$ACRG
American Clean Resources Group, Inc.

2011 Q4 Form 10-K Financial Statement

#000114420412030410 Filed on May 17, 2012

View on sec.gov

Income Statement

Concept 2011 Q4 2011 2010 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $770.0K $10.18M $750.0K
YoY Change 2.67% 313.82% 837.5%
% of Gross Profit
Research & Development $0.00 $50.00K $60.00K
YoY Change -100.0% -86.11% -25.0%
% of Gross Profit
Depreciation & Amortization $0.00 $30.00K $20.00K
YoY Change -100.0% -66.67% -33.33%
% of Gross Profit
Operating Expenses $770.0K $10.26M $830.0K
YoY Change -7.23% 252.81% 336.84%
Operating Profit -$10.26M
YoY Change 252.81%
Interest Expense -$1.630M $4.134M -$410.0K
YoY Change 297.56% 533.42% 41.38%
% of Operating Profit
Other Income/Expense, Net $0.00 -$4.464M $0.00
YoY Change 354.54%
Pretax Income -$2.390M -$14.72M -$1.240M
YoY Change 92.74% 278.49% 158.33%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.390M -$14.72M -$1.240M
YoY Change 92.74% 278.49% 158.33%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$2.76 -$19.12M -$2.48
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2011 Q4 2011 2010 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $0.00 $0.00
YoY Change -100.0%
Cash & Equivalents $620.00 $154.00
Short-Term Investments
Other Short-Term Assets $40.00K $40.00K $110.0K
YoY Change -63.64% -63.64%
Inventory
Prepaid Expenses $37.84K $112.0K
Receivables
Other Receivables
Total Short-Term Assets $38.46K $40.00K $112.2K
YoY Change -65.71% -63.64% -75.08%
LONG-TERM ASSETS
Property, Plant & Equipment $40.93K $35.20M $1.448M
YoY Change -97.17% 395.08% -79.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0% -50.0%
Total Long-Term Assets $35.20M $35.20M $7.122M
YoY Change 394.26% 394.38% -1.36%
TOTAL ASSETS
Total Short-Term Assets $38.46K $40.00K $112.2K
Total Long-Term Assets $35.20M $35.20M $7.122M
Total Assets $35.24M $35.24M $7.234M
YoY Change 387.12% 387.41% -5.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $580.3K $1.000M $167.6K
YoY Change 246.25% 244.83% 67.61%
Accrued Expenses $1.137M $1.260M $741.1K
YoY Change 53.47% -7.35% 64.69%
Deferred Revenue
YoY Change
Short-Term Debt $2.070M $4.370M $210.0K
YoY Change 885.71% 756.86%
Long-Term Debt Due $2.300M $0.00 $1.500M
YoY Change 53.33% -100.0% 100.0%
Total Short-Term Liabilities $6.628M $6.630M $3.358M
YoY Change 97.36% 97.32% 158.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $7.500M
YoY Change -100.0% -100.0% -5.06%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $7.500M
YoY Change -100.0% -100.0% -5.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.628M $6.630M $3.358M
Total Long-Term Liabilities $0.00 $0.00 $7.500M
Total Liabilities $6.628M $6.630M $10.86M
YoY Change -38.99% -38.95% 17.94%
SHAREHOLDERS EQUITY
Retained Earnings -$25.32M -$10.59M
YoY Change 139.03%
Common Stock $43.85K $25.08K
YoY Change 74.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.61M $28.61M -$3.628M
YoY Change
Total Liabilities & Shareholders Equity $35.24M $35.24M $7.234M
YoY Change 387.12% 387.41% -5.68%

Cashflow Statement

Concept 2011 Q4 2011 2010 Q4
OPERATING ACTIVITIES
Net Income -$2.390M -$14.72M -$1.240M
YoY Change 92.74% 278.49% 158.33%
Depreciation, Depletion And Amortization $0.00 $30.00K $20.00K
YoY Change -100.0% -66.67% -33.33%
Cash From Operating Activities -$300.0K -$1.480M -$10.00K
YoY Change 2900.0% 116.1% -94.44%
INVESTING ACTIVITIES
Capital Expenditures $60.00K $41.59K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$60.00K -$1.062M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 330.0K 2.543M 10.00K
YoY Change 3200.0% 985.67% -98.41%
NET CHANGE
Cash From Operating Activities -300.0K -1.480M -10.00K
Cash From Investing Activities -60.00K -1.062M 0.000
Cash From Financing Activities 330.0K 2.543M 10.00K
Net Change In Cash -30.00K 466.0 0.000
YoY Change -100.1% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$300.0K -$1.480M -$10.00K
Capital Expenditures $60.00K $41.59K $0.00
Free Cash Flow -$360.0K -$1.522M -$10.00K
YoY Change 3500.0% 122.18%

