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Note 13 - Segment Reporting
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Segment Reporting [Text Block]

NOTE 13         SEGMENT REPORTING 

 

We have the following segments and reporting units: Fuels, Metals, Mining, Strategic Investments and Corporate. Summarized financial information relating to our reportable segments is provided below. For the Strategic Investments and Corporate Segments, our chief operating decision maker (“CODM”) is our chief executive officer. For our Fuels Segment, our CODM is the President of Bioleum. For the Metals segment, our CODM is the Metals President. For the Mining segment, our CODM is its President and our chief financial officer.

 

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 for the three-months ended  March 31, 2026, consisted of the following:

 

  

Metals

  

Mining

  

Strategic Investments

  

Corporate

  

Bioleum

  

Total

 

Mining and Real Estate

 $—  $33,750  $—  $4,500  $—  $38,250 

Recycling

  40,887   —   —   —   —   40,887 

Decommissioning Services

  228,383   —   —   —   —   228,383 

Off-take

  5,936   —   —   —   —   5,936 

Total Revenue

 $275,206  $33,750  $—  $4,500  $—  $313,456 

 

The Company’s total revenue for the three-months ended  March 31, 2025, consisted of the following:

 

  

Metals

  

Mining

  

Strategic Investments

  

Corporate

  

Bioleum

  

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 

 

For the three-months ended March 31, 2026, three customers, Atlantic Iron & Metals, Southern Company and Virtus Renewables, accounted for over 10% of our revenues. For the three-months ended March 31, 2025, one customer, RWE, accounted for over 10% of our revenues. At  March 31, 2026, three customers, Illuminate, Southern Company and Kiewitt, each individually accounted for over 10% of our accounts receivable balance. At  December 31, 2025, one customer, RWE, accounted for over 10% of our revenues and two customers, Illuminate and Alpaugh North LLC, accounted for over 10% of our accounts receivable balance. At March 31, 2026, Comstock Metals billed $537,185 of which $274,954 million was for decommissioning services, recycling fees and off-take revenue and $262,231 of which represents fees for recycling services that have not yet been completed and are recognized as deferred revenue. As of  March 31, 2026, total deferred revenue for these services were $250,917.

 

 

Three-Months Ended

                            

March 31, 2026

 

Metals

  

Mining(1)

  

Strategic Investments

  

Corporate / Other

  

Total of Segments before Bioleum Corp.

  

Bioleum

  

Consolidated

 

Revenue

 $275,206  $33,750  $—  $4,500  $313,456  $—  $313,456 
                             

Cost of goods sold

 $599,810  $—  $—  $—  $599,810  $—  $599,810 
                             

Selling and marketing

 $34,572  $—  $—  $322,344  $356,916  $3,558  $360,474 
                             

General and administrative

 $1,343,841  $316,965  $1,487  $2,216,069  $3,878,362  $2,329,937  $6,208,299 
                             

Research and development

 $53,964  $2,080  $—  $—  $56,044  $2,040,198  $2,096,242 
                             

Depreciation and amortization

 $67,059  $40,068  $—  $19,646  $126,773  $1,264,611  $1,391,384 
                             

Gain on sale of royalty rights

 $—  $(1,400,010) $—  $—  $(1,400,010) $—  $(1,400,010)
                             

Loss from operations

 $(1,824,040) $1,074,647  $(1,487) $(2,553,559) $(3,304,439) $(5,638,304) $(8,942,743)
                             

Total other income (expense), net

 $(629) $49,172  $—  $(458,270) $(409,727) $(30,947) $(440,674)
                             

Net loss

 $(1,824,669) $1,123,819  $(1,487) $(3,011,829) $(3,714,166) $(5,669,251) $(9,383,417)
                             

Interest Expense

 $629  $722  $—  $85,656  $87,007  $60,986  $147,993 
                             

Equity method investment loss

 $—  $—  $—  $(227,844) $(227,844) $(24,000) $(251,844)
                             

Capital Expenditures

 $5,658,199  $—  $—  $—  $5,658,199  $18,733  $5,676,932 

(1) Mining segment - asset held for sale (see Note 5)

                            

 

Three-Months Ended

                            

March 31, 2025

 

Metals

  

Mining(1)

  

Strategic Investments

  

Corporate / Other

  

Total of Segments before Bioleum Corp.

