# Comstock Inc.: Form 10-Q for the period ended Mar 31, 2014

- Company: [Comstock Inc.](/companies/lode.md) (CIK 1120970)
- Form: 10-Q
- Filed: 2014-04-28
- Accepted by EDGAR: Apr 28, 2014, 16:21 ET
- Period: 2014-03-31
- Accession: 0001120970-14-000009
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1120970/000112097014000009/lode-2014331x10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1120970/000112097014000009/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2014-03-31.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2014-01-01 to 2014-03-31 | $5.8m | us-gaap:Revenues |
| Operating income | 3 months, 2014-01-01 to 2014-03-31 | −$3.4m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2014-01-01 to 2014-03-31 | $186.3k | us-gaap:InterestExpense |
| Net income | 3 months, 2014-01-01 to 2014-03-31 | −$3.8m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2014-01-01 to 2014-03-31 | −$0.07 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2014-01-01 to 2014-03-31 | −$0.07 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2014-01-01 to 2014-03-31 | 71,808,908 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 3 months, 2014-01-01 to 2014-03-31 | −$2.4m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 3 months, 2014-01-01 to 2014-03-31 | $1.1m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Cash and equivalents | at 2014-03-31 | $2.6m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2014-03-31 | $7.5m | us-gaap:AssetsCurrent |
| Total assets | at 2014-03-31 | $45.6m | us-gaap:Assets |
| Current liabilities | at 2014-03-31 | $17.7m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2014-03-31 | $28.8m | us-gaap:Liabilities |
| Shareholders' equity | at 2014-03-31 | $16.8m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 25,384 characters.

The following discussion provides information that we believe is relevant to an assessment and understanding of the consolidated results of operations and financial condition of the Company. It should be read in conjunction with the condensed consolidated financial statements and accompanying notes also included in this Form 10-Q and our Annual Report on Form 10-K as of, and for the fiscal year ended December 31, 2013.

The following discussion addresses matters we consider important for an understanding of our financial condition and results of operations as of and for the three month period ended March 31, 2014, as well as our future results.

### Overview

The Company is a producing Nevada-based, gold and silver mining company with extensive, contiguous property in the historic Comstock and Silver City mining districts (collectively, the “Comstock District”). The Comstock District is located within the western portion of the Basin and Range Province of Nevada, between Reno and Carson City. The Company began acquiring properties and developing projects in the Comstock District in 2003. Since then, the Company has consolidated a substantial portion of the historic Comstock District, secured permits, built an infrastructure and brought exploration projects into production.

Because of the Comstock District’s historical significance, the geology is well known and has been extensively studied by the Company, our advisors and many independent researchers. We have expanded our understanding of the geology of the project area through vigorous surface mapping and drill hole logging. The volume of geologic data is immense, and thus far the reliability has been excellent, particularly in the various Lucerne Mine areas. We have amassed a large library of historic data and detailed surface mapping of Comstock District properties and continue to obtain historic information from private and public sources. We use such data in conjunction with information obtained from our current mining operations, to target geological prospective exploration areas and plan exploratory drilling programs.

Our Lucerne Resource area is located in Storey County, Nevada, approximately three miles south of Virginia City and 30 miles southeast of Reno. Our Dayton Resource area, is located in Lyon County, Nevada, approximately six miles south of Virginia City. Access to the properties is by State Route 342, a paved highway.

Our business plan is to deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton; and significantly grow the commercial development of our operations through coordinated district wide plans that are economically feasible and socially responsible. The Company has already met the first three intermediate resource validation objectives by validating measured and indicated resources containing more than 2,000,000 gold equivalent ounces. The Company achieved initial production and held its first pour of gold and silver on September 29, 2012 and produced more than 20,000 gold equivalent ounces in 2013. The Company has developed a mine plan intended to increase the annual production rates to approximately 40,000 gold equivalent ounces.

