PART I [Business](index=3&type=section&id=Item%201.%20Business) American Resources Corporation primarily mines and processes metallurgical coal for the steel industry, having strategically shifted from natural gas fueling stations and now also recovering metals and rare earth elements - The company's business focus shifted to coal mining and processing after the acquisition of Quest Energy Inc. in 2017, which is now named American Carbon Corp[12](index=12&type=chunk) - ARC has diversified its revenue streams by establishing subsidiaries focused on metal recovery (American Metals LLC) and rare earth elements (American Rare Earth LLC)[13](index=13&type=chunk) - The company has no "proven" or "probable" reserves as defined by SEC Industry Guide 7, and therefore its business activities are considered to be in the exploration stage[14](index=14&type=chunk) - Since mid-2019, the company has ceased mining or selling thermal coal, focusing exclusively on metallurgical coal for the steel industry[14](index=14&type=chunk) [Operating Subsidiaries and Properties](index=4&type=section&id=Operating%20Subsidiaries%20and%20Properties) Operations are managed through subsidiaries like McCoy Elkhorn and Perry County Resources, which are active coal producers, while others hold idled mines and processing facilities for future development or reclamation Key Operating Subsidiaries and their Status | Subsidiary | Location | Key Assets | Status | | :--- | :--- | :--- | :--- | | **McCoy Elkhorn Coal LLC** | Pike County, KY | Mine 15, Carnegie 1 Mine, Bevins Prep Plants | Carnegie 1 Mine restarted Oct 2021 | | **Knott County Coal LLC** | Knott County, KY | Wayland Surface Mine, Supreme Energy Prep Plant | Wayland mine idled | | **Deane Mining LLC** | Letcher/Knott County, KY | Access Energy Mine, Mill Creek Prep Plant | Mines idled | | **Wyoming County Coal LLC** | Wyoming County, WV | Pioneer Prep Plant, Hatcher rail loadout | All assets idled, in planning phase | | **Perry County Resources LLC** | Perry County, KY | E4-2 Mine, Davidson Branch Prep Plant | E4-2 Mine restarted Mar 2021 | | **ERC Mining Indiana Corp** | Greene/Sullivan County, IN | Gold Star Mine | Idled, undergoing reclamation | 2021 Production and Sales Data for Active Mines | Mine | 2021 Tons Produced | 2021 Avg. Sale Price/Ton ($) | | :--- | :--- | :--- | | **Carnegie 1 Mine** | 7,889.63 | 138.00 | | **E4-2 Mine** | 79,546.75 | 83.17 | [Business Operations](index=12&type=section&id=Business%20Operations) The company's coal operations rely on approximately 200 mineral and surface leases, with sales primarily to domestic and international steelmaking customers managed by third-party intermediaries in a highly competitive market - The company's coal mining operations are dependent on approximately **200 leases** for mineral and surface rights[58](index=58&type=chunk) - Coal sales are primarily outsourced to third-party intermediaries, with all contracts requiring management approval; the COVID-19 pandemic has disrupted traditional sales channels[59](index=59&type=chunk) - The company competes in a highly competitive market against larger domestic and international producers, including Corsa Coal, Ramaco Resources, Blackhawk Mining, and Coronado Coal[60](index=60&type=chunk) [Environmental, Governmental, and Other Regulatory Matters](index=13&type=section&id=Environmental%2C%20Governmental%2C%20and%20Other%20Regulatory%20Matters) The company's operations are subject to extensive federal, state, and local environmental, health, and safety regulations, requiring costly compliance and significant financial assurance for reclamation obligations - Operations are heavily regulated by laws such as SMCRA, CAA, CWA, and RCRA, which cover permitting, reclamation, water discharge, and air emissions[63](index=63&type=chunk) - The company is required to secure performance of its reclamation obligations through surety bonds or other financial security; as of December 31, 2021, the company had approximately **$31.28 million** in outstanding surety bonds[75](index=75&type=chunk)[78](index=78&type=chunk) - Regulations concerning global climate change and greenhouse gas (GHG) emissions, such as the EPA's Clean Power Plan, could reduce demand for coal and adversely impact the business, although the company is currently focused on metallurgical coal, not power generation[93](index=93&type=chunk)[96](index=96&type=chunk) [Risk Factors](index=20&type=page&id=Item%201A.%20Risk%20Factors) As a Smaller Reporting Company, American Resources Corporation is not required to provide the information for this item - The company is exempt from providing Risk Factors disclosure due to its status as a Smaller Reporting Company[116](index=116&type=chunk) [Unresolved Staff Comments](index=20&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments - There are no unresolved comments from SEC staff[116](index=116&type=chunk) [Properties](index=20&type=section&id=Item%202.%20Properties) The company's principal executive offices are leased in Fishers, Indiana, and its subsidiary American Rare Earth has leased land and warehouse space for a critical element purification facility - Principal offices are leased in Fishers, Indiana; the lease was amended effective January 1, 2022, for a ten-year term at **$5,869 per month**[117](index=117&type=chunk) - American Rare Earth has leased nearly **7 acres of land** for 5 years at **$3,500 per month** and **6,700 sq. ft. of warehouse space** for 2 years at **$4,745.83 per month** for a purification facility[117](index=117&type=chunk)[118](index=118&type=chunk) [Legal Proceedings](index=21&type=section&id=Item%203.