Attached files
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| EX-10.1 - PROMISSORY NOTE DATED APRIL 22, 2020 - American Resources Corp | arec_ex101.htm |
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of
Report (Date of Earliest event Reported): April 22,
2020
AMERICAN RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
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Florida
(State
or other jurisdiction
of
incorporation)
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000-55456
(Commission
File
Number)
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46-3914127
(I.R.S.
Employer
Identification
No.)
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12115
Visionary Way, Suite 174, Fishers Indiana, 46038
(Address
of principal executive offices)
(317)
855-9926
(Registrant’s
telephone number, including area code)
________________________________________________
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (See: General Instruction
A.2. below):
[
] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
[
] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17CFR240.14a-12)
[
] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17CFR240.14d-2(b))
[
] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17CFR240.13e-4(c))
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a
Registrant
On
April 22, 2020 American Resources Corporation (or the
“Company”) entered into an unsecured loan in the amount
of $2.7 million made to the Company under the Paycheck Protection
Program (the “Loan”). The Paycheck Protection Program
(or “PPP”) established under the Coronavirus Aid,
Relief, and Economic Security Act (the “CARES Act”) and
administered by the U.S. Small Business Administration. The Loan to
the Company is being made through Merchants Bank of Indiana, (the
“Lender”).
The
Loan is evidenced by a promissory note (the “PPP Note”)
dated April 22, 2020 and matures April 22, 2022. The Loan bears an
interest rate of 1.00% per annum. Principal and interest are
payable monthly beginning seven months from the date of the Loan
and may be prepaid by the Company at any time prior to maturity
with no prepayment penalties.
Under
the term of the CARES Act, PPP loan recipients can apply for and be
granted forgiveness for all or a portion of the Loan. Such
forgiveness will be determined, subject to limitations, based on
the use of loan proceeds for payment of payroll costs and any
covered payments of mortgage interest, rent, and utilities. In the
event the Loan, or any portion thereof, is forgiven pursuant to the
PPP, the amount forgiven is applied to outstanding principal. The
Company intends to use proceeds of the Loan to maintain payroll and
make lease, rent and utility payments.
The
foregoing description of the Loan does not purport to be complete
and is qualified in its entirety by reference to the PPP Note,
which is attached as Exhibit 10.1 to this report and incorporated
by reference herein.
Item 9.01.1.
Financial Statements and
Exhibits.
(d)
Exhibits
The
following exhibits are attached hereto and filed
herewith.
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ExhibitNo.
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Description
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Promissory Note dated April 22, 2020
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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American Resources
Corporation
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Date: April 24,
2020
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By:
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/s/ Mark C.
Jensen
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Mark C.
Jensen
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Chief Executive
Officer
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