We continue acquiring additional properties in the Comstock District, expanding our footprint and creating opportunities for exploration and mining. The Company now owns or controls approximately 7,447 acres of mining claims and parcels in the Comstock and Silver City Districts. The acreage is comprised of approximately 1,376 acres of patented claims (private lands) and surface parcels (private lands) and approximately 6,071 acres of unpatented mining claims, which the Bureau of Land Management (“BLM”) administers.

### Current Projects

The Company’s headquarters, mine operations and heap leach processing facility are in Storey County, Nevada, at 1200 American Flat Road, approximately three miles south of Virginia City, Nevada and 30 miles southeast of Reno, Nevada. The Company has focused development to date on the Lucerne Resource Area (including the east-side target within this area), the Dayton Resource Area and the Spring Valley exploration target. We also plan on focusing future exploration on the Northern Extension, Northern Targets, and Occidental Target Areas subsequent to the exploration and development of Lucerne, Dayton and Spring Valley. Production is currently active in the Lucerne Mine.

#### Exploration

The Company’s continues to evaluate high priority targets, including in the nearer term, the East Side of the Lucerne and Dayton Resource Areas and also the Spring Valley Target Area. Future programs would include the Occidental, Oest and the Northern Target areas.

The proposed evaluation of the East Side Target areas includes continuing infill drilling, metallurgical testing and geotechnical analysis to confirm the mineral potential and expand the mine plan on the East Side of State Route 342. In addition, the Company is designing a new phase of exploration drilling to include its highest-potential targets, including scoping studies of the Chute Zone in the Lucerne Resource area and plans for expanded exploration and development drilling in the Dayton Resource area that will allow for proper mineral assessment and mine plan development. The drill program is currently being expanded with approximately 100,000 feet of reverse circulation and 20,000 feet of core drilling, for both Lucerne and Dayton, planned at an investment of approximately $7 million.

The Company completed a successful phase of exploration drilling in Spring Valley in 2012. The drilling in the northern portion of Spring Valley was partially predicated to confirm buried mineralization by drilling specific magnetic geophysical anomalies that had similar magnetic signatures as defined by mineralized drill holes, drilled prior to the geophysical surface survey. The drill program is currently being expanded to test the full extent of the geophysical target with approximately 35,000 feet of reverse circulation and 5,000 feet of core drilling planned at an investment of approximately $2 million.

The total 2014-2015, drilling programs, including Lucerne, Dayton and Spring Valley would represent approximately 135,000 feet of reverse circulation drilling, and approximately 25,000 feet of core drilling at a total investment of approximately $9 million. The drilling would be planned to start in the latter half of 2014.

#### Production

For the first quarter of 2014, the Company poured 4,546 ounces of gold and 49,292 ounces of silver, as compared to 2,261 ounces of gold and 15,599 ounces of silver in the first quarter of 2013, an increase of over 100% for gold ounces produced and over 215% for silver ounces produced when compared to the comparable quarter in 2013. The Company mined approximately 950,000 tons of material (mineralized material and waste) as it continued transitioning into higher-grade segments of the mine plan while expeditiously moving through some higher stripping ratios. Total mineralized material delivered to the leach pad was over 205,000 tons and represented some of the highest gold and silver grades crushed to date. The weighted average for the quarter was .024 ounces per ton gold and .345 ounces per ton silver, with an average in the month of March 2014 exceeding .034 ounces of gold per ton and over .50 ounces of silver per ton.

The Company averaged over 409 gold equivalent ounces poured per week in the first quarter of 2014. During the quarter ended March 31, 2014, the Company crushed and stacked approximately 205,686 dry tons of mineralized material. Throughout this period, the recovery of gold and silver continues, but the most effective economic recovery of gold and silver takes between 45 to 60 days to complete. The Company has recovered 70% of the estimated recoverable gold and 48% of the estimated recoverable silver from the portion of the heap under leach the longest. Preliminary laboratory metallurgical test results suggest that ultimate heap leach recovery will meet or exceed the estimated ounces of recoverable gold and silver.

