A
American Resources Corp
ARECCIK 0001590715NasdaqNon-AcceleratedSmaller ReportingSilver OresFloridaFY ends Dec 31
Period
FY 2024
Revenue
$383.2K
Net Income
$-39.25M
Total Assets
$205.87M
Equity
$-80.35M
Shares Out
100.87M
Op. Cash Flow
$-22.23M
Business
American Resources Corp operates coal mining and processing businesses and related mineral development activities through multiple subsidiaries focused on coal property acquisition, mine development, processing and reclamation. Its primary products and services include metallurgical coal, pulverized coal injection (PCI) and industrial coal sales, coal preparation and rail loadout services, mine reclamation and monetization of infrastructure, along with metal recovery and rare earth purification through Electrified Materials and ReElement. The company organizes operations across seven coal operating subsidiaries and additional subsidiaries for recovered metals and critical/rare earth element processing. It conducts mining, processing and sales primarily in eastern Kentucky, western West Virginia and southwest Indiana, selling domestically and internationally via rail and third-party intermediaries.
Summary from filing dated 2025-05-19
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 | FY 2020 2020-12-31 | FY 2018 2018-12-31 |
|---|---|---|---|---|---|---|
| Coal sales | 16 | 39 | — | — | — | |
| Metal recovery and sales | 66,552 | 48,199 | — | — | — | |
| Royalty income | 556,682 | 322,075 | — | — | — | |
| Total revenue | 17 | 39 | 8 | 1 | 32 | |
| Cost of coal sales and processing | 12 | 22 | — | — | −25 | |
| Accretion | 993,165 | 1 | −1 | −1 | −1 | |
| Depreciation | 46,953 | 2 | −2 | −2 | −2 | |
| Amortization of mining rights | 1 | 1 | −1 | −1 | — | |
| General and administrative | 7 | 4 | −4 | −2 | −6 | |
| Professional fees | 1 | 1 | −1 | −1 | −1 | |
| Production taxes and royalties | 3 | 4 | −1 | −1 | −3 | |
| Gain on sale of equipment | −8 | −5 | — | — | — | |
| Development | 12 | 28 | −18 | −4 | −4 | |
| Total operating expenses | 28 | 59 | −36 | −18 | −43 | |
| Net loss from operations | −11 | −19 | −28 | −16 | −11 | |
| Other income and (expense) | 423,281 | 317,045 | — | — | — | |
| Unrealized gain on short-term investments | 499,639 | 0 | — | — | — | |
| Gain on cancelation of debt | 0 | 3 | — | — | 68,010 | |
| Gain on sales of patents | 0 | 16 | 0 | — | — | |
| Interest income | 381,324 | 30,982 | — | — | — | |
| Interest expense | −1 | −1 | −4 | −3 | −1 | |
| Total other (expenses) income | −32,753 | 18 | — | — | — | |
| Net loss | −11 | −1 | — | — | — | |
| Net loss per share - basic | −0.15 | −0.02 | — | — | — | |
| Weighted average shares outstanding - basic | 75 | 67 | — | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2022 2022-01-31 | FY 2021 2021-12-31 | FY 2020 2020-12-31 |
|---|---|---|---|---|---|---|
| Cash | 3 | 11 | — | 11 | — | |
| Accounts receivable | 0 | 660,755 | — | 3 | 38,650 | |
| Short-term investments held in Trust Account - restricted | 30 | 0 | — | — | — | |
| Inventories | 54,000 | 446,690 | — | 0 | 150,504 | |
| Prepaid expenses and other current assets | 2 | 786,576 | — | — | — | |
| Total Current Assets | 35 | 13 | — | 15 | 11 | |
| Cash - restricted | 7 | 2 | — | 1 | 583,708 | |
| Property and Equipment, net | 15 | 9 | — | 23 | 22 | |
| Right-of-use assets, net | 18 | 13 | — | — | — | |
| Investment in LLC- Related Party | 19 | 19 | — | — | — | |
| Notes receivables | 99,022 | 99,022 | — | 350,000 | 4 | |
