arec_10q.htm

0001477932-18-001201.txt : 20180309 0001477932-18-001201.hdr.sgml : 20180309 20180309170257 ACCESSION NUMBER: 0001477932-18-001201 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 50 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20180309 DATE AS OF CHANGE: 20180309 FILER: COMPANY DATA: COMPANY CONFORMED NAME: American Resources Corp CENTRAL INDEX KEY: 0001590715 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS REPAIR SERVICES [7600] IRS NUMBER: 463914127 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55456 FILM NUMBER: 18680907 BUSINESS ADDRESS: STREET 1: 8856 SOUTH STREET CITY: FISHERS STATE: IN ZIP: 46038 BUSINESS PHONE: 9176852547 MAIL ADDRESS: STREET 1: 8856 SOUTH STREET CITY: FISHERS STATE: IN ZIP: 46038 FORMER COMPANY: FORMER CONFORMED NAME: NGFC Equities, Inc. DATE OF NAME CHANGE: 20150512 FORMER COMPANY: FORMER CONFORMED NAME: NGFC Equities, INC. DATE OF NAME CHANGE: 20150512 FORMER COMPANY: FORMER CONFORMED NAME: NATURAL GAS FUELING & CONVERSION INC. DATE OF NAME CHANGE: 20131031 10-Q 1 arec_10q.htm FORM 10-Q arec_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2017

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number: 000-55456

American Resources Corporation

(Exact name of registrant as specified in its charter)

Florida

46-3914127

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

9002 Technology Lane

Fishers, IN 46038

(Address and Zip Code of principal executive offices)

Registrant’s telephone number, including area code: (917) 685-2547

Indicate by check mark whether the Issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes o No x

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of the “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller Reporting Company	x
Emerging growth company	x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of March 9, 2018, the registrant had 892,044 shares of Class A common stock issued and outstanding.

AMERICAN RESOURCES CORPORATION

TABLE OF CONTENTS

		PAGE
PART I. FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements	3

	Consolidated Balance Sheets (Unaudited)	3

	Consolidated Statements of Operation (Unaudited)	4

	Consolidated Statements of Cash Flows (Unaudited)	5

	Notes to Unaudited Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	21

Item 4.	Controls and Procedures	21

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	22

Item 1A.	Risk Factors	22

Item 2.	Unregistered Sale of Equity Securities and Use of Proceeds	22

Item 3.	Defaults upon Senior Securities	22

Item 4.	Mine Safety Disclosures	22

Item 5.	Other Information	22

Item 6.	Exhibits	23

SIGNATURES		24

2

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

AMERICAN RESOURCES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

UNAUDITED

September 30, 2017 and December 31, 2016

9/30/17

12/31/16

ASSETS

CURRENT ASSETS

Cash

$ 342,041

$ 784,525

Accounts Receivable

629,318

2,753,199

Related Party Note Receivable

250,000

-

Accounts Receivable - Other

32,684

199,701

Total Current Assets

1,254,043

3,737,425

OTHER ASSETS

Cash - restricted

189,012

141,102

Processing and rail facility

2,914,422

2,914,422

Underground equipment

8,164,359

7,500,512

Surface equipment

4,491,304

3,751,054

Less Accumulated Depreciation

(4,119,297 )

(2,262,855 )

Land

178,683

178,683

Accounts Receivable - Other

142,310

196,347

Note Receivable

4,117,139

4,117,139

Total Other Assets

16,077,932

16,536,404

TOTAL ASSETS

$ 17,331,975

$ 20,273,829

LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES

Accounts payable

$ 4,765,441

$ 2,196,060

Accrued management fee

17,840,615

17,840,615

Accrued interest

212,945

122,945

Funds held for others

72,897

24,987

Due to affiliate

124,000

74,000

Current portion of long term-debt (net of unamortized discount of $75,000 and $0)

5,175,916

4,431,006

Current portion of Reclamation liability

2,105,320

707,645

Total Current Liabilities

30,297,134

25,397,258

OTHER LIABILITIES

Long-term portion of note payable (net of issuance costs of $441,983 and $451,389)

5,209,759

4,964,941

Reclamation liability

16,775,383

17,419,228

Total Other Liabilities

21,985,142

22,384,169

Total Liabilities

52,282,276

47,781,427

STOCKHOLDERS' DEFICIT

AREC - Class A Common stock: $.0001 par value; 230,000,000 shares authorized, 892,044 and 0 shares issued and outstanding for the period end

89

-

AREC - Series A Preferred stock: $.0001 par value; 4,817,792 shares authorized, 4,817,792 shares issued and outstanding

482

482

AREC - Series B Preferred stock: $.001 par value; 20,000,000 shares authorized, 850,000 and 0 shares issued and outstanding

850

-

Additional paid-in capital

1,347,254

88,193

Accumulated deficit

(36,663,151 )

(27,651,030 )

Total American Resources Corporation's Shareholders' Equity

(35,314,476 )

(27,562,355 )

Non controlling interest

364,175

54,757

Total Stockholders' Deficit

(34,950,301 )

(27,507,598 )

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

$ 17,331,975

$ 20,273,829

The accompanying footnotes are integral to the unaudited consolidated financial statements

3

Table of Contents

AMERICAN RESOURCES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

For the three and nine month period ending September 30, 2017, and September 30, 2016

3 Months

9-30-17

3 Months

9-30-16

9 Months

9-30-17

9 Months

9-30-16

Coal Sales

$ 4,192,244

$ 716,266

$ 13,770,183

$ 716,266

Processing Services Income

159,724

120,119

1,563,864

1,008,162

Total Revenue

4,351,968

836,385

15,334,047

1,724,428

Cost of Coal Sales and Processing

(2,797,140 )

(2,955,654 )

(12,307,399 )

(5,098,821 )

Accretion Expense

(339,288 )

(300,000 )

(1,181,055 )

(1,261,032 )

Loss on Reclamation Settlement

(30,055 )

-

(281,907 )

-

Depreciation

(697,214 )

(766,078 )

(1,856,442 )

(2,010,529 )

General and Administrative

(26,940 )

(24,194 )

(189,604 )

(100,702 )

Professional Fees

(144,712 )

(56,590 )

(565,995 )

(237,459 )

Consulting Fees - Related Party

-

-

-

(12,358,255 )

Production Taxes and Royalties

(865,950 )

(104,545 )

(3,464,611 )

(230,739 )

Development Costs

(1,035,286 )

(298,513 )

(4,172,759 )

(1,654,624 )

Total Expenses from Operations

(5,936,585 )

(4,505,574 )

(24,019,772 )

(22,952,161 )

Net Loss from Operations

(1,584,617 )

(3,669,189 )

(8,685,725 )

(21,227,733 )

Other Income

67,844

-

309,418

-

Receipt of previously impaired receivable

117,657

241,574

Interest

(342,683 )

(48,999 )

(567,970 )

(140,141 )

Net Loss

(1,741,799 )

(3,718,188 )

(8,702,703 )

(21,367,874 )

Less: Net income attributable to Non Controlling Interest

(67,844 )

-

(309,418 )

-

Net loss attributable to American Resources Corporation Shareholders

$ (1,809,643 )

$ (3,718,188 )

$ (9,012,121 )

$ (21,367,874 )

Net loss per share - basic and diluted

(2.03 )

$ -

(11.87 )

$ -

Weighted average shares outstanding

891,180

-

759,397

-

The accompanying footnotes are integral to the unaudited consolidated financial statements

4

Table of Contents

AMERICAN RESOURCES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED

For the nine month period September 30, 2017, and

For the nine month period September 30, 2016

9/30/17

9/30/16

Cash Flows from Operating activities:

Net loss

(8,702,703 )

(21,367,874 )

Adjustments to reconcile net income (loss) to net cash

Depreciation

1,856,442

2,010,529

Accretion expense

1,181,055

1,261,032

Loss on reclamation settlements

281,907

-

Assumption of note payable in reverse merger

50,000

-

Amortization of debt discount

284,406

6,720

Recovery of impaired account receivable

(241,574 )

-

Stock compensation expense

10,000

88,675

Change in current assets and liabilities:

Accounts receivable

2,123,881

(716,268 )

Restricted cash used to pay interest expense

9,199

14,535

Accounts payable

2,574,285

2,932,711

Accrued expenses

-

12,340,615

Accrued interest

90,000

90,000

Reclamation liability settlements

(709,132 )

-

Cash used in operating activities

(1,192,234 )

(3,339,325 )

Cash Flows from Investing activities:

Note receivable

-

(4,117,139 )

Increase in restricted cash

-

(1,393,587 )

Restricted cash used to pay down debt

51,855

43,665

Advances made in connection with management agreement

(75,000 )

(1,525,000 )

Advance repayment in connection with management agreement

469,645

450,000

Cash paid for PPE, net

(176,597 )

211,594

Cash received from acquisitions, net of $100 cash paid

-

5,315,700

Cash provided by (used in) investing activities

269,903

(1,014,767 )

Cash Flows from Financing activities:

Principal payments on long term debt

(318,576 )

(43,665 )

Proceeds from long term debt (net of issuance costs $0 and $460,795)

1,670,000

4,688,152

Proceeds from related party

50,000

-

Payments on factoring agreement

(6,365,492 )

-

Proceeds from factoring agreement

4,843,915

-

Proceeds from private placements

600,000

-

Cash provided by financing activities

479,847

4,644,487

Increase(decrease) in cash

(442,484 )

290,395

Cash, beginning of year

784,525

-

Cash, end of year

$ 342,041

$ 290,395

Supplemental Information

Non-cash investing and financing activities

Assumption of net assets and liabilities for asset acquisitions

$ -

$ 2,745,582

Equipment for notes payable

$ 1,222,500

$ 904,425

Purchase of related party note receivable in exchange for Series B Equity

$ 250,000

$ -

Affiliate note for equipment

$ -

$ 63,000

Conversion of note payable to common stock

$ 50,000

$ -

Beneficial conversion feature on note payable

$ 50,000

$ -

Relative fair value debt discount on warrant issue

$ 300,000

Cash paid for interest

$
193,564

$ 50,141

Cash paid for income taxes

$ -

$ -

The accompanying footnotes are integral to the unaudited consolidated financial statements

5

Table of Contents

AMERICAN RESOURCES CORORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

American Resources Corporation (ARC or the Company) which operates through subsidiaries that were acquired in 2016 and 2015 for the purpose of acquiring, rehabilitating and operating various natural resource assets including coal, oil and natural gas.

Basis of Presentation and Consolidation:

The consolidated financial statements include the accounts for the nine months ended September 30, 2017 and 2016 of the Company and its wholly owned subsidiaries Quest Energy Inc (QEI) Deane Mining, LLC (Deane), Quest Processing LLC (Quest Processing), ERC Mining Indiana Corp (ERC), McCoy Elkhorn Coal LLC (McCoy) and Knott County Coal LLC (KCC). All significant intercompany accounts and transactions have been eliminated.

On January 5, 2017, QEI entered into a share exchange agreement with NGFC Equities, Inc (NGFC). Under the agreement, the shareholders of QEI exchanged 100% of its common stock to NGFC for 4,817,792 newly created Series A Preferred shares that is convertible into approximately 95% of outstanding common stock of NGFC. The previous NGFC shareholders retained 845,370 common shares as part of the agreement. The conditions to the agreement were fully satisfied on February 7, 2017, at which time the Company took full control of NGFC. NGFC has been renamed to American Resources Corporation ARC. The transaction was accounted for as a recapitalization. QEI was the accounting acquirer and ARC will continue the business operations of QEI, therefore, the historical financial statements presented are those of QEI and its subsidiaries. The equity and share information reflect the results of the recapitalization. On May 15, 2017 ARC initiated a one-for-thirty reverse stock split. The financial statements have been retrospectively restated to give effect to this split.

On February 17, 2016, McCoy Elkhorn Coal LLC (McCoy) acquired certain assets in exchange for $100 and for assuming certain liabilities of Fortress Resources, LLC. The fair values of liabilities were determined to be $3,561,848 respectively. The liabilities assumed do not require fair value readjustments.

The assets acquired of McCoy do not represent a business as defined in FASB AS 805-10-20. McCoy does not have an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return or other economic benefit to their investors, members or participants. Accordingly, the assets acquired are initially recognized at the consideration paid, which was the liabilities assumed, including direct acquisition costs, of which there were none. The cost is allocated to the group of assets acquired based on their relative fair value. The assets acquired and liabilities assumed of McCoy were as follows at the purchase date:

Assets

Cash

$ 2,935,800

Underground Mining Equipment

531,249

Surface Mining Equipment

36,218

Coal Preparation and Loading Facilities

58,681

Liabilities

Asset Retirement Obligation

$ 3,561,848

6

Table of Contents

On April 14, 2016, the Company acquired 100% of the membership interests of ICG Knott County, LLC, subsequently renamed Knott County Coal LLC. The fair values of liabilities were determined to be $4,499,434 respectively. The liabilities assumed do not require fair value readjustments.

The assets acquired of ICG Knott County do not represent a business as defined in FASB AS 805-10-20. IGC Knott County does not have an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return or other economic benefit to their investors, members or participants. Accordingly, the assets acquired and liabilities assumed are initially recognized at the consideration paid, including direct acquisition costs. The cost is allocated to the group of assets acquired and liabilities assumed based on their relative fair value. The assets and liabilities assumed of ICG Knott County were as follows on the purchase date:

Assets

Cash

$ 2,380,000

Underground Mining Equipment

1,533,937

Surface Mining Equipment

206,578

Land

178,683

Coal Preparation and Loading Facilities

200,236

Liabilities

Asset Retirement Obligation

$ 4,499,434

As a result of the KCC and McCoy acquisitions during 2016, $8,061,282 of ARO was assumed for net cash of $5,315,700 and property, equipment and land of $2,745,582.

Interim Financial Information

Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been omitted. In the opinion of management, these interim unaudited Consolidated Financial Statements reflect all normal and recurring adjustments necessary for a fair presentation of the results for the periods presented. Results of operations for the nine months ended September 30, 2017 and 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2017 or any other period. These financial statements should be read in conjunction with the Company’s 2015 and 2016 audited financial statements and the notes thereto which were filed on form 8-K/A on September 25, 2017.

Going Concern: The Company has suffered recurring losses from operations and currently has a working capital deficit. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. We plan to generate profits by expanding current coal operations as well as developing new coal operations. However, we will need to raise the funds required to do so through sale of our securities or through loans from third parties. We do not have any commitments or arrangements from any person to provide us with any additional capital. If additional financing is not available when needed, we may need to cease operations. We may not be successful in raising the capital needed to expand or develop operations. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern. The accompanying financial statements have been prepared assuming the Company will continue as a going concern; no adjustments to the financial statements have been made to account for this uncertainty.

7

Table of Contents

Convertible Preferred Securities: We account for hybrid contracts that feature conversion options in accordance with generally accepted accounting principles in the United States. ASC 815, Derivatives and Hedging Activities (“ASC 815”) requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria includes circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.

We also follow ASC 480-10, Distinguishing Liabilities from Equity (“ASC 480-10”) in its evaluation of the accounting for a hybrid instrument. A financial instrument that embodies an unconditional obligation, or a financial instrument other than an outstanding share that embodies a conditional obligation, that the issuer must or may settle by issuing a variable number of its equity shares shall be classified as a liability (or an asset in some circumstances) if, at inception, the monetary value of the obligation is based solely or predominantly on any one of the following: (a) a fixed monetary amount known at inception; (b) variations in something other than the fair value of the issuer’s equity shares; or (c) variations inversely related to changes in the fair value of the issuer’s equity shares. Hybrid instruments meeting these criteria are not further evaluated for any embedded derivatives, and are carried as a liability at fair value at each balance sheet date with remeasurements reported in interest expense in the accompanying Consolidated Statements of Operations.

Cash is maintained in bank deposit accounts which, at times, may exceed federally insured limits. To date, there have been no losses in such accounts.

Restricted cash: As part of the Kentucky New Markets Development Program (See Note 3) an asset management fee reserve was set up in the amount of $116,115. The funds are held to pay annual asset management fees to an unrelated party through 2021. The balance as of September 30, 2017 and December 31, 2016 was $116,115, respectively. The total balance of restricted cash also includes amounts held under the management agreement. See note 6.

Asset Retirement Obligations (ARO) – Reclamation: At the time they are incurred, legal obligations associated with the retirement of long-lived assets are reflected at their estimated fair value, with a corresponding charge to mine development. Obligations are typically incurred when we commence development of underground and surface mines, and include reclamation of support facilities, refuse areas and slurry ponds or through acquisitions. Obligations are reflected at the present value of their future cash flows. We reflect accretion of the obligations for the period from the date they incurred through the date they are extinguished. The asset retirement obligation assets are amortized using the units-of-production method over estimated recoverable (proved and probable) reserves. We are using a discount rate of 10%. Federal and State laws require that mines be reclaimed in accordance with specific standards and approved reclamation plans, as outlined in mining permits. Activities include reclamation of pit and support acreage at surface mines, sealing portals at underground mines, and reclamation of refuse areas and slurry ponds.

We assess our ARO at least annually and reflect revisions for permit changes, change in our estimated reclamation costs and changes in the estimated timing of such costs. During the nine month periods ending September 30, 2017 and 2016, $281,907 and $0 were incurred for loss on settlement on ARO, respectively.

The table below reflects the changes to our ARO:

Balance at December 31, 2016

$ 18,126,873

Accretion – nine months September 30, 2017

1,181,055

Reclamation work – nine months September 30, 2017

(427,225 )

Balance at September 30, 2017

$ 18,880,703

8

Table of Contents

Reclassifications: Reclassifications have been made to conform with current year presentation.

Allowance For Doubtful Accounts: The Company recognizes an allowance for losses on trade and other accounts receivable in an amount equal to the estimated probable losses net of recoveries. The allowance is based on an analysis of historical bad debt experience, current receivables aging and expected future write-offs, as well as an assessment of specific identifiable amounts considered at risk or uncollectible.

Allowance for trade receivables as of September 30, 2017 and December 31, 2016 amounted to $0, for both periods. Allowance for other accounts receivables as of September 30, 2017 and December 31, 2016 amounted to $405,356 and $640,000, respectively.

Trade and loan receivables are carried at amortized cost, net of allowance for losses. Amortized cost approximated book value as of September 30, 2017 and December 31, 2016.

New Accounting Pronouncements: Management has determined that the impact of the following recent FASB pronouncements will not have a material impact on the financial statements.

	·	Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, effective for years beginning after December 15, 2017
	·	ASU 2015-11, Simplifying the Measurement of Inventory, effective for years beginning after December 15, 2016
	·	ASU 2015-17, Balance Sheet Classification of Deferred Taxes, effective for years beginning after December 15, 2017
	·	ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, effective for years beginning after December 15, 2018
	·	ASU 2016-02, Leases, effective for years beginning after December 15, 2019
	·	ASU 2016-18, Statement of Cash Flows: Restricted Cash, effective beginning after December 15, 2017
	·	ASU 2017-01, Business Combinations, effective beginning after December 15, 2017
	·	ASU 2017-11, Earnings Per Share, effective beginning after December 15, 2018

Management has elected to early adopt ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business effective at inception. See above in Note 1.

NOTE 2 - PROPERTY AND EQUIPMENT

At September 30, 2017 and December 31, 2016, property and equipment were comprised of the following:

September 30,

2017

December 31,

2016

Processing and rail facility

$ 2,914,422

$ 2,914,422

Underground equipment

8,164,359

7,500,512

Surface equipment

4,491,304

3,751,054

Land

178,683

178,683

Less: Accumulated depreciation

(4,119,297 )

(2,262,855 )

Total Property and Equipment, Net

$ 11,629,471

$ 12,081,816

Depreciation expense amounted to $697,214 and $766,078 for the three month periods September 30, 2017 and September 30, 2016, respectively. Depreciation expense amounted to $1,856,442 and $2,010,529 for the nine month periods September 30, 2017 and September 30, 2016, respectively.

