Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 15, 2018 | |
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) | 40,082,467 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 7,323,571 | $ 5,934,043 |
Short-term investments | 5,199,861 | |
Accounts receivable | 23,496,089 | 7,165,487 |
Inventories | 10,131,419 | 10,057,787 |
Prepaid expenses | 3,356,956 | 1,104,437 |
Total current assets | 44,308,035 | 29,461,615 |
Property, plant and equipment, net | 125,825,988 | 115,450,841 |
Advanced coal royalties | 2,719,315 | 2,867,369 |
Other assets | 422,137 | 318,206 |
Total Assets | 173,275,475 | 148,098,031 |
Current liabilities | ||
Accounts payable | 28,327,276 | 19,532,531 |
Accrued expenses | 6,107,123 | 2,821,422 |
Asset retirement obligations | 291,806 | 70,616 |
Note payable, net | 5,790,935 | |
Other | 568,631 | |
Total current liabilities | 41,085,771 | 22,424,569 |
Deferred tax liability | 708,465 | |
Asset retirement obligations | 12,266,871 | 12,276,176 |
Total liabilities | 54,061,107 | 34,700,745 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding | ||
Common stock, $0.01 par value, 260,000,000 shares authorized, 40,082,467 and 39,559,366 shares issued and outstanding, respectively | 400,825 | 395,594 |
Additional paid-in capital | 148,838,837 | 148,293,263 |
Accumulated deficit | (30,025,294) | (35,291,571) |
Total stockholders' equity | 119,214,368 | 113,397,286 |
Total Liabilities and Stockholders' Equity | $ 173,275,475 | $ 148,098,031 |
Unaudited Consolidated Balance3
Unaudited Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, shares Issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 260,000,000 | 260,000,000 |
Common stock, shares outstanding (in shares) | 40,082,467 | 39,559,366 |
Common stock, shares issued (in shares) | 40,082,467 | 39,559,366 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues | $ 55,943,148 | $ 11,538,272 |
Cost and expenses | ||
Cost of sales (exclusive of items shown separately below) | 44,330,847 | 10,845,912 |
Other operating costs and expenses | 17,300 | |
Asset retirement obligation accretion | 123,468 | 101,277 |
Depreciation and amortization | 2,437,500 | 156,127 |
Selling, general and administrative | 3,431,144 | 3,601,363 |
Total cost and expenses | 50,322,959 | 14,721,979 |
Operating income (loss) | 5,620,189 | (3,183,707) |
Interest and dividend income | 1,237 | 116,429 |
Other income (expense) | 489,317 | (3,257) |
Interest expense | (101,159) | (22,608) |
Income (loss) before taxes | 6,009,584 | (3,093,143) |
Income tax expense | 743,307 | 0 |
Net income (loss) | $ 5,266,277 | $ (3,093,143) |
Basic and diluted earnings (loss) per share | ||
Basic (in dollars per share) | $ 0.13 | $ (0.10) |
Diluted (in dollars per share) | $ 0.13 | $ (0.10) |
Weighted average common shares outstanding | ||
Basic (in shares) | 39,905,327 | 32,068,708 |
Diluted (in shares) | 40,141,652 | 32,068,708 |
Unaudited Consolidated Stateme5
Unaudited Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net income (loss) | $ 5,266,277 | $ (3,093,143) |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Accretion of asset retirement obligations | 123,468 | 101,277 |
Depreciation and amortization | 2,437,500 | 156,127 |
Amortization of debt issuance costs | 48,375 | |
Equity-based compensation | 550,805 | 2,145,333 |
Deferred income tax expense | 708,465 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (16,330,602) | (659,458) |
Prepaid expenses | (1,463,598) | (686,905) |
Inventories | (73,632) | (651,669) |
Other assets | 44,123 | 7,641 |
Accounts payable | 8,561,670 | (4,632,988) |
Accrued expenses | (3,563,510) | (1,119,581) |
Net cash from operating activities | 3,436,361 | (6,194,204) |
Cash flow from investing activities: | ||
Purchases of property, plant and equipment | (12,768,964) | (11,447,432) |
Purchase of investment securities | (14,913,824) | |
Proceeds from maturities of investment securities | 5,199,861 | 10,499,000 |
Net cash from investing activities | (7,569,103) | (15,862,256) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock | 47,709,000 | |
Payments of equity offering costs | (1,755,685) | |
Repayments to Ramaco Coal, LLC | (10,629,275) | |
Repayments of financed insurance payable | (220,290) | (91,224) |
Proceeds from notes payable, net | 6,000,000 | |
Payment of debt issuance costs | (257,440) | |
Payment of note payable | (500,000) | |