| Total Assets | 92 | 56 | — | 43 | 38 | |
| Trade payables | 7 | 5 | — | — | — | |
| Non-trade payables | 3 | 3 | — | — | — | |
| Accounts payable - related party | 2 | 4 | — | 4 | — | |
| Accrued interest | 512,558 | 106,886 | 27,256 | 1 | 1 | |
| Other Liabilities | 200,000 | 0 | — | — | — | |
| Current portion of long term debt | 804,656 | 2 | — | — | — | |
| Current portion of convertible debt | 0 | 10 | — | — | — | |
| Operating lease liabilities | 57,663 | 82,669 | — | 151,806 | — | |
| Finance lease liabilities | 5 | 4 | — | — | — | |
| Total current liabilities | 18 | 27 | — | 17 | 21 | |
| Remediation liability | 21 | 20 | — | 19 | 18 | |
| Bond payable, net | 44 | 0 | — | — | — | |
| Operating lease liabilities, non-current | 495,611 | 547,667 | — | — | — | |
| Finance lease liabilities, non-current | 8 | 7 | — | — | — | |
| Total liabilities | 92 | 56 | — | 45 | 58 | |
| Common stock, $0.0001 par value; 230,000,000 shares authorized, 892.044 and 0 shares issued and outstanding | 7,627 | 6,680 | — | 6,508 | 4,296 | |
| Additional paid-in capital | 179 | 168 | — | 163 | 113 | |
| Accumulated deficit | −179 | −167 | — | −166 | −133 | |
| Total stockholders' equity | 223,844 | 284,696 | — | −2 | −20 | |
| Total liabilities and stockholders' equity | 92 | 56 | — | 43 | 38 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 | FY 2020 2020-12-31 | FY 2018 2018-12-31 |
|---|---|---|---|---|---|---|
| Amortization of right-to-use assets | 626,253 | 128,926 | −11,960 | 0 | — | |
| Accretion of right-to-use assets | 64,386 | 73,475 | −11,960 | — | — | |
| Amortization of issuance costs and debt discount | 52,500 | 0 | — | — | — | |
| Option Expense | 2 | 2 | 1 | 230,050 | — | |
| Unrealized gain on short-term investments | −499,639 | −9,562 | — | — | — | |
| Gain on debt forgiveness | 0 | −3 | 0 | — | — | |
| Issuance of common shares for services | 100,000 | 38,800 | 10,000 | 18,800 | — | |
| Accounts receivable | 660,755 | 3 | −3 | 2 | 531,882 | |
| Inventories | 392,690 | −446,690 | 150,504 | 365,126 | 451,296 | |
| Prepaid expenses and other current assets | −1 | −161,971 | — | — | −147,826 | |
| Accounts payable | 2 | 2 | −3 | −4 | 2 | |
| Accrued interest | 406,191 | 363,684 | 281,767 | −2 | 782,166 | |
| Accounts payable related party | −2 | 293,516 | 3 | −97,649 | 474,654 | |
| Right of use assets | 752,783 | −165,032 | — | — | — | |
| Other Liabilities | 200,000 | 0 | — | — | — | |
| Cash provided by operating activities | −15 | 3 | −29 | −14 | −3 | |
| Purchases of short-term investments | −52 | 0 | — | — | — | |
| Proceeds from sales and maturities of short-term investments | 22 | 0 | — | — | — | |
| Cash received (paid) for PPE, net | 964,319 | 17 | −3 | 417,857 | — | |
| Cash invested in note receivable | 0 | 250,978 | — | — | — | |
| Investment in LLCs | 0 | −18 | −3 | — | — | |
| Cash used in investing activities | −29 | −1 | −6 | 417,857 | −10,641 | |
| Repayments on long term debt | −1 | −2 | — | — | −2 | |
| Proceeds from long term debt | 0 | 3 | — | — | — | |
| Cash used to repurchase shares | 0 | −93,435 | 0 | — | — | |
| Repayments of finance lease liabilities | −6 | −1 | — | — | — | |
| Proceeds from tax exempt bonds, net | 44 | 0 | — | — | — | |
| Cash provided by (used for) financing activities | 37 | −1 | 36 | 24 | 6 | |
| Increase (decrease) in cash | −6 | 407,582 | — | — | — |
Filings
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