10-K Filing

AMERICAN RESOURCES CORP CIK: 1590715 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001477932-23-002105`
Period End Date	20221231
Filing Date	20230331
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	arec_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 50 Cash Flow Statement 78 Stockholders Equity 22

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Unamortized discount, current portion of notes payable	`DebtInstrumentUnamortizedDiscountCurrent`	$18.11K	USD	Point-in-time
Unamortized discount, current portion of notes payable	`DebtInstrumentUnamortizedDiscountCurrent`	-	USD	Point-in-time
Unamortized discount, current portion of Convertible notes payable	`UnamortizedDiscountCurrentPortionOfConvertibleNotesPayable`	$22.55K	USD	Point-in-time
Unamortized discount, current portion of Convertible notes payable	`UnamortizedDiscountCurrentPortionOfConvertibleNotesPayable`	-	USD	Point-in-time
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashEquivalentsAtCarryingValue`	$11.49M	USD	Point-in-time
Cash	`CashEquivalentsAtCarryingValue`	$8.87M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	230.00M	shares	Point-in-time
Receivables	`AccountsReceivableNetCurrent`	$660.75K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	230.00M	shares	Point-in-time
Receivables	`AccountsReceivableNetCurrent`	$3.18M	USD	Point-in-time
Inventory	`InventoryNet`	$446.69K	USD	Point-in-time
Inventory	`InventoryNet`	-	USD	Point-in-time
Common Stock, Shares Issued	`CommonStockSharesIssued`	66.78M	shares	Point-in-time
Common Stock, Shares Issued	`CommonStockSharesIssued`	65.08M	shares	Point-in-time
Prepaid fees and deposits	`PrepaidExpenseCurrent`	$624.61K	USD	Point-in-time
Prepaid fees and deposits	`PrepaidExpenseCurrent`	$786.58K	USD	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	65.08M	shares	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	66.78M	shares	Point-in-time
Advances to related party	`AdvancesToRelatedPartyCurrent`	$5.00K	USD	Point-in-time
Advances to related party	`AdvancesToRelatedPartyCurrent`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.76M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.30M	USD	Point-in-time
Cash - restricted	`RestrictedCashAndCashEquivalentsNoncurrent`	$2.12M	USD	Point-in-time
Cash - restricted	`RestrictedCashAndCashEquivalentsNoncurrent`	$1.10M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$22.90M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$9.11M	USD	Point-in-time
Long-term right of use assets, net	`OperatingLeaseRightOfUseAsset`	$13.03M	USD	Point-in-time
Long-term right of use assets, net	`OperatingLeaseRightOfUseAsset`	$726.19K	USD	Point-in-time
Investment in llc- related party	`InvestmentInLlcRelatedParty`	$20.78M	USD	Point-in-time
Investment in llc- related party	`InvestmentInLlcRelatedParty`	$2.50M	USD	Point-in-time
Notes receivables	`NotesReceivableNet`	$99.02K	USD	Point-in-time
Notes receivables	`NotesReceivableNet`	$350.00K	USD	Point-in-time
Total assets	`Assets`	$55.92M	USD	Point-in-time
Total assets	`Assets`	$42.87M	USD	Point-in-time
Trade payables	`TradePayables`	$3.25M	USD	Point-in-time
Trade payables	`TradePayables`	$4.92M	USD	Point-in-time
Non-trade payables	`NonTradePayables`	$1.95M	USD	Point-in-time
Non-trade payables	`NonTradePayables`	$2.52M	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartyCurrent`	$3.93M	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartyCurrent`	$4.30M	USD	Point-in-time
Accrued interest	`AccruedLiabilitiesCurrent`	$106.89K	USD	Point-in-time
Accrued interest	`AccruedLiabilitiesCurrent`	$27.26K	USD	Point-in-time
Accrued interest	`AccruedLiabilitiesCurrent`	$1.33M	USD	Point-in-time
Due to affiliate	`DueToAffiliateCurrentAmount`	-	USD	Point-in-time
Due to affiliate	`DueToAffiliateCurrentAmount`	$74.00K	USD	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$5.28M	USD	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$1.92M	USD	Point-in-time
Current portion of convertible debt (net of unamortized discount of $0 and $18,106)	`ConvertibleSubordinatedDebtCurrent`	$571.62K	USD	Point-in-time
Current portion of convertible debt (net of unamortized discount of $0 and $18,106)	`ConvertibleSubordinatedDebtCurrent`	$9.79M	USD	Point-in-time
Current portion of lease liabilities, net	`OperatingLeaseLiabilityCurrent`	$3.89M	USD	Point-in-time
