I love it when things work out!
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Yeah... I don't believe they plan on sticking around on the Pinks either. If they become half of their potential, I think we see uplisting to a higher exchange in 2021.
We shall see!
Randy
I think R3 Score is aiming at becoming a world-class company. They're forging a path through uncharted waters.
If you've not checked out their website, I suggest you do so.
https://www.r3score.com/
Criminal Background Reports Screening and Reports
The last line of your post was golden!!
"Company replied to my tweet today... name change is coming."
You're welcome. Thought I'd clean things up a bit.
30 Cent bid was slapped before the close.
Big fan of what R3Score.come is trying to do.
Makes worlds of sense... plus seems pretty well connected.
I have to say... I was a little dismayed that the conversion price was as low as it was... but encouraged also that these shares were not registered and will need to be held for 6 to 12 months.
Pretty serious money at any rate. Why would a company with obvious experience in the industry put this kind of money in the hands of a company like this?
Only ONE reason!!!
I don't know... it looks to me like they're pretty serious about turning this endeavor into a real company.
$2.5 Million for Phase one Trial...
Changing headquarters of the company from Florida to Austin, TX.
It's all continues sounding pretty good to me.
NEWS QSAM Biosciences Closes Series B Preferred Private Placement; $2.5 Million in New Capital to Fund Upcoming Clinical Trials
01/28/2021
Austin, Texas, Jan. 28, 2021 (GLOBE NEWSWIRE) -- QSAM Biosciences Inc. (OTCQB: QSAM), a company developing next-generation nuclear medicines for the treatment of cancer and related diseases, announced today the successful closing of its Series B Preferred Stock private placement in the amount of $2.5 million. The offering was led by Checkmate Capital Group, LLC (“Checkmate Capital”), an investment firm based in California focused on biotechnology investments and other technologies.
Proceeds from the Series B offering, which was over-subscribed, are expected to be used primarily to fund the Company’s upcoming clinical trials for its flagship drug candidate Samarium-153-DOTMP (aka CycloSam®). The Company expects to file its IND with the U.S. Food and Drug Administration (“FDA”) later this quarter to commence Phase 1 trials shortly thereafter.
“We are very pleased with the overwhelming interest in our offering, the proceeds from which will go directly into advancing the development of CycloSam. We are focused on several important value creating milestones in 2021, including commencement of clinical trials for CycloSam for indications that include both primary bone cancer, such as osteosarcoma, and secondary bone cancers that metastasize from the breast, lung, prostate and other areas. This funding will go a long way towards achieving these and other strategic goals,” stated Douglas R. Baum, CEO and Co-Founder of QSAM.
“We are delighted to participate in this offering as a leading shareholder of QSAM. We have been impressed with the unique attributes of CycloSam’s radiologic cancer therapy, which, in animal studies, has demonstrated deep bone penetration followed by rapid exit of radioactive content from the body, as was reinforced by an FDA-approved, compassionate-use single human application,” commented Tom Paschall, CEO of Checkmate Capital. “We have been further impressed with QSAM’s team of experts in nuclear medicine as well as the leading oncology centers with which QSAM is partnered.”
The Series B preferred shares are convertible into an aggregate of approximately 16.6 million common shares and have voting rights alongside the common holders based on this conversion amount. Investors in the offering also received six-month, non-registered warrants to purchase an aggregate of up to 5.8 million shares of common stock at $0.35 per share. For its early investment and efforts to support the funding, Checkmate Capital received a 12-month warrant for 475,000 shares at $0.45 per share.
The Company also announced that it has moved its official headquarters from Florida to Austin, Texas.
About QSAM Biosciences:
QSAM Bioscience, Inc. holds the worldwide license for CycloSam® (Samaium-153 DOTMP), a clinical-stage novel radiopharmaceutical meant to treat different types of bone cancer and related diseases. QSAM’s initial technology is Samarium-153 DOTMP, aka CycloSam, a clinical-stage bone targeting radiopharmaceutical? developed by IsoTherapeutics Group LLC, leaders in the nuclear medicine field who also developed FDA-approved and commercially available Quadramet® (Samarium-153 EDTMP), indicated for pain palliation. IsoTherapeutics Group LLC assigned the CycloSam patents to its subsidiary, IGL Pharma, Inc.
CycloSam has already demonstrated preliminary safety and efficacy in animal studies and a single patient FDA-cleared successful human trial performed in 2020. This nuclear technology uses low specific activity Samarium-153 (resulting in far less europium) and DOTMP, a chelator which is believed to eliminate off-target migration and targets sites of high bone turnover making it an ideal agent to treat osteosarcoma or other bone metastases. Osteosarcoma is the most common malignant bone tumor among children and adolescents. Because of its ability to deliver radiation to the skeletal system, it is also believed to be an effective agent to perform bone marrow ablation as pre-conditioning for bone marrow transplantation. This drug candidate utilizes an FDA-approved radioisotope combined with a novel chelant that has demonstrated increased efficacy and decreased side effects in animal models. Further, CycloSam utilizes a streamlined, just-in-time manufacturing process. Management believes these factors offer a strong pathway to commercialization.
CycloSam is cleared by the FDA under an investigator-initiated IND to commence human dosing immediately in patients with osteosarcoma and bone metastasis. CycloSam was also cleared by the FDA and successfully used under a single-patient IND to perform bone marrow ablation prior to allogenic marrow transplantation (BMA/T) in 2020.
About Checkmate Capital:
Checkmate Capital is an investment group managing family office assets with a geographic focus on North America and Asian-Pacific markets. Checkmate Capital’s primary areas of investment are agricultural bioscience, waste technology, energy technology, biomedical and biotechnology, and diversified special situations. With offices in Pasadena, California and Beijing, China, Checkmate Capital has a team of professionals able to provide seasoned expertise in the group’s focused industries, leveraging an international network of strategic partners, business talent and resources. Checkmate Capital’s strategic oversight facilitates synergistic relationships and technology licensing instrumental to the success of its portfolio companies. For more information, please visit www.checkmatecapital.net.
Legal Notice Regarding Forward-Looking Statements: This news release contains "Forward-looking Statements". These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to our ability to fully commercialize our technology, risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new products and markets, the time and expense involved in such development activities, the ability to secure additional financing, the ability to consummate acquisitions and ultimately integrate them, the level of demand and market acceptance of our products, and changes in our business strategies. This is not an offering of securities and securities may not be offered or sold absent registration or an applicable exemption from the registration requirements.
Contact
Christopher Nelson
General Counsel
cnelson@qsambio.com
https://www.otcmarkets.com/stock/QSAM/news/QSAM-Biosciences-Closes-Series-B-Preferred-Private-Placement-25-Million-in-New-Capital-to-Fund-Upcoming-Clinical-Trials?id=287882
The corresponding 8-K filed after the close.
Fortem Resources seems to be consolidating. For the last few weeks or months there have been relatively large 70k to 100k bids that have been creeping higher.
The ask has been increasing as well. Last Friday someone dropped 20k shares on the bid (.20-.21), but then before the close we saw a 10k buy at the offer (.30).
It's obvious but if the buying continues, and especially if we receive some word from the company that the CTO is lifted and the company is "back in business" I think we see a fairly quick rise in price.
There are clearly some "ifs" and "maybes" but if you believe the company's account of things, and their frustration with the Alberta Stock Exchange, they will eventually get past this... though obviously it's taken much longer than anyone wanted.
At present I'm mostly just watching, but as liquidity arises may continue adding shares.
QSAM certainly seems to be building a company for the future. The new management is giving every indication they know what they are doing.
Thanks for posting this press release!
I think it indicates that the company is methodically laying the ground work for a broad based and potentially profitable future.
It's early, but right now it looks like early long-term investors will do very well in SPYR's future.
Well, I thought my previous post made clear that I was quite optimistic about the future of Fortem Resources.
