At June 30, 2022 and December 31, 2021 Solitario owns the following marketable equity securities:

The following tables summarize Solitario’s marketable equity securities and adjustments to fair value:

The following table represents changes in marketable equity securities during the three months ended March 31, 2022 and 2021:securities:

The following table represents the realized and unrealized (loss) gain (loss) on marketable equity securities:

During the three months ended March 31,June 30, 2022, Solitario sold 500,000 shares of Vendetta Mining Corp. (“Vendetta”) common stock for proceeds of $26,000$27,000 and recorded a loss on sale of $81,000$78,000 on the date of sale. During the six months ended June 30, 2022, Solitario sold 1,000,000 shares of Vendetta common stock for proceeds of $53,000 and recorded a loss on sale of $159,000 on the date of sale.

                During the three months ended March 31,June 30, 2021, Solitario sold 143,000 shares of TNR Gold Corp (“TNR”). common stock for proceeds of $10,000 and recorded a gain on sale of $6,000. During the six months ended June 30, 2021, Solitario sold (i) 1,010,000 shares of Vendetta common stock for proceeds of $51,000 and recorded a loss on sale of $2,000; (ii) 287,000430,000 shares of TNR Gold Corp.TNR. common stock for proceeds of $18,000$28,000 and recorded a gain on sale of $13,000$19,000 and (iii) 3,200 shares of Vox Royalty Corp. (“Vox”) for proceeds of $9,000 and recorded a gain on sale of $2,000.

4. Leases

Solitario accounts for its leases in accordance with ASC 842. Solitario leases one facility, its Wheat Ridge, Colorado office, (the “WR Lease”), that has a term of more than one year. Solitario has no other material operating lease costs. During the threesix months ended March 31,June 30, 2021, Solitario entered into a new lease for the same facility under the WR Lease (both the prior lease and new lease are referred to as the “WR Lease”) and recorded a net increase in the related asset and liability of $99,000. The WR Lease is classified as an operating lease and has a term of 1914 months at March 31,June 30, 2022, with no renewal option. At March 31,June 30, 2022 and December 31, 2021, the right-of-use office lease asset for the WR Lease is classified as other long-term assets and the related liability as current and long-term operating lease liabilities in the condensed consolidated balance sheet. The amortization of right of use lease asset expense is recognized on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred.

                During the three and six months ended March 31,June 30, 2022, cash lease payments of $8,000 and $18,000, respectively, were made on the WR Lease. During the three and six months ended June 30, 2021, cash lease payments of $10,000 and $17,000, respectively, were made on the WR Lease. During the three and six months ended June 30, 2022, Solitario recognized $10,000 and $10,000,$20,000, respectively, of non-cash amortization of right of use lease asset expense for the WR Lease included in general and administrative expense. During the three and six months ended March 31, 2022June 30, 2021, Solitario recognized $10,000 and 2021, cash$20,000, respectively, of non-cash amortization of right of use lease payments of $11,000 and $7,000, respectively, were made onasset expense for the WR Lease.Lease included in general and administrative expense. These cash payments, less $1,000 of imputed interest for each period, reduced the related liability on the WR Lease. The discount rate within the WR Lease is not determinable and Solitario has applied a discount rate of 5% based upon Solitario’s estimate of its cost of capital.

The maturities of Solitario’s lease liability for its WR Lease are as follows at March 31,June 30, 2022:

Supplemental cash flow information related to our operating lease was as follows for the three and six months ended March 31,June 30, 2022 and 2021:

5.5 Other Assets

The following items comprised other assets:

