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Equity | 9 Months Ended
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Sep. 30, 2020
Equity [Abstract] |
Equity | Equity Convertible Preferred Stock In June 2019, the Company entered into the Securities Purchase Agreement with Temple Tower Group LLC ("Temple") providing for the issuance and sale to Temple of 1,274 preferred shares with a stated value of $1,000 per share, for net proceeds to the Company of $1.1 million with 191 of the preferred shares representing due diligence fees. The Company recorded the difference between the proceeds of $1.1 million and the fair value of $1.5 million as a cost of issuing the preferred shares. The preferred shares were issued pursuant to the Company’s registration statement on Form S-3 and were convertible into the Company’s common stock. For the three months ended September 30, 2019, Temple converted all the preferred shares for 2,240,441 common shares at an average share price of $0.57 cents. Equity Offering Programs In July 2020, the Company entered into an equity purchase agreement (the “2020 Leviston Equity Agreement”) with Leviston Resources LLC (“Leviston”) and filed a prospectus supplement to offer and sell shares of common stock at an aggregate offering price of up to $2.5 million, from time to time, to Leviston. From July 13, 2020 through September 23, 2020, the Company raised $2.5 million by issuing 2,793,586 common shares at a price of $0.89 per common share. The Company issued 173,611 restricted common shares, with a fair value of $125,000, in commitment fees. As of September 30, 2020, the 2020 Leviston Equity Agreement has no remaining unused capacity. In July 2020, the Company entered into a common stock purchase agreement (the "2020 Triton Equity Agreement") with Triton Funds L.P., (“Triton”) and filed a prospectus supplement to offer and sell shares of common stock at an aggregate offering price of up to $1.25 million, from time to time, to Triton. On July 22, 2020, the Company issued 2,040,483 common shares to Triton for net proceeds of $1.25 million, at a price of $0.61 per common share. As of September 30, 2020, the 2020 Triton Equity Agreement has no remaining unused capacity. In October 2019, the Company entered into a new equity purchase agreement, (the “2019 Sales Agreement”), with Leviston to sell up to $1.25 million in shares of the Company’s common stock from time to time at the Company’s option. Pursuant to the 2019 Sales Agreement, the Company agreed to deliver additional shares of common stock with a value of 5% of the aggregate offering price to Leviston as a commitment fee. As of September 30, 2020, the Company had issued shares with an aggregate sales price of $1.25 million under the 2019 Sales Agreement. The Company issued 284,852 shares in commitment fees to Leviston in 2019. The 2019 Sales Agreement has no remaining unused capacity. In February 2019, the Company filed a new shelf registration statement on Form S-3 (the “S-3 Shelf”), for the purchase of up to $50 million of the Company’s securities, from time to time. In February 2019, the Company also entered into an equity purchase agreement (the "2019 Equity Agreement") with the Murray Family Office ("Murray FO") for the sale of up to $5 million in shares of the Company's common stock from time to time, at the Company’s option, subject to certain restrictions and at a 10% discount to a volume weighted average price. The 2019 Equity Agreement has no remaining unused capacity. Effective August 2018, the Company entered into an equity sales agreement with Leviston (the "2018 Sales Agreement") for the sale of up to $2.25 million of the Company's common stock. Through September 30, 2019, the Company had issued 2,327,400 common shares at an average price of $0.74 per share, totaling $1.7 million under the 2018 Sales Agreement. The Company issued 261,628 shares in due diligence fees to Leviston in 2018. Final proceeds from the 2018 Sales Agreement were received in February 2019, and the 2018 Sales Agreement was terminated. Following is a reconciliation of the common stock transactions under the Company's Equity Offering Programs for the nine months ended September 30, 2020, and 2019, respectively:
| Nine Months Ended |  | Nine Months Ended
| September 30, 2020 |  | September 30, 2019
Number of shares sold | 5,921,219 |  |  | 4,291,675 |
Gross cash proceeds | $ | 4,322,622 |  |  | $ | 3,002,157 |
Fees | (255,070) |  |  | (520,750) |
Net proceeds | $ | 4,067,552 |  |  | $ | 2,481,407 |
Average price per share | $ | 0.73 |  |  | $ | 0.70 |
Share-Based Compensation On May 28, 2020, Comstock’s Board of Directors resolved to grant certain share-based compensation payable to the board members, in lieu of cash, in consideration of certain past and current service to the Company and also resolved to grant certain share-based compensation to members of management, including the chief executive officer and other key employees of the company, in consideration of service to the Company. These share-based payments are granted under the previously approved 2011 Equity Compensation Plan. The grant date for both the shares and the options is May 28, 2020. Board members were granted a total of 135,000 common shares for past services and 180,000 common shares for current services for a total of 315,000 common shares. The fair value of the common shares issued was $0.56 per share, based on the Company's closing price on May 28, 2020. Compensation cost totaling $176,400 was recorded as a general and administrative expense in the condensed consolidated statements of operations for the nine months ended September 30, 2020. Employees were granted 138,800 fully vested options to acquire common shares with an exercise price equal to the closing sales price on the date of the grant, or $0.56 per share, and expiring on the second anniversary of the grant. Fair value of stock options was calculated using a Black-Scholes model with the following inputs: stock price on the grant date and exercise price - $0.56 per share; expected term - 1 year; annualized risk-free rate - 0.17%; and, annualized volatility - 92.91%. Based on these inputs, the fair-value option price is $0.20 per share. Compensation cost for the options issued totaled $27,849 and was recorded in the statements of operations for the nine months ended September 30, 2020. There were no options issued or outstanding in the nine months ended September 30, 2019. No options were exercised from the date of issuance through September 30, 2020. The intrinsic value of these options was $71,760 at September 30, 2020.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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