• 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 (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
May 10, 2018
Aug. 23, 2018
Apr. 21, 2018
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Dec. 31, 2016
Gain on disposition           $ (807,591) $ 0    
Cash - restricted       $ 286,043 $ 189,012 286,043 189,012 $ 198,943 $ 141,102
Asset management fee           116,115   116,115 116,115
Annual asset management fees       73,730   73,730   116,115  
Lender reserve       148,546   148,546   0  
Funds held for others       63,767   63,767   82,828 24,987
Loss on settlement       0 (30,055) 0 $ (281,907) 0 (71,245)
Allowance for trade receivables       0   0   0 0
Allowance for other accounts receivables       $ 0   $ 0   92,573 $ 640,000
Discount rate       10.00%   10.00%      
Amortization expense       $ 179,318 0        
KCC [Member]                  
Gain on disposition   $ 807,591              
Disposed of non-operating assets   111,567              
Asset retirement obligation   $ 919,158              
KCC [Member] | Asset Acquisitions [Member]                  
Asset retirement obligation $ 66,129                
Commitment contingences description KCC entered into a royalty agreement with the seller to be paid only upon coal extraction in the amount of $1.50 per extracted ton of coal.                
Acquired assets anticipated life years 7 years                
Capitalized mining rights amortized life years 7 years                
Amortization expense       2,067 $ 0        
McCoy [Member]                  
Asset retirement obligation               $ 3,561,848  
McCoy [Member] | Asset Acquisitions [Member]                  
Mining Rights     $ 2,151,823            
Vendor Payables     53,771            
Asset retirement obligation     $ 2,098,052            
Commitment contingences description     McCoy entered into a surface and mineral sub-lease in the amount of up to $4,000,000 to be paid only upon coal extraction at $2 per extracted ton of coal.            
Acquired assets anticipated life years     5 years            
Capitalized mining rights amortized life years     5 years            
Annual royalty payable     $ 60,000            
Description for royalty payments     McCoy will also pay a portion of the sales price as royalty with an annual minimum payment of $60,000 starting in January 2019            
Point Rock [Member]                  
Mining Rights       2,151,823   $ 2,151,823      
Vendor Payables       53,771   53,771      
Asset retirement obligation       2,098,052   2,098,052      
Wayland [Member]                  
Mining Rights       66,129   66,129      
Asset retirement obligation       $ 66,129   $ 66,129