6. Derivative Instruments

Vendetta Warrants

On July 31, 2019, Solitario purchased 3,450,000 Vendetta units for a total of $233,000. Each Vendetta unit consisted of one share of Vendetta common stock and one Vendetta warrant (the “Vendetta Warrants”). Each Vendetta Warrant entitles the holder to purchase one additional share of Vendetta common stock for a purchase price of Cdn$0.13 per share for a period of three years. On the purchase date Solitario recorded marketable equity securities of $165,000 for the Vendetta shares acquired and $68,000 for the Vendetta Warrants based upon an allocation of the purchase price of the Vendetta units, based upondetermined by (i) the fair value of the Vendetta common shares received based upon the quoted market price for Vendetta common sharesshares. and (ii) the fair value of Vendetta Warrants based upon a Black Scholes model.  During the three and six months ended March 31,June 30, 2022, and 2021, Solitario charged loss on derivative instruments $1,000of $3,000 and $3,000,$4,000, respectively, for the change in the fair value of the Vendetta Warrants based uponon a Black Scholes model.  During the three and six months ended June 30, 2021, Solitario charged loss on derivative instruments of $37,000 and $40,000, respectively, for the change in the fair value of the Vendetta Warrants based on a Black Scholes model.

Covered call options

From time-to-time Solitario has sold covered call options against its holdings of shares of common stock of Kinross Gold Corporation (“Kinross”) included in marketable equity securities. The business purpose of selling covered calls is to provide additional income on a limited portion of shares of Kinross that Solitario may sell in the near term, which is generally defined as less than one year, and any changes in the fair value of its covered calls are recognized in the statement of operations in the period of the change. Solitario did not sell any covered calls during the three and six months ended June 30, 2022.  During the three months ended June 30, 2021, Solitario sold covered calls against its holdings of Kinross for cash proceeds of $8,000 and recorded a gain on derivative instruments related to those covered calls of $7,000.   

6.7. Fair Value

Solitario accounts for its financial instruments under ASC 820. For certain of Solitario’s financial instruments, including cash and cash equivalents and payables, the carrying amounts approximate fair value due to their short-term maturities. Solitario’s short-term investments in USTS, CD’s, and marketable equity securities are carried at their estimated fair value based on quoted market prices.820 Fair Value Measurement. During the threesix months ended March 31,June 30, 2022, there were no reclassifications in financial assets or liabilities between Level 1, 2 or 3 categories.

The following is a listing of Solitario’s financial assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the hierarchy as of March 31,June 30, 2022:

The following is a listing of Solitario’s financial assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the hierarchy as of December 31, 2021:

7.8. Income Taxes

Solitario accounts for income taxes in accordance with ASC 740.740 Accounting for Income Taxes. Under ASC 740, income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related to certain income and expenses recognized in different periods for financial and income tax reporting purposes. Deferred tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes are also recognized for operating losses and tax credits that are available to offset future taxable income and income taxes, respectively. A valuation allowance is provided if it is more likely than not that some portion or all of the deferred tax assets will not be realized.

At both March 31,June 30, 2022 and December 31, 2021, a valuation allowance has been recorded, which fully offsets Solitario’s net deferred tax assets, because it is more likely than not that the Company will not realize some portion or all of its deferred tax assets. The Company continually assesses both positive and negative evidence to determine whether it is more likely than not that the deferred tax assets can be realized prior to their expiration.

During the three and six months ended March 31,June 30, 2022 and 2021, Solitario recorded no deferred tax expense.

8.9. Commitments and contingencies

Solitario has recorded an asset retirement obligation of $125,000 related to its Lik project in Alaska. See Note 2, “Mineral Properties,” above.

Solitario leases office space under a non-cancelable operating lease for the WR LeaseWheat Ridge, Colorado office which provides for future total minimum rent payments as of $65,000June 30, 2022 of $58,000 through October of 2023.

9.10. Employee Stock Compensation Plans

On June 18, 2013, Solitario’s shareholders approved the 2013 Solitario Exploration & Royalty Corp. Omnibus Stock and Incentive Plan, as amended (the “2013 Plan”). Under the terms of the 2013 Plan, as amended, a total of 5,750,000 shares of Solitario common stock wereare reserved for awards to directors, officers, employees and consultants. Awards granted under the 2013 Plan may take the form of stock options, stock appreciation rights, restricted stock, and restricted stock units. The terms and conditions of the awards are pursuant to the 2013 Plan and are granted by the Board of Directors of the Company (the “Board of Directors”) or a committee appointed by the Board of Directors.

