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 |