Throughout the first three months of 2014, the Company realized an average price of $1,251.39 price per ounce of gold and a $20.73 average sales price per ounce of silver. In comparison, commodity market prices in the first three months of 2014 averaged $1,293.67 per ounce of gold and $20.49 per ounce of silver.

Our Comstock exploration activities include open pit gold and silver test mining. As defined by the Securities Exchange Commission (“SEC”) Industry Guide 7, we have not yet established any proven or probable reserves at our Comstock Lode Project.

### Operating Costs

During the first three months of 2014, actual Lucerne Mine costs applicable to mining revenue were approximately $5.8 million, $4.8 million net of silver credits. Cost applicable to mining revenue include mining and processing labor, maintenance, drilling and blasting and assaying costs associated with higher production rates and higher absorbed inventory costing associated with costs incurred in advance of achieving the targeted production rate, including the planned increases in 2014. Costs applicable to mining revenue for the first three months of 2014, also include $1.3 million of depreciation.

During the first quarter, the Company continued reducing costs applicable to mining, targeting over $6 million in reductions for 2014, as compared to 2013. The Company has already realized annual savings of approximately $1 million from reduced staffing in crushing, related maintenance, mining and administrative cost reductions with further opportunities in drilling, blasting, logistics and administration. Costs applicable to mining have been reduced over the past five quarters, with first quarter costs of sales, on a cost per ounce basis, at the lowest since inception, at slightly over $1,000 per ounce.

### 2014 Outlook

Through the end of 2013, the Company began transitioning into production at higher rates and grades with lower sustainable costs. The recently acquired permit now allows processing rates of up to 4 million tons of mineralized material to be placed on the leach pad per annum, and the Company’s 2014 business plan calls for processing at the rate of 40,000 gold equivalent ounces. This expected 2014 production rate is double the 2013 rate. Two additional cells were constructed in 2013 and stacking on these cells has already commenced. The Company is also fully permitted to add an additional cell when needed.

Under our current mine plan, we anticipate doubling the rate of ounces produced when compared to 2013, for both gold and silver, targeting a production rate of 40,000 gold equivalent ounces in 2014. These increases come with lower costs applicable to mining due to focused cost reduction efforts, as well as lower non-mining operating expenses. Once stabilized at the 40,000 ounce per annum run rate, the operating expenses per ounce mined will be significantly lower. The Company expects cash costs per ounce of gold mined of less than $750 per ounce. The Company updated its financial analysis for the Lucerne Mine and anticipates annual operating expenses, including all mining and processing costs, of less than $25 million per annum, a more than a $6 million reduction over prior year 2013. The Company has also identified $3.5 million of cost reductions in all other non-mining activities, including general, administrative and environmental areas.

#### Recent Developments

From April 1, 2014 through April 25, 2014, no preferred shareholders converted shares of convertible preferred stock into common shares.

### Land and Mineral Right Purchases

We will continue to increase our footprint in the Comstock District through strategic acquisitions. We consider the historic Comstock district central to our growth strategy. The following acquisitions described below were completed in the first quarter of 2014.

On February 26, 2014, the Company entered into an agreement to purchase 78 Acres adjacent to its processing facility on American Flat Road, Storey County, Nevada. The purchase price of $1,107,000 comprised of a $20,000 cash payment and $1,087,000 in Company restricted common stock. No transfer of deed will take place prior to Seller receiving the proceeds from the sale of shares. On March 7, 2014, the Company issued 543,500 restricted shares of common stock to Dan and Caroline Salzwimmer towards the purchase of this property. Escrow is scheduled to close on June 30, 2015.

On February 26, 2014, the Company entered into an agreement to purchase buildings and mining claims adjacent to its processing facility on American Flat Road, Storey County, Nevada. The purchase price of $893,000 comprised of a $20,000 cash payment and $873,000 in Company restricted common stock. No transfer of deed will take place prior to Seller receiving the proceeds from the sale of shares. On March 7, 2014, the Company issued 436,500 restricted shares of common stock to Dan and Caroline Salzwimmer towards the purchase of this property. Escrow is scheduled to close on June 30, 2015.