As of March 31,June 30, 2022, and December 31, 2021 there were options outstanding that are exercisable to acquire 5,440,0005,431,250 and 5,513,000, respectively, shares of Solitario common stock, with exercise prices between $0.20 and $0.77 per share.

During the three and six months ended March 31,June 30, 2022, and 2021, Solitario did not grant any options. During the three months ended March 31,June 30, 2022, options for 73,0008,750 shares were exercised with an average exercise price of $0.26$0.20 per share for proceeds of $19,000.$2,000. During the threesix months ended March 31, 2021,June 30, 2022, options for 120,35081,750 shares were exercised with an average exercise price of $0.56$0.25 per share for proceeds of $67,000.  $20,000.

During the three and six months ended March 31,June 30, 2021, Solitario granted 140,000 options with an average exercise price of $0.68 per share, a five-year term and a grant date fair value of $58,000 based upon a Black-Scholes model, with a 76% volatility and a 0.9% risk-free interest rate. During the three and six months ended June 30, 2021, options for 64,750 and 185,000 shares, respectively, were exercised with an average exercise price of $0.25 and $0.45 per share, respectively, for proceeds of $16,000 and $83,000, respectively.

During the three and six months ended June 30, 2022, and 2021, Solitario recorded stock option compensation expense of $13,000 and $28,000,$26,000, respectively. During the three and six months ended June 30, 2021, Solitario recorded stock option compensation expense of $44,000 and $72,000, respectively. At March 31,June 30, 2022, the total unrecognized stock option compensation cost related to non-vested options is $67,000was $54,000 and is expected to be recognized over a weighted average period of 1816 months.

10.11. Shareholders’ Equity

Shareholders’ Equity for the threesix months ended March 31,June 30, 2022:

Shareholders’ Equity for the threesix months ended March 31,June 30, 2021:

At the Market Offering Agreement

On February 2, 2021, Solitario entered into an at-the-market offering agreement (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”), under which Solitario may, from time to time, issue and sell shares of Solitario’s common stock through Wainwright as sales manager in an at-the-market offering under a prospectus supplement for aggregate sales proceeds of up to $9.0 million (the “ATM Program”).  The common stock is distributed at the market prices prevailing at the time of sale. As a result, prices of the common stock sold under the ATM Program may vary as between purchasers and during the period of distribution. The ATM Agreement provides that Wainwright is entitled to compensation for its services at a commission rate of 3.0% of the gross sales price per share of common stock sold. During the six months ended June 30, 2021, Solitario recorded $144,000 as a charge to additional paid-in-capital for one-time expenses related to entering into the ATM Agreement.

During the threesix months ended March 31,June 30, 2022, Solitario sold an aggregate of 2,650,724 shares of common stock under the ATM Agreement at an average price of $0.79 per share for net proceeds of $2,023,000 after commissions and sale expenses. During the threesix months ended March 31,June 30, 2021, Solitario sold an aggregate of 150,400 shares of common stock under the ATM AgreementProgram at an average price of $1.21 per share for net proceeds of $177,000 after commissions and sale expenses. During the three months ended March 31, 2021, Solitario recorded $79,000 as a charge to additional paid-in-capital for one-time expenses related to entering into the ATM Agreement.

Share Repurchase Program

On October 28, 2015, Solitario’s Board of Directors approved a share repurchase program that authorized Solitario to purchase up to two million shares of its outstanding common stock.  Solitario did not purchase any shares under the share repurchase plan during the three months ended March 31, 2022 and 2021.  Solitario has purchased a total of 994,000 shares for an aggregate purchase price of $467,000 under the share repurchase program since its inception.  The share repurchase plan expired on December 31, 2021, and no additional shares will be purchased under the plan in the future.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the information contained in the consolidated financial statements of Solitario for the years ended December 31, 2021 and 2020, and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Solitario’s Annual Report on Form 10-K for the year ended December 31, 2021. Solitario'sSolitario’s financial condition and results of operations are not necessarily indicative of what may be expected in future periods. Unless otherwise indicated, all references to dollars are to U.S. dollars.

