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American Resources Corp

For the period ended Dec 31, 2024. Filed May 19, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed May 19, 2025

AREC$1.09+14.9%Stored close · as of Nov 6, 2026
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10-K 1 arec_10k.htm FORM 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

For the fiscal year endedDecember 31, 2024

☐TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________to _____________

Commission file number000-55456

AMERICAN RESOURCES CORPORATION

(Exact Name of Registrant as specified in its charter)

Florida46-3914127
(State or jurisdiction of Incorporation or organization(I.R.S Employer Identification No.)
12115 Visionary Way Fishers, Indiana46038
(Address of principal executive offices)(Zip Code)

*Registrant’s telephone number, including area code:*317-855-9926

Securities registered under Section 12(b) of the Exchange Act: Title of each class Name of each exchange on which registered

Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common, $0.0001 Par ValueARECNASDAQ Capital Market
WarrantARECWNASDAQ Capital Market

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒ No

Indicate by check mark whether the registrant is not required to file reports pursuant to Section 13 or 15 (d) of the Exchange Act. ☐ Yes ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation s-K (§ 229.405 of this chapter is not contained herein and will not be contained to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☐
Non-accelerated Filer☐Smaller reporting company☒
(Do not check if a smaller company)Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter; $131,330,970.

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

The number of shares outstanding of the issuer’s Common Stock, $.0001 par value, as of May 16, 2025 was 80,512,817 shares.

DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the documents is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980).

ANNUAL REPORT ON FORM 10-K

Fiscal Year Ended December 31, 2024

TABLE OF CONTENTS

Page
Special Note Regarding Forward Looking Statements3
PART I
Item 1.Business4
Item 1A.Risk Factors23
Item 1B.Unresolved Staff Comments24
Item 2.Properties24
Item 3.Legal Proceedings24
Item 4.Mine Safety Disclosures24
PART II
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities25
Item 6.Selected Financial Data29
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations29
Item 7A.Quantitative and Qualitative Disclosure About Market Risk34
Item 8.Financial Statements and Supplementary Data34
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure34
Item 9A.Controls and Procedures34
Item 9B.Other Information35
PART III
Item 10.Directors, Executive Officers and Corporate Governance36
Item 11.Executive Compensation42
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters45
Item 13.Certain Relationships and Related Transactions, and Director Independence47
Item 14.Principal Accounting Fees and Services48
PART IV
Item 15.Exhibits, Financial Statement Schedules50
Signatures52
ContentsView on SEC.gov

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