Alpha Metallurgical Resources Inc
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
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(14) Acquisition-Related Obligations
Acquisition-related obligations consisted of the following:
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Contingent Revenue Obligation | $— | $27,719 |
| Environmental Settlement Obligations | — | 535 |
| Total acquisition-related obligations | $— | $28,254 |
| Less current portion | — | (28,254) |
| Acquisition-related obligations, net of current portion | $— | $— |
Contingent Revenue Obligation
As a result of the Merger, the Company assumed a contingent revenue payment obligation (the “Contingent Revenue Obligation”) to certain of the Merger Companies’ creditors pursuant to the terms stipulated within the bankruptcy settlement previously entered into by the Merger Companies. Pursuant to terms of the obligation, the annual obligation was limited to revenues derived from legacy operations for the Merger Companies and did not include revenues related to legacy Alpha Metallurgical Resources, Inc. operations. The Contingent Revenue Obligation consisted of a contingent revenue payment of 1.5% of annual gross revenues of the legacy operations for the Merger Companies up to $500,000 and 1.0% of annual gross revenue of the legacy operations for the Merger Companies in excess of $500,000 through the period ended December 31, 2022. During the first quarter of 2023, the Company paid the final calculated payment pursuant to terms of the Contingent Revenue Obligation. Refer to Note 16 for further disclosures related to the fair value assignment and methods used.
Refer to Note 20 for disclosures related to a Contingent Revenue Obligation repurchase transaction with a related party during the fourth quarter of 2021.
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