American Resources Corp AREC
When we formed our company, our focus was to (i) construct and/or purchase and manage a chain of combined gasoline, diesel and natural gas (NG) fueling and service stations (initially, in the Miami, FL area); (ii) construct conversion factories to convert NG to liquefied natural gas (LNG) and compressed natural gas (CNG); and (iii) construct conversion factories to retrofit vehicles currently using gasoline or diesel fuel to also run on NG in the United States and also to build a convenience store to serve our customers in each of our locations.
On January 5, 2017, American Resources Corporation (ARC) executed a Share Exchange Agreement between the Company and Quest Energy Inc. ("Quest Energy"), a private company incorporated in the State of Indiana on May 2015 with offices at 12115 Visionary Way, Fishers, IN 46038, and due to the fulfillment of various conditions precedent to closing of the transaction, the control of the Company was transferred to the Quest Energy shareholders on February 7, 2017. This transaction resulted in Quest Energy becoming a wholly-owned subsidiary of ARC. On November 25, 2020, Quest Energy changed its name to American Carbon Corp. On December 27, 2024, American Carbon changed its name to American Infrastructure Corporation (AIC).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $34.1K | $11.8M | $39.5M | $7.8M | $1.1M | $24.5M | $31.5M | $19.2M | $7.6M |
| Cost of revenue | — | — | — | $21.7M | $7.1M | $3.7M | $26.1M | $25.0M | $1.6M | $80.9K |
| Gross profit | — | — | — | $17.8M | $666.4K | -$2.7M | -$1.6M | $6.5M | $17.6M | $66.4K |
| SG&A | $9.6M | $11.4M | $10.7M | $4.0M | $3.9M | $2.5M | $5.1M | $6.2M | -$1.4M | -$237.6K |
| Total operating expenses | $11.3M | $14.3M | $48.2M | $59.0M | $36.1M | $17.5M | -$84.4M | -$43.0M | -$33.4M | -$29.5M |
| Operating income | -$11.3M | -$14.2M | -$36.4M | -$19.5M | -$28.3M | -$16.4M | -$60.0M | -$11.5M | -$12.6M | -$21.9M |
| Interest expense | — | $8.0M | $2.0M | $1.4M | $4.2M | $3.4M | $2.9M | $1.3M | $558.8K | $283.6K |
| Pre-tax income | -$17.8M | -$16.0M | -$562.7K | — | — | — | — | — | — | — |
| Income tax | $0 | $0 | — | — | — | — | — | — | — | — |
| Net income | $55.4M | -$39.2M | -$38.5M | -$1.4M | -$32.5M | -$10.3M | -$70.9M | -$12.8M | -$12.6M | -$22.1M |
| EPS, diluted | 0.63 | -0.51 | -0.51 | — | -0.59 | -0.35 | -2.94 | -3.69 | -16.39 | 0.00 |
| Shares, diluted (wtd. avg.) | $87.3M | $77.2M | $75.1M | $66.8M | — | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $31.7M | $201.5K | $5.1M | $11.0M | $12.6M | $11.2M | $268.8K | $2.7M | $385.7K | $925.6K |
| Short-term investments | $40.5M | $587.4K | $1.3M | $0 | — | — | — | — | — | — |
| Receivables | — | $6.7K | $0 | $660.8K | $3.2M | $38.6K | $2.4M | — | — | — |
| Inventory | — | $960.0K | $130.0K | $446.7K | $0 | $150.5K | $515.6K | $163.8K | $615.1K | $0 |
| Total current assets | $134.3M | $92.9M | $37.8M | $12.8M | $15.3M | $11.2M | $3.2M | $4.3M | $2.7M | $3.7M |
| Property, plant and equipment | $143.1K | $228.7K | $20.7M | $9.1M | $22.9M | $22.5M | $27.7M | $32.6M | $9.1M | $12.1M |
| Total assets | $168.9M | $281.7M | $64.7M | $55.9M | $42.9M | $38.4M | $35.2M | $41.4M | $16.3M | $20.3M |
| Accounts payable | — | $9.0M | $4.4M | — | — | $4.3M | $11.0M | $8.1M | $5.4M | $2.2M |
| Short-term debt | — | $2.1M | $2.1M | $1.9M | $5.3M | $11.0M | — | $14.2M | $9.6M | $4.4M |
| Total current liabilities | $61.2M | $166.4M | $78.3M | $27.4M | $16.5M | $20.9M | $45.0M | $26.4M | $35.4M | $25.2M |
| Long-term debt | $965.3K | $0 | — | — | — | $14.3M | $0 | $7.9M | $5.1M | — |
| Total liabilities | $75.7M | $362.6M | $109.7M | $55.6M | $45.1M | $58.4M | $67.9M | $50.6M | $53.5M | $47.8M |
| Retained earnings | -$210.4M | -$265.8M | -$225.3M | -$167.2M | -$165.8M | -$133.3M | -$123.0M | -$52.1M | -$39.1M | -$27.7M |
| Total equity | $94.8M | -$79.4M | -$45.0M | -$19.9M | -$2.3M | -$20.0M | -$32.7M | -$9.2M | -$37.2M | -$26.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$10.4M | $2.0M | -$19.5M | $2.5M | -$29.1M | -$13.8M | -$19.2M | -$3.4M | -$5.6M | -$5.8M |
| Depreciation and amortisation | $122.9K | $123.3K | $2.3M | $2.2M | $2.0M | $2.3M | -$4.6M | $2.5M | -$2.1M | -$2.3M |
| Stock-based compensation | $9.2M | $3.7M | $3.8M | — | — | — | $377.3K | $782.2K | $50.0K | $88.7K |
| Capital expenditure | — | $1.1M | $3.6M | — | — | — | $327.2K | $133.4K | $173.4K | $34.2K |
| Investing cash flow | -$39.4M | $946.0K | -$31.7M | -$1.1M | -$5.9M | $417.9K | $322.8K | -$10.6K | $439.6K | $431.8K |
| Financing cash flow | $81.3M | -$4.4M | $45.3M | -$1.0M | $36.4M | $24.4M | $16.4M | $5.7M | $4.7M | $6.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001477932-26-003317.
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