%20Legal%20Proceedings) The company is subject to ordinary routine litigation incidental to its business operations, with specific details provided in the financial statements - The company is involved in routine litigation; specific details are provided in Note 9 of the financial statements[118](index=118&type=chunk)[61](index=61&type=chunk) [Mine Safety Disclosures](index=21&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Information regarding mine safety violations and other regulatory matters is included in Exhibit 95.1 of this Annual Report - Mine safety disclosures are provided in Exhibit 95.1 to this Form 10-K[119](index=119&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=21&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's Class A Common Stock trades on NASDAQ under AREC, has not paid dividends, and this section details historical stock prices, shareholder count, and recent issuances of unregistered securities - The company's Class A Common Stock is traded on the NASDAQ Capital Market under the ticker **AREC**; as of March 28, 2022, there were **153 shareholders of record** holding **65,742,185 shares**[121](index=121&type=chunk)[122](index=122&type=chunk) Quarterly Common Stock Price Range (2020-2021) | Quarter Ending | High ($) | Low ($) | | :--- | :--- | :--- | | **2020** | | | | Mar 31 | 1.11 | 0.320 | | Jun 30 | 1.40 | 0.73 | | Sep 30 | 2.33 | 1.14 | | Dec 31 | 4.93 | 1.26 | | **2021** | | | | Mar 31 | 8.02 | 1.08 | | Jun 30 | 4.20 | 2.59 | | Sep 30 | 2.64 | 1.75 | | Dec 31 | 2.67 | 1.59 | - In June 2021, the company issued **8,600,000 shares** of Class A Common Stock, raising net proceeds of **$27,943,000**[127](index=127&type=chunk) - All previously outstanding Series A, B, and C Preferred Stock were converted into common shares as of February 2019[128](index=128&type=chunk)[132](index=132&type=chunk)[136](index=136&type=chunk) [Selected Financial Data](index=27&type=section&id=Item%206.%20Selected%20Financial%20Data) As a smaller reporting company, American Resources Corporation is not required to provide the information for this item - The company is exempt from providing Selected Financial Data due to its status as a smaller reporting company[155](index=155&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant increase in 2021 revenue driven by renewed coal demand, rising operating expenses due to production restarts, and improved financial condition from equity offerings and debt conversion Results of Operations (2021 vs. 2020) | Metric | 2021 ($) | 2020 ($) | | :--- | :--- | :--- | | **Revenues** | 7,755,306 | 1,059,691 | | **Total Operating Expenses** | 36,088,714 | 17,507,056 | Financial Condition (as of Dec 31) | Metric | 2021 ($) | 2020 ($) | | :--- | :--- | :--- | | **Total Assets** | 42,872,702 | 38,415,395 | | **Total Liabilities** | 45,218,110 | 58,420,895 | - The increase in revenue was primarily driven by additional demand for coal as the market recovered from the COVID-19 pandemic; operations, which were idled in January 2020, resumed in December 2020[157](index=157&type=chunk)[161](index=161&type=chunk) - Critical accounting policies include the capitalization and amortization of mine development costs, estimation of asset retirement obligations (ARO), and impairment testing of long-lived assets[163](index=163&type=chunk)[164](index=164&type=chunk)[166](index=166&type=chunk) [Quantitative and Qualitative Disclosure About Market Risk](index=29&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) As a smaller reporting company, American Resources Corporation is not required to provide the information for this item - The company is exempt from providing Quantitative and Qualitative Disclosure About Market Risk due to its status as a smaller reporting company[168](index=168&type=chunk) [Financial Statements and Supplementary Data](index=29&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section incorporates by reference the report of the independent registered public accounting firm and the company's financial statements, included from page F-1 - The company's audited financial statements and the independent auditor's report are filed as part of this report, beginning on page F-1[168](index=168&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=29&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports that it had no disagreements with its accounting firm on accounting and financial disclosure during the reporting period - There were no disagreements with the company's accountants during the reporting period[168](index=168&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were not effective as of December 31, 2021, due to a material weakness in internal control over financial reporting caused by insufficient accounting staff and lack of segregation of duties - Management concluded that disclosure controls and procedures were not effective as of December 31, 2021[170](index=170&type=chunk) - A material weakness was identified: a lack of segregation of duties within the financial reporting function due to an insufficient number of accounting staff[172](index=172&type=chunk)[173](index=173&type=chunk) [Other Information](index=30&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - No other information is reported under this item[177](index=177&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=30&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section provides biographical information for the company's executive officers and directors, including the CEO, President, CFO, COO, and three independent directors, and outlines the board's three committees Executive Officers and Directors (as of Dec 31, 2021) | Name | Position(s) | | :--- | :--- | | **Mark C. Jensen** | CEO, Chairman of the Board | | **Thomas M. Sauve** | President, Director | | **Kirk P. Taylor** | Chief Financial Officer | | **Tarlis R. Thompson** | Chief Operating Officer | | **Michael Layman** | Director (Independent) | | **Gerardine Botte, PH.D.** | Director (Independent) | | **Courtenay O. Taplin** | Director (Independent) | - The Board of Directors has three independent members: Michael Layman, Gerardine Botte, and Courtenay O. Taplin[196](index=196&type=chunk) - The board has an Audit Committee, a Compensation Committee (both comprised of the three independent directors), and a Safety and Environmental Committee[204](index=204&type=chunk)[205](index=205&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk) [Executive Compensation](index=35&type=section&id=Item%2011.