(a) Business Overview and Summary

We are an exploration stage company as defined by rules issued by the SEC, with a focus on the acquisition of precious and base metal properties with exploration potential and the development or purchase of royalty interests.  Currently our primary focus is the acquisition and exploration of precious metal, zinc and other base metal exploration mineral properties. WeHowever, we continue to evaluate other mineral properties for acquisition, and we hold a portfolio of mineral exploration properties and assets for future sale, joint venture or on which to create a royalty prior to the establishment of proven and probable reserves. Although our mineral properties may be developed in the future by us, through a joint venture or by a third party, we have never developed a mineral property. In addition to focusing on our current mineral exploration properties, we also from time to time evaluate potential strategic transactions for the acquisition of new precious and base metal properties and assets with exploration potential. 

In analyzing our activities, the most significant aspect of our business relates to results of our exploration and potential development activities and those of our joint venture partners on a property-by-property basis.  When our exploration or potential development activities, including drilling, sampling and geologic testing, indicate a project may not be economically feasible or contain sufficient geologic or economic potential we may impair or completely write-off the property.

Our current geographic focus for the evaluation of potential mineral property assets is in North and South America; however, we have conducted property evaluations for potential acquisition in other parts of the world. At March 31,June 30, 2022, we consider our Golden Crest project in South Dakota, our carried interest in the Florida Canyon project in Peru, and our interest in the Lik project in Alaska and our Golden Crest project in South Dakota to be our core mineral property assets. We are conducting exploration activities in Peru and the United States both on our own at Golden Crest and through joint ventures operated by our partners in Peru and in Alaska at the United States, respectively.Lik project. We also conduct potential acquisition evaluations in other countries located in South and North America.

We have recorded revenue in the past from the sale of mineral properties, however revenues and / or proceeds from the sale or joint venture of properties or assets, although generally significant when they have occurred in the past, have not been a consistent source of revenue and would only occur in the future, if at all, on an infrequent basis. We have reduced our exposure to the costs of our exploration activities in the past through the use of joint ventures. Although we anticipate that the use of joint venture funding forventures to fund some of our exploration activities will continue for the foreseeable future, we can provide no assurance that these or other sources of capital will be available in sufficient amounts to meet our needs, if at all.

As of March 31,June 30, 2022, we have balances of cash and short-term investments that we anticipate using, in part, to (i) fund costs and activities intended to further the exploration of our Lik, project, (ii) fund costs and activities intended to further the exploration at our Florida Canyon project, (iii) fund costs and activities to further our Golden Crest project; (iv)projects, (ii) conduct reconnaissance exploration and (v)(iii) potentially acquire additional mineral property assets. The fluctuations in precious metal and other commodity prices contribute to a challenging environment for mineral exploration and development, which has created opportunities as well as challenges for the potential acquisition of advanced mineral exploration projects or other related assets at potentially attractive terms.

As of March 31,June 30, 2022, we do not expect the effects of the COVID-19 or other pandemicspandemic to have a material effect on Solitario’s planned activities related to the exploration of its Lik, Florida Canyon andor Golden Crest projects. However, going forward for the remainder of 2022, we will continue to monitor planned activities for the full year 2022 at our Florida Canyon, Lik and Golden Crest Florida Canyon and Lik.projects. The extent to which the COVID-19 or other pandemicspandemic impacts our business, including our exploration and other activities and the market for our securities, will depend on future developments, which are highly uncertain and cannot be predicted at this time. Please see Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2021.

