$ACRG
American Clean Resources Group, Inc.

2022 Q3 Form 10-Q Financial Statement

#000121390022047238 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $150.4K $184.9K $86.52K
YoY Change 48.74% 21.91% 332.6%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $150.4K $184.8K $86.52K
YoY Change 48.73% 21.91% 332.6%
Operating Profit -$150.4K -$184.8K
YoY Change 48.73% 21.91%
Interest Expense $190.3K $185.0K -$171.1K
YoY Change -208.64% 8.3% 14.07%
% of Operating Profit
Other Income/Expense, Net -$173.1K -$182.9K $2.100K
YoY Change -8343.29% 11.32%
Pretax Income -$323.5K -$367.7K -$58.24K
YoY Change 19.02% 16.4% -164.71%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$323.5K -$367.7K -$58.24K
YoY Change 19.02% 16.4% -164.71%
Net Earnings / Revenue
Basic Earnings Per Share -$0.12 -$0.14
Diluted Earnings Per Share -$120.9K -$137.5K -$21.78K
COMMON SHARES
Basic Shares Outstanding 2.675M shares 2.675M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $850.00 $1.550K $2.360K
YoY Change -59.91% -30.8%
Cash & Equivalents $849.00 $1.548K $2.363K
Short-Term Investments
Other Short-Term Assets $0.00
YoY Change -100.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $849.00 $1.548K $2.363K
YoY Change -59.95% -85.31% -94.09%
LONG-TERM ASSETS
Property, Plant & Equipment $3.884M $3.884M $3.884M
YoY Change 0.0% 0.0% 0.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $3.884M $3.884M $3.884M
YoY Change 0.0% 0.0% 0.09%
TOTAL ASSETS
Total Short-Term Assets $849.00 $1.548K $2.363K
Total Long-Term Assets $3.884M $3.884M $3.884M
Total Assets $3.884M $3.885M $3.886M
YoY Change -0.03% -0.23% -0.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.191M $1.207M $1.148M
YoY Change -11.43% -10.46% -18.02%
Accrued Expenses $7.018M $6.828M $6.460M
YoY Change 11.59% 11.68% 11.77%
Deferred Revenue
YoY Change
Short-Term Debt $4.087M $3.940M $3.692M
YoY Change 13.31% 12.03% 21.84%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.30M $11.97M $11.30M
YoY Change 9.39% 9.07% 10.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $12.30M $11.97M $11.30M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $12.30M $11.97M $11.30M
YoY Change 9.39% 9.07% 10.67%
SHAREHOLDERS EQUITY
Retained Earnings -$106.5M -$106.2M -$105.5M
YoY Change
Common Stock $2.674K $2.674K $2.674K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$18.41M -$18.09M -$17.41M
YoY Change
Total Liabilities & Shareholders Equity $3.884M $3.885M $3.886M
YoY Change -0.03% -0.23% -0.87%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income -$323.5K -$367.7K -$58.24K
YoY Change 19.02% 16.4% -164.71%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$690.00 -$430.00 $240.00
YoY Change 475.0% -141.35%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $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 0.000 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -690.0 -430.0 240.0
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -690.0 -430.0 240.0
YoY Change 475.0% -141.35%
FREE CASH FLOW
Cash From Operating Activities -$690.00 -$430.00 $240.00
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 1 – NATURE OF BUSINESS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">American Clean Resources Group, Inc. (<i>f/k/a Standard Metals Processing, Inc.</i>) (“we,” “us,” “our,” “American Clean Resources” or the “Company”) is an exploration stage company, incorporated in Nevada having offices in Gadsden, Alabama and through its subsidiary, a property in Tonopah, Nevada. The business plan is to purchase and install the equipment necessary to complete a facility on the Tonopah property to serve as a permitted custom processing toll mill (which includes an analytical lab, pyrometallurgical plant, and hydrometallurgical recovery plant).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company plans to perform permitted custom processing toll milling which 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 minerals in the gold, silver, and platinum metal groups. Custom milling and refining can include many different processes that are designed specifically for each ore load and to maximize the extraction of precious metals from carbon or concentrates. These toll processing services also distill, dry, mix, or mill chemicals and bulk materials on a contractual basis and provide a chemical production outsourcing option for industrial companies, which lack the expertise, capacity, or regulatory permits for in-house production.