American Resources Corporation (AREC) financial statements (2022 and earlier)

Company profile

Business Address 12115 VISIONARY WAY, SUITE 174
FISHERS, IN 46038
State of Incorp. FL
Fiscal Year End December 31
SIC 122 - Bituminous Coal And Lignite Mining (benchmarking)
More info Complete financial analysis Financial benchmarking

Balance sheet (Statement of financial position) ($ in thousands)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments12,58811,2012692,705187
Cash and cash equivalents12,58811,2012692,705187
Receivables3,18139   
Inventory, net of allowances, customer advances and progress billings 151516164615
Inventory 151516164615
Prepaid expense625175 148 
Other undisclosed current assets(1,095)(349)2,3941,2471,901
Total current assets:15,29811,2163,1784,2632,702
Noncurrent Assets
Inventory, Noncurrent 6,8388,2948,7178,887
Operating lease, right-of-use asset726  
Property, plant and equipment22,903    
Long-term investments and receivables  4,1174,1174,245
Accounts and financing receivable, after allowance for credit loss  4,1174,1174,245
Restricted cash and investments1,095584265412199
Other undisclosed noncurrent assets2,85019,77719,37523,8552,230
Total noncurrent assets:27,57527,20032,05237,10115,561
TOTAL ASSETS:42,87338,41535,23041,36418,263
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities, including:1,3254,28913,9149,2585,697
Accounts payable  11,0448,1405,361
Accrued liabilities1,3251,0442,8701,119337
Other undisclosed accounts payable and accrued liabilities 3,245   
Debt5,284 20,49514,1699,645
Accrued reclamation costs 2,327 2,3272,034
Due to related parties4,007753851599124
Other undisclosed current liabilities5,92015,8929,7478017,923
Total current liabilities:16,53523,26145,00626,43335,424
Noncurrent Liabilities
Long-term debt and lease obligation1,1115,3315,4157,9195,082
Long-term debt, excluding current maturities5485,3315,4157,9195,082
Operating lease, liability562  
Liabilities, other than long-term debt 15,528   
Asset retirement obligations 15,528   
Other undisclosed noncurrent liabilities26,92014,30117,51316,21217,851
Total noncurrent liabilities:28,59335,16022,92824,13122,933
Total liabilities:45,12858,42167,93450,56458,356
Stockholders' equity
Stockholders' equity attributable to parent, including:(2,345)(20,006)(32,705)(9,200)(40,093)
Common stock743  
Additional paid in capital163,442113,27990,32642,9141,527
Accumulated deficit(165,794)(133,289)(123,033)(52,115)(42,020)
Other undisclosed stockholders' equity attributable to parent 0 2399
Other undisclosed stockholders' equity90   (398)
Total stockholders' equity:(2,255)(20,006)(32,705)(9,200)(40,491)
Other undisclosed liabilities and equity   (0)398
TOTAL LIABILITIES AND EQUITY:42,87338,41535,23041,36418,263

Income statement (P&L) ($ in thousands)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues7,7551,06024,47831,52520,821
Gain on disposition of assets for financial service operations6,8216,821  
Net investment income231206165164 
Cost of revenue(7,089)(3,750)(26,087)(321) 
Cost of goods and services sold   (321) 
Gross profit:666(2,690)(1,609)31,20420,821
Operating expenses(36,089)17,507 43,02234,840
Other undisclosed operating income (loss)7,089(31,265)(58,345)(85,722)(69,680)
Operating loss:(28,333)(16,447)(59,954)(11,497)(14,019)
Nonoperating income (expense)(233) 7,363  
Debt instrument, convertible, beneficial conversion feature  7,363  
Interest and debt expense(4,160)(3,383)2,909(1,289)(559)
Loss before gain (loss) on sale of properties:(32,726)(19,831)(49,683)(12,786)(14,578)
Other undisclosed net income (loss)222 (21,236)  
Net loss:(32,504)(19,831)(70,918)(12,786)(14,578)
Net income attributable to noncontrolling interest   151343
Other undisclosed net income (loss) attributable to parent 9,575 (123)209
Net loss available to common stockholders, diluted:(32,504)(10,256)(70,918)(12,757)(14,025)

Comprehensive Income ($ in thousands)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net loss:(32,504)(19,831)(70,918)(12,786)(14,578)
Comprehensive loss:(32,504)(19,831)(70,918)(12,786)(14,578)
Comprehensive income, net of tax, attributable to noncontrolling interest   151343
Comprehensive loss, net of tax, attributable to parent:(32,504)(19,831)(70,918)(12,634)(14,235)

Statements sources

The financial statements are based on the company's filings with the The U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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