%20Executive%20Compensation) This section details the compensation for Named Executive Officers and directors for fiscal years 2020 and 2021, primarily consisting of base salaries and significant stock option awards, with employment agreements in place for most executives 2021 Executive Officer Compensation | Name | Position | Salary ($) | Option Awards ($) | Total ($) | | :--- | :--- | :--- | :--- | :--- | | **Mark C. Jensen** | CEO | 250,000 | 643,500 | 893,500 | | **Thomas M. Sauve** | President | 200,000 | 365,750 | 568,615 | | **Kirk P. Taylor** | CFO | 200,000 | 143,000 | 347,973 | | **Tarlis R. Thompson** | COO | 175,000 | 266,000 | 441,000 | - Executive compensation is primarily composed of base salary and stock option awards, with the value of option awards representing a significant portion of total compensation in 2021[210](index=210&type=chunk) - Directors receive compensation in the form of stock option awards; in 2021, option awards for non-employee directors ranged from **$199,500 to $332,500** in value[215](index=215&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=38&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details the beneficial ownership of the company's common stock as of December 31, 2021, identifying Golden Properties, Ltd. as the only beneficial owner of more than 5%, and outlining holdings of executive officers and directors - Golden Properties, Ltd. is the only entity known to beneficially own more than **5%** of the company's common stock, with deemed ownership of **9.99% (6,167,965 shares)** due to warrant holdings[229](index=229&type=chunk) Beneficial Ownership of Officers and Directors | Name | Position | Shares Beneficially Owned | Percent of Class (%) | | :--- | :--- | :--- | :--- | | **Mark C. Jensen** | CEO, Director | 5,237,160 | 8.48% | | **Thomas M. Sauve** | President, Director | 4,455,646 | 7.22% | | **Kirk P. Taylor** | CFO | 1,620,383 | 2.54% | | **Tarlis R. Thompson** | COO | 163,170 | 0.26% | | **All Directors and Officers as a Group** | | 11,476,359 | 18.50% | [Certain Relationships and Related Transactions, and Director Independence](index=40&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) The company discloses several transactions with related parties, including property leases and contract services agreements with entities owned or controlled by management, and confirms the independence of three board members - The company leases property and mineral rights from Land Resources & Royalties LLC (LRR), an entity owned by members of the company's management; in 2021, royalty expenses to LRR were **$232,208**[234](index=234&type=chunk) - A Contract Services Agreement is in place with Land Betterment Corp, an entity controlled by certain members of management; in 2020, the company incurred **$1,547,671** under this agreement; as of Dec 31, 2021, **$355,899** was due under the agreement[236](index=236&type=chunk) - The Board has determined that directors Botte, Layman, and Taplin are independent under NASDAQ listing standards[239](index=239&type=chunk) [Principal Accounting Fees and Services](index=41&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) This section details the fees paid to the company's independent registered public accounting firm, B.F. Borgers CPA, PC, for services rendered in 2021 and 2020, all of which were pre-approved by the audit committee Accountant Fees (2021 vs. 2020) | Fee Category | 2021 ($) | 2020 ($) | | :--- | :--- | :--- | | **Audit Fees** | 200,000 | 180,000 | | **Audit-Related Fees** | 10,000 | 45,500 | | **Tax Fees** | - | - | | **All Other Fees** | - | - | PART IV [Exhibits, Financial Statement Schedules](index=41&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all exhibits filed with the Form 10-K, including articles of incorporation, bylaws, material contracts, employment agreements, certifications, and mine safety disclosures, many of which are incorporated by reference Consolidated Financial Statements [Financial Statements Overview](index=45&type=section&id=Financial%20Statements%20Overview) The consolidated financial statements for 2021 and 2020 show increased revenue but a larger net loss in 2021, with improved financial condition due to increased assets, decreased liabilities, and a reduced stockholders' deficit, primarily from financing activities Key Financial Highlights (2021 vs. 2020) | Metric | 2021 ($) | 2020 ($) | | :--- | :--- | :--- | | **Total Revenue** | 7,755,306 | 1,059,691 | | **Net Loss** | (32,504,323) | (10,255,763) | | **Total Assets** | 42,872,702 | 38,415,395 | | **Total Liabilities** | 45,128,110 | 58,420,895 | | **Total Stockholders' Deficit** | (2,345,408) | (20,005,500) | | **Cash, end of year** | 12,588,113 | 11,201,203 | [Notes to Consolidated Financial Statements](index=50&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of accounting policies and financial figures, covering consolidation, asset details, debt, related party transactions, equity, and legal contingencies, including significant regulatory assessments and permit transfer liabilities - The company's primary revenue source is coal sales, recognized when control transfers to the customer (typically upon railcar loading); in 2021, **75.3% of revenue** came from two coal customers[317](index=317&type=chunk)[320](index=320&type=chunk) - As of Dec 31, 2021, total notes payable were **$5.83 million** and convertible notes payable were **$9.19 million** (net of discount)[343](index=343&type=chunk)[344](index=344&type=chunk) - The company has significant legal and regulatory contingencies, including claims from the Kentucky Energy Cabinet totaling **$1,427,990** and from the Mine Health Safety Administration of **$918,611**[398](index=398&type=chunk) - Subsequent to year-end, on January 26, 2022, the company received forgiveness for **$1.52 million** of principal and accrued interest on its Paycheck Protection Program (PPP) loan[405](index=405&type=chunk)

American Resources Corporation (NASDAQ:AREC) Q3 2021 Earnings Conference Call November 15, 2021 11:00 AM ET Company Participants Mark Laverghetta - Vice President of Corporate, Finance & Communications Mark Jensen - Chairman & Chief Executive Officer Kirk Taylor - Chief Financial Officer Conference Call Participants Kyle Gallagher - Merrill Lynch Operator Greetings, and welcome to American Resources Corporation Third Quarter 2021 Conference Call. [Operator Instructions] As a reminder, this conference is bei ...