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are required to obtain several permits before we can begin construction of a small-scale mineral processing facility to conduct permitted processing toll milling activities and construction of the required additional buildings and well relocation necessary for us to commence operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Going Concern</i> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The accompanying condensed 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 six months ended June 30, 2022, the Company had a net loss of $675,167. At June 30, 2022, the Company had an accumulated deficit of $106,153,023 and a working capital deficit of $11,972,575. Additionally, all of the Company’s assets are under lien pursuant to a First Deed of Trust and UCC filings; and 100% of the common stock of the Company’s subsidiary Aurielle Enterprises, Inc. (“AE”), and that of its wholly owned subsidiaries Tonopah Custom Processing, Inc., (“TCP”) and Tonopah Resources, Inc. (“TR”) have been pledged in favor of Granite Peak Resources, LLC (“GPR”), a related party, whose secured Note is in default. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on its ability to raise the required additional capital or debt financing to meet short and long-term operating requirements. During the six months ended June 30, 2022, $247,942 was advanced from the convertible note line of credit GPR established for the Company in 2020 (See Note 4).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management believes that private placements of equity capital and/or additional debt financing will be needed to fund our long-term operating requirements. The Company 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 the Company raises additional funds through the issuance of equity or convertible debt securities, the percentage ownership of our current shareholders would likely 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, the Company 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, however, if the Company is unable to obtain the necessary capital, the Company may have to cease operations.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Use of Estimates</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p>
us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Revenue Recognition and Deferred Revenue</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of June 30, 2022, the Company has not recognized any revenues from permitted custom processing toll milling. If we achieve revenue generation, the Company plans to report such revenues consistent with ASC Topic 606.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p>
acrg Interest Expenses
InterestExpenses
1243848 usd
us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
3636094 usd
CY2022Q2 us-gaap Debt Instrument Annual Principal Payment
DebtInstrumentAnnualPrincipalPayment
2229187 usd
CY2022Q2 us-gaap Interest Receivable
InterestReceivable
1598867 usd
CY2022Q2 us-gaap Area Of Land
AreaOfLand
21875 sqm
CY2022Q2 us-gaap Mineral Properties Accumulated Impairment
MineralPropertiesAccumulatedImpairment
3883524 usd
CY2022Q2 acrg Advance Direct Payments On Accounts Payable
AdvanceDirectPaymentsOnAccountsPayable
247942 usd
CY2021Q4 acrg Advance Direct Payments On Accounts Payable
AdvanceDirectPaymentsOnAccountsPayable
665497 usd
CY2021 us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
77172 usd
acrg Principal Advance
PrincipalAdvance
100000 usd
CY2022Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
84240 usd
CY2021Q3 acrg Preexisting Convertible Note
PreexistingConvertibleNote
100000 usd
CY2020Q1 acrg Minority Interest Ownerships Percentage By Parent
MinorityInterestOwnershipsPercentageByParent
0.10 pure
CY2015Q1 acrg Related Party Transactions Description
RelatedPartyTransactionsDescription
the Company issued an unsecured promissory note (the “Note”) to Tina Gregerson Family Properties, LLC, an entity controlled by a former director of the Company. The Note for up to $750,000 was provided in tranches. Maturity of each tranche is one year from the date of receipt. Interest accrues at 8% per annum on each tranche. Under the terms of the Note, the Company received $477,500. At June 30, 2022 and December 31, 2021, accrued interest on the Note is $277,531and $258,588, respectively.
CY2021 acrg Warrants Outstanding
WarrantsOutstanding
5000 shares
acrg Warrants Outstanding
WarrantsOutstanding
5000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
768812 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
590387 shares
acrg Business Acquisition Percentage
BusinessAcquisitionPercentage
0.801 pure
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0000773717

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