Ramaco Resources (METC) 10-Q 6 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 03, 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	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 5,911,310	$ 5,934,043
Short-term investments		5,199,861
Accounts receivable	28,265,692	7,165,487
Inventories	11,294,596	10,057,787
Prepaid expenses	2,870,297	1,104,437
Total current assets	48,341,895	29,461,615
Property, plant and equipment, net	136,574,558	115,450,841
Advanced coal royalties	2,785,748	2,867,369
Other assets	524,648	318,206
Total Assets	188,226,849	148,098,031
Current liabilities
Accounts payable	20,062,221	19,532,531
Accrued expenses	8,824,787	2,821,422
Asset retirement obligations	512,997	70,616
Notes payable, net	14,758,593
Other	361,918
Total current liabilities	44,520,516	22,424,569
Deferred tax liability	1,385,717
Asset retirement obligations	12,208,126	12,276,176
Total liabilities	58,114,359	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	149,533,523	148,293,263
Accumulated deficit	(19,821,858)	(35,291,571)
Total stockholders' equity	130,112,490	113,397,286
Total Liabilities and Stockholders' Equity	$ 188,226,849	$ 148,098,031

Unaudited Condensed Consolidat3

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 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 Condensed Consolidat4

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues	$ 65,278,057	$ 11,073,502	$ 121,221,205	$ 22,611,774
Cost and expenses
Cost of sales (exclusive of items shown separately below)	47,860,149	11,774,961	92,190,994	22,620,873
Other operating costs and expenses		96,690		113,990
Asset retirement obligation accretion	123,467	101,276	246,935	202,553
Depreciation and amortization	2,955,382	310,889	5,392,882	467,016
Selling, general and administrative	3,692,254	2,499,280	7,123,398	6,100,643
Total cost and expenses	54,631,252	14,783,096	104,954,209	29,505,075
Operating income (loss)	10,646,805	(3,709,594)	16,266,996	(6,893,301)
Interest and dividend income	1,998	100,343	3,234	216,772
Other income	512,693	121,492	1,002,008	118,235
Interest expense	(315,761)	(212)	(416,919)	(22,820)
Income (loss) before taxes	10,845,735	(3,487,971)	16,855,319	(6,581,114)
Income tax expense	642,299	0	1,385,606	0
Net income (loss)	$ 10,203,436	$ (3,487,971)	$ 15,469,713	$ (6,581,114)
Basic and diluted earnings (loss) per share
Basic (in dollars per share)	$ 0.25	$ (0.09)	$ 0.39	$ (0.18)
Diluted (in dollars per share)	$ 0.25	$ (0.09)	$ 0.38	$ (0.18)
Weighted average common shares outstanding
Basic (in shares)	40,082,467	39,072,394	39,994,386	35,592,366
Diluted (in shares)	40,339,749	39,072,394	40,241,917	35,592,366

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities
Net income (loss)	$ 15,469,713	$ (6,581,114)
Adjustments to reconcile net income (loss) to net cash from operating activities
Accretion of asset retirement obligations	246,935	202,553
Depreciation and amortization	5,392,882	467,016
Amortization of debt issuance costs	187,133
Stock-based compensation	1,245,491	2,145,333
Deferred income tax expense	1,385,717
Changes in operating assets and liabilities
Accounts receivable	(21,100,205)	(955,189)
Prepaid expenses	(976,939)	(378,068)
Inventories	(1,236,809)	(896,394)
Advanced coal royalties	81,621	(732,748)
Other assets and liabilities	(206,442)	(170,396)
Accounts payable	1,340,412	7,198,796
Accrued expenses	(6,281,174)	789,288
Net cash from operating activities	8,110,683	(489,499)
Cash flow from investing activities
Purchases of property, plant and equipment	(27,477,734)	(41,735,270)
Purchase of investment securities		(14,913,824)
Proceeds from maturities of investment securities	5,199,861	25,507,767
Net cash from investing activities	(22,277,873)	(31,141,327)
Cash flows from financing activities
Proceeds from issuance of common stock		47,709,000
Payments of equity offering costs		(1,755,687)
Repayments to Ramaco Coal, LLC		(10,629,275)
Repayments of financed insurance payable	(427,003)	(127,048)
Proceeds from notes payable	13,000,000
Proceeds from notes payable to related party	3,000,000
Payment of debt issuance costs	(428,540)
Repayment of note payable	(1,000,000)	(500,000)
Payment of distributions		(5,405,064)
Net cash from financing activities	14,144,457	29,291,926
Net change in cash and cash equivalents	(22,733)	(2,338,900)
Cash and cash equivalents, beginning of period	5,934,043	5,196,914
Cash and cash equivalents, end of period	5,911,310	2,858,014
Supplemental cash flow information
Cash paid for interest	339,631	81,303
Cash paid for taxes
Non-cash investing and financing activities
Capital expenditures included in accounts payable and accrued expenses	(1,088,531)	6,604,365
Financed insurance	788,921
Additional asset retirement obligations acquired or incurred	127,396	478,921
Accretion – Series A preferred units		$ 123,825