 (b) Results of Operations

Comparison of the quarterthree months ended March 31,June 30, 2022 to the quarterthree months ended March 31, 2021.June 30, 2021

We had a net loss of $514,000$1,691,000 or $0.03 per basic and diluted share for the three months ended June 30, 2022 compared to a net loss of $668,000 or $0.01 per basic and diluted share for the three months ended March 31, 2022 compared to a net loss of $528,000 or $0.01 per basic and diluted share for the three months ended March 31,June 30, 2021. As explained in more detail below, the primary reasons for the decreaseincrease in theour net loss in the three months ended March 31,June 30, 2022 compared to the net loss during the three months ended June 30, 2021 were (i) an increase in exploration expense to $951,000 in the three months ended March 31, 2021 was the recordingJune 30, 2022 compared to exploration expense of an unrealized gain on marketable equity securities of $213,000$237,000 during the three months ended March 31,June 30, 2021; (ii) an increase in general and administrative expense to $277,000 in the three months ended June 30, 2022 compared to general and administrative expense of $256,000 during the three months ended June 30, 2021; (iii) an increase in the unrealized loss on marketable equity securities to $368,000 during the three months ended June 30, 2022 compared to an unrealized loss on marketable equity securities of $122,000$148,000 during the three months ended March 31, 2021.  Partially offsetting this decrease in the net loss were (i)June 30, 2021; (iv) an increase in exploration expensethe unrealized loss on short-term investments to $226,000$47,000 during the three months ended March 31,June 30, 2022 compared to exploration expensean unrealized loss on short-term investments of $147,000$32,000 during the three months ended March 31,June 30, 2021; (ii) an increase in general and administrative costs to $387,000 during(v) the three months ended March 31, 2022 compared to general and administrative costsrecording of $280,000 during the three months ended March 31, 2021; (iii) a reduction in interest income to $27,000 during the three months ended March 31, 2022 compared to interest income of $31,000 during the three months ended March 31, 2021; (iv) a loss on the sale of marketable equity securities of $81,000$78,000 during the three months ended March 31,June 30, 2022 compared to a gain on the sale of marketable equity securities of $13,000$6,000 during the three months ended March 31, 2021; (v)June 30, 2021. Partially offsetting the above items were (i) an unrealized loss on short-term investments of $51,000 recordedincrease in interest income to $41,000 during the three months ended March 31,June 30, 2022 compared to an unrealized loss on short-term investmentsinterest income of $25,000 recorded$36,000 during the three months ended March 31, 2021June 30, 2021; and (vi) other income of $10,000 from(ii) a reduction in the forgiveness and cancellation of the Paycheck Protection Program loanloss on derivative instruments to $3,000 during the three months ended March 31, 2021, with no similar item inJune 30, 2022 compared to a loss on derivative instruments of $30,000 during the three months ended March 31, 2022.June 30, 2021. Each of the major components of these items is discussed in more detail below.

