$ACRG
American Clean Resources Group, Inc.

2023 Q3 Form 10-Q Financial Statement

#000121390023070310 Filed on August 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $104.8K $160.0K
YoY Change -30.33% -13.44%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $104.8K $164.4K
YoY Change -30.33% -11.04%
Operating Profit -$104.8K -$164.4K
YoY Change -30.33% -11.04%
Interest Expense $196.7K $259.6K
YoY Change 3.32% 40.35%
% of Operating Profit
Other Income/Expense, Net -$194.6K -$257.5K
YoY Change 12.4% 40.81%
Pretax Income -$299.3K -$421.9K
YoY Change -7.46% 14.75%
Income Tax
% Of Pretax Income
Net Earnings -$299.3K -$421.9K
YoY Change -7.46% 14.75%
Net Earnings / Revenue
Basic Earnings Per Share -$0.05 -$0.16
Diluted Earnings Per Share -$0.05 -$0.16
COMMON SHARES
Basic Shares Outstanding 12.92M shares 2.675M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.170K $0.00
YoY Change 37.65% -100.0%
Cash & Equivalents $1.170K $716.00
Short-Term Investments
Other Short-Term Assets $212.7K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.170K $716.00
YoY Change 37.81% -53.75%
LONG-TERM ASSETS
Property, Plant & Equipment $3.884M $3.880M
YoY Change 0.0% -0.09%
Goodwill $7.713M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $11.60M $3.884M
YoY Change 198.6% 0.0%
TOTAL ASSETS
Total Short-Term Assets $1.170K $716.00
Total Long-Term Assets $11.60M $3.884M
Total Assets $11.60M $3.884M
YoY Change 198.57% -0.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.288M $1.075M
YoY Change 8.09% -10.9%
Accrued Expenses $1.436M $1.650M
YoY Change -79.53% -75.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $10.24M
YoY Change -100.0% 159.92%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.724M $12.97M
YoY Change -77.85% 8.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.724M $12.97M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $2.724M $12.97M
YoY Change -77.85% 8.32%
SHAREHOLDERS EQUITY
Retained Earnings -$107.4M -$107.1M
YoY Change 0.91% 0.94%
Common Stock $106.3M $2.674K
YoY Change 3975981.26% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.127M -$19.08M
YoY Change
Total Liabilities & Shareholders Equity $11.60M $3.884M
YoY Change 198.57% -0.02%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$299.3K -$421.9K
YoY Change -7.46% 14.75%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$80.00 $0.00
YoY Change -88.41% -100.0%
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 -80.00 0.000
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000
Net Change In Cash -80.00 0.000
YoY Change -88.41% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$80.00 $0.00
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Entity File Number
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dei Entity Registrant Name
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AMERICAN CLEAN RESOURCES GROUP, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
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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. (“we,” “us,” “our,” “ACRG” or the “Company”) is an exploration stage company, incorporated in Nevada having an office 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 condensed 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 six months ended June 30, 2023, the Company incurred net losses from operations of $617,294. At June 30, 2023, the Company had an accumulated deficit of $107,147,790 and a working capital deficit of $12,967,342. 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. 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 six months ended June 30, 2023, the Company had $162,404 of expenses, and $8,938,877 of notes payable and accrued interest, plus a legal judgement sold by their holders, that were purchased directly by Granite Peak Resources, LLC (“GPR”), a related party and the Company’s convertible line of credit with GPR was increased by this same amount. 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 line of credit with GPR was increased by this same amount. (See Note 4).</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; ">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 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. 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; ">Preparing condensed consolidated financial statements in conformity with U.S. GAAP 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. </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; ">As of June 30, 2023 and 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>
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Amendment and Forbearance Agreement with GPR on January 5, 2023 wherein GPR agreed to: (a) increase the existing LOC from $5,000,000 due March 16, 2025 to $35,000,000 due March 16, 2027, (b) roll two existing promissory notes and the judgement purchased by GPR into the LOC resulting in the extinguishment of such notes and judgement as separate instruments, and (c) to forebear until January 12, 2024, on exercising its foreclosure rights under its Senior Secured Note.
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5000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
5000 shares
us-gaap Stock Option Exercise Price Decrease
StockOptionExercisePriceDecrease
56
us-gaap Warrant Exercise Price Increase
WarrantExercisePriceIncrease
56
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P0Y10M24D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
5000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
0 usd
CY2022Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
0 usd
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
5000000 shares
CY2023Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
1.65
us-gaap Line Of Credit Facility Increase Decrease For Period Net
LineOfCreditFacilityIncreaseDecreaseForPeriodNet
35000000 usd
CY2023Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
1.05
CY2023Q3 us-gaap Common Stock Dividends Shares
CommonStockDividendsShares
5000000 shares
CY2023Q3 us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
5506441 usd
CY2023Q3 us-gaap Line Of Credit
LineOfCredit
5244230 usd
CY2023Q2 us-gaap Notes Payable Current
NotesPayableCurrent
usd
CY2023Q2 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
usd
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2023Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
CY2022Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
usd
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Other Increases Decreases In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOtherIncreasesDecreasesInPeriod
shares
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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0001213900-23-070310.txt Edgar Link pending
0001213900-23-070310-xbrl.zip Edgar Link pending
acrg-20230630.xsd Edgar Link pending
acrg-20230630_cal.xml Edgar Link unprocessable
f10q0623ex31-1_americanclean.htm Edgar Link pending
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