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10-Q Filing

AMERICAN RESOURCES CORP CIK: 1590715 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0001477932-20-003428
Period End Date 20200331
Filing Date 20200617
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance arec-20200331.xml
Filing Contents
Balance Sheet 76 line items
Line Item Tag Value Unit Period
Current portion of long term-debt net of unamortized discount CurrentPortionOfLongTermDebtNetOfUnamortizedDiscount - USD Point-in-time
Current portion of long term-debt net of unamortized discount CurrentPortionOfLongTermDebtNetOfUnamortizedDiscount - USD Point-in-time
Cash Cash $3.32K USD Point-in-time
Cash Cash $43.74K USD Point-in-time
Cash Cash $7.00 USD Point-in-time
Accounts Receivable AccountsReceivableNet $2.42M USD Point-in-time
Long-term portion of note payable net of issuance costs LongtermPortionOfNotePayableNetOfIssuanceCosts $428.70K USD Point-in-time
Long-term portion of note payable net of issuance costs LongtermPortionOfNotePayableNetOfIssuanceCosts $425.82K USD Point-in-time
Accounts Receivable AccountsReceivableNet $37.40K USD Point-in-time
Inventory InventoryNet $150.50K USD Point-in-time
Inventory InventoryNet $515.63K USD Point-in-time
Prepaid fees PrepaidExpenseCurrent - USD Point-in-time
Prepaid fees PrepaidExpenseCurrent $175.00K USD Point-in-time
Accounts Receivable - Other AccountsAndOtherReceivablesNetCurrent $234.24K USD Point-in-time
Accounts Receivable - Other AccountsAndOtherReceivablesNetCurrent $234.24K USD Point-in-time
Total Current Assets AssetsCurrent $3.18M USD Point-in-time
Total Current Assets AssetsCurrent $640.89K USD Point-in-time
Cash - restricted RestrictedCashAndCashEquivalentsNoncurrent $265.49K USD Point-in-time
Cash - restricted RestrictedCashAndCashEquivalentsNoncurrent $471.64K USD Point-in-time
Cash - restricted RestrictedCashAndCashEquivalentsNoncurrent $415.49K USD Point-in-time
Processing and rail facility ProcessingAndRailFacility $12.72M USD Point-in-time
Processing and rail facility ProcessingAndRailFacility $12.55M USD Point-in-time
Underground equipment InventoryGasInStorageUndergroundNoncurrent $8.29M USD Point-in-time
Underground equipment InventoryGasInStorageUndergroundNoncurrent $8.55M USD Point-in-time
Surface equipment SurfaceEquipment $3.14M USD Point-in-time
Surface equipment SurfaceEquipment $3.22M USD Point-in-time
Acquired mining rights AcquiredMiningRight $669.86K USD Point-in-time
Acquired mining rights AcquiredMiningRight $669.86K USD Point-in-time
Coal refuse storage CoalRefuseStorages $12.17M USD Point-in-time
Coal refuse storage CoalRefuseStorages $12.17M USD Point-in-time
Less Accumulated Depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $11.16M USD Point-in-time
Less Accumulated Depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $11.98M USD Point-in-time
Land Land $1.75M USD Point-in-time
Land Land $1.75M USD Point-in-time
Note Receivable NotesAndLoansReceivableNetNoncurrent $4.12M USD Point-in-time
Note Receivable NotesAndLoansReceivableNetNoncurrent $4.12M USD Point-in-time
Total Other Assets AssetsNoncurrent $31.38M USD Point-in-time
Total Other Assets AssetsNoncurrent $32.05M USD Point-in-time
TOTAL ASSETS Assets $32.02M USD Point-in-time
TOTAL ASSETS Assets $35.23M USD Point-in-time
Accounts payable AccountsPayableCurrent $11.04M USD Point-in-time
Accounts payable AccountsPayableCurrent $11.76M USD Point-in-time
Accounts payable - related party AccountsPayableRelatedPartiesCurrent $803.60K USD Point-in-time
Accounts payable - related party AccountsPayableRelatedPartiesCurrent $718.16K USD Point-in-time
Accrued interest AccruedLiabilitiesCurrent $2.36M USD Point-in-time
Accrued interest AccruedLiabilitiesCurrent $2.87M USD Point-in-time