Note 1 - Description of Busines

Note 1 - Description of Business	6 Months Ended
	Jun. 30, 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,

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 achieving competitive low risk interest rate return, while 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— three six June 30, 2018, six 79% 75% June 30, 2018 71% three June 30, 2017, five 87% six June 30, 2017, four 73% 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	6 Months Ended
	Jun. 30, 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: June 30, 2018 December 31, 2017 Plant and equipment at cost $ 97,470,650 $ 80,454,977 Construction in process 12,032,525 7,625,855 Capitalized mine development cost 35,870,022 30,775,765 Less accumulated depreciation and amortization (8,798,639 ) (3,405,756 ) Total property, plant and equipment, net $ 136,574,558 $ 115,450,841 During the three June 30, 2018, $2.3 $0.6 three June 30, 2017, $0.2 $0.1 During the six June 30, 2018, $4.4 $1.0 six June 30, 2017, $0.4 $0.1 Capitalized amounts related to coal reserves at properties where we are not $6.1 June 30, 2018 $8.7 December 31, 2017.

Note 4 - Debt

Note 4 - Debt	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 4 DEBT In February 2018, $6.0 six third 8.5% 30 6.9%, August 31, 2018. July 2018, four December 31, 2018 may $0.3 six June 30, 2018, $1 June 30, 2018, $5.0 $4.9 In May 2018, $3.0 10.0%. August 15, 2018 may November 15, 2018. June 30, 2018, $3.0 In June 2018, $7.0 six third 8.5% 30 6.9%, December 31, 2018 may $0.2 June 30, 2018, $7.0 $6.8

Note 5 - Equity

Note 5 - Equity	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Members' Equity Notes Disclosure [Text Block]	NOTE 5 — EQUITY As of June 30, 2018, 40,082,467 Stock -Based Compensation We have a stock-based compensation plan under which stock options, restricted stock, performance shares and other stock-based awards may June 30, 2018, 5.9 Total compensation costs recognized for all stock-based compensation was $0.7 three June 30, 2018. No three June 30, 2017. $1.2 $2.1 six June 30, 2018 2017, Share Options – 937,424 two August 31, 2016 $5.34 $2.1 six June 30, 2017 ten June 30, 2018 Restricted Shares— one three may may not $0.7 $1.2 three six June 30, 2018, no three six June 30, 2017. June 30, 2018, $5.2 1.9 The following table summarizes restricted awards outstanding as of June 30, 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 June 30, 2018 994,118 $ 7.02

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 6 — COMMITMENTS AND CONTINGENCIES Surety Bond As of June 30, 2018, $12.7 $12.6 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 June 30, 2018, $1.9 March 31, 2019. 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	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE 7 — REVENUE S 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 June 30, Six months ended June 30, 2018 2017 2018 2017 Coal Sales Domestic revenues $ 34,376,491 $ 4,032,542 $ 60,074,479 $ 7,776,955 Export revenues 30,901,566 6,489,580 61,146,726 12,597,145 Total coal sales 65,278,057 10,522,122 121,221,205 20,374,100 Coal Processing - 551,380 - 2,237,674 Total revenues $ 65,278,057 $ 11,073,502 $ 121,221,205 $ 22,611,774 As of June 30, 2018, 2018 0.8 0.3 2018 0.1

Note 8 - Income Taxes

Note 8 - Income Taxes	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 8 — INCOME TAXES Income tax provisions for interim quarterly periods are based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent or unusual items related specifically to interim periods. Income tax expense for the three June 30, 2018 $0.6 5.9%. six June 30, 2018 $1.4 8.2%. not three six June 30, 2017 There were no June 30, 2018.

