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 |