Ramaco Resources (METC) 10-Q 8 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 07, 2017
Document Information [Line Items]
Entity Registrant Name	Ramaco Resources, Inc.
Entity Central Index Key	1,687,187
Trading Symbol	metc
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		39,559,366
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 9,263,356	$ 5,196,914
Short-term investments	19,859,952	55,237,747
Accounts receivable	2,616,727	914,741
Inventory	3,951,900	1,518,638
Prepaid expenses	1,473,838	388,921
Total current assets	37,165,773	63,256,961
Property, plant and equipment - net	103,011,333	46,433,726
Long-term investments		5,199,077
Advanced coal royalties	2,984,482	2,050,000
Deferred offering costs		2,247,974
Other	385,514	21,354
Total Assets	143,547,102	119,209,092
Current liabilities
Accounts payable	14,484,726	8,955,884
Accrued expenses	1,557,735	1,174,904
Distributions payable		3,905,224
Asset retirement obligations	1,195,337	693,796
Note payable		500,000
Other		127,048
Total current liabilities	17,237,798	15,356,856
Asset retirement obligations	10,667,000	9,434,838
Note payable - Ramaco Coal, LLC		10,629,275
Total liabilities	27,904,798	35,420,969
Commitments and contingencies
Series A preferred units		88,773,933
Equity
Preferred stock, 50,000,000 shares authorized, none outstanding
Common stock, 260,000,000 shares authorized, 39,509,311 and zero shares outstanding, respectively	395,093
Contributed capital		13,265,547
Additional paid-in capital	147,938,891
Accumulated losses	(32,691,680)	(18,251,357)
Total equity	115,642,304	(4,985,810)
Total Liabilities and Equity	$ 143,547,102	$ 119,209,092

Unaudited Condensed Consolidat3

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - shares	Sep. 30, 2017	Dec. 31, 2016
Preferred stock, shares authorized (in shares)	50,000,000	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	260,000,000	0
Common stock, shares outstanding (in shares)	39,509,311	0

Unaudited Condensed Consolidat4

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue
Coal sales	$ 14,404,979		$ 34,779,079
Coal processing		1,465,121	2,237,674	1,465,121
Total revenue	14,404,979	1,465,121	37,016,753	1,465,121
Costs and expenses
Cost of coal sales (exclusive of items shown separately below)	14,751,276		35,564,686
Cost of coal processing (exclusive of items shown separately below)		384,254	2,212,403	384,254
Other operating costs and expenses	1,308,400		1,477,340	91,605
Asset retirement obligation accretion	101,276	94,519	303,829	134,788
Depreciation, depletion and amortization	867,968	60,519	1,334,983	60,519
Professional fees	480,905	737,380	1,067,845	4,149,017
Selling, general and administrative	3,237,682	1,671,855	8,291,489	2,564,997
Total costs and expenses	20,747,507	2,948,527	50,252,575	7,385,180
Operating loss	(6,342,528)	(1,483,406)	(13,235,822)	(5,920,059)
Interest and dividend income	76,843	14,071	299,084	14,071
Other income and expense	30,163		142,921
Interest expense	(21)	(63,363)	(22,841)	(74,074)
Net loss	$ (6,235,543)	$ (1,532,698)	$ (12,816,658)	$ (5,980,062)
Unaudited pro forma basic and fully diluted loss per share (in dollars per share)	$ (0.16)	$ (0.07)	$ (0.35)	$ (0.27)

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statements of Equity - USD ($)	Common Stock [Member]	Contributed Capital [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Dec. 31, 2015		$ 12,466,704		$ (5,807,054)	$ 6,659,650
Contribution from existing member		500,000			500,000
Paid-in kind distribution on Series A preferred units		(776,712)			(776,712)
Accretion -Series A preferred units		(61,740)			(61,740)
Equity-based compensation		67,894			67,894
Net loss				(5,980,062)	(5,980,062)
Balance at Sep. 30, 2016		12,196,146		(11,787,116)	409,030
Balance at Dec. 31, 2016		13,265,547		(18,251,357)	(4,985,810)
Accretion -Series A preferred units				(123,825)	(123,825)
Net loss				(12,816,658)	(12,816,658)
Distributions on Series A preferred units				(1,499,840)	(1,499,840)
Issuance of common stock in Reorganization	224,982	(13,265,547)	13,040,565
Conversion of Series A preferred units into common stock	127,644		88,770,114		88,897,758
Proceeds from sale of common stock	38,000		43,667,339		43,705,339
Equity-based compensation	4,467		2,460,873		2,465,340
Balance at Sep. 30, 2017	$ 395,093		$ 147,938,891	$ (32,691,680)	$ 115,642,304

