LODEHIGH SIGNALOPERATIONAL10-K

LODE has undergone a dramatic business transformation, pivoting from mining operations to renewable fuels and clean energy technologies while experiencing substantial deterioration in operating performance.

The company has fundamentally repositioned itself around subsidiary Bioleum Corporation's renewable fuels technology and solar panel recycling capabilities, representing a complete strategic overhaul from its previous mining focus. This transformation appears to be in early stages given the operational challenges reflected in declining revenue and expanding losses.

Comparing 2026-03-24 vs 2025-03-06View on EDGAR →
FINANCIAL ANALYSIS

The balance sheet expanded substantially with total assets and liabilities roughly doubling, suggesting significant capital deployment or restructuring activity. However, operating performance deteriorated meaningfully with revenue declining and gross profit margins compressing sharply, while operating cash flow deficits widened considerably. The R&D expense reduction amid rising SG&A costs indicates a shift in spending priorities aligned with the new business strategy, though the overall financial trajectory signals execution challenges during this transition period.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
+86.1%
$31.5M→$58.7M

Liabilities grew 86.1% — significant increase in debt or obligations, assess impact on financial flexibility.

Total Assets
Balance Sheet
+85.7%
$91.3M→$169.6M

Asset base grew 85.7% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+80%
$59.8M→$107.6M

Equity base grew 80% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Cash Flow
Cash Flow
-74.9%
-$13.9M→-$24.4M

Operating cash flow fell 74.9% — earnings quality concerns; investigate working capital changes and non-cash items.

Gross Profit
P&L
-69.8%
$590K→$178K

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Current Assets
Balance Sheet
+64.5%
$12.6M→$20.7M

Current assets grew 64.5% — improving short-term liquidity or inventory/receivables build.

SG&A Expense
P&L
+62.7%
$12.7M→$20.7M

SG&A up 62.7% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Revenue
P&L
-48.5%
$3.0M→$1.6M

Revenue declined 48.5% — significant demand weakness or market share loss warrants investigation.

Accounts Receivable
Balance Sheet
-46.8%
$2.4M→$1.3M

Receivables declined — improved collection efficiency or conservative revenue recognition.

R&D Expense
P&L
-35.5%
$19.1M→$12.3M

R&D spending cut 35.5% — could signal cost discipline or concerning reduction in innovation investment.

LANGUAGE CHANGES
NEW — 2026-03-24
PRIOR — 2025-03-06
ADDED
This recast ensures comparability across all periods presented and does not impact previously reported net income (loss), total assets, or total liabilities but does impact earnings per diluted share.
Bioleum Corporation ( Bioleum ), the Company's subsidiary, seeks to commercialize technologies that produce renewable fuels from waste, energy crops and other forms of woody biomass.
We approach the challenge of sustainability head-on by innovating, developing and commercializing technologies that accomplish more while utilizing fewer natural resources, protecting our ecosystem from the negative impact of carbon emissions and toxic materials, and enabling and empowering the next industrial revolution.
Our plans to generate these throughputs involve deploying, integrating, partnering and licensing our technologies within a purpose-driven and designed ecosystem, including extended and interdependent partners that leverage their infrastructures, capacities, and resources, that are often directly integrated with our system.
Our strategic assets for Bioleum include two Wisconsin renewable fuels demonstration facilities, two pilot farms for purpose grown energy crops, a site in Tulsa, Oklahoma for our first fully integrated biorefinery, and for Metals, an operating Nevada-based solar panel recycling demonstration facility and a first-of-its-kind industry-scale solar panel recycling facility that we are currently installing, testing and commissioning.
We also own and manage investments in various legacy assets that previously supported our current or prior businesses that we are working to monetize.
This includes our legacy gold and silver mining assets, real estate assets and certain non-strategic investments.
This includes northern Nevada real estate that we own, control and/or manage comprised of industrial and commercial land, water rights, other direct investments and about seven square miles of patented and unpatented mining claims and surface parcels, some of which contain significant amounts of measured, indicated, and inferred gold and silver mineral resources.
OPERATING SEGMENTS We group our business activities into two high-growth operating segments.
Our corporate segment activities include supporting our high-growth segments, monetizing of non-strategic segments, like our mining segment, and evaluating potentially new and strategic opportunities.
REMOVED
Claim a mining interest area giving its holder the right to prospect, explore for, and exploit minerals.
This recast ensures comparability across all periods presented and does not impact previously reported net income (loss), total assets, or total liabilities.
We are also developing and using artificial intelligence technologies for advanced materials development, and preparing our defined mineral resources for mining and monetization.
Our goal is to build extraordinary shareholder value by using systemic management practices, disciplined frontier scientific discovery, and applied engineering to innovate, develop, and commercialize technologies that facilitate the increased production, storage, distribution, and use of clean energy across entire industries.
Our operations primarily involve innovating, developing, deploying, and monetizing clean energy technologies with integrated teams in dedicated lines of business, including renewable fuels, metals, and mining.
Our plans to generate revenue and throughput involve using and licensing our technologies, including by creating financial and other incentives to enable and motivate our customers, licensees, and other stakeholders to use their capital, infrastructure, and other resources to accelerate and maximize adoption.
We also make, own and manage investments in related assets to support our businesses, including multiple existing minority equity positions and partnerships in strategic technology developers, two renewable fuels demonstration facilities in Wisconsin, and a metals recycling demonstration facility in Nevada.
We additionally own and manage direct investments in northern Nevada real estate comprised of industrial and commercial properties, strategic water rights and approximately twelve square miles of mining claims and related surface parcels that we own, lease and/or have a royalty interest in that also contain measured, indicated and inferred mineral resources of gold and silver.
OPERATING SEGMENTS We group our business activities into five operating segments to manage performance: Fuels, Metals, Mining, Strategic Investments, and Corporate Services.
The Company s goal is to Accelerate the Commercialization of Hard Technologies for Energy Markets.
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