And consequently, I've been buying.
Agreed. I don't think it makes sense either. Maybe there are some that are selling to offset profits and tax liability.
I'm supposing what we are seeing is some shareholders that have and are giving up and selling shares at the current levels before the price goes down further. As I posted before, it's always a tough call.
I believe the disclosures about the accounting or auditing firm not signing off on their previous audits (which is dumb). After arguing and debating with the old auditor, and receiving the CTO in the process, FRTM paid their new accounting firm to re-audit their prior filings.
Having done all they could, they've been at the mercy of the Alberta Stock Exchange bureaucracy. They've tried waiting, they've hired lawyers and litigated, and still nothing. It's sounds bizarre and it is.
Through it all the company has been hamstrung, stuck in a sort of limbo. I think the resignation of these board members and management was an indication of their frustration with the Alberta Stock Exchange's inaction.
I believe the company has basically put itself on pause until the CTO and accounting matter are resolved. I'm confident FTMR's assets (gas and oil properties) and share structure are all in tact. If progress is ever made with the CTO being lifted, I'm thinking and hoping that we will be back in business as before.
Could I be wrong? Sure. But to me the risk reward ratio makes FTMR a pretty attractive investment.
We shall see.
Realizing that I've been a cheerleader for AREC for a long time... I wear some pretty rose colored glasses. I think there is significantly out higher ground ahead than $3 a share.
I would grant that there are some uncertainties with the political implications of a Biden administration and it's effect fossil fuels, but with AREC's recent branching out to recycling and Rare Earth Minerals, I think that risk is substantially mitigated.
Plus, I think there will be additional stimulus dollars used for the rebuilding of America's infrastructure. If that is the case metallurgical coal will certainly be in demand. With full production those numbers alone AREC will quickly surpass a hundred to two hundred million dollars in annual production (revenue).
If you add to that other revenue streams I think the sky is the limit.
So yes, if you're looking for shorter term profits think $3 will be tapped in relatively short order. With the initial announcement is the Rare Earth subsidiary we ran to $4.50... on that day I think the average purchase price the volume was like 30 million shares and average price paid per share was over $2.50.. which was also the level that round of financing was done at.
I see secondary financings like that as indications of what smart money expects the future stock price to be. In this instance smart money is not going for a 25% return on their investment but rather a 200% to 300%... which (if I'm correct) means their looking for $5-8... possible more.
AREC is establishing higher bases as the weeks go by.
It's just my opinion, but I think this trend will continue. There are enough positive events ahead of us to propel us significantly higher.
The more I learn about QSAM the higher my expectations grow.
I think the next year or even the next quarter or two hold lots of potentials.
I think this indicates that QSAM isn't just hoping for a one-shot wonder, but rather has multiple patents and "AN EXCLUSIVE WORLDWIDE LICENSE WITH FUTURE IGL PHARMA" for their future pharmaceutical innovations.
The issuance of patents protects their turf... or drug candidates.
NEWS RELEASE: QSAM Biosciences Receives Notice of Allowance for European Patent and Expands Licensed IP Portfolio
12/10/2020
Palm Beach, FL, Dec. 10, 2020 (GLOBE NEWSWIRE) -- QSAM Biosciences Inc. (OTCQB: QSAM), a company developing next generation nuclear medicines, including Cyclosam® Samarium-153-DOTMP, for the treatment of cancer and related diseases and conditions, announced today that the European Patent Office (EPO) has allowed the first patent covering “DOTMP kit formulations for radioisotopes.” This is the first patent outside the United States and is in addition to the two prior patents issued by the United States Patent & Trademark Office (USPTO) covering “High purity and low specific activity therapeutic bone agents.”
The EPO patent allowance covers technology licensed exclusively by QSAM from IGL Pharma, Inc. that protects the radiopharmacy preparation of CycloSam. The DOTMP kits, which refer to the chelating agent that binds the radioisotopes to growing cells in the bone and is believed by management to reduce toxicity and increase efficacy of the drug candidate, are a crucial component of the Cyclosam radiopharmaceutical product.
“We are pleased that the EPO has recognized the novelty of our scientific discoveries and innovations by allowing our first patent outside the United States. This enhances our entire IP estate which currently covers 15 total patents across 3 distinct patent families all of which are in various stages of prosecution and issuance both in the United States and internationally,” stated Douglas R. Baum, CEO of the Company. “We expect additional patents to be issued through our exclusive worldwide license agreement with IGL Pharma, as we add patent filings in the coming year.”
About QSAM Biosciences:
QSAM Bioscience, Inc. holds the worldwide license for CycloSam® (Samaium-153 DOTMP), a clinical stage novel radiopharmaceutical meant to treat different types of bone cancer and related diseases. QSAM’s initial technology is Samarium-153 DOTMP, aka CycloSam®, a clinical-staged bone targeting radiopharmaceutical? developed by IsoTherapeutics Group LLC, leaders in the nuclear medicine space who also developed FDA-approved and commercially available Quadramet® (Samarium-153 EDTMP), indicated for pain palliation. CycloSam was assigned to IsoTherapeutics Group’s subsidiary, IGL Pharma, Inc.
CycloSam® has already demonstrated preliminary safety and efficacy in animal studies and a single patient FDA-cleared successful human trial performed earlier in 2020. This nuclear technology uses low specific activity Samarium-153 (resulting in far less europium) and DOTMP, a chelator which is believed to eliminate off-target migration and targets sites of high bone turn over making it an ideal agent to treat osteosarcoma or other bone metastases. Osteosarcoma is the most common malignant bone tumor among children and adolescents. Because of its ability to deliver radiation to the skeletal system, it is also believed to be an effective agent to perform bone marrow ablation as pre-conditioning for bone marrow transplantation. This drug candidate utilizes an FDA approved radioisotope combined with a novel chelant that has demonstrated increased efficacy and decreased side effects in animal models. Further, CycloSam® utilizes a streamlined, just-in-time manufacturing process. Given these factors, management believes there is a strong pathway to commercialization.
CycloSam® is cleared by the FDA under an investigator initiated IND to commence human dosing immediately in patients with osteosarcoma and bone metastasis. CycloSam® was also cleared by FDA and successfully used under a single-patient IND to perform bone marrow ablation prior to allogenic marrow transplantation (BMA/T) in 2020.
Legal Notice Regarding Forward-Looking Statements: This news release contains "Forward-looking Statements". These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to our ability to fully commercialize our technology, risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new products and markets, the time and expense involved in such development activities, the ability to secure additional financing, the ability to consummate acquisitions and ultimately integrate them, the level of demand and market acceptance of our products, and changes in our business strategies. This is not an offering of securities and securities may not be offered or sold absent registration or an applicable exemption from the registration requirements
Contact
Christopher Nelson
Chris@qsambio.com
And according to the Shareholder Letter, we can expect the Leadership Team to grow over the next six months.
Plus we can expect to hear about financing being raised for the future of the company. If I had to guess I would think this will be done at a level higher than we're currently trading.
NEWS 11/24/2020 QSAM Biosciences Issues Letter from New CEO; Presents Opportunities Ahead for Company
Palm Beach, FL, Nov. 24, 2020 (GLOBE NEWSWIRE) -- The recently appointed Chief Executive Officer of QSAM Biosciences Inc. (OTCQB: QSAM), Douglas Baum, provided in the following letter to shareholders:
Dear Shareholders:
Thank you for your warm reception and excitement for the new direction of QSAM Biosciences. 2020 has been an eventful year for all of us, and we are very much looking forward to the great things ahead for QSAM in 2021.