Unaudited Condensed Consolidat6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities
Net loss	$ (12,816,658)	$ (5,980,062)
Adjustments to reconcile net loss to net cash from operating activities:
Accretion of asset retirement obligations	303,829	134,788
Depreciation, depletion and amortization	1,334,983	60,519
Costs associated with abandoned offering		3,089,079
Equity-based compensation	2,465,340	67,894
Changes in operating assets and liabilities:
Accounts receivable	(1,701,986)	(401,216)
Prepaid expenses	(1,084,917)	188,048
Inventory	(2,433,262)
Advanced coal royalties	(934,482)
Other assets and liabilities	(364,160)	(21,341)
Accounts payable	2,327,052	306,991
Accrued expenses	(382,831)	(263,108)
Net cash from operating activities	(12,521,430)	(2,292,192)
Cash flow from investing activities
Purchases of property, plant and equipment	(53,280,926)	(2,663,967)
Purchases of investment securities	(14,913,824)	(64,782,707)
Proceeds from maturities of investment securities	55,490,696
Net cash from investing activities	(12,704,054)	(67,446,674)
Cash flows from financing activities
Proceeds from issuance of common stock	47,709,000
Payment of equity offering costs	(1,755,687)	(133,848)
Issuance of Series A preferred units		83,704,055
Proceeds from note payable - related party		4,000,000
Repayments to Ramaco Coal, LLC, net	(10,629,275)	(53,735)
Repayments of financed insurance payable	(127,048)	(304,044)
Payment of distributions	(5,405,064)
Payment of note payable	(500,000)
Contributed capital from existing members		500,000
Net cash from financing activities	29,291,926	87,712,428
Net change in cash and cash equivalents	4,066,442	17,973,562
Cash and cash equivalents, beginning of period	5,196,914	993,627
Cash and cash equivalents, end of period	9,263,356	18,967,189
Supplemental cash flow information:
Cash paid for interest	81,324	1,242
Non-cash investing and financing activities:
Increase in prepaid expenses and financed insurance payable	57,633	310,089
Capital expenditures included in accounts payable	3,201,790	2,076,336
Additional asset retirement obligations acquired or incurred	478,921	7,416,164
Series A preferred units issued in exchange for note payable – related party		4,045,945
Paid-in kind distribution on Series A preferred units		776,712
Accretion - Series A preferred units	123,825	61,740
Sale of equipment for receivable	$ 271,638

Note 1 - Organization and Busin

Note 1 - Organization and Business	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. Organization and Business Ramaco Resources, Inc. (“Resources”) through its wholly owned subsidiary Ramaco Development LLC, is engaged in the business of production and sale of metallurgical coal in central and northern Appalachia. Resources was incorporated pursuant to the laws of the State of Delaware on October 24, 2016 Pursuant to the terms of a corporate reorganization (“Reorganization”) that was completed in connection with the closing of Resources ’ initial public offering (“IPO”), all the interests in Ramaco Development, LLC were exchanged for newly issued common shares of Resources and as a result, Ramaco Development, LLC became a wholly-owned subsidiary of Resources. Therefore, the financial information for the period of January 1, 2017 February 8, 2017, The terms “Company,” “we,” “us,” “our,” and similar terms when used in the present tense, prospectively or for periods since our Reorganization on February 8, 2017, On February 8, 2017, 1 333 215363 February 2, 2017. 6,000,000 $0.01 3,800,000 2,200,000 Proceeds of the Company ’s IPO, based on the public offering price of $13.50 $51.3 $3.6 $47.7 $43.7 $10.7 12,764,426

