023. The Company intends to fund our operations over the next twelve months from existing cash and cash equivalents, planned sales of non-strategic assets and other investments, leasing cash inflows on certain mineral properties, and planned licensing, sales and cash inflows from our lignocellulosic and metal recycling technologies and services. Based on these expected funding sources, management believes the Company 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 the Company has been successful in the past in obtaining the necessary capital to support our operations, including registered equity financings from our existing shelf and other registration statements, non-registered equity placements, borrowings and various other means, there is no assurance the Company will be able to obtain additional equity capital or other financing, if needed. Risks to our liquidity include future operating expenditures above management’s expectations, including but not limited to research and development, pre-development, exploration, selling, general and administrative, and investment related expenditures in excess of repayments of the advances to SSOF, cash proceeds from the sale of our non-strategic assets and other investments, amounts to be raised from the issuance of equity under our existing shelf and other registration statements, and repayments of the advances to SSOF. Risks to our liquidity also include declines in the market value of properties planned for sale or declines in the share price of our common stock that would adversely affect our results of operations, financial condition and cash flows. If we are 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 a case, we could be required to limit or discontinue certain business plans, activities or operations, reduce or delay certain capital expenditures or investments, and/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.

RECLASSIFICATIONS

Certain prior period amounts have been reclassified to conform to the 2023 financial statement presentation. Reclassifications had no effect on net income (loss) as previously reported.

RECENTLY ISSUED ACCOUNTING STANDARDS

In June 2022, the FASB issued ASU 2022-03 (Topic 820) Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The new guidance clarifies a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value, and an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments require certain disclosures for equity securities subject to contractual sale restrictions, including the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, the nature and remaining duration of the restriction, and the circumstances that could cause a lapse in the restriction. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. We will adopt this new guidance on January 1, 2024 and do not expect a material impact to our financial position or results of operations.

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.



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NOTE 2        INVESTMENTS

Summary of Investments

At September 30, 2023 and December 31, 2022, our investments include:

September 30, 2023December 31, 2022
Equity Method Investments:InvestmentOwnership %InvestmentOwnership %
Quantum Generative Materials LLC$11,989,589 48.19%$13,312,433 48.19%
Pelen Limited Liability Company604,227 25.00%619,184 25.00%
Total equity method investments12,593,816 13,931,617 
Measurement Alternative Investments:
Green Li-ion Pte. Ltd. preferred shares18,912,985 4,517,710 
Sierra Springs Opportunity Fund, Inc.335,000 335,000 
Total measurement alternative investments19,247,985 4,852,710 
Total Investments31,841,801 18,784,327 
Less: current investments18,912,985  
Long-term investments$12,928,816 $18,784,327 

For the three and nine-months ended September 30, 2023, the gain (loss) on investments is as follows:

Three-Months EndedNine-Months Ended
September 30, 2023September 30, 2023
Realized gain on sale of 1,500 Green Li-ion shares
$597,248 $597,248 
Unrealized gain on remaining 35,662 Green Li-ion preferred shares
14,577,627 14,577,627 
Realized loss on sale of 9,076,923 ABTC common stock
(1,100,000)(1,865,000)
Total gain on investments$14,074,875 $13,309,875 
Summary financial information for affiliated companies (20% to 50%-owned) accounted for by the equity method for the periods presented, compiled from the equity investee's financial statements and reported on a one quarter lag is as follows:

September 30, 2023
December 31, 2022
Current assets$366,838 $1,023,023 
Non-current assets7,565,211 12,034,506 
Current liabilities 89,584 
Nine-Months Ended
September 30, 2023
September 30, 2022
Revenues47,400 52,675 
Gross Profit47,400 52,675 
Net loss $(3,587,417)$(2,228,217)

Upon acquisition, management determined that the excess of our investment values over the net assets of the individual equity method investees was comprised of goodwill. At September 30, 2023 and December 31, 2022, non-current assets in the summarized financial information in the table above include the equity investees’ investment in, and derivative asset associated with, the Company's common stock of $6.5 million and $10.9 million, respectively.
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Investment in Quantum Generative Materials LLC

On June 24, 2021, we invested in the equity of GenMat, and we received 465,000 membership units and committed $5,000,000 in cash and $10,000,000 in guaranteed stock value for a total of $15,000,000 for the initial seed investment and committed an additional $35,000,000 based upon GenMat’s realization of key development milestones, for up to 50% ownership of GenMat. At closing we issued 3,000,000 restricted shares of our common stock with a fair value of $10,530,000 toward the $10,000,000 required stock purchase price and recorded a $530,000 related derivative asset (see Note 11, Equity). Through September 30, 2023, we paid $11,050,000 consisting of the full $5,000,000 cash commitment and $6,050,000 against the make-whole for the deficiency in the common stock value. During the nine-months ended September 30, 2023 and 2022, we paid $3,600,000 and $2,200,000, respectively, against the make-whole for the deficiency in common stock value.

