2023 Form 10-K Financial Statement

#000121390024061848 Filed on July 16, 2024

View on sec.gov

Income Statement

Concept 2023 2022
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $323.9K
YoY Change -52.36%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $119.2K
YoY Change
% of Gross Profit
Operating Expenses $713.2K $323.9K
YoY Change 120.17% -53.05%
Operating Profit -$713.2K -$323.9K
YoY Change 120.17% -52.5%
Interest Expense $752.2K
YoY Change -210.62%
% of Operating Profit
Other Income/Expense, Net -$695.7K -$728.7K
YoY Change -4.53% -7387.0%
Pretax Income -$1.409M -$1.053M
YoY Change 33.84% -6.85%
Income Tax
% Of Pretax Income
Net Earnings -$1.290M -$1.053M
YoY Change 22.52% -6.85%
Net Earnings / Revenue
Basic Earnings Per Share -$0.23 -$0.39
Diluted Earnings Per Share -$0.39
COMMON SHARES
Basic Shares Outstanding 6.033M shares 2.675M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.250K
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.250K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $3.884M
YoY Change 0.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $3.884M
YoY Change -0.17%
TOTAL ASSETS
Total Short-Term Assets $1.250K
Total Long-Term Assets $3.884M
Total Assets $3.885M
YoY Change -0.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.133M
YoY Change -1.51%
Accrued Expenses $7.212M
YoY Change 11.65%
Deferred Revenue
YoY Change
Short-Term Debt $4.006M
YoY Change 8.57%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.35M
YoY Change 9.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $12.35M
Total Long-Term Liabilities $0.00
Total Liabilities $12.35M
YoY Change 9.3%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.467M
YoY Change
Total Liabilities & Shareholders Equity $3.885M
YoY Change -0.13%

Cashflow Statement

Concept 2023 2022
OPERATING ACTIVITIES
Net Income -$1.290M -$1.053M
YoY Change 22.52% -6.85%
Depreciation, Depletion And Amortization $119.2K
YoY Change
Cash From Operating Activities $35.00K -$1.112K
YoY Change -3247.75%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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
YoY Change
NET CHANGE
Cash From Operating Activities $35.00K -$1.112K
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash $35.00K -$1.112K
YoY Change -3247.75%
FREE CASH FLOW
Cash From Operating Activities $35.00K -$1.112K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023 us-gaap Nature Of Operations
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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 and SWIS., a Kentucky limited liability company, since its acquisition by the Company in September 2023. SWIS owns a patented algorithm that provides advanced management information allowing town engineers to optimize the capacity of their storm/sanitary sewer infrastructure. The Company’s primary business plan is to purchase equipment and build a facility on the Tonopah property to serve as a permitted custom processing toll milling facility while it explores new technologies that allow greater effectiveness in achieving industry sustainability goals (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, 2023, the Company incurred net losses from operations of $1,289,661. At December 31, 2023, the Company had an accumulated deficit of $107,939,395 and a working capital deficit of $3,228,998. 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, 2023, the Company had $262,398 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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CY2023 us-gaap Nature Of Operations
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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 and SWIS., a Kentucky limited liability company, since its acquisition by the Company in September 2023. SWIS owns a patented algorithm that provides advanced management information allowing town engineers to optimize the capacity of their storm/sanitary sewer infrastructure. The Company’s primary business plan is to purchase equipment and build a facility on the Tonopah property to serve as a permitted custom processing toll milling facility while it explores new technologies that allow greater effectiveness in achieving industry sustainability goals (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. 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For the year ended December 31, 2023, the Company incurred net losses from operations of $1,289,661. At December 31, 2023, the Company had an accumulated deficit of $107,939,395 and a working capital deficit of $3,228,998. 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, 2023, the Company had $262,398 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>Use of Estimates</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preparing 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 December 31, 2023, 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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<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 December 31, 2023, 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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AuditorFirmId
76
CY2023 dei Auditor Location
AuditorLocation
N/A
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
usd
CY2022Q4 us-gaap Development In Process
DevelopmentInProcess
usd
CY2023Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
usd
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2022 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
usd
CY2022 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
usd
CY2022 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
usd
CY2023 us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
CY2022 acrg Consolidation Of Debt And Accrued Interest Due To Parent
ConsolidationOfDebtAndAccruedInterestDueToParent
usd
CY2022 acrg Purchase Of Swis For Common Stock
PurchaseOfSWISForCommonStock
usd
CY2023 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
usd
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
pure
CY2023 acrg Effective Income Tax Rate Continuing Operation
EffectiveIncomeTaxRateContinuingOperation
pure
CY2022 acrg Effective Income Tax Rate Continuing Operation
EffectiveIncomeTaxRateContinuingOperation
pure
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
usd
CY2023 us-gaap Income Tax Examination Year Under Examination
IncomeTaxExaminationYearUnderExamination
2011
CY2023 dei Amendment Flag
AmendmentFlag
false
CY2023 dei Document Annual Report
DocumentAnnualReport
true
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Document Transition Report
DocumentTransitionReport
false
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0000773717
CY2023 dei No Trading Symbol Flag
NoTradingSymbolFlag
true
CY2022 acrg Conversion Of Debt And Accrued Interest Due To Parent
ConversionOfDebtAndAccruedInterestDueToParent
usd
CY2022 acrg Purchase Of Swis For Common Stock
PurchaseOfSWISForCommonStock
usd
CY2023 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
usd
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
pure
CY2023 acrg Effective Income Tax Rate Continuing Operation
EffectiveIncomeTaxRateContinuingOperation
pure
CY2022 acrg Effective Income Tax Rate Continuing Operation
EffectiveIncomeTaxRateContinuingOperation
pure
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
usd
CY2023 us-gaap Income Tax Examination Year Under Examination
IncomeTaxExaminationYearUnderExamination
2011
CY2023 dei Amendment Flag
AmendmentFlag
false
CY2023 dei Document Annual Report
DocumentAnnualReport
true
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Document Transition Report
DocumentTransitionReport
false
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0000773717
CY2023 dei No Trading Symbol Flag
NoTradingSymbolFlag
true

Files In Submission

Name View Source Status
0001213900-24-061848-index-headers.html Edgar Link pending
0001213900-24-061848-index.html Edgar Link pending
0001213900-24-061848.txt Edgar Link pending
0001213900-24-061848-xbrl.zip Edgar Link pending
acrg-20231231.xsd Edgar Link pending
ea0209092-10k_american.htm Edgar Link pending
ea020909201ex31-1_american.htm Edgar Link pending
ea020909201ex31-2_american.htm Edgar Link pending
ea020909201ex32-1_american.htm Edgar Link pending
ea020909201ex32-2_american.htm Edgar Link pending
ea020909201ex4-1_american.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
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R4.htm Edgar Link pending
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R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
acrg-20231231_def.xml Edgar Link unprocessable
acrg-20231231_lab.xml Edgar Link unprocessable
acrg-20231231_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
ea0209092-10k_american_htm.xml Edgar Link completed
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
acrg-20231231_cal.xml Edgar Link unprocessable