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies Basis of Presentation —These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not 10 December 31, 2016. All intercompany transactions have been eliminated in consolidation. Certain reclassifications have been made to the prior period ’s consolidated financial statements and related footnotes to conform them to the current period presentation. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary to fairly present the financial position as of, and the results of operations for, all periods presented. In preparing the accompanying condensed consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may not Reclassifications —The Company’s financial statements for prior periods include reclassifications that were made to conform to the current period presentation. Recent Accounting Pronouncements —In May 2014, 2014 09, Contracts with Customers August 2015 2015 14, Revenue from Contracts with Customers: Deferral of the Effective Date 2014 09 one 2014 09 2014 09 2014 09 five may may 2014 09 December 15, 2017. January 1, 2018 not not In February 2016, 2016 02, Leases December 15, 2019, No. 2016 02 January 1, 2019 In September 2016, 2016 13, Financial Instruments—Credit Losses 2016 13 2016 13 December 15, 2019

Note 3 - Property, Plant and Eq

Note 3 - Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	3. The Company ’s property, plant and equipment consist of the following: September 30, 2017 December 31, 2016 Plant and equipment $ 36,764,824 $ 19,201,550 Construction in process 47,984,431 11,847,904 Capitalized mine development costs 19,848,745 15,635,956 Less: accumulated depreciation, depletion and amortization (1,586,667 ) (251,684 ) Total property, plant and equipment, net $ 103,011,333 $ 46,433,726 In the quarter ended September 30, 2017, $754,450 $113,518. nine September 30, 2017 $1,118,656 $216,327. January 2017. On March 29, 2017, 14,762 Knox Creek operations. The Company paid $125,000 not

Note 4 - Fair Values of Financi

Note 4 - Fair Values of Financial Instruments	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. Fair Value of Financial Instruments The carrying amounts and fair values of the Company ’s financial assets and liabilities were as follows: September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets: Cash and cash equivalents $ 9,263,356 $ 9,263,356 $ 5,196,914 $ 5,196,914 Accounts receivable 2,616,727 2,616,727 914,741 914,741 Short-term investments: U. S. agency securities 19,859,952 19,844,499 45,289,747 45,245,318 Certificates of deposit - - 9,948,000 9,948,000 Total short-term investments 19,859,952 19,844,499 55,237,747 55,193,318 Long-term investments U. S. agency securities - - 5,199,077 5,190,640 Financial liabilities: Accounts payable (14,484,726 ) (14,484,726 ) (8,955,884 ) (8,955,884 ) Note payable - - (500,000 ) (500,000 ) Note payable - Ramaco Coal, LLC - - (10,629,275 ) (10,629,275 ) The Company invests in highly-rated securities with the primary objective of minimizing the potential risk of principal loss. Fair values were determined for each individual security based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the securities. At September 30, 2017, four $15,453. not The Company uses a market approach to determine the fair value of its fixed-rate debt using observable market data, which results in a Level 2 The Company ’s nonrecurring fair value measurements include asset retirement obligations, the estimated fair value of which is calculated as the present value of estimated cash flows related to its reclamation liabilities using Level 3

Note 5 - Asset Retirement Oblig

Note 5 - Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Asset Retirement Obligation Disclosure [Text Block]	5. Asset Retirement Obligations Changes in the carrying amount of our asset retirement obligations were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Balance at beginning of period $ 10,810,108 $ 2,135,342 $ 10,128,634 $ 2,095,073 Additional retirement obligations incurred 950,953 7,416,164 1,429,874 7,416,164 Accretion expense 101,276 94,519 303,829 134,788 Balance at end of period $ 11,862,337 $ 9,646,025 $ 11,862,337 $ 9,646,025

Note 6 - Related Party Transact

Note 6 - Related Party Transactions	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	6. Related Party Transactions Mineral Lease and Surface Rights Agreements —Much of the coal reserves and surface rights that the Company controls were acquired through a series of mineral leases and surface rights agreements with Ramaco Coal, LLC. These agreements generally have terms running through exhaustion of all the mineable and merchantable coal covered by the respective lease. The agreements call for the Company to pay minimum annual royalties or throughput payments on a monthly, or in one 2017 $350,002 three September 30, 2017 $103,082 nine September 30, 2017, $766,762 $199,091