9

Table of Contents

The estimated useful lives are as follows:

Processing and Rail Facilities

20 years

Surface Equipment

7 years

Underground Equipment

5 years

NOTE 3 - NOTES PAYABLE

During the nine month period ended September 30, 2017 and 2016, principal payments on long term debt totaled $318,576 and $43,665, respectively. During the nine month period ended September 30, 2017 and 2016, new debt issuances totaled $2,892,500 and $5,592,577, respectively, primarily from $1,670,000 of working capital loans and $1,222,500 of equipment loans in 2017 and $4,688,152 from the Kentucky New Markets Development program and $904,425 in equipment loans in 2016. (See Note 5). During the nine month period ended September 30, 2017 and 2016, proceeds from our factoring agreement totaled $4,843,915 and $0, respectively and repayments according to the factoring agreement totaled $6,365,492 and $0, respectively.

During the period the company received a working capital term loan from an unrelated entity in the amount of $200,000.

During the period, the company received working capital advances of 1,470,000 from an unrelated entity The advances are secured by all of the Company’s assets, carry a 7% interest rate and are due 4 months after issuance. The notes are in default. Along with the notes, the company issued warrants equal to 904,603 and 75,000 shares with an exercise price of $.01 and $7.20 and a two-year term, respectively. This note was restructured in October 2017. (See note 9)

The fair value of the warrants granted was $452,302 which was obtained using the Black-Sholes Option Pricing Model. The relative fair value of the warrants was $300,000 and the relative fair value of the corresponding debt was $700,000. Allocation of proceeds resulted in a discount of the loan in the amount of $300,000. The loan discount is amortized over the life of the corresponding debt using the straight-line method, which approximates effective interest method. As of September 30, 2017, $75,000 remained as an unamortized discount.

10

Table of Contents

NOTE 4 - RELATED PARTY TRANSACTIONS

On June 12, 2015, the Company executed a consulting agreement with an entity with common ownership. During the three month period September 30, 2017 and 2016, the Company incurred fees totaling $0 and $0 relating to services rendered under this agreement. During the nine month period September 30, 2017 and September 30, 2016, the Company incurred fees totaling $0 and $12,358,255 relating to services rendered under this agreement.

The amount outstanding and payable as of September 30, 2017 and December 31, 2016, was $17,840,615 and $17,840,615, respectively. The amount is due on demand and does not accrue interest.

On April 30, 2017, the Company purchased $250,000 of secured debt that had been owed to a third party, by an operating subsidiary of a related party. (See Note 7) As a result of the transaction, the Company is now the creditor on the notes. The first note in the amount of $150,000 is dated March 13, 2013, carries an interest rate of 12% and was due on September 13, 2015. The second note in the amount of $100,000 is dated July 17, 2013, carries an interest rate of 12% and was due January 17, 2016. Both notes are in default.

During July 2017, an officer of the Company advanced $50,000 to Quest. The advance is unsecured, non interest bearing and due on demand.

NOTE 5 – KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM

On March 18, 2016, Quest Processing entered into two loans under the Kentucky New Markets Development Program for a total of $5,143,186. Quest Processing paid $460,795 of debt issuance costs resulting in net proceeds of $4,682,391. See note 3. The Company retains the right to call $5,143,186 of the loans in March 2023. State of Kentucky income tax credits were generated for the lender which the Company has guaranteed over their statutory life of seven years in the event the credits are recaptured or reduced. At the time of the transaction, the income tax credits were valued at $2,005,843. The Company has not established a liability in connection with the guarantee because it believes the likelihood of recapture or reduction is remote.

On March 18, 2016, ERC Mining LLC, an entity consolidated as a VIE, lent $4,117,139 to an unaffiliated entity, as part of the Kentucky New Markets Development Program loans. The note bears interest at 4% and is due March 7, 2046. The balance as of September 30, 2017 and December 31, 2016 was $4,117,139, respectively. Payments of interest only are due quarterly until March 18, 2023 at which time quarterly principal and interest are due.

NOTE 6 – MANAGEMENT AGREEMENT

On April 13, 2015, ERC entered into a mining and management agreement with an unrelated entity, to operate a coal mining and processing facility in Jasonville, Indiana. Under the management agreement funds advanced for the nine month period ended September 30, 2017 and 2016 are $75,000 and $1,525,000, respectively and the amounts repaid totaled $469,645 and $450,000, respectively. Of the amounts received in 2017, $241,574 was the collection of a previously impaired amount.

NOTE 7 – EQUITY TRANSACTIONS

A new 2016 Stock Incentive Plan (2016 Plan) was approved by the Board during January 2016. The Company may grant up to 6,363,225 shares of Series A Preferred stock under the 2016 Plan. The 2016 Plan is administered by the Board of Directors, which has substantial discretion to determine persons, amounts, time, price, exercise terms, and restrictions of the grants, if any. The options issued under the 2016 Plan vest upon issuance.

11

Table of Contents

On January 1, 2016, the Company issued options amounting to 6,108,695 shares (which includes shares disclosed above) under an adopted stock option plan that were cashlessly exercised into 2,069,655 shares of Series A preferred stock resulting in an expense of $83,300.

On September 5, 2016, the Company issued options amounting to 59,133 shares under an adopted stock option plan that were cashlessly exercised into 23,139 shares of Series A preferred stock resulting in an expense of $5,375.

The Company had a note payable in the amount of $50,000 which was assumed as part of the share exchange agreement and accounted for as an expense in the recapitalization transaction. On February 22, 2017, the Company modified the note to add a conversion option with a price of $1.50. The conversion option was beneficial, therefore, the Company recognized $50,000 as a discount to the assumed note payable. The note was immediately converted, resulting in the issuance of 33,334 shares and the full amortization of the discount.

On March 7, 2017, ARC closed a private placement whereby it issued an aggregate of 500,000 shares of ARC’s Series B Preferred Stock at a purchase price of $1.00 per Series B Preferred share, and warrants to purchase an aggregate of 208,334 shares of the ARC’s common stock (subject to certain adjustments), for proceeds to ARC of $500,000 (the “March 2017 Private Placement”). After deducting for fees and expenses, the aggregate net proceeds from the sale of the preferred series B shares and the warrants in the March 2017 Private Placement were approximately $500,000. The ‘A’ warrants totaling 138,889 shares expire March 6, 2020 and hold an exercise price of $7.60 per share. The ‘A-1’ warrants totaling 69,445 shares expire March 6, 2020 and hold an exercise price of $.003 per share.

On April 2, 2017, American Resources Corporation closed a private placement whereby it issued an aggregate of 100,000 shares of the ARC’s Series B Preferred Stock at a purchase price of $1.00 per Series B Preferred share, and warrants to purchase an aggregate of 27,778 shares of the ARC’s common stock (subject to certain adjustments), for proceeds to ARC of $100,000 (the “April 2017 Private Placement”). After deducting for fees and expenses, the aggregate net proceeds from the sale of the series B preferred shares and the warrants in the April 2017 Private Placement were approximately $100,000. The ‘A’ warrants totaling 27,778 shares expire April 2, 2019 and hold an exercise price of $7.20 per share.

On April 30, 2017, American Resources Corporation closed on a private placement agreement whereby it issued an aggregate of 250,000 shares of the ARC’s Series B Preferred Stock and warrants amounting to 69,445 to an unrelated party for the purchase of $250,000 of secured debt that had been owed to that party, by an operating subsidiary of a related party. The ‘A’ warrants totaling 69,445 shares expire April 29, 2019 and hold an exercise price of $7.20 per share.

The Series B Preferred Stock converts into common stock of the Company at the holder’s discretion at a conversion price of $3.60 per common share (one share of Series B Preferred converts to common at a ratio of 0.27778). Furthermore, the Series B Preferred share purchase agreement provides for certain adjustments to the conversion value of the Series B Preferred to common shares of the Company that are based on the EBITDA (earning before interest, taxes, depreciation, and amortization) for the Company for the 12 months ended March 31, 2018. Those adjustments provide for a decrease in the conversion value based on the proportional miss of the Company’s EBITDA, up to a maximum of 30.0% decrease in the conversion value of the Series B Preferred to common shares.

The Series B Preferred share purchase agreement provides for an option for the investor to put the Series B Preferred investment to the Company at a premium to the Series B Preferred purchase price should the Company achieve certain hurdles, such as a secondary offering and an up-listing to a national stock exchange. Such put option expires after 20 days from notification of the Company to the Series B Preferred investor of the fulfillment of such qualifications.

12

Table of Contents

On July 5, 2017, the Company issued 13,333 common shares and warrants to purchase 33,333 shares to an unrelated consulting company. The warrants had an exercise price of $3.60 with a three-year term. The total compensation expense related to this award was $10,000 which was determined using the closing stock price at the date of the grant and the Black-Sholes Option Pricing Model.

2017

Expected Dividend Yield

0 %

Expected volatility

13.73 %

Risk-free rate

1.62 %

Expected life of warrants

2-3 years

Weighted

Weighted

Average

Average

Aggregate

Number of

Exercise

Contractual

Intrinsic

Warrants

Price

Life in Years

Value

Outstanding - December 31, 2016

-

-

-

-

Exercisable - December 31, 2016

-

-

-

-

Granted

1,326,827

$ 1.810

2.186

$ 37,573

Forfeited or Expired

-

-

-

-

Exercised

-

-

-

-

Outstanding - September 30, 2017

1,326,827

$ 1.810

2.186

$ 37,573

Exercisable - September 30, 2017

1,326,827

$ 1.810

2.186

$ 37,573

NOTE 8 - CONTINGENCIES

In the course of normal operations, the Company is involved in various claims and litigation that management intends to defend. The range of loss, if any, from potential claims cannot be reasonably estimated. However, management believes the ultimate resolution of matters will not have a material adverse impact on the Company’s business or financial position.

13

Table of Contents

NOTE 9 - SUBSEQUENT EVENTS

Loans

On October 4, 2017, ARC entered into a consolidated loan agreement with an unaffiliated entity. $5,444,632 has been advanced under the note. $3,770,000 of the note was advanced after September 30, 2017. The agreement calls for interest of 7% and with all outstanding amounts due on demand. The note is secured by all assets of Quest and subsidiaries. In conjunction with the loan, a warrants for up to 5,017,006 common shares were issued at an exercise price ranging from $.01 to $11.44 per share and with an expiration date of October 2, 2020.

On October 19, 2017, Quest entered into an equipment financing agreement with an unaffiliated entity to purchase certain surface equipment for $90,400. The agreement calls for monthly payments until maturity of October 19, 2019 and interest of 9.95%.

On October 20, 2017, Quest entered into an equipment financing agreement with an unaffiliated entity to purchase certain surface equipment for $50,250. The agreement calls for monthly payments until maturity of October 20, 2019 and interest of 10.60%.

On December 7, 2017, Quest entered into an equipment financing agreement with an unaffiliated entity to purchase certain surface equipment for $56,900. The agreement calls for monthly payments until maturity of January 7, 2021.

On January 25, 2018, Quest entered into an equipment financing agreement with an unaffiliated entity to purchase certain surface equipment for $346,660. The agreement calls for monthly payments until maturity of December 25, 2020.

14

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Form 10-Q and other reports filed by Registrant from time to time with the Securities and Exchange Commission (collectively the “Filings”) contain or may contain forward looking statements and information that are based upon beliefs of, and information currently available to, Registrant’s management as well as estimates and assumptions made by Registrant’s management. When used in the filings the words “anticipate”, “believe”, “estimate”, “expect”, “future”, “intend”, “plan” or the negative of these terms and similar expressions as they relate to Registrant or Registrant’s management identify forward looking statements. Such statements reflect the current view of Registrant with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to Registrant’s industry, Registrant’s operations and results of operations and any businesses that may be acquired by Registrant. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned.

Although Registrant believes that the expectations reflected in the forward-looking statements are reasonable, Registrant cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, Registrant does not intend to update any of the forward-looking statements to conform these statements to actual results.

Overview

When we formed our company our focus was to (i) construct and/or purchase and manage a chain of combined gasoline, diesel and natural gas (NG) fueling and service stations (initially, in the Miami, FL area); (ii) construct conversion factories to convert NG to liquefied natural gas (LNG) and compressed natural gas (CNG); and (iii) construct conversion factories to retrofit vehicles currently using gasoline or diesel fuel to also run on NG in the United States and also to build a convenience store to serve our customers in each of our locations.

On January 5, 2017, American Resources Corporation (ARC) executed a Share Exchange Agreement between the Company and Quest Energy Inc. (“Quest Energy”), a private company incorporated in the State of Indiana on May 2015 with offices at 9002 Technology Lane, Fishers, IN 46038, and due to the fulfillment of various conditions precedent to closing of the transaction, the control of the Company was transferred to the Quest Energy shareholders on February 7, 2017. This transaction resulted in Quest Energy becoming a wholly-owned subsidiary of ARC. Through Quest Energy, ARC was able to acquire coal mining and coal processing operations, substantially all located in eastern Kentucky.

Quest Energy currently has five coal mining and processing operating subsidiaries: McCoy Elkhorn Coal LLC (doing business as McCoy Elkhorn Coal Company) (McCoy Elkhorn), Knott County Coal LLC (Knott County Coal), Deane Mining LLC (Deane Mining) and Quest Processing LLC (Quest Processing) located in eastern Kentucky within the Central Appalachian coal basin, and ERC Mining Indiana Corporation (ERC) located in southwest Indiana within the Illinois coal basin. The coal reserves under control by the Company are generally comprise of metallurgical coal (used for steel making), pulverized coal injections (used in the steel making process) and high-BTU, low sulfur, low moisture bituminous coal used for a variety of uses within several industries, including industrial customers, specialty products and thermal coal used for electricity generation.

McCoy Elkhorn Coal LLC

Located primarily within Pike County, Kentucky, McCoy Elkhorn is currently comprised of two active mines (Mine #15 and the Carnegie Mine), two coal preparation facilities (Bevins #1 and Bevins #2), and other mines in various stages of development or reclamation. McCoy Elkhorn sells its coal to a variety of customers, both domestically and internationally, primarily to the steel making industry as a high-vol “B” coal or blended coal, and high-grade thermal coal to utilities.

15

Table of Contents

Mine #15 is an underground mine in the Millard (also known as Glamorgan) coal seam and located near Meta, Kentucky. Mine #15 is mined via room-and-pillar mining methods using continuous miners, and the coal is belted directly from the stockpile to McCoy Elkhorn’s coal preparation facility. Mine #15 is currently a “company run” mine, whereby the Company manages the workforce at the mine. The coal from Mine #15 is stockpiled at the mine site and belted directly to the Company’s nearby coal preparation facilities. Production at Mine #15 re-commenced under Quest Energy’s ownership in September 2016.

The Carnegie Mine is an underground mine in the Alma and Upper Alma coal seams and located near Kimper, Kentucky. In 2011, coal production from the Carnegie Mine commenced and then subsequently the mine was idled. Production at the Carnegie Mine was reinitiated in early 2017 under Quest Energy’s ownership and is currently being mined via room-and-pillar mining methods utilizing a continuous miner. The coal is stockpiled on-site and trucked approximately 7 miles to McCoy Elkhorn’s preparation facilities. The Carnegie Mine is currently operated as a contractor mine.

There are two coal preparation facilities at McCoy Elkhorn: the Bevins #1 Preparation Plant, an 800 ton-per hour coal preparation facility, and the Bevins #2 Preparation Plant, located on the same permit site as Bevins #1, and a 500 ton-per-hour processing facility. Both coal preparation plants have fine coal recovery and a stoker circuits for enhanced coal recovery and coal sizing options.

Both Bevins #1 and Bevins #2 have a batch-weight loadout and rail spur for loading coal into trains for rail shipments. The spur has storage for 110 rail cars and is serviced by CSX Transportation and is located on CSX’s Big Sandy, Coal Run Subdivision. Both Bevins #1 and Bevins #2 have coarse refuse and slurry impoundments called Big Groundhog and Lick Branch Impoundments.

Knott County Coal LLC

Located primarily within Knott County, Kentucky (but with additional idled permits in Leslie County, Perry County, and Breathitt County, Kentucky), Knott County Coal is comprised of 17 idled mining permits (or permits in reclamation) and permits for two preparation facilities: the Supreme Energy Preparation Plant and the Raven Preparation Plant, both of which are also idled. The idled mining permits are either in various stages of reclamation or being maintained as idled, pending any changes to the coal market that may warrant reinitiating production. The idled mines at Knott County Coal are primarily underground mines that utilize room-and-pillar mining.

The idled Supreme Energy Preparation Plant is a 450 ton-per-hour coal preparation facility located in Kite, Kentucky. The Bates Branch rail loadout associated with the Supreme Energy Preparation Plant is a batch-weigh rail loadout with 110 rail car storage capacity and serviced by CSX Transportation in their Big Sandy rate district. The Supreme Energy Preparation Plant has a coarse refuse and slurry impoundment called the King Branch Impoundment.

Knott County Coal is also owner of the permits to the idled Raven Preparation Plant, an 800 ton-per-hour coal preparation facility with a fine coal circuit, located in Raven, Kentucky. The Raven rail loadout is a batch-weight rail loadout with 110 car storage capacity and services by CSX Transportation in their Big Sandy rate district. The Raven Preparation Plant has a coarse refuse and slurry impoundment called the Big Branch Impoundment.

Deane Mining LLC

Located within Knott County and Letcher County, Kentucky, Deane Mining LLC is currently comprised of one active underground mine called Access Energy and other mines in various stages of development or reclamation. Deane Mining sells its coal primarily to an electricity generation utility located in southern United States, but also sells to other customers, both domestically and internationally.

Access Energy is an underground mine in the Elkhorn #3 coal seam and located near Deane, Kentucky. Access Energy is mined via room-and-pillar mining methods using a continuous miner, and the coal is belted directly from the mine to Deane Mining’s coal preparation facility. Access Energy is currently a contractor mine, whereby the Company owns the equipment, infrastructure, and permits at Access Energy and employs a contractor to manage and pay for the workforce and supplies at the mine for a per-ton fee. The coal from Access Energy is stockpiled at the preparation plant site. Production at Access Energy re-commenced under Quest Energy’s ownership in September 2017.

16

Table of Contents

Coal from Access Energy is processed at Deane Mining’s Mill Creek Preparation Plant, an 800 ton-per hour coal preparation facility with a batch-weight loadout and rail spur for loading coal into trains for rail shipments. The spur has storage for 110 rail cars and is serviced by CSX Transportation and is located on both CSX’s Big Sandy rate district and CSX’s Elkhorn rate district. The Mill Creek Preparation Plant has a coarse refuse and slurry impoundment called Razorblade Impoundment.

Quest Processing LLC

Quest Energy’s wholly-owned subsidiary, Quest Processing LLC, manages the assets, operations, and personnel of the certain coal processing and transportation facilities of Quest Energy’s various other subsidiaries, namely the Supreme Energy Preparation Facility (of Knott County Coal LLC), the Raven Preparation Facility (of Knott County Coal LLC), and Mill Creek Preparation Facility (of Deane Mining LLC). Quest Processing LLC was the recipient of a New Markets Tax Credit loan that allowed for the payment of certain expenses of these preparation facilities. As part of that financing transaction, Quest Energy loaned Quest MGMT LLC, an entity owned by members of Quest Energy, Inc.’s management, $4,120,000 to facilitate the New Markets Tax Credit loan, of which is all outstanding as of September 30, 2017.

ERC Mining Indiana Corporation (the Gold Star Mine)

Quest Energy, through its wholly-owned subsidiary, ERC Mining Indiana Corporation (“ERC”), has a management agreement with an unrelated entity, LC Energy Operations LLC to manage an underground coal mine, clean coal processing facility and rail loadout located in Greene County, Indiana (referred to as the “Gold Star Mine”) for a monthly cash and per-ton fee. As part of that management agreement, ERC manages the operations of the Gold Star Mine, is the holder of the mining permit, provides the reclamation bonding, is the owner of some of the equipment located at the Gold Star Mine, and provides the employment for the personnel located at the Gold Star Mine. LC Energy Operations LLC owns the remaining equipment and infrastructure, is the lessee of the mineral (and the owner of some of the mineral and surface), and provides funding for the operations. Currently the coal mining operations at the Gold Star Mine are idled.

