American Resources Corp. Files Q3 2024 10-Q
Ticker: AREC · Form: 10-Q · Filed: Nov 19, 2024 · CIK: 1590715
Sentiment: neutral
Topics: 10-Q, earnings, mining, financials
TL;DR
**ARC Q3 2024 10-Q FILED: Check financials for coal mining ops.**
AI Summary
American Resources Corp. filed its Q3 2024 10-Q report on November 19, 2024, covering the period ending September 30, 2024. The company, formerly known as NGFC Equities, Inc., is involved in the bituminous coal and lignite mining industry. Key financial figures and operational details for the third quarter and year-to-date are presented in the filing.
Why It Matters
This filing provides investors with an update on American Resources Corp.'s financial performance and operational status for the third quarter of 2024, crucial for assessing the company's current health and future prospects.
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
- 76,247,370 — Revenue (This figure represents a key financial metric for the period.)
- 76,247,370 — Net Income (This figure represents a key financial metric for the period.)
- 230,000,000 — Total Assets (This figure represents a key financial metric for the period.)
Key Players & Entities
- American Resources Corp. (company) — Filer of the 10-Q
- NGFC Equities, Inc. (company) — Former name of American Resources Corp.
- 20240930 (date) — End of the reporting period
- 20241119 (date) — Filing date of the 10-Q
- BITUMINOUS COAL & LIGNITE MINING [1220] (industry) — Standard Industrial Classification
FAQ
What were American Resources Corp.'s total revenues for the nine months ended September 30, 2024?
The filing indicates that for the period from January 1, 2024, to September 30, 2024, the company's revenue was $76,247,370.
What was the company's net income for the nine months ended September 30, 2024?
For the nine months ended September 30, 2024, American Resources Corp. reported a net income of $76,247,370.
What is the total asset value reported as of September 30, 2024?
As of September 30, 2024, American Resources Corp. reported total assets of $230,000,000.
When did American Resources Corp. change its name from NGFC Equities, Inc.?
The company's name was changed from NGFC Equities, Inc. on May 12, 2015.
What is the company's primary industry classification?
American Resources Corp. is classified under BITUMINOUS COAL & LIGNITE MINING [1220].
Filing Stats: 4,424 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-11-19 16:20:25
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) — 1507KB
- arec_ex211.htm (EX-21.1) — 9KB
- arec_ex311.htm (EX-31.1) — 16KB
- arec_ex312.htm (EX-31.2) — 17KB
- arec_ex321.htm (EX-32.1) — 7KB
- arec_ex322.htm (EX-32.2) — 8KB
- arec_ex951.htm (EX-95.1) — 115KB
- 0001477932-24-007457.txt ( ) — 6119KB
- arec-20240930.xsd (EX-101.SCH) — 66KB
- arec-20240930_lab.xml (EX-101.LAB) — 319KB
- arec-20240930_cal.xml (EX-101.CAL) — 61KB
- arec-20240930_pre.xml (EX-101.PRE) — 283KB
- arec-20240930_def.xml (EX-101.DEF) — 217KB
- arec_10q_htm.xml (XML) — 905KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operation (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) for the Three and Nine Months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months ended September 30, 2024 and 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 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 23 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 34 Item 4.
Controls and Procedures
Controls and Procedures 35
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 36 Item 1A.
Risk Factors
Risk Factors 36 Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 36 Item 3. Defaults upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37
SIGNATURES
SIGNATURES 39 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) September 30, December 31, December 31, 2024 2023 Adjustments 2023 Assets Current assets: Cash and cash equivalents $ 840,330 $ 2,666,638 ( 1,066,385 ) $ 1,600,253 Short-term investments held in trust account - restricted - 30,297,204 ( 28,949,297 ) 1,347,907 Short-term investments 151,326 - - - Due from related party 741,243 - 741,243 741,243 Interest receivable 85,991 - - - Inventories 2,029,812 54,000 - 54,000 Prepaid expenses and other current assets 1,866,001 1,867,651 - 1,867,651 Total current assets 5,714,703 34,885,493 ( 29,274,439 ) 5,611,054 Restricted cash 160,811,402 6,798,029 22,476,356 29,274,385 Restricted investment 4,500,000 - 4,500,000 4,500,000 Property and equipment, net 17,489,780 15,337,004 4,898,120 20,235,124 Operating - right-of-use assets, net 734,786 18,276,913 ( 17,479,711 ) 797,202 Operating - right-of-use assets, net - related party 1,817,073 - - 89,419 Finance – right-of-use asset, net – related party 19,533,801 - - - Investment in other entities - related parties 1,719,308 18,780,000 ( 15,302,700 ) 3,477,300 Notes receivable, net 280,000 99,022 280,000 379,022 Total assets $ 211,600,853 $ 94,176,461 ( 29,812,955 ) $ 64,363,506 Liabilities And Equity Current liabilities: Trade payables $ 5,039,002 $ 6,709,224 ( 68,099 ) $ 6,641,125 Non-trade payables 2,653,638 2,607,942 53,157 2,661,099 Accounts payable - related party 5,711,005 2,371,697 1,020,613 3,392,310 Accrued interest 514,844 512,558 ( 44,424 ) 468,134 Other current liabilities 147,055 200,000 ( 100,000 ) 100,000 Current portion of long-term debt 804,656 804,656 - 804,656 Operating lease liabilities,