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 9 — EARNINGS PER SHARE The following is the computation of basic and diluted EPS for the three six June 30, 2018 2017. Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Numerator Net income (loss) $ 10,203,436 $ (3,487,971 ) $ 15,469,713 $ (6,581,114 ) Denominator Weighted average shares used to compute basic EPS 40,082,467 39,072,394 39,994,386 35,592,366 Dilutive effect of share-based awards (a) 257,282 - 247,531 - Weighted average shares used to compute diluted EPS 40,339,749 39,072,394 40,241,917 35,592,366 Earnings per share Basic $ 0.25 $ (0.09 ) $ 0.39 $ (0.18 ) Diluted $ 0.25 $ (0.09 ) $ 0.38 $ (0.18 ) (a) The 2017

Note 10 - Related Party Transac

Note 10 - Related Party Transactions	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 10 —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, a related party. Payments of minimum royalties and throughput payments commenced in 2017 $2.6 $0.1 June 30, 2018 December 31, 2017, Accounts Payable 2018. Related Party Borrowings In May 2018, $3.0 10.0%. August 15, 2018 may November 15, 2018. June 30, 2018, $3.0 On-going Administrative Services Under a Mutual Services Agreement dated December 22, 2017 March 31, 2017, 12 may 12 30 No six June 30, 2018 2017.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 achieving competitive low risk interest rate return, while 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— three six June 30, 2018, six 79% 75% June 30, 2018 71% three June 30, 2017, five 87% six June 30, 2017, four 73%
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 17

Note 3 - Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 30, 2018 December 31, 2017 Plant and equipment at cost $ 97,470,650 $ 80,454,977 Construction in process 12,032,525 7,625,855 Capitalized mine development cost 35,870,022 30,775,765 Less accumulated depreciation and amortization (8,798,639 ) (3,405,756 ) Total property, plant and equipment, net $ 136,574,558 $ 115,450,841

Note 5 - Equity (Tables)

Note 5 - Equity (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018 994,118 $ 7.02

Note 7 - Revenues (Tables)

Note 7 - Revenues (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Coal Sales Domestic revenues $ 34,376,491 $ 4,032,542 $ 60,074,479 $ 7,776,955 Export revenues 30,901,566 6,489,580 61,146,726 12,597,145 Total coal sales 65,278,057 10,522,122 121,221,205 20,374,100 Coal Processing - 551,380 - 2,237,674 Total revenues $ 65,278,057 $ 11,073,502 $ 121,221,205 $ 22,611,774

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Numerator Net income (loss) $ 10,203,436 $ (3,487,971 ) $ 15,469,713 $ (6,581,114 ) Denominator Weighted average shares used to compute basic EPS 40,082,467 39,072,394 39,994,386 35,592,366 Dilutive effect of share-based awards (a) 257,282 - 247,531 - Weighted average shares used to compute diluted EPS 40,339,749 39,072,394 40,241,917 35,592,366 Earnings per share Basic $ 0.25 $ (0.09 ) $ 0.39 $ (0.18 ) Diluted $ 0.25 $ (0.09 ) $ 0.38 $ (0.18 )

Note 2 - Summary of Significa21

Note 2 - Summary of Significant Accounting Policies (Details Textual) - Customer Concentration Risk [Member]	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Sales Revenue, Net [Member]
Number of Major Customers	6	5	6	4
Concentration Risk, Percentage	79.00%	87.00%	75.00%	73.00%
Accounts Receivable [Member]
Concentration Risk, Percentage			71.00%

Note 3 - Property, Plant and 22

Note 3 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Depreciation, Total	$ 2.3	$ 0.2	$ 4.4	$ 0.4
Amortization, Total	0.6	$ 0.1	1	$ 0.1
Coal Properties [Member]
Capitalized Costs Related to Coal Reserves	$ 6.1		$ 6.1		$ 8.7

Note 3 - Property, Plant and 23

Note 3 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Less accumulated depreciation and amortization	$ (8,798,639)	$ (3,405,756)
Total property, plant and equipment, net	136,574,558	115,450,841
Plant and Equipment, at Cost [Member]
Property, plant and equipment, gross	97,470,650	80,454,977
Construction in Progress [Member]
Property, plant and equipment, gross	12,032,525	7,625,855
Mine Development [Member]
Property, plant and equipment, gross	$ 35,870,022	$ 30,775,765