Note 7 - Equity and Equity-base

Note 7 - Equity and Equity-based Compensation	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Members' Equity Notes Disclosure [Text Block]	7. Equity and Equity-Based Compensation At December 31, 2016, 8,000,000 4,538,836 February 8, 2017, ’s IPO, a corporate reorganization occurred and each unit of Ramaco Development, LLC was converted into approximately 2.81 35,262,576 3,800,000 260,000,000 $0.01 50,000,000 $0.01 one no September 30, 2017, 39,509,311 no September 30, 2017. Equity-Based Compensation —On August 31, 2016, two 333,334 166,667 $15 ten 937,424 $2,144,333 three March 31, 2017 On June 28, 2017, 446,735 six three $5.82 December 31, 2019 December 31, 2017. $2,600,000 zero $320,007 three September 30, 2017

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8. Commitments and Contingencies Leases —The Company leases office space in Lexington, Kentucky. The lease term expires in March 2022. $6,053. $308,703. The Company leases office space in South Charleston, West Virginia for its operations management. The lease term expires on May 1 7, 2020. $4,725. $146,475. Environmental Liabilities —Environmental liabilities are recognized when the expenditures are considered probable and can be reasonably estimated. Measurement of liabilities is based on currently enacted laws and regulations, existing technology and undiscounted site-specific costs. Generally, such recognition would coincide with a commitment to a formal plan of action. No Surety Bond —In accordance with state laws, the Company is required to post reclamation bonds to assure that reclamation work is completed. Reclamation bonds outstanding at September 30, 2017 $12.2 Construction Commitments —On September 2, 2016, $27.8 $1.7

Note 9 - Earnings (Loss) Per Sh

Note 9 - Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	9. Earnings (Loss) Per Share The following table is a calculation of the pro forma net loss per basic and diluted share for the three nine September 30, 2017 2016. Three Months ended September 30 , Nine M onths ended September 30 , 2017 2016 2017 2016 Net loss $ (6,235,543 ) $ (1,532,698 ) $ (12,816,658 ) $ (5,980,062 ) Add: Interest expense on note payable to Ramaco Coal, LLC (1) - 15,900 21,855 15,900 Basic net loss attributable to common shareholders (6,235,543 ) (1,516,798 ) (12,794,803 ) (5,964,162 ) Effect of dilutive securities (2) - - - - Diluted net loss attributable to common shareholders $ (6,235,543 ) $ (1,516,798 ) $ (12,794,803 ) $ (5,964,162 ) Weighted average shares outstanding (basic and fully diluted) 39,509,311 22,498,150 36,912,362 22,498,150 Net loss per common share $ (0.16 ) $ (0.07 ) $ (0.35 ) $ (0.27 ) ( 1 ( 2 937,424 2016 2016 Pro forma share and per share information presented have been adjusted to reflect the shares issued as a result of the Reorganization and IPO.

Note 10 - Income Taxes

Note 10 - Income Taxes	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	10. Income Taxes Prior to its Reorganization, the Company was a limited liability company and not no ’s equity holders were responsible for income taxes. Following the Reorganization and IPO in February 2017, The Company estimates its annual effective income tax rate in recording its quarterly provision for income taxes in the various jurisdictions in which the Company operates. Statutory tax rate changes and other significant or unusual items are recognized as discrete items in the quarter in which they occur. The Company recorded no three nine September 30, 2017 As of September 30, 2017, not

