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Note 10 - Equity | 3 Months Ended
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Mar. 31, 2026
Notes to Financial Statements |
Equity [Text Block] | NOTE 10 EQUITY Issuance of Registered Shares of Common Stock 2026 Issuances - For the three months ended March 31, 2026 On January 28, 2026, the Company announced a Confidentially Marketed Public Offering (“CMPO”) with Titan Partners Group LLC (“Titan Partners”). The Company raised $50 million in gross proceeds before underwriting discounts and commissions and other offering expenses. On January 30, 2026, the Company issued 18,181,819 registered shares of its common stock at a price of $2.75 per share for $50,000,002 and received net proceeds of $46,140,002 pursuant to the equity offering on January 28, 2026. On March 3, 2026, Titan Partners exercised their over-allotment option and placed an additional 2,727,272 registered shares of our common stock at a price of $2.75 per share for additional gross proceeds of $7,499,998 (net proceeds of $6,937,498). On January 5, 2026, the Company issued a total of 463,721 shares of common stock of the Company with a fair value of $1,864,159 determined by the closing price per share of our common stock of $4.02 to our non-employee directors for annual director services for the period from January 1, 2022 and forward through March 31, 2026, pursuant to the shareholder approved Comstock Inc. 2020 and 2022 Equity Incentive Plans, for services rendered. All of our non-employee directors elected to take their previously earned and accrued compensation for all of these previous years services in common shares and also agreed to increase the ownership guidelines for owning and holding the Company’s common shares. The stock-based compensation for these professional services will be paid quarterly going forward (see Note 9). On November 21, 2025, the Company entered into an At the Market Offering Agreement (“2025 Titan ATM Agreement”) with Titan Partners to offer and sell registered shares of common stock of the Company at an aggregate offering price of up to $100 million from time to time, at our option, on terms we deem favorable. In 2026, the Company issued 872,838 registered shares of common stock to Titan Partners for an aggregate sales price of $3,479,179 at an average price per share of $3.99. In 2025, the Company issued 589,243 registered shares of common stock to Titan Partners for an aggregate sales price of $2,221,513 at an average price per share of $3.77. At March 31, 2026, the 2025 Titan ATM Agreement has $96.4 million remaining capacity. 2025 Issuances - For the three-months ended March 31, 2025 On February 3, 2025, the Company issued 66,035 registered shares of its common stock for debt-issuance costs equal to 3% of the principal amount of the 2025 Kips Bay Note with a fair value of $319,149. Issuance of Unregistered Shares of Common Stock 2025 Issuances - For the three-months ended March 31, 2025
Issuance Date | Issued To |  | Fair Value |  |  | Common Shares Issued |
Various | Alvin Fund LLC (“Alvin Fund”) |  | $ | 142,422 |  |  |  | 35,366 |
March 20, 2025 | American Science and Technology Corporation (“AST”) |  | $ | 2,482,200 |  |  |  | 985,000 |
February 28, 2025 | Former LINICO CEO |  | $ | 1,860,000 |  |  |  | 775,000 |
January 27, 2025 | Kips Bay Select LP |  | $ | 212,766 |  |  |  | 44,024 |
Total common shares issued |  |  |  |  |  |  | 1,839,390 |
Noncontrolling Interest As of March 31, 2026, the liquidation preference of the Company’s Series 1 Convertible Preferred Shares exceeded Bioleum’s net assets, resulting in substantially all of Bioleum’s losses being attributed to the Company. On February 23, 2026, holders of a majority of all the issued and outstanding convertible preferred stock of Bioleum Corporation authorized amended and restated articles of incorporation for Bioleum that (a) modified certain provisions of the articles that holders that made the Series 2 Preferred Stock that provided that the Series 2 Preferred Stock would convert into 20% of the as-converted common shares outstanding at all times prior to a Qualifying IPO or Deemed Liquidation Event (each as defined in such articles of incorporation), effectively eliminating the anti-dilution protection, and (b) removed the restriction prohibiting the conversion of the Company's Series 1 Preferred Stock into more than 9.9% of the as-converted common shares outstanding, effectively restoring all of the Company's voting rights. Management evaluated the amendment and determined that it represented a modification as opposed to an extinguishment of the existing preferred stock; accordingly, no gain or loss was recognized and the carrying amounts of the Series 1 and Series 2 Preferred Stock were not adjusted. The Company considered its consolidation conclusion and determined that Bioleum continues to be consolidated on the same basis as previously reported and the modifications did not constitute a reconsideration event. Warrants Outstanding warrants at March 31, 2026 and December 31, 2025 are as follows:
|  | Number of Warrants as of March 31, 2026 |  |  | Number of Warrants as of December 31, 2025 |  |  | Exercise Price |  |  | Expiration Date
GHF, Inc. |  |  | 20,000 |  |  |  | 20,000 |  |  | $ | 4.56 |  |  | December 31, 2027
GHF, Inc. |  |  | 50,000 |  |  |  | 50,000 |  |  | $ | 4.56 |  |  | December 31, 2027
GHF, Inc. |  |  | 50,000 |  |  |  | 50,000 |  |  | $ | 4.56 |  |  | December 31, 2027
Alvin Fund LLC |  |  | 100,000 |  |  |  | 100,000 |  |  | $ | 4.56 |  |  | December 31, 2027
Underwriter Purchase Warrants |  |  | 1,073,334 |  |  |  | 1,073,334 |  |  | $ | 2.58 |  |  | August 12, 2030
Underwriter Purchase Warrants |  |  | 1,463,636 |  |  |  | — |  |  | $ | 3.16 |  |  | January 28, 2031
Total outstanding warrants |  |  | 2,756,970 |  |  |  | 1,293,334 |  |  |  |  |  |  |
The following table presents our underwriter purchase warrants at March 31, 2026:
Date of Issuance |  | Warrants |  | Initial Exercise Date | Expiration Date |  | Exercise Price |
August 14, 2025 |  |  | 933,334 |  | February 8, 2026 | August 12, 2030 |  | $ | 2.58 |
September 15, 2025 |  |  | 140,000 |  | February 8, 2026 | August 12, 2030 |  | $ | 2.58 |
January 30, 2026 |  |  | 1,272,727 |  | July 27, 2026 | January 28, 2031 |  | $ | 3.16 |
March 3, 2026 |  |  | 190,909 |  | July 27, 2026 | January 28, 2031 |  | $ | 3.16 |
During the three-months ended March 31, 2026 and 2025, no warrants were exercised or expired.

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