American Resources (AREC) files Form 12b-25, notifies delay to 10-K

Rhea-AI Filing Summary

American Resources Corporation notified the SEC it could not timely file its Annual Report on Form 10-K for the period ended December 31, 2025 because the company and its independent auditor could not complete the audited financial statements without unreasonable effort and expense. The notification was signed on March 31, 2026.

Key Figures

Period ended: December 31, 2025 Notification signed: March 31, 2026 SEC File Number: 000-55456 +1 more

4 metrics

Period ended December 31, 2025 Fiscal period referenced for the Form 10-K

Notification signed March 31, 2026 Signature date on the Form 12b-25 by CEO Mark C. Jensen

SEC File Number 000-55456 Filing identifier shown on the form

CUSIP 02927U 208 Security identifier shown on the form

Key Terms

Rule 12b-25, Form 10-K, audited financial statements

3 terms

Rule 12b-25 regulatory

"The Registrant’s Annual Report on Form 10-K for the period ending December 31, 2025 could not be filed within the prescribed time period"

Rule 12b-25 is an SEC filing provision that lets a company notify regulators and the public that it cannot file a required periodic report (like a quarterly or annual report) on time and explains the reason for the delay. For investors, the notice is a formal heads-up that financial information will arrive late—similar to a company calling to say it will be late turning in homework—so it signals increased uncertainty and may affect trading and risk assessments until the filing is available.

Form 10-K financial

"The Registrant’s Annual Report on Form 10-K for the period ending December 31, 2025 could not be filed"

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

audited financial statements financial

"the report and required financial statements could not be completed by the Company and subsequently audited by the Company’s independent auditor"

Audited financial statements are a company's financial reports—like its income, expenses, assets and debts—that have been examined and verified by an independent accountant to confirm they are accurate and complete. For investors, an audit is like having a trusted mechanic inspect a used car: it increases confidence that the financial picture is reliable, reduces the risk of hidden problems, and supports better decisions about valuing or trusting the company.

U.S. SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

FORM 12b-25

NOTIFICATION OF LATE FILING

SEC FILE NO. 000-55456

CUSIP NO.  02927U 208

☒ Form 10-K ☐ Form 20-F ☐  Form 11-K ☐ Form 10-Q and Form 10-D ☐ Form N-SAR ☐ Form N-CSR

For Period Ended: December 31, 2025

☐	Transition Report on Form 10-K
☐	Transition Report on Form 20-F
☐	Transition Report on Form 11-K
☐	Transition Report on Form 10-Q
☐	Transition Report on Form N-SAR

For the Transition Period Ended:                    

Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:

Part I - Registrant Information

Full Name of Registrant:	American Resources Corporation
Former Name if Applicable:	NGFC Equities, Inc.
Address of Principal Executive Office:	12115 Visionary Way, Fishers, IN 46038

Part II - Rules 12b-25(b) and (c)

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate) 

☒	(a)	The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
☒	(b)	The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q, or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
☐	(c)	The accountant’s statement or other exhibit required by Rule 12b-25 has been attached if applicable.

Part III – Narrative

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

The Registrant’s Annual Report on Form 10-K for the period ending December 31, 2025 could not be filed within the prescribed time period because the report and required financial statements could not be completed by the Company and subsequently audited by the Company’s independent auditor in a timely manner without unreasonable effort and expense.

Part IV - Other Information

1.   Name and telephone number of person to contact in regard to this notification.

Mark C. Jensen    317-855-9926

2.	Have all other periodic reports required under section 13 or 15(d) of the Securities Exchange Act of 1934 or section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If the answer is no, identify report(s). ☒ Yes      ☐ No
3.	Is it anticipated that any significant change in result of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? ☐ Yes      ☒ No

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made. 

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AMERICAN RESOURCES CORPORATION

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 31, 2026

AMERICAN RESOURCES CORPORATION
By:	/s/ Mark C. Jensen
	Chief Executive Officer

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FAQ

Why did AREC file a Form 12b-25 instead of its 10-K?

Because audited financial statements were not completed in time. The company states the report and required financial statements could not be finished and audited without unreasonable effort and expense, delaying the timely filing of the Form 10-K for the period ended December 31, 2025.

When did AREC sign the late-filing notification?

The notification was signed on March 31, 2026. The filing identifies that date as the signature date by the CEO, Mark C. Jensen, certifying the company could not complete the audited statements in time for the Form 10-K.

Does the Form 12b-25 state when the 10-K will be filed?

The form invokes Rule 12b-25 relief but does not give a specific filing date. It states the financial statements and report could not be completed in time; no definitive replacement filing date is provided in the excerpt.

Will the late filing imply missing other periodic reports for AREC?

The Form 12b-25 indicates other periodic reports have been filed. The form's Part IV checkbox for prior periodic reports is marked in the affirmative, indicating required reports in the prior 12 months were filed.

What does Rule 12b-25 mean for AREC shareholders?

Rule 12b-25 permits a short extension when audited statements cannot be completed timely. It notifies stakeholders of the delay; subsequent filings will contain the audited results and any material operational changes when completed.