### Comparative Financial Information

The Company has two operating segments; mining and hospitality. As we continue to focus on the increased productivity of our mining operations, our hospitality segment has become immaterial to our consolidated financial position, results of operations, and cash flows for the three months ended March 31, 2014.

The comparative financial information is reflected in the following table:

#### Three Months Ended:

|  | March 31, 2014 | March 31, 2013 | Change |
| --- | ---: | ---: | ---: |
| Revenue - Mining | $5,606,064 | $3,667,922 | $1,938,142 |
| Revenue - Hospitality | 157,397 | 121,844 | 35,553 |
| Cost applicable to mining revenue | 4,762,901 | 3,836,097 | 926,804 |
| Hospitality operating costs | 286,299 | 206,341 | 79,958 |
| Reclamation and exploration expenses | 1,925,955 | 2,088,863 | (162,908) |
| General and administrative | 2,191,970 | 3,396,625 | (1,204,655) |
| Loss from operations | (3,403,664) | (5,738,160) | (3,363,133) |
| OTHER INCOME (EXPENSE) |  |  |  |
| Change in fair value of derivatives | (235,207) | 437,814 | (673,021) |
| Interest expense | (186,330) | (463,436) | 277,106 |
| Interest income | 222 | 750 | (528) |
| Net loss | $(3,824,979) | $(5,763,032) | $1,938,053 |

Mining revenue in the first quarter of 2014 was $5.6 million. We also produced and sold $1.0 million worth of silver in the in the first quarter of 2014. Silver is accounted for as a by-product credit in costs applicable to mining revenue for financial reporting purposes. The increase of $1.9 million from the first quarter of 2013 to the first quarter of 2014 resulted from increased ounces sold of approximately 2,285 ounces of gold, over 100% increase and 33,693 of silver, over 215% increase. This increase was offset by lower average gold prices in the first quarter of 2014, of $1,293.67 per ounce, as compared to the first quarter of 2013, of $1,630.47 per ounce.

Throughout the first three months of 2014, the Company realized an average price of $1,251.39 price per ounce of gold and a $20.73 average sales price per ounce of silver. In comparison, commodity market prices in the first three months of 2014 averaged $1,293.67 per ounce of gold and $20.49 per ounce of silver.

Costs applicable to mining revenue were approximately $4.8 million and $3.8 million for quarters ended March 31, 2014, and March 31, 2013, respectively. The increase of $0.9 million from the first quarter of 2013 to the first quarter of 2014 resulted from the increased production rate. Although production doubled from the first quarter of 2013 to the first quarter of 2014, costs increased only 24%. This was achieved by production stabilization efforts put in place over 2013 and by efficiencies gained as the Company eliminated redundant costs associated with the temporary use of longer haul routes in the first quarter of 2013.

General and administrative expenses, inclusive of professional and consulting fees, decreased by $1.2 million or approximately 35% compared to the period ended March 31, 2013. The decrease is primarily the result of lower stock-based compensation expense and lower legal and administrative costs.

Interest expense decreased by $277 thousand, or approximately 60% for the three months ended March 31, 2014, from the three months ended March 31, 2013, primarily due to reductions in debt obligations outstanding for the 2012 equipment financing (Caterpillar Equipment Facility) and revolving 2012 debt facility (Auramet Facility). The 2012 Auramet Facility was settled full in the second quarter of 2013. During the three months ended March 31, 2014 , we incurred additional financing obligations of approximately $6.3 million, including $5.0 million associated with the 2014 Auramet Facility, somewhat offset by reducing other outstanding debt balances by $0.8 million..

Net loss was $3,824,979 and $5,763,032 for the quarters ended March 31, 2014 and 2013, respectively. The decrease of $1,938,053 or 34%, was primarily the result of increased production along with activities focused on costs savings in crushing, related maintenance, mining and administrative.