The future of QSAM as a biosciences company is very promising. Earlier this year we licensed on a worldwide, exclusive basis a drug technology called CycloSam®. CycloSam is novel radiopharmaceutical meant to target cancers that develop in or metastasize to the bone, which includes a devastating form of cancer that mostly afflicts children and young adults called osteosarcoma, and for which there have been very few advancements in treatment for over 40 years. In addition, CycloSam is being studied to treat cancer that has metastasized to the bones from the breast, prostate and other areas. Furthermore, we have already used CycloSam with technical success in a human trial for another large potential use - the ablation of bone marrow prior to a stem cell transplant.
The opportunities presented by CycloSam are broad and important. More so, we see a direct pathway through FDA trials for this drug candidate, with Phase 1 trials expected to commence in early 2021. CycloSam is an improved version of another FDA approved and commercialized radiopharmaceutical developed by the same inventors. Early studies have shown the safety and efficacy profile of CycloSam to be significantly better than its prior sister drug. As a result of this, as well as the number of animal studies and one human trial conducted this past summer, and the streamlined manufacturing process that is already in place, we are optimistic about the chances of advancing CycloSam through the FDA process over the coming years.
Over the next 12 months, we expect to demonstrate significant advancements through the achievement of several important milestones. Some of these we forecast in the short term include:
Receipt of Orphan Drug Designation approval for CycloSam for its use to treat osteosarcoma;
Establishing agreements with strategic investors and prominent scientific advisors;
Securing clinical sites and investigators for our clinical trials;
Filing and ultimate clearance of our IND with the FDA to start clinical trials; and
Dosing of the first patient in the trials and announcement of initial Phase 1 results.
We believe that most of these milestones can be achieved in the first half of 2021, making the next few months both extremely busy and productive. To support these efforts, we expect to close additional equity financing in the fourth quarter. The near and long-term results of this plan, we believe, will be to continue to increase the value of our drug candidate asset, and in turn, value for our shareholders.
As we have reported over the last few months, QSAM has been transitioning from its legacy business of acquiring and managing compost and soil companies thought its affiliated entity, Earth Property Holdings LLC (EPH), to the new opportunity presented by CycloSam. In early November we announced that we had signed a separation agreement with EPH whereby we terminated the management agreement under which we provided services to EPH, transferred to EPH the remaining soil technology assets we controlled, and eliminated over $1 million in inter-company debt. We also reached settlement agreements with the holders of over $2.8 million in bridge notes by converting those liabilities into common stock, and are working on settling all remaining debt on our books. These actions, if achieved, will place QSAM in a strong balance sheet position to advance our drug development business.
In November also we appointed a new CEO and Executive Chairman to replace Kevin Bolin who will now be leading EPH. Our new Executive Chairman, Richard Piazza, has more than 45 years of healthcare experience in both medical devices and pharmaceutical/biotech development, and has led several technology companies to market success including numerous FDA approvals in both sectors. During his career running both public and private companies, Richard has raised more than $120 million in capital. We very much look forward to his steady hand and rich experience to lead our Board.
As CEO, I personally bring over 28 years of experience in the bioscience and biotech industries, including development, commercialization and marketing of multiple drugs and medical devices. Over my long senior executive tenure, including as CEO of Xeris Pharmaceuticals, I have overseen 15 product approvals through the FDA and raised over $80 million in capital to fund breakthrough technologies. Richard and I also expect to bring other seasoned executives and advisors on the team over the next few quarters to further strengthen our roster and bring additional experience and contacts to our ongoing business.
Thank you so much for your support and shared enthusiasm for the future of QSAM. We share an important goal of building shareholder value by seeking to find cures for cancer. We welcome you to our mission.
Sincerely,
Douglas Baum
Chief Executive Officer
About QSAM: QSAM Bioscience, Inc. (f/k/a Q2Earth. Inc.) holds the worldwide license for CycloSam® (Samaium-153 DOTMP), a clinical stage novel radiopharmaceutical meant to treat different types of bone cancer and related diseases. This nuclear technology uses low specific activity Samarium-153 (resulting in far less europium) and DOTMP, a chelator which is believed to eliminate off-target migration and targets high bone turn over making it an ideal agent to treat metastatic prostate and breast bone cancer, osteosarcoma, Ewing’s Sarcoma, bone metastases and to perform bone marrow ablation. Sm-153 DOTMP has been cleared by the FDA under an investigator initiated IND to commence human dosing of cancer patients.
Legal Notice Regarding Forward-Looking Statements: This news release contains "Forward-looking Statements". These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to our ability to fully commercialize our technology, risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new products and markets, the time and expense involved in such development activities, the ability to secure additional financing, the ability to consummate acquisitions and ultimately integrate them, the level of demand and market acceptance of our products, and changes in our business strategies. This is not an offering of securities and securities may not be offered or sold absent registration or an applicable exemption from the registration requirements
Contact
Christopher Nelson
cnelson@q2earth.com
MORE NEWS American Resources Corporation to Present at the H.C. Wainwright Mining Conference
Presentation by CEO Mark Jensen with live video webcast on Monday, November 30 at 12:00 PM ET
FISHERS, IN / ACCESSWIRE / November 24, 2020 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company"), a next generation and socially responsible supplier of raw materials to the new infrastructure marketplace, announced today that Mark Jensen, Chairman and CEO of American Resources Corporation, will present at the H.C. Wainwright Mining Conference on Monday, November 30th at 12:00 PM ET.
In addition to the presentation, management will be available for one-on-one meeting with qualified members of the investment community who are registered to attend the conference. For more information, please visit the conference website here.
A live video webcast of the presentation will be available on the Investors section of the Company's website (americanresourcescorp.com). The video webcast replay will be made available two hours following the event and will be archived for 90 days.
About American Resources Corporation
American Resources Corporation is a supplier of high-quality raw materials to the rapidly
NEWS American Resources, wholly owned subsidiary, American Rare Earth LLC Enters into Joint Venture to Develop and Commercialize Critical Element and Graphene Technologies
*Joint venture partners with Gerardine Botte, Ph.D., Texas Tech University Professor and Department Chair to develop and commercialize technologies production from carbon-based deposits
**Dr. Botte is Professor and Whitacre Department Chair in Chemical Engineering at Texas Tech University and is a recognized visionary in Electrochemical Science
***Dr. Botte appointed to the American Resources Board of Directors and will advise and help to expand the Company's current suite of environmentally positive production methods of Rare Earth and Critical Element Division
FISHERS, IN / ACCESSWIRE / November 24, 2020 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company"), a next generation and socially responsible supplier of raw materials to the new infrastructure marketplace, today announced its subsidiary, American Rare Earth LLC, has entered into a joint venture with Gerardine Botte, Ph.D., a Texas Tech University Professor and the Whitacre Department Chair in Chemical Engineering to develop and commercialize technologies for critical elements and graphene production from carbon-based deposits under the newly established and jointly controlled limited liability company, Advanced Carbon Materials LLC ("ACM"). Additionally, the Company has appointment Gerardine (Gerri) Botte, Ph.D.to its Board of Directors as an Independent Director.
ACM is a newly formed company in partnership between the Company's wholly owned subsidiary, American Rare Earth LLC, and Dr. Botte, whereby ACM will focus on developing new technologies for both critical elements (rare earth elements) and graphene production to bring domestic production to the electrification marketplace, including the needs of the Department of Energy, Department of Defense and electric vehicle production. Dr. Botte's extensive work in advanced water treatment ACM will look to license existing technologies in both segments as well as develop new technologies in partnership with Dr. Botte. American Rare Earth LLC will own a 49% equity interest and 95% revenue interest in the new LLC.
Mark Jensen, Chairman and CEO of American Resources Corporation commented, "We couldn't be more excited to welcome Gerri as a member to our Board of Directors. Gerri brings a wealth of knowledge and experience to our Company that will undoubtedly help steer American Resources and its more forward-thinking initiatives. Gerri will be instrumental in working with all of our technology partners in directing our Critical Element and Rare Earth division on a path of innovation and growth as well as assessing prospective opportunities in graphene and battery production. Gerri's extensive work in advanced water treatment will be integral in our environmentally beneficial, hydro-based, rare earth collection as well as ensuring that our critical element processing methods discharge water in the most environmentally sensitive way. Her energy, spirit and knowledge fit extremely well with the goals of our team and the direction of our Company."