In addition to the current owned permits and controlled reserves, ARC may, from time to time, and frequently, acquire additional coal mining permits or reserves, or dispose of coal mining permits or reserves currently held by ARC, as management of the Company deems appropriate.

Mineral and Surface Leases

Coal mining and processing involves the extraction of coal (mineral) and the use of surface property incidental to such extraction and processing. All of the mineral and surface related to the Company’s coal mining operations is leased from various mineral and surface owners (the “Leases”). The Company’s operating subsidiaries, collectively, are parties to approximately 200 various Leases and other agreements required for the Company’s coal mining and processing operations. The Leases are with a variety of Lessors, from individuals to professional land management firms such as Elk Horn Coal Company LLC and Penn Virginia Operating Company, LLC. In some instances, the Company has leases with Land Resources & Royalties LLC (“LRR”), a professional leasing firm that is an entity wholly owned by Quest MGMT LLC an entity owned by members of Quest Energy Inc.’s management.

Coal Sales

ARC sells its coal to domestic and international customers, some which blend ARC’s coal at east coast ports with other qualities of coal for export. Coal sales currently come from the Company’s McCoy Elkhorn’s Mine #15, McCoy Elkhorn’s Carnegie Mine, and Deane Mining’s Access Energy Mine.

Coal sales at the Company is primarily outsource to third party intermediaries who act on the Company’s behalf to source potential coal sales and contracts. The third-party intermediaries have no ability to bind the Company to any contracts, and all coal sales are approved by management of the Company.

17

Table of Contents

Competition

The coal industry is intensely competitive. The most important factors on which the Company competes are coal quality, delivered costs to the customer and reliability of supply. Our principal domestic competitors will include Alpha Natural Resources, Ramaco Resources, Blackhawk Mining, Coronado Coal, Arch Coal, Contura Energy, Warrior Met Coal, Alliance Resource Partners, and ERP Compliance Fuels. Many of these coal producers may have greater financial resources and larger reserve bases than we do. We also compete in international markets directly with domestic companies and with companies that produce coal from one or more foreign countries, such as Australia, Colombia, Indonesia and South Africa.

Legal Proceedings

From time to time, we are subject to ordinary routine litigation incidental to our normal business operations. We are not currently a party to, and our property is not subject to, any material legal proceedings.

Environmental, Governmental, and Other Regulatory Matters

Our operations are subject to federal, state, and local laws and regulations, such as those relating to matters such as permitting and licensing, employee health and safety, reclamation and restoration of mining properties, water discharges, air emissions, plant and wildlife protection, the storage, treatment and disposal of wastes, remediation of contaminants, surface subsidence from underground mining and the effects of mining on surface water and groundwater conditions. In addition, we may become subject to additional costs for benefits for current and retired coal miners. These environmental laws and regulations include, but are not limited to, SMCRA with respect to coal mining activities and ancillary activities; the CAA with respect to air emissions; the CWA with respect to water discharges and the permitting of key operational infrastructure such as impoundments; RCRA with respect to solid and hazardous waste management and disposal, as well as the regulation of underground storage tanks; the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA” or “Superfund”) with respect to releases, threatened releases and remediation of hazardous substances; the Endangered Species Act of 1973 (“ESA”) with respect to threatened and endangered species; and the National Environmental Policy Act of 1969 (“NEPA”) with respect to the evaluation of environmental impacts related to any federally issued permit or license. Many of these federal laws have state and local counterparts which also impose requirements and potential liability on our operations.

Compliance with these laws and regulations may be costly and time-consuming and may delay commencement, continuation or expansion of exploration or production at our facilities. They may also depress demand for our products by imposing more stringent requirements and limits on our customers’ operations. Moreover, these laws are constantly evolving and are becoming increasingly complex and stringent over time. These laws and regulations, particularly new legislative or administrative proposals, or judicial interpretations of existing laws and regulations related to the protection of the environment could result in substantially increased capital, operating and compliance costs. Individually and collectively, these developments could have a material adverse effect on our operations directly and/or indirectly, through our customers’ inability to use our products.

Certain implementing regulations for these environmental laws are undergoing revision or have not yet been promulgated. As a result, we cannot always determine the ultimate impact of complying with existing laws and regulations.

Due in part to these extensive and comprehensive regulatory requirements and ever- changing interpretations of these requirements, violations of these laws can occur from time to time in our industry and also in our operations. Expenditures relating to environmental compliance are a major cost consideration for our operations and safety and compliance is a significant factor in mine design, both to meet regulatory requirements and to minimize long-term environmental liabilities. To the extent that these expenditures, as with all costs, are not ultimately reflected in the prices of our products and services, operating results will be reduced.

In addition, our customers are subject to extensive regulation regarding the environmental impacts associated with the combustion or other use of coal, which may affect demand for our coal. Changes in applicable laws or the adoption of new laws relating to energy production, greenhouse gas emissions and other emissions from use of coal products may cause coal to become a less attractive source of energy, which may adversely affect our mining operations, the cost structure and, the demand for coal.

18

Table of Contents

We believe that our competitors with operations in the United States are confronted by substantially similar conditions. However, foreign producers and operators may not be subject to similar requirements and may not be required to undertake equivalent costs in or be subject to similar limitations on their operations. As a result, the costs and operating restrictions necessary for compliance with United States environmental laws and regulations may have an adverse effect on our competitive position with regard to those foreign competitors. The specific impact on each competitor may vary depending on a number of factors, including the age and location of its operating facilities, applicable legislation and its production methods.

The Mine Act and the MINER Act, and regulations issued under these federal statutes, impose stringent health and safety standards on mining operations. The regulations that have been adopted under the Mine Act and the MINER Act are comprehensive and affect numerous aspects of mining operations, including training of mine personnel, mining procedures, roof control, ventilation, blasting, use and maintenance of mining equipment, dust and noise control, communications, emergency response procedures, and other matters. MSHA regularly inspects mines to ensure compliance with regulations promulgated under the Mine Act and MINER Act.

Due to the large number of mining permits held by the Company that have been previously mined and operated, there is a significant amount of environmental reclamation and remediation required by the Company to comply with local, state, and federal regulations for coal mining companies.

Further discussion regarding the required environmental remediation of the Company and associated risks to the Company are discussed in the Risk Factors section.

Property

Our principal offices are located at 9002 Technology Lane, Fishers, Indiana 46038. We pay $2,500 per month in rent for the office space and the rental lease expires in December 2018. We also rent office space at 11000 Highway 7 South, Kite, Kentucky 41828 and pay $500 per month rent and the rental lease expires October 30, 2021.

The Company also utilizes various office spaces on-site at its coal mining operations and coal preparation plant locations in eastern Kentucky, with such rental payments covered under any surface lease contracts with any of the surface land owners.

Employees

ARC, through its operating subsidiaries, employs a combination of company employees and contract labor to mine coal, process coal, and related functions. The Company is continually evaluating the use of company employees and contract labor to determine the optimal mix of each, given the needs of the Company. Currently, McCoy Elkhorn’s Mine #15 is primarily run by company employees, McCoy Elkhorn’s Carnegie Mine is primarily run by contract labor, and the Company’s various coal preparation facilities are run by company employees.

The Company currently has approximately 121 employees, with a substantial majority based in eastern Kentucky. The Company is headquartered in Fishers, Indiana with six members of the Company’s executive team based at this location.

Results of Operations

Our consolidated operations had operating revenues of $4,351,968 and $15,334,047 for the three-months and nine-months ended September30, 2017 and $836,385 and $1,724,428 operating revenue for the three-months and nine-months ended September 30, 2016.

For the three-months and nine-months ended September 30, 2017 we have incurred net loss attributable to American Resources Corporation shareholders in the amount of $1,809,643 and $9,012,121. For the three-months and nine-months ended September 30, 2016 we have incurred net loss attributable to American Resources Corporation shareholders in the amount of $3,718,188 and $21,367,874.

19

Table of Contents

The primary driver for increased revenue was the commencement of underground mining operations in September 2016. The primary driver for decreased net loss was the consulting fees incurred during the period ended September 30, 2016 that were not incurred during the period ended September 30, 2017.

From our inception to-date our activities have been primarily financed from the proceeds of our acquisitions, Series B equity investments and loans.

For the three months ended September 30, 2017 and 2016, coal sales and processing expenses were $2,797,140 and $2,955,654 respectively, development costs, including loss on settlement of ARO were $1,065,341 and $298,513, respectively, and production taxes and royalties $865,950 and $104,545, respectively. Depreciation expense for the same periods ended September 30, 2017 and 2016 were $697,214 and $766,078 respectively.

For the nine months ended September, 2017 and 2016, coal sales and processing expenses were $12,307,399 and $5,098,821 respectively, development costs, including loss on settlement of ARO were $4,454,666 and $1,654,624, respectively, and production taxes and royalties $3,464,611 and $230,739, respectively. Depreciation expense for the same periods ended September 30, 2017 and 2016 were $1,856,442 and $2,010,529 respectively.

Liquidity and Capital Resources

For the nine months ending September 30, 2017 our net cash flow used in operating activities was $1,192,234 and for the nine months ending September, 2016 the net cash flow used in operating activities was $3,339,325.

For the nine months ending September 30, 2017 and 2016 net provided by investing activities were $269,903 and used in investing activities $1,014,767 respectively.

For the nine months ending September 30, 2017 and 2016 net cash proceeds from financing activities were $479,847 and $4,644,487 respectively.

As a public company, we will be subject to certain reporting and other compliance requirements of a publicly reporting company. We will be subject to certain costs for such compliance which private companies may not choose to make. We have identified such costs as being primarily for audits, legal services, filing expenses, financial and reporting controls and shareholder communications and estimate the cost to be approximately $10,000 monthly if the activities of our Company remain somewhat the same for the next few months. We have included such costs in our monthly cash flow needs and expect to pay such costs from a combination of cash from operations.

Off Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that we are required to disclose pursuant to these regulations. In the ordinary course of business, we enter into operating lease commitments, purchase commitments and other contractual obligations. These transactions are recognized in our financial statements in accordance with generally accepted accounting principles in the United States.

Critical Accounting Policies

The preparation of financial statements requires management to utilize estimates and make judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. These estimates are based on historical experience and on various other assumptions that management believes to be reasonable under the circumstances. The estimates are evaluated by management on an ongoing basis, and the results of these evaluations form a basis for making decisions about the carrying value of assets and liabilities that are not readily apparent from other sources. Although actual results may differ from these estimates under different assumptions or conditions, management believes that the estimates used in the preparation of our financial statements are reasonable. The critical accounting policies affecting our financial reporting are summarized in Note1 to the financial statements included elsewhere in this report.

20

Table of Contents

Recent Accounting Pronouncements

We determined that all other issued, but not yet effective accounting pronouncements are inapplicable or insignificant to us and once adopted are not expected to have a material impact on our financial position.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Because we are a smaller reporting company we are not required to include any disclosure under this item.

Item 4. Controls and Procedures

(a) Management’s Conclusions Regarding Effectiveness of Disclosure Controls and Procedures.

The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. The Company’s internal control over financial reporting is a process designed under the supervision of the Company’s Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company’s financial statements for external purposes in accordance with U.S. generally accepted accounting principles.

With respect to the nine-month period ending September 30, 2017, under the supervision and with the participation of our management, we conducted an evaluation of the effectiveness of the design and operations of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934.

Based upon our evaluation regarding the period ending September 30, 2017, the Company’s management, including its Chief Executive Officer and Chief Financial Officer, has concluded that its disclosure controls and procedures were not effective due to the Company’s insufficient number of staff performing accounting and reporting functions and lack of timely reconciliations. Through the use of external consultants and the review process, management believes that the financial statements and other information presented herewith are materially correct.

The Company’s disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives. However, the Company’s management, including its Chief Executive Officer and Chief Financial Officer, does not expect that its disclosure controls and procedures will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefit of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.

(b) Changes in Internal Controls.

There have been changes in the Company’s internal control over financial reporting during the nine-month period ended September 30, 2017 that have materially affected the Company’s internal controls over financial reporting.

The Company has hired a Chief Financial Officer, President, Chief Executive Officer and General Counsel, all of whom work in conjunction on risk assessment and segregation of duties. Management has identified material weaknesses as described above. Management has hired outside consultants as described above to mitigate the risk though we still deem the controls to be ineffective.

21

Table of Contents

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

Item 1A. Risk Factors

Not applicable.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On July 5, 2017, the Company issued 13,333 common shares and warrants to purchase 33,333 shares to an unrelated consulting company.

The shares of our common stock were issued pursuant to an exemption from registration in Section 4(a)(2) of the Securities Act of 1933. These shares of our common stock qualified for exemption under Section 4(a)(2) of the Securities Act of 1933 since the issuance of shares by us did not involve a public offering. The offering was not a “public offering” as defined in Section 4(a)(2) due to the insubstantial number of persons involved in the deal, size of the offering, manner of the offering and number of shares offered. We did not undertake an offering in which we sold a high number of shares to a high number of investors. In addition, these shareholders had necessary investment intent as required by Section 4(a)(2) since they agreed to receive share certificates bearing a legend stating that such shares are restricted pursuant to Rule 144 of the 1933 Act. This restriction ensures that these shares would not be immediately redistributed into the market and therefore not be part of a “public offering.” All shareholders are “sophisticated investors” and are business acquaintances of our officers and directors. Based on an analysis of the above factors, we believe we have met the requirements to qualify for exemption under section 4(a)(2) of the Securities Act of 1933 for this transaction. Proceeds from sales were utilized for working capital.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95.1 to this Quarterly Report.

Item 5. Other Information

None.

22

Table of Contents

Item 6. Exhibits

The following exhibits are filed herewith except as otherwise noted. Exhibits referenced in previous filings by the Company with the SEC are incorporated by reference herein.

Exhibit No.		Description

3.1		Articles of Incorporation of Natural Gas Fueling and Conversion Inc. (filed as Exhibit 3.1 to the Company’s Registration Statement on Form S-1, filed with the SEC on November 27, 2013)
3.2		Amended and Restated Articles of Incorporation of NGFC Equities Inc. (filed as Exhibit 3.1 to the Company’s 8-K filed on February 25, 2015).
3.3		Articles of Amendment to Articles of Incorporation of NGFC Equities, Inc. (filed as Exhibit 10.2 to the Company’s Form 8-K on February 21, 2017).
3.4		Articles of Amendment to Articles of Incorporation of American Resources Corporation dated March 24, 2017 (filed as Exhibit 3.4 to the Company’s Form 10-Q, filed with the SEC on February 20, 2018.
3.5		Bylaws of Natural Gas Fueling and Conversion Inc. (filed as Exhibit 3.2 to the Company’s Registration Statement on Form S-1, filed with the SEC on November 27, 2013).
3.6		By-Laws, of NGFC Equities Inc., as amended and restated (filed as Exhibit 3.2 to the Company’s 8k filed on February 25, 2015).
14.1		Code of Business Conduct and Ethics (filed as Exhibit 14.1 to the Company’s Registration Statement on Form S-1, filed with the SEC on November 27, 2013).
31.1		Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2		Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1		Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
95.1		Exhibit 95.1 – Mine Safety Disclosure pursuant to Regulation S-K, Item 104 filed herewith.

101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

23

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMERICAN RESOURCES CORPORATION

Date: March 9, 2018
By: /s/ Mark C. Jensen

Name:
Mark C. Jensen

Title: CEO, Chairman of the Board

(Principal Executive Officer)

EX-31.1 2 arec_ex311.htm CERTIFICATION arec_ex311.htm

EXHIBIT 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

Certification of Principal Executive Officer

I, Mark C. Jensen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of American Resources Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 9, 2018

AMERICAN RESOURCES CORPORATION

/s/ Mark C. Jensen

Mark C. Jensen,

Chief Executive Officer

Principal Executive Officer

EX-31.2 3 arec_ex312.htm CERTIFICATION arec_ex312.htm

EXHIBIT 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

Certification of Principal Financial Officer and

Principal Accounting Officer

I, Kirk P. Taylor, certify that:

Date: March 9, 2018

AMERICAN RESOURCES CORPORATION

/s/ Kirk P. Taylor

Kirk P. Taylor,

Chief Financial Officer

Principal Financial Officer

Principal Accounting Officer

EX-32.1 4 arec_ex321.htm CERTIFICATION arec_ex321.htm

EXHIBIT 32.1

Certification of Principal Executive Officer

Pursuant to 18 U.S.C. SECTION 1350

In connection with the Quarterly Report of American Resources Corporation, (the “Company”) on Form 10-Q for the period ending September 30, 2017 to be filed with the Securities and Exchange Commission on or about the date hereof (the “Report”), I, Mark C. Jensen, Principal Executive Officer of the Company, certify, to my knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(i) the accompanying Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods covered by the Report.

It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934.

AMERICAN RESOURCES CORPORATION

/s/ Mark C. Jensen

Mark C. Jensen,

Chief Executive Officer

Principal Executive Officer

Date: March 9, 2018

EX-32.2 5 arec_ex322.htm CERTIFICATION arec_ex322.htm

EXHIBIT 32.2

Certification of Principal Financial Officer

and Principal Accounting Officer

Pursuant to 18 U.S.C. SECTION 1350

In connection with the Quarterly Report of American Resources Corporation (the “Company”) on Form 10-Q for the period ending September 30, 2017 to be filed with the Securities and Exchange Commission on or about the date hereof (the “Report”), I, Kirk P. Taylor, Principal Financial Officer and Principal Accounting Officer of the Company, certify, to my knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934.

AMERICAN RESOURCES CORPORATION

/s/ Kirk P. Taylor

Kirk P. Taylor,

Chief Financial Officer

Principal Financial Officer

Principal Accounting Officer

Date: March 9, 2018

EX-95.1 6 arec_ex951.htm MINE SAFETY DISCLOSURE arec_ex951.htm

EXHIBIT 95.1

Federal Mine Safety and Health Act Information

We work to prevent accidents and occupational illnesses. We have in place health and safety programs that include extensive employee training, safety incentives, drug and alcohol testing and safety audits. The objectives of our health and safety programs are to provide a safe work environment, provide employees with proper training and equipment and implement safety and health rules, policies and programs that foster safety excellence.

Our mining operations are subject to extensive and stringent compliance standards established pursuant to the Federal Mine Safety and Health Act of 1977 (the “Mine Act”). MSHA monitors and rigorously enforces compliance with these standards, and our mining operations are inspected frequently. Citations and orders are issued by MSHA under Section 104 of the Mine Act for violations of the Mine Act or any mandatory health or safety standard, rule, order or regulation promulgated under the Mine Act.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) requires issuers to include in periodic reports filed with the SEC certain information relating to citations or orders for violations of standards under the Mine Act. We present information below regarding certain mining safety and health violations, orders and citations, issued by MSHA and related assessments and legal actions and mine-related fatalities with respect to our active coal mining operations. In evaluating this information, consideration should be given to factors such as: (i) the number of violations, orders and citations will vary depending on the size of the coal mine, (ii) the number of violations, orders and citations issued will vary from inspector to inspector and mine to mine, and (iii) violations, orders and citations can be contested and appealed, and in that process, are often reduced in severity and amount, and are sometimes dismissed.

The following tables include information required by the Dodd-Frank Act for the three months ended September 30, 2017. The mine data retrieval system maintained by MSHA may show information that is different than what is provided herein. Any such difference may be attributed to the need to update that information on MSHA’s system and/or other factors.