For the three and nine-months ended September 30, 2023, the Company recorded $533,635 and $1,322,844, respectively, in equity loss from affiliates for our investment in GenMat at 37.5% of voting rights since 165,000 membership units were not vested as of September 30, 2023. For the three and nine-months ended September 30, 2022, the Company recorded $283,367 and $804,912, respectively, in equity loss from affiliates for our investment in GenMat.

The Company’s executive chairman and chief executive officer serves as the chairman of GenMat and the Company’s chief technology officer and another employee of the Company also serve on the board of directors of GenMat. The GenMat board of directors is composed of the three aforementioned employees of the Company, each having one vote and the founder and chief executive officer of GenMat who effectively receives four votes. The three aforementioned employees of the Company's do not and have not received compensation of any kind from GenMat.

Investment in Pelen LLC

In April 2020, the Company invested $602,500 in Pelen LLC in exchange for 25% ownership and retained an option to purchase the remaining 75% ownership interest. At September 30, 2023 and December 31, 2022, the balance of option payments applicable to the purchase price totaled $0 and $150,000, respectively, and are included in deposits on the condensed consolidated balance sheets. We recognized an impairment loss of $150,000 in the statement of operations during the three and nine-months ended September 30, 2023, for the remaining balance of option payments applicable to the purchase price. For the three and nine-months ended September 30, 2022, we recognized an impairment loss of $150,000 for the options payments applicable to the purchase price.

The Company recorded $2,100 in equity income and $14,957 in equity loss from affiliates for its investment in Pelen for the three and nine-months ended September 30, 2023, respectively. The Company recorded $3,475 and $24,453, respectively, in equity income from affiliates for its investment in Pelen for the three and nine-months ended September 30, 2022.

Investment in American Battery Technology Company

In connection with the sale of the Facility (see Note 8, Sale of Manufacturing Facility), the Company received 11 million shares of restricted common stock from the purchaser of the Facility, American Battery Technology Company ("ABTC") with an initial fair value of $9,365,000. On June 30, 2023, the Company and ABTC amended the agreement whereby the Company returned 1,923,077 of the ABTC restricted shares in exchange for the $1.5 million of the purchase price set aside in escrow to settle indemnification claims (see Note 12, Fair Value Measurements).

On August 8, 2023, the remaining 9,076,923 shares owned by the Company became unrestricted. During the third quarter of 2023, the Company sold all 9,076,923 ABTC shares with gross proceeds of $5,456,920, net of commission fees of $90,939. As of September 30, 2023, the Company recorded a receivable of $634,019 for the difference of the net proceeds received of $5,365,981 and ABTC guaranteed that the Company will receive additional cash if and to the extent that the net proceeds from such shares are less than $6.0 million. The Company recorded the receivable of $634,019 in prepaid expenses and other current assets in the condensed consolidated balance sheets.

For the three and nine-months ended September 30, 2023, the Company recognized a loss of $1,100,000 and $1,865,000, respectively, on the investment included in gain (loss) from investments in the condensed consolidated statements of operations.

Investment in Green Li-ion Pte, Ltd.

As part of our acquisition of a majority ownership of LINICO on December 30, 2021, we acquired 37,162 preferred shares or 20.22% of Green Li-ion Pte, Ltd., a Singaporean company ("Green Li-ion"). The investment had a fair value of $4,577,000 at
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acquisition and was accounted for under the equity method through March 31, 2022 and under the measurement alternative method, after March 31, 2022. For the three and nine-months ended September 30, 2022, we recognized $0 and $59,290, respectively, in equity losses from affiliates for the investment in Green Li-ion. The Company monitors additional equity issuances of Green Li-ion to assess whether the equity securities issued are similar instruments requiring adjustments of our investments carrying value to fair value.