PART I. FINANCIAL INFORMATION [Interim Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Interim%20Consolidated%20Financial%20Statements) The company's financial position improved with increased assets and positive equity, though net loss widened due to higher operational costs [Consolidated Condensed Balance Sheets](index=3&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) Total assets grew to $51.9 million and stockholders' equity turned positive, driven by stock issuances and reduced liabilities Consolidated Condensed Balance Sheet Highlights (Unaudited) | Account | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Current Assets** | $21,503,647 | $11,215,889 | | **Total Assets** | $51,901,373 | $38,415,395 | | **Total Current Liabilities** | $27,942,690 | $23,261,101 | | **Total Liabilities** | $49,133,890 | $58,420,895 | | **Total Stockholders' Equity (Deficit)** | $2,767,483 | $(20,005,500) | [Consolidated Condensed Statements of Operations](index=4&type=section&id=Consolidated%20Condensed%20Statements%20of%20Operations) Revenue grew significantly from resumed coal sales, but higher operating expenses led to a substantial increase in net loss Statement of Operations Summary (Unaudited) | Metric | Three Months Ended Sep 30, 2021 | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $2,813,923 | $294,646 | $3,217,781 | $1,045,816 | | **Net Loss from Operations** | $(7,842,882) | $(2,234,432) | $(19,401,315) | $(9,300,445) | | **Net Income (Loss)** | $(8,913,521) | $123,982 | $(21,953,551) | $(1,829,148) | | **Net loss per share** | $(0.15) | $0.00 | $(0.41) | $(0.07) | [Consolidated Condensed Statements of Cash Flows](index=7&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) Cash from financing activities funded increased cash usage in operations and investments for the nine-month period Cash Flow Summary for Nine Months Ended Sep 30 (Unaudited) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(17,441,221) | $(2,102,216) | | **Net cash provided by (used in) investing activities** | $(5,075,701) | $417,857 | | **Net cash provided by financing activities** | $31,446,016 | $2,807,264 | | **Increase in cash and restricted cash** | $8,929,094 | $1,122,905 | | **Cash and restricted cash, end of period** | $20,130,297 | $1,391,716 | [Notes to Unaudited Consolidated Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Condensed%20Financial%20Statements) Notes detail accounting policies for VIEs, significant equity issuances, and a major subsequent loan forgiveness event - The company invested in and licensed technology to several Variable Interest Entities (VIEs), including American Opportunity Venture, LLC and Novusterra, Inc., but is not the primary beneficiary and thus accounts for them using the equity method[16](index=16&type=chunk)[18](index=18&type=chunk)[52](index=52&type=chunk) Asset Retirement Obligation (ARO) Changes | Description | Amount | | :--- | :--- | | Balance at Dec 31, 2020 | $17,855,304 | | Accretion – nine months Sep 30, 2021 | $916,909 | | **Balance at Sep 30, 2021** | **$18,772,213** | - In June 2021, the company issued 8,600,000 shares of Class A Common Stock, raising net proceeds of **$27,943,000**[53](index=53&type=chunk) - Subsequent to the reporting period, on November 9, 2021, the company was released from all obligations of a **$5,143,186 loan** related to the Kentucky New Markets Development Program[65](index=65&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the strategic shift to metallurgical coal, the operational impact of COVID-19, and resulting financial performance [Overview and Operations](index=18&type=section&id=Overview%20and%20Operations) The company focuses on metallurgical coal operations, which are recommencing after pandemic-related idling, and is diversifying into metal recovery - The company's business is focused on **metallurgical coal** for the steel industry, having ceased mining thermal coal since mid-2019, and is also diversifying into metal recovery and rare earth elements[71](index=71&type=chunk)[72](index=72&type=chunk) - Many mining operations were idled due to the COVID-19 pandemic; Perry County's E4-2 mine **recommenced operations on March 29, 2021**, and McCoy Elkhorn's Carnegie 1 mine recommenced on October 8, 2021[77](index=77&type=chunk)[99](index=99&type=chunk) - The company does not have any **'proven' or 'probable' reserves** as defined by SEC Industry Guide 7 and is considered to be in the exploration stage[72](index=72&type=chunk)[73](index=73&type=chunk)[83](index=83&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Q3 2021 revenue rose to $2.8 million with resumed production, but higher costs widened the net loss to $8.9 million Comparison of Operations for the Three Months Ended September 30 | Metric | 2021 | 2020 | | :--- | :--- | :--- | | **Operating Revenue** | $2,813,923 | $294,646 | | **Coal Sales and Processing Expenses** | $3,068,847 | $72,692 | | **Development Costs** | $5,142,306 | $792,926 | | **Net Income (Loss)** | $(8,913,521) | $123,982 | - The primary driver for the increase in revenue and operating expenses was the **ramp-up of mining activities in 2021** following the idling of operations during the COVID-19 pandemic[120](index=120&type=chunk)[121](index=121&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains liquidity with $19.1 million in cash, financed by equity and debt to fund operations - The company held **$19,121,714 in available cash** as of September 30, 2021[124](index=124&type=chunk) - For the nine months ending September 30, 2021, net cash from financing activities was **$31.3 million**, primarily from stock sales, which funded the **$17.4 million used in operations** and **$5.1 million used in investing**[13](index=13&type=chunk)[125](index=125&type=chunk) - Future liquidity is expected to be funded by **cash on hand, future borrowings, and issuance of common stock**[124](index=124&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, disclosure under this item is not required - As a smaller reporting company, disclosure for this item is not required[130](index=130&type=chunk) [Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective due to insufficient accounting staff - Management concluded that **disclosure controls and procedures were not effective** as of the end of the period[132](index=132&type=chunk) - The identified weaknesses were an **insufficient number of accounting staff** and a lack of timely reconciliations[132](index=132&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=27&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any litigation expected to have a material adverse effect on its financials - The company is not involved in any litigation expected to have a **material adverse effect**[136](index=136&type=chunk) [Risk Factors](index=27&type=section&id=Item%201A.