Dr. Botte has over 21 years of experience in the development of electrochemical processes and advanced water treatment. She has served in leadership roles for the Electrochemical Society and is currently the Chair of the Electrochemical Process Engineering and Technology Division of the International Society of Electrochemistry. Dr. Botte also serves as the Editor in Chief of the Journal of Applied Electrochemistry. In 2014, she was named a Fellow of the Electrochemical Society for her contributions and innovation in electrochemical processes and engineering. She became a Chapter Fellow of the National Academy of Inventors in 2012. In 2010, she was named a Fellow of the World Technology Network for her contributions on the development of sustainable and environmental technologies. Prior to Texas Tech, Dr. Botte was University Distinguished Professor and Russ Professor of Chemical and Biomolecular Engineering at Ohio University, the founder and Director of Ohio University's Center for Electrochemical Engineering Research, and the founder and Director of the Consortium for Electrochemical Processes and Technology - an Industry University Cooperative Research Center. Her entrepreneurial spirit has led to the commercialization of various technologies and has founded and co-founded various companies to help achieve this goal.
Dr. Botte added, "I am pleased to join the board of directors of American Resources. The Company's innovative management team with its willingness to think outside the box, is leading the industry forward on a path of prosperity, while ensuring it stays focused on safety and efficiency. It's a very exciting time in the Company's history and I am confident we can effectively drive both its organic growth and innovation in commercializing its American Rare Earth initiatives."
In addition to the work being conducted in conjunction with Dr. Botte, Advanced Carbon Materials LLC will work to secure other patents, technologies, and licenses in the fields of extraction, processing, and commercialization of critical elements, rare earth elements, and graphene production with other research institutions as the company progresses to become a leader in the critical element production space.
American Resources Corporation is focused on running a streamlined and efficient operation to economically deliver raw materials products to meet its customers' demands. By operating with low or no legacy costs and having one of the largest and most innovative growth pipelines in the industry, American Resources Corporation works to maximize value for its investors while being able to scale its operations to meet the growth of the markets it serves.
For more information on Dr. Gerardine Botte visit: https://www.depts.ttu.edu/provost/facultybios/19-20/Gerardine-Botte.php
About American Resources Corporation
American Resources Corporation is a supplier of high-quality raw materials to the rapidly growing global infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon deposits are concentrated.
American Resources has established a nimble, low-cost business model centered
on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure market while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.
https://www.otcmarkets.com/stock/AREC/news/story?e&id=1751005
I'm not sure what to say.
In a recent post I mentioned that materially FTMR continues to hold title to a boatload of oil and gas properties. These have by definition intrinsic value as well as potential income-generating value down the road. I think this remains the case.
BUT, will the company survive all this and come out the other side? I don't know.
The question I've pondered today is this. Do I pick up these cheap shares at the Ask or be patient and wait at the Bid? I don't know.
Here we are at the end of November. There's probably going to be some tax loss welling between now the end of the year.
Guess one has to answer the former question first.
Have a good weekend.
RK
Well, it's now clear that QSAM Pharmaceuticals is now the controlling entity of this corporate entity.
QSAMBio.com describes what we have become. By any comparison, we have become more than we were.
The only old management that was retained was Christopher Nelson who continues as the company's CFO. It makes perfect sense. He kept books for the former company and pretty much kept up their SEC filings up to date.
It should be relatively easy for him to continue this for the new company.
NOW THE BOTTOM LINE QUESTION IS WHY? Why would these "WHO'S WHO" in the drug development pedigree want to put their assets in a public entity like QPWR (or what is now QSAMBio.com???
They most likely have aspirations to build a successful pharmaceutical company that will enable them and their partners to retain more of the profits and enterprise value.
Will there be some short-term opportunities to makes some profits? I expect so, but I expect the longer-term game is much bigger and far-reaching than most investors will realize.
Oh well, more thoughts on that later.
Hey Televet,
I think this is part of the companies plan to continue is fund is operations and acquisitions. I seem to remember at one point there was a concerted effort to line up those who held warrants, notes, and/or options.
I think the company or those friendly to the company, were able to get most of these under contract. So, in affect the difference between the "under contract" and the exercise price will be realized by and benefit there company.
I'll grant, I've not yet read the 250 pages of this filing, but as we're betting on the future long term success of the company, I think this just part of the plan.
Time will tell.
Randy
NEWS 11/10/2020 QSAM Biosciences Advances Plan of Separation from Legacy Business
Pharmaceutical Industry Experts Assume Leadership Roles at QSAM;
Over $4M in Debt Eliminated from Balance Sheet
Pharmaceutical Industry Experts Assume Leadership Roles at QSAM;
Over $4M in Debt Eliminated from Balance Sheet
Palm Beach, FL, Nov. 10, 2020 (GLOBE NEWSWIRE) -- QSAM Biosciences Inc. (OTCQB: QSAM) announced today that it has signed an Omnibus Separation Agreement with Earth Property Holdings LLC (“EPH”) to provide for the termination of management services to EPH and the elimination of over $1.1 million in debt owed to EPH, among other terms.
In connection with this agreement, Kevin Bolin has stepped down as Chairman and CEO of the Company and has been replaced by Douglas Baum as CEO and C. Richard Piazza as Executive Chairman of the Board. In separate transactions, the Company has also converted approximately $2.8 million in promissory notes previously in default, and approximately an additional $0.37 million in deferred compensation and other liabilities, into shares of common stock at a conversion price of $0.22 per share.
In addition to eliminating significant debt, the Separation Agreement with EPH benefits the Company by providing management the ability to focus entirely on the clinical development of its exclusively licensed radiopharmaceutical called CycloSam®, which is meant to treat different types of bone cancer such as metastatic prostate and breast bone cancer, osteosarcoma, Ewing’s Sarcoma, and other related diseases. CycloSam is expected to go into Phase 1 clinical trials in the first half of 2021 and has already been used in one human trial this past summer with preliminary results that indicate effectiveness of CycloSam for use in bone marrow ablation procedures.
Mr. Baum, who has been appointed CEO of the Company as well as maintaining his position as President of the Company’s wholly-owned subsidiary QSAM Therapeutics, brings over 28 years of experience in the bioscience and biotech industries, including development, commercialization and marketing of multiple drugs and medical devices. Over his long senior executive tenure, including as CEO of Xeris Pharmaceuticals, he has overseen 15 product approvals through the FDA and raised over $80 million in capital to fund breakthrough technologies.
Mr. Piazza, who has been appointed Executive Chairman of the Company, has more than 45 years of healthcare experience in both medical devices and pharmaceutical/biotech development, and has led several technology companies to market success including numerous FDA approvals in both sectors. During his career running both public and private companies he has raised more than a $120 million in capital.
“This is a major step forward in our corporate development. With the elimination of a significant amount of our debt and the laser focus we can now apply to developing our promising drug candidate, I believe we are in a position to raise long term capital that will help fast track the growth of QSAM and build value for our shareholders by funding and aggressively pursuing CycloSam FDA approval,” stated Mr. Baum, CEO of the Company.
About QSAM: QSAM Bioscience, Inc. (f/k/a Q2Earth. Inc.) holds the worldwide license for CycloSam® (Samaium-153 DOTMP), a clinical stage novel radiopharmaceutical meant to treat different types of bone cancer and related diseases. This nuclear technology uses low specific activity Samarium-153 (resulting in far less europium) and DOTMP, a chelator which is believed to eliminate off-target migration and targets high bone turn over making it an ideal agent to treat metastatic prostate and breast bone cancer, osteosarcoma, Ewing’s Sarcoma,, bone metastases and to perform bone marrow ablation. Sm-153 DOTMP has been cleared by the FDA under an investigator initiated IND to commence human dosing of cancer patients.