### Liquidity and Capital Resources

Total current assets were $7.5 million at March 31, 2014. Cash and cash equivalents on hand at March 31, 2014 totaled $2.6 million. Inventories, stockpiles, and mineralized material on leach pad totaled $2.0 million, including $196 thousand in finished goods. In February 2014, the Company entered into a $5 million revolving credit facility (the “Revolving Credit Facility”) with Auramet International, LLC, pursuant to which the Company may borrow up to $5 million outstanding at any one time. The Company also reduced its operating costs by entering into two notes payable agreements with Caterpillar in the amount of $1,280,144 for the purchase of mining vehicles and equipment eliminating higher rental costs. The Company believes it has the ability to make its debt payments within the normal course of business for at least next twelve months.

Net cash used in operating activities for the three months ended March 31, 2014 was approximately $2.4 million as compared to a use of $5.6 million for the three months ended March 31, 2013. Our use of cash in the first three months of 2014 was primarily from operating losses associated with higher mining costs relative to revenue due to a relatively higher ratio of waste to ore, somewhat offset by increase grade and less ore crushed for the first quarter.

Net cash used in investing activities for the three months ended March 31, 2014 was $1.3 million, primarily as the result of $1.1 million purchase of mining vehicles and bond increases of 0.3 million offset by $0.2 million of proceeds from the sale of equipment previously used in our mining activities.

Net cash provided by financing activities for the three months ended March 31, 2014, was $3.9 million, comprised of proceeds of $4.6 million from the revolving credit facility (the “Revolving Credit Facility”) with Auramet International, LLC, partially off-set by the pay-down of our long-term debt obligations of approximately $0.8 million. Net cash provided by financing activities for three months ended March 31, 2013, was $9.2 million comprised of net proceeds of approximately $9.7 million from the sale of securities through a public offering of 5,000,000 shares of our common stock at a price of $2.00 per share partially off-set by the pay-down of our long-term debt obligations of approximately $0.5 million.

The Company was an exploration company for most of its existence and transitioned into production in the Lucerne Mine late in 2012, and accordingly, has incurred net operating losses and negative cash flows from operations every year since inception. During 2013, the Company's first full year of production, it was limited, by permit, to up to 1 million tons of stacked and processed mineralized material. In late November 2013, the Company modified the permit, increasing the limit to up to 4 million tons per annum, and accordingly, the Company's current business plans reflect increased production, reduced costs and improved efficiencies, and generating prospective, positive cash flows. The Company continues reducing costs applicable to mining, targeting over $6 million in reductions for 2014, as compared to 2013. The Company has already realized annual savings of approximately $1 million from reduced staffing in crushing, related maintenance, mining and administrative cost reductions with further opportunities in drilling, blasting, logistics and administration. The Company's 2014 goal remains the doubling the rate of year over year production ounces and increasing cash flow, while reducing costs and achieving a cash cost applicable to mining of less than $750 per ounce.

The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company was an exploration company for most of its existence and recently transitioned into production in the Lucerne Mine, and accordingly, has incurred net operating losses and negative cash flows from operations since inception. At March 31, 2014, the Company has cash and cash equivalents of $2.6 million. For the three months ended March 31, 2014, the Company incurred an operating loss of $3.4 million, used $2.4 million of cash in operations, and used $764 thousand for debt repayments. The Company continues its efforts to increase production, reduce costs and working capital needs, improve efficiencies, and maximize funds available for working capital. The Company’s current capital resources include cash and cash equivalents and other working capital resources, cash generated through operations, and existing financing arrangements. The Company’s certificate of incorporation permits it to incur indebtedness for money borrowed of up to $5 million at the discretion of the Board of Directors. The Company entered into a $5 million Revolving Credit Facility and drew down approximately $4.6 million in February 2014. The Company has financed its activities principally from the sale of equity securities and from debt financing. While the Company has been successful in the past in obtaining the necessary capital to support its operations, including registered equity financings from its existing shelf registration, borrowings, or other means, there is no assurance that the Company will be able to obtain additional equity capital or other financing, if needed. The Company received a commitment from a significant investor in March 2014 that it would provide the necessary level of financial support to enable the Company to pay its debts as they become due through March 31, 2015. Accordingly, the Company believes it will have sufficient funds to sustain its operations during the next 12 months as a result of the sources of funding detailed above.