%20Risk%20Factors) This section is not applicable for this quarterly filing - Not applicable[136](index=136&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=27&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company sold 425,000 restricted common shares for gross proceeds of $1.275 million for general purposes - On March 17, 2021, the company sold **425,000 restricted common shares** for gross proceeds of **$1,275,000**[136](index=136&type=chunk) [Defaults upon Senior Securities](index=27&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities) The company reported no defaults upon its senior securities - None[137](index=137&type=chunk) [Mine Safety Disclosures](index=27&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety violation information is provided in Exhibit 95.1 of the report - Mine safety disclosures are included in **Exhibit 95.1** to the report[137](index=137&type=chunk) [Other Information](index=27&type=section&id=Item%205.%20Other%20Information) No other information was reported for this item - None[137](index=137&type=chunk) [Exhibits](index=27&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report, including contracts and certifications

American Resources Corporation (NASDAQ:AREC) Q2 2021 Earnings Conference Call August 16, 2021 4:30 PM ET Company Participants Mark Laverghetta - Vice President, Corporate, Finance and Communications Mark Jensen - Chairman and CEO Kirk Taylor - Chief Financial Officer Tom Sauve - our President Conference Call Participants Steven Segal - KBB Kyle Elgar - Private Investor Mike Sibley - Private Investor Operator Greetings. Welcome to American Resource Corporation Second Quarter 2021 Conference Call. At this tim ...

[PART I](index=3&type=section&id=PART%20I) [Business](index=3&type=section&id=Item%201.%20Business) American Resources Corporation (ARC) has transitioned to a natural resources company primarily engaged in metallurgical coal mining and processing, with diversification into metal and rare earth element recovery - The company's business focus shifted to coal mining and processing following a share exchange agreement with Quest Energy Inc. in **2017**[17](index=17&type=chunk) - Since mid-**2019**, the company has ceased thermal coal mining to focus exclusively on metallurgical coal for the steel industry[19](index=19&type=chunk) - Subsidiaries American Metals LLC (AM) and American Rare Earth LLC (ARE) were established to diversify revenue into metal recovery and rare earth elements[19](index=19&type=chunk) - The company holds no 'proven' or 'probable' reserves as defined by SEC Industry Guide 7, with all business activities considered in the exploration stage[19](index=19&type=chunk) Historical Coal Prices (Year End) | | Metallurgical Coal (Hampton Road Index HCC - High) | CAPP Thermal Coal (Big Sandy / Kanawha Rate District) | | :--- | :--- | :--- | | **2019** | $135.00 | $60.30 | | **2020** | $101.00 | $54.35 | [Operating Subsidiaries](index=4&type=section&id=Item%201.%20Business.Operating%20Subsidiaries) The company operates through seven coal mining and processing subsidiaries across multiple basins, with operations significantly impacted and many mines idled in **2020** due to the COVID-19 pandemic McCoy Elkhorn Coal LLC - Mine 15 Production | Year | Tons Produced | Average Sale Price/Ton | | :--- | :--- | :--- | | **2020** | 461,570 | $70.28 | | **2019** | 124,740 | $76.40 | - McCoy Elkhorn's Mine 15 and Carnegie 1 mines were idled from **January 2020** through the report date due to adverse market effects from the COVID-19 pandemic[24](index=24&type=chunk) Deane Mining LLC - Production (2019) | Mine | Tons Produced (2019) | Average Sale Price/Ton (2019) | Coal Type | | :--- | :--- | :--- | :--- | | **Access Energy** | 86,077.75 | $61.45 | 17% PCI, 83% Thermal | | **Razorblade Surface** | 13,433.30 | $61.45 | 100% Thermal | - Perry County Resources' E4-2 mine was idled from **January 2020** due to the COVID-19 pandemic, producing only **1,200 tons in 2020** compared to **45,282.78 tons in 2019**[52](index=52&type=chunk) - Wyoming County Coal's assets, including the Pioneer Preparation Plant, are idled and require significant capital to become operational, with permit transfers awaiting final regulatory approval[47](index=47&type=chunk)[48](index=48&type=chunk) [Mineral and Surface Leases](index=12&type=section&id=Item%201.%20Business.Mineral%20and%20Surface%20Leases) The company conducts all coal mining and processing operations on **approximately 200** leased properties, some from a related party owned by management - The company leases all its mineral and surface properties for operations through **approximately 200** different lease agreements[61](index=61&type=chunk) - Some leases are with Land Resources & Royalties LLC (LRR), a related party owned by members of Quest Energy Inc.'s management[61](index=61&type=chunk) [Coal Sales and Competition](index=12&type=section&id=Item%201.