Legal Notice Regarding Forward-Looking Statements: This news release contains "Forward-looking Statements". These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to our ability to fully commercialize our technology, risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new products and markets, the time and expense involved in such development activities, the ability to secure additional financing, the ability to consummate acquisitions and ultimately integrate them, the level of demand and market acceptance of our products, and changes in our business strategies. This is not an offering of securities and securities may not be offered or sold absent registration or an applicable exemption from the registration requirements
Contact
Christopher Nelson
cnelson@q2earth.com
https://www.otcmarkets.com/stock/QSAM/news/QSAM-Biosciences-Advances-Plan-of-Separation-from-Legacy-Business?id=279646
NEWS SPYR Technologies Subsidiary, Applied MagiX, Receives Apple(R) MFi Development License
https://ir.spyr.com/press-releases/detail/218/spyr-technologies-subsidiary-applied-magix-receives
NOVEMBER 05, 2020
DENVER, CO / ACCESSWIRE / November 5, 2020 / SPYR Technologies (OTC PINK:SPYR), a holding company building a portfolio of technology companies through targeted acquisitions, including its newly acquired wholly owned subsidiary, Applied MagiX, a registered Apple® developer, and reseller of Apple ecosystem compatible products with an emphasis on the growing multi-billion dollar smart home market, today announced that Applied MagiX Inc., has received its MFi Development License from Apple.
Obtaining the MFi Development License is a crucial step toward developing, designing and releasing future Applied MagiX-branded products. MFi stands for "Made for iPhone/iPod/iPad". It is a program that manufacturers of accessories for those Apple devices must go through to have their hardware approved by Apple. It is a stringent process, but when a product is MFi-certified, you can be sure it is safe to use.
The MFi Development License will give Applied MagiX access to the hardware components, tools, documentation, technical support, and certification logos needed to create AirPlay audio accessories and electronic accessories that connect to iPod, iPhone, and iPad. Once Applied MagiX' products are MFi certified, it will also allow Applied MagiX to use the familiar Apple badging on its products:
?
Dr. Harald Zink, Chief Executive Officer of Applied MagiX, said of receiving the MFi Development License, "Our goal is to develop, produce and sell the highest quality products compatible with the Apple ecosystem, and to do so in full compliance with Apple's high standards.
"The MFi Development License will allow us to submit our products to Apple's rigorous product certification process and to display the ‘Made for MFi' on our products to let our customers know that they are buying products that meet their own high expectations. Always look for the ‘Made for MFi' badge on products."
About SPYR Technologies
SPYR Technologies, Inc. is a holding company involved in building a portfolio of technology companies through targeted acquisitions. The Company is currently exploring acquisition opportunities in the technology industry.
Pretty exciting release. It certainly leaves room for another shoe to drop.
What's next?? Stay tuned!!
NEWS!! SPYR Technologies Appoints Renowned International Technology, Media & Telecommunications Attorney John P. Formichella to Board of Directors
DENVER, CO, Nov. 02, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire – SPYR Technologies, Inc. (OTC Pink: SPYR), a holding company involved in building a portfolio of technology companies through targeted acquisitions, today announced the appointment of John P. Formichella to SPYR’S Board of Directors.
Mr. Formichella is a U.S. trained attorney and a leading expert in the Technology, Media & Telecommunications sector. He has more than 23 years of sophisticated technology transactional experience (5 in Taiwan, 18 in Thailand), covering technology development and licensing projects, data privacy issues, infrastructure and business process outsourcings, systems integrations, Enterprise Resource Planning (ERP) implementations, cloud computing and web hosting arrangements, data center and co-location agreements and telecommunications procurements.
Mr. Formichella has also served as an advisor to local chambers of commerce and US Embassies in Thailand and Taiwan, and governmental bodies regarding Technology, Media & Telecommunications matters, including both the Office of the United States Trade Representative and United States Department of State in connection with international trade and telecommunications, and has provided testimony to members of the United States Senate on fact-finding missions in Thailand. Additionally, Mr. Formichella served as the Vice President/General Counsel of Wherever.net Holding Corporation, a NASDAQ-listed telecommunications company based in Hong Kong. As General Counsel, he was responsible for legal affairs of the listed company and for seven subsidiaries across the Asia-Pacific and the United States.
"I am honored to have been appointed to SPYR’S Board of Directors and look forward to working with the team at SPYR to help foster the company’s growth and prosperity as it executes its new business plan in the technology space,” said Mr. Formichella of his appointment.
“John is a welcome addition to SPYR’S Board of Directors,” said James R. Thompson, SPYR’S CEO. “His background and experience as an international attorney, representing some of the largest software, telecommunications, and media companies in the U.S., Europe and Japan with regard to their affairs in Thailand should prove to be invaluable to SPYR,” Thompson added.
About SPYR Technologies
SPYR Technologies, Inc. is a holding company involved in building a portfolio of technology companies through targeted acquisitions. The Company is currently exploring acquisition opportunities in the technology industry.
https://www.otcmarkets.com/stock/SPYR/news/story?e&id=1730696
Safe Harbor Statement:
ANALYSTS RAISE THEIR PRICE TARGET TO $4.00
(SIMPLY WALL STREET WRITE-UP w/ Graphics)
https://finance.yahoo.com/news/american-resources-corporation-nasdaq-arec-122340255.html
American Resources Corporation (NASDAQ:AREC) shareholders are probably feeling a little disappointed, since its shares fell 5.9% to US$1.44 in the week after its latest quarterly results. American Resources' revenues suffered a miss, falling 26% short of forecasts, at US$295k. Statutory earnings per share (EPS) however performed much better, reaching break-even. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. Readers will be glad to know we've aggregated the latest statutory forecasts to see whether the analysts have changed their mind on American Resources after the latest results.
Check out our latest analysis for American Resources
earnings-and-revenue-growth
earnings-and-revenue-growth
Taking into account the latest results, the consensus forecast from American Resources' twin analysts is for revenues of US$84.6m in 2021, which would reflect a major 1,053% improvement in sales compared to the last 12 months. Per-share statutory losses are expected to explode, reaching US$0.08 per share. Yet prior to the latest earnings, the analysts had been anticipated revenues of US$84.9m and earnings per share (EPS) of US$0.36 in 2021. So despite reconfirming their revenue estimates, the analysts are now forecasting a loss instead of a profit, which looks like a definite drop in sentiment following the latest results.
Despite expectations of heavier losses next year,the analysts have lifted their price target 129% to US$4.00, perhaps implying these losses are not expected to be recurring over the long term.
Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. One thing stands out from these estimates, which is that American Resources is forecast to grow faster in the future than it has in the past, with revenues expected to grow manyfold. If achieved, this would be a much better result than the 15% annual decline over the past three years. By contrast, our data suggests that other companies (with analyst coverage) in the industry are forecast to see their revenue grow 11% per year. Not only are American Resources' revenues expected to improve, it seems that the analysts are also expecting it to grow faster than the wider industry.
The Bottom Line
The biggest low-light for us was that the forecasts for American Resources dropped from profits to a loss next year. Fortunately, they also reconfirmed their revenue numbers, suggesting sales are tracking in line with expectations - and our data suggests that revenues are expected to grow faster than the wider industry. We note an upgrade to the price target, suggesting that the analysts believes the intrinsic value of the business is likely to improve over time.
Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. We have analyst estimates for American Resources going out as far as 2024, and you can see them free on our platform here.
