Financial reports / American Clean Resources Group, Inc. | Tables in SEC filings

ACRG American Clean Resources Group, Inc.

Annual report

CONSOLIDATED BALANCE SHEETS

	December 31, 2023 (unaudited)		December 31, 2022 (audited)

Assets
Current assets:
Cash	$	36,254	$	1,251
Prepaid expenses and other current assets		140		-
Total current assets		36,394		1,251

Mining and mineral rights		3,883,524		3,883,524
Developed technology and exclusive licenses, net amortization		4,888,762		-

Total Assets	$	8,808,680	$	3,884,775

Liabilities, Mezzanine, and Shareholders’ Deficit
Current liabilities:

Senior secured convertible promissory note payable, related party	$	-	$	2,229,187
Promissory notes payable, related party		-		477,500
Convertible promissory notes payable, related party		191,231		1,299,527
Accrual for settlement of lawsuits		-		3,703,736
Accounts payable		1,332,612		1,132,614
Accounts payable – related party		80,000		-
Accrued interest (including related party amounts of $17,384 and $2,286,109 at December 31, 2023 and 2022, respectively)		1,528,818		3,508,735
Total current liabilities		3,132,661		12,351,299

Commitments and contingencies (Note 9)

Preferred stock, 50,000,000 shares authorized:
Series A, $.001 par value, 10,000,000 shares issued and outstanding at December 31, 2023 and 2022		10,000,000		10,000,000

Shareholders’ deficit:

Common stock, $0.001 par value, 500,000,000 shares authorized: 14,418,760 and 2,674,530 issued and outstanding at December 31, 2023 and 2022, respectively		14,419		2,674
Additional paid-in capital		103,680,994		88,061,298
Accumulated deficit		(107,939,395)		(106,530,496)
Total shareholders’ deficit		(4,243,982)		(18,466,524)
Total Liabilities, mezzanine and Shareholders’ deficit	$	8,808,680	$	3,884,775

	Three months ended
	March 31, 2024		March 31, 2023

Revenues	$	-	$	—

Operating expenses:
General and administrative		128,608		42,119
Amortization expense		89,429		-
Total operating expenses		218,037		42,119
Loss from operations		(218,037)		(42,119)

Other income (expense):
Other income		5,601		2,099
Gain on derecognition of accounts payable		-		57,572
Interest expense		(77,896)		(212,909)
Total other expense, net		(71,694)		(153,238)
Loss before income tax provision				(195,357)

Income tax provision		—		—
Net loss	$	(289,731)	$	(195,357)

Basic diluted net loss per common share	$	(0.02)	$	(0.07)

Basic diluted weighted average common shares outstanding		14,418,760		2,674,530

	For the Three months ended
	March 31, 2024		March 31, 2023
Cash flows from operating activities:
Net loss	$	(289,731)	$	(195,357)
Adjustments to reconcile net loss to cash flows used in operating activities:
Amortization expense		89,429		-
Gain on derecognition of certain accounts payable		-		(57,572)
Expenses paid directly by related party		138,430		39,426
Changes in operating assets and liabilities:
Accounts receivable		(5,000)		-
Prepaid expenses and other assets		(3,120)		-
Accounts payable		(38,171)		-
Accrued liabilities		3,925		-
Accrued interest		77,896		170,361
Accrual for settlement of lawsuits, related party		-		42,549
Net cash used in operating activities		(26,943)		(593)
Cash Paid for investment		-		-
Cash flows from investing activities:		-		—

Cash flows from financing activities:		-		-

Proceeds from convertible debentures		---		---

Net cash provided by financing activities		---		---

Decrease in cash		(26,943)		(593)
Cash, beginning of period		36,254		1,251
Cash, end of period	$	9,311	$	658

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