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NOTES RECEIVABLE AND ADVANCES, NET | 3 Months Ended
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Mar. 31, 2023
Receivables [Abstract] |
NOTES RECEIVABLE AND ADVANCES, NET | NOTES RECEIVABLE AND ADVANCES, NET Notes receivable and advances, net at March 31, 2023 and December 31, 2022 include:
| March 31, 2023 |  | December 31, 2022
Current portion |  |  |
Sierra Springs advances receivable | $ | 5,540,000 |  |  | $ | 4,990,000 |
Other notes receivable | 16,267 |  |  | 22,275 |
Total notes receivable and advances, current portion | $ | 5,556,267 |  |  | $ | 5,012,275 |
Non-current portion |  |  |
Daney Ranch note receivable | $ | 992,210 |  |  | $ | 993,000 |
Unamortized discount for implied interest | (21,439) |  |  | (33,682) |
Daney Ranch note receivable, net of discount | 970,771 |  |  | 959,318 |
Total notes receivable and advances, non-current portion, net | $ | 970,771 |  |  | $ | 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 (see Note 7, Leases). The note bears interest at 2% for the first year and 7% 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 months ended March 31, 2023 and 2022, we recognized interest income of $17,139 and $0, respectively. 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 debt. On March 26, 2022, we entered into an option agreement with Tonogold (the "Lucerne Option") where we agreed to extinguish the Tonogold note receivable in exchange for 100% of the membership interests of Comstock Mining LLC and a payment of $750,000. The agreement provided Tonogold with the option to repurchase the Comstock Mining LLC membership interests. The Lucerne Option expired at December 31, 2022, and all agreements were terminated due to the failure to pay the Company timely. On March 26, 2022, in connection with the option agreement, we extinguished the Tonogold note receivable principal of $6,650,000 in exchange for the membership interests of Comstock Mining and the Lucerne Option. We accounted for the note receivable using the fair value option. For the three months ended March 31, 2023 and 2022, we recognized a loss in other income and expense on the consolidated statement of operations for the changes in fair value of the Tonogold note receivable of $0 and $605,000, respectively. Advances to Sierra Springs Opportunity Fund, Inc. For the three months ended March 31, 2023 and 2022, the Company provided SSOF advances of $550,000 and $1,300,000, respectively. The $1,300,000 amount was fully repaid on January 26, 2022. SSOF used the advances payments on land options and working capital associated with the investments in qualified businesses in the opportunity zone. Total advances outstanding at March 31, 2023 and December 31, 2022 were $5,540,000 and $4,990,000, respectively. The advances are non-interest bearing.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI https://asc.fasb.org/subtopic&trid=2196772 + Details
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- References No definition available. + Details
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