*Mine or Operating Name /* *MSHA Identification Number*	*Section* *104(a)* *S&S* *Citations⁽¹⁾*		*Section* *104(b)* *Orders⁽²⁾*		*Section* *104(d)* *Citations and* *Orders⁽³⁾*		*Section* *110(b)(2)* *Violations⁽⁴⁾*		*Section* *107(a)* *Orders⁽⁵⁾*		*Total Dollar* *Value of* *MSHA* *Assessments* *Proposed (in thousands)⁽⁶⁾*
Active Operations
McCoy Elkhorn Mine #15 / 15-18775		21		0		1		0		0	$	18.1
McCoy Elkhorn Carnegie Mine / 15-19313		4		1		0		0		0	$	4.8
McCoy Elkhorn Bevins Branch Preparation Plant / 15-10445		14		1		0		0		0	$	5.1
Deane Mining Access Mine / 15-19532		1		0		0		0		0	$	1.5
Deane Mining Mill Creek Preparation Plant / 15-16577		0		0		0		0		0	$	0.0

*Mine or Operating Name /* *MSHA Identification Number*	*Total Number of* *Mining Related* *Fatalities*		*Received Notice of* *Pattern of* *Violations Under* *Section 104(e)* *(yes/no)⁽⁷⁾*	*Legal Actions* *Pending as of Last* *Day of Period*		*Legal Actions* *Initiated During* *Period*		*Legal Actions* *Resolved During Period*
Active Operations
McCoy Elkhorn Mine #15 / 15-18775		0	No		0		0		0
McCoy Elkhorn Carnegie Mine / 15-19313		0	No		0		0		0
McCoy Elkhorn Bevins Branch Preparation Plant / 15-10445		0	No		0		0		0
Deane Mining Access Mine / 15-19532		0	No		0		0		0
Deane Mining Mill Creek Preparation Plant / 15-16577		0	No		0		0		0

The number of legal actions pending before the Federal Mine Safety and Health Review Commission as of September 30, 2017 that fall into each of the following categories is as follows:

*Mine or Operating Name /* *MSHA Identification Number*	*Contests of* *Citations and* *Orders*		*Contests of* *Proposed* *Penalties*		*Complaints for* *Compensation*		*Complaints of* *Discharge /* *Discrimination /* *Interference*		*Applications* *for Temporary* *Relief*		*Appeals of* *Judge’s Ruling*
Active Operations
McCoy Elkhorn Mine #15 / 15-18775		391		391		0		0		0		0
McCoy Elkhorn Carnegie Mine / 15-19313		71		71		0		0		0		0
McCoy Elkhorn Bevins Branch Preparation Plant / 15-10445		64		64		0		0		0		0
Deane Mining Access Mine / 15-19532		23		23		0		0		0		0
Deane Mining Mill Creek Preparation Plant / 15-16577		10		10		0		0		0		0

____________

(1)

Mine Act section 104(a) S&S citations shown above are for alleged violations of mandatory health or safety standards that could significantly and substantially contribute to a coal mine health and safety hazard. It should be noted that, for purposes of this table, S&S citations that are included in another column, such as Section 104(d) citations, are not also included as Section 104(a) S&S citations in this column.

(2)	Mine Act section 104(b) orders are for alleged failures to totally abate a citation within the time period specified in the citation.

(3)	Mine Act section 104(d) citations and orders are for an alleged unwarrantable failure (i.e., aggravated conduct constituting more than ordinary negligence) to comply with mandatory health or safety standards.

(4)

Mine Act section 110(b)(2) violations are for an alleged “flagrant” failure (i.e., reckless or repeated) to make reasonable efforts to eliminate a known violation of a mandatory safety or health standard that substantially and proximately caused, or reasonably could have been expected to cause, death or serious bodily injury.

(5)	Mine Act section 107(a) orders are for alleged conditions or practices which could reasonably be expected to cause death or serious physical harm before such condition or practice can be abated and result in orders of immediate withdrawal from the area of the mine affected by the condition.

(6)

Amounts shown include assessments proposed by MSHA during the three months ended March 31, 2017 on all citations and orders, including those citations and orders that are not required to be included within the above chart. This number may differ from actual assessments paid to MSHA as the Company may contest any proposed penalty.

(7)	Mine Act section 104(e) written notices are for an alleged pattern of violations of mandatory health or safety standards that could significantly and substantially contribute to a coal mine safety or health hazard.

EX-101.INS 7 arec-20170930.xml XBRL INSTANCE DOCUMENT 0001590715 2017-09-30 0001590715 2016-12-31 0001590715 2017-01-01 2017-09-30 0001590715 2016-01-01 2016-09-30 0001590715 2015-12-31 0001590715 2018-03-09 0001590715 us-gaap:CommonClassAMember 2017-09-30 0001590715 us-gaap:CommonClassAMember 2016-12-31 0001590715 us-gaap:SeriesAPreferredStockMember 2017-09-30 0001590715 us-gaap:SeriesAPreferredStockMember 2016-12-31 0001590715 us-gaap:SeriesBPreferredStockMember 2017-09-30 0001590715 us-gaap:SeriesBPreferredStockMember 2016-12-31 0001590715 arec:ProcessingAndRailfacilityMember 2016-12-31 0001590715 us-gaap:EquipmentMember 2016-12-31 0001590715 arec:SurfaceEquipmentMember 2016-12-31 0001590715 us-gaap:LandMember 2016-12-31 0001590715 arec:PrivatePlacementAgreementMember 2017-04-01 2017-04-30 0001590715 arec:PrivatePlacementAgreementMember us-gaap:SeriesBPreferredStockMember arec:ARCMember 2017-04-30 0001590715 us-gaap:PrivatePlacementMember arec:ARCMember 2017-04-01 2017-04-02 0001590715 us-gaap:PrivatePlacementMember us-gaap:SeriesBPreferredStockMember arec:ARCMember 2017-04-02 0001590715 arec:QuestMember arec:SurfaceEquipmentsMember us-gaap:SubsequentEventMember 2018-01-01 2018-01-25 0001590715 arec:QuestMember arec:SurfaceEquipmentsMember us-gaap:SubsequentEventMember 2018-01-25 0001590715 arec:QuestMember arec:SurfaceEquipmentsMember us-gaap:SubsequentEventMember 2017-12-01 2017-12-07 0001590715 arec:QuestMember arec:SurfaceEquipmentsMember us-gaap:SubsequentEventMember 2017-12-07 0001590715 arec:QuestMember arec:SurfaceEquipmentsMember us-gaap:SubsequentEventMember 2017-10-01 2017-10-20 0001590715 arec:QuestMember arec:SurfaceEquipmentsMember us-gaap:SubsequentEventMember 2017-10-20 0001590715 arec:QuestMember arec:SurfaceEquipmentsMember us-gaap:SubsequentEventMember 2017-10-01 2017-10-19 0001590715 arec:QuestMember arec:SurfaceEquipmentsMember us-gaap:SubsequentEventMember 2017-10-19 0001590715 arec:ConsolidatedLoanAgreementMember arec:UnaffiliatedEntityMember us-gaap:WarrantMember us-gaap:SubsequentEventMember 2017-10-01 2017-10-04 0001590715 arec:ConsolidatedLoanAgreementMember arec:UnaffiliatedEntityMember us-gaap:WarrantMember us-gaap:MinimumMember us-gaap:SubsequentEventMember 2017-10-04 0001590715 arec:ConsolidatedLoanAgreementMember arec:UnaffiliatedEntityMember us-gaap:WarrantMember us-gaap:MaximumMember us-gaap:SubsequentEventMember 2017-10-04 0001590715 arec:ConsolidatedLoanAgreementMember arec:UnaffiliatedEntityMember us-gaap:WarrantMember us-gaap:SubsequentEventMember 2017-10-04 0001590715 arec:ConsolidatedLoanAgreementMember arec:UnaffiliatedEntityMember arec:AfterMarchThirtyOneTwoThousandSeventeenMember us-gaap:SubsequentEventMember 2017-10-04 0001590715 arec:ConsolidatedLoanAgreementMember arec:UnaffiliatedEntityMember us-gaap:SubsequentEventMember 2017-10-04 0001590715 2016-01-01 2016-12-31 0001590715 arec:NGFCEquitiesMember 2017-01-01 2017-01-05 0001590715 arec:ARCMember 2017-05-01 2017-05-15 0001590715 arec:McCoyElkhornCoalLLCMember 2016-02-01 2016-02-17 0001590715 arec:ERCMiningLLCMember 2016-03-18 0001590715 arec:QuestProcessingMember 2016-03-01 2016-03-18 0001590715 arec:ERCMiningLLCMember 2016-03-01 2016-03-18 0001590715 us-gaap:SeriesAPreferredStockMember arec:TwoThousandSixteenPlanMember 2016-01-31 0001590715 us-gaap:OptionMember arec:OnJanuaryOneTwoThousandsSixteenMember us-gaap:SeriesAPreferredStockMember 2017-09-30 0001590715 arec:ConversionOptionMember 2017-02-22 0001590715 us-gaap:PrivatePlacementMember us-gaap:SeriesBPreferredStockMember arec:ARCMember 2017-03-07 0001590715 us-gaap:PrivatePlacementMember us-gaap:SeriesBPreferredStockMember arec:ARCMember 2017-03-01 2017-03-07 0001590715 us-gaap:PrivatePlacementMember us-gaap:SeriesBPreferredStockMember 2017-03-01 2017-03-31 0001590715 us-gaap:PrivatePlacementMember us-gaap:SeriesBPreferredStockMember arec:AExpireMarchSixTwoThousandTwentyMember 2017-03-01 2017-03-31 0001590715 us-gaap:PrivatePlacementMember us-gaap:SeriesBPreferredStockMember arec:AExpireMarchSixTwoThousandTwentyMember 2017-03-31 0001590715 us-gaap:PrivatePlacementMember us-gaap:SeriesBPreferredStockMember arec:AOneExpireMarchSixTwoThousandTwentyMember 2017-03-01 2017-03-31 0001590715 us-gaap:PrivatePlacementMember us-gaap:SeriesBPreferredStockMember arec:AOneExpireMarchSixTwoThousandTwentyMember 2017-03-31 0001590715 us-gaap:OptionMember arec:OnJanuaryOneTwoThousandsSixteenMember us-gaap:SeriesAPreferredStockMember 2017-01-01 2017-09-30 0001590715 2017-07-01 2017-09-30 0001590715 2016-07-01 2016-09-30 0001590715 arec:McCoyMember 2017-01-01 2017-09-30 0001590715 arec:ICGKnottCountyMember 2017-01-01 2017-09-30 0001590715 arec:McCoyMember 2017-09-30 0001590715 arec:ICGKnottCountyMember 2017-09-30 0001590715 arec:ICGKnottCountyMember 2016-04-14 0001590715 arec:ICGKnottCountyMember 2016-04-01 2016-04-14 0001590715 arec:ProcessingAndRailfacilityMember 2017-09-30 0001590715 us-gaap:EquipmentMember 2017-09-30 0001590715 arec:SurfaceEquipmentMember 2017-09-30 0001590715 us-gaap:LandMember 2017-09-30 0001590715 arec:ProcessingAndRailfacilityMember 2017-01-01 2017-09-30 0001590715 arec:SurfaceEquipmentMember 2017-01-01 2017-09-30 0001590715 us-gaap:EquipmentMember 2017-01-01 2017-09-30 0001590715 us-gaap:SecuredDebtMember 2017-04-01 2017-04-30 0001590715 arec:FirstNoteMember 2013-03-13 0001590715 arec:FirstNoteMember 2013-03-01 2013-03-13 0001590715 arec:SecondNoteMember 2013-07-01 2013-07-17 0001590715 arec:SecondNoteMember 2013-07-17 0001590715 us-gaap:PrivatePlacementMember us-gaap:SeriesBPreferredStockMember arec:TwoAprilTwoThousandNinteenMember 2017-01-01 2017-09-30 0001590715 us-gaap:PrivatePlacementMember us-gaap:SeriesBPreferredStockMember arec:TwoAprilTwoThousandNinteenMember 2017-09-30 0001590715 us-gaap:PrivatePlacementMember us-gaap:SeriesBPreferredStockMember arec:TwoAprilTwentyNineThousandNinteenMember 2017-06-30 0001590715 us-gaap:PrivatePlacementMember us-gaap:SeriesBPreferredStockMember arec:TwoAprilTwentyNineThousandNinteenMember 2017-01-01 2017-09-30 0001590715 2016-09-30 0001590715 us-gaap:OptionMember arec:OnSeptemberFiveTwoThousandsSixteenMember us-gaap:SeriesAPreferredStockMember 2017-01-01 2017-09-30 0001590715 us-gaap:OptionMember arec:OnSeptemberFiveTwoThousandsSixteenMember us-gaap:SeriesAPreferredStockMember 2017-09-30 0001590715 us-gaap:WarrantMember 2017-07-05 0001590715 us-gaap:WarrantMember 2017-07-01 2017-07-05 0001590715 us-gaap:MinimumMember 2017-01-01 2017-09-30 0001590715 us-gaap:MaximumMember 2017-01-01 2017-09-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure 10-Q 2017-09-30 false American Resources Corporation 0001590715 --12-31 892044 Smaller Reporting Company Yes No No 2017 Q3

482

850

.0001

230000000

892044

4817792

20000000

4817792

850000

250000

100000

4817792

850000

.0001

.001

75000 1525000

American Resources Corporation (ARC or the Company) which operates through subsidiaries that were acquired in 2016 and 2015 for the purpose of acquiring, rehabilitating and operating various natural resource assets including coal, oil and natural gas.   Basis of Presentation and Consolidation:   The consolidated financial statements include the accounts for the nine months ended September 30, 2017 and 2016 of the Company and its wholly owned subsidiaries Quest Energy Inc (QEI) Deane Mining, LLC (Deane), Quest Processing LLC (Quest Processing), ERC Mining Indiana Corp (ERC), McCoy Elkhorn Coal LLC (McCoy) and Knott County Coal LLC (KCC). All significant intercompany accounts and transactions have been eliminated.   On January 5, 2017, QEI entered into a share exchange agreement with NGFC Equities, Inc (NGFC). Under the agreement, the shareholders of QEI exchanged 100% of its common stock to NGFC for 4,817,792 newly created Series A Preferred shares that is convertible into approximately 95% of outstanding common stock of NGFC. The previous NGFC shareholders retained 845,370 common shares as part of the agreement. The conditions to the agreement were fully satisfied on February 7, 2017, at which time the Company took full control of NGFC. NGFC has been renamed to American Resources Corporation ARC. The transaction was accounted for as a recapitalization. QEI was the accounting acquirer and ARC will continue the business operations of QEI, therefore, the historical financial statements presented are those of QEI and its subsidiaries. The equity and share information reflect the results of the recapitalization. On May 15, 2017 ARC initiated a one-for-thirty reverse stock split. The financial statements have been retrospectively restated to give effect to this split.   On February 17, 2016, McCoy Elkhorn Coal LLC (McCoy) acquired certain assets in exchange for $100 and for assuming certain liabilities of Fortress Resources, LLC. The fair values of liabilities were determined to be $3,561,848 respectively. The liabilities assumed do not require fair value readjustments.   The assets acquired of McCoy do not represent a business as defined in FASB AS 805-10-20. McCoy does not have an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return or other economic benefit to their investors, members or participants. Accordingly, the assets acquired are initially recognized at the consideration paid, which was the liabilities assumed, including direct acquisition costs, of which there were none. The cost is allocated to the group of assets acquired based on their relative fair value. The assets acquired and liabilities assumed of McCoy were as follows at the purchase date:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Assets</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Cash</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: justify">2,935,800</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Underground Mining Equipment </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">531,249</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Surface Mining Equipment </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">36,218</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Coal Preparation and Loading Facilities </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">58,681</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Liabilities</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Asset Retirement Obligation </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: justify">3,561,848</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   On April 14, 2016, the Company acquired 100% of the membership interests of ICG Knott County, LLC, subsequently renamed Knott County Coal LLC. The fair values of liabilities were determined to be $4,499,434 respectively. The liabilities assumed do not require fair value readjustments.   The assets acquired of ICG Knott County do not represent a business as defined in FASB AS 805-10-20. IGC Knott County does not have an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return or other economic benefit to their investors, members or participants. Accordingly, the assets acquired and liabilities assumed are initially recognized at the consideration paid, including direct acquisition costs. The cost is allocated to the group of assets acquired and liabilities assumed based on their relative fair value. The assets and liabilities assumed of ICG Knott County were as follows on the purchase date:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr> <td style="vertical-align: top; text-align: justify">Assets</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Cash</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: justify">2,380,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Underground Mining Equipment </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">1,533,937</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Surface Mining Equipment </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">206,578</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Land </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">178,683</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Coal Preparation and Loading Facilities </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">200,236</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Liabilities</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Asset Retirement Obligation</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: justify">4,499,434</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   As a result of the KCC and McCoy acquisitions during 2016, $8,061,282 of ARO was assumed for net cash of $5,315,700 and property, equipment and land of $2,745,582.   Interim Financial Information   Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been omitted. In the opinion of management, these interim unaudited Consolidated Financial Statements reflect all normal and recurring adjustments necessary for a fair presentation of the results for the periods presented. Results of operations for the nine months ended September 30, 2017 and 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2017 or any other period. These financial statements should be read in conjunction with the Companys 2015 and 2016 audited financial statements and the notes thereto which were filed on form 8-K/A on September 25, 2017.   Going Concern: The Company has suffered recurring losses from operations and currently has a working capital deficit. These conditions raise substantial doubt about the Companys ability to continue as a going concern. We plan to generate profits by expanding current coal operations as well as developing new coal operations. However, we will need to raise the funds required to do so through sale of our securities or through loans from third parties. We do not have any commitments or arrangements from any person to provide us with any additional capital. If additional financing is not available when needed, we may need to cease operations. We may not be successful in raising the capital needed to expand or develop operations. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern. The accompanying financial statements have been prepared assuming the Company will continue as a going concern; no adjustments to the financial statements have been made to account for this uncertainty.   Convertible Preferred Securities: We account for hybrid contracts that feature conversion options in accordance with generally accepted accounting principles in the United States. ASC 815, Derivatives and Hedging Activities (ASC 815) requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria includes circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.   We also follow ASC 480-10, Distinguishing Liabilities from Equity (ASC 480-10) in its evaluation of the accounting for a hybrid instrument. A financial instrument that embodies an unconditional obligation, or a financial instrument other than an outstanding share that embodies a conditional obligation, that the issuer must or may settle by issuing a variable number of its equity shares shall be classified as a liability (or an asset in some circumstances) if, at inception, the monetary value of the obligation is based solely or predominantly on any one of the following: (a) a fixed monetary amount known at inception; (b) variations in something other than the fair value of the issuers equity shares; or (c) variations inversely related to changes in the fair value of the issuers equity shares. Hybrid instruments meeting these criteria are not further evaluated for any embedded derivatives, and are carried as a liability at fair value at each balance sheet date with remeasurements reported in interest expense in the accompanying Consolidated Statements of Operations.   Cash is maintained in bank deposit accounts which, at times, may exceed federally insured limits. To date, there have been no losses in such accounts.   Restricted cash: As part of the Kentucky New Markets Development Program (See Note 3) an asset management fee reserve was set up in the amount of $116,115. The funds are held to pay annual asset management fees to an unrelated party through 2021. The balance as of September 30, 2017 and December 31, 2016 was $116,115, respectively. The total balance of restricted cash also includes amounts held under the management agreement. See note 6.   Asset Retirement Obligations (ARO) Reclamation: At the time they are incurred, legal obligations associated with the retirement of long-lived assets are reflected at their estimated fair value, with a corresponding charge to mine development. Obligations are typically incurred when we commence development of underground and surface mines, and include reclamation of support facilities, refuse areas and slurry ponds or through acquisitions. Obligations are reflected at the present value of their future cash flows. We reflect accretion of the obligations for the period from the date they incurred through the date they are extinguished. The asset retirement obligation assets are amortized using the units-of-production method over estimated recoverable (proved and probable) reserves. We are using a discount rate of 10%. Federal and State laws require that mines be reclaimed in accordance with specific standards and approved reclamation plans, as outlined in mining permits. Activities include reclamation of pit and support acreage at surface mines, sealing portals at underground mines, and reclamation of refuse areas and slurry ponds.   We assess our ARO at least annually and reflect revisions for permit changes, change in our estimated reclamation costs and changes in the estimated timing of such costs. During the nine month periods ending September 30, 2017 and 2016, $281,907 and $0 were incurred for loss on settlement on ARO, respectively.   The table below reflects the changes to our ARO:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Balance at December 31, 2016</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: justify">18,126,873</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Accretion nine months September 30, 2017</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">1,181,055</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Reclamation work nine months September 30, 2017</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: justify">(427,225</td> <td style="vertical-align: bottom; text-align: justify">)</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Balance at September 30, 2017</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: justify">18,880,703</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   Reclassifications: Reclassifications have been made to conform with current year presentation.   Allowance For Doubtful Accounts: The Company recognizes an allowance for losses on trade and other accounts receivable in an amount equal to the estimated probable losses net of recoveries. The allowance is based on an analysis of historical bad debt experience, current receivables aging and expected future write-offs, as well as an assessment of specific identifiable amounts considered at risk or uncollectible.   Allowance for trade receivables as of September 30, 2017 and December 31, 2016 amounted to $0, for both periods. Allowance for other accounts receivables as of September 30, 2017 and December 31, 2016 amounted to $405,356 and $640,000, respectively.   Trade and loan receivables are carried at amortized cost, net of allowance for losses. Amortized cost approximated book value as of September 30, 2017 and December 31, 2016.   New Accounting Pronouncements: Management has determined that the impact of the following recent FASB pronouncements will not have a material impact on the financial statements.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr> <td style="width: 4%; text-align: justify"> </td> <td style="vertical-align: top; width: 4%; text-align: justify">·</td> <td style="vertical-align: top; text-align: justify">Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, effective for years beginning after December 15, 2017</td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: justify">·</td> <td style="vertical-align: top; text-align: justify">ASU 2015-11, Simplifying the Measurement of Inventory, effective for years beginning after December 15, 2016</td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: justify">·</td> <td style="vertical-align: top; text-align: justify">ASU 2015-17, Balance Sheet Classification of Deferred Taxes, effective for years beginning after December 15, 2017</td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: justify">·</td> <td style="vertical-align: top; text-align: justify">ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, effective for years beginning after December 15, 2018</td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: justify">·</td> <td style="vertical-align: top; text-align: justify">ASU 2016-02, Leases, effective for years beginning after December 15, 2019</td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: justify">·</td> <td style="vertical-align: top; text-align: justify">ASU 2016-18, Statement of Cash Flows: Restricted Cash, effective beginning after December 15, 2017</td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: justify">·</td> <td style="vertical-align: top; text-align: justify">ASU 2017-01, Business Combinations, effective beginning after December 15, 2017</td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: justify">·</td> <td style="vertical-align: top; text-align: justify">ASU 2017-11, Earnings Per Share, effective beginning after December 15, 2018</td></tr> </table>   Management has elected to early adopt ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business effective at inception. See above in Note 1.

