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American Resources Corporation (AREC+3.13%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $235,443 from $5,808,525 in the same quarter the previous year. The decrease is primarily due to a reduction in coal sales.
Operating expenses for the quarter were $8,493,779, compared to $7,658,729 in the same quarter of the previous year. The increase in expenses is attributed to higher general and administrative costs and professional fees.
The company reported a net loss of $9,222,233 for the quarter, compared to a net loss of $2,456,538 in the previous year. The increase in net loss is due to decreased revenue and increased operating expenses.
Cash used in operating activities for the nine months ended September 30, 2024, was $16,317,031, compared to $15,908,173 for the same period in the previous year.
Cash provided by financing activities was $145,336,288 for the nine months ended September 30, 2024, primarily due to proceeds from tax-exempt bonds and other financing obligations.
The company has identified substantial doubt about its ability to continue as a going concern for the next twelve months due to its current financial position.
American Resources Corporation continues to focus on its operations in coal mining and processing, with efforts to diversify revenue streams through its subsidiaries, American Metals LLC and ReElement Technologies LLC.
The filing also details various financial agreements, including convertible promissory notes and tax-exempt bonds issued to finance ongoing operations and development projects.
The company acknowledges its dependence on additional financing to meet future obligations and plans to seek further funding through debt or equity financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Resources Corporation quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.