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation —These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not 10 December 31, 2016. All intercompany transactions have been eliminated in consolidation. Certain reclassifications have been made to the prior period ’s consolidated financial statements and related footnotes to conform them to the current period presentation. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary to fairly present the financial position as of, and the results of operations for, all periods presented. In preparing the accompanying condensed consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may not
Reclassification, Policy [Policy Text Block]	Reclassifications —The Company’s financial statements for prior periods include reclassifications that were made to conform to the current period presentation.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements —In May 2014, 2014 09, Contracts with Customers August 2015 2015 14, Revenue from Contracts with Customers: Deferral of the Effective Date 2014 09 one 2014 09 2014 09 2014 09 five may may 2014 09 December 15, 2017. January 1, 2018 not not In February 2016, 2016 02, Leases December 15, 2019, No. 2016 02 January 1, 2019 In September 2016, 2016 13, Financial Instruments—Credit Losses 2016 13 2016 13 December 15, 2019

Note 3 - Property, Plant and 18

Note 3 - Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Property, Plant and Equipment [Table Text Block]	September 30, 2017 December 31, 2016 Plant and equipment $ 36,764,824 $ 19,201,550 Construction in process 47,984,431 11,847,904 Capitalized mine development costs 19,848,745 15,635,956 Less: accumulated depreciation, depletion and amortization (1,586,667 ) (251,684 ) Total property, plant and equipment, net $ 103,011,333 $ 46,433,726

Note 4 - Fair Values of Finan19

Note 4 - Fair Values of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets: Cash and cash equivalents $ 9,263,356 $ 9,263,356 $ 5,196,914 $ 5,196,914 Accounts receivable 2,616,727 2,616,727 914,741 914,741 Short-term investments: U. S. agency securities 19,859,952 19,844,499 45,289,747 45,245,318 Certificates of deposit - - 9,948,000 9,948,000 Total short-term investments 19,859,952 19,844,499 55,237,747 55,193,318 Long-term investments U. S. agency securities - - 5,199,077 5,190,640 Financial liabilities: Accounts payable (14,484,726 ) (14,484,726 ) (8,955,884 ) (8,955,884 ) Note payable - - (500,000 ) (500,000 ) Note payable - Ramaco Coal, LLC - - (10,629,275 ) (10,629,275 )

Note 5 - Asset Retirement Obl20

Note 5 - Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Change in Asset Retirement Obligation [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Balance at beginning of period $ 10,810,108 $ 2,135,342 $ 10,128,634 $ 2,095,073 Additional retirement obligations incurred 950,953 7,416,164 1,429,874 7,416,164 Accretion expense 101,276 94,519 303,829 134,788 Balance at end of period $ 11,862,337 $ 9,646,025 $ 11,862,337 $ 9,646,025

Note 9 - Earnings (Loss) Per 21

Note 9 - Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Pro Forma Information [Table Text Block]	Three Months ended September 30 , Nine M onths ended September 30 , 2017 2016 2017 2016 Net loss $ (6,235,543 ) $ (1,532,698 ) $ (12,816,658 ) $ (5,980,062 ) Add: Interest expense on note payable to Ramaco Coal, LLC (1) - 15,900 21,855 15,900 Basic net loss attributable to common shareholders (6,235,543 ) (1,516,798 ) (12,794,803 ) (5,964,162 ) Effect of dilutive securities (2) - - - - Diluted net loss attributable to common shareholders $ (6,235,543 ) $ (1,516,798 ) $ (12,794,803 ) $ (5,964,162 ) Weighted average shares outstanding (basic and fully diluted) 39,509,311 22,498,150 36,912,362 22,498,150 Net loss per common share $ (0.16 ) $ (0.07 ) $ (0.35 ) $ (0.27 )

Note 1 - Organization and Bus22

Note 1 - Organization and Business (Details Textual) - USD ($)	Feb. 08, 2017	Sep. 30, 2017	Sep. 30, 2016
Common Stock, Par or Stated Value Per Share		$ 0.01
Payments of Stock Issuance Costs	$ 3,600,000
Proceeds from Issuance Initial Public Offering	47,700,000
Proceeds from Issuance Initial Public Offering, Net of Issuance Costs	43,700,000
Repayments of Related Party Debt		$ 10,629,275	$ 53,735
Notes Payable to Banks [Member] | Ramaco Carbon, LLC [Member]
Repayments of Related Party Debt	$ 10,700,000
IPO [Member]
Stock Issued During Period, Shares, New Issues	6,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01
Shares Issued, Price Per Share	$ 13.50
Proceeds from Issuance Initial Public Offering, Gross	$ 51,300,000
IPO [Member] | Conversion of Series A Preferred Units Into Common Stock Upon Reorganization [Member]
Stock Issued During Period, Shares, Conversion of Units	12,764,426
IPO [Member] | Common Stock Sold by the Company [Member]
Stock Issued During Period, Shares, New Issues	3,800,000
IPO [Member] | Common Stock Sold by the Stockholders [Member]
Stock Issued During Period, Shares, New Issues	2,200,000