At September 30, 2017 and December 31, 2016, property and equipment were comprised of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid">September 30, 2017 </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid">December 31, 2016</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Processing and rail facility </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td id="ffcell" style="vertical-align: bottom; width: 10%; text-align: right">2,914,422</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 10%; text-align: right">2,914,422</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Underground equipment </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">8,164,359</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">7,500,512</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Surface equipment </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">4,491,304</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">3,751,054</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Land </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">178,683</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">178,683</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Less: Accumulated depreciation</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">(4,119,297</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">(2,262,855</td> <td style="vertical-align: bottom; text-align: justify">)</td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Total Property and Equipment, Net </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">11,629,471</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">12,081,816</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   Depreciation expense amounted to $697,214 and $766,078 for the three month periods September 30, 2017 and September 30, 2016, respectively. Depreciation expense amounted to $1,856,442 and $2,010,529 for the nine month periods September 30, 2017 and September 30, 2016, respectively.   The estimated useful lives are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="background-color: #CCEEFF"> <td style="width: 35%; text-align: justify">Processing and Rail Facilities</td> <td style="width: 2%; text-align: justify"> </td> <td style="text-align: justify">20 years</td></tr> <tr style="background-color: white"> <td style="text-align: justify">Surface Equipment</td> <td style="text-align: justify"> </td> <td style="text-align: justify">7 years</td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify">Underground Equipment</td> <td style="text-align: justify"> </td> <td style="text-align: justify">5 years</td></tr> </table>

On June 12, 2015, the Company executed a consulting agreement with an entity with common ownership. During the three month period September 30, 2017 and 2016, the Company incurred fees totaling $0 and $0 relating to services rendered under this agreement. During the nine month period September 30, 2017 and September 30, 2016, the Company incurred fees totaling $0 and $12,358,255 relating to services rendered under this agreement.   The amount outstanding and payable as of September 30, 2017 and December 31, 2016, was $17,840,615 and $17,840,615, respectively. The amount is due on demand and does not accrue interest.   On April 30, 2017, the Company purchased $250,000 of secured debt that had been owed to a third party, by an operating subsidiary of a related party. (See Note 7) As a result of the transaction, the Company is now the creditor on the notes. The first note in the amount of $150,000 is dated March 13, 2013, carries an interest rate of 12% and was due on September 13, 2015. The second note in the amount of $100,000 is dated July 17, 2013, carries an interest rate of 12% and was due January 17, 2016. Both notes are in default.   During July 2017, an officer of the Company advanced $50,000 to Quest. The advance is unsecured, non interest bearing and due on demand.

On March 18, 2016, Quest Processing entered into two loans under the Kentucky New Markets Development Program for a total of $5,143,186. Quest Processing paid $460,795 of debt issuance costs resulting in net proceeds of $4,682,391. See note 3. The Company retains the right to call $5,143,186 of the loans in March 2023. State of Kentucky income tax credits were generated for the lender which the Company has guaranteed over their statutory life of seven years in the event the credits are recaptured or reduced. At the time of the transaction, the income tax credits were valued at $2,005,843. The Company has not established a liability in connection with the guarantee because it believes the likelihood of recapture or reduction is remote.   On March 18, 2016, ERC Mining LLC, an entity consolidated as a VIE, lent $4,117,139 to an unaffiliated entity, as part of the Kentucky New Markets Development Program loans. The note bears interest at 4% and is due March 7, 2046. The balance as of September 30, 2017 and December 31, 2016 was $4,117,139, respectively. Payments of interest only are due quarterly until March 18, 2023 at which time quarterly principal and interest are due. On April 13, 2015, ERC entered into a mining and management agreement with an unrelated entity, to operate a coal mining and processing facility in Jasonville, Indiana. Under the management agreement funds advanced for the nine month period ended September 30, 2017 and 2016 are $75,000 and $1,525,000, respectively and the amounts repaid totaled $469,645 and $450,000, respectively. Of the amounts received in 2017, $241,574 was the collection of a previously impaired amount.

In the course of normal operations, the Company is involved in various claims and litigation that management intends to defend. The range of loss, if any, from potential claims cannot be reasonably estimated. However, management believes the ultimate resolution of matters will not have a material adverse impact on the Companys business or financial position.

Loans   On October 4, 2017, ARC entered into a consolidated loan agreement with an unaffiliated entity. $5,444,632 has been advanced under the note. $3,770,000 of the note was advanced after September 30, 2017. The agreement calls for interest of 7% and with all outstanding amounts due on demand. The note is secured by all assets of Quest and subsidiaries. In conjunction with the loan, a warrants for up to 5,017,006 common shares were issued at an exercise price ranging from $.01 to $11.44 per share and with an expiration date of October 2, 2020.   On October 19, 2017, Quest entered into an equipment financing agreement with an unaffiliated entity to purchase certain surface equipment for $90,400. The agreement calls for monthly payments until maturity of October 19, 2019 and interest of 9.95%.   On October 20, 2017, Quest entered into an equipment financing agreement with an unaffiliated entity to purchase certain surface equipment for $50,250. The agreement calls for monthly payments until maturity of October 20, 2019 and interest of 10.60%.   On December 7, 2017, Quest entered into an equipment financing agreement with an unaffiliated entity to purchase certain surface equipment for $56,900. The agreement calls for monthly payments until maturity of January 7, 2021.   On January 25, 2018, Quest entered into an equipment financing agreement with an unaffiliated entity to purchase certain surface equipment for $346,660. The agreement calls for monthly payments until maturity of December 25, 2020.

The consolidated financial statements include the accounts for the nine months ended September 30, 2017 and 2016 of the Company and its wholly owned subsidiaries Quest Energy Inc (QEI) Deane Mining, LLC (Deane), Quest Processing LLC (Quest Processing), ERC Mining Indiana Corp (ERC), McCoy Elkhorn Coal LLC (McCoy) and Knott County Coal LLC (KCC). All significant intercompany accounts and transactions have been eliminated.   On January 5, 2017, QEI entered into a share exchange agreement with NGFC Equities, Inc (NGFC). Under the agreement, the shareholders of QEI exchanged 100% of its common stock to NGFC for 4,817,792 newly created Series A Preferred shares that is convertible into approximately 95% of outstanding common stock of NGFC. The previous NGFC shareholders retained 845,370 common shares as part of the agreement. The conditions to the agreement were fully satisfied on February 7, 2017, at which time the Company took full control of NGFC. NGFC has been renamed to American Resources Corporation ARC. The transaction was accounted for as a recapitalization. QEI was the accounting acquirer and ARC will continue the business operations of QEI, therefore, the historical financial statements presented are those of QEI and its subsidiaries. The equity and share information reflect the results of the recapitalization. On May 15, 2017 ARC initiated a one-for-thirty reverse stock split. The financial statements have been retrospectively restated to give effect to this split.   On February 17, 2016, McCoy Elkhorn Coal LLC (McCoy) acquired certain assets in exchange for $100 and for assuming certain liabilities of Fortress Resources, LLC. The fair values of liabilities were determined to be $3,561,848 respectively. The liabilities assumed do not require fair value readjustments.   The assets acquired of McCoy do not represent a business as defined in FASB AS 805-10-20. McCoy does not have an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return or other economic benefit to their investors, members or participants. Accordingly, the assets acquired are initially recognized at the consideration paid, which was the liabilities assumed, including direct acquisition costs, of which there were none. The cost is allocated to the group of assets acquired based on their relative fair value. The assets acquired and liabilities assumed of McCoy were as follows at the purchase date:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Assets</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Cash</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">2,935,800</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Underground Mining Equipment </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">531,249</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Surface Mining Equipment </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">36,218</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Coal Preparation and Loading Facilities </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">58,681</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Liabilities</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Asset Retirement Obligation </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">3,561,848</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   On April 14, 2016, the Company acquired 100% of the membership interests of ICG Knott County, LLC, subsequently renamed Knott County Coal LLC. The fair values of liabilities were determined to be $4,499,434 respectively. The liabilities assumed do not require fair value readjustments.   The assets acquired of ICG Knott County do not represent a business as defined in FASB AS 805-10-20. IGC Knott County does not have an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return or other economic benefit to their investors, members or participants. Accordingly, the assets acquired and liabilities assumed are initially recognized at the consideration paid, including direct acquisition costs. The cost is allocated to the group of assets acquired and liabilities assumed based on their relative fair value. The assets and liabilities assumed of ICG Knott County were as follows on the purchase date:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr> <td style="vertical-align: top; text-align: justify">Assets</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Cash</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">2,380,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Underground Mining Equipment </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,533,937</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Surface Mining Equipment </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">206,578</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Land </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">178,683</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Coal Preparation and Loading Facilities </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">200,236</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Liabilities</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Asset Retirement Obligation</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">4,499,434</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   As a result of the KCC and McCoy acquisitions during 2016, $8,061,282 of ARO was assumed for net cash of $5,315,700 and property, equipment and land of $2,745,582.

Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been omitted. In the opinion of management, these interim unaudited Consolidated Financial Statements reflect all normal and recurring adjustments necessary for a fair presentation of the results for the periods presented. Results of operations for the nine months ended September 30, 2017 and 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2017 or any other period. These financial statements should be read in conjunction with the Companys 2015 and 2016 audited financial statements and the notes thereto which were filed on form 8-K/A on September 25, 2017. We account for hybrid contracts that feature conversion options in accordance with generally accepted accounting principles in the United States. ASC 815, Derivatives and Hedging Activities (ASC 815) requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria includes circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.   We also follow ASC 480-10, Distinguishing Liabilities from Equity (ASC 480-10) in its evaluation of the accounting for a hybrid instrument. A financial instrument that embodies an unconditional obligation, or a financial instrument other than an outstanding share that embodies a conditional obligation, that the issuer must or may settle by issuing a variable number of its equity shares shall be classified as a liability (or an asset in some circumstances) if, at inception, the monetary value of the obligation is based solely or predominantly on any one of the following: (a) a fixed monetary amount known at inception; (b) variations in something other than the fair value of the issuers equity shares; or (c) variations inversely related to changes in the fair value of the issuers equity shares. Hybrid instruments meeting these criteria are not further evaluated for any embedded derivatives, and are carried as a liability at fair value at each balance sheet date with remeasurements reported in interest expense in the accompanying Consolidated Statements of Operations.

Cash is maintained in bank deposit accounts which, at times, may exceed federally insured limits. To date, there have been no losses in such accounts.

The Company recognizes an allowance for losses on trade and other accounts receivable in an amount equal to the estimated probable losses net of recoveries. The allowance is based on an analysis of historical bad debt experience, current receivables aging and expected future write-offs, as well as an assessment of specific identifiable amounts considered at risk or uncollectible.   Allowance for trade receivables as of September 30, 2017 and December 31, 2016 amounted to $0, for both periods. Allowance for other accounts receivables as of September 30, 2017 and December 31, 2016 amounted to $405,356 and $640,000, respectively.   Trade and loan receivables are carried at amortized cost, net of allowance for losses. Amortized cost approximated book value as of September 30, 2017 and December 31, 2016.

Management has determined that the impact of the following recent FASB pronouncements will not have a material impact on the financial statements.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr> <td style="width: 4%; text-align: justify"> </td> <td style="vertical-align: top; width: 4%; text-align: justify">·</td> <td style="vertical-align: top; text-align: justify">Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, effective for years beginning after December 15, 2017</td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: justify">·</td> <td style="vertical-align: top; text-align: justify">ASU 2015-11, Simplifying the Measurement of Inventory, effective for years beginning after December 15, 2016</td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: justify">·</td> <td style="vertical-align: top; text-align: justify">ASU 2015-17, Balance Sheet Classification of Deferred Taxes, effective for years beginning after December 15, 2017</td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: justify">·</td> <td style="vertical-align: top; text-align: justify">ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, effective for years beginning after December 15, 2018</td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: justify">·</td> <td style="vertical-align: top; text-align: justify">ASU 2016-02, Leases, effective for years beginning after December 15, 2019</td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: justify">·</td> <td style="vertical-align: top; text-align: justify">ASU 2016-18, Statement of Cash Flows: Restricted Cash, effective beginning after December 15, 2017</td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: justify">·</td> <td style="vertical-align: top; text-align: justify">ASU 2017-01, Business Combinations, effective beginning after December 15, 2017</td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: justify">·</td> <td style="vertical-align: top; text-align: justify">ASU 2017-11, Earnings Per Share, effective beginning after December 15, 2018</td></tr> </table>   Management has elected to early adopt ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business effective at inception. See above in Note 1.

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Assets</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Cash</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">2,935,800</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Underground Mining Equipment </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">531,249</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Surface Mining Equipment </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">36,218</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Coal Preparation and Loading Facilities </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">58,681</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Liabilities</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Asset Retirement Obligation </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">3,561,848</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="vertical-align: top; text-align: justify">Assets</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Cash</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">2,380,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Underground Mining Equipment </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,533,937</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Surface Mining Equipment </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">206,578</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Land </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">178,683</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Coal Preparation and Loading Facilities </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">200,236</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Liabilities</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Asset Retirement Obligation</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">4,499,434</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Balance at December 31, 2016</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td id="ffcell" style="vertical-align: bottom; width: 9%; text-align: right">18,126,873</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Accretion nine months September 30, 2017</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,181,055</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Reclamation work nine months September 30, 2017</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">(427,225</td> <td style="vertical-align: bottom; text-align: justify">)</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Balance at September 30, 2017</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">18,880,703</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid">September 30, 2017 </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid">December 31, 2016</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Processing and rail facility </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td id="ffcell" style="vertical-align: bottom; width: 10%; text-align: right">2,914,422</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 10%; text-align: right">2,914,422</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Underground equipment </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">8,164,359</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">7,500,512</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Surface equipment </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">4,491,304</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">3,751,054</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Land </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">178,683</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">178,683</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Less: Accumulated depreciation</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">(4,119,297</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">(2,262,855</td> <td style="vertical-align: bottom; text-align: justify">)</td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Total Property and Equipment, Net </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">11,629,471</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">12,081,816</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

441983

451389

4117139

178683

342041

784525

290395

The Company has suffered recurring losses from operations and currently has a working capital deficit. These conditions raise substantial doubt about the Companys ability to continue as a going concern. We plan to generate profits by expanding current coal operations as well as developing new coal operations. However, we will need to raise the funds required to do so through sale of our securities or through loans from third parties. We do not have any commitments or arrangements from any person to provide us with any additional capital. If additional financing is not available when needed, we may need to cease operations. We may not be successful in raising the capital needed to expand or develop operations. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern. The accompanying financial statements have been prepared assuming the Company will continue as a going concern; no adjustments to the financial statements have been made to account for this uncertainty.

As part of the Kentucky New Markets Development Program (See Note 3) an asset management fee reserve was set up in the amount of $116,115. The funds are held to pay annual asset management fees to an unrelated party through 2021. The balance as of September 30, 2017 and December 31, 2016 was $116,115, respectively. The total balance of restricted cash also includes amounts held under the management agreement. See note 6.

At the time they are incurred, legal obligations associated with the retirement of long-lived assets are reflected at their estimated fair value, with a corresponding charge to mine development. Obligations are typically incurred when we commence development of underground and surface mines, and include reclamation of support facilities, refuse areas and slurry ponds or through acquisitions. Obligations are reflected at the present value of their future cash flows. We reflect accretion of the obligations for the period from the date they incurred through the date they are extinguished. The asset retirement obligation assets are amortized using the units-of-production method over estimated recoverable (proved and probable) reserves. We are using a discount rate of 10%. Federal and State laws require that mines be reclaimed in accordance with specific standards and approved reclamation plans, as outlined in mining permits. Activities include reclamation of pit and support acreage at surface mines, sealing portals at underground mines, and reclamation of refuse areas and slurry ponds.   We assess our ARO at least annually and reflect revisions for permit changes, change in our estimated reclamation costs and changes in the estimated timing of such costs. During the nine month periods ending September 30, 2017 and 2016, $281,907 and $0 were incurred for loss on settlement on ARO, respectively.   The table below reflects the changes to our ARO:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Balance at December 31, 2016</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td id="ffcell" style="vertical-align: bottom; width: 9%; text-align: right">18,126,873</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Accretion nine months September 30, 2017</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,181,055</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Reclamation work nine months September 30, 2017</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">(427,225</td> <td style="vertical-align: bottom; text-align: justify">)</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Balance at September 30, 2017</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">18,880,703</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

8164359

7500512

531249

1533937

2935800

2380000

36218 206578 58681 200236

3561848

4499434

18880703

18126873

2015-06-30 Under the agreement, the shareholders of QEI exchanged 100% of its common stock to NGFC for 4,817,792 newly created Series A Preferred shares that is convertible into approximately 95% of outstanding common stock of NGFC. The previous NGFC shareholders retained 845,370 common shares as part of the agreement. The conditions to the agreement were fully satisfied on February 7, 2017, at which time the Company took full control of NGFC.

one-for-thirty

100

3561848

4499434

1.00

116115

281907 0

405356

640000

2914422

7500512

3751054

178683

2914422

8164359

4491304

178683

11629471

12081816

P20Y

P7Y

P5Y

318576 43665

5143186

460795

4682391

The Company retains the right to call $5,143,186 of the loans in March 2023.