Payment of distributions | (3,905,224) | |
Net cash from financing activities | 5,522,270 | 30,827,592 |
Net change in cash and cash equivalents | 1,389,528 | 8,771,132 |
Cash and cash equivalents, beginning of period | 5,934,043 | 5,196,914 |
Cash and cash equivalents, end of period | 7,323,571 | 13,968,046 |
Supplemental cash flow information: | ||
Cash paid for interest | 56,881 | 81,091 |
Cash paid for taxes | ||
Non-cash investing and financing activities: | ||
Capital expenditures included in accounts payable and accrued liabilities | 3,171,833 | 5,794,278 |
Financed insurance | 788,921 | |
Additional asset retirement obligations acquired or incurred | 88,417 | 193,216 |
Accretion – Series A preferred units | $ 123,825 |
Note 1 - Description of Busines
Note 1 - Description of Business | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1 — DESCRIPTION OF BUSINESS Ramaco Resources, Inc. is a Delaware corporation formed in October 2016. Pursuant to the terms of a corporate reorganization (Reorganization) that was completed in connection with the closing of our initial public offering (“IPO”) on February 8, 2017, February 8, 2017, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation not 10 December 31, 2017. In the opinion of 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 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 Revenue Recognition one May 2014, 2014 09, Revenue from Contracts with Customers 2014 09 2014 09, Revenue from Contracts with Customers, January 1, 2018 no For periods subsequent to January 1, 2018, Our coal sales generally include up to 90 not 30 Earnings per Share Financial Instruments We invested excess cash amounts before its planned expenditure for capital projects 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. The difference between the carrying amount and fair value of these securities was not 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 Concentrations March 31, 2018, three 47% March 31, 2018 62% March 31, 2017, five Recent Accounting Pronouncements February 2016, 2016 02, Leases December 15, 2019, 2016 02 January 1, 2019 In September 2016, 2016 13, Financial Instruments-Credit Losses 2016 13 2016 13 December 15, 2019 In May 2017, 2017 09, Modification Accounting for Share-Based Payment Arrangements 718. December 15, 2017. no January 1, 2018. |
Note 3 - Property, Plant and Eq
Note 3 - Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3 —PROPERTY, PLANT AND EQUIPMENT The Company’s property, plant and equipment consist of the following: March 31, 2018 December 31, 2017 Plant and equipment at cost $ 91,410,823 $ 80,454,977 Construction in process 7,625,754 7,625,855 Capitalized mine development cost 32,632,668 30,775,765 Less accumulated depreciation and amortization (5,843,257 ) (3,405,756 ) Total property, plant and equipment, net $ 125,825,988 $ 115,450,841 In the quarter ended March 31, 2018, $2.0 $391 $128 $28 March 31, 2017. not $6.0 March 31, 2018 $8.7 December 31, 2017. |
Note 4 - Debt
Note 4 - Debt | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 4 DEBT In February 2018, $6 six 8.5% 30 6.9%, August 31, 2018 may Issuance costs incurred with this debt financing totaled $257 |
Note 5 - Equity
Note 5 - Equity | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Members' Equity Notes Disclosure [Text Block] | NOTE 5 — EQUITY As of March 31, 2018, 40,082,467 Equity-Based Compensation We have a stock-based compensation plan under which stock options, restricted stock, performance shares and other stock-based awards may March 31, 2018, 5.9 Total compensation costs recognized for all equity-based compensation was $551 $2.1 March 31, 2018 2017, Share Options – 937,424 $5.34 two August 31, 2016. $2.1 March 31, 2017 ten March 31, 2018 Restricted Shares— one three may may not $551 first 2018. no first 2017. March 31, 2018, $5.9 2.2 The following table summarizes restricted awards outstanding as of March 31, 2018 Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2017 471,017 $ 5.87 Granted 528,683 8.03 Vested — — Forfeited (5,582 ) 6.27 Outstanding at March 31, 2018 994,118 $ 7.19 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6 — COMMITMENTS AND CONTINGENCIES Surety Bond As of March 31, 2018, $12.7 $12.5 Purchase Commitments We secure the ability to transport coal through rail contracts and export terminals that are sometimes funded through take-or-pay arrangements. As of March 31, 2018, $184 Litigation From time to time, the Company is subject to various litigation and other claims in the normal course of business. No |