Note 3 - Property, Plant and 23

Note 3 - Property, Plant and Equipment (Details Textual)	Mar. 29, 2017USD ($)a	Sep. 30, 2017USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)
Depreciation		$ 754,450	$ 1,118,656
Payments to Acquire Property, Plant, and Equipment			53,280,926	$ 2,663,967
Mine Development [Member]
Amortization		$ 113,518	$ 216,327
Coal Properties [Member]
Area of Land | a	14,762
Payments to Acquire Property, Plant, and Equipment	$ 125,000

Note 3 - Property, Plant and 24

Note 3 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Less: accumulated depreciation, depletion and amortization	$ (1,586,667)	$ (251,684)
Total property, plant and equipment, net	103,011,333	46,433,726
Plant and Equipment, at Cost [Member]
Property, plant and equipment, gross	36,764,824	19,201,550
Construction in Progress [Member]
Property, plant and equipment, gross	47,984,431	11,847,904
Mine Development [Member]
Property, plant and equipment, gross	$ 19,848,745	$ 15,635,956

Note 4 - Fair Values of Finan25

Note 4 - Fair Values of Financial Instruments (Details Textual)	9 Months Ended
	Sep. 30, 2017USD ($)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss	$ 15,453

Note 4 - Fair Values of Finan26

Note 4 - Fair Values of Financial Instruments - Schedule of Financial Assets and Liabilities (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Reported Value Measurement [Member]
Financial Assets:
Cash and cash equivalents	$ 9,263,356	$ 5,196,914
Accounts receivable	2,616,727	914,741
U. S. agency securities	19,859,952	45,289,747
Certificates of deposit		9,948,000
Total short-term investments	19,859,952	55,237,747
U. S. agency securities		5,199,077
Financial liabilities:
Accounts payable	(14,484,726)	(8,955,884)
Note payable		(500,000)
Note payable - Ramaco Coal, LLC		(10,629,275)
Estimate of Fair Value Measurement [Member]
Financial Assets:
Cash and cash equivalents	9,263,356	5,196,914
Accounts receivable	2,616,727	914,741
U. S. agency securities	19,844,499	45,245,318
Certificates of deposit		9,948,000
Total short-term investments	19,844,499	55,193,318
U. S. agency securities		5,190,640
Financial liabilities:
Accounts payable	(14,484,726)	(8,955,884)
Note payable		(500,000)
Note payable - Ramaco Coal, LLC		$ (10,629,275)

Note 5 - Asset Retirement Obl27

Note 5 - Asset Retirement Obligations - Schedule of Retirement Obligations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Balance	$ 10,810,108	$ 2,135,342	$ 10,128,634	$ 2,095,073
Additional retirement obligations incurred	950,953	7,416,164	1,429,874	7,416,164
Asset retirement obligation accretion	101,276	94,519	303,829	134,788
Balance	$ 11,862,337	$ 9,646,025	$ 11,862,337	$ 9,646,025

Note 6 - Related Party Transa28

Note 6 - Related Party Transactions (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Payment of Minimum Royaltyies	$ 350,002	$ 766,762
Production Royalties Recouped Against Minimum Royalties	$ 103,082	$ 199,091

