Quarterly ResultMay 20, 2026, 03:11 PM
American Clean Resources Group Q1 Net Loss $422K; Going Concern Doubt
AI Summary
American Clean Resources Group reported a net loss of $422,348 for the three months ended March 31, 2026, an increase from $397,641 in the prior year. The company's recurring losses and an accumulated deficit of $115.9 million raise substantial doubt about its ability to continue as a going concern. The company also defaulted on a $105,000 promissory note, which was subsequently amended on May 19, 2026, consolidating obligations to $165,000 with a new payment schedule. Development of its Tonopah property continues, alongside plans for a merger with Sustainable Metals Solutions LLC and a joint venture with AMI Strategies.
Key Highlights
- Net loss for Q1 2026 was $422,348, compared to $397,641 in Q1 2025.
- Accumulated deficit reached $115,896,647 as of March 31, 2026.
- Cash balance decreased to $1,544 from $5,296 at December 31, 2025.
- Total liabilities increased to $4,851,651 from $4,468,388.
- Defaulted on a $105,000 promissory note from LaunchIT LLC.
- LaunchIT note amended on May 19, 2026, consolidating obligations to $165,000.
- Received $272,114 in cash proceeds from related-party convertible notes in Q1 2026.
- 14,101,318 common shares outstanding as of May 19, 2026.
Price Impact
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