Note 7 - Revenues
Note 7 - Revenues | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 7 — REVENUES Our revenues are derived from contracts for the sale of coal which is recognized at the point in time control is transferred to our customer. Generally, domestic sales contracts have terms of about one Three months ended March 31, 2018 2017 Coal Sales Domestic revenues $ 23,610,038 $ 3,744,413 Export revenues 32,333,110 6,107,565 Total coal sales 55,943,148 9,851,978 Coal Processing — 1,686,294 Total revenues $ 55,943,148 $ 11,538,272 As of March 31, 2018, 2018 1.2 400 2018 100 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8 — INCOME TAXES We estimate our annual effective income tax rate in recording the quarterly provision for income taxes. Statutory tax rate changes and other significant or unusual items are recognized as discrete items in the quarter in which they occur. For the three March 31, 2018, $743 2018 2018 $400 We did not three March 31, 2017 There were no March 31, 2018. |
Note 9 - Related Party Transact
Note 9 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 9 —RELATED PARTY TRANSACTIONS Mineral Lease and Surface Rights Agreements Much of the coal reserves and surface rights that we control were acquired through a series of mineral leases and surface rights agreements with Ramaco Coal, LLC. Payments of minimum coal royalties and throughput payments commenced in 2017 first 2018, $1.3 $169 three March 31, 2017. On-going Administrative Services Under a Mutual Services Agreement dated December 22, 2017 March 31, 2017, 12 may 12 30 No 2017 first 2018. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation not 10 December 31, 2017. In the opinion of 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 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 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition one May 2014, 2014 09, Revenue from Contracts with Customers 2014 09 2014 09, Revenue from Contracts with Customers, January 1, 2018 no For periods subsequent to January 1, 2018, Our coal sales generally include up to 90 not 30 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments We invested excess cash amounts before its planned expenditure for capital projects 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. The difference between the carrying amount and fair value of these securities was not 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 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations March 31, 2018, three 47% March 31, 2018 62% March 31, 2017, five |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements February 2016, 2016 02, Leases December 15, 2019, 2016 02 January 1, 2019 In September 2016, 2016 13, Financial Instruments-Credit Losses 2016 13 2016 13 December 15, 2019 In May 2017, 2017 09, Modification Accounting for Share-Based Payment Arrangements 718. December 15, 2017. no January 1, 2018. |
Note 3 - Property, Plant and 16
Note 3 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2018 December 31, 2017 Plant and equipment at cost $ 91,410,823 $ 80,454,977 Construction in process 7,625,754 7,625,855 Capitalized mine development cost 32,632,668 30,775,765 Less accumulated depreciation and amortization (5,843,257 ) (3,405,756 ) Total property, plant and equipment, net $ 125,825,988 $ 115,450,841 |
Note 5 - Equity (Tables)
Note 5 - Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2017 471,017 $ 5.87 Granted 528,683 8.03 Vested — — Forfeited (5,582 ) 6.27 Outstanding at March 31, 2018 994,118 $ 7.19 |
Note 7 - Revenues (Tables)
Note 7 - Revenues (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended March 31, 2018 2017 Coal Sales Domestic revenues $ 23,610,038 $ 3,744,413 Export revenues 32,333,110 6,107,565 Total coal sales 55,943,148 9,851,978 Coal Processing — 1,686,294 Total revenues $ 55,943,148 $ 11,538,272 |
Note 2 - Summary of Significa19
Note 2 - Summary of Significant Accounting Policies (Details Textual) - Customer Concentration Risk [Member] | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Sales Revenue, Net [Member] | ||
Number of Major Customers | 3 | 5 |
Concentration Risk, Percentage | 47.00% | |