%20Business.Coal%20Sales%20and%20Competition) ARC sells metallurgical coal to domestic and international customers via third-party intermediaries, facing intense competition and COVID-19 related sales disruptions - Coal sales are primarily outsourced to third-party intermediaries, with all final sales approved by company management[62](index=62&type=chunk) - The COVID-19 pandemic has disrupted sales channels due to fluctuating global steel demand[62](index=62&type=chunk) - Key domestic competitors include Corsa Coal Corporation, Ramaco Resources, Blackhawk Mining, Coronado Coal, Arch Resources, Contura Energy, and Warrior Met Coal[63](index=63&type=chunk) [Environmental, Governmental, and Other Regulatory Matters](index=13&type=section&id=Item%201.%20Business.Environmental,%20Governmental,%20and%20Other%20Regulatory%20Matters) Operations are subject to extensive federal, state, and local environmental and safety regulations, incurring significant compliance costs and requiring financial assurance for reclamation obligations - Operations are subject to numerous laws including **SMCRA, CAA, CWA, RCRA, and CERCLA**, which impose significant compliance costs and can delay or restrict mining activities[65](index=65&type=chunk)[66](index=66&type=chunk) - The company must obtain numerous permits for mining operations, a process that can be delayed by public comment and legal challenges[75](index=75&type=chunk)[76](index=76&type=chunk) - As of **December 31, 2020**, the company had **$29.29 million** in outstanding surety bonds for reclamation obligations, a decrease from **$34.93 million** in 2019[81](index=81&type=chunk) - Regulations concerning climate change and greenhouse gas (GHG) emissions, such as the EPA's Clean Power Plan (CPP), could reduce demand for coal and adversely impact the business, although the company is principally focused on metallurgical coal, not power generation[96](index=96&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) [Employees and Corporate Status](index=21&type=section&id=Item%201.%20Business.Employees%20and%20Corporate%20Status) ARC has **approximately 10** direct employees and qualifies as an 'emerging growth company,' benefiting from reduced reporting requirements under the JOBS Act - The company has **approximately 10** direct employees, with **four executives** based in the Fishers, Indiana headquarters[118](index=118&type=chunk) - As an '**emerging growth company**,' ARC utilizes provisions for reduced reporting burdens, including exemption from auditor attestation on internal controls and delaying adoption of new accounting standards[118](index=118&type=chunk)[120](index=120&type=chunk) [Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) The company is not required to provide information for this item as it qualifies as a Smaller Reporting Company - As a Smaller Reporting Company, the registrant is not required to provide the information required by Item 1A[122](index=122&type=chunk) [Unresolved Staff Comments](index=22&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - There are no unresolved staff comments[122](index=122&type=chunk) [Properties](index=22&type=section&id=Item%202.%20Properties) The company's principal executive offices are in Fishers, Indiana, with additional leased office and operational spaces in Kentucky - The main office is in Fishers, Indiana, with a lease expiring in December 2026. An additional office is rented from a related party in Kite, Kentucky[123](index=123&type=chunk) [Legal Proceedings](index=22&type=section&id=Item%203.%20Legal%20Proceedings) The company is subject to ordinary routine litigation incidental to its business operations, with details provided in financial statement Note 9 - The company is subject to routine litigation. Details are provided in financial statement note 9[124](index=124&type=chunk)[64](index=64&type=chunk) [Mine Safety Disclosures](index=22&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Information regarding mine safety violations and other regulatory matters is included in Exhibit 95.1 of this Annual Report - Mine safety disclosures required by Item 104 of Regulation S-K are included in **Exhibit 95.1**[124](index=124&type=chunk) [PART II](index=22&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=22&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's Class A Common Stock trades on NASDAQ under '**AREC**,' has not paid dividends, and has undergone numerous unregistered security sales, warrant, and preferred stock conversions - Class A Common Stock is traded on the **NASDAQ Capital Market** under the symbol **AREC**[126](index=126&type=chunk) Quarterly High/Low Stock Prices (2020) | Quarter Ending | High | Low | | :--- | :--- | :--- | | March 31, 2020 | $1.11 | $0.320 | | June 30, 2020 | $1.40 | $0.73 | | September 30, 2020 | $2.33 | $1.14 | | December 31, 2020 | $4.93 | $1.26 | - The company has not paid any dividends and does not have current plans to pay any[130](index=130&type=chunk) - All outstanding Series A, B, and C Preferred Stock were converted into Class A Common Stock by **February 2019**[156](index=156&type=chunk)[160](index=160&type=chunk)[164](index=164&type=chunk) - In **2020**, the company issued numerous warrants (Series C-5 through C-36) in connection with its senior convertible note offering and debt conversions[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk) [Selected Financial Data](index=32&type=section&id=Item%206.