0001654954-21-012135.txt : 20211115 0001654954-21-012135.hdr.sgml : 20211115 20211115090022 ACCESSION NUMBER: 0001654954-21-012135 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20211115 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20211115 DATE AS OF CHANGE: 20211115 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38816 FILM NUMBER: 211406700 BUSINESS ADDRESS: STREET 1: 12115 VISIONARY WAY, SUITE 174 CITY: FISHERS STATE: IN ZIP: 46038 BUSINESS PHONE: (317) 855-9926 MAIL ADDRESS: STREET 1: 12115 VISIONARY WAY, SUITE 174 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 8-K 1 arec_8k.htm CURRENT REPORT arec_8k.htm

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

   

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of Earliest event Reported): November 15, 2021

 

AMERICAN RESOURCES CORPORATION

(Exact name of registrant as specified in its charter)

 

Florida

 

000-55456

 

46-3914127

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

12115 Visionary Way, Suite 174, Fishers Indiana, 46038

(Address of principal executive offices)

 

(317) 855-9926

(Registrant’s telephone number, including area code)

 

________________________________________________

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See: General Instruction A.2. below):

 

☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR240.14a-12)

 

☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b))

 

☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))

  

 

 

 
Item 2.02. Results of Operations and Financial Condition.

 

On November 15, 2021, American Resources Corporation (or the “Company”) issued a press release to announce the reporting of the Company’s financial and operating results for the third quarter of 2021 (the “Earnings Release”), and to provide a business outlook.

 

The information presented in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act or specifically incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.

 

A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

The following exhibits are attached hereto and filed herewith.

 

Exhibit
No.

 

Description

99.1

 

Earnings Release Dated November 15, 2021

 

 

2

 

 

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 hereunto duly authorized.

 

 

American Resources Corporation

    
Date: November 15, 2021By:/s/ Mark C. Jensen

 

 

Mark C. Jensen

 
  

Chief Executive Officer

 

  

 

3

 

 

 EX-99.1 2 arec_ex991.htm EARNINGS RELEASE DATED NOVEMBER 15, 2021 arec_ex991.htm

EXHIBIT 99.1

 

 

American Resources Corporation Reports Third Quarter 2021 Financial Results and Provides Business Outlook

 

Company highly aligned with major U.S. priorities in both infrastructure and electrification

 

Significant execution has positioned the Company to be a low-cost, stable provider of raw materials to high-growth markets

 

Company seeing significantly increasing carbon demand and price realization as it scales operations

 

Strong balance sheet provides financial strength and flexibility to execute on its innovation, collaboration and growth plans

 

Company to host update conference call today at 11:00 AM ET

 

November 15, 2021 | Source: American Resources Corporation

 

FISHERS, INDIANA / ACCESSWIRE / November 15, 2021 / American Resources Corporation (NASDAQ:AREC) (“American Resources” or the “Company”), a next generation and socially responsible supplier of raw materials to the new infrastructure and electrification marketplace, today reported its third quarter of 2021 financial results and provided a corporate update. The Company will host a conference call and webcast, today, November 15, 2021, at 11:00 a.m. ET (details below).

 

Mark Jensen, Chairman and CEO of American Resources Corporation commented, “Over the course of the third quarter of 2021, we continued to position our Company to be one of the most unique growth platforms to reposition old-world, legacy assets to strategically align with a more modern economy. With the advancement of our nation’s infrastructure initiatives, we find ourselves extremely well aligned with our American Carbon and American Rare Earth divisions to support these important aspects of our national and global economies. Both traditional infrastructure like roads, ports and bridges as well more modern infrastructure initiatives such as the advancements of green energy and clean tech have a growing need for both high quality steel as well as critical battery and magnet metals. We remain highly committed and focused on the execution of both divisions and feel like we are extremely well positioned to be the growing supplier of high-quality metallurgical carbon in a market that is expected to remain tightly supplied for the foreseeable future, as well as redefining how critical and rare earth elements are both sourced and processed throughout the world while also focusing on the circular economy of recycling existing permanent magnets and battery metals.”

 

 
1

 

 

Third Quarter 2021 Key Highlights

 

 

·

 Procured supplemental equipment to enhance the functionality of the Company’s REE electrolysis processing plant and analysis of certain feedstocks such as fly ash.