Note 7 - Equity and Equity-ba29

Note 7 - Equity and Equity-based Compensation (Details Textual) - USD ($)	Jun. 28, 2017	Feb. 08, 2017	Aug. 31, 2016	Sep. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Common Unit, Issued						8,000,000
Limited Liability Company (LLC) Preferred Unit, Issued						4,538,836
Common Stock, Shares Authorized				260,000,000		0
Common Stock, Par or Stated Value Per Share				$ 0.01
Preferred Stock, Shares Authorized				50,000,000		0
Preferred Stock, Par or Stated Value Per Share				$ 0.01
Common Stock, Shares, Issued				39,509,311
Preferred Stock, Shares Issued				0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			333,334
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price			$ 15
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
Noncash Transaction, Conversion of Common Unit Options, Number of Common Stock Options		937,424
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized					$ 2,144,333
Partners' Capital Account, Unit-based Compensation				$ 320,007
Common Unit, Outstanding						8,000,000
Limited Liability Company (LLC) Preferred Unit, Outstanding						4,538,836
Common Stock, Shares, Outstanding				39,509,311		0
Preferred Stock, Shares Outstanding				0		0
Restricted Stock [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 2,600,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	446,735
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 5.82
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Forfeitures	$ 0
Executive 1 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			166,667
Executive 2 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			166,667
IPO [Member]
Sale of Stock, Conversion of Each Common Unit		2.81
Stock Issued During Period, Shares, New Issues		6,000,000
Common Stock, Par or Stated Value Per Share		$ 0.01
IPO [Member] | Common Stock Sold by the Company [Member]
Stock Issued During Period, Shares, New Issues		3,800,000
IPO [Member] | Conversion of Common Units Into Common Stock [Member]
Stock Issued During Period, Shares, Conversion Upon Reorganization		35,262,576

Note 8 - Commitments and Cont30

Note 8 - Commitments and Contingencies (Details Textual) - USD ($)	Sep. 02, 2016	Sep. 30, 2017
Mine Reclamation and Closing Liability, Noncurrent		$ 12,200,000
Construction of a Coal Preparation Plant, Coal Loadout and Associated Belting and Storage Facilities [Member]
Long-term Purchase Commitment, Amount	$ 27,800,000
Long-term Purchase Commitment, Unbilled Amount		1,700,000
Lease for New Office Space in Lexington, Kentucky [Member]
Operating Lease, Monthly Rent		6,053
Operating Leases, Future Minimum Payments Due		308,703
Office Lease for Space in South charleston, West Virginia [Member]
Operating Lease, Monthly Rent		4,725
Operating Leases, Future Minimum Payments Due		$ 146,475

Note 9 - Earnings (Loss) Per 31

Note 9 - Earnings (Loss) Per Share (Details Textual)	9 Months Ended
	Sep. 30, 2017shares
Employee Stock Option [Member] | Pro Forma [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	937,424

Note 9 - Earnings (Loss) Per 32

Note 9 - Earnings (Loss) Per Share - Schedule of Pro Forma Information (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net loss		$ (6,235,543)	$ (1,532,698)	$ (12,816,658)	$ (5,980,062)
Interest expense on note payable to Ramaco Coal, LLC (1)	[1]		15,900	21,855	15,900
Basic net loss attributable to common shareholders	[2]	(6,235,543)	(1,516,798)	(12,794,803)	(5,964,162)
Effect of dilutive securities (2)	[3]
Diluted net loss attributable to common shareholders		$ (6,235,543)	$ (1,516,798)	$ (12,794,803)	$ (5,964,162)
Weighted average shares outstanding, diluted (in shares)		39,509,311	22,498,150	36,912,362	22,498,150
Net loss per common share, diluted (in dollars per share)		$ (0.16)	$ (0.07)	$ (0.35)	$ (0.27)
[1]	Adjustment has been made to the pro forma loss to addback interest expense associated with the note payable to Ramaco Carbon, LLC which was repaid in full using proceeds from the IPO.
[2]	Weighted average number of shares outstanding during the quarter and during the nine-months ended September 30, 2017.
[3]	Excludes 937,424 shares issuable upon the exercise of outstanding options held by certain of our executive management because their effect would be antidilutive

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2017USD ($)
Federal Income Tax Expense (Benefit), Continuing Operations		$ 0
Income Tax Expense (Benefit)	$ 0	0
Unrecognized Tax Benefits	$ 0	0
State and Local Income Tax Expense (Benefit), Continuing Operations		$ 0