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10-Q Filing

AMERICAN RESOURCES CORP CIK: 1590715 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001477932-21-003060
Period End Date 20210331
Filing Date 20210512
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance arec-20210331.xml
Filing Contents
Balance Sheet 85 line items
Line Item Tag Value Unit Period
Unamortized discount, current portion of notes payable DebtInstrumentUnamortizedDiscountCurrent $234.18K USD Point-in-time
Cash Cash $10.62M USD Point-in-time
Unamortized discount, current portion of notes payable DebtInstrumentUnamortizedDiscountCurrent - USD Point-in-time
Cash Cash $7.10M USD Point-in-time
Debt issuance costs, long-term portion of note payable DeferredFinanceCostsNet $402.78K USD Point-in-time
Accounts Receivable AccountsReceivableNetCurrent $38.65K USD Point-in-time
Debt issuance costs, long-term portion of note payable DeferredFinanceCostsNet $405.67K USD Point-in-time
Accounts Receivable AccountsReceivableNetCurrent $3.27K USD Point-in-time
Unamortized discount, long term portion of convertible note payable DebtInstrumentUnamortizedDiscountNonCurrent $829.65K USD Point-in-time
Inventory InventoryNet $150.50K USD Point-in-time
Inventory InventoryNet $150.50K USD Point-in-time
Unamortized discount, long term portion of convertible note payable DebtInstrumentUnamortizedDiscountNonCurrent $1.85M USD Point-in-time
Prepaid fees PrepaidExpenseCurrent $241.67K 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 $7.73M USD Point-in-time
Total Current Assets AssetsCurrent $11.22M USD Point-in-time
Cash - restricted RestrictedCashAndCashEquivalentsNoncurrent $1.23M USD Point-in-time
Cash - restricted RestrictedCashAndCashEquivalentsNoncurrent $583.71K USD Point-in-time
Processing and rail facility ProcessingAndRailFacility $11.59M USD Point-in-time
Processing and rail facility ProcessingAndRailFacility $11.59M USD Point-in-time
Underground equipment InventoryGasInStorageUndergroundNoncurrent $7.40M USD Point-in-time
Underground equipment InventoryGasInStorageUndergroundNoncurrent $6.84M USD Point-in-time
Surface equipment SurfaceEquipment $2.53M USD Point-in-time
Surface equipment SurfaceEquipment $2.53M USD Point-in-time
Acquired mining rights AcquiredMiningRights $561.58K USD Point-in-time
Acquired mining rights AcquiredMiningRights $561.58K USD Point-in-time
Coal refuse storage CoalRefuseStorages $12.13M USD Point-in-time
Coal refuse storage CoalRefuseStorages $12.13M USD Point-in-time
Less Accumulated Depreciation RealEstateInvestmentPropertyAccumulatedDepreciation $12.73M USD Point-in-time
Less Accumulated Depreciation RealEstateInvestmentPropertyAccumulatedDepreciation $13.43M USD Point-in-time
Land Land $1.57M USD Point-in-time
Land Land $1.57M USD Point-in-time
Investment in LLC - Related Party InvestmentInLlcRelatedParty - USD Point-in-time
Investment in LLC - Related Party InvestmentInLlcRelatedParty $2.27M USD Point-in-time
Note Receivable NotesReceivableNet $4.12M USD Point-in-time
Note Receivable NotesReceivableNet $4.12M USD Point-in-time
Total Other Assets AssetsNoncurrent $27.20M USD Point-in-time
Total Other Assets AssetsNoncurrent $29.98M USD Point-in-time
TOTAL ASSETS Assets $38.42M USD Point-in-time
TOTAL ASSETS Assets $37.71M USD Point-in-time
Accounts payable AccountsPayableAndAccruedLiabilitiesCurrent $3.05M USD Point-in-time
Accounts payable AccountsPayableAndAccruedLiabilitiesCurrent $4.29M USD Point-in-time
Non-Trade Payables NonTradePayables $3.48M USD Point-in-time
Non-Trade Payables NonTradePayables $3.85M USD Point-in-time
Accounts payable - related party AccountsPayableRelatedPartiesCurrent $712.87K USD Point-in-time
Accounts payable - related party AccountsPayableRelatedPartiesCurrent $679.15K USD Point-in-time
Accrued interest AccruedLiabilitiesCurrent $2.87M USD Point-in-time
Accrued interest AccruedLiabilitiesCurrent $247.27K USD Point-in-time
Accrued interest AccruedLiabilitiesCurrent $1.04M USD Point-in-time
Due to affiliate DueToAffiliateCurrent $74.00K USD Point-in-time
Due to affiliate DueToAffiliateCurrent $74.00K USD Point-in-time
Current portion of long term-debt LongTermDebtCurrent $11.00M USD Point-in-time
Current portion of long term-debt LongTermDebtCurrent $5.81M USD Point-in-time
Convertible note payables - short term (net of unamortized discount of $234,184 and $0) ConvertibleSubordinatedDebtCurrent - USD Point-in-time