On January 5, 2022 and April 11, 2022, Green Li-ion issued additional equity and decreased our ownership to 16.45%, resulting in the loss of our ability to exercise significant influence. Accordingly, we elected the measurement alternative for equity investments that do not have a readily determinable fair value and we are now accounting for the investment under the measurement alternative. On February 28, 2023 and September 5, 2023, Green Li-ion issued additional equity and further decreased our ownership down to 14.01% and 13.34%, respectively.

On September 12, 2023, LINICO received gross proceeds of $795,510, net of commission fees of $15,910, from the sale of 1,500 Green Li-ion preferred shares for $530.34 per share and recorded a realized gain of $597,248 included in gain (loss) from investments in the condensed consolidated statements of operations. At September 5, 2023, the Company valued the remaining 35,662 Green Li-ion preferred shares it holds at $18,912,985 which represents the shares' fair value based on the price per share of $530.34 from the sale of the 1,500 preferred shares. An unrealized gain on investment of $14,577,627 was recognized in gain (loss) from investments in the condensed consolidated statements of operations for the three and nine months ended September 30, 2023. The Company intends to sell the remaining Green Li-ion preferred shares over the next twelve months.

Investment in LP Biosciences LLC

On February 28, 2022, the LP Biosciences LLC ("LPB") 2021 transactions were terminated and each of the parties were relieved of their respective rights, liabilities, expenses, and obligations under the transactions except termination obligations. In connection with the termination, 3,500,000 restricted shares of the Company’s common stock were transferred back to the Company for cancellation upon receipt. The combined value of $5,110,000, representing the carrying value of our investment of $4,173,000 and the derivative asset of $937,000, was recorded directly to additional paid-in capital in the statement of equity as of September 30, 2022. The original acquisition cost of $10,812,669 was recognized as a reduction in equity.

For the three and nine-months ended September 30, 2022, the Company recorded other expense of approximately $0 and $250,000, respectively, in the condensed consolidated statement of operations, in connection with the termination of the transaction. There was no such expense in 2023.

Investment in Mercury Clean Up LLC and MCU Philippines, Inc.

In March 2022, based on the lack of known, cash-generating operating sites for MCU-P operations, and the costs associated with relocating and deploying to a new site, there is no known reasonable possibility of future cash flows from MCU and MCU-P and we determined that the investment was not recoverable. During the nine-months ended September 30, 2022, investment of $1,960,448 in MCU and the investment of $494,884 and notes receivable of $1,628,913 to MCU-P were deemed unrecoverable, and all amounts were fully impaired.

On June 18, 2022, the members of MCU agreed to distribute 100% of MCU's assets to the Company, including the cash held by MCU and MCU-P of $895,204 and the remaining 50% of MCU-P common stock, in exchange for forgiveness of the debt owed by MCU-P to the Company which was fully impaired in the nine-months ended September 30, 2022. The cash and proceeds of assets liquidated of $895,204 were recognized as a recovery of impairment of assets in other income (expense) of the Company with $590,000 from MCU and $305,204 from MCU-P during the second quarter of 2022.

As of June 18, 2022, the Company owned 100% of the membership interest of MCU, which has since been dissolved, and 100% of the stock of MCU-P. The carrying value of the investment on the acquisition date of both MCU and MCU-P was $0 and the net assets remaining after distributing the cash in repayment of the note receivable were insignificant. MCU and MCU-P hold equipment that was fully impaired prior to the acquisitions, and the remaining net assets include insignificant amounts of cash and accounts payable.

The Company recorded equity losses from affiliates for the investment in MCU and MCU-P of $0 for the three and nine-months ended September 30, 2023. The Company recorded equity losses from affiliates for the investment in MCU of $0 and $14,578 for the three and nine-months ended September 30, 2022, respectively. The Company recorded equity losses from affiliates for the investment in MCU-P of $0 and $4,384 for the three and nine-months ended September 30, 2022, respectively.

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Investment in Sierra Springs Opportunity Fund, Inc.

During 2019, the Company invested $335,000 into a qualified opportunity zone fund, SSOF, which owns Sierra Springs Enterprises, Inc. ("SSE"), a qualified opportunity zone business. At September 30, 2023, our $335,000 investment in SSOF and 6,700,000 voting shares represent 11.64% of the total, fully diluted SSOF common shares. The Company monitors additional equity issuances of SSOF to assess whether the equity securities are similar instruments requiring adjustments of the investment carrying values to fair value. The Company did not make any adjustments to the investment carrying value during the period. At September 30, 2023 and December 31, 2022, the Company’s investment in SSOF is presented on the condensed consolidated balance sheets as a non-current investment. The Company's CEO is an executive and director of SSOF.