You should always think about risks though. Case in point, we've spotted 4 warning signs for American Resources you should be aware of, and 1 of them is concerning.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
American Resources Corporation Reports Third Quarter 2020 Financial Results and Provides Business Outlook
Company reports $127,982 of net income and $2.8 million of adjusted EBITDA
.
American Metal LLC subsidiary grew 30% over second quarter of 2020
.
Well-positioned to be a long-term supplier of raw material and critical elements to the modern-day infrastructure market
.
Strategic steps taken to transform into an infrastructure company producing pure metallurgical carbon, rare earth elements and metal aggregation, while enhancing environmental, social and governance (ESG) profile
.
Company expects multiple value driving milestones over the remainder of 2020
.
Company to host conference call on Monday, November 9, 2020 at 10:30 AM ET
.
FISHERS, IN / ACCESSWIRE / October 30, 2020 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company"), a next generation and socially responsible supplier of raw materials to the new infrastructure marketplace, today reported its third quarter of 2020 financial results and provided a corporate update.
Mark Jensen, Chairman and CEO of American Resources Corporation commented, "Over the course of the third quarter, our team continued to execute on the strategic transformation of the Company to solidify our position as a next generation and socially responsible supplier of raw materials. Our first-class portfolio of assets, which have been strategically acquired at a substantial discount to replacement value, has never been in a better position to deliver long term value for our stakeholders. Bolstered by our restructuring efforts that eliminate the industry's legacy mentality and issues and focuses on efficiency and forward thinking, our dynamic platform now sits at an inflection point and the beginning of a new era.
Third Quarter 2020 Key Highlights
Acquired two additional continuous miners (critical pieces of mining equipment) in anticipation of restarting Perry County Resources in the fourth quarter of 2020. The two additional continuous miners give American Resources a total of six to utilize under its restructured, efficient, low-cost operating structure. The Company's plan involves using a total of five continuous miners once fully ramped with two "super" sections and one bridge section.
Further reduced environmental liabilities and long-term costs through the strategic execution of environmental reclamation of idled, irrational thermal coal mines resulting in the bond release of an additional $400,000 of associated environmental reclamation bonds.
Commenced a railcar and metal recycling service partnership through its American Metals business line where it began to receive retired coal railcars to be recycled for their metal content and reused for alternative, modern-day purposes.
Received a prestigious Sentinels of Safety Award from the National Mining Association in recognition of its outstanding safety performance.
Further streamlined the Company's capital structure through the exercise of over two million warrants during and subsequent to the third quarter of 2020.
Mr. Jensen continued, "With the closing of our most recent capital raise and improvements to our balance sheet, we are confident that we are fully capitalized to execute our near-term plans and advance American Resources into its next and exciting chapter. Our metallurgical carbon operations are poised to restart in the fourth quarter of 2020 at Perry County Resources ("PCR") to fulfill our customers' 2021 contracted demand, with production capabilities of over 1.0 million tons per year of metallurgical carbon. Once we are operating at PCR this quarter, our sights will be set towards bringing our McCoy Elkhorn complex online sometime in mid-2021. Additionally, we are pleased with our American Metals business line, having grown nearly 30 percent quarter-over-quarter. We are committed to the growth of American Metals to further diversify our business in a meaningful way, and to advance and support our environmental efforts."
"Lastly, our recently announced American Rare Earth business line provides us with a lot of excitement and a tremendous opportunity to produce critical elements in the most environmentally friendly and socially conscious manner; all while helping to secure our country's resource independence and national security. American Rare Earth enables us to continue to innovate by advancing the Central Appalachian region towards becoming a domestic production hub of critical elements and at the same time, fully complements our ESG efforts and Sustainable Development Goals ("SDG"). Through its unique regional production attributes, the collection of these rare earth elements is done in a way that is a benefit to the environment, creates well-paying and meaningful jobs to an economically distressed area, and advances the United States, and the world, to a cleaner, more modern economy. We believe these ESG efforts will further distinguish American Resources as industry revolutionaries along with permanently shutting down and remediating irrational thermal coal operation throughout our region," added Mr. Jensen.
Conference Call Information
American Resources management will host a conference call for investors, analysts and other interested parties on Monday, November 9, 2020 at 10:30 AM ET.
To participate in the call, please dial (877) 407-4019 and reference the American Resources Conference Call.
Financial Results for Third Quarter 2020
For the third quarter of 2020, American Resources reported net income of $123,982, or $0.00 per share for the three months ended September 30, 2020, as compared with a net loss of $7.34 million, or a loss of $0.30 per share in the prior-year period. The Company earned adjusted earnings before interest, taxes, depreciation, amortization, equity-based compensation, warrant expense and development and restructuring costs ("Adjusted EBITDA") of $2.8 million in the third quarter of 2020, as compared with Adjusted EBITDA loss of $2.5 million for the third quarter of 2019.
Third Quarter 2020 Summary
Total revenues were $294,646 for the third quarter of 2020. Cost of sales (includes mining, transportation, royalty, holding and processing costs) for the third quarter of 2020 were $72,692, or 24.7 percent of total revenues, compared to $2.95 million, or 160 percent of total revenue in the same period of 2019.
General and administrative expenses for the third quarter of 2020 were $132,676, or 45 percent of total revenue, compared to $1.43 million during the third quarter of 2019. Depreciation for the third quarter of 2020 was $646,438, or 219 percent of total revenue. American Resources incurred interest expense of $379,583 during the third quarter of 2020 compared to $901,812 during the third quarter of 2019. Development costs during the quarter were $792,926, compared to $307,247 in the second quarter of 2020.
The Company did not incur any income tax expense in the third quarter of 2020 as it was able to utilize its available net operating losses ("NOL") carried forward from prior periods of approximately $13,746,391 as of December 31, 2019.
Operational Results
During the third quarter of 2020, all carbon production continued to be idled due to the disruptions related to the global COVID-19 pandemic. As previously stated, the Company instead shifted its primary focus on increasing efficiencies, readying Perry County Resources to be brought back online, reducing its long-term cost structure, monetizing non-core assets and advancing environmental reclamation.
Mr. Jensen reiterated, "During the third quarter, our carbon production and processing operation remained idle due to the COVID-19 related market disruptions and to ensure the safety of our workers. Enabled by our low corporate overhead and our dedication to not waste valuable resources, we continued to focus on improving our operations, advancing environmental reclamation and scaling our American Metals business during this market disruption, which we believe will drive significant long-term value for our shareholders. As carbon markets began to stabilize, we were able to secure 2021 baseload contracts for Perry County Resources and are in the final stages of preparing to bring the complex back online in the fourth quarter. Furthermore, with the infusion of additional capital, along with a first-class operational team behind a premier asset such as Perry County, we are in a position of strength to ensure a smooth and rapid ramp."
The exhibit below summarizes some of the key sales, production and financial metrics:
Three month endedThree month ended
September 30,June 30,September 30,
202020202019
Sales Volume (a)
Tons Sold
--25,969
Company Production (a)
McCoy Elkhorn Coal
--11,180
Perry County Resources
---
Deane Mining
--14,789
Total
--25,969
Company Financial Metrics(b)
Revenue per Ton
--71.13
Cash Cost per Ton Sold (c)
--113.84
Cash Margin per Ton (c)
--(42.71)
Development Costs
$792,926$307,2471,425,024
Notes:
(a) In short tons
(b) Excludes transportation
(c) Cash cost per ton is based on reported cost of sales and includes items such as production taxes, royalties, labor, fuel, and other similar production and sales cost items, and may be adjusted for other items that, pursuant to GAAP, are classified in the Statement of Operations as costs other than cost of sales, but relate directly to the cost incurred to produce coal. Our cash cost of sales per short ton is calculated as cash cost of sales divided by short tons sold, and our cash margin per ton is calculated by subtracting cash cost per ton from revenue per ton. Cash cost of sales per short ton and average cash margin per ton are non-GAAP financial measure which are calculated in conformity with U.S. GAAP and should be considered supplemental to, and not as a substitute or superior to financial measures calculated in conformity with GAAP. We believe cash cost of sales per ton and average cash margin per ton are useful measurse of performance as it aides some investors and analysts in comparing us against other companies. Cash cost of sales per ton and margin per ton may not be comparable to similarly titled measures used by other companies.
