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Long-Term Debt and Capital Lease Obligations | 6 Months Ended
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Jun. 30, 2016
Debt Disclosure [Abstract] |
Long-Term Debt and Capital Lease Obligations | Long-Term Debt and Capital Lease Obligations Long-term debt and capital lease obligations consisted of the following:
Note Description | June 30, 2016 |  | December 31, 2015
Note Payable - Caterpillar Equipment Consolidated 1) | $ | 3,677,254 |  |  | $ | — |
Note Payable - Caterpillar Equipment 1) | — |  |  | 2,679,723 |
Capital Lease Obligation - Caterpillar Equipment 1) | — |  |  | 1,652,934 |
Lease Obligation - Varilease | 2,674,972 |  |  | 3,556,479 |
Note Payable - V&T | 494,968 |  |  | 750,000 |
Note Payable - Donovan Property | 357,845 |  |  | 414,389 |
Note Payable - White House | 278,318 |  |  | 281,139 |
Note Payable - Daney Ranch Property | 275,849 |  |  | 1,139,834 |
Note Payable - Gold Hill Hotel | 249,306 |  |  | 259,173 |
Note Payable - Dayton Property "Golden Goose" | 175,741 |  |  | 489,212 |
Note Payable - Railroad & Gold Property | 95,154 |  |  | 110,725 |
Capital Lease Obligation - Kimball | 60,582 |  |  | 104,522 |
Notes Payable - Other | 228,446 |  |  | 259,419 |
Note Payable - Auramet Facility | — |  |  | 1,600,000 |
Subtotal | 8,568,435 |  |  | 13,297,549 |
Less current portion | (6,498,515 | ) |  | (8,538,336 | )
Long-term portion of long-term debt and capital lease obligations | $ | 2,069,920 |  |  | $ | 4,759,213 |
1) Caterpillar Equipment Note and Caterpillar Equipment Capital Lease balances on December 31, 2015 were consolidated into Caterpillar Equipment Consolidated Note on June 27, 2016. For details see discussion below. Long-Term Debt Obligations Caterpillar Equipment Facility and Capital Lease On June 27, 2016, the Company completed an agreement with Caterpillar Financial Services Corporation relating to certain finance and lease agreements (the "CAT Agreement"). The Company entered into the CAT Agreement which required the Company to complete the sale of certain financed and leased equipment and modified the payment schedule under the related finance and lease arrangements. Under the terms of the CAT Agreement, the Company will pay down its obligations with the net proceeds from the financed and leased equipment required to be sold during the second half of 2016, with any remaining balance to be paid off primarily from a monthly payment schedule of $25,000 per month until the amounts have been paid in full. The net book value of equipment required to be sold under the amended agreement is $1.8 million at June 30, 2016 and is included in assets held for sale, net in the accompanying condensed consolidated balance sheets. The note bears an interest rate of 5.7%. The outstanding obligations in the agreement are approximately $3.67 million. During June 2016, the Company sold equipment for net proceeds of approximately $0.7 million. Auramet Facility On March 6, 2015, the Company entered into an amended and restated $5 million revolving credit facility (the “Revolving Credit Facility”) with Auramet, pursuant to which the Company may borrow up to $5 million, subject to satisfying certain conditions and obtaining certain consents. On March 6, 2015, the Company drew $5 million (the “Note”), representing cash proceeds of approximately $4.4 million, net of prepaid interest and fees of approximately $0.6 million. On December 28, 2015, the Company and Auramet agreed to increase the facility up to $10 million and extended the facility from the current maturity of February 6, 2017 to April 28, 2018. The indebtedness under the Revolving Credit Facility is secured by a security interest in certain real estate owned by the Company within the Company’s starter mine and a first priority security interest in all personal property of the Company and its wholly-owned subsidiary Comstock Mining, LLC, subject to any existing or future Permitted Liens (as defined under the Revolving Credit Facility). The proceeds from the Note were primarily used for an accelerated construction schedule for rerouting State Route 342, located in the Company’s Lucerne Resource Area, the first phase of which was completed in early June 2015, and the second phase was completed in November 2015. The Note contains a covenant that requires the Company to maintain a minimum liquidity balance of $1 million (including cash and cash equivalents, plus 90% of the value of any doré that has been picked up by a secured carrier but not yet paid for, as of any date of determination). The Note additionally contains customary representations, warranties, affirmative covenants, negative covenants, and events of default, as well as conditions to borrowings. The note was fully repaid on April 1, 2016, from proceeds from the sale of the Company’s common stock on March 31, 2016. Daney Ranch Property On August 31, 2015, the Company entered into a note in the amount of $1.8 million for the purchase of land and buildings. The note does not bear interest. Upon entering into the note, the Company issued 1,538,462 shares of common stock to the noteholder as partial payment on the note. In January 2016, the note maturity date was extended for nine months to November 2016 and an additional 3,000,000 shares of common stock was issued to the noteholder in satisfaction of the outstanding principal balance. To the extent proceeds received by the noteholder from the sale of the shares received are less than the outstanding principal balance, the Company would make a final payment for the difference. Dayton Property "Golden Goose" During 2016, the Company amended the Golden Goose note, extended the maturity to January 2017, and issued 1,000,000 shares of common stock in partial satisfaction of the outstanding principal balance. To the extent proceeds received by the noteholder from the sale of the shares received are less than the outstanding principal balance, the Company would make a final payment for the difference. Lease Obligations Varilease Finance Inc. On May 12, 2015, the Company entered into a master lease agreement with Varilease Finance Inc. ("Varilease") in which the Company obtained capital financing under a sale-leaseback transaction in the amount of $5 million. Due to certain types of continuing involvement, the Company was precluded from applying sale-leaseback accounting and has accounted for the transaction under the financing method. The Company's obligations under the Varilease agreement are secured by an interest in the Company's processing equipment in exchange for 24 monthly payments of $247,830 totaling the cash proceeds of $5 million and applicable interest. During the six months ended June 30, 2016, the Company issued 6,617,896 shares of common stock in partial satisfaction of lease payment obligations through the remainder of 2016. To the extent proceeds received by Varilease from the sale of the shares received are less than the lease payments required to be made, the Company would make a final cash payment for the difference. The fair value of the shares which have been issued to Varilease but remain unsold as of June 30, 2016 is $1.5 million which is recorded in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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