American Resources Corp
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
AREC$1.09+14.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-19.
0001477932-25-006048
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001477932-25-008333
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 131 previous paragraphs and 116 current paragraphs.
99 unchanged; 14 reworded; 3 added; 18 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Results of Operations for the Nine Months Ended September 30, 2025 and 2024
Current report
Results of Operations for the Nine Months Ended September 30, 2025 and 2024
Current report
Nine months Ended September 30, 2025 and 2024
Removed paragraphs (18)
Previous report
Table of Content
Previous report
Table of Content
Previous report
Table of Content
Previous report
Table of Content
Previous report
Table of Content
Previous report
Table of Content
Previous report
Table of Content
Previous report
Table of Content
Previous report
Table of Content
Previous report
Table of Content
Previous report
Results of Operations for the Six Months Ended June 30, 2025 and 2024
Previous report
Table of Content
Previous report
Table of Content
Previous report
Results of Operations for the Six Months Ended June 30, 2025 and 2024
Previous report
Table of Content
Previous report
Table of Content
Previous report
Six months Ended June 30, 2025 and 2024
Previous report
Table of Content
Reworded paragraphs (14)
Previous wording
The following table summarizes our results of operations for the three and six months ended June 30, 2025 and 2024:
Current wording
The following table summarizes our results of operations for the three and nine months ended September 30, 2025 and 2024:
Previous wording
Revenue increased by $9,161 for the three months ended June 30, 2025 compared to 2024. The primary driver of the increase was due to $10,299 of ReElement service fee revenue for the three months ended June 30, 2025 as compared to 2024.
Current wording
Revenue decreased by $185,278 for the three months ended September 30, 2025 compared to 2024. The primary driver of the decrease was due to the absence of revenue generated from metal recovery and sales for the three months ended September 30, 2025 as compared to 2024.
Previous wording
Total operating expenses decreased by $1,653,061 for the three months ending June 30, 2025 as compared to 2024. This decrease was primarily driven by lower general and administration expenses of $1,334,893 due to a decrease in related party expenses.
Current wording
Total operating expenses decreased by $3,985,618 for the three months ending September 30, 2025 as compared to 2024. This decrease was primarily driven by lower general and administration expenses of $2,997,235 due to a decrease in related party expenses.
Previous wording
The decrease in net other expense is primarily attributable to the net decrease in interest income of $353,934 and by the net decrease in interest expense of $951,824, compared to the three months ended June 30, 2024.
Current wording
The decrease in net other expense is primarily attributable to the net decrease in interest income of $137,737 and by the net decrease in interest expense of $1,003,750 compared to the three months ended September 30, 2024.
Previous wording
The following table summarizes our revenue for the six months ended June 30, 2025 and 2024:
Current wording
The following table summarizes our revenue for the nine months ended September 30, 2025 and 2024:
Previous wording
Revenue decreased by $52,930 for the six months ended June 30, 2025 compared to 2024. The primary driver of the decrease was a reduction of $64,667 in royalty income for the six months ended June 30, 2025 as compared to 2024.
Current wording
Revenue decreased by $238,208 for the nine months ended September 30, 2025 compared to 2024. The primary driver of the decrease was a reduction of $146,055 in royalty income for the nine months ended September 30, 2025 as compared to 2024.
Previous wording
The following table summarizes the period over period changes in operating expenses (income) for the six months ended June 30, 2025 and 2024:
Current wording
The following table summarizes the period over period changes in operating expenses (income) for the nine months ended September 30, 2025 and 2024:
Previous wording
Total operating expenses decreased by $3,461,909 for the six months ending June 30, 2025 as compared to 2024. This decrease was primarily driven by lower coal production related costs due to idled mining operations, lower holding costs of $1,430,578 due to concentrated efforts to reduce labor costs, lower general and administration expenses of $1,850,056 and professional fees of $462,627 due to decreases in legal fees.
Current wording
Total operating expenses decreased by $7,519,858 for the nine months ending September 30, 2025 as compared to 2024. This decrease was primarily driven by lower coal production related costs due to idled mining operations, lower holding costs of $1,823,788 due to concentrated efforts to reduce labor costs, lower general and administration expenses of $4,912,722 and professional fees of $596,221 due to decreases in legal fees.