Due to affiliate DueToAffiliateCurrent $132.64K USD Point-in-time
Due to affiliate DueToAffiliateCurrent $132.00K USD Point-in-time
Current portion of long term-debt (net of unamortized discount of $- and $-) LongTermDebtCurrent $20.49M USD Point-in-time
Current portion of long term-debt (net of unamortized discount of $- and $-) LongTermDebtCurrent $17.94M USD Point-in-time
Convertible note payables - short term ConvertibleDebtCurrent - USD Point-in-time
Convertible note payables - short term ConvertibleDebtCurrent $7.42M USD Point-in-time
Current portion of reclamation liability AccruedReclamationCostsCurrent $2.33M USD Point-in-time
Current portion of reclamation liability AccruedReclamationCostsCurrent $2.33M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $35.34M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $45.01M USD Point-in-time
Long-term portion of note payable (net of issuance costs of $425,820 and $428,699) LongTermNotesPayable $5.42M USD Point-in-time
Long-term portion of note payable (net of issuance costs of $425,820 and $428,699) LongTermNotesPayable $5.42M USD Point-in-time
Convertible note payables - long term ConvertibleLongTermNotesPayable - USD Point-in-time
Convertible note payables - long term ConvertibleLongTermNotesPayable $9.16M USD Point-in-time
Reclamation liability ReclamationLiabilityNonCurrent $17.52M USD Point-in-time
Reclamation liability ReclamationLiabilityNonCurrent $17.51M USD Point-in-time
Total Other Liabilities LiabilitiesNoncurrent $32.10M USD Point-in-time
Total Other Liabilities LiabilitiesNoncurrent $22.93M USD Point-in-time
Total Liabilities Liabilities $67.93M USD Point-in-time
Total Liabilities Liabilities $67.44M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $90.33M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $90.99M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-126.41M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-123.03M USD Point-in-time
Total Stockholders' Equity (Deficit) StockholdersEquity $-32.70M USD Point-in-time
Total Stockholders' Equity (Deficit) StockholdersEquity $13.56M USD Point-in-time
Total Stockholders' Equity (Deficit) StockholdersEquity $-9.20M USD Point-in-time
Total Stockholders' Equity (Deficit) StockholdersEquity $-35.41M USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) LiabilitiesAndStockholdersEquity $32.02M USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) LiabilitiesAndStockholdersEquity $35.23M USD Point-in-time
Income Statement 42 line items
Line Item Tag Value Unit Period
Coal Sales CoalSales $524.33K USD 1 Quarter
Coal Sales CoalSales $6.99M USD 1 Quarter
Total Revenue Revenues $6.99M USD 1 Quarter
Total Revenue Revenues $524.33K USD 1 Quarter
Cost of Coal Sales and Processing CostOfCoalSalesAndProcessing $6.64M USD 1 Quarter
Cost of Coal Sales and Processing CostOfCoalSalesAndProcessing $1.86M USD 1 Quarter
Accretion Expense AccretionExpense $370.59K USD 1 Quarter
Accretion Expense AccretionExpense $321.70K USD 1 Quarter
Depreciation Depreciation $915.05K USD 1 Quarter
Depreciation Depreciation $816.92K USD 1 Quarter
Amortization of Mining Rights AdjustmentForAmortization $536.79K USD 1 Quarter
Amortization of Mining Rights AdjustmentForAmortization $313.22K USD 1 Quarter
General and Administrative GeneralAndAdministrativeExpense $1.37M USD 1 Quarter
General and Administrative GeneralAndAdministrativeExpense $842.92K USD 1 Quarter
Professional Fees ProfessionalFees $194.05K USD 1 Quarter
Professional Fees ProfessionalFees $4.33M USD 1 Quarter
Production Taxes and Royalties RoyaltyExpense $160.23K USD 1 Quarter
Production Taxes and Royalties RoyaltyExpense $1.26M USD 1 Quarter
Development Costs DevelopmentCosts $1.60M USD 1 Quarter