 

 

 

 

·

 Appointed Jeff Peterson as a senior member to expand and bolster the Company’s American Rare Earth division and focus on the deployment and commercialization of the Company’s intellectual property.

 

 

 

 

·

 Finalized its site selection to build its first commercial scale rare earth element isolation and purification facility in the United States. The secured site provides approximately 7 acres of developable land in Noblesville, Indiana.

 

 

 

 

·

 Named to a U.S. Department of Energy (DOE) Federal Demonstration Partnership award for the sorting for critical mineral-rich coal resource feedstock in a support role. The program is focused on determining novel methods for predicting rare earth elements and critical minerals in different coal types.

 

 

 

 

·

 Engaged industry consultant, Rodney Campbell, to spearhead and assist with the collection and analysis of the Company’s controlled, carbon-based rare earth element feedstocks.

 

 

 

 

·

 Showcased success in achieving an ultra-high purity of the battery metals lithium, nickel and cobalt from recycled NMC batteries sourced from electric vehicles, following its success in processing isolated and purified magnet metals. The Company utilized its affinity chromatography technology to achieve the results from its exclusive licensed and patented technology.

   

“Looking forward to the remainder of 2021 and beyond, we remain extremely excited and optimistic about the opportunities that lie ahead of us throughout all of our operating divisions. Our American Carbon division, with one of the largest metallurgical carbon growth platforms in the industry, continues to execute on its production ramp. Our Perry County Resources (PCR) complex continues to progress with an updated and expanded mine plan to maximize production and efficiencies in the current market. We have positioned the PCR complex to be one of the lowest, if not the lowest cost, metallurgical carbon complexes in the country with updated mine and processing plant infrastructure and equipment. We expect PCR to continue its production growth throughout the end of this year. With the recent commencement of our McCoy Elkhorn complex and our Carnegie 1 mine, we will continue to progress with our plan to bring our additional Carnegie mines online to feed the McCoy complex throughout the rest of this year and early 2022. Additionally, and given the strength of the metallurgical carbon market, we’ve announced our strategic plans to restart our Wyoming County, WV complex (WCC) next year and are looking at various partnerships to collaboratively execute on that project. Once established, we’re confident WCC will be a meaningful contributor to our 2022 growth,” continued Mr. Jensen.

 

“American Rare Earth represents a very exciting and strategic opportunity for us to help solve some pressing issues regarding the rapidly growing demand for battery and magnet metals and how these materials are sources and processed. We strongly believe that innovation is needed to establish the United States competitively within these supply chains, and a sustainable and circular life cycle is key to that approach. We are confident that our chromatography process will help drive that innovation and redefine how these critically important materials are processed and purified. Our chromatography solution is applying an established and commercialized technology to critical and rare earth element processing. Now that we have showcased its ability to isolate and purify battery and magnet metals to ultra-high purities and yields, we are confident and focused on being the first in the United States and first in the world to use this most environmentally safe and economically viable method ever established. “

 

 
2

 

 

“Lastly, our Company-sponsored SPAC, American Acquisition Opportunity Inc. and our graphene licensing partner, Novusterra Inc. have the potential to drive meaningful value and are examples of our nimble, shareholder-focused culture. We continue to work with our partners involved and help them with an efficient pathway to a public listing and feed the demands of a more modern economy, very similarly to American Resources,” concluded Mr. Jensen.

 

Expected Near-Term Catalysts

 

 

·

 Continued execution and milestone announcements on American Rare Earth processing and purification development and commercialization

 

 

 

 

·

 Additional metallurgical carbon production growth and offtake agreements

 

 

 

 

·

 Secure additional collaboration agreements with sourcing partners for REE end-of-life materials and REE feedstocks

 

 

 

 

·

 Announce key appointments to American Carbon production teams to enhance production and mitigate future labor challenges

 

 

 

 

·

 Formalize SPAC target opportunity

   

Conference Call Information

 

American Resources management will host a conference call for investors, analysts and other interested parties today, Monday, November 15, 2021 at 11:00 AM ET.

 

Interested participants and investors may access the conference call by dialing (877) 407-4019 and referencing American Resources Corporation’s Third Quarter of 2021 Conference Call, or by the webcast link: here.