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<div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <u>NOTE 1 &#x2013; NATURE OF BUSINESS</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Standard Gold, Inc. (formerly known as Princeton Acquisitions, Inc.) was incorporated in the State of Colorado on July 10, 1985, as a blind pool or blank check company. On September 29, 2009, we completed a share exchange agreement with Hunter Bates Mining Corporation, a Minnesota corporation (&#x201C;Hunter Bates&#x201D;) and certain of its shareholders, in which Hunter Bates&#x2019; shareholders exchanged all of their capital securities into similar capital securities of ours (the &#x201C;Hunter Bates Share Exchange&#x201D;) and we adopted the business model of Hunter Bates of minerals exploration and mining. Accordingly, the Hunter Bates Share Exchange represented a change in control and Hunter Bates became a wholly owned subsidiary of Standard Gold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Prior to September 29, 2009, Wits Basin Precious Minerals Inc., a Minnesota corporation and public reporting company quoted on the Pink Sheets under the symbol &#x201C;WITM&#x201D; (&#x201C;Wits Basin&#x201D;) was the majority shareholder of Hunter Bates. Hunter Bates was formed in April 2008 to acquire the prior producing gold mine properties (consisting of land, buildings, equipment, mining claims and permits) located in Central City, Colorado, known as the &#x201C;Bates-Hunter Mine.&#x201D; We had not engaged in any exploration or mining activities at the Bates-Hunter Mine properties and on April 29, 2011, we transferred all of our interests of Hunter Bates back to Wits Basin in order to develop the toll milling business as described below. See Note 13 &#x2013; Transfer of Bates-Hunter Mine for further discussion regarding the transfer of the Bates-Hunter Mine.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On March 15, 2011, we closed a series of transactions, whereby we acquired certain assets of Shea Mining &amp; Milling, LLC (&#x201C;Shea Mining&#x201D;). The exchange agreement was by and between us, Shea Mining, Afignis, LLC, Leslie Lucas Partners, LLC, Wits Basin and Alfred A. Rapetti (the &#x201C;Shea Exchange Agreement&#x201D;) whereby we acquired certain assets from Shea Mining, which assets include those located in Tonopah, Nevada, of land, buildings, a dormant milling facility, abandoned milling equipment, water permits and mine tailings (financed through a note payable assigned to us), mine dumps, a property lease and a contract agreement in exchange for 35,000,000 shares of our unregistered shares. The Shea Exchange Agreement did not include any operable toll milling equipment, employees or operational processes and therefore has been accounted for as a purchase of a group of assets. We completed the Shea Exchange Agreement to acquire the Shea Mining assets and develop a toll milling services business of precious minerals. Toll milling is a process whereby mined material is crushed and ground into fine particles to ease the extraction of any precious minerals contained therein, such as gold, silver, lead, zinc and copper, and rare earth metals. See Note 3 &#x2013; Acquisition of Shea Milling and Mining Assets for a detailed discussion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <u>Going Concern</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, assuming we will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the year ended December 31, 2011, we incurred losses from operations of $14,724,327. At December 31, 2011, we had an accumulated deficit of $25,315,398 and a working capital deficit of $6,589,228. Our ability to continue as a going concern is dependent on our ability to raise the required additional capital or debt financing to meet short and long-term operating requirements. During the fiscal year of 2011, we received net cash proceeds of $2,482,500 from the issuance of convertible promissory notes. We believe that private placements of equity capital and/or additional debt financing will be needed to fund our long-term operating requirements. We may also encounter business endeavors that require significant cash commitments or unanticipated problems or expenses that could result in a requirement for additional cash. If we raise additional funds through the issuance of equity or convertible debt securities, the percentage ownership of our current shareholders could be reduced, and such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective business endeavors or opportunities, which could significantly and materially restrict our operations. We are continuing to pursue external financing alternatives to improve our working capital position. If we are unable to obtain the necessary capital, we may have to cease operations.</p> </div>
CY2011 us-gaap Depreciation And Amortization
DepreciationAndAmortization
29623
CY2011 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
2482500
CY2011 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
112000
CY2011 us-gaap Operating Income Loss
OperatingIncomeLoss
-10260142
CY2011 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-329875
CY2011 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
332737
CY2011 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
CY2011 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
466
CY2011 us-gaap Operating Expenses
OperatingExpenses
10260142
CY2011 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10180018
CY2011 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2542650
CY2011 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
16432
CY2011 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.38
CY2011 sdgre Proceeds From Issuance Of Common Stock And Warrants Net
ProceedsFromIssuanceOfCommonStockAndWarrantsNet
101139
CY2011 sdgre Stock Issued During Period Of Stock And Warrants For Services Or Claims
StockIssuedDuringPeriodOfStockAndWarrantsForServicesOrClaims
709400
CY2011 sdgre Weighted Average Number Basic Diluted Shares Outstanding
WeightedAverageNumberBasicDilutedSharesOutstanding
38414561 shares
CY2011 sdgre Issuance Of Warrants Value
IssuanceOfWarrantsValue
2556203

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