Accounts Receivable [Member] | ||
Number of Major Customers | 3 | 5 |
Concentration Risk, Percentage | 62.00% |
Note 3 - Property, Plant and 20
Note 3 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Depreciation, Total | $ 2,000 | $ 128 | |
Mine Development [Member] | |||
Amortization, Total | 391 | $ 28 | |
Coal Properties [Member] | |||
Capitalized Costs Related to Coal Reserves | $ 6,000 | $ 8,700 |
Note 3 - Property, Plant and 21
Note 3 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Less accumulated depreciation and amortization | $ (5,843,257) | $ (3,405,756) |
Total property, plant and equipment, net | 125,825,988 | 115,450,841 |
Plant and Equipment, at Cost [Member] | ||
Property, plant and equipment, gross | 91,410,823 | 80,454,977 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 7,625,754 | 7,625,855 |
Mine Development [Member] | ||
Property, plant and equipment, gross | $ 32,632,668 | $ 30,775,765 |
Note 4 - Debt (Details Textual)
Note 4 - Debt (Details Textual) - Line of Credit [Member] $ in Thousands | Feb. 28, 2018USD ($) |
Proceeds from Lines of Credit, Total | $ 6,000 |
Debt Instrument, Term | 180 days |
Debt Instrument, Interest Rate, Stated Percentage | 8.50% |
Debt Issuance Costs, Net, Total | $ 257 |
London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 6.90% |
Note 5 - Equity (Details Textua
Note 5 - Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Aug. 31, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
Common Stock, Shares, Outstanding, Ending Balance | 40,082,467 | 39,559,366 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 5,900,000 | |||
Allocated Share-based Compensation Expense, Total | $ 551 | $ 2,100 | ||
Noncash Transaction, Conversion of Common Unit Options, Number of Common Stock Options | 937,424 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 5.34 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 2,100 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 73 days | |||
Restricted Stock [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 551 | $ 0 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 5,900 | |||
Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Note 5 - Equity - Summary of Re
Note 5 - Equity - Summary of Restricted Awards Activity (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Outstanding, shares (in shares) | shares | 471,017 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.87 |
Granted, shares (in shares) | shares | 528,683 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.03 |
Vested, shares (in shares) | shares | |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | |
Forfeited, shares (in shares) | shares | (5,582) |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.27 |
Outstanding, shares (in shares) | shares | 994,118 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.19 |
Note 6 - Commitments and Cont25
Note 6 - Commitments and Contingencies (Details Textual) $ in Thousands | Mar. 31, 2018USD ($) |
Asset Retirement Obligation, Ending Balance | $ 12,700 |
Mine Reclamation and Closing Liability, Noncurrent | 12,500 |
Take-or-pay Purchase Commitments [Member] | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 184 |
Note 7 - Revenues (Details Text
Note 7 - Revenues (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 T in Millions | Mar. 31, 2018T |
Fixed Priced Contracts [Member] | |
Revenue, Remaining Performance Obligation, Mass | 1.2 |
Contracts with Indexed Based Pricing Mechanisms [Member] | |
Revenue, Remaining Performance Obligation, Mass | 0.1 |
Note 7 - Revenue - Domestic Rev
Note 7 - Revenue - Domestic Revenues an Export Revenues (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues | $ 55,943,148 | $ 11,538,272 |
Domestic Coal Revenues [Member] | ||
Revenues | 23,610,038 | 3,744,413 |
Export Coal Revenues [Member] | ||
Revenues | 32,333,110 | 6,107,565 |
Coal Sales [Member] | ||
Revenues | 55,943,148 | 9,851,978 |
Coal Processing [Member] | ||
Revenues | $ 1,686,294 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | |
Income Tax Expense (Benefit), Total | $ 743,307 | $ 0 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | ||
Scenario, Forecast [Member] | Maximum [Member] | |||
Taxes Payable, Total | $ 400,000 |
Note 9 - Related Party Transa29
Note 9 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Payment of Minimum Royaltyies | $ 1,300 | $ 169 |