AMERICAN RESOURCES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONSUNAUDITED
Three Months
September 30,
2020
Three Months
September 30,
2019
Nine Months
September 30,
2020
Nine Months
September 30,
2019
Coal Sales
$-$1,847,279$524,334$18,162,805
Metal Aggregating, Processing and Sales
294,646-521,482-
Processing Services Income
---20,876
Total Revenue
294,6461,847,2791,045,81618,183,681
Cost of Coal Sales and Processing
(72,692)(2,956,306)(2,590,435)(15,254,961)
Accretion Expense
(240,685)(320,900)(981,859)(962,699)
Depreciation
(646,438)(1,414,942)(1,855,236)(3,036,747)
Amortization of mining rights
(313,224)(252,729)(939,672)(1,592,110)
General and Administrative
(132,676)(1,434,545)(1,659,908)(3,798,051)
Professional Fees
(175,832)(170,937)(686,158)(5,136,767)
Production Taxes and Royalties
(154,604)(948,148)(404,660)(2,811,691)
Development Costs
(792,926)(1,425,024)(1,228,333)(5,912,589)
Total Operating Expenses
(2,529,078)(8,923,531)(10,346,261)(38,505,615)
Net Loss from Operations
(2,234,432)(7,076,252)(9,300,445)(20,321,934)
Other Income
160,635770,405(153,544)1,251,359
Gain on interest forgiven
832,500-832,500-
Gain on Depreciation Recapture
1,706,569-1,706,569-
Gain on sale of stock
--6,820,949-
Loss on settlement of payable
--(22,660)
Amortization of debt discount and issuance costs
(2,879)(219,218)(8,637)(7,722,197)
Interest Income
41,17282,343164,686164,686
Warrant Modification Expense
---(2,545,360)
Interest expense
(379,583)(901,810)(1,891,226)(1,674,653)
Total Other income (expense)
2,358,413(268,280)7,471,297(10,548,825)
Net Income (Loss)
123,982(7,344,532)(1,829,148)(30,870,759)
Net loss per common share - basic and diluted
$0.00$(0.30)$(0.07)$(1.34)
Weighted average common shares outstanding
26,785,36424,886,76327,009,07523,025,762
AMERICAN RESOURCES CORPORATIONCONSOLIDATED BALANCE SHEETSUNAUDITED
September 30,
2020
December 31,
2019
ASSETS
CURRENT ASSETS
Cash
$753,910$3,324
Accounts Receivable
46,1502,424,905
Inventory
150,503515,630
Prepaid fees
175,000-
Accounts Receivable - Other
234,240234,240
Total Current Assets
1,359,8033,178,099
OTHER ASSETS
Cash - restricted
637,806265,487
Processing and rail facility
11,591,27312,723,163
Underground equipment
6,838,4178,294,188
Surface equipment
2,527,5763,224,896
Acquired mining rights
561,575669,860
Coal refuse storage
12,134,19212,171,271
Less Accumulated Depreciation
(11,971,657)(11,162,622)
Land
1,572,4351,748,169
Note Receivable
4,117,1394,117,139
Total Other Assets
28,008,75632,051,551
TOTAL ASSETS
$29,368,559$35,229,650
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable and accrued liabilities
$5,640,915$6,604,134
Accounts payable - nontrade
4,012,6744,440,345
Accounts payable - related party
979,146718,156
Accrued interest
573,5262,869,763
Due to affiliate
74,000132,639
Current portion of long term-debt (net of issuance costs and debt discount of $0 and $134,296)
12,469,37420,494,589
Current portion of convertible debt
-7,419,612
Current portion of reclamation liability
2,327,1692,327,169
Total Current Liabilities
26,076,80445,006,407
OTHER LIABILITIES
Long-term portion of note payable (net of issuance costs of $408,546 and $417,183)
4,734,6395,415,271
Convertible note payables - long term
16,911,548-
Reclamation liability
15,222,49917,512,613
Total Other Liabilities
36,868,68622,927,884
Total Liabilities
62,945,49067,934,291
STOCKHOLDERS' EQUITY (DEFICIT)
AREC - Class A Common stock: $.0001 par value; 230,000,000 shares authorized, 28,400,512 and 27,410,512 shares issued and outstanding, respectively
2,8392,740
AREC - Series A Preferred stock: $.0001 par value; 5,000,000 shares authorized, 0 and 0 shares issued and outstanding, respectively
--
AREC - Series C Preferred stock: $.001 par value; 20,000,000 shares authorized, 0 and 0 shares issued and outstanding, respectively
--
Additional paid-in capital
91,397,88990,326,104
Accumulated deficit
(124,977,659)(123,033,485)
Total American Resources Corporation's Stockholders' Equity (Deficit)
Total Stockholders' Deficit
(33,576,931)(32,704,641)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
$29,368,559$35,229,650
AMERICAN RESOURCES CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWSUNAUDITED
For the Nine
Months
September 30,
2020
For the Nine
Months
September 30,
2019
Cash Flows from Operating activities:
Net loss
$(1,829,148)$(30,870,759)
Adjustments to reconcile loss to net cash
Depreciation
1,855,2363,036,747
Amortization of mining rights
939,6721,592,110
Accretion expense
981,859962,699
Cancelation of debt
--
Liabilities reduced due to sale of assets
(3,271,973)-
Recovery of previously impaired receipts
-(50,806)
Amortization of debt discount
-7,722,197
Warrant expense
230,0502,528,598
Warrant modification expense
-2,545,360
Option expense
-245,356
Issuance of common shares for services
18,8001,806,040
Issuance of common shares for debt settlement
642,060-
Return of common shares for property sale
(1,840,200)-
Change in current assets and liabilities:
Accounts receivable
2,378,7551,300,654
Inventory
365,126(840,526)
Prepaid expenses and other assets
(175,000)(335,174)
Accounts payable
(303,567)(2,274,582
Funds held for others
-(79,662)
Due to affiliates
202,351164,526
Accrued interest
(2,296,237)858,406
Cash used in operating activities
(2,102,216)(11,688,816)
Cash Flows from Investing activities:
Cash paid for PPE, net
-(327,250)
Cash received in asset acquisitions, net
417,857650,000
Cash provided by (used in) investing activities
417,857322,750
Cash Flows from Financing activities:
Principal payments on long term debt
(1,072,745)(2,548,111)
Proceeds from long term debt
28,0005,139,399
Proceeds from convertible debt
3,638,277399,980
Proceeds from related party
-8,639
Issuance of warrants in conjunction with convertible notes
1,223,700-
Net proceeds from (payments to) factoring agreement
(1,807,443)(1,087,413)
Sale of common stock for cash in connection with public offering
-4,354,000
Sale of common stock for cash issued with warrants in connection with public offering
-3,409,600
Sale of common stock in connection with warrant conversions
797,475-
Cash provided by financing activities
2,807,2649,676,094
Increase (Decrease) in cash and restricted cash
1,122,905(1,689,972)
Cash and restricted cash, beginning of period
268,8112,704,799
Cash and restricted cash, end of period
$1,391,716$1,014,827
Supplemental Information
Cash paid for interest
$208,154$389,437
Cash paid for income taxes
$-$-
Non-cash investing and financing activities
Shares issued in asset acquisition
$-$24,400,000
Assumption of net assets and liabilities for asset acquisitions
$-$8,787,748
Issuance of warrants in conjunction with convertible notes
$1,223,700$-
Conversion of accounts payable into common shares
$-$231,661
Beneficial Conversion Feature on note payable due to modification
$-$7,362,925
Shares issued in connection with note payable
$-$297,831
Conversion of Series A Preferred into common shares
$-$161
Conversion of Series C Preferred into common shares
$-$1
Return of shares related to employee settlement
$-$11
Warrant exercise for common shares
$-$60
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted EBITDA to Amounts Reported Under U.S. GAAP
For the three months ended September 30, 2020For the three months ended September 30, 2019
Net Income
123,982(7,344,533)
Interest & Other Expenses
379,5831,121,030
Income Tax Expense
--
Accretion Expense
240,685320,900
Depreciation
646,4381,414,942
Amortization of Mining Rights
313,224252,728
Amortization of Dedt Discount & Issuance
2,879219,218
Non-Cash Stock Options
--
Non-Cash Warrant Expense
142,296-
Non-Cash Share Comp. Expense
101,615138,857
Development Costs
792,9261,425,024
PCR Restructuring Expenses
66,275-
Total Adjustments
2,685,9214,892,699
Adjusted EBITDA
2,809,903(2,451,834)
About American Resources Corporation
American Resources Corporation is a supplier of high-quality raw materials to the rapidly growing global infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon deposits are concentrated.
