$ACRG
American Clean Resources Group, Inc.

2022 Q4 Form 10-Q Financial Statement

#000121390022070041 Filed on November 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin -$138.1K $150.4K $101.1K
YoY Change -259.64% 48.74% -8.1%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses -$138.1K $150.4K $101.1K
YoY Change -259.64% 48.73% -8.1%
Operating Profit -$150.4K -$101.1K
YoY Change 48.73%
Interest Expense -$194.2K $190.3K -$175.2K
YoY Change 13.51% -208.64% -35.11%
% of Operating Profit
Other Income/Expense, Net $2.100K -$173.1K $2.100K
YoY Change 0.0% -8343.29%
Pretax Income -$54.01K -$323.5K -$271.8K
YoY Change -7.26% 19.02% -28.48%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$54.01K -$323.5K -$271.8K
YoY Change -7.26% 19.02% -28.48%
Net Earnings / Revenue
Basic Earnings Per Share -$0.12 -$0.10
Diluted Earnings Per Share -$0.02 -$120.9K -$101.6K
COMMON SHARES
Basic Shares Outstanding 2.675M shares 2.675M shares 2.675M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.250K $850.00 $2.120K
YoY Change -47.03% -59.91%
Cash & Equivalents $1.251K $849.00 $2.237K
Short-Term Investments
Other Short-Term Assets $0.00
YoY Change -100.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.251K $849.00 $2.120K
YoY Change -47.06% -59.95% -94.7%
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 $1.251K $849.00 $2.120K
Total Long-Term Assets $3.884M $3.884M $3.884M
Total Assets $3.885M $3.884M $3.886M
YoY Change -0.03% -0.03% -0.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.133M $1.191M $1.345M
YoY Change -1.32% -11.43% -18.97%
Accrued Expenses $7.212M $7.018M $6.289M
YoY Change 11.64% 11.59% 11.71%
Deferred Revenue
YoY Change
Short-Term Debt $4.006M $4.087M $3.607M
YoY Change 8.52% 13.31% 19.84%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.35M $12.30M $11.24M
YoY Change 9.31% 9.39% 9.14%
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 $12.35M $12.30M $11.24M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $12.35M $12.30M $11.24M
YoY Change 9.31% 9.39% 9.14%
SHAREHOLDERS EQUITY
Retained Earnings -$106.5M -$106.5M
YoY Change 1.0%
Common Stock $2.674K $2.674K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$18.47M -$18.41M -$7.356M
YoY Change
Total Liabilities & Shareholders Equity $3.885M $3.884M $3.886M
YoY Change -0.03% -0.03% -0.88%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$54.01K -$323.5K -$271.8K
YoY Change -7.26% 19.02% -28.48%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $400.00 -$690.00 -$120.00
YoY Change 66.67% 475.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $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
YoY Change
NET CHANGE
Cash From Operating Activities 400.0 -690.0 -120.0
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000
Net Change In Cash 400.0 -690.0 -120.0
YoY Change 66.67% 475.0%
FREE CASH FLOW
Cash From Operating Activities $400.00 -$690.00 -$120.00
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 nine months ended September 30, 2022, the Company had a net loss of $998,631. At September 30, 2022, the Company had an accumulated deficit of $106,476,487 and a working capital deficit of $12,296,039. 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 nine months ended September 30, 2022, $395,496 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 on 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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us-gaap Use Of Estimates
UseOfEstimates
<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 September 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>
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.50 pure
CY2022Q3 us-gaap Area Of Land
AreaOfLand
21875 sqm
CY2021 acrg Mineral Content Percentage
MineralContentPercentage
0.30 pure
CY2021Q4 us-gaap Area Of Land
AreaOfLand
1184 sqm
CY2022Q3 acrg Advance Direct Payments On Accounts Payable
AdvanceDirectPaymentsOnAccountsPayable
395496 usd
CY2021Q4 acrg Advance Direct Payments On Accounts Payable
AdvanceDirectPaymentsOnAccountsPayable
665497 usd
acrg Principal Advance
PrincipalAdvance
100000 usd
CY2022Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
84382 usd
CY2021Q3 acrg Preexisting Convertible Note
PreexistingConvertibleNote
100000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
acrg Unrecognized Compensation Expense
UnrecognizedCompensationExpense
0 usd
acrg Interest Expenses
InterestExpenses
1392257 usd
us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
3679588 usd
CY2022Q3 us-gaap Debt Instrument Annual Principal Payment
DebtInstrumentAnnualPrincipalPayment
2229187 usd
CY2022Q3 us-gaap Interest Receivable
InterestReceivable
1644781 usd
CY2015Q1 acrg Related Party Transactions Description
RelatedPartyTransactionsDescription
the Company issued an unsecured promissory note (the “TG Note”) to Tina Gregerson Family Properties, LLC, an entity controlled by a former director of the Company. The TG 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 TG Note, the Company received $477,500. At September 30, 2022 and December 31, 2021, accrued interest on the Note is $289,455 and $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
875232 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
590387 shares
us-gaap Subsequent Event Description
SubsequentEventDescription
ACRG will issue one share of ACRG Commons Stock for each membership unit of SMS Group acquired, and in anticipation of accessing the capital it will need to support its current and future business initiatives, the Company increased its authorized Shares of Preferred Stock and Common Stock from 50,000,000 to 110,000,000 and 500,000,000 to 1,000,000,000, respectively.
CY2022Q3 us-gaap Preferred Stock Value
PreferredStockValue
usd

Files In Submission

Name View Source Status
0001213900-22-070041-index-headers.html Edgar Link pending
0001213900-22-070041-index.html Edgar Link pending
0001213900-22-070041.txt Edgar Link pending
0001213900-22-070041-xbrl.zip Edgar Link pending
acrg-20220930.xsd Edgar Link pending
f10q0922ex31-1_american.htm Edgar Link pending
f10q0922ex31-2_american.htm Edgar Link pending
f10q0922ex32-1_american.htm Edgar Link pending
f10q0922ex32-2_american.htm Edgar Link pending
f10q0922_americanclean.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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acrg-20220930_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
acrg-20220930_def.xml Edgar Link unprocessable
acrg-20220930_lab.xml Edgar Link unprocessable
acrg-20220930_pre.xml Edgar Link unprocessable
f10q0922_americanclean_htm.xml Edgar Link completed
R6.htm Edgar Link pending
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report.css Edgar Link pending
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