2005843

0.04

2046-03-07

2023-03-18

6363225

6108695

33334

500000

59133

2069655 23139

83300

5375

50000

1.50

50000

1.00

138889

69445

27778

69445

500000

100000

500000

7.60 0.003 7.20 7.20 3.60

Such put option expires after 20 days from notification

346660

56900

50250

90400

0.1060

0.0995

0.07

50000

5444632

3770000

2020-12-25

2021-01-07

2019-10-20

2019-10-19

69445

27778

5017006

208334

0.01

7.20

0.01

11.44

2020-10-02

The Series B Preferred Stock converts into common stock of the Company at the holders discretion at a conversion price of $3.60 per common share (one share of Series B Preferred converts to common at a ratio of 0.27778). Furthermore, the Series B Preferred share purchase agreement provides for certain adjustments to the conversion value of the Series B Preferred to common shares of the Company that are based on the EBITDA (earning before interest, taxes, depreciation, and amortization) for the Company for the 12 months ended March 31, 2018. Those adjustments provide for a decrease in the conversion value based on the proportional miss of the Companys EBITDA, up to a maximum of 30.0% decrease in the conversion value of the Series B Preferred to common shares.

33333 250000

13333

250000

150000

100000

0.12 0.12

2015-09-13

2016-01-17

0.10

2892500

5592577

200000

52282276

47781427

21985142

22384169

16775383 17419228

5209759

4964941

30297134

25397258

2105320

707645

5175916

4431006

124000

74000

72897 24987

212945

122945

17840615

4765441

2196060

17331975

20273829

16077932

16536404

142310

196347

4119297

2262855

4491304 3751054 2914422 2914422

189012

141102

1254043

3737425

32684

199701

250000

629318

2753199

17331975

20273829

-34950301

-27507598

364175

54757

-35314476

-27562355

-36663151

-27651030

1347254

88193

75000

759397

891180

-11.87

-2.03

-9012121

-21367874

-1809643

-3718188

-309418

-67844

-8702703

-21367874

-1741799

-3718188

567970

140141

342683

48999

241574 117657

309418

67844

-8685725

-21227733

-1584617

-3669189

-24019772

-22952161

-5936585

-4505574

-4172759

-1654624

-1035286

-298513

-3464611

-230739

-865950

-104545

-12358255

-565995

-237459

-144712

-56590

-189604

-100702

-26940

-24194

-1856442

-2010529

-697214

-766078

281907

30055

-1181055

-1261032

-339288

-300000

-12307399

-5098821

-2797140

-2955654

15334047

1724428

4351968

836385

1563864

1008162

159724

120119

13770183

716266

4192244

716266

193564

50141

300000

50000

63000 250000 1222500 904425 2745582

-442484

290395

479847

4644487

4843915 -6365492

50000

1670000

4688152

318576

43665

269903

-1014767

-5315700

176597

-211594

51855 43665

1393587

4117139

-1192234

-3339325

-709132

90000

12340615

2574285

2932711

9199

14535

2123881

-716268

10000

88675

10000

284406

6720

50000

Reclassifications have been made to conform with current year presentation.

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">2017</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Expected Dividend Yield</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td id="ffcell" style="vertical-align: bottom; width: 9%; text-align: right">0</td> <td style="vertical-align: bottom; width: 1%; text-align: justify">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Expected volatility</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">13.73</td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Risk-free rate</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1.62</td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Expected life of warrants</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="text-align: right">2-3 years</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Weighted</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Weighted</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Average</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Average</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Aggregate</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Number of</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Exercise </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Contractual</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Intrinsic</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Warrants</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Price</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Life in Years</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Value</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Outstanding - December 31, 2016</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Exercisable - December 31, 2016</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Granted</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,326,827</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">1.810</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">2.186</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">37,573</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Forfeited or Expired</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Exercised</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Outstanding - September 30, 2017</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,326,827</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">1.810</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">2.186</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">37,573</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Exercisable - September 30, 2017</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,326,827</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">1.810</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">2.186</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">37,573</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

427225

8061282

2745582 241574

P2Y

P3Y

0.1373

0.0162

P2Y

P3Y

0.00

1326827

1.810

37573

P2Y22M10D

0.07

1470000 P4M

904603

75000

600000

A new 2016 Stock Incentive Plan (2016 Plan) was approved by the Board during January 2016. The Company may grant up to 6,363,225 shares of Series A Preferred stock under the 2016 Plan. The 2016 Plan is administered by the Board of Directors, which has substantial discretion to determine persons, amounts, time, price, exercise terms, and restrictions of the grants, if any. The options issued under the 2016 Plan vest upon issuance.   On January 1, 2016, the Company issued options amounting to 6,108,695 shares (which includes shares disclosed above) under an adopted stock option plan that were cashlessly exercised into 2,069,655 shares of Series A preferred stock resulting in an expense of $83,300.   On September 5, 2016, the Company issued options amounting to 59,133 shares under an adopted stock option plan that were cashlessly exercised into 23,139 shares of Series A preferred stock resulting in an expense of $5,375.   The Company had a note payable in the amount of $50,000 which was assumed as part of the share exchange agreement and accounted for as an expense in the recapitalization transaction. On February 22, 2017, the Company modified the note to add a conversion option with a price of $1.50. The conversion option was beneficial, therefore, the Company recognized $50,000 as a discount to the assumed note payable. The note was immediately converted, resulting in the issuance of 33,334 shares and the full amortization of the discount.   On March 7, 2017, ARC closed a private placement whereby it issued an aggregate of 500,000 shares of ARCs Series B Preferred Stock at a purchase price of $1.00 per Series B Preferred share, and warrants to purchase an aggregate of 208,334 shares of the ARCs common stock (subject to certain adjustments), for proceeds to ARC of $500,000 (the March 2017 Private Placement). After deducting for fees and expenses, the aggregate net proceeds from the sale of the preferred series B shares and the warrants in the March 2017 Private Placement were approximately $500,000. The A warrants totaling 138,889 shares expire March 6, 2020 and hold an exercise price of $7.60 per share. The A-1 warrants totaling 69,445 shares expire March 6, 2020 and hold an exercise price of $.003 per share.   On April 2, 2017, American Resources Corporation closed a private placement whereby it issued an aggregate of 100,000 shares of the ARCs Series B Preferred Stock at a purchase price of $1.00 per Series B Preferred share, and warrants to purchase an aggregate of 27,778 shares of the ARCs common stock (subject to certain adjustments), for proceeds to ARC of $100,000 (the April 2017 Private Placement). After deducting for fees and expenses, the aggregate net proceeds from the sale of the series B preferred shares and the warrants in the April 2017 Private Placement were approximately $100,000. The A warrants totaling 27,778 shares expire April 2, 2019 and hold an exercise price of $7.20 per share.   On April 30, 2017, American Resources Corporation closed on a private placement agreement whereby it issued an aggregate of 250,000 shares of the ARCs Series B Preferred Stock and warrants amounting to 69,445 to an unrelated party for the purchase of $250,000 of secured debt that had been owed to that party, by an operating subsidiary of a related party. The A warrants totaling 69,445 shares expire April 29, 2019 and hold an exercise price of $7.20 per share.   The Series B Preferred Stock converts into common stock of the Company at the holders discretion at a conversion price of $3.60 per common share (one share of Series B Preferred converts to common at a ratio of 0.27778). Furthermore, the Series B Preferred share purchase agreement provides for certain adjustments to the conversion value of the Series B Preferred to common shares of the Company that are based on the EBITDA (earning before interest, taxes, depreciation, and amortization) for the Company for the 12 months ended March 31, 2018. Those adjustments provide for a decrease in the conversion value based on the proportional miss of the Companys EBITDA, up to a maximum of 30.0% decrease in the conversion value of the Series B Preferred to common shares.   The Series B Preferred share purchase agreement provides for an option for the investor to put the Series B Preferred investment to the Company at a premium to the Series B Preferred purchase price should the Company achieve certain hurdles, such as a secondary offering and an up-listing to a national stock exchange. Such put option expires after 20 days from notification of the Company to the Series B Preferred investor of the fulfillment of such qualifications.   On July 5, 2017, the Company issued 13,333 common shares and warrants to purchase 33,333 shares to an unrelated consulting company. The warrants had an exercise price of $3.60 with a three-year term. The total compensation expense related to this award was $10,000 which was determined using the closing stock price at the date of the grant and the Black-Sholes Option Pricing Model.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">2017</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Expected Dividend Yield</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td id="ffcell" style="vertical-align: bottom; width: 9%; text-align: right">0</td> <td style="vertical-align: bottom; width: 1%; text-align: justify">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Expected volatility</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">13.73</td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Risk-free rate</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1.62</td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Expected life of warrants</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="text-align: right">2-3 years</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Weighted</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Weighted</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Average</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Average</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Aggregate</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Number of</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Exercise </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Contractual</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Intrinsic</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Warrants</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Price</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Life in Years</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Value</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Outstanding - December 31, 2016</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Exercisable - December 31, 2016</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Granted</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,326,827</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">1.810</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">2.186</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">37,573</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Forfeited or Expired</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Exercised</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Outstanding - September 30, 2017</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,326,827</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">1.810</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">2.186</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">37,573</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Exercisable - September 30, 2017</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,326,827</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">1.810</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">2.186</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">37,573</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

During the nine month period ended September 30, 2017 and 2016, principal payments on long term debt totaled $318,576 and $43,665, respectively. During the nine month period ended September 30, 2017 and 2016, new debt issuances totaled $2,892,500 and $5,592,577, respectively, primarily from $1,670,000 of working capital loans and $1,222,500 of equipment loans in 2017 and $4,688,152 from the Kentucky New Markets Development program and $904,425 in equipment loans in 2016. (See Note 5). During the nine month period ended September 30, 2017 and 2016, proceeds from our factoring agreement totaled $4,843,915 and $0, respectively and repayments according to the factoring agreement totaled $6,365,492 and $0, respectively.   During the period the company received a working capital term loan from an unrelated entity in the amount of $200,000.   During the period, the company received working capital advances of 1,470,000 from an unrelated entity The advances are secured by all of the Companys assets, carry a 7% interest rate and are due 4 months after issuance. The notes are in default. Along with the notes, the company issued warrants equal to 904,603 and 75,000 shares with an exercise price of $.01 and $7.20 and a two-year term, respectively. This note was restructured in October 2017. (See note 9)   The fair value of the warrants granted was $452,302 which was obtained using the Black-Sholes Option Pricing Model. The relative fair value of the warrants was $300,000 and the relative fair value of the corresponding debt was $700,000. Allocation of proceeds resulted in a discount of the loan in the amount of $300,000. The loan discount is amortized over the life of the corresponding debt using the straight-line method, which approximates effective interest method. As of September 30, 2017, $75,000 remained as an unamortized discount.

452302

700000

75000

300000

EX-101.SCH 8 arec-20170930.xsd XBRL TAXONOMY EXTENSION SCHEMA 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 00000006 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - PROPERTY AND EQUIPMENT link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - NOTES PAYABLE link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - RELATED PARTY TRANSACTIONS link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - MANAGEMENT AGREEMENT link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - EQUITY TRANSACTIONS link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - CONTINGENCIES link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - SUBSEQUENT EVENTS link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - PROPERTY AND EQUIPMENT (Tables) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - EQUITY TRANSACTIONS (Table) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - PROPERTY AND EQUIPMENT (Details) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - PROPERTY AND EQUIPMENT (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - PROPERTY AND EQUIPMENT (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - NOTES PAYABLE (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - RELATED PARTY TRANSACTIONS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - MANAGEMENT AGREEMENT (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - EQUITY TRANSACTIONS (Details) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - EQUITY TRANSACTIONS (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - EQUITY TRANSACTIONS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - SUBSEQUENT EVENTS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 9 arec-20170930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 10 arec-20170930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 11 arec-20170930_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Common Class A [Member] Class of Stock [Axis] Series A Preferred Stock [Member] Series B Preferred Stock [Member] Processing and rail facility [Member] Property, Plant and Equipment, Type [Axis] Underground equipment [Member] Collateral [Axis] Surface equipment [Member] Land [Member] Private placement agreement [Member] Plan Name [Axis] ARC [Member] Title of Individual [Axis] April 2017 Private Placement [Member] Sale of Stock [Axis] Quest [Member] Related Party [Axis] Surface equipment [Member] Subsequent Event [Member] Subsequent Event Type [Axis] Consolidated loan agreement [Member] Unaffiliated entity [Member] Warrant [Member] Equity Components [Axis] Minimum [Member] Range [Axis] Maximum [Member] After March 31, 2017 [Member] Report Date [Axis] NGFC Equities [Member] Related Party Transaction [Axis] McCoy Elkhorn Coal LLC [Member] ERC Mining LLC [Member] Quest Processing [Member] 2016 Plan [Member] Award Type [Axis] Options [Member] Financial Instrument [Axis] On January 1, 2016 [Member] Conversion option [Member] Derivative Instrument [Axis] A Expire March 6, 2020 [Member] Fair Value, Estimate Not Practicable, Disclosure Items [Axis] A-1 Expire March 6, 2020 [Member] McCoy [Member] Legal Entity [Axis] ICG Knott County [Member] Secured Debt [Member] Credit Facility [Axis] First Note [Member] Lender Name [Axis] Second Note [Member] April 2, 2019 [Member] April 29, 2019 [Member] On September 5, 2016 [Member] Document and Entity Information: Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement [Table] Statement [Line Items] ASSETS CURRENT ASSETS Cash Accounts Receivable Related Party Note Receivable Accounts Receivable - Other Total Current Assets OTHER ASSETS Cash - restricted Processing and rail facility Underground equipment Surface equipment Less Accumulated Depreciation Land Accounts Receivable - Other Note Receivable Total Other Assets TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable Accrued management fee Accrued interest Funds held for others Due to affiliate Current portion of long term-debt (net of unamortized discount of $75,000 and $0) Current portion of Reclamation liability Total Current Liabilities OTHER LIABILITIES Long-term portion of note payable (net of issuance costs of $441,983 and $451,389) Reclamation liability Total Other Liabilities Total Liabilities STOCKHOLDERS' DEFICIT Common stock, value Preferred stock, value Additional paid-in capital Accumulated deficit Total American Resources Corporation's Shareholders' Equity Non controlling interest Total Stockholders' Deficit TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT Current portion of long term-debt net of unamortized discount Long-term portion of note payable net of issuance costs Preferred Stock, Par Value Preferred Stock, Shares Authorized Preferred Stock, Shares Issued Preferred Stock, Shares Outstanding Common Stock, Par Value Common Stock, Shares Authorized Common Stock, Shares Issued Common Stock, Shares Outstanding Condensed Consolidated Statements Of Operations Coal Sales Processing Services Income Total Revenue Cost of Coal Sales and Processing Accretion Expense Loss on Reclamation Settlement Depreciation General and Administrative Professional Fees Consulting Fees - Related Party Production Taxes and Royalties Development Costs Total Expenses from Operations Net Loss from Operations Other Income Receipt of previously impaired receivable Interest Net Loss Less: Net income attributable to Non Controlling Interest Net loss attributable to American Resources Corporation Shareholders Net loss per share - basic and diluted Weighted average shares outstanding Condensed Consolidated Statements Of Cash Flows Cash Flows from Operating activities: Net loss Adjustments to reconcile net income (loss) to net cash Depreciation Accretion expense Loss on reclamation settlements Assumption of note payable in reverse merger Amortization of debt discount Recovery of impaired account receivable Stock compensation expense Change in current assets and liabilities: Accounts receivable Restricted cash used to pay interest expense Accounts payable Accrued expenses Accrued interest Reclamation liability settlements Cash used in operating activities Cash Flows from Investing activities: Note receivable Increase in restricted cash Restricted cash used to pay down debt Advances made in connection with management agreement Advance repayment in connection with management agreement Cash paid for PPE, net Cash received from acquisitions, net of $100 cash paid Cash provided by (used in) investing activities Cash Flows from Financing activities: Principal payments on long term debt Proceeds from long term debt (net of issuance costs $0 and $460,795) Proceeds from related party Payments on factoring agreement Proceeds from factoring agreement Proceeds from private placements Cash provided by financing activities Increase (decrease) in cash Cash, beginning of year Cash, end of year Supplemental Information Non-cash investing and financing activities Assumption of net assets and liabilities for asset acquisitions Equipment for notes payable Purchase of related party note receivable in exchange for Series B Equity Affiliate note for equipment Conversion of note payable to common stock Beneficial conversion feature on note payable Relative fair value debt discount on warrant issue EX-101.PRE 12 arec-20170930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 13 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2017	Mar. 09, 2018
Document and Entity Information:
Entity Registrant Name	American Resources Corporation
Entity Central Index Key	0001590715
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		892,044
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2017

XML 14 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash	$ 342,041	$ 784,525
Accounts Receivable	629,318	2,753,199
Related Party Note Receivable	250,000
Accounts Receivable - Other	32,684	199,701
Total Current Assets	1,254,043	3,737,425
OTHER ASSETS
Cash - restricted	189,012	141,102
Processing and rail facility	2,914,422	2,914,422
Underground equipment	8,164,359	7,500,512
Surface equipment	4,491,304	3,751,054
Less Accumulated Depreciation	(4,119,297)	(2,262,855)
Land	178,683	178,683
Accounts Receivable - Other	142,310	196,347
Note Receivable	4,117,139	4,117,139
Total Other Assets	16,077,932	16,536,404
TOTAL ASSETS	17,331,975	20,273,829
CURRENT LIABILITIES
Accounts payable	4,765,441	2,196,060
Accrued management fee	17,840,615	17,840,615
Accrued interest	212,945	122,945
Funds held for others	72,897	24,987
Due to affiliate	124,000	74,000
Current portion of long term-debt (net of unamortized discount of $75,000 and $0)	5,175,916	4,431,006
Current portion of Reclamation liability	2,105,320	707,645
Total Current Liabilities	30,297,134	25,397,258
OTHER LIABILITIES
Long-term portion of note payable (net of issuance costs of $441,983 and $451,389)	5,209,759	4,964,941
Reclamation liability	16,775,383	17,419,228
Total Other Liabilities	21,985,142	22,384,169
Total Liabilities	52,282,276	47,781,427
STOCKHOLDERS' DEFICIT
Additional paid-in capital	1,347,254	88,193
Accumulated deficit	(36,663,151)	(27,651,030)
Total American Resources Corporation's Shareholders' Equity	(35,314,476)	(27,562,355)
Non controlling interest	364,175	54,757
Total Stockholders' Deficit	(34,950,301)	(27,507,598)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	17,331,975	20,273,829
Common Class A [Member]
STOCKHOLDERS' DEFICIT
Common stock, value	89
Series A Preferred Stock [Member]
STOCKHOLDERS' DEFICIT
Preferred stock, value	482	482
Series B Preferred Stock [Member]
STOCKHOLDERS' DEFICIT
Preferred stock, value	$ 850

XML 15 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Current portion of long term-debt net of unamortized discount	$ 75,000	$ 0
OTHER LIABILITIES
Long-term portion of note payable net of issuance costs	$ 441,983	$ 451,389
Common Class A [Member]
STOCKHOLDERS' DEFICIT
Common Stock, Par Value	$ .0001	$ .0001
Common Stock, Shares Authorized	230,000,000	230,000,000
Common Stock, Shares Issued	892,044	0
Common Stock, Shares Outstanding	892,044	0
Series A Preferred Stock [Member]
STOCKHOLDERS' DEFICIT
Preferred Stock, Par Value	$ .0001	$ .0001
Preferred Stock, Shares Authorized	4,817,792	4,817,792
Preferred Stock, Shares Issued	4,817,792	4,817,792
Preferred Stock, Shares Outstanding	4,817,792	4,817,792
Series B Preferred Stock [Member]
STOCKHOLDERS' DEFICIT
Preferred Stock, Par Value	$ .001	$ .001
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Preferred Stock, Shares Issued	850,000	0
Preferred Stock, Shares Outstanding	850,000	0

