NASDAQ: AREC
American Resources CorpCIK 0001590715 · SIC 1220 · Bituminous Coal Mining
When we formed our company, our focus was to (i) construct and/or purchase and manage a chain of combined gasoline, diesel and natural gas (NG) fueling and service stations (initially, in the Miami, FL area); (ii) construct conversion factories to convert NG to liquefied natural gas (LNG) and… About this business →
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American Resources files routine disclosure of updated investor presentation
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AREC: revenue $0, net income $55.4M. AREC spins off coal and rare-earth units, posts discontinued-ops gain; operating loss
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American Resources receives Nasdaq delisting notice for late 2025 annual report filing
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American Resources regains Nasdaq compliance after holding delayed Annual Meeting
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American Resources holds annual meeting; LaVerghetta joins board amid elevated opposition
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American Resources subsidiary EMCO may raise $3-20M via convertible preferred stock
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Latest financial statements
From 10-K filed May 20, 2026 (period ending Dec 31, 2025). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations
| Description | Years ended December 31, 2025 | Years ended December 31, 2024 |
|---|---|---|
| (As Revised) | ||
| Revenue | ||
| Metal recovery and sales | - | 34,070 |
| Total revenue | - | 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 | - |
| 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) | - |
| 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 Balance Sheets
| Description | December 31, 2025 | December 31, 2024 |
|---|---|---|
| (As Revised) | ||
| Assets | ||
| 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 | - | 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 | - | 280,000 |
| Non-current assets discontinued operations | - | 183,994,409 |
| Total assets | 168,907,706 | 281,651,874 |
| Liabilities and Deficit | ||
| 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 | - | 136,612,282 |
| Total current liabilities | 61,210,368 | 166,399,114 |
| Non-current liabilities: | ||
| Long term debt | 965,286 | - |
| 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 | - | 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 |
Consolidated Statements of Cash Flows
| Description | Years ended December 31, 2025 | Years ended December 31, 2024 |
|---|---|---|
| (As Revised) | ||
| 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 | - |
| Interest and dividend income | (559,476) | - |
| 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 | - |
| Unrealized gain on short-term investments | 45,514 | |
| Change in current assets and liabilities: | ||
| Interest receivable | - | (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) | - |
| Proceeds from short-term investments, net | - | 715,036 |
| Purchases of short-term investments/securities | (34,323,318) | - |
| 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 | - |
| Proceeds from long-term debt | 965,286 | - |
| Exercise of warrants for common stock | 7,525,000 | - |
| 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 | - | 1,361,788 |
| Acquisition of assets through operating leases related party | - | 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 | - |
Amounts as printed on the EDGAR/iXBRL face. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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About American Resources Corp
Source: Item 1 (Business) from the 10-K filed May 20, 2026. Description as filed by the company with the SEC.
Item 1. Business
Overview
When we formed our company, our focus was to (i) construct and/or purchase and manage a chain of combined gasoline, diesel and natural gas (NG) fueling and service stations (initially, in the Miami, FL area); (ii) construct conversion factories to convert NG to liquefied natural gas (LNG) and compressed natural gas (CNG); and (iii) construct conversion factories to retrofit vehicles currently using gasoline or diesel fuel to also run on NG in the United States and also to build a convenience store to serve our customers in each of our locations.
On January 5, 2017, American Resources Corporation (ARC) executed a Share Exchange Agreement between the Company and Quest Energy Inc. (“Quest Energy”), a private company incorporated in the State of Indiana on May 2015 with offices at 12115 Visionary Way, Fishers, IN 46038, and due to the fulfillment of various conditions precedent to closing of the transaction, the control of the Company was transferred to the Quest Energy shareholders on February 7, 2017. This transaction resulted in Quest Energy becoming a wholly-owned subsidiary of ARC. On November 25, 2020, Quest Energy changed its name to American Carbon Corp. On December 27, 2024, American Carbon changed its name to American Infrastructure Corporation (AIC).
American Infrastructure Corporation currently has six coal mining and processing operating subsidiaries: McCoy Elkhorn Coal LLC (doing business as McCoy Elkhorn Coal Company) (McCoy Elkhorn), Knott County Coal LLC (Knott County Coal), Deane Mining, LLC (Deane Mining), Wyoming County Coal LLC (Wyoming County), Perry County Resources (Perry County) located in eastern Kentucky and western West Virginia within the Central Appalachian coal basin, and ERC Mining Indiana Corporation (ERC) located in southwest Indiana within the Illinois coal basin. The coal deposits under control by the Company are generally comprise of metallurgical coal (used for steel making), pulverized coal injections (used in the steel making process) and high-BTU, low sulfur, low moisture bituminous coal used for a variety of uses within several industries, including industrial customers and specialty products
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Efforts to diversify revenue streams have led to the establishment of additional subsidiaries; Electrified Materials Corporation (EMC) which is focused on the aggregation, recovery and sale of recovered metal and steel and American Rare Earth LLC (ARE) which is focused on the purification and monetization of critical and rare earth element deposits and end of life magnets and batteries. During 2024, American Rare Earth LLC changed its name to ReElement Technologies LLC (ReElement). During 2024, ReElement filed and changed from a limited liability company to a corporation. The Company also looks for opportunities to invest and operate new and innovate technologies within the mineral and infrastructure industry.
On December 25, 2025, it was determined that ARC was no longer the primary beneficiary of AIC and no longer was required to consolidate AIC’s financial reporting.
On December 26, 2025, it was determined that ReElement was no longer a variable interest entity and ARC had no ongoing requirement to consolidate ReElement’s financial reporting.
EMC continues to be fully consolidated and controlled by the Company.
Competition
The global commodity industry for critical minerals, rare earth element and coal is intensely competitive. When evaluating areas of competition, the most important factors on which the Company competes are mineral quality, delivered costs to the customer and reliability of supply. Principal domestic competitors are MP Materials, Lithium Americas, Ramaco Resources, Arch Resources, Contura Energy, and Warrior Met Coal. Many of these coal producers may have greater financial resources and larger coal deposit bases than we do. We also compete in international markets directly with domestic companies and with companies that produce coal from one or more foreign countries, such as China, Australia, Colombia, Indonesia and South Africa.
Legal Proceedings
From time to time, we are subject to ordinary routine litigation incidental to our normal business operations.
Please see financial statement Note 11 for detail on cases.
Employees
ARC and its operating subsidiaries, employ a combination of company employees and contract labor. The Company is continually evaluating the use of company employees and contract labor to determine the optimal mix of each, given the needs of the Company.
The Company currently has 7 direct employees. The Company is headquartered in Fishers, Indiana with four members of the Company’s executive team based at this location.