Future production rates and gold prices below management’s expectations would adversely affect the Company’s results of operations, financial condition and cash flows. If the Company was unable to obtain any necessary additional funds, this could have an immediate material adverse effect on liquidity. In such case, the Company could be required to limit or discontinue certain business plans, activities or operations, reduce or delay certain capital expenditures or sell certain assets or businesses. There can be no assurance that the Company would be able to take any such actions on favorable terms, in a timely manner or at all.

The Company’s recurring losses and negative cash flow from operations require an ongoing assessment of our ability to continue as a going concern. The unaudited consolidated financial statements included in this report do not include any adjustments that might result from the outcome of this uncertainty.

The Revolving Credit Facility with Auramet International, LLC, contains a covenant that requires the Company to maintain a minimum liquidity balance of $1 million (including cash and cash equivalents, plus 90% of the value of any doré that has been picked up by a secured carrier but not yet paid for, as of any date of determination). The Revolving Credit Facility additionally contains customary representations, warranties, affirmative covenants, negative covenants, and events of default, as well as conditions to borrowings. The Company is in compliance with all required covenants.

For the remainder of 2014, we plan on spending up to $3.3 million in capital expenditures, primarily for expansion of the Lucerne Mine, including targeted drilling on the east side of the Lucerne Resource area. We also plan to pay down an additional $6 million in debt obligations, including $3.9 million on the Auramet Facility. The Auramet Facility will be repaid through bi-weekly payments of $357,143 commencing August 2014.

### Critical Accounting Policies And Estimates

There have not been any material changes to the critical accounting policies and estimates previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2013.

## Market risk

As filed, 977 characters.

**Metal Price –** Changes in the market price of gold may significantly affect our profitability and cash flow. Gold prices fluctuate widely due to factors such as; demand, global mine production levels, investor sentiment, central bank reserves, and the value of the U.S. dollar.

In the first quarter of 2014 Gold Bullion prices averaged approximately $1,293.67 per ounce, up from a quarterly low close of $1,221 on January 8, 2014. Gold has fluctuated from that low to a high of $1,385 during the quarter. Silver prices averaged $20.49 per ounce, also gaining from quarterly lows of $19.27 on February 3, 2014 to a high of over $22.05 per ounce during the first quarter. The outlook for these markets remains mixed, driven primarily by uncertainty over U.S. fiscal and monetary policy.

With the exception of the above, there have been no material changes in the market risks discussed in Item 7A of our Annual Report on Form 10-K for the three months ending March 31, 2014.

## Controls and procedures

As filed, 1,721 characters.

### A. Disclosure

### Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q, management performed, with the participation of our Principal Executive Officer (who also serves as our Principal Financial Officer), an evaluation of the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (“Exchange Act”). Our disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Exchange Act and SEC’s rules, and that such information is accumulated and communicated to our management, including our Principal Executive, to allow timely decisions regarding required disclosures. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Our Principal Executive Officer concluded that, as of March 31, 2014, our disclosure controls and procedures were effective.

### B. Internal Control over Financial Reporting

No change in our internal control over financial reporting, as such term is defined in Exchange Act Rule 13(a)-15 occurred during the fiscal quarter ended March 31, 2014, that materially affected or is reasonably likely to materially affect our internal control over financial reporting.

## Risk factors

As filed, 153 characters.

There have not been any material changes to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2013.

Filed Apr 28, 2014.
Source: SEC EDGAR, the filing index for accession 0001120970-14-000009. Last ingested by Listed: Nov 4, 2026, 17:20 ET. No prices; not investment advice.