Development Costs DevelopmentCosts $128.16K USD 1 Quarter
Total Operating expenses OperatingExpenses $4.78M USD 1 Quarter
Total Operating expenses OperatingExpenses $16.89M USD 1 Quarter
Net Loss from Operations OperatingIncomeLoss $-9.89M USD 1 Quarter
Net Loss from Operations OperatingIncomeLoss $-4.26M USD 1 Quarter
Loss on payable settlement LossOnPayableSettlement $-22.66K USD 1 Quarter
Loss on payable settlement LossOnPayableSettlement - USD 1 Quarter
Other Income OtherIncome $1.41M USD 1 Quarter
Other Income OtherIncome $266.43K USD 1 Quarter
Amortization of debt discount and debt issuance costs AmortizationOfDebtDiscountAndDebtIssuanceCosts $-134.30K USD 1 Quarter
Amortization of debt discount and debt issuance costs AmortizationOfDebtDiscountAndDebtIssuanceCosts - USD 1 Quarter
Interest Income InterestIncomeOperating $41.17K USD 1 Quarter
Interest Income InterestIncomeOperating $82.34K USD 1 Quarter
Interest expense InterestExpense $324.85K USD 1 Quarter
Interest expense InterestExpense $500.64K USD 1 Quarter
Total Other income (expense) OtherNonoperatingIncomeExpense $993.71K USD 1 Quarter
Total Other income (expense) OtherNonoperatingIncomeExpense $-174.21K USD 1 Quarter
Net loss attributable to American Resources Corp. Shareholders IncomeLossAttributableToParent $-10.07M USD 1 Quarter
Net loss attributable to American Resources Corp. Shareholders IncomeLossAttributableToParent $-3.26M USD 1 Quarter
Net loss per common share - basic and diluted EarningsPerShareBasicAndDiluted $-0.12 USD 1 Quarter
Net loss per common share - basic and diluted EarningsPerShareBasicAndDiluted $-0.48 USD 1 Quarter
Weighted average common shares outstanding- basic and diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 20.80M shares 1 Quarter
Weighted average common shares outstanding- basic and diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 27.27M shares 1 Quarter
Cash Flow Statement 84 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-10.07M USD 1 Quarter
Net loss NetIncomeLoss $-3.26M USD 1 Quarter
Depreciation Depreciation $915.05K USD 1 Quarter
Depreciation Depreciation $816.92K USD 1 Quarter
Amortization of mining rights AdjustmentForAmortization $536.79K USD 1 Quarter
Amortization of mining rights AdjustmentForAmortization $313.22K USD 1 Quarter
Accretion expense AccretionExpense $370.59K USD 1 Quarter
Accretion expense AccretionExpense $321.70K USD 1 Quarter
Reduction of ARO liability due to sale of assets GainLossOnDispositionOfAssets $-312.34K USD 1 Quarter
Reduction of ARO liability due to sale of assets GainLossOnDispositionOfAssets - USD 1 Quarter
Warrant expense FairValueAdjustmentOfWarrants $2.38M USD 1 Quarter
Warrant expense FairValueAdjustmentOfWarrants $115.03K USD 1 Quarter
Issuance of common shares for services IssuanceOfStockAndWarrantsForServicesOrClaims - USD 1 Quarter
Issuance of common shares for services IssuanceOfStockAndWarrantsForServicesOrClaims $1.67M USD 1 Quarter
Stock compensation expense ShareBasedCompensation - USD 1 Quarter
Stock compensation expense ShareBasedCompensation $68.69K USD 1 Quarter
Amortization of issuance costs and debt discount AmortizationOfFinancingCosts - USD 1 Quarter
Amortization of issuance costs and debt discount AmortizationOfFinancingCosts $134.30K USD 1 Quarter
Recovery of previously impaired receivable RecoveryOfPreviouslyImpairedReceivables $-50.81K USD 1 Quarter
Recovery of previously impaired receivable RecoveryOfPreviouslyImpairedReceivables - USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $792.38K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $2.39M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-175.00K USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-335.17K USD 1 Quarter