 

Financial Results for Third Quarter 2021

  

For the third quarter of 2021, American Resources reported a net income loss of $8.91 million, or a loss of $0.15 per share for the three months ended September 30, 2021, as compared with a net income gain of $0.12 million, or $0.00 per share in the prior-year period. The Company earned adjusted earnings before interest, taxes, depreciation, amortization, equity-based compensation, warrant expense and development and restructuring costs (“Adjusted EBITDA”) of a $1.37 million loss in the third quarter of 2021, as compared with Adjusted EBITDA of $2.8 million for the third quarter of 2020.

 

Third Quarter 2021 Summary

Total revenues were $2.81 million for the third quarter of 2021 compared to revenues of $0.295 million during the third quarter of 2020. General and administrative expenses for the third quarter of 2021 were $826,000 compared to $133,000 in the prior year period. American Resources incurred interest expense of $1.1 million during the third quarter of 2021 compared to $380,000 during the third quarter of 2020. Development costs during the quarter were $5.14 million, compared to $3.06 million in the second quarter of 2021.

     

Given improvements to the Company’s balance sheet including its strong cash position, the reduction of approximately $8.5 million of debt and payables as well as the recommencement of operations and sales, the Company was able to remove the “going concern” from its financial statement. Additionally, the Company made capital investments of approximately $10 million in the form of development, equipment and infrastructure to its American Carbon and American Rare Earth divisions to better position each entity for successful execution.

 

The Company did not incur any income tax expense in the third quarter of 2021 as it was able to utilize its available net operating losses (“NOL”) carried forward from prior periods of approximately $17.8 million as of December 31, 2020.

  

 
3

 

 

AMERICAN RESOURCES CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

UNAUDITED

 

 

 

For the

three months

ended

September 30,

2021

 

 

For the

three months

ended

September 30,

2020

 

 

For the

nine months

ended

September 30,

2021

 

 

For the

nine months

ended

September 30,

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coal Sales

 

 $ 2,779,193

 

 

 $ -

 

 

 $ 3,121,782

 

 

 $ 524,334

 

Metal Aggregating, Processing and Sales

 

 

 20,510

 

 

 

 294,646

 

 

 

 48,385

 

 

 

 521,482

 

Royalty Income

 

 

 14,220

 

 

 

 -

 

 

 

 47,614

 

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenue

 

 

 2,813,923

 

 

 

 294,646

 

 

 

 3,217,781

 

 

 

 1,045,816

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Coal Sales and Processing

 

 

 (3,068,847 )

 

 

 (72,692 )

 

 

 (4,813,688 )

 

 

 (2,590,435 )

Accretion Expense

 

 

 (305,636 )

 

 

 (240,685 )

 

 

 (916,909 )

 

 

 (981,859 )

Depreciation

 

 

 (495,676 )

 

 

 (646,438 )

 

 

 (1,364,220 )

 

 

 (1,855,236 )

Amortization of Mining Rights

 

 

 (314,765 )

 

 

 (313,224 )

 

 

 (938,135 )

 

 

 (939,672 )

General and Administrative

 

 

 (826,480 )

 

 

 (132,676 )

 

 

 (2,501,548 )

 

 

 (1,659,908 )

Professional Fees

 

 

 (287,414 )

 

 

 (175,832 )

 

 

 (1,191,397 )

 

 

 (686,158 )

Production Taxes and Royalties

 

 

 (215,681 )

 

 

 (154,604 )

 

 

 (883,339 )

 

 

 (404,660 )

Development Costs

 

 

 (5,142,306 )

 

 

 (792,926 )

 

 

 (10,009,860 )

 

 

 (1,228,333 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Expenses

 

 

 (10,656,805 )

 

 

 (2,529,078 )

 

 

 (22,619,096 )

 

 

 (10,346,261 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss from Operations

 

 

 (7,842,882 )

 

 

 (2,234,432 )

 

 

 (19,401,316 )

 

 

 (9,300,445 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Income and (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Income (loss)

 

 

 (58,340 )

 

 

 160,635

 

 

 

 (469,927 )

 

 

 (153,544 )

Gain on interest forgiven

 

 

 -

 

 

 

 832,500

 

 

 

 -

 

 