Our net exploration expense increased to $226,000$951,000 during the three months ended March 31,June 30, 2022 compared to exploration expense of $147,000$237,000 during the three months ended March 31, 2021.  The increase was primarilyJune 30, 2021 as a result of (i) an increase in expensesour exploration efforts at ourthe Golden Crest project to $127,000which resulted in $428,000 of direct exploration expenditures, including a comprehensive soil and rock sampling program on a portion of our claims that cover over 28,000 acres, and we performed a inductive polarization study at Golden Crest during the second quarter of 2022 which was reflected in the increased costs at Golden Crest during the three months ended March 31,June 30, 2022 with no similar expenditurecompared to $113,000 of direct exploration expenditures at Golden Crest during the three months ended June 30, 2021; (ii) a slight increase inour share of exploration costs of $444,000 at our Lik project in Alaska to $4,000(where we are responsible for one-half of the total costs incurred plus a 5% management fee) during the three months ended March 31,June 30, 2022 incurred by our joint venture partner, Teck, which included drilling expenditures, compared to $1,000our share of exploration expenditures of $82,000 during the three months ended March 31, 2021;June 30, 2021, when Teck was performing mapping and surface sampling at Lik; and (iii) an increase reconnaissance exploration expenses to $95,000expenditures of $79,000, which included activities near our claims at Golden Crest and evaluation of other exploration projects for potential acquisition during the three months ended March 31,June 30, 2022 compared to reconnaissance exploration expensesexpenditures of $87,000$28,000 during the three months ended March 31,June 30, 2021. These increasedincreases in exploration expenditures were partially offset by (i) $50,000 related toa decrease in expenditures at our Florida Canyon project, in Peru, where we substantially completed a 43-101 resource update during the three months ended March 31, 2021 compared to no Florida Canyon projectNexa was responsible for all exploration costs during the three months ended March 31,June 30, 2022 and (ii) we performed certain initial exploration evaluation expensescompared to expenditures of $9,000$14,000 during the three months ended March 31,June 30, 2021, when we independently completed certain exploration activities at our former Gold Coin project in Arizona compared to no Gold Coin costs during the three months ended March 31, 2022 as we dropped the project during 2021;  Our exploration expenditures are normally lower during the first quarter of our fiscal year as a result of weather limitations.Florida Canyon. During the three and six months ended March 31,June 30, 2022 we had twothree contract geologists working at our Golden Crest project, along with two full-time staff andas well as several part-time employees who assisted our contract geologists in collecting, organizing and testing soil and rock samples at our Golden Crest project.  OurCrest. In addition, certain of our Denver personnel spent a majorityportion of their time on Golden Crest and reconnaissance exploration activities described above and related matters. Our 2022 total exploration and development budget isWe have budgeted approximately $2,350,000 for the full-year exploration expenditure for 2022, which reflects a significant increase in the anticipated activitiesincludes approximately $1,723,000 at the Golden Crest project as well asand $574,000 for Solitario’s share of a proposed exploration andjoint drilling program with Teck at Lik.  The proposed 2022 budget does not reflect any costs for drilling the Golden Crest project or any exploration costs for projects or assets we may acquire during 2022.  Our planned exploration activities in 2022 may be modified, as necessary for any drilling programs we may undertake at Golden Crest or projects we may acquire.  Changes may occur to our planed 2022 exploration expenditures related to any number of factors including COVID-19 adjustments and delays, potential acquisition of new properties, joint venture funding, commodity prices and changes in the deployment of our capital.Lik project. We expect our full-year exploration expenditures for 2022 to be above the exploration expenditures for full-year 2021.

Exploration expense (in thousands) by project for the three months ended March 31, 2022 and 2021 consisted of the following:

General and administrative costs, excluding stock option compensation costs, discussed below, were $374,000$264,000 during the three months ended March 31,June 30, 2022 compared to $252,000$210,000 during the three months ended March 31,June 30, 2021. The major components of theseour general and administrative costs were related to (i) salaries and benefit expense of $119,000$99,000 during the three months ended March 31,June 30, 2022 compared to salary and benefit costs of $58,000 during the three months ended March 31, 2021, primarily due to a bonus of $15,000 paid to our each of our three officers during the three months ended March 31, 2022 with no similar bonus during the three months ended March 31, 2021; (ii) legal and professional expenditures of $132,000 during the three months ended March 31, 2022, compared to $68,000 during the three months ended March 31, 2021, with the increase primarily related to increased costs forJune 30, 2021; (ii) legal and accounting services, including work performed on our SK-1300 mineral reserve reports and increased legal fees related to our Golden Crest project duringexpenditures of $65,000 in the three months ended March 31, 2022;June 30, 2022 compared to $42,000 in the three months ended June 30, 2021; (iii) office rent and expenses of $20,000$32,000 during the three months ended March 31,June 30, 2022, compared to $20,000$24,000 during the three months ended March 31,June 30, 2021; and (iv) travel and shareholder relation costs of $103,000$68,000 during the three months ended March 31,June 30, 2022 compared to $106,000$76,000 during the three months ended March 31,June 30, 2021. We anticipate the full-year general and administrative costs will be higher for 2022 compared to 2021 primarily due to increased activity at both our Golden Crest and Lik projects.  2021.