Previous wording
The following table summarizes the period over period changes in other income (expense) for the six months ended June 30, 2025 and 2024:
Current wording
The following table summarizes the period over period changes in other income (expense) for the nine months ended September 30, 2025 and 2024:
Previous wording
The increase in net other expense for the six months ended June 30, 2025, was primarily attributable to a decrease in interest income of $839,564 and an increase in interest expense of $137,993, compared to the same period in 2024. The higher interest income in 2024 reflects interest and investment income in the bond funds and the higher interest expense in 2025 reflects the issuance of new convertible promissory notes during 2025.
Current wording
The increase in net other expense for the nine months ended September 30, 2025, was primarily attributable to a decrease in interest income of $977,301 and an increase in interest expense of $1,141,743, compared to the same period in 2024. The higher interest income in 2024 reflects interest and investment income in the bond funds and the higher interest expense in 2025 reflects the issuance of new convertible promissory notes during 2025.
Previous wording
As of June 30, 2025, the company has a cash balance of $2,254,206 and a working deficit of $73,851,409. We expect to fund our liquidity requirements over the next 12 months primarily with cash on hand and additional debt and equity financing transactions. If future cash flows are insufficient to meet our liquidity needs or capital requirements, we may be required to rationalize our expenditures or slow down efforts to further develop our new business models. We do not have any credit lines currently available to fund our liquidity requirements. Maintaining future liquidity is subject to significant uncertainties primarily related to the generation of revenues from our new business models at levels that surpass breakeven and the ability to obtain additional debt and equity financing.
Current wording
As of September 30, 2025, the company has a cash balance of $2,081,780 and a working deficit of $75,743,188. We expect to fund our liquidity requirements over the next 12 months primarily with cash on hand and additional debt and equity financing transactions. If future cash flows are insufficient to meet our liquidity needs or capital requirements, we may be required to rationalize our expenditures or slow down efforts to further develop our new business models. We do not have any credit lines currently available to fund our liquidity requirements. Maintaining future liquidity is subject to significant uncertainties primarily related to the generation of revenues from our new business models at levels that surpass breakeven and the ability to obtain additional debt and equity financing.
Previous wording
Cash used in operating activities increased by $4,422,071 compared to the prior period. This change was primarily driven by a $2,738,510 decrease in net loss, which positively impacted operating cash flow; a $1,461,359 increase in cash provided by changes in working capital; and an increase of $222,202 in non-cash charges, including depreciation, amortization, and other adjustments.
Current wording
Cash used in operating activities decreased by $6,864,361 compared to the prior period. This change was primarily driven by a $5,424,925 decrease in net loss, which positively impacted operating cash flow; and a $455,740 increase in cash provided by changes in working capital.
Previous wording
Cash provided by investing activities for the six months ended June 30, 2025 was $2,691,099, compared to cash used in investing activities of $148,271,896 for the six months ended June 30, 2024. The 2025 period includes a net $3,686,328 of cash provided by restricted investments purchased and sold whereas the 2024 period includes $150,014,712 of cash used in the purchase of restricted investments.
Current wording
Cash provided by investing activities for the nine months ended September 30, 2025 was $3,930,735, compared to cash used in investing activities of $145,900,141 for the nine months ended September 30, 2024. The 2025 period has cash provided by the sale of restricted investments totaling $154,878,566 compared to the use of $6,673 in 2024.
Previous wording
Cash provided by financing activities for the six months ended 2025 was $5,980,665 compared to $146,703,379 for the six months ended 2024. The change was due to the proceeds from tax exempt bonds, net of $149,719,208, which were received on March 28, 2024, and a decrease in net proceeds from other financing obligations of $1,489,046. This was partially offset by proceeds received from convertible promissory notes in 2025 of $3,505,559.
Current wording
Cash provided by financing activities for the nine months ended 2025 was $9,341,649 compared to $145,065,317 for the nine months ended 2024. The change was due to the proceeds from tax exempt bonds, net of $149,719,208, which were received on March 28, 2024. This was partially offset by repayments of other financing obligations of $ 5,737,300.