$AREC

American Resources Corp

CIK:0001590715|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Revenue
Metal recovery and sales	$ 0	$ 34,070
Total revenue	0	34,070
Operating expenses
Cost of coal sales and processing	306,639	530,891
Depreciation	122,916	123,253
General and administrative	9,557,890	11,417,208
Professional fees	478,449	1,735,305
Litigation expense	720,283	0
Production taxes and royalties	14,851	11,638
Development	107,507	434,793
Total operating expenses	11,308,535	14,253,088
Net loss from operations	(11,308,535)	(14,219,018)
Other income (expense)
Losses from equity method investees	(84,063)	(409,268)
Loss on debt extinguishment	(5,193,382)	0
Other income and (expense)	(61,927)	110,060
Interest income	577,526	78,791
Interest expense	(1,764,115)	(1,521,726)
Total other income (expenses)	(6,525,961)	(1,742,143)
Loss from continuing operations	(17,834,496)	(15,961,161)
Income (loss) from discontinued operations (Note 2	73,219,707	(23,242,809)
Net income (loss)	55,385,211	(39,203,970)
Net loss attributable to non-controlling interest	26,526	87,814
Net income (loss) attributable to ARC shareholders	$ 55,411,737	$ (39,116,156)
Loss from continuing operations per share, basic and diluted	$ (0.20)	$ (0.21)
Income (loss) from discontinued operations per share, basic and diluted	0.84	(0.30)
Total income (loss) per share, basic and diluted	$ 0.63	$ (0.51)
Weighted average shares outstanding - basic and diluted	87,274,415	77,222,990

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Cash Flows from Operating activities:
Net income (loss)	$ 55,385,211	$ (39,203,970)
Net income (loss) from discontinued operations	73,219,707	(23,242,809)
Net loss from continuing operations	(17,834,496)	(15,961,161)
Adjustments to reconcile net loss to net cash
Stock-based compensation expense	9,235,377	3,725,484
Depreciation expense	122,916	123,253
Loss on settlement/conversion of debt to equity	5,193,382	0
Interest and dividend income	(559,476)	0
Investment in other entities - Related Parties, net	84,063	409,268
Issuance of common shares for consulting services	83,969	143,575
Allowance for losses on note receivable	280,000	0
Unrealized gain on short-term investments		45,514
Change in current assets and liabilities:
Interest receivable	0	(85,991)
Accounts receivable - related party	(1,970,096)	8,457,521
Prepaid expenses and other current assets	(2,015,109)	69,667
Trade and non-trade payable	(2,989,695)	4,100,581
Accrued expenses	(608,180)	544,856
Accrued interest	(13,616)	44,969
Operating lease assets and liabilities, net	81,863	846
Operating lease assets and liabilities, net - related party	497,253	373,419
Cash (used in) provided by operating activities	(10,411,845)	1,991,801
Cash Flows from Investing activities:
Purchase of property and equipment, net of capitalized interest income and (expense)	(37,297)	230,932
Purchase of certificate of deposit	(5,000,000)	0
Proceeds from short-term investments, net	0	715,036
Purchases of short-term investments/securities	(34,323,318)	0
Cash (used in) provided by investing activities	(39,360,615)	945,968
Cash Flows from Financing activities:
Proceeds from equity offering, net of issuance costs	68,123,675	0
Proceeds from long-term debt	965,286	0
Exercise of warrants for common stock	7,525,000	0
Proceeds from the exercise of stock options and warrants		189,239
Proceeds received from other financing obligation	8,071,908	2,484,694
Repayments of other financing obligation	(3,412,948)	(7,025,901)
Cash provided by (used in) financing activities	81,272,921	(4,351,968)
Net change in cash, cash equivalents and restricted cash from continuing operations	31,500,460	(1,414,199)
Cash flows from discontinued operations:
Net cash flow used in discontinued operating activities	(7,370,831)	(23,235,014)
Net cash flow used in discontinued investing activities	(3,825,518)	(126,346,329)
Net cash flow used in discontinued financing activities	13,475,625	150,031,311
Net change in cash and cash equivalents, discontinued operations	2,279,276	449,968
Cash and cash equivalents, including discontinued operations, beginning of year	4,113,329	5,077,560
Cash and cash equivalents, including discontinued operations, end of year	37,893,065	4,113,329
Less: Cash and cash equivalents at end of period discontinued operations	5,810,379	3,531,103
Cash, cash equivalents, and Restricted Cash	32,082,686	582,226
SUPPLEMENTAL CASH FLOW INFORMATION
Exercise of cashless common stock options and warrants	59	87
Dividend-in-kind of Novustera, Inc. common stock to shareholders	0	1,361,788
Acquisition of assets through operating leases - related party	0	1,897,736
Common stock issued to settle accounts payable and accrued expenses	6,309,329	1,116,100
Common stock issued to settle debt	$ 6,413,307	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 31,701,916	$ 201,456
Short-term investments	40,470,151	587,357
Interest receivables	85,991	85,991
Prepaid expenses and other current assets	2,635,151	620,042
Accounts receivable - related party - net of allowance of $62,030,311 and $0 for the years ended December 31, 2025 and 2024 respectively.	59,371,504	81,570,962
Current assets - discontinued operations	0	(9,830,195)
Total current assets	134,264,713	92,896,003
Non-current assets:
Restricted cash	380,770	380,770
Property and equipment, net	143,069	228,688
Right-of-use assets, net	459,091	508,633
Right-of-use assets, net - related party	1,298,890	1,657,127
Investment in other entities - related parties	32,361,173	1,706,244
Notes receivable, net	0	280,000
Non-current assets - discontinued operations	0	183,994,409
Total assets	168,907,706	281,651,874
Current liabilities:
Trade payables	1,093,529	2,137,054
Non-trade payables	474,407	471,566
Accounts payable - related party	51,610,947	17,533,062
Accrued expenses	391,401	544,865
Accrued litigation settlement	1,848,553	2,303,270
Accrued interest	54,849	68,465
Operating lease liabilities, current	139,918	49,529
Operating lease liabilities, current - related party	1,247,151	714,942
Other financing obligations, current	4,349,613	5,964,079
Current liabilities - discontinued operations	0	136,612,282
Total current liabilities	61,210,368	166,399,114
Non-current liabilities:
Long term debt	965,286	0
Other financing obligations, net of current portion	12,167,536	5,894,110
Operating lease liabilities, non-current	453,179	511,247
Operating lease liabilities, non-current - related party	922,411	1,315,604
Non-current liabilities - discontinued operations	0	188,448,773
Total liabilities	75,718,780	362,568,848
Stockholders' deficit:
Common stock, $0.0001 par value; 230,000,000 shares authorized, 106,919,830 and 77,996,079 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	10,692	7,802
Additional paid-in capital	305,124,968	186,407,169
Accumulated deficit	(210,358,542)	(265,770,279)
Total stockholders' equity (deficit)	94,777,118	(79,355,308)
Non-controlling interest	(1,588,192)	(1,561,666)
Total equity (deficit)	93,188,926	(80,916,974)
Total liabilities and stockholders' equity (deficit)	$ 168,907,706	$ 281,651,874