We recorded $13,000 of stock option compensation expense for the amortization of unvested grant date fair value with a credit to additional paid-in-capital during the three months ended March 31,June 30, 2022 compared to $28,000$44,000 of stock option compensation expense during the three months ended March 31,June 30, 2021. The lower costs in 2022These non-cash charges related to the grant date fair value of certain option grants which became fully vested during 2021 and were no longer being amortized during 2022.  These non-cash chargesexpense for the amortization of grant date fair values are related to vesting ofon stock options outstanding during the three months ended March 31,June 30, 2022 and 2021. The primary reason for the decrease in stock option compensation expense during the three months ended June 30, 2022 compared to the three months ended June 30, 2021 was as a result of certain options previously granted becoming fully vested during 2021 and 2022, which reduced the amortization of grant date fair value expense during the three months ended June 30, 2022 compared to the same period of 2021. See Note 9,10, “Employee Stock Compensation Plans,” above, for additional information on our stock option expense.

During the three months ended March 31, 2022, we sold 500,000 shares of Vendetta common stock for proceeds of $26,000 and recorded a loss on sale of marketable equity securities of $81,000. During the three months ended March 31, 2021, we sold various shares of our of marketable equity securities for proceeds of $78,000 and recorded a gain on sale of marketable equity securities of $13,000.  See Note 3 “Marketable Equity Securities” above to the condensed consolidated financial statements for a discussion of the sale of Marketable Equity Securities.  We may sell additional shares of our holdings of marketable equity securities during the remainder of 2022; however, we do not expect sales of marketable equity securities to be a significant source of cash for the year ended December 31, 2022.

We recorded ana non-cash unrealized gainloss on marketable equity securities of $213,000$368,000 during the three months ended March 31,June 30, 2022 compared to an unrealized loss on marketable equity securities of $122,000$148,000 during the three months ended March 31, 2021. The gainJune 30, 2021.The non-cash unrealized loss during the three months ended March 31,June 30, 2022 was primarily related to an increase(i) a decrease in the value of our holdings after the sales of marketable equity securities discussed above in Note 3 “Marketable Equity Securities” to the condensed consolidated financial statements, of (i) 100,000 shares of Kinross Gold Corp. (“Kinross”) common stock, which increased fromdecreased to a fair value of $581,000$358,000 at December 31, 2021 toJune 30, 2022 from a fair value of $588,000 at March 31, 2022;2022 or a decrease of $230,000 based on quoted market prices; and (ii) 134,055a decrease in the value of our 8,000,000 shares of VoxVendetta common stock, which increaseddecreased to a fair value of $279,000 at June 30, 2022 from a fair value of $370,000$416,000 at DecemberMarch 31, 2022 or a decrease of $137,000, based on quoted market prices.  The unrealized loss during the three months ended June 30, 2021 was primarily related to (i) a decrease in the value of our holdings of 100,000 shares of Kinross common stock, which decreased to a fair value of $635,000 at June 30, 2021 from a fair value of $667,000 at March 31, 2021 or a decrease of $32,000 based on quoted market prices; and (ii) a decrease in the value of our 134,055 shares of common stock of Vox, which decreased to a fair value of $383,000 at March 31, 2022; (iii) 8,500,000 shares of Vendetta common stock, which increasedJune 30, 2022 from a fair value of $356,000 at December 31, 2021 to a fair value of $442,000$503,000 at March 31, 2022; and the transfer of $81,000 of realized loss on the sale of 500,000 shares of Vendetta common stock, discussed above, the combination of which accounted for the bulk of the unrealized loss on marketable equity securities during the quarter ended March 31, 2022.