• Filing Date: 2019-02-14
  • Form Type: S-1/A
  • Description: General form for registration of securities under the Securities Act of 1933 (Amendment)
v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Schedule of restricted cash and cash equivalents
   

September 30,

2018

   

September 30,

2017

 
Cash   $ 57,739     $ 342,041  
Restricted Cash     286,043       189,012  
Total cash and restricted cash presented in the consolidated statement of cash flows   $ 343,782     $ 531,053  
 
Schedule of assets acquired and liabilities assumed  
    2017     2016  
Beginning Balance   $ 18,126,873     $ 8,586,464  
Accretion     1,791,051       1,664,774  
Reclamation work     (32,867 )     (185,647 )
McCoy Acquisition     -       3,561,848  
KCC Acquisition     -       4,499,434  
Ending balance   $ 19,885,057     $ 18,126,873  
Current portion of reclamation liability   $ 2,033,862     $ 519,489  
Long-term portion of reclamation liability   $ 17,851,195     $ 17,607,384  
Schedule of Asset Retirement Obligations
Balance at December 31, 2017   $ 19,885,057  
Accretion – nine months September 30, 2018     1,435,295  
Reclamation work – nine months September 30, 2018     (0 )
Asset disposition     (919,158 )
Point Rock Acquisition     2,098,052  
Wayland Acquisition     66,129  
Balance at September 30, 2018   $ 22,565,375  
 
Point Rock [Member]    
Schedule of assets acquired and liabilities assumed
Assets      
Mining Rights   $ 2,151,823  
Liabilities        
Vendor Payables   $ 53,771  
Asset Retirement Obligation   $ 2,098,052  
 
Wayland [Member]    
Schedule of assets acquired and liabilities assumed
Assets      
Mining Rights   $ 66,129  
Liabilities        
Asset Retirement Obligation   $ 66,129  
 
ICG Knott County [Member]    
Schedule of Asset Retirement Obligations  
Assets      
Cash   $ 2,380,000  
Underground Mining Equipment     1,533,937  
Surface Mining Equipment     206,578  
Land     178,683  
Coal Preparation and Loading Facilities     200,236  
Liabilities        
Asset Retirement Obligation   $ 4,499,434  
McCoy [Member]    
Schedule of Asset Retirement Obligations  
Assets      
Cash   $ 2,935,800  
Underground Mining Equipment     531,249  
Surface Mining Equipment     36,218  
Coal Preparation and Loading Facilities     58,681  
Liabilities        
Asset Retirement Obligation   $ 3,561,848