American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure market while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.
Special Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation's control. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.
PR Contact:
Precision Public Relations
Matt Sheldon
917-280-7329
matt@precisionpr.co
Investor Contact:
JTC Team, LLC
Jenene Thomas
833-475-8247
AREC@jtcir.com
Company Contact:
Mark LaVerghetta
317-855-9926 ext. 0
Vice President of Corporate Finance and Communications
investor@americanresourcescorp.com
SOURCE: American Resources Corporation
View source version on accesswire.com:
https://www.accesswire.com/613474/American-Resources-Corporation-Reports-Third-Quarter-2020-Financial-Results-and-Provides-Business-Outlook
https://m.facebook.com/groups/1395247277154371/permalink/3713118015367274/
BREAKING DOWN THE NEW WEBSITE!!
Check out the new company:
https://qsambio.com/
Whose going to be running the new company: https://qsambio.com/#leadership
What Product They Have: https://qsambio.com/#cyclosam
What Additional Indications: https://qsambio.com/additional-indications/
At this point there are lots of reasons to be hopeful. Some have denigrated QSAM and it's predecessor QPWR. I think such is quite premature, as it's pretty clear the new a company has a wealth of experience and potential.
I'm thinking that the individuals from the old QPWR may not even be a part of the management of the new company. At this point they're not mentioned on the new website.
From Previous post...
It sounds like the team they've put together mean business. The experience and talent are top-tier. They've all done this process before and now they're planning to benefit from it in a more direct way.
This might not be a $2-3 stock in the short term, but I'm fairly confident that we will see $5-10 in the not too distant future, as in 2021.
And for now the public float is like 911K shares... if ever a company would like to uplist to a higher tier exchange, you'd think it would be sooner than later.
If I had to guess I think they will get paperwork filed for NASDAQ Capital Market or maybe the NYSE American, and then uplist via secondary Offering.
In other words... I planning to hang around for a while.
MORE REASONS I THINK QSAM HAS A BRIGHT FUTURE!
There are some pretty exciting things in the future of QSAM.
QSAM THERAPEUTICS! Also: QSAM PHARMACEUTICALS
Want a sample?? Check out their new website. I don't know that it has been PR'd yet, but I found it with a google search>
https://qsambio.com/
About QSAM
"QSAM Therapeutics, Inc. (“QSAM”), a wholly-owned subsidiary of QSAM Biosciences, Inc. (OTCQB: QSAM), is developing next generation nuclear medicines for the treatment of cancer and related diseases and conditions.
"QSAM’s initial technology is Samarium-153 DOTMP, aka CycloSam®, a clinical-staged bone targeting radiopharmaceutical from IsoTherapeutics Group, leaders in the nuclear medicine space who also developed FDA-approved and commercially available Quadramet® (Samarium-153 EDTMP), indicated for pain palliation.
"CycloSam® has already demonstrated safety and efficacy in animal studies and a human trial performed at the prestigious Cleveland Clinic. This drug candidate utilizes an FDA approved radioisotope combined with a novel chelate that has demonstrated increased efficacy and decreased side effects in animal models. Further, CycloSam® utilizes a streamlined, just-in-time manufacturing process. Given these factors, management believes there is a strong pathway to commercialization.
"CycloSam® is cleared by the FDA under an investigator IND to commence human dosing immediately in patients with osteosarcoma and bone metastasis. CycloSam® was also cleared by FDA and successfully used under a single-patient IND to perform bone marrow ablation prior to allogenic marrow transplantation (BMA/T) in 2020."
WHY I THINK QSAM HAS A BRIGHT FUTURE!
We haven't heard yet about the disposition is the debt or what the new management structure will look like.
We've been given a glimpse on their new website: www.qsambio.com
See my previous post of you want to be impressed!!
From what I've gathered it looks to me like these are the folks that will be in charge of the company. It was structured like the creation of a subsidiary, but it looks to me like the subsidiary will be the future of the company. I think I remember that the funding agent (EFT or something), that provided the capital and retained most of the ownership of there acquired compost companies, was providing findings for QPWR through June and beyond.
I think your fear that lots more shares well be hitting the market is baseless. From my experience it's pretty tough to deposit pink sheet shares anywhere.
Let alone that the reverse split has greatly reduced the Outstanding Shares to just over 2 Million shares and the Public Float to just over 900K shares in the public float. It's pretty much a blank canvas and can pretty much be turned into whatever they want.
If I'm correct that QSAM BIOLOGICS, A Biotechnology PharmaceuticAL Company is becoming the controlling entity of QSAM, what are they going to do with the Company??
They're a Biotech Pharmaceutical company that will need to raise additional Capital to bring what they believe is a highly likely drug candidate to market. It's already been tried and found effective!!
Will they do their major Capital raise at dime, a quarter, a buck, or $5.00??
I'm thinking in the latter more likely than a former. Once we get through Phase One Trial, which is drug safety... they'll be in a position to price the stock at whatever level they desire. Will they want to uplist? I'm thinking they will.
If you can't see the possibilities, I think you're missing the present opportunity because if the past. I think you're missing a tremendous opportunity.
But yeah, I suppose I could be wrong. I guess that's why they call it speculative investing. But, the potential of QSAM gets my juices flowing.
The Exciting part is that this is now OUR GUY!
House of Jane's stock has been approved by FINRA for trading, but so far there have only been bids to buy.
On Level 2 monitors more and more bids have shown up over the last month or two. If memory serves correctly There was first a bid for 5000 shares for .10 and since then additional bids have been added.
Presently (October 22, 2020) there are only bids available:
MARKET MAKER BID AMOUNT
NITE .15 5000 shares
CSTI .14 5000 shares
CFGN .135 5000 shares
GTSM .029 10000 shares
On this www.OTCMarkets.com page, we have access to the details and verification that House of Jane is a legitimate company and current in all its required filings.
https://www.otcmarkets.com/stock/HOJI/disclosure
Quarterly Report - Unaudited Quarterly Financial Statements - 08/31/2020
Financial statements and accounting of revenue and earnings... balance sheet and cash flow.
Again. Full Disclosure.
https://backend.otcmarkets.com/otcapi/company/financial-report/260296/content
10/15/2020 Quarterly Report - OTC Pink Quarterly Basic Disclosure Q3-2020 - August 31, 2020
Good information and full disclosure of company details.
https://backend.otcmarkets.com/otcapi/company/financial-report/260298/content
I agree. This is one of more exciting investments I've made.
I'm curious to learn more about this newly acquired company, but I'm thinking time will tell.
GO SPYR!!