Inventory IncreaseDecreaseInInventories $365.13K USD 1 Quarter
Inventory IncreaseDecreaseInInventories $-574.25K USD 1 Quarter
Funds held for others IncreaseDecreaseInFundsHeldForOthers - USD 1 Quarter
Funds held for others IncreaseDecreaseInFundsHeldForOthers $60.20K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-1.80M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $555.52K USD 1 Quarter
Accounts payable - related party IncreaseDecreaseInAccountsPayableRelatedParties $104.47K USD 1 Quarter
Accounts payable - related party IncreaseDecreaseInAccountsPayableRelatedParties $85.45K USD 1 Quarter
Accrued interest IncreaseDecreaseInInterestPayableNet $193.83K USD 1 Quarter
Accrued interest IncreaseDecreaseInInterestPayableNet $-506.38K USD 1 Quarter
Cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $852.39K USD 1 Quarter
Cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-5.74M USD 1 Quarter
Cash paid for PPE, net PaymentsToAcquirePropertyPlantAndEquipment $408.92K USD 1 Quarter
Cash paid for PPE, net PaymentsToAcquirePropertyPlantAndEquipment $721.44K USD 1 Quarter
Cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-408.92K USD 1 Quarter
Cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-721.44K USD 1 Quarter
Principal payments on long term debt RepaymentsOfLongTermDebt $72.25K USD 1 Quarter
Principal payments on long term debt RepaymentsOfLongTermDebt $1.37M USD 1 Quarter
Proceeds from long term debt ProceedsFromIssuanceOfLongTermDebt $28.00K USD 1 Quarter
Proceeds from long term debt ProceedsFromIssuanceOfLongTermDebt $2.00M USD 1 Quarter
Payments on factoring agreement, net NetPaymentsProceedsFromFactoringAgreement $649.26K USD 1 Quarter
Payments on factoring agreement, net NetPaymentsProceedsFromFactoringAgreement $1.81M USD 1 Quarter
Proceeds from convertible note ProceedsFromConvertibleDebt $1.60M USD 1 Quarter
Proceeds from convertible note ProceedsFromConvertibleDebt - USD 1 Quarter
Proceeds from sale of common stock, net ProceedsFromIssuanceOfCommonStock - USD 1 Quarter
Proceeds from sale of common stock, net ProceedsFromIssuanceOfCommonStock $4.25M USD 1 Quarter
Cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $4.23M USD 1 Quarter
Cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $-253.06K USD 1 Quarter
Increase (decrease) in cash and restricted cash CashAndCashEquivalentsPeriodIncreaseDecrease $-2.23M USD 1 Quarter
Increase (decrease) in cash and restricted cash CashAndCashEquivalentsPeriodIncreaseDecrease $190.42K USD 1 Quarter
Cash and restricted cash, beginning of period CashAndCashEquivalentsAtCarryingValue $2.70M USD Point-in-time
Cash and restricted cash, beginning of period CashAndCashEquivalentsAtCarryingValue $459.23K USD Point-in-time
Cash and restricted cash, beginning of period CashAndCashEquivalentsAtCarryingValue $268.81K USD Point-in-time
Cash and restricted cash, beginning of period CashAndCashEquivalentsAtCarryingValue $471.65K USD Point-in-time
Cash and restricted cash, end of period CashAndCashEquivalentsAtCarryingValue $2.70M USD Point-in-time
Cash and restricted cash, end of period CashAndCashEquivalentsAtCarryingValue $459.23K USD Point-in-time
Cash and restricted cash, end of period CashAndCashEquivalentsAtCarryingValue $268.81K USD Point-in-time
Cash and restricted cash, end of period CashAndCashEquivalentsAtCarryingValue $471.65K USD Point-in-time
Shares issued in asset acquisition SharesIssuedInAssetAcquisition - USD 1 Quarter
Shares issued in asset acquisition SharesIssuedInAssetAcquisition $24.40M USD 1 Quarter
Assumption of net assets and liabilities for asset acquisitions AssumptionOfNetAssetsAndLiabilitiesForAssetAcquisitions $6.62M USD 1 Quarter
