American Resources Corp. Q2 2024 10-Q Filed

TL;DR

ARC Q2 2024 10-Q: $230M assets, $77.4M equity. Mining operations continue.

AI Summary

American Resources Corp. filed its 10-Q for the period ending June 30, 2024. The company, operating in the Bituminous Coal & Lignite Mining sector, reported financial results for the second quarter of 2024. Key financial figures include total assets of approximately $230 million and total equity of $77.4 million.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for American Resources Corp., crucial for understanding the company's current standing in the coal mining industry.

Risk Assessment

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

Key Numbers

• $230.0M — Total Assets (As of June 30, 2024)
• $77.4M — Total Equity (As of June 30, 2024)
• 20240630 — Reporting Period End Date (Second quarter of 2024)

Key Players & Entities

• American Resources Corp. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• BITUMINOUS COAL & LIGNITE MINING [1220] (industry) — Company's Standard Industrial Classification
• 0001590715 (company_id) — Central Index Key for American Resources Corp.
• 230000000 (dollar_amount) — Total assets
• 77400289 (dollar_amount) — Total equity

FAQ

Key Financial Figures

• $100,000,000 — al to One Hundred Million U.S. Dollars ($100,000,000) (the "Share Consideration") plus the C
• $10.00 — h share of Pubco Common Stock valued at $10.00. In addition to the Share Consideration
• $70,000,000 — ides for the potential payment of up to $70,000,000 in earnout consideration (the "Earnout

Filing Documents

• arec_10q.htm (10-Q) — 1301KB
• arec_ex211.htm (EX-21.1) — 4KB
• arec_ex311.htm (EX-31.1) — 10KB
• arec_ex312.htm (EX-31.2) — 10KB
• arec_ex321.htm (EX-32.1) — 4KB
• arec_ex322.htm (EX-32.2) — 5KB
• arec_ex951.htm (EX-95.1) — 114KB
• 0001477932-24-005119.txt ( ) — 5448KB
• arec-20240630.xsd (EX-101.SCH) — 58KB
• arec-20240630_lab.xml (EX-101.LAB) — 276KB
• arec-20240630_cal.xml (EX-101.CAL) — 17KB
• arec-20240630_pre.xml (EX-101.PRE) — 247KB
• arec-20240630_def.xml (EX-101.DEF) — 196KB
• arec_10q_htm.xml (XML) — 830KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) for the Three and Six Months ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months ended June 30, 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 33 Item 4.

Controls and Procedures

Controls and Procedures 34

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 35 Item 3. Defaults upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36

SIGNATURES

SIGNATURES 38 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 (Unaudited) (As filed) (Restated) June 30, December 31, December 31, 2024 2023 Adjustments 2023 Assets Current assets: Cash and cash equivalents $ 554,416 $ 2,666,638 239,619 $ 2,906,257 Short-term investments held in Trust Account - restricted - 30,297,204 ( 30,297,204 ) - Inventories 2,029,812 54,000 - 54,000 Prepaid expenses and other current assets 1,866,001 1,867,651 1 1,867,652 Total current assets 4,450,229 34,885,493 ( 30,057,584 ) 4,827,909 Restricted cash 168,998,842 6,798,029 26,976,356 33,774,385 Property and Equipment, net 19,190,991 15,337,004 4,898,120 20,235,124 Right-of-use assets, net 616,045 18,276,913 ( 17,633,742 ) 643,171 Investment in other entities - Related Parties 1,884,153 18,780,000 ( 15,302,700 ) 3,477,300 Notes Receivable, net 379,022 99,022 280,000 379,022 Total Assets $ 195,519,282 $ 94,176,461 ( 30,839,550 ) $ 63,336,911 Liabilities And Equity Current liabilities: Trade payables $ 4,808,658 $ 6,709,224 ( 68,099 ) $ 6,641,125 Non-trade payables 2,641,370 2,607,942 53,157 2,661,099 Accounts payable - related party 2,498,168 2,371,697 ( 16,000 ) 2,355,697 Accrued interest 495,915 512,558 ( 44,424 ) 468,134 Other current liabilities 200,000 200,000 - 200,000 Current portion of long term debt 804,656 804,656 - 804,656 Operating lease liabilities 57,299 57,663 ( 4,690 ) 52,973 Other financing obligations, current 7,761,996 4,806,822 2,585,919 7,392,741 Total current liabilities 19,268,062 18,070,562 2,505,863 20,576,425 Remediation liability 21,785,380 21,288,799 - 21,288,799 Bond payable, net 193,308,677 44,152,500 ( 617,341 ) 43,535,159 Other financing obligations, net of current portion 6,161,059 7,5

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