Convertible note payables - short term (net of unamortized discount of $234,184 and $0) ConvertibleSubordinatedDebtCurrent $10.91M 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 $26.60M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $23.26M USD Point-in-time
Long-term portion of note payable (net of issuance costs of $402,788 and $405,667) LongTermNotesPayable $5.03M USD Point-in-time
Long-term portion of note payable (net of issuance costs of $402,788 and $405,667) LongTermNotesPayable $5.33M USD Point-in-time
Convertible note payables - long term (net of unamortized discount of $829,650 and $1,854,421) ConvertibleNotesPayableCurrent $14.30M USD Point-in-time
Convertible note payables - long term (net of unamortized discount of $829,650 and $1,854,421) ConvertibleNotesPayableCurrent $2.59M USD Point-in-time
Reclamation liability ReclamationLiability $15.83M USD Point-in-time
Reclamation liability ReclamationLiability $15.53M USD Point-in-time
Total Other Liabilities LiabilitiesNoncurrent $35.16M USD Point-in-time
Total Other Liabilities LiabilitiesNoncurrent $23.46M USD Point-in-time
Total Liabilities Liabilities $58.42M USD Point-in-time
Total Liabilities Liabilities $50.06M USD Point-in-time
AREC - Class A Common stock: $.0001 par value; 230,000,000 shares authorized, 50,014,410 and 40,522,762 shares issued and outstanding CommonStockValue $4.26K USD Point-in-time
AREC - Class A Common stock: $.0001 par value; 230,000,000 shares authorized, 50,014,410 and 40,522,762 shares issued and outstanding CommonStockValue $4.98K USD Point-in-time
AREC - Series A Preferred stock: $.0001 par value; 100,000 shares authorized, nil and nil shares issued and outstanding PreferredStockValue - USD Point-in-time
AREC - Series A Preferred stock: $.0001 par value; 100,000 shares authorized, nil and nil shares issued and outstanding PreferredStockValue - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $127.44M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $113.28M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-139.79M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-133.29M USD Point-in-time
Total Stockholders' Equity (Deficit) StockholdersEquity $-12.35M USD Point-in-time
Total Stockholders' Equity (Deficit) StockholdersEquity $-35.41M USD Point-in-time
Total Stockholders' Equity (Deficit) StockholdersEquity $-32.70M USD Point-in-time
Total Stockholders' Equity (Deficit) StockholdersEquity $-20.01M USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) LiabilitiesAndStockholdersEquity $38.42M USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) LiabilitiesAndStockholdersEquity $37.71M USD Point-in-time
Income Statement 43 line items
Line Item Tag Value Unit Period
Coal Sales CoalSales $3.27K USD 1 Quarter
Coal Sales CoalSales $524.33K USD 1 Quarter
Royalty Income RoyaltyIncome - USD 1 Quarter
Royalty Income RoyaltyIncome $7.37K USD 1 Quarter
Total Revenue Revenues $524.33K USD 1 Quarter
Total Revenue Revenues $10.65K USD 1 Quarter
Cost of Coal Sales and Processing CostOfRevenue $800.51K USD 1 Quarter
Cost of Coal Sales and Processing CostOfRevenue $1.86M USD 1 Quarter
Cost of Coal Sales and Processing CostOfRevenue $1.27M USD Point-in-time
Accretion Expense AccretionExpense $370.59K USD 1 Quarter
Accretion Expense AccretionExpense $305.64K USD 1 Quarter
Depreciation Depreciation $915.05K USD 1 Quarter
Depreciation Depreciation $393.53K USD 1 Quarter
Amortization of Mining Rights AmortizationOfIntangibleAssets $313.22K USD 1 Quarter
Amortization of Mining Rights AmortizationOfIntangibleAssets $311.69K USD 1 Quarter
General and Administrative GeneralAndAdministrativeExpense $1.08M USD 1 Quarter
General and Administrative GeneralAndAdministrativeExpense $842.92K USD 1 Quarter
Professional Fees ProfessionalFees $194.05K USD 1 Quarter
Professional Fees ProfessionalFees $710.03K USD 1 Quarter
Production Taxes and Royalties RoyaltyExpense $568.18K USD 1 Quarter
Production Taxes and Royalties RoyaltyExpense $160.23K USD 1 Quarter
Development Costs DevelopmentCosts $128.16K USD 1 Quarter
Development Costs DevelopmentCosts $1.81M USD 1 Quarter
Total Operating expenses OperatingExpenses $5.98M USD 1 Quarter
Total Operating expenses OperatingExpenses $4.78M USD 1 Quarter
Net Loss from Operations OperatingIncomeLoss $-5.97M USD 1 Quarter
Net Loss from Operations OperatingIncomeLoss $-4.26M USD 1 Quarter
Other Income OtherIncome $35.30K USD 1 Quarter