%20Selected%20Financial%20Data) The company is not required to provide this information as it qualifies as a smaller reporting company - As a smaller reporting company, the registrant is not required to provide the information for this item[183](index=183&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company's revenue and operations were severely impacted by the COVID-19 pandemic in **2020**, leading to significant declines in sales and expenses, while assets increased due to financing activities - The company's operations were idled in January **2020** and resumed in December **2020** due to muted demand for steel and metallurgical coal caused by the COVID-19 pandemic[190](index=190&type=chunk) Revenue and Sales Volume Comparison (2019 vs. 2020) | Metric | 2020 | 2019 | | :--- | :--- | :--- | | **Total Revenues** | **$1,059,691** | **$24,477,707** | | **Tons Sold (Steel Making)** | 6,569 | 179,381 | | **Realized Price/Ton (Steel Making)** | $59.09 | $83.36 | | **Tons Sold (Industrial/Utility)** | 1,099.98 | 146,537 | | **Realized Price/Ton (Industrial/Utility)** | $58.24 | $61.60 | - Operating expenses decreased from **$84.5 million** in 2019 to **$17.5 million** in 2020, primarily due to the closure of mine production[186](index=186&type=chunk) - Total assets increased to **$38.4 million** in 2020 from **$35.4 million** in 2019, driven by an increase in cash from debt and equity financing[187](index=187&type=chunk) - Total liabilities decreased to **$58.4 million** in 2020 from **$66.6 million** in 2019, mainly due to the execution of convertible debt[187](index=187&type=chunk) [Quantitative and Qualitative Disclosure About Market Risk](index=34&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) The company is not required to provide this information as it qualifies as a smaller reporting company - As a smaller reporting company, the registrant is not required to provide the information for this item[197](index=197&type=chunk) [Financial Statements and Supplementary Data](index=34&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) The report of the independent registered public accounting firm and the company's financial statements are filed as part of this report, starting on **page F-1** - The financial statements and the report of the independent registered public accounting firm are incorporated by reference and located at **page F-1**[198](index=198&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=34&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reported no disagreements with its accounting firm on accounting and financial disclosure during the reporting period - There were no disagreements with the accounting firm during the reporting period[199](index=199&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of **December 31, 2020**, due to a **material weakness** in segregation of duties within the accounting function - Management concluded that as of **December 31, 2020**, disclosure controls and procedures were not effective[201](index=201&type=chunk) - A **material weakness** was identified: a lack of segregation of duties in the accounting and reporting functions due to an insufficient number of staff[203](index=203&type=chunk)[204](index=204&type=chunk) - The company plans to ameliorate this weakness by increasing the size of its accounting staff at an appropriate time[201](index=201&type=chunk) [Other Information](index=35&type=section&id=Item%209B.%20Other%20Information) There is no other information to report for this item - None[208](index=208&type=chunk) [PART III](index=35&type=section&id=PART%20III) [Directors, Executive Officers and Corporate Governance](index=35&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) This section lists the company's executive officers and board of directors, detailing their roles, biographical information, and the board's committee structure and code of conduct - The executive team includes Mark C. Jensen (CEO), Thomas M. Sauve (President), Kirk P. Taylor (CFO), and Tarlis R. Thompson (COO)[209](index=209&type=chunk) - The Board of Directors consists of **five members**: Mark C. Jensen, Thomas M. Sauve, Michael Layman, Gerardine Botte, and Courtenay O. Taplin[209](index=209&type=chunk) - **Three directors**, Ms. Botte and Messrs. Layman and Taplin, are considered independent under NASDAQ, NYSE, and SEC requirements[229](index=229&type=chunk) - The board has three committees: Audit, Compensation, and Safety and Environmental. The Audit and Compensation committees are composed solely of independent directors[235](index=235&type=chunk) [Executive Compensation](index=40&type=section&id=Item%2011.%20Executive%20Compensation) This section details the compensation for named executive officers and directors for fiscal years 2019 and 2020, including base salaries, option awards, and employment agreement terms 2020 Officer Compensation | Name | Position | Salary | Option Awards | Total Compensation | | :--- | :--- | :--- | :--- | :--- | | Mark C. Jensen | CEO | $250,000 | $100,000 | $374,187 | | Thomas M. Sauve | President | $200,000 | $57,730 | $286,927 | | Kirk P. Taylor | CFO | $200,000 | $57,730 | $181,467 | | Tarlis R. Thompson | COO | $175,000 | $435,000 | $610,000 | - Employment agreements for the CEO, President, and CFO were updated on **October 1, 2020**, increasing base salaries and including performance bonuses at the board's discretion[242](index=242&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk) - Directors receive compensation primarily in the form of option awards. In **2020**, Courtenay O. Taplin received awards valued at $161,450 and Michael Layman received awards valued at $93,500[247](index=247&type=chunk) - In **November 2020**, the CEO, President, and CFO were issued options to purchase **85,976**, **70,732**, and **45,732** shares, respectively, which vested immediately[254](index=254&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=43&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details the beneficial ownership of the company's Class A Common Stock by individuals and entities owning more than 5%, as well as by executive officers and directors Beneficial Ownership of Officers and Directors (as of Dec 31, 2020) | Name | Position | Common Stock Beneficially Owned | Percent of Common Stock Owned | | :--- | :--- | :--- | :--- | | Mark C. Jensen | CEO, Director | 5,251,755 | 12.85% | | Thomas M. Sauve | President, Director | 4,464,136 | 10.92% | | Kirk P. Taylor | CFO | 1,620,383 | 3.96% | | All Directors and Officers as a Group | (4 persons) | 11,412,313 | **27.91%** | - Golden Properties, Ltd. is listed as a greater than 5% holder, with beneficial ownership of **4,084,188 shares** (**9.99%**), subject to a **9.99%** ownership limitation on warrant