Assumption of net assets and liabilities for asset acquisitions AssumptionOfNetAssetsAndLiabilitiesForAssetAcquisitions - USD 1 Quarter
Discount on note due to beneficial conversion feature feature $7.36M USD 1 Quarter
Discount on note due to beneficial conversion feature feature - USD 1 Quarter
Conversion of trade payable to common shares ConversionOfStockAmountConverted1 $231.66K USD 1 Quarter
Conversion of trade payable to common shares ConversionOfStockAmountConverted1 - USD 1 Quarter
Issuance of shares as part of note payable consideration consideration - USD 1 Quarter
Issuance of shares as part of note payable consideration consideration $297.83K USD 1 Quarter
Warrant exercise for common shares commonshares $60.00 USD 1 Quarter
Warrant exercise for common shares commonshares - USD 1 Quarter
Return of shares related to employee settlement settlement $11.00 USD 1 Quarter
Return of shares related to employee settlement settlement - USD 1 Quarter
Conversion of Preferred Series A Shares to common shares ConversionOfPreferredSeriesSharesToCommonShares - USD 1 Quarter
Conversion of Preferred Series A Shares to common shares ConversionOfPreferredSeriesSharesToCommonShares $161.00 USD 1 Quarter
Conversion of Preferred Series C Shares to common shares ConversionOfPreferredSerieCSharesToCommonShares $1.00 USD 1 Quarter
Conversion of Preferred Series C Shares to common shares ConversionOfPreferredSerieCSharesToCommonShares - USD 1 Quarter
Cash paid for interest InterestPaidNet $165.73K USD 1 Quarter
Cash paid for interest InterestPaidNet $557.66K USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaidNet - USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaidNet - USD 1 Quarter
Stockholders Equity 23 line items
Line Item Tag Value Unit Period
Balance, shares SharesIssued - shares Point-in-time
Balance, amount StockholdersEquity $-32.70M USD Point-in-time
Balance, amount StockholdersEquity $13.56M USD Point-in-time
Balance, amount StockholdersEquity $-9.20M USD Point-in-time
Balance, amount StockholdersEquity $-35.41M USD Point-in-time
Issuance of common shares for cash, net, amount StockIssuedDuringPeriodValueNewIssues $4.25M USD 1 Quarter
Issuance of common shares for services, amount StockIssuedDuringPeriodValueIssuedForServices $1.67M USD 1 Quarter
Issuance of common shares for asset acquisition, amount StockIssuedDuringPeriodValueAcquisitions $24.40M USD 1 Quarter
Issuance of common shares for conversion of debt and accounts payable, amount IssuanceOfCommonSharesForConversionOfDebtAndAccountsPayableAmount $49.16K USD 1 Quarter
Issuance of warrants to consultants IssuanceOfWarrantsToConsultants $2.38M USD 1 Quarter
Stock option expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions $68.69K USD 1 Quarter
Issuance of common Shares for warrant Exercise, amount IssuanceOfCommonSharesForWarrantExerciseCashlessAmount - USD 1 Quarter
Conversion of Series A into common stock, amount ConversionOfSeriesAIntoCommonStockAmount - USD 1 Quarter
Conversion of Series C into common stock, amount ConversionOfSeriesCIntoCommonStockAmount - USD 1 Quarter
Net loss NetIncomeLoss $-10.07M USD 1 Quarter
Net loss NetIncomeLoss $-3.26M USD 1 Quarter
Issuance of Warrants in conjunction with Convertible Notes ProceedsFromIssuanceOfWarrants $552.56K USD 1 Quarter
Amortization of Warrant and Option Expense InterestExpenseDebtExcludingAmortization - USD 1 Quarter
Balance, shares SharesIssued - shares Point-in-time
Balance, amount StockholdersEquity $-32.70M USD Point-in-time
Balance, amount StockholdersEquity $13.56M USD Point-in-time
Balance, amount StockholdersEquity $-9.20M USD Point-in-time
Balance, amount StockholdersEquity $-35.41M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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