Other Income OtherIncome $1.41M USD 1 Quarter
Amortization of debt discount and debt issuance costs AmortizationOfFinancingCostsAndDiscounts - USD 1 Quarter
Amortization of debt discount and debt issuance costs AmortizationOfFinancingCostsAndDiscounts $2.88K USD 1 Quarter
Interest Income InterestIncomeOperating $41.17K USD 1 Quarter
Interest Income InterestIncomeOperating $82.34K USD 1 Quarter
Interest expense InterestExpense $491.11K 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 $-417.52K USD 1 Quarter
Net loss attributable to American Resources Corp. Shareholders IncomeLossAttributableToParent $-3.26M USD 1 Quarter
Net loss attributable to American Resources Corp. Shareholders IncomeLossAttributableToParent $-6.39M 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 $-0.14 USD 1 Quarter
Weighted average common shares outstanding- basic and diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 46.92M shares 1 Quarter
Weighted average common shares outstanding- basic and diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 27.27M shares 1 Quarter
Cash Flow Statement 72 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-3.26M USD 1 Quarter
Net loss NetIncomeLoss $-6.39M USD 1 Quarter
Depreciation DepreciationAndAmortization $915.05K USD 1 Quarter
Depreciation DepreciationAndAmortization $393.53K USD 1 Quarter
Amortization of mining rights AmortizationOfIntangibleAsset $311.69K USD 1 Quarter
Amortization of mining rights AmortizationOfIntangibleAsset $313.22K USD 1 Quarter
Accretion expense AccretionExpense $370.59K USD 1 Quarter
Accretion expense AccretionExpense $305.64K USD 1 Quarter
Reduction of ARO liability due to sale of assets LiabilitiesAssumed1 $-312.34K USD 1 Quarter
Reduction of ARO liability due to sale of assets LiabilitiesAssumed1 - USD 1 Quarter
Warrant expense FairValueAdjustmentOfWarrants $115.03K USD 1 Quarter
Warrant expense FairValueAdjustmentOfWarrants $115.03K USD 1 Quarter
Issuance of common share options for compensation StockIssuedDuringPeriodValueShareBasedCompensationGross $147.00K USD 1 Quarter
Issuance of common share options for compensation StockIssuedDuringPeriodValueShareBasedCompensationGross - USD 1 Quarter
Amortization of beneficial conversion feature AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature $590.46K USD 1 Quarter
Amortization of beneficial conversion feature AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature - USD 1 Quarter
Issuance of common shares for services IssuanceOfCommonSharesForServices $188.00K USD 1 Quarter
Issuance of common shares for services IssuanceOfCommonSharesForServices - USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $2.39M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $35.38K USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidExpense $-66.67K USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidExpense $-175.00K USD 1 Quarter
Inventory IncreaseDecreaseInInventories - USD 1 Quarter
Inventory IncreaseDecreaseInInventories $365.13K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-1.61M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $555.52K USD 1 Quarter
Accounts payable - related party IncreaseDecreaseInAccountsPayableRelatedParties $85.45K USD 1 Quarter
Accounts payable - related party IncreaseDecreaseInAccountsPayableRelatedParties $33.73K USD 1 Quarter
Accrued interest IncreaseDecreaseInInterestPayableNet $-796.25K USD 1 Quarter
Accrued interest IncreaseDecreaseInInterestPayableNet $-506.38K USD 1 Quarter
Cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-6.75M USD 1 Quarter
Cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $852.39K USD 1 Quarter
Cash paid for PPE, net CashPaidForPpeNet $565.00K USD 1 Quarter
Cash paid for PPE, net CashPaidForPpeNet $408.92K USD 1 Quarter
Investment in LLC InvestmentInLlc - USD 1 Quarter
Investment in LLC InvestmentInLlc $2.27M USD 1 Quarter
Cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-408.92K USD 1 Quarter
Cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-2.84M USD 1 Quarter
Principal payments on long term debt ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities $-62.29K USD 1 Quarter
Principal payments on long term debt ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities $-72.25K USD 1 Quarter
Proceeds from long term debt ProceedsFromIssuanceOfLongTermDebt - USD 1 Quarter
Proceeds from long term debt ProceedsFromIssuanceOfLongTermDebt $28.00K USD 1 Quarter