Current portion of lease liabilities, net	`OperatingLeaseLiabilityCurrent`	$151.81K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.54M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$27.44M	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$548.48K	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	-	USD	Point-in-time
Convertible note payables (net of unamortized discount of $0 and $22,549)	`ConvertibleNotesPayable`	-	USD	Point-in-time
Convertible note payables (net of unamortized discount of $0 and $22,549)	`ConvertibleNotesPayable`	$8.62M	USD	Point-in-time
Remediation liability	`AccruedReclamationCostsCurrent`	$20.30M	USD	Point-in-time
Remediation liability	`AccruedReclamationCostsCurrent`	$18.95M	USD	Point-in-time
Lease liabilities, net	`LeaseLiabilitiesNet`	$548.48K	USD	Point-in-time
Lease liabilities, net	`LeaseLiabilitiesNet`	$7.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$55.63M	USD	Point-in-time
Total liabilities	`Liabilities`	$45.13M	USD	Point-in-time
Common stock: $0.0001 par value; 230,000,000 shares authorized, 66,777,620 and 65,084,992 shares issued and outstanding	`CommonStockValue`	$6.51K	USD	Point-in-time
Common stock: $0.0001 par value; 230,000,000 shares authorized, 66,777,620 and 65,084,992 shares issued and outstanding	`CommonStockValue`	$6.68K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$163.44M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$167.52M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-167.24M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-165.79M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-20.01M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.35M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$284.70K	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$42.87M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$55.92M	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
Coal sales	`CoalSales`	$39.10M	USD	Annual
Coal sales	`CoalSales`	$7.52M	USD	Annual
Metal recovery and sales	`MetalRecoveryAndSales`	$159.60K	USD	Annual
Metal recovery and sales	`MetalRecoveryAndSales`	$48.20K	USD	Annual
Royalty income	`RoyaltyIncome`	$322.07K	USD	Annual
Royalty income	`RoyaltyIncome`	$76.92K	USD	Annual
Total revenue	`Revenues`	$7.76M	USD	Annual
Total revenue	`Revenues`	$39.47M	USD	Annual
Cost of coal sales and processing	`CostOfRevenue`	$7.09M	USD	Annual
Cost of coal sales and processing	`CostOfRevenue`	$21.69M	USD	Annual
Accretion	`AccretionExpense`	$1.34M	USD	Annual
Accretion	`AccretionExpense`	$1.10M	USD	Annual
Depreciation	`Depreciation`	$2.16M	USD	Annual
Depreciation	`Depreciation`	$1.98M	USD	Annual
Amortization of mining rights	`AmortizationOfIntangibleAssets`	$1.24M	USD	Annual
Amortization of mining rights	`AmortizationOfIntangibleAssets`	$1.25M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$3.88M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$4.02M	USD	Annual
Professional fees	`ProfessionalFees`	$1.39M	USD	Annual
Professional fees	`ProfessionalFees`	$1.10M	USD	Annual
Production taxes and royalties	`RoyaltyExpense`	$3.79M	USD	Annual
Production taxes and royalties	`RoyaltyExpense`	$1.31M	USD	Annual
Development	`DevelopmentCosts`	$28.13M	USD	Annual
Development	`DevelopmentCosts`	$18.10M	USD	Annual
Total expenses from operations	`OperatingExpenses`	$63.47M	USD	Annual
Total expenses from operations	`OperatingExpenses`	$36.09M	USD	Annual
Net loss from operations	`OperatingIncomeLoss`	$-28.33M	USD	Annual
Net loss from operations	`OperatingIncomeLoss`	$-24.00M	USD	Annual
Other income and (expense)	`NonoperatingIncomeExpense`	$312.18K	USD	Annual
Other income and (expense)	`NonoperatingIncomeExpense`	$-232.99K	USD	Annual
Unrealized gain on trading securities	`UnrealizedGainOnTradingSecurities`	$4.87K	USD	Annual
Unrealized gain on trading securities	`UnrealizedGainOnTradingSecurities`	-	USD	Annual
Gain on cancelation of debt	`EstimateOfCancellations`	$3.12M	USD	Annual
Gain on cancelation of debt	`EstimateOfCancellations`	-	USD	Annual
Gain on Sales of Assets	`GainLossOnDispositionOfAssets`	$4.51M	USD	Annual
Gain on Sales of Assets	`GainLossOnDispositionOfAssets`	-	USD	Annual
Gain on Sales of Patents	`GainOnSaleOfInvestments`	$16.00M	USD	Annual
Gain on Sales of Patents	`GainOnSaleOfInvestments`	-	USD	Annual
Amortization of debt discount and debt issuance costs	`AmortizationOfDebtDiscountAndDebtIssuanceCosts`	$-8.64K	USD	Annual
Amortization of debt discount and debt issuance costs	`AmortizationOfDebtDiscountAndDebtIssuanceCosts`	-	USD	Annual
Interest income	`InterestIncomeOperating`	$30.98K	USD	Annual