XML 16 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Condensed Consolidated Statements Of Operations
Coal Sales	$ 4,192,244	$ 716,266	$ 13,770,183	$ 716,266
Processing Services Income	159,724	120,119	1,563,864	1,008,162
Total Revenue	4,351,968	836,385	15,334,047	1,724,428
Cost of Coal Sales and Processing	(2,797,140)	(2,955,654)	(12,307,399)	(5,098,821)
Accretion Expense	(339,288)	(300,000)	(1,181,055)	(1,261,032)
Loss on Reclamation Settlement	(30,055)		(281,907)
Depreciation	(697,214)	(766,078)	(1,856,442)	(2,010,529)
General and Administrative	(26,940)	(24,194)	(189,604)	(100,702)
Professional Fees	(144,712)	(56,590)	(565,995)	(237,459)
Consulting Fees - Related Party				(12,358,255)
Production Taxes and Royalties	(865,950)	(104,545)	(3,464,611)	(230,739)
Development Costs	(1,035,286)	(298,513)	(4,172,759)	(1,654,624)
Total Expenses from Operations	(5,936,585)	(4,505,574)	(24,019,772)	(22,952,161)
Net Loss from Operations	(1,584,617)	(3,669,189)	(8,685,725)	(21,227,733)
Other Income	67,844		309,418
Receipt of previously impaired receivable	117,657		241,574
Interest	(342,683)	(48,999)	(567,970)	(140,141)
Net Loss	(1,741,799)	(3,718,188)	(8,702,703)	(21,367,874)
Less: Net income attributable to Non Controlling Interest	(67,844)		(309,418)
Net loss attributable to American Resources Corporation Shareholders	$ (1,809,643)	$ (3,718,188)	$ (9,012,121)	$ (21,367,874)
Net loss per share - basic and diluted	$ (2.03)		$ (11.87)
Weighted average shares outstanding	891,180		759,397

XML 17 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash Flows from Operating activities:
Net loss	$ (8,702,703)	$ (21,367,874)
Adjustments to reconcile net income (loss) to net cash
Depreciation	1,856,442	2,010,529
Accretion expense	1,181,055	1,261,032
Loss on reclamation settlements	281,907
Assumption of note payable in reverse merger	50,000
Amortization of debt discount	284,406	6,720
Recovery of impaired account receivable	(241,574)
Stock compensation expense	10,000	88,675
Change in current assets and liabilities:
Accounts receivable	2,123,881	(716,268)
Restricted cash used to pay interest expense	9,199	14,535
Accounts payable	2,574,285	2,932,711
Accrued expenses		12,340,615
Accrued interest	90,000	90,000
Reclamation liability settlements	(709,132)
Cash used in operating activities	(1,192,234)	(3,339,325)
Cash Flows from Investing activities:
Note receivable		(4,117,139)
Increase in restricted cash		(1,393,587)
Restricted cash used to pay down debt	51,855	43,665
Advances made in connection with management agreement	(75,000)	(1,525,000)
Advance repayment in connection with management agreement	469,645	450,000
Cash paid for PPE, net	(176,597)	211,594
Cash received from acquisitions, net of $100 cash paid		5,315,700
Cash provided by (used in) investing activities	269,903	(1,014,767)
Cash Flows from Financing activities:
Principal payments on long term debt	(318,576)	(43,665)
Proceeds from long term debt (net of issuance costs $0 and $460,795)	1,670,000	4,688,152
Proceeds from related party	50,000
Payments on factoring agreement	(6,365,492)
Proceeds from factoring agreement	4,843,915
Proceeds from private placements	600,000
Cash provided by financing activities	479,847	4,644,487
Increase (decrease) in cash	(442,484)	290,395
Cash, beginning of year	784,525
Cash, end of year	342,041	290,395
Supplemental Information Non-cash investing and financing activities
Assumption of net assets and liabilities for asset acquisitions		2,745,582
Equipment for notes payable	1,222,500	904,425
Purchase of related party note receivable in exchange for Series B Equity	250,000
Affiliate note for equipment		63,000
Conversion of note payable to common stock	50,000
Beneficial conversion feature on note payable	50,000
Relative fair value debt discount on warrant issue	300,000
Cash paid for interest	193,564	50,141
Cash paid for income taxes

XML 18 R6.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Consolidation:

Assets
Cash	$	2,935,800
Underground Mining Equipment		531,249
Surface Mining Equipment		36,218
Coal Preparation and Loading Facilities		58,681

Liabilities
Asset Retirement Obligation	$	3,561,848

Assets
Cash	$	2,380,000
Underground Mining Equipment		1,533,937
Surface Mining Equipment		206,578
Land		178,683
Coal Preparation and Loading Facilities		200,236
Liabilities
Asset Retirement Obligation	$	4,499,434

As a result of the KCC and McCoy acquisitions during 2016, $8,061,282 of ARO was assumed for net cash of $5,315,700 and property, equipment and land of $2,745,582.

Interim Financial Information

Cash is maintained in bank deposit accounts which, at times, may exceed federally insured limits. To date, there have been no losses in such accounts.

The table below reflects the changes to our ARO:

Balance at December 31, 2016	$	18,126,873
Accretion – nine months September 30, 2017		1,181,055
Reclamation work – nine months September 30, 2017		(427,225	)
Balance at September 30, 2017	$	18,880,703

Reclassifications: Reclassifications have been made to conform with current year presentation.

Trade and loan receivables are carried at amortized cost, net of allowance for losses. Amortized cost approximated book value as of September 30, 2017 and December 31, 2016.

New Accounting Pronouncements: Management has determined that the impact of the following recent FASB pronouncements will not have a material impact on the financial statements.

	·	Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, effective for years beginning after December 15, 2017
	·	ASU 2015-11, Simplifying the Measurement of Inventory, effective for years beginning after December 15, 2016
	·	ASU 2015-17, Balance Sheet Classification of Deferred Taxes, effective for years beginning after December 15, 2017
	·	ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, effective for years beginning after December 15, 2018
	·	ASU 2016-02, Leases, effective for years beginning after December 15, 2019
	·	ASU 2016-18, Statement of Cash Flows: Restricted Cash, effective beginning after December 15, 2017
	·	ASU 2017-01, Business Combinations, effective beginning after December 15, 2017
	·	ASU 2017-11, Earnings Per Share, effective beginning after December 15, 2018

Management has elected to early adopt ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business effective at inception. See above in Note 1.

XML 19 R7.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

NOTE 2 - PROPERTY AND EQUIPMENT

At September 30, 2017 and December 31, 2016, property and equipment were comprised of the following:

	September 30, 2017			December 31, 2016
Processing and rail facility	$	2,914,422		$	2,914,422
Underground equipment		8,164,359			7,500,512
Surface equipment		4,491,304			3,751,054
Land		178,683			178,683
Less: Accumulated depreciation		(4,119,297	)		(2,262,855	)

Total Property and Equipment, Net	$	11,629,471		$	12,081,816

The estimated useful lives are as follows:

Processing and Rail Facilities		20 years
Surface Equipment		7 years
Underground Equipment		5 years

XML 20 R8.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

NOTE 3 - NOTES PAYABLE

During the period the company received a working capital term loan from an unrelated entity in the amount of $200,000.

XML 21 R9.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

NOTE 4 - RELATED PARTY TRANSACTIONS

The amount outstanding and payable as of September 30, 2017 and December 31, 2016, was $17,840,615 and $17,840,615, respectively. The amount is due on demand and does not accrue interest.

During July 2017, an officer of the Company advanced $50,000 to Quest. The advance is unsecured, non interest bearing and due on demand.

XML 22 R10.htm IDEA: XBRL DOCUMENT

KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

NOTE 5 - KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM

XML 23 R11.htm IDEA: XBRL DOCUMENT

MANAGEMENT AGREEMENT

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

NOTE 6 - MANAGEMENT AGREEMENT

XML 24 R12.htm IDEA: XBRL DOCUMENT

EQUITY TRANSACTIONS

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

NOTE 7 - EQUITY TRANSACTIONS

	2017
Expected Dividend Yield		0	%
Expected volatility		13.73	%
Risk-free rate		1.62	%
Expected life of warrants	2-3 years

			Weighted		Weighted
			Average		Average		Aggregate
	Number of		Exercise		Contractual		Intrinsic
	Warrants		Price		Life in Years		Value
Outstanding - December 31, 2016		-		-		-		-
Exercisable - December 31, 2016		-		-		-		-
Granted		1,326,827	$	1.810		2.186	$	37,573
Forfeited or Expired		-		-		-		-
Exercised		-		-		-		-
Outstanding - September 30, 2017		1,326,827	$	1.810		2.186	$	37,573
Exercisable - September 30, 2017		1,326,827	$	1.810		2.186	$	37,573

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

XML 25 R13.htm IDEA: XBRL DOCUMENT

CONTINGENCIES

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

NOTE 8 - CONTINGENCIES

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14472-108349

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12021-110248

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14326-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14394-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14557-108349

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12053-110248

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14453-108349

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14615-108349

+ Details

XML 26 R14.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

NOTE 9 - SUBSEQUENT EVENTS

Loans

XML 27 R15.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2017

Summary Of Significant Accounting Policies Policies

Basis of Presentation and Consolidation

Assets
Cash	$	2,935,800
Underground Mining Equipment		531,249
Surface Mining Equipment		36,218
Coal Preparation and Loading Facilities		58,681

Liabilities
Asset Retirement Obligation	$	3,561,848

Assets
Cash	$	2,380,000
Underground Mining Equipment		1,533,937
Surface Mining Equipment		206,578
Land		178,683
Coal Preparation and Loading Facilities		200,236
Liabilities
Asset Retirement Obligation	$	4,499,434

As a result of the KCC and McCoy acquisitions during 2016, $8,061,282 of ARO was assumed for net cash of $5,315,700 and property, equipment and land of $2,745,582.

Interim Financial Information

Going Concern

The Company has suffered recurring losses from operations and currently has a working capital deficit. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. We plan to generate profits by expanding current coal operations as well as developing new coal operations. However, we will need to raise the funds required to do so through sale of our securities or through loans from third parties. We do not have any commitments or arrangements from any person to provide us with any additional capital. If additional financing is not available when needed, we may need to cease operations. We may not be successful in raising the capital needed to expand or develop operations. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern. The accompanying financial statements have been prepared assuming the Company will continue as a going concern; no adjustments to the financial statements have been made to account for this uncertainty.

Convertible Preferred Securities

We account for hybrid contracts that feature conversion options in accordance with generally accepted accounting principles in the United States. ASC 815, Derivatives and Hedging Activities (“ASC 815”) requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria includes circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.

Cash

Cash is maintained in bank deposit accounts which, at times, may exceed federally insured limits. To date, there have been no losses in such accounts.

Restricted cash

As part of the Kentucky New Markets Development Program (See Note 3) an asset management fee reserve was set up in the amount of $116,115. The funds are held to pay annual asset management fees to an unrelated party through 2021. The balance as of September 30, 2017 and December 31, 2016 was $116,115, respectively. The total balance of restricted cash also includes amounts held under the management agreement. See note 6.

Asset Retirement Obligations (ARO) - Reclamation

At the time they are incurred, legal obligations associated with the retirement of long-lived assets are reflected at their estimated fair value, with a corresponding charge to mine development. Obligations are typically incurred when we commence development of underground and surface mines, and include reclamation of support facilities, refuse areas and slurry ponds or through acquisitions. Obligations are reflected at the present value of their future cash flows. We reflect accretion of the obligations for the period from the date they incurred through the date they are extinguished. The asset retirement obligation assets are amortized using the units-of-production method over estimated recoverable (proved and probable) reserves. We are using a discount rate of 10%. Federal and State laws require that mines be reclaimed in accordance with specific standards and approved reclamation plans, as outlined in mining permits. Activities include reclamation of pit and support acreage at surface mines, sealing portals at underground mines, and reclamation of refuse areas and slurry ponds.

The table below reflects the changes to our ARO:

Balance at December 31, 2016	$	18,126,873
Accretion – nine months September 30, 2017		1,181,055
Reclamation work – nine months September 30, 2017		(427,225	)
Balance at September 30, 2017	$	18,880,703

Reclassifications

Reclassifications have been made to conform with current year presentation.

Allowance For Doubtful Accounts

The Company recognizes an allowance for losses on trade and other accounts receivable in an amount equal to the estimated probable losses net of recoveries. The allowance is based on an analysis of historical bad debt experience, current receivables aging and expected future write-offs, as well as an assessment of specific identifiable amounts considered at risk or uncollectible.

Trade and loan receivables are carried at amortized cost, net of allowance for losses. Amortized cost approximated book value as of September 30, 2017 and December 31, 2016.

New Accounting Pronouncements

Management has determined that the impact of the following recent FASB pronouncements will not have a material impact on the financial statements.

	·	Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, effective for years beginning after December 15, 2017
	·	ASU 2015-11, Simplifying the Measurement of Inventory, effective for years beginning after December 15, 2016
	·	ASU 2015-17, Balance Sheet Classification of Deferred Taxes, effective for years beginning after December 15, 2017
	·	ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, effective for years beginning after December 15, 2018
	·	ASU 2016-02, Leases, effective for years beginning after December 15, 2019
	·	ASU 2016-18, Statement of Cash Flows: Restricted Cash, effective beginning after December 15, 2017
	·	ASU 2017-01, Business Combinations, effective beginning after December 15, 2017
	·	ASU 2017-11, Earnings Per Share, effective beginning after December 15, 2018

Management has elected to early adopt ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business effective at inception. See above in Note 1.

XML 28 R16.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2017

Schedule of Asset Retirement Obligations

Balance at December 31, 2016	$	18,126,873
Accretion – nine months September 30, 2017		1,181,055
Reclamation work – nine months September 30, 2017		(427,225	)
Balance at September 30, 2017	$	18,880,703

McCoy [Member]

Schedule of assets acquired and liabilities assumed

Assets
Cash	$	2,935,800
Underground Mining Equipment		531,249
Surface Mining Equipment		36,218
Coal Preparation and Loading Facilities		58,681

Liabilities
Asset Retirement Obligation	$	3,561,848

ICG Knott County [Member]

Schedule of assets acquired and liabilities assumed

Assets
Cash	$	2,380,000
Underground Mining Equipment		1,533,937
Surface Mining Equipment		206,578
Land		178,683
Coal Preparation and Loading Facilities		200,236
Liabilities
Asset Retirement Obligation	$	4,499,434

XML 29 R17.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Tables)

9 Months Ended

Sep. 30, 2017

Property And Equipment Tables

Property, Plant and Equipment

	September 30, 2017			December 31, 2016
Processing and rail facility	$	2,914,422		$	2,914,422
Underground equipment		8,164,359			7,500,512
Surface equipment		4,491,304			3,751,054
Land		178,683			178,683
Less: Accumulated depreciation		(4,119,297	)		(2,262,855	)

Total Property and Equipment, Net	$	11,629,471		$	12,081,816

Property, Plant and Equipment, Estimated Useful Lives

Processing and Rail Facilities		20 years
Surface Equipment		7 years
Underground Equipment		5 years

XML 30 R18.htm IDEA: XBRL DOCUMENT

EQUITY TRANSACTIONS (Table)

9 Months Ended

Sep. 30, 2017

Equity Transactions Table

Schedule of Stockholders' Equity Note, Warrants

	2017
Expected Dividend Yield		0	%
Expected volatility		13.73	%
Risk-free rate		1.62	%
Expected life of warrants	2-3 years

			Weighted		Weighted
			Average		Average		Aggregate
	Number of		Exercise		Contractual		Intrinsic
	Warrants		Price		Life in Years		Value
Outstanding - December 31, 2016		-		-		-		-
Exercisable - December 31, 2016		-		-		-		-
Granted		1,326,827	$	1.810		2.186	$	37,573
Forfeited or Expired		-		-		-		-
Exercised		-		-		-		-
Outstanding - September 30, 2017		1,326,827	$	1.810		2.186	$	37,573
Exercisable - September 30, 2017		1,326,827	$	1.810		2.186	$	37,573

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 31 R19.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Assets
Underground Mining Equipment	$ 8,164,359	$ 7,500,512
McCoy [Member]
Assets
Cash	2,935,800
Underground Mining Equipment	531,249
Surface Mining Equipment	36,218
Coal Preparation and Loading Facilities	58,681
Liabilities
Asset Retirement Obligation	$ 3,561,848

XML 32 R20.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Assets
Underground Mining Equipment	$ 8,164,359	$ 7,500,512
Land	178,683	$ 178,683
ICG Knott County [Member]
Assets
Cash	2,380,000
Underground Mining Equipment	1,533,937
Surface Mining Equipment	206,578
Land	178,683
Coal Preparation and Loading Facilities	200,236
Liabilities
Asset Retirement Obligation	$ 4,499,434

XML 33 R21.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Summary Of Significant Accounting Policies Details 2
Beginning Balance			$ 18,126,873
Accretion	$ 339,288	$ 300,000	1,181,055	$ 1,261,032
Reclamation work			(427,225)
Ending Balance	$ 18,880,703		$ 18,880,703

XML 34 R22.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)				1 Months Ended	9 Months Ended		12 Months Ended
	May 15, 2017	Jan. 05, 2017	Apr. 14, 2016	Feb. 17, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Date of incorporation					Jun. 30, 2015
Asset management fee					$ 116,115		$ 116,115
Loss on reclamation settlements					281,907	$ 0
Allowance for trade receivables					0		0
Allowance for other accounts receivables					$ 405,356		640,000
Discount rate					10.00%
Cash received from acquisitions						$ 5,315,700	5,315,700
Assumption of net property, equipment and land							2,745,582
Total acquisition							$ 8,061,282
ARC [Member]
Reverse stock split	one-for-thirty
McCoy Elkhorn Coal LLC [Member]
Fair value exchange assets acquired				$ 100
Fair values of liabilities				$ 3,561,848
NGFC Equities [Member]
Description of shares exchange agreement		Under the agreement, the shareholders of QEI exchanged 100% of its common stock to NGFC for 4,817,792 newly created Series A Preferred shares that is convertible into approximately 95% of outstanding common stock of NGFC. The previous NGFC shareholders retained 845,370 common shares as part of the agreement. The conditions to the agreement were fully satisfied on February 7, 2017, at which time the Company took full control of NGFC.
ICG Knott County [Member]
Fair values of liabilities			$ 4,499,434
Equity acquired ownership Percentage			100.00%

XML 35 R23.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Less: Accumulated depreciation	$ (4,119,297)	$ (2,262,855)
Total Property and Equipment, Net	11,629,471	12,081,816
Underground equipment [Member]
Property and equipment	8,164,359	7,500,512
Surface equipment [Member]
Property and equipment	4,491,304	3,751,054
Processing and rail facility [Member]
Property and equipment	2,914,422	2,914,422
Land [Member]
Property and equipment	$ 178,683	$ 178,683

XML 36 R24.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Details 1)	9 Months Ended
PROPERTY AND EQUIPMENT (Details 1)	Sep. 30, 2017
Processing and rail facility [Member]
Estimated useful lives	20 years
Surface equipment [Member]
Estimated useful lives	7 years
Underground equipment [Member]
Estimated useful lives	5 years

XML 37 R25.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Property And Equipment Details Narrative
Depreciation expense	$ 697,214	$ 766,078	$ 1,856,442	$ 2,010,529

XML 38 R26.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Details Narrative) - USD ($)	9 Months Ended
NOTES PAYABLE (Details Narrative) - USD ($)	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Notes Payable Details Narrative
Principal payments on long term debt	$ 318,576	$ 43,665
Proceeds from long term debt	2,892,500	5,592,577
Proceeds from long term debt	1,670,000	4,688,152
Equipment for notes payable	1,222,500	904,425
Cash proceeds	200,000
Proceeds from the factoring agreement	4,843,915
Payments on factoring agreement	$ 6,365,492
Issuance of working capital in advance	1,470,000
Interest rate	7.00%
Issuance of working captial due date	4 months
Issue of warrant	904,603		75,000
Exercise price	$ 0.01		$ 7.20
Expected life of warrants	2 years
Fair value of warrants granted	$ 452,302
Relative fair value of warrants	300,000
Corresponding debt	700,000
Unamortized discount	75,000
Discounted loan	$ 300,000