Issuance of common shares for debt and payable conversion ProceedsFromDebtNetOfIssuanceCosts $2.00M USD 1 Quarter
Issuance of common shares for debt and payable conversion ProceedsFromDebtNetOfIssuanceCosts - USD 1 Quarter
Payments on factoring agreement, net PaymentsOnFactoringAgreementNet $1.81M USD 1 Quarter
Payments on factoring agreement, net PaymentsOnFactoringAgreementNet - USD 1 Quarter
Proceeds from convertible note ProceedsFromIssuanceOfSeniorLongTermDebt $1.62M USD 1 Quarter
Proceeds from convertible note ProceedsFromIssuanceOfSeniorLongTermDebt $1.60M USD 1 Quarter
Proceeds from warrant conversions ProceedsFromWarrantExercises $2.06M USD 1 Quarter
Proceeds from warrant conversions ProceedsFromWarrantExercises - USD 1 Quarter
Proceeds from sale of common stock, net ProceedsFromIssuanceOfCommonStock - USD 1 Quarter
Proceeds from sale of common stock, net ProceedsFromIssuanceOfCommonStock $1.11M USD 1 Quarter
Cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $-253.06K USD 1 Quarter
Cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $6.72M USD 1 Quarter
Increase (decrease) in cash and restricted cash CashAndCashEquivalentsPeriodIncreaseDecrease $190.42K USD 1 Quarter
Increase (decrease) in cash and restricted cash CashAndCashEquivalentsPeriodIncreaseDecrease $-2.87M USD 1 Quarter
Cash and restricted cash, beginning of period CashAndCashEquivalentsAtCarryingValue $11.20M USD Point-in-time
Cash and restricted cash, beginning of period CashAndCashEquivalentsAtCarryingValue $8.33M 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, end of period CashAndCashEquivalentsAtCarryingValue $11.20M USD Point-in-time
Cash and restricted cash, end of period CashAndCashEquivalentsAtCarryingValue $8.33M 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
Conversion of debt and trade payables to common shares ConversionOfDebtAndTradePayablesToCommonShares - USD 1 Quarter
Conversion of debt and trade payables to common shares ConversionOfDebtAndTradePayablesToCommonShares $2.00M USD 1 Quarter
Discount on note due to beneficial conversion feature DiscountOnNoteDueToBeneficialConversionFeature $715.74K USD 1 Quarter
Discount on note due to beneficial conversion feature DiscountOnNoteDueToBeneficialConversionFeature - USD 1 Quarter
Cash paid for interest InterestPaidNet $165.73K USD 1 Quarter
Cash paid for interest InterestPaidNet $42.43K USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaidNet - USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaidNet - USD 1 Quarter
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Balance, amount StockholdersEquity $-12.35M USD Point-in-time
Balance, amount StockholdersEquity $-35.41M USD Point-in-time
Balance, amount StockholdersEquity $-32.70M USD Point-in-time
Balance, amount StockholdersEquity $-20.01M USD Point-in-time
Issuance of Warrants in conjunction with Convertible Notes IssuanceOfWarrantsInConjunctionWithConvertibleNotes $552.56K USD 1 Quarter
Amortization of Warrant and Option Expense AmortizationOfWarrantAndOptionExpense - USD 1 Quarter
Net loss NetIncomeLoss $-3.26M USD 1 Quarter
Net loss NetIncomeLoss $-6.39M USD 1 Quarter
Stock Compensation - Options ShareBasedCompensation $147.00K USD 1 Quarter
Shares issued in connection with warrant conversions, amount StockIssuedDuringPeriodValueConversionOfConvertibleSecurities $2.06M USD 1 Quarter
Amortization of beneficial conversion features AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature $590.46K USD 1 Quarter
Amortization of beneficial conversion features AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature - USD 1 Quarter
Shares issued in connection with debt and payable conversions, amount StockIssuedDuringPeriodValueConversionOfUnits $9.85M USD 1 Quarter
Shares issued pursuant to restricted stock offering, amount StockIssuedDuringPeriodValueOther $1.10M USD 1 Quarter
Shares issued for services, amount StockIssuedDuringPeriodValueIssuedForServices $188.00K USD 1 Quarter
Amortization of Warrant and Stock Option Expense AmortizationOfWarrantAndStockOptionExpense $115.03K USD 1 Quarter
Balance, amount StockholdersEquity $-12.35M USD Point-in-time
Balance, amount StockholdersEquity $-35.41M USD Point-in-time
Balance, amount StockholdersEquity $-32.70M USD Point-in-time
Balance, amount StockholdersEquity $-20.01M USD Point-in-time

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

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