Interest income	`InterestIncomeOperating`	$230.53K	USD	Annual
Interest expense	`InterestExpense`	$1.43M	USD	Annual
Interest expense	`InterestExpense`	$4.16M	USD	Annual
Net loss attributable to American Resources Corporation shareholders	`IncomeLossAttributableToParent`	$-1.45M	USD	Annual
Net loss attributable to American Resources Corporation shareholders	`IncomeLossAttributableToParent`	$-32.50M	USD	Annual
Net loss per share - basic and diluted	`EarningsPerSharesBasicAndDiluted`	$-0.59	USD	Annual
Net loss per share - basic and diluted	`EarningsPerSharesBasicAndDiluted`	$-0.02	USD	Annual
Weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicsAndDiluted`	55.22M	shares	Annual
Weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicsAndDiluted`	66.32M	shares	Annual

Cash Flow Statement 78 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$32.50M	USD	Annual
Net loss	`ProfitLoss`	$1.45M	USD	Annual
Depreciation expense	`DepreciationAndAmortization`	$2.16M	USD	Annual
Depreciation expense	`DepreciationAndAmortization`	$1.98M	USD	Annual
Amortization of mining rights	`AmortizationOfIntangibleAsset`	$1.25M	USD	Annual
Amortization of mining rights	`AmortizationOfIntangibleAsset`	$1.24M	USD	Annual
Accretion expense	`AccretionExpense`	$1.34M	USD	Annual
Accretion expense	`AccretionExpense`	$1.10M	USD	Annual
Accretion of Right to Use Assets	`OperatingLeaseAccretionOfRightToUseAssets`	$-11.96K	USD	Annual
Accretion of Right to Use Assets	`OperatingLeaseAccretionOfRightToUseAssets`	$-946.87K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountAndIssuanceCosts`	-	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountAndIssuanceCosts`	$-571.56K	USD	Annual
Option Expense	`StockOptionPlanExpense`	$1.74M	USD	Annual
Option Expense	`StockOptionPlanExpense`	$1.09M	USD	Annual
Net Discount	`DebtInstrumentNetDiscount`	$206.72K	USD	Annual
Net Discount	`DebtInstrumentNetDiscount`	-	USD	Annual
Discount Amortization Conversion	`DiscountAmortizationConver`	$580.20K	USD	Annual
Discount Amortization Conversion	`DiscountAmortizationConver`	-	USD	Annual
Gain on debt forgiveness	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Gain on debt forgiveness	`GainsLossesOnExtinguishmentOfDebt`	$-3.05M	USD	Annual
Issuance of common shares for services	`IssuanceOfCommonSharesForServices`	$10.00K	USD	Annual
Issuance of common shares for services	`IssuanceOfCommonSharesForServices`	$38.80K	USD	Annual
Loan forgiveness - NMTC	`LoanForgivenessNmtc`	$-397.03K	USD	Annual
Loan forgiveness - NMTC	`LoanForgivenessNmtc`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.51M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.91M	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-150.50K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$446.69K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$161.97K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$449.61K	USD	Annual
Accounts payable	`LossOnSettlementOfAccountsPayableWithCommonShares`	$2.94M	USD	Annual
Accounts payable	`LossOnSettlementOfAccountsPayableWithCommonShares`	$-2.43M	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$363.68K	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$281.77K	USD	Annual
Accounts payable related party- Due to Affiliates	`IncreaseDecreaseInAccountsPayableRelatedParties`	$3.25M	USD	Annual
Accounts payable related party- Due to Affiliates	`IncreaseDecreaseInAccountsPayableRelatedParties`	$293.52K	USD	Annual
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-29.09M	USD	Annual
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.07M	USD	Annual
Cash received (paid) for PPE, net	`CashReceivedPaidForPpeNet`	$10.39M	USD	Annual
Cash received (paid) for PPE, net	`CashReceivedPaidForPpeNet`	$-3.07M	USD	Annual
Cash invested in note receivable	`CashInvestedInNoteReceivable`	$350.00K	USD	Annual
Cash invested in note receivable	`CashInvestedInNoteReceivable`	$250.98K	USD	Annual
Investment in LLCs	`InvestmentInLlcs`	$2.50M	USD	Annual
Investment in LLCs	`InvestmentInLlcs`	$18.28M	USD	Annual
Cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.92M	USD	Annual
Cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.64M	USD	Annual
Principal payments on long term debt	`PrincipalPaymentsOnLongTermDebt`	$-2.21M	USD	Annual
Principal payments on long term debt	`PrincipalPaymentsOnLongTermDebt`	$-672.42K	USD	Annual
Sale of Common Stock for Cash	`SaleOfCommonStockForCashInConnectionWithPublicOffering`	-	USD	Annual