XML 39 R27.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)		1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 13, 2013	Apr. 30, 2017	Jul. 17, 2013	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Consulting fees - related party							$ 12,358,255
Accrued related party management fee				17,840,615		17,840,615		$ 17,840,615
Advances given by an officer				$ 50,000		$ 50,000
Secured Debt [Member]
Purchase of related party note receivable in exchange for Equity		$ 250,000
Second Note [Member]
Line of credit amount			$ 100,000
Interst rate			12.00%
Secuured debt due date			Jan. 17, 2016
First Note [Member]
Line of credit amount	$ 150,000
Interst rate	12.00%
Secuured debt due date	Sep. 13, 2015

XML 40 R28.htm IDEA: XBRL DOCUMENT

KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM (Details Narrative) - USD ($)	1 Months Ended
	Mar. 18, 2016	Sep. 30, 2017	Dec. 31, 2016
Note Receivable		$ 4,117,139	$ 4,117,139
ERC Mining LLC [Member]
Note Receivable	$ 4,117,139
Interest on note receivable	4.00%
Note receviable due date	Mar. 07, 2046
Payments of interest quterly due date	Mar. 18, 2023
Quest Processing [Member]
Total loan amount	$ 5,143,186
Payment of debt issuance	460,795
Net proceeds for loan cost	$ 4,682,391
Description for company rights	The Company retains the right to call $5,143,186 of the loans in March 2023.
Income tax credits value	$ 2,005,843

XML 41 R29.htm IDEA: XBRL DOCUMENT

MANAGEMENT AGREEMENT (Details Narrative) - USD ($)	9 Months Ended
MANAGEMENT AGREEMENT (Details Narrative) - USD ($)	Sep. 30, 2017	Sep. 30, 2016
Management Agreement Details Narrative
Advances made in connection with management agreement	$ 75,000	$ 1,525,000
Advance repayment in connection with management agreement	469,645	$ 450,000
Received of previously impaired amount	$ 241,574

XML 42 R30.htm IDEA: XBRL DOCUMENT

EQUITY TRANSACTIONS (Details)	9 Months Ended
EQUITY TRANSACTIONS (Details)	Sep. 30, 2017
Expected Dividend Yeild	0.00%
Expected volatility	13.73%
Risk-free rate	1.62%
Minimum [Member]
Expected life of warrants	2 years
Maximum [Member]
Expected life of warrants	3 years

XML 43 R31.htm IDEA: XBRL DOCUMENT

EQUITY TRANSACTIONS (Details 1)	9 Months Ended
EQUITY TRANSACTIONS (Details 1)	Sep. 30, 2017 USD ($) $ / shares shares
Equity Transactions Details 1
Beginning Outstanding
Beginning Exercisable
Granted	1,326,827
Forfeited or Expired
Exercised
Ending Outstanding	1,326,827
Ending Exercisable	1,326,827
Weighted Average Exercise Price
Beginning Outstanding \| $ / shares
Beginning Exercisable \| $ / shares
Granted \| $ / shares	1.810
Ending Outstanding \| $ / shares	1.810
Ending Exercisable \| $ / shares	$ 1.810
Weighted Average Contractual Life in Years
Weighted average remaining contractual terms of share granted	2 years 22 months 10 days
Weighted average remaining contractual terms of share Outstanding	2 years 22 months 10 days
Weighted average remaining contractual terms of share exercisable	2 years 22 months 10 days
Aggregate Intrinsic Value
Beginning Outstanding \| $
Beginning Exercisable \| $
Granted \| $	37,573
Ending Outstanding \| $	37,573
Ending Exercisable \| $	$ 37,573

XML 44 R32.htm IDEA: XBRL DOCUMENT

EQUITY TRANSACTIONS (Details Narrative) - USD ($)				1 Months Ended		9 Months Ended
EQUITY TRANSACTIONS (Details Narrative) - USD ($)	Jul. 05, 2017	Apr. 02, 2017	Mar. 07, 2017	Apr. 30, 2017	Mar. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Feb. 22, 2017	Dec. 31, 2016	Jan. 31, 2016
Stock compensation expense						$ 10,000	$ 88,675
Expected life of warrants						2 years
Common stock, for proceeds						$ 500,000
Equity, Description						Such put option expires after 20 days from notification
Terms of conversion feature						The Series B Preferred Stock converts into common stock of the Company at the holder’s discretion at a conversion price of $3.60 per common share (one share of Series B Preferred converts to common at a ratio of 0.27778). Furthermore, the Series B Preferred share purchase agreement provides for certain adjustments to the conversion value of the Series B Preferred to common shares of the Company that are based on the EBITDA (earning before interest, taxes, depreciation, and amortization) for the Company for the 12 months ended March 31, 2018. Those adjustments provide for a decrease in the conversion value based on the proportional miss of the Company’s EBITDA, up to a maximum of 30.0% decrease in the conversion value of the Series B Preferred to common shares.
Conversion option [Member]
Issuance of shares									33,334
Note payable									$ 50,000
Conversion price									$ 1.50
Discount on note payable									$ 50,000
Private placement agreement [Member]
Amount of secured debt purchased from unrelated debt holder of related party				$ 250,000
Series A Preferred Stock [Member]
Preferred stock shares issued						4,817,792				4,817,792
Series A Preferred Stock [Member] \| Options [Member] \| On September 5, 2016 [Member]
Issuance of shares						59,133
Cashlessly shares exercised						23,139
Stock or Unit Option Plan Expense						$ 5,375
Series A Preferred Stock [Member] \| Options [Member] \| On January 1, 2016 [Member]
Issuance of shares						6,108,695
Cashlessly shares exercised						2,069,655
Stock or Unit Option Plan Expense						$ 83,300
Series A Preferred Stock [Member] \| 2016 Plan [Member]
Issuance of shares											6,363,225
Series B Preferred Stock [Member]
Preferred stock shares issued						850,000				0
Series B Preferred Stock [Member] \| Private placement agreement [Member] \| ARC [Member]
Common stock shares issuable upon exercise of warrants or rights				69,445
Preferred stock shares issued				250,000
April 2017 Private Placement [Member] \| ARC [Member]
Purchase price per share		$ 1.00
Proceeds from the sale of the preferred stock		$ 100,000
April 2017 Private Placement [Member] \| Series B Preferred Stock [Member]
Proceeds from the sale of the preferred stock					$ 500,000
April 2017 Private Placement [Member] \| Series B Preferred Stock [Member] \| ARC [Member]
Issuance of shares			500,000
Purchase price per share			$ 1.00
Common stock shares issuable upon exercise of warrants or rights		27,778	208,334
Preferred stock shares issued		100,000
Common stock, for proceeds			$ 500,000
April 2017 Private Placement [Member] \| Series B Preferred Stock [Member] \| April 29, 2019 [Member]
Warrants								$ 69,445
Exercise price						$ 7.20
April 2017 Private Placement [Member] \| Series B Preferred Stock [Member] \| April 2, 2019 [Member]
Warrants						$ 27,778
Exercise price						$ 7.20
April 2017 Private Placement [Member] \| Series B Preferred Stock [Member] \| A Expire March 6, 2020 [Member]
Warrants					$ 138,889
Exercise price					$ 7.60
April 2017 Private Placement [Member] \| Series B Preferred Stock [Member] \| A-1 Expire March 6, 2020 [Member]
Warrants					$ 69,445
Exercise price					$ 0.003
Warrant [Member]
Class of warrants or rights issued	33,333
Common stock shares issued	13,333
Stock compensation expense	$ 10,000
Expected life of warrants	3 years
Exercise price	$ 3.60

XML 45 R33.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details Narrative) - USD ($)			1 Months Ended
SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Dec. 07, 2017	Oct. 04, 2017	Jan. 25, 2018	Oct. 20, 2017	Oct. 19, 2017	Sep. 30, 2017	Dec. 31, 2016
Exercise price						$ 0.01	$ 7.20
Quest [Member] \| Surface equipment [Member] \| Subsequent Event [Member]
Credit facility maximum borrowing capacity	$ 56,900		$ 346,660	$ 50,250	$ 90,400
Interest rate				10.60%	9.95%
Maturity date	Jan. 07, 2021		Dec. 25, 2020	Oct. 20, 2019	Oct. 19, 2019
Unaffiliated entity [Member] \| Subsequent Event [Member] \| Consolidated loan agreement [Member]
Interest rate		7.00%
Notes and loans payable		$ 5,444,632
Unaffiliated entity [Member] \| Subsequent Event [Member] \| Consolidated loan agreement [Member] \| After March 31, 2017 [Member]
Amount receivable under agreement		$ 3,770,000
Unaffiliated entity [Member] \| Subsequent Event [Member] \| Consolidated loan agreement [Member] \| Warrant [Member]
Common stock shares issuable upon exercise of warrants or rights		5,017,006
Expiration date of contract		Oct. 02, 2020
Unaffiliated entity [Member] \| Subsequent Event [Member] \| Consolidated loan agreement [Member] \| Warrant [Member] \| Minimum [Member]
Exercise price		$ 0.01
Unaffiliated entity [Member] \| Subsequent Event [Member] \| Consolidated loan agreement [Member] \| Warrant [Member] \| Maximum [Member]
Exercise price		$ 11.44

EXCEL 46 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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�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end XML 47 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 48 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 50 FilingSummary.xml IDEA: XBRL DOCUMENT 3.8.0.1 html 83 230 1 false 37 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://ngef.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS Sheet http://ngef.com/role/CondensedConsolidatedBalanceSheets CONDENSED CONSOLIDATED BALANCE SHEETS Statements 2 false false R3.htm 00000003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) Sheet http://ngef.com/role/CondensedConsolidatedBalanceSheetsParenthetical CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Sheet http://ngef.com/role/CondensedConsolidatedStatementsOfOperations CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Statements 4 false false R5.htm 00000005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Sheet http://ngef.com/role/CondensedConsolidatedStatementsOfCashFlows CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Statements 5 false false R6.htm 00000006 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Sheet http://ngef.com/role/SummaryOfSignificantAccountingPolicies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Notes 6 false false R7.htm 00000007 - Disclosure - PROPERTY AND EQUIPMENT Sheet http://ngef.com/role/PropertyAndEquipment PROPERTY AND EQUIPMENT Notes 7 false false R8.htm 00000008 - Disclosure - NOTES PAYABLE Notes http://ngef.com/role/NotesPayable NOTES PAYABLE Notes 8 false false R9.htm 00000009 - Disclosure - RELATED PARTY TRANSACTIONS Sheet http://ngef.com/role/RelatedPartyTransactions RELATED PARTY TRANSACTIONS Notes 9 false false R10.htm 00000010 - Disclosure - KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM Sheet http://ngef.com/role/KentuckyNewMarketsDevelopmentProgram KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM Notes 10 false false R11.htm 00000011 - Disclosure - MANAGEMENT AGREEMENT Sheet http://ngef.com/role/ManagementAgreement MANAGEMENT AGREEMENT Notes 11 false false R12.htm 00000012 - Disclosure - EQUITY TRANSACTIONS Sheet http://ngef.com/role/EquityTransactions EQUITY TRANSACTIONS Notes 12 false false R13.htm 00000013 - Disclosure - CONTINGENCIES Sheet http://ngef.com/role/Contingencies CONTINGENCIES Notes 13 false false R14.htm 00000014 - Disclosure - SUBSEQUENT EVENTS Sheet http://ngef.com/role/SubsequentEvents SUBSEQUENT EVENTS Notes 14 false false R15.htm 00000015 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) Sheet http://ngef.com/role/SummaryOfSignificantAccountingPoliciesPolicies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) Policies 15 false false R16.htm 00000016 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) Sheet http://ngef.com/role/SummaryOfSignificantAccountingPoliciesTables SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) Tables http://ngef.com/role/SummaryOfSignificantAccountingPolicies 16 false false R17.htm 00000017 - Disclosure - PROPERTY AND EQUIPMENT (Tables) Sheet http://ngef.com/role/PropertyAndEquipmentTables PROPERTY AND EQUIPMENT (Tables) Tables http://ngef.com/role/PropertyAndEquipment 17 false false R18.htm 00000018 - Disclosure - EQUITY TRANSACTIONS (Table) Sheet http://ngef.com/role/EquityTransactionsTable EQUITY TRANSACTIONS (Table) Tables http://ngef.com/role/EquityTransactions 18 false false R19.htm 00000019 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) Sheet http://ngef.com/role/SummaryOfSignificantAccountingPoliciesDetails SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) Details http://ngef.com/role/SummaryOfSignificantAccountingPoliciesTables 19 false false R20.htm 00000020 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) Sheet http://ngef.com/role/SummaryOfSignificantAccountingPoliciesDetails1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) Details http://ngef.com/role/SummaryOfSignificantAccountingPoliciesTables 20 false false R21.htm 00000021 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) Sheet http://ngef.com/role/SummaryOfSignificantAccountingPoliciesDetails2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) Details http://ngef.com/role/SummaryOfSignificantAccountingPoliciesTables 21 false false R22.htm 00000022 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) Sheet http://ngef.com/role/SummaryOfSignificantAccountingPoliciesDetailsNarrative SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) Details http://ngef.com/role/SummaryOfSignificantAccountingPoliciesTables 22 false false R23.htm 00000023 - Disclosure - PROPERTY AND EQUIPMENT (Details) Sheet http://ngef.com/role/PropertyAndEquipmentDetails PROPERTY AND EQUIPMENT (Details) Details http://ngef.com/role/PropertyAndEquipmentTables 23 false false R24.htm 00000024 - Disclosure - PROPERTY AND EQUIPMENT (Details 1) Sheet http://ngef.com/role/PropertyAndEquipmentDetails1 PROPERTY AND EQUIPMENT (Details 1) Details http://ngef.com/role/PropertyAndEquipmentTables 24 false false R25.htm 00000025 - Disclosure - PROPERTY AND EQUIPMENT (Details Narrative) Sheet http://ngef.com/role/PropertyAndEquipmentDetailsNarrative PROPERTY AND EQUIPMENT (Details Narrative) Details http://ngef.com/role/PropertyAndEquipmentTables 25 false false R26.htm 00000026 - Disclosure - NOTES PAYABLE (Details Narrative) Notes http://ngef.com/role/NotesPayableDetailsNarrative NOTES PAYABLE (Details Narrative) Details http://ngef.com/role/NotesPayable 26 false false R27.htm 00000027 - Disclosure - RELATED PARTY TRANSACTIONS (Details Narrative) Sheet http://ngef.com/role/RelatedPartyTransactionsDetailsNarrative RELATED PARTY TRANSACTIONS (Details Narrative) Details http://ngef.com/role/RelatedPartyTransactions 27 false false R28.htm 00000028 - Disclosure - KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM (Details Narrative) Sheet http://ngef.com/role/KentuckyNewMarketsDevelopmentProgramDetailsNarrative KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM (Details Narrative) Details http://ngef.com/role/KentuckyNewMarketsDevelopmentProgram 28 false false R29.htm 00000029 - Disclosure - MANAGEMENT AGREEMENT (Details Narrative) Sheet http://ngef.com/role/ManagementAgreementDetailsNarrative MANAGEMENT AGREEMENT (Details Narrative) Details http://ngef.com/role/ManagementAgreement 29 false false R30.htm 00000030 - Disclosure - EQUITY TRANSACTIONS (Details) Sheet http://ngef.com/role/EquityTransactionsDetails EQUITY TRANSACTIONS (Details) Details http://ngef.com/role/EquityTransactionsTable 30 false false R31.htm 00000031 - Disclosure - EQUITY TRANSACTIONS (Details 1) Sheet http://ngef.com/role/EquityTransactionsDetails1 EQUITY TRANSACTIONS (Details 1) Details http://ngef.com/role/EquityTransactionsTable 31 false false R32.htm 00000032 - Disclosure - EQUITY TRANSACTIONS (Details Narrative) Sheet http://ngef.com/role/EquityTransactionsDetailsNarrative EQUITY TRANSACTIONS (Details Narrative) Details http://ngef.com/role/EquityTransactionsTable 32 false false R33.htm 00000033 - Disclosure - SUBSEQUENT EVENTS (Details Narrative) Sheet http://ngef.com/role/SubsequentEventsDetailsNarrative SUBSEQUENT EVENTS (Details Narrative) Details http://ngef.com/role/SubsequentEvents 33 false false All Reports Book All Reports arec-20170930.xml arec-20170930.xsd arec-20170930_cal.xml arec-20170930_def.xml arec-20170930_lab.xml arec-20170930_pre.xml http://xbrl.sec.gov/invest/2013-01-31 http://fasb.org/us-gaap/2016-01-31 http://xbrl.sec.gov/dei/2014-01-31 true true ZIP 52 0001477932-18-001201-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001477932-18-001201-xbrl.zip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end

AMERICAN RESOURCES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED
September 30, 2017 and December 31, 2016

	9/30/17			12/31/16

ASSETS

CURRENT ASSETS
Cash	$	342,041		$	784,525
Accounts Receivable		629,318			2,753,199
Related Party Note Receivable		250,000			-
Accounts Receivable - Other		32,684			199,701
Total Current Assets		1,254,043			3,737,425

OTHER ASSETS
Cash - restricted		189,012			141,102
Processing and rail facility		2,914,422			2,914,422
Underground equipment		8,164,359			7,500,512
Surface equipment		4,491,304			3,751,054
Less Accumulated Depreciation		(4,119,297	)		(2,262,855	)
Land		178,683			178,683
Accounts Receivable - Other		142,310			196,347
Note Receivable		4,117,139			4,117,139
Total Other Assets		16,077,932			16,536,404

TOTAL ASSETS	$	17,331,975		$	20,273,829

LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES
Accounts payable	$	4,765,441		$	2,196,060
Accrued management fee		17,840,615			17,840,615
Accrued interest		212,945			122,945
Funds held for others		72,897			24,987
Due to affiliate		124,000			74,000
Current portion of long term-debt (net of unamortized discount of $75,000 and $0)		5,175,916			4,431,006
Current portion of Reclamation liability		2,105,320			707,645

Total Current Liabilities		30,297,134			25,397,258

OTHER LIABILITIES
Long-term portion of note payable (net of issuance costs of $441,983 and $451,389)		5,209,759			4,964,941
Reclamation liability		16,775,383			17,419,228
Total Other Liabilities		21,985,142			22,384,169

Total Liabilities		52,282,276			47,781,427

STOCKHOLDERS' DEFICIT
AREC - Class A Common stock: $.0001 par value; 230,000,000 shares authorized, 892,044 and 0 shares issued and outstanding for the period end		89			-
AREC - Series A Preferred stock: $.0001 par value; 4,817,792 shares authorized, 4,817,792 shares issued and outstanding		482			482
AREC - Series B Preferred stock: $.001 par value; 20,000,000 shares authorized, 850,000 and 0 shares issued and outstanding		850			-
Additional paid-in capital		1,347,254			88,193
Accumulated deficit		(36,663,151	)		(27,651,030	)
Total American Resources Corporation's Shareholders' Equity		(35,314,476	)		(27,562,355	)
Non controlling interest		364,175			54,757
Total Stockholders' Deficit		(34,950,301	)		(27,507,598	)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	17,331,975		$	20,273,829

	AMERICAN RESOURCES CORPORATION

Date: March 9, 2018	By:	/s/ Mark C. Jensen
	Name:	Mark C. Jensen
	Title:	CEO, Chairman of the Board
		(Principal Executive Officer)

1.	I have reviewed this quarterly report on Form 10-Q of American Resources Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 9, 2018

AMERICAN RESOURCES CORPORATION

/s/ Kirk P. Taylor
Kirk P. Taylor,
Chief Financial Officer
Principal Financial Officer
Principal Accounting Officer

(i)	the accompanying Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods covered by the Report.

AMERICAN RESOURCES CORPORATION

/s/ Mark C. Jensen
Mark C. Jensen,
Chief Executive Officer
Principal Executive Officer

Date: March 9, 2018