v3.25.1
Note 13 - Segment Reporting
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 13         SEGMENT REPORTING

 

We have the following segments and reporting units: Fuels, Metals, Mining, Strategic Investments and Corporate. The Company’s goal is to accelerate the commercialization of decarbonizing technologies. Once a technology achieves a certain technology readiness or a justifiable critical mass or market distinction, we strategically plan its commercialization and dedicate resources toward that end. Until then, it is managed with corporate resources.

 

Summarized financial information relating to our reportable segments is provided below. Our chief operating decision maker (“CODM”) is our executive team consisting of our chief executive officer, chief operating officer and chief technology officer. Our CODM assesses the Company's performance and allocation of capital resources based on our segments of Fuels, Metals, Mining, Strategic Investments and Corporate. Certain amounts have been reclassified to conform to the current period presentation on a comparable basis. The Company plans, executes and monitors each reporting segment and has dedicated personnel responsible for each reportable segment. Our Fuels Segment represents our lignocellulosic biomass into biointermediates for refining into renewable fuels. Our Metals Segment represents our recycling of electrification products. Our Mining Segment includes our gold and silver mining assets and related real estate. Our Strategic Investments Segment includes our investments in Green Li-ion and SSOF and our Corporate Segment includes all other assets and general corporate costs. Mining revenue is from leasing mineral claims and other real estate.

 

The Company’s total revenue at  March 31, 2025, consisted of the following:

 

              

Strategic

         
  

Fuels

  

Metals

  

Mining

  

Investments

  

Corporate

  

Total

 

Mining and Real Estate

 $-  $-  $32,250  $-  $4,800  $37,050 

Decommissioning Services

  -   743,912   -   -   -   743,912 

Off-take

  -   4,853   -   -   -   4,853 

Total Revenue

 $-  $748,765  $32,250  $-  $4,800  $785,815 

 

The Company’s total revenue at March 31, 2024, consisted of the following:

 

              

Strategic

         
  

Fuels

  

Metals

  

Mining

  

Investments

  

Corporate

  

Total

 

Mining and Real Estate

 $-  $-  $421,151  $-  $4,800  $425,951 

Total Revenue

 $-  $-  $421,151  $-  $4,800  $425,951 

 

As of  March 31, 2025, the Company has one customer, RWE, that accounted for over 10% of our revenues and two customers, RWE and Mackay Precious Metals Inc., that accounted for over 10% of our accounts receivable balance. As of March 31, 2024, the Company has one customer, Mackay Precious Metals Inc., that accounted for over 10% of our revenues and accounts receivable balance. At March 31, 2025, Comstock Metals billed $1.34 million of which $743,912 was for billed for decommissioning services and recorded as revenue and $600,215 was for recycling service fees that were billed and recorded as additional deferred revenue in the period as the recycling services were not completed. Total deferred revenue for these services was $755,786 as of March 31, 2025.

 

Three-Months Ended

                        

March 31, 2025

 

Fuels

  

Metals

  

Mining

  

Strategic Investments

  

Corporate / Other

  

Total

 

Revenue

 $—  $748,765  $32,250  $—  $4,800  $785,815 
                         

Cost of goods sold

 $—  $886,796  $—  $—  $—  $886,796 
                         

Selling and marketing

 $988  $13,544  $—  $—  $222,842  $237,374 
                         

General and administrative

 $261,401  $494,552  $164,238  $2,786  $2,098,114  $3,021,091 
                         

Research and development

 $2,151,805  $36,627  $1,441  $—  $1,114,045  $3,303,918 
                         

Depreciation and amortization

 $247,581  $62,619  $45,288  $—  $19,896  $375,384 
                         

Loss from operations

 $(2,661,775) $(745,373) $(178,717) $(2,786) $(3,450,097) $(7,038,748)
                         

Total other income (expense), net

 $(77,098) $—  $(1,589,477) $31,000  $(419,608) $(2,055,183)
                         

Net income (loss)

 $(2,738,873) $(745,373) $(1,768,194) $28,214  $(3,869,705) $(9,093,931)
                         

Interest Expense

 $85,509  $—  $921  $—  $572,714  $659,144 
                         

Equity method investment income

 $—  $—  $—  $—  $41,438  $41,438 
                         

Acquisition of intangible assets

 $180,000  $—  $—  $—  $—  $180,000 
                         

Capital Expenditures

 $34,051  $206,822  $—  $—  $—  $240,873 
                         

Total Assets as of March 31, 2025

 $26,062,903  $8,513,996  $26,110,476  $46,728,490  $3,911,631  $111,327,496 

 

Three-Months Ended

                        

March 31, 2024

 

Fuels

  

Metals

  

Mining

  

Strategic Investments

  

Corporate / Other

  

Total

 

Revenue

 $—  $—  $421,151  $—  $4,800  $425,951 
                         

Selling and marketing

 $65  $521  $—  $—  $109,472  $110,058 
                         

General and administrative

 $497,307  $274,667  $365,002  $(85,663) $2,366,153  $3,417,466 
                         

Research and development

 $292,544  $86,698  $—  $11,811  $500,960  $892,013 
                         

Depreciation and amortization

 $237,583  $355,886  $45,115  $270  $17,123  $655,977 
                         

Income (loss) from operations

 $(1,027,499) $(717,772) $11,034  $73,582  $(2,988,908) $(4,649,563)
                         

Total other income (expense), net

 $(15,883) $—  $(243,472) $(1,553,914) $(455,488) $(2,268,757)
                         

Net loss

 $(1,043,382) $(717,772) $(232,438) $(1,480,332) $(3,444,396) $(6,918,320)
                         

Interest Expense

 $16,445  $—  $—  $—  $802,216  $818,661 
                         

Equity method investment loss

 $—  $—  $(9,700) $(566,204) $—  $(575,904)
                         

Capital Expenditures

 $—  $355,939  $—  $—  $—  $355,939 
                         

Total Assets as of December 31, 2024

 $8,815,730  $7,215,335  $25,848,712  $47,944,285  $1,485,819  $91,309,881