 

 832,500

 

Gain on Depreciation Recapture

 

 

 -

 

 

 

 1,706,569

 

 

 

 -

 

 

 

 1,706,569

 

Gain on sale of stock

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 6,820,949

 

Amortization of debt discount and issuance costs

 

 

 (3,179 )

 

 

 (2,879 )

 

 

 (8,637 )

 

 

 (8,637 )

Interest Income

 

 

 85,901

 

 

 

 41,172

 

 

 

 187,293

 

 

 

 164,686

 

Interest expense

 

 

 (1,095,021 )

 

 

 (379,583 )

 

 

 (2,260,965 )

 

 

 (1,891,226 )

Total Other income (expense)

 

 

 (1,070,639 )

 

 

 2,358,413

 

 

 

 (2,552,236 )

 

 

 7,471,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

 $ (8,913,521 )

 

 $ 123,982

 

 

 $ (21,953,552 )

 

 $ (1,829,148 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share - basic and diluted

 

 $ (.15 )

 

 $ .00

 

 

 $ (.41 )

 

 $ (.07 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 60,016,171

 

 

 

 26,785,364

 

 

 

 53,070,428

 

 

 

 27,009,075

 

  

 
4

 

 

AMERICAN RESOURCES CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

UNAUDITED

 

 

 

September 30,

2021

 

 

December 31,

2020

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash

 

 $ 19,121,714

 

 

 $ 10,617,495

 

Accounts Receivable

 

 

 2,106,937

 

 

 

 38,650

 

Inventory

 

 

 1,664

 

 

 

 150,504

 

Prepaid fees

 

 

 268,332

 

 

 

 175,000

 

Accounts Receivable - Other

 

 

 -

 

 

 

 234,240

 

Advances to related party

 

 

 5,000

 

 

 

 -

 

Total Current Assets

 

 

 21,503,647

 

 

 

 11,215,889

 

 

 

 

 

 

 

 

 

 

LONG-TERM ASSETS

 

 

 

 

 

 

 

 

Cash - restricted

 

 

 1,008,583

 

 

 

 583,708

 

Property and Equipment, Net

 

 

 23,022,004

 

 

 

 22,498,659

 

Investment in LLC – Related Party

 

 

 2,250,000

 

 

 

 -

 

Note Receivable

 

 

 4,117,139

 

 

 

 4,117,139

 

Total Long-Term Assets

 

 

 30,397,726

 

 

 

 27,199,506

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

 $ 51,901,373

 

 

 $ 38,415,395

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable

 

 $ 2,748,903

 

 

 $ 4,288,794

 

Non-Trade payables

 

 

 2,681,651

 

 

 

 3,850,781

 

Accounts payable – related party

 

 

 2,318,119

 

 

 

 679,146

 

Accrued interest

 

 

 427,818

 

 

 

 1,043,519

 

Due to affiliate

 

 

 74,000

 

 

 

 74,000

 

Current portion of long term-debt

 

 

 5,314,261

 

 

 

 10,997,692

 

Current portion of convertible debt, (net of unamortized discount of $123,406 and $827,573)

 

 

 12,050,769

 

 

 

 -

 

Current portion of reclamation liability

 

 

 2,327,169

 

 

 

 2,327,169

 

Total Current Liabilities

 

 

 27,942,690

 

 

 

 23,261,101

 

 

 

 

 

 

 

 

 

 

LONG-TERM LIABILITIES

 

 

 

 

 

 

 

 

Long-term portion of note payable (net of issuance costs of $397,030 and $405,667)

 

 

 4,746,156

 

 

 

 5,330,752

 

Convertible note payables – long term

 

 

 -

 

 

 

 14,300,907

 

Reclamation liability

 

 

 16,445,044

 

 

 

 15,528,135

 

Total Long-Term Liabilities

 

 

 21,191,200

 

 

 

 35,159,794

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

 49,133,890

 

 

 

 58,420,895

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

AREC - Class A Common stock: $.0001 par value; 230,000,000 shares authorized, 60,829,718 and 42,972,762 shares issued and outstanding

 

 

 6,083

 

 

 

 4,256

 

Additional paid-in capital

 

 

 158,119,222

 

 

 

 113,279,448

 

Accumulated deficit

 