The SSOF investment is accounted for using the alternative measurement method as there is no ready market for the investment units and is recorded to non-current investments on the condensed consolidated balance sheets. Management identified no events or changes in circumstances that might have a significant adverse effect on the carrying value of the investment. Management concluded it was impractical to estimate fair value due to the early stages of the fund and the absence of a public market for its stock.

The Company’s maximum exposure to loss as a result of its involvement with SSOF is limited to its initial investment of $335,000 and the advances of $6,460,000 outstanding at September 30, 2023.

NOTE 3        NOTES RECEIVABLE AND ADVANCES, NET

Notes receivable and advances, net at September 30, 2023 and December 31, 2022 include:

September 30, 2023December 31, 2022
Current portion
Sierra Springs advances receivable $6,460,000 $4,990,000 
  Other notes receivable16,267 22,275 
Total notes receivable and advances, current portion$6,476,267 $5,012,275 
Non-current portion
Daney Ranch note receivable$988,271 $993,000 
Unamortized discount for implied interest (33,682)
Daney Ranch note receivable, net of discount988,271 959,318 
Total notes receivable and advances, non-current portion, net$988,271 $959,318 

Daney Ranch Sale

In August 2022, the Company sold the Daney Ranch and issued a 10-year $993,000 note receivable maturing in August 2032 to the former lessee and purchaser. The note bore interest at 2% for the first twelve months and currently bears interest at 7% and will so for the remaining term. The note may be prepaid, in full or in part, at any time without penalty. The note is secured by a second priority security interest in the property. The present value of the future interest and principal payments using a prevailing rate for similar loans of 7% was less than the face amount of the loan at issuance and we recognized an initial discount of $51,909. The discount is being amortized into interest income over the first year of the note and the note is measured on an amortized cost basis. During the three and nine-months ended September 30, 2023, we recognized interest income of $19,776 and $54,225, respectively. For the three and nine-months ended September 30, 2022, we recognized interest income of $7,998 on the Daney Ranch note receivable.

Tonogold Note Receivable

In September 2020, the Company sold its 100% ownership interest in Comstock Mining LLC whose sole assets were the Lucerne properties and related permits (“Comstock Lucerne”), to Tonogold Resources, Inc. ("Tonogold") for cash and notes receivable.

On March 26, 2022, we entered into an option agreement (the "Lucerne Option") with Tonogold where we agreed to extinguish their $6,650,000 note receivable ("the Note") in exchange for 100% of the membership interests of Comstock Mining LLC and
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a payment of $750,000. The agreement provided Tonogold the right to repurchase the Comstock Mining LLC membership interests, which expired at December 31, 2022, when all agreements were terminated due to the failure to pay the Company.

Prior to the Lucerne Option agreement, we accounted for the Note using the fair value option. For the three and nine-months ended September 30, 2022, we recognized a loss in other income and expense on the consolidated statement of operations for the change in fair value of the Note of $0 and $605,000, respectively.

Advances to Sierra Springs Opportunity Fund, Inc.

For the nine-months ended September 30, 2023 and 2022, the Company provided SSOF advances of $1,470,000 and $1,300,000, respectively. The $1,300,000 amount was fully repaid on January 26, 2022. SSOF used the advances on land options and working capital associated with the investments in qualified businesses in the opportunity zone. Total advances outstanding at September 30, 2023 and December 31, 2022 were $6,460,000 and $4,990,000, respectively. The advances are non-interest bearing.

NOTE 4        PROPERTY, PLANT AND EQUIPMENT, NET AND MINERAL RIGHTS

Property, plant and equipment at September 30, 2023 and December 31, 2022 include the following:

 September 30, 2023December 31, 2022
Land$6,328,338 $6,328,338 
Real property leased to third parties1,037,049 1,037,049 
Property, plant and equipment for mineral processing27,644,745 27,644,745 
Other property and equipment6,391,050 5,212,891 
Accumulated depreciation(27,242,999)(26,748,929)
Total property, plant and equipment, net$14,158,183 $13,474,094 
 
During the three-months ended September 30, 2023 and 2022, we recognized depreciation expense of $142,915 and $126,877, respectively. During the nine-months ended September 30, 2023 and 2022, we recognized depreciation expense of $478,388 and $409,784, respectively.