exercises[259](index=259&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=45&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) The company discloses several transactions with related parties, including leases and contract services agreements with entities controlled by management, and details director independence - The company leases property and minerals from Land Resources & Royalties LLC (LRR), an entity owned by members of management, incurring **$232,208** in royalty expense in **2020**[266](index=266&type=chunk) - A Contract Services Agreement with Land Betterment Corp, an entity controlled by management, resulted in **$1,547,671** of incurred costs in **2020**[265](index=265&type=chunk)[268](index=268&type=chunk) - An investment fund controlled by a director invested a total of **$1,250,000** in the company's convertible debt offering during **2020**[267](index=267&type=chunk) - The Board of Directors has determined that directors Botte, Layman, and Taplin are independent[270](index=270&type=chunk) [Principal Accounting Fees and Services](index=46&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) This section details the fees paid to the company's independent registered public accounting firms for the fiscal years 2019 and 2020 Accounting Fees (2019 vs. 2020) | Fee Type | 2020 (BF Borgers, PC) | 2019 (Malone Bailey LLP) | | :--- | :--- | :--- | | Audit Fees | $180,000 | $235,000 | | Audit-Related Fees | $10,000 | $34,000 | [PART IV](index=46&type=section&id=PART%20IV) [Exhibits, Financial Statement Schedules](index=46&type=section&id=Item%2015.%20Exhibits,%20Financial%20Statement%20Schedules) This section lists all exhibits filed with the Form 10-K, including corporate governance documents, material agreements, and required certifications - Lists all exhibits filed with the report, such as corporate governance documents, material agreements (e.g., loan agreements, asset purchase agreements), and required certifications (e.g., Sarbanes-Oxley Act Sections 302 and 906)[273](index=273&type=chunk)[275](index=275&type=chunk) - **Exhibit 95.1** contains the Mine Safety Disclosure[275](index=275&type=chunk) [Consolidated Financial Statements](index=49&type=section&id=Consolidated%20Financial%20Statements) [Report of Independent Registered Public Accounting Firm](index=50&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) The auditors issued opinions stating that the financial statements are fairly presented, but both reports include a '**Going Concern**' paragraph due to significant operating losses and a net capital deficiency - The auditor for **2020**, BF Borgers CPA PC, expressed an opinion that the financial statements are fairly presented[283](index=283&type=chunk) - Both the **2020** and **2019** audit reports highlight a '**Going Concern**' issue, citing the company's significant operating losses and raising substantial doubt about its ability to continue operations[287](index=287&type=chunk)[290](index=290&type=chunk) [Consolidated Financial Statements Tables](index=51&type=section&id=Consolidated%20Financial%20Statements%20Tables) The consolidated financial statements present the company's financial position and performance, showing a net loss of **$10.3 million** for **2020** and an increase in total assets due to financing activities Consolidated Balance Sheet Highlights (As of Dec 31) | Account | 2020 | 2019 | | :--- | :--- | :--- | | **Total Assets** | **$38,415,395** | **$35,229,650** | | Cash | **$10,617,495** | **$3,324** | | **Total Liabilities** | **$58,420,895** | **$67,934,291** | | **Total Stockholders' Deficit** | **$(20,005,500)** | **$(32,704,641)** | Consolidated Statement of Operations Highlights (Year Ended Dec 31) | Account | 2020 | 2019 | | :--- | :--- | :--- | | **Total Revenue** | **$1,059,691** | **$24,477,707** | | **Net Loss from Operations** | **$(16,447,365)** | **$(59,954,174)** | | Impairment of Fixed Assets | **$0** | **$(27,688,030)** | | **Net Loss** | **$(10,255,762)** | **$(70,918,302)** | | **Net Loss Per Share** | **$(0.35)** | **$(2.94)** | [Notes to Consolidated Financial Statements](index=56&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the financial statements, covering '**Going Concern**' uncertainty, asset acquisitions, revenue recognition, debt structure, related-party transactions, equity, and legal contingencies - Note 1 reiterates the substantial doubt about the company's ability to continue as a **going concern** due to recurring losses and a working capital deficit. Management plans to raise funds through equity or debt financing[330](index=330&type=chunk) - Note 1 details the May **2020** settlement and rescission of the Empire acquisition, where the property was returned to the seller in exchange for **2,000,000 common shares** and extinguishment of a **$2,000,000 note**, resulting in a gain on sale of **$6,820,949**[320](index=320&type=chunk) - Note 9 discloses contingencies including claims from the Kentucky Energy Cabinet (**$1,427,990** assessed) and the Mine Health Safety Administration (**$918,611** assessed)[462](index=462&type=chunk) - Note 10 details significant subsequent events in early **2021**, including numerous warrant exercises, conversions of notes payable into common stock, and new stock issuances for services and debt settlement[467](index=467&type=chunk)[468](index=468&type=chunk)[480](index=480&type=chunk)

10-Q 1 arec_10q.htm FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2020 or ☐ 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 i ...

10-Q 1 arec_10q.htm FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2020 or ☐ 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 ...

10-Q 1 arec_10q.htm FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2020 or ☐ 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 charte ...

10-K 1 arec_10k.htm FORM 10-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 ¨ TRANSITION REPORT UNDER 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 ...