 

 (155,357,822 )

 

 

 (133,289,247 )

Total Stockholders’ Equity (Deficit)

 

 

 2,767,483

 

 

 

 (20,005,500 )

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 $ 51,901,373

 

 

 $ 38,415,395

 

  

 
5

 

 

AMERICAN RESOURCES CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

UNAUDITED

 

 

 

For the nine

months ended

 

 

For the nine

months ended

 

 

 

September 30,

2021

 

 

September 30,

2020

 

Cash Flows from Operating activities:

 

 

 

 

 

 

Net loss

 

 $ (21,953,552 )

 

 $ (1,829,148 )

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

 1,364,220

 

 

 

 1,855,236

 

Amortization of mining rights

 

 

 938,135

 

 

 

 939,672

 

Accretion expense

 

 

 916,909

 

 

 

 981,859

 

Liabilities reduced due to sale of assets

 

 

 -

 

 

 

 (3,271,973 )

Amortization of issuance costs and debt discount

 

 

 4,095,706

 

 

 

 -

 

Stock option expense

 

 

 478,665

 

 

 

 -

 

Issuance of shares for services

 

 

 187,999

 

 

 

 18,800

 

Issuance of shares for debt settlement

 

 

 -

 

 

 

 642,060

 

Warrant expense

 

 

 -

 

 

 

 230,050

 

Shares returned as part of asset sale

 

 

 -

 

 

 

 (1,840,200 )

 

 

 

 

 

 

 

 

 

Change in current assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

 (1,839,047 )

 

 

 2,378,755

 

Inventory

 

 

 148,840

 

 

 

 365,126

 

Prepaid expenses and other assets

 

 

 (93,332 )

 

 

 (175,000 )

Accounts payable

 

 

 (2,709,020 )

 

 

 (303,567 )

Accrued interest

 

 

 (615,701 )

 

 

 (2,296,237 )

Accounts payable - related party

 

 

 1,638,973

 

 

 

 202,351

 

Cash used in operating activities

 

 

 (17,441,205 )

 

 

 (2,102,216 )

 

 

 

 

 

 

 

 

 

Cash Flows from Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash used in investments in LLCs

 

 

 (2,250,000 )

 

 

 -

 

Cash received (paid) for PPE, net

 

 

 (2,825,701 )

 

 

 417,857

 

Cash provided by (used in) investing activities

 

 

 (5,075,701 )

 

 

 417,857

 

 

 

 

 

 

 

 

 

 

Cash Flows from Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal payments on long term debt

 

 

 (641,409 )

 

 

 (1,072,745 )

Proceeds from convertible debt

 

 

 600,000

 

 

 

 3,638,277

 

Proceeds from the sale of common stock, net

 

 

 29,218,000

 

 

 

 797,475

 

Proceeds from long term debt

 

 

 -

 

 

 

 28,000

 

Proceeds from warrant conversions

 

 

 2,269,425

 

 

 

 1,223,700

 

Net proceeds from (payments to) factoring agreement

 

 

 -

 

 

 

 (1,807,443 )

Cash provided by financing activities

 

 

 31,446,016

 

 

 

 2,807,264

 

 

 

 

 

 

 

 

 

 

Increase(decrease) in cash and restricted cash

 

 

 8,929,094

 

 

 

 1,122,905

 

 

 

 

 

 

 

 

 

 

Cash and restricted cash, beginning of period

 

 

 11,201,203

 

 

 

 268,811

 

 

 

 

 

 

 

 

 

 

Cash and restricted cash, end of period

 

 $ 20,130,297

 

 

 $ 1,391,716

 

 

 

 

 

 

 

 

 

 

Supplemental Information

 

 

 

 

 

 

 

 

Non-cash investing and financing activities

 

 

 

 

 

 

 

 

Issuance of common shares for debt conversions

 

 $ 8,485,384

 

 

 $ -

 

Issuance of warrants in conjunction with convertible notes

 

 $ -

 

 

 $ 1,223,700

 

Cash paid for interest Warrant exercise for common shares

 

 $ 42,426

 

 

 $ 208,154

 

Issuance of warrants in conjunction with convertible notes Discount on note due to beneficial conversion feature

 

 $ -

 

 

 $ 1,223,700

 

