$ACRG
American Clean Resources Group, Inc.

2023 Q2 Form 10-K Financial Statement

#000121390023030263 Filed on April 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q4 2022
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $160.0K -$138.1K $323.9K
YoY Change -13.44% -259.64% -52.36%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $164.4K -$138.1K $323.9K
YoY Change -11.04% -259.64% -53.05%
Operating Profit -$164.4K -$323.9K
YoY Change -11.04% -52.5%
Interest Expense $259.6K -$194.2K $752.2K
YoY Change 40.35% 13.51% -210.62%
% of Operating Profit
Other Income/Expense, Net -$257.5K $2.100K -$728.7K
YoY Change 40.81% 0.0% -7387.0%
Pretax Income -$421.9K -$54.01K -$1.053M
YoY Change 14.75% -7.26% -6.85%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$421.9K -$54.01K -$1.053M
YoY Change 14.75% -7.26% -6.85%
Net Earnings / Revenue
Basic Earnings Per Share -$0.16 -$0.39
Diluted Earnings Per Share -$0.16 -$0.02 -$0.39
COMMON SHARES
Basic Shares Outstanding 2.675M shares 2.675M shares 2.675M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $1.250K $1.250K
YoY Change -100.0% -47.03%
Cash & Equivalents $716.00 $1.251K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $716.00 $1.251K $1.250K
YoY Change -53.75% -47.06%
LONG-TERM ASSETS
Property, Plant & Equipment $3.880M $3.884M $3.884M
YoY Change -0.09% 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% -0.17%
TOTAL ASSETS
Total Short-Term Assets $716.00 $1.251K $1.250K
Total Long-Term Assets $3.884M $3.884M $3.884M
Total Assets $3.884M $3.885M $3.885M
YoY Change -0.02% -0.03% -0.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.075M $1.133M $1.133M
YoY Change -10.9% -1.32% -1.51%
Accrued Expenses $1.650M $7.212M $7.212M
YoY Change -75.83% 11.64% 11.65%
Deferred Revenue
YoY Change
Short-Term Debt $10.24M $4.006M $4.006M
YoY Change 159.92% 8.52% 8.57%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.97M $12.35M $12.35M
YoY Change 8.3% 9.31% 9.3%
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 $12.97M $12.35M $12.35M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $12.97M $12.35M $12.35M
YoY Change 8.32% 9.31% 9.3%
SHAREHOLDERS EQUITY
Retained Earnings -$107.1M -$106.5M
YoY Change 0.94% 1.0%
Common Stock $2.674K $2.674K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$19.08M -$18.47M -$8.467M
YoY Change
Total Liabilities & Shareholders Equity $3.884M $3.885M $3.885M
YoY Change -0.02% -0.03% -0.13%