  

Bioleum

  

Consolidated

 

Revenue

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

Cost of goods sold

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

Selling and marketing

 $13,544  $—  $—  $222,842  $236,386  $988  $237,374 
                             

General and administrative

 $494,552  $164,238  $2,786  $2,098,114  $2,759,690  $261,401  $3,021,091 
                             

Research and development

 $36,627  $1,441  $—  $1,114,045  $1,152,113  $2,151,805  $3,303,918 
                             

Depreciation and amortization

 $62,619  $45,288  $—  $19,896  $127,803  $247,581  $375,384 
                             

Loss from operations

 $(745,373) $(178,717) $(2,786) $(3,450,097) $(4,376,973) $(2,661,775) $(7,038,748)
                             

Total other income (expense), net

 $—  $(1,589,477) $31,000  $(419,608) $(1,978,085) $(77,098) $(2,055,183)
                             

Net loss

 $(745,373) $(1,768,194) $28,214  $(3,869,705) $(6,355,058) $(2,738,873) $(9,093,931)
                             

Interest Expense

 $—  $921  $—  $572,714  $573,635  $85,509  $659,144 
                             

Equity method investment income

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

Acquisitions to intangible assets

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

Capital Expenditures

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

(1) Mining segment - asset held for sale (see Note 5)

                            

   

                             

As of March 31, 2026

 

Metals

  

Mining(1)

  

Strategic Investments

  

Corporate / Other

  

Total of Segments before Bioleum Corp.

  

Bioleum

  

Consolidated

 

ASSETS

                            
                             

Current Assets:

                            

Cash and cash equivalents

 $38,559  $69,904  $—  $48,967,393  $49,075,856  $3,891,945  $52,967,801 
                             

Accounts receivable

 $311,600  $—  $—  $—  $311,600  $—  $311,600 
                             

Derivative assets

 $—  $—  $—  $136,114  $136,114  $—  $136,114 
                             

Other current assets

 $123,791  $15,772  $—  $438,373  $577,936  $241,784  $819,720 
                             

Assets held for sale

 $—  $22,420,250  $—  $312,043  $22,732,293  $—  $22,732,293 
                             

Total current assets

 $473,950  $22,505,926  $—  $49,853,923  $72,833,799  $4,133,729  $76,967,528 
                             

Non-current Assets:

                            

Investments

 $—  $—  $55,348,221  $—  $55,348,221  $1,055,371  $56,403,592 
                             

Properties, plant and equipment, net

 $15,331,016  $79,030  $6,328,338  $24,152  $21,762,536  $14,333,844  $36,096,380 
                             

Intangible assets, net

 $—  $—  $—  $—  $—  $23,962,994  $23,962,994 
                             

Goodwill

 $—  $—  $—  $—  $—  $1,507,154  $1,507,154 
                             

Other assets

 $8,452,245  $913,754  $730,596  $475,000  $10,571,595  $12,624,290  $23,195,885 
                             

Total non-current assets

 $23,783,261  $992,784  $62,407,155  $499,152  $87,682,352  $53,483,653  $141,166,005 
                             

TOTAL ASSETS

 $24,257,211  $23,498,710  $62,407,155  $50,353,075  $160,516,151  $57,617,382  $218,133,533 

(1) Mining segment - asset held for sale (see Note 5)

                            

 

As of December 31, 2025

 

Metals

  

Mining(1)

  

Strategic Investments

  

Corporate / Other

  

Total of Segments before Bioleum Corp.

  

Bioleum

  

Consolidated

 

ASSETS

                            
                             

Current Assets:

                            

Cash and cash equivalents

 $183,458  $149,060  $—  $9,425,807  $9,758,325  $7,193,320  $16,951,645 
                             

Accounts receivable

 $287,874  $(152) $—  $—  $287,722  $1,000,000  $1,287,722 
                             

Derivative assets

 $—  $—  $—  $1,960,796  $1,960,796  $—  $1,960,796 
                             

Other current assets

 $96,180  $1,975  $—  $166,977  $265,132  $192,684  $457,816 
                             

Total current assets

 $567,512  $150,883  $—  $11,553,580  $12,271,975  $8,386,004  $20,657,979 
                             

Non-current Assets:

                            

Investments

 $—  $—  $38,426,065  $—  $38,426,065  $1,079,371  $39,505,436 
                             

Properties, plant and equipment, net

 $2,387,121  $7,160,772  $6,328,338  $355,841  $16,232,072  $13,654,137  $29,886,209 
                             

Intangible assets, net

 $—  $—  $—  $—  $—  $24,943,388  $24,943,388 
                             

Goodwill

 $—  $—  $—  $—  $—  $1,507,154  $1,507,154 
                             

Other assets

 $13,563,776  $16,109,357  $730,596  $9,400,000  $39,803,729  $13,300,742  $53,104,471 
                             

Total non-current assets

 $15,950,897  $23,270,129  $45,484,999  $9,755,841  $94,461,866  $54,484,792  $148,946,658 
                             

TOTAL ASSETS

 $16,518,409  $23,421,012  $45,484,999  $21,309,421  $106,733,841  $62,870,796  $169,604,637 

(1) Mining segment - asset held for sale (see Note 5)