Mineral Rights and Properties

Our properties at September 30, 2023 and December 31, 2022 consisted of the following:
September 30, 2023December 31, 2022
Comstock Mineral Estate$12,164,013 $12,164,013 
Other mineral properties317,405 317,405 
Water rights820,595 90,000 
Total mineral rights and properties$13,302,013 $12,571,418 

The Comstock Mineral Estate includes all of the Company's resource areas and exploration targets. During the nine-months ended September 30, 2023 and 2022, we did not record any depletion expense, as none of the properties are currently in production. All of our mineral exploration and mining lease payments are classified as selling, general and administrative expenses in the condensed consolidated statements of operations.

On June 30, 2023, the Company signed a Mineral Exploration and Mining Lease Agreement (the “Mining Lease”) with Mackay Precious Metals Inc. (“Mackay”). The Mining Lease provides a twenty-year term granting Mackay the rights to conduct exploration on certain of the Company’s mineral properties in Storey County, Nevada. Mackay paid a lease initiation fee of $1,250,000 and will make quarterly lease payments of $475,000 for the first six months, quarterly lease payments of $375,000 for the next three and a half years, and then quarterly lease payments of $250,000 thereafter. In addition, Mackay will reimburse carrying costs for the mineral properties, estimated to be $177,000 per year, and will pay a Net Smelter Return ("NSR") royalty of 1.5% from eventual mine production from the mineral properties. Mackay also committed to exploration expenditures of $1,000,000 per year on a cumulative basis, and increasingly detailed technical reports after the first five, ten, and fifteen years.

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We determined that the lease initiation fee of $1,250,000 should be recognized as revenue ratably over the term of the lease and quarterly lease payments will be recognized as revenue in the period received. For the three and nine-months ended September 30, 2023, we recorded revenue of $490,625 which includes the first quarterly lease payment of $475,000 and amortization of the lease initiation fee of $15,625. In addition, Mackay reimbursed expenditures made by the Company totaling $58,987 which was recorded as a credit against the associated expense. As of September 30, 2023, $1,234,434 of deferred revenue for the initiation fee remains, which the Company classified the short and long term deferred revenue of $62,503 and $1,171,931, respectively, in accrued expenses and other liabilities in our condensed consolidated balance sheet.

In March 2023, the Company acquired senior water rights (50-acre feet) associated with one of its existing properties and junior water rights (16-acre feet) for a total of $730,595.

NOTE 5        INTANGIBLE ASSETS AND GOODWILL

The Company’s intangible assets at September 30, 2023 and December 31, 2022 include the following:


DescriptionEstimated Economic LifeSeptember 30, 2023December 31, 2022
Developed technologies10 years$19,382,402 $19,382,402 
License agreements10 years510,752510,752 
Customer agreements1 year122,885122,885 
Distribution agreements8 years19,73319,733 
Trademarks10 years7,000 7,000 
Accumulated amortization(3,880,443)(2,379,091)
Intangible assets, net$16,162,329 $17,663,681 

Accumulated amortization as of September 30, 2023 and December 31, 2022 consisted of the following:
September 30, 2023December 31, 2022
Developed technologies$3,627,948 $2,172,594 
License agreements121,641 78,415 
Customer agreements122,885 122,884 
Distribution agreements6,744 4,497 
Trademarks1,225 701 
Accumulated amortization$3,880,443 $2,379,091 

For the three-months ended September 30, 2023 and 2022, amortization expense related to intangible assets was $500,450 and $530,338, respectively. For the nine-months ended September 30, 2023 and 2022, amortization expense related to intangible assets was $1,501,352 and $1,641,308, respectively.

The Company is party to three license agreements with American Science and Technology Corporation (“AST”), pursuant to which the Company agreed to license AST’s intellectual properties for use at three facilities in exchange for three facility-specific license fees of $500,000 each, and a royalty fee equal to 1.0% of the gross revenue of each of the first three licensed facilities. During 2022, the Company paid $500,000 toward the license fees which are recognized as an addition to intangible assets - developed technologies. As of September 30, 2023, we have obtained the three license agreements and no additional payments are anticipated.

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Future minimum amortization expense is as follows at September 30, 2023:

Remainder of 2023$498,375 
20241,993,499 
20251,993,499