Cashflow Statement

Concept 2023 Q2 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$421.9K -$54.01K -$1.053M
YoY Change 14.75% -7.26% -6.85%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $0.00 $400.00 -$1.112K
YoY Change -100.0% 66.67%
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 0.000 400.0 -$1.112K
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000
Net Change In Cash 0.000 400.0 -$1.112K
YoY Change -100.0% 66.67%
FREE CASH FLOW
Cash From Operating Activities $0.00 $400.00 -$1.112K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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AMERICAN CLEAN RESOURCES GROUP, INC.
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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">American Clean Resources Group, Inc. f/k/a Standard Metals Processing, Inc. (“we,” “us,” “our,” “ACRG” or the “Company”) is an exploration stage company, incorporated in Nevada having offices in Lakewood, Colorado and through its subsidiary, a property in Tonopah, Nevada. The business plan is to purchase equipment and build a facility on the Tonopah property to serve as a permitted custom processing toll milling facility (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"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 distil, 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"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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"> </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"> </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 (“U.S. GAAP”), 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, 2022, the Company incurred net losses from operations of $1,052,640. At December 31, 2022, the Company had an accumulated deficit of $106,530,496 and a working capital deficit of $12,350,048. In addition, virtually all of the Company’s assets are encumbered or pledged under a senior secured convertible promissory note payable to a related party that is in default. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern. 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 year ended December 31, 2022, the Company had $314,433 of expenses that were paid directly by GPR, a related party and the Company's convertible note line of credit with GPR was increased by this same amount. (See Note 6). 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 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, 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. 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>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">As of December 31, 2022, we have recorded no revenues from custom permitted processing toll milling. If we achieve revenue generation, the Company plans to report such revenues consistent with ASC Topic 606 <i>Revenues from Contracts with Customers</i>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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CY2022Q4 us-gaap Senior Long Term Notes
SeniorLongTermNotes
2229187 usd
CY2021Q4 us-gaap Senior Long Term Notes
SeniorLongTermNotes
2229187 usd
CY2022Q4 us-gaap Liabilities Subject To Compromise Debt And Accrued Interest
LiabilitiesSubjectToCompromiseDebtAndAccruedInterest
1689685 usd
CY2021Q4 us-gaap Liabilities Subject To Compromise Debt And Accrued Interest
LiabilitiesSubjectToCompromiseDebtAndAccruedInterest
1509542 usd
CY2015Q1 us-gaap Due To Employees Current And Noncurrent
DueToEmployeesCurrentAndNoncurrent
750000 usd
CY2015Q1 us-gaap Maturity Of Time Deposits
MaturityOfTimeDeposits
P1Y
CY2015Q1 us-gaap Related Party Costs
RelatedPartyCosts
200000 usd
CY2015Q1 us-gaap Related Party Costs
RelatedPartyCosts
48000 usd
CY2015Q2 us-gaap Related Party Costs
RelatedPartyCosts
50000 usd
CY2015Q3 us-gaap Related Party Costs
RelatedPartyCosts
150000 usd
CY2015Q4 us-gaap Related Party Costs
RelatedPartyCosts
2500 usd
CY2015Q4 us-gaap Related Party Costs
RelatedPartyCosts
12000 usd
CY2022 acrg Direct Payments
DirectPayments
314433 usd
CY2022 acrg Principal Amount
PrincipalAmount
1199527 usd
CY2022Q4 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
184928 usd
CY2021Q4 acrg Advance Direct Payments On Accounts Payable
AdvanceDirectPaymentsOnAccountsPayable
665497 usd
CY2021 acrg Principal Amount
PrincipalAmount
885095 usd
CY2021Q4 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
77172 usd
CY2022 acrg Principal Advance
PrincipalAdvance
1299527 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
270810 usd
CY2022 acrg Distribution In Liquidation Description
DistributionInLiquidationDescription
The Company has an average market capitalization (calculated by adding the value of all outstanding shares of Common Stock valued at the Company’s closing sale price on the OTC Market or other applicable bulletin board or exchange, plus the value of the outstanding Series A Preferred Stock at the Original Issue Price per share) of $200,000,000 or more over any 90 day period. The holders of the Series A Preferred Stock would have the right, for 30 days after the end of such qualifying 90 day measurement period, to require the Company to purchase the Series A Preferred Stock for an amount equal to the Liquidation Value. ● Any Liquidity Event in which the Company receives proceeds of $50,000,000 or more. For purposes hereof, a “Liquidity Event” means any (a) liquidation, dissolution or winding up of the Company; (b) acquisition of the Company by means of any transaction or series of related transactions (including, without limitation, any reorganization, merger, share exchange, share purchase or consolidation) provided that the applicable transaction shall not be deemed a liquidation unless the Company’s stockholders constituted immediately prior to such transaction hold less than 50% of the voting power of the surviving or acquiring entity; or (c) the sale, lease, transfer or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole, or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries.     
CY2022 us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
0 usd
CY2021 us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
0 usd
CY2021Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
the Company effected a reverse stock split of the outstanding Common Stock on the basis of one share for every fifty shares issued and outstanding at that date.
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
16789000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
16212000 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
16789000 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
798000 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
106000000 usd
CY2022 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
69000000 usd
CY2015Q3 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
2157000 usd
CY2015Q3 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
2157000 usd
CY2015Q3 acrg Loss Contingency Damages Interest Paid Value
LossContingencyDamagesInterestPaidValue
235246 usd
CY2015Q3 acrg Loss Contingency Damages Interest Paid Value Per Day
LossContingencyDamagesInterestPaidValuePerDay
$472.76
CY2022 us-gaap Financing Interest Expense
FinancingInterestExpense
1311490 usd
CY2022 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
3703736 usd
CY2022 us-gaap Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
-221000 usd
CY2021 us-gaap Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
-237000 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
221000 usd
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
237000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
7809000 usd
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
7588000 usd
CY2022Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
6941000 usd
CY2021Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
6941000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
2228000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
2228000 usd
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2021Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
usd
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
usd
CY2022 us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
usd
CY2021 us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
usd
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
usd
CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Document Annual Report
DocumentAnnualReport
true
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Document Transition Report
DocumentTransitionReport
false
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0000773717
CY2022 dei Security Exchange Name
SecurityExchangeName
NONE
CY2022 dei Trading Symbol
TradingSymbol
ACRG

Files In Submission

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0001213900-23-030263-index-headers.html Edgar Link pending
0001213900-23-030263-index.html Edgar Link pending
0001213900-23-030263.txt Edgar Link pending
0001213900-23-030263-xbrl.zip Edgar Link pending
acrg-20221231.xsd Edgar Link pending
f10k2022ex31-1_americanclean.htm Edgar Link pending
f10k2022ex31-2_americanclean.htm Edgar Link pending
f10k2022ex32-1_americanclean.htm Edgar Link pending
f10k2022ex32-2_americanclean.htm Edgar Link pending
f10k2022ex4-1_americanclean.htm Edgar Link pending
f10k2022_americanclean.htm Edgar Link pending
acrg-20221231_def.xml Edgar Link unprocessable
acrg-20221231_cal.xml Edgar Link unprocessable
acrg-20221231_pre.xml Edgar Link unprocessable
acrg-20221231_lab.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
f10k2022_americanclean_htm.xml Edgar Link completed