Sale of Common Stock for Cash	`SaleOfCommonStockForCashInConnectionWithPublicOffering`	$29.22M	USD	Annual
Cash received from warrant and option conversions	`CashReceivedFromWarrantAndOptionConversions`	$2.67M	USD	Annual
Cash received from warrant and option conversions	`CashReceivedFromWarrantAndOptionConversions`	-	USD	Annual
Proceeds from convertible note	`ProceedsFromConvertibleDebt`	-	USD	Annual
Proceeds from convertible note	`ProceedsFromConvertibleDebt`	$600.00K	USD	Annual
Convertible Note Conversions	`ConvertibleNoteConversions`	-	USD	Annual
Convertible Note Conversions	`ConvertibleNoteConversions`	$-8.56M	USD	Annual
Capitalized Interest	`ProceedsFromCapitalizedInterest`	$1.68M	USD	Annual
Capitalized Interest	`ProceedsFromCapitalizedInterest`	-	USD	Annual
Issuance of common shares for debt settlement	`ProceedsFromIssuanceOrSaleOfEquity`	$-5.65M	USD	Annual
Issuance of common shares for debt settlement	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	Annual
Proceeds from long term debt	`ProceedsFromIssuanceOfLongTermDebt`	$2.56M	USD	Annual
Proceeds from long term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	Annual
Cash used to repurchase shares	`ProceedsFromCashUsedToRepurchaseShares`	-	USD	Annual
Cash used to repurchase shares	`ProceedsFromCashUsedToRepurchaseShares`	$-93.44K	USD	Annual
Principal payments on finance lease	`FinanceLeasePrincipalPayments`	$286.57K	USD	Annual
Principal payments on finance lease	`FinanceLeasePrincipalPayments`	-	USD	Annual
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$36.40M	USD	Annual
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-31.61K	USD	Annual
Increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.60M	USD	Annual
Increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.39M	USD	Annual
Cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.59M	USD	Point-in-time
Cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.20M	USD	Point-in-time
Cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.99M	USD	Point-in-time
Cash, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.59M	USD	Point-in-time
Cash, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.20M	USD	Point-in-time
Cash, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.99M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$23.17K	USD	Annual
Cash paid for interest	`InterestPaidNet`	$708.08K	USD	Annual

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Balance, amount	`StockholdersEquity`	$-20.01M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-2.35M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$284.70K	USD	Point-in-time
Shares issued in connection with registered offering, amount	`SharesIssuedInConnectionWithRegisteredOfferingAmount`	$29.22M	USD	Annual
Shares issued in connection with warrant and option conversions, amount	`SharesIssuedInConnectionWithWarrantAndOptionConversionsAmount`	$2.67M	USD	Annual
Shares issued in connection with warrant and option conversions, amount	`SharesIssuedInConnectionWithWarrantAndOptionConversionsAmount`	$756.61K	USD	Annual
Shares issued in connection with debt and payable conversions, amount	`SharesIssuedInConnectionWithDebtAndPayableConversionsAmount`	$2.43M	USD	Annual
Shares issued in connection with debt and payable conversions, amount	`SharesIssuedInConnectionWithDebtAndPayableConversionsAmount`	$16.73M	USD	Annual
Shares issued for services, amount	`StockIssuedDuringPeriodValueIssuedForServices`	$38.80K	USD	Annual
Shares issued for services, amount	`StockIssuedDuringPeriodValueIssuedForServices`	$10.00K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$-40.66K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$-580.20K	USD	Annual
Stock compensation - options	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$1.09M	USD	Annual
Stock compensation - options	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$985.53K	USD	Annual
Assumption of membership interest	`AssumptionOfMembershipInterest`	$1.03M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.45M	USD	Annual
Net loss	`NetIncomeLoss`	$-32.50M	USD	Annual
Repurchase of Shares Outstanding, shares	`RepurchaseOfSharesOutstandingShares`	86,410.00	shares	Annual
Repurchase of Shares Outstanding, amount	`RepurchaseOfSharesOutstandingAmount`	$-93.44K	USD	Annual
Balance, amount	`StockholdersEquity`	$-20.01M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-2.35M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$284.70K	USD	Point-in-time

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