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual) - USD ($)	1 Months Ended				6 Months Ended
	Jul. 31, 2018	Jun. 30, 2018	May 30, 2018	Feb. 28, 2018	Jun. 30, 2018	Jun. 30, 2017
Proceeds from Notes Payable, Total					$ 13,000,000
Repayments of Notes Payable					1,000,000	500,000
Proceeds from Related Party Debt					3,000,000
Ramaco Coal, LLC [Member] | Related Party Borrowings [Member]
Debt Instrument, Interest Rate, Stated Percentage			10.00%
Short-term Debt, Total		$ 3,000,000			3,000,000
Proceeds from Related Party Debt			$ 3,000,000
Notes Payable to Banks [Member] | Equipment Note [Member]
Proceeds from Notes Payable, Total				$ 6,000,000
Debt Instrument, Term				180 days
Debt Instrument, Interest Rate, Stated Percentage				8.50%
Debt Issuance Costs, Gross				$ 300,000
Repayments of Notes Payable					1,000,000
Short-term Debt, Gross		5,000,000			5,000,000
Short-term Debt, Total		4,900,000			$ 4,900,000
Notes Payable to Banks [Member] | Equipment Note [Member] | Subsequent Event [Member]
Debt Instrument, Extension Term	120 days
Notes Payable to Banks [Member] | Equipment Note [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate				6.90%
Notes Payable to Banks [Member] | Additional Equipment Note [Member]
Proceeds from Notes Payable, Total		$ 7,000,000
Debt Instrument, Term		180 days
Debt Instrument, Interest Rate, Stated Percentage		8.50%			8.50%
Debt Issuance Costs, Gross		$ 200,000			$ 200,000
Short-term Debt, Total		6,800,000			6,800,000
Debt Instrument, Face Amount		$ 7,000,000			$ 7,000,000
Notes Payable to Banks [Member] | Additional Equipment Note [Member] | 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	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Common Stock, Shares, Outstanding, Ending Balance		40,082,467		40,082,467		39,559,366
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		5,900,000		5,900,000
Allocated Share-based Compensation Expense, Total		$ 700	$ 0	$ 1,200	$ 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		2,100
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period				10 years
Restricted Stock [Member]
Allocated Share-based Compensation Expense, Total		700	$ 0	$ 1,200	$ 0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options		$ 5,200		$ 5,200
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				1 year 328 days
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]	6 Months Ended
	Jun. 30, 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	$ 7.02

Note 6 - Commitments and Cont27

Note 6 - Commitments and Contingencies (Details Textual) $ in Millions	Jun. 30, 2018USD ($)
Asset Retirement Obligation, Ending Balance	$ 12.7
Mine Reclamation and Closing Liability, Noncurrent	12.6
Take-or-pay Purchase Commitments [Member]
Purchase Commitment, Remaining Minimum Amount Committed	$ 1.9

Note 7 - Revenues (Details Text

Note 7 - Revenues (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01 T in Millions	Jun. 30, 2018T
Fixed Priced Contracts [Member]
Revenue, Remaining Performance Obligation, Mass	0.8
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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues	$ 65,278,057	$ 11,073,502	$ 121,221,205	$ 22,611,774
Domestic Coal Revenues [Member]
Revenues	34,376,491	4,032,542	60,074,479	7,776,955
Export Coal Revenues [Member]
Revenues	30,901,566	6,489,580	61,146,726	12,597,145
Coal Sales [Member]
Revenues	65,278,057	10,522,122	121,221,205	20,374,100
Coal Processing [Member]
Revenues		$ 551,380		$ 2,237,674

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Expense (Benefit), Total	$ 642,299	$ 0	$ 1,385,606	$ 0
Effective Income Tax Rate Reconciliation, Percent, Total	5.90%		8.20%
Unrecognized Tax Benefits, Ending Balance	$ 0		$ 0

Note 9 - Earnings Per Share - C

Note 9 - Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income (loss)		$ 10,203,436	$ (3,487,971)	$ 15,469,713	$ (6,581,114)
Weighted average shares used to compute basic EPS (in shares)		40,082,467	39,072,394	39,994,386	35,592,366
Dilutive effect of share-based awards (in shares)	[1]	257,282		247,531
Weighted average shares used to compute diluted EPS (in shares)		40,339,749	39,072,394	40,241,917	35,592,366
Basic (in dollars per share)		$ 0.25	$ (0.09)	$ 0.39	$ (0.18)
Diluted (in dollars per share)		$ 0.25	$ (0.09)	$ 0.38	$ (0.18)
[1]	The 2017 periods exclude the shares issuable under outstanding option awards as their effect would have been antidilutive.

Note 10 - Related Party Trans32

Note 10 - Related Party Transactions (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
	May 30, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Proceeds from Related Party Debt		$ 3,000,000
Ramaco Coal, LLC [Member] | Related Party Borrowings [Member]
Proceeds from Related Party Debt	$ 3,000,000
Debt Instrument, Interest Rate, Stated Percentage	10.00%
Short-term Debt, Total		3,000,000
Ramaco Coal, LLC [Member] | Accounts Payable and Accrued Liabilities [Member] | Mineral Lease and Surface Rights Agreements [Member]
Due to Related Parties, Total		$ 2,600,000		$ 100,000