American Resources Corp. Files Q1 2024 10-Q/A

TL;DR

ARC filed Q1 10-Q/A: $230M assets, $77.3M liabilities. Check financials.

AI Summary

American Resources Corp. filed a 10-Q/A on May 22, 2024, for the period ending March 31, 2024. The filing details financial performance and operational updates for the first quarter of 2024. Key figures include total assets of $230 million and total liabilities of $77.3 million, resulting in a net loss for the period.

Why It Matters

This filing provides investors with an updated view of American Resources Corp.'s financial health and operational status as of the end of the first quarter of 2024.

Risk Assessment

Risk Level: medium — The company operates in the coal mining industry, which is subject to significant regulatory, environmental, and market risks.

Key Numbers

• $230.0M — Total Assets (As of March 31, 2024, indicating the company's total resources.)
• $77.3M — Total Liabilities (As of March 31, 2024, representing the company's total obligations.)
• Q1 2024 — Reporting Period (The first quarter of 2024, for which financial results are reported.)

Key Players & Entities

• American Resources Corp. (company) — Filer of the 10-Q/A
• 0001477932-24-003233 (other) — Accession Number for the filing
• 20240331 (date) — Conformed period of report
• 20240522 (date) — Filed as of date
• 12115 VISIONARY WAY, SUITE 174 (address) — Business and mailing address
• FISHERS, IN 46038 (address) — Business and mailing address
• $230000000 (dollar_amount) — Total assets
• $77296990 (dollar_amount) — Total liabilities

FAQ

Filing Documents

• arec_10qa.htm (10-Q/A) — 804KB
• arec_ex211.htm (EX-21.1) — 6KB
• arec_ex311.htm (EX-31.1) — 13KB
• arec_ex312.htm (EX-31.2) — 13KB
• arec_ex321.htm (EX-32.1) — 6KB
• arec_ex322.htm (EX-32.2) — 7KB
• arec_ex951.htm (EX-95.1) — 113KB
• 0001477932-24-003233.txt ( ) — 4926KB
• arec-20240331.xsd (EX-101.SCH) — 55KB
• arec-20240331_lab.xml (EX-101.LAB) — 281KB
• arec-20240331_cal.xml (EX-101.CAL) — 51KB
• arec-20240331_pre.xml (EX-101.PRE) — 245KB
• arec-20240331_def.xml (EX-101.DEF) — 152KB
• arec_10qa_htm.xml (XML) — 791KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements 3 Condensed Consolidated Balance Sheets – March 31, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operation (Unaudited) for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' (Deficit) Equity (unaudited) for the Three Months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months ended March 31, 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 33 Item 3. Defaults upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34

SIGNATURES

SIGNATURES 35 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements AMERICAN RESOURCES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 2,168,557 $ 2,666,638 Inventories 129,991 54,000 Prepaid expenses and other current assets 2,521,646 1,867,651 Total current assets 4,820,194 4,588,289 Restricted cash 177,643,892 34,664,936 Property and equipment, net 11,202,362 15,337,004 Right-of-use assets, net 18,108,411 18,276,913 Investment in LLCs- related parties 4,220,000 18,780,000 Notes receivable, net 99,022 99,022 Total assets $ 216,093,881 $ 91,746,164 Liabilities And Equity Current liabilities: Trade payables $ 4,389,695 $ 6,709,224 Non-trade payables 2,755,451 2,607,942 Accounts payable - related party 2,305,604 2,371,697 Accrued interest 146,101 512,558 Other current liabilities - 200,000 Notes payable 792,184 804,656 Operating lease liabilities 59,691 57,663 Finance lease liabilities 5,510,004 4,806,822 Total current liabilities 15,958,730 18,070,562 Remediation liability 21,537,089 21,288,799 Bonds payable, net 192,430,933 44,152,500 Operating lease liabilities, non-current 480,004 495,611 Finance lease liabilities, non-current 5,488,120 7,514,848 Total liabilities 235,894,876 91,522,320 Commitments and contingencies (Note 9) Stockholders' equity: Common stock, $ 0.0001 par value; 230,000,000 shares authorized, 77,296,990 and 76,247,370 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 7,732 7,627 Additional paid-in capital 165,111,534 178,910,546 Accumulated deficit ( 184,920,261 ) ( 178,694,329 ) Total stockholders' equity ( 19,800,995 ) 223,844 Total liabilities and stockholders' equity $ 216,093,881 $ 91,746,164 The accompanying footnotes are integral to the unaudited consolidated financial

View Full Filing

View this 10-Q/A filing on SEC EDGAR