Cash paid for interest

 

 $ -

 

 

 $ 1,223,700

 

Issuance of warrants in conjunction with convertible notes

 

 $ -

 

 

 $ 1,223,700

 

 

 

 

 

 

 

 

 

 

Cash paid for interest

 

 $ 42,426

 

 

 $ 208,154

 

Cash paid for income taxes

 

 $ -

 

 

 $ -

 

  

 
6

 

 

Reconciliation of Non-GAAP Measures

 

Reconciliation of Adjusted EBITDA to Amounts Reported Under U.S. GAAP

 

 

 

For the

three months

ended

Sept. 30,

2021

 

 

For the

three months

ended

Sept. 30,

2020

 

Net Income

 

 

 (8,913,521 )

 

 

 123,982

 

 

 

 

 

 

 

 

 

 

Interest & Other Expenses

 

 

 1,095,021

 

 

 

 379,583

 

Income Tax Expense

 

 

 -

 

 

 

 -

 

Accretion Expense

 

 

 305,636

 

 

 

 240,685

 

Depreciation

 

 

 495,676

 

 

 

 646,438

 

Amortization of Mining Rights

 

 

 314,765

 

 

 

 313,224

 

Amortization of Debt Discount & Issuance

 

 

 3,179

 

 

 

 2,879

 

Non-Cash Stock & Option Comp. Expense

 

 

 101,615

 

 

 

 101,615

 

Non-Cash Warrant Expense

 

 

 86,384

 

 

 

 142,296

 

Development Costs

 

 

 5,142,306

 

 

 

 792,926

 

PCR Restructuring Expenses

 

 

 -

 

 

 

 66,275

 

 

 

 

 

 

 

 

 

 

Total Adjustments

 

 

 7,544,582

 

 

 

 2,685,921

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 (1,368,939 )

 

 

 2,809,903

 

 

 

(1)

Adjusted EBITDA is defined as net income before net interest expense, income tax expense, accretion expense, depreciation, non-cash stock compensation expense, transaction and other professional fees, and development costs. Adjusted EBITDA is not a measure of financial performance in accordance with GAAP, and we believe items excluded from Adjusted EBITDA are significant to a reader in understanding and assessing our financial condition. Therefore, Adjusted EBITDA should not be considered in isolation, nor as an alternative to net income, income from operations, cash flow from operations or as a measure of our profitability, liquidity, or performance under GAAP. We believe that Adjusted EBITDA presents a useful measure of our ability to incur and service debt based on ongoing operations. Furthermore, similar measures are used by analysts to evaluate our operating performance. Investors should be aware that our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by others.

   

About American Resources Corporation

 

American Resources Corporation is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated.

 

 
7

 

 

American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.

 

Special Note Regarding Forward-Looking Statements

 

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company’s actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation’s control. The words “believes”, “may”, “will”, “should”, “would”, “could”, “continue”, “seeks”, “anticipates”, “plans”, “expects”, “intends”, “estimates”, or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.

 

PR Contact

Precision Public Relations

Matt Sheldon

917-280-7329

matt@precisionpr.co

 

Investor Contact:

JTC Team, LLC

Jenene Thomas

833-475-8247

arec@jtcir.com

 

RedChip Companies Inc.

Todd McKnight

1-800-RED-CHIP (733-2447)

Info@redchip.com

 

Company Contact:

Mark LaVerghetta

Vice President of Corporate Finance and Communications

317-855-9926 ext. 0

investor@americanresourcescorp.com

  

 
8

 

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Cover
Nov. 15, 2021
Cover [Abstract]  
Entity Registrant Name AMERICAN RESOURCES CORPORATION
Entity Central Index Key 0001590715
Document Type 8-K
Amendment Flag false
Entity Emerging Growth Company false
Document Period End Date Nov. 15, 2021
Entity Incorporation State Country Code FL
Entity File Number 000-55456
Entity Tax Identification Number 46-3914127
Entity Address Address Line 1 12115 Visionary Way
Entity Address Address Line 2 Suite 174
Entity Address City Or Town Fishers
Entity Address State Or Province IN
Entity Address Postal Zip Code 46038
City Area Code 317
Local Phone Number 855-9926
Written Communications false
Soliciting Material false
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