American Resources Corporation filed an amended Form 8-K on July 29, 2026, providing a more detailed timeline of the events surrounding the dismissal of its independent auditor, GreenGrowth CPA's, and the subsequent withdrawal of GreenGrowth's audit opinion for the fiscal year ended December 31, 2025. The amendment follows the company's initial disclosure on July 24, 2026, and adds clarity to a sequence that has left the company working to re-establish audited financial statements.
Chronology of the Auditor Change
According to the amended filing, the company's Audit Committee approved the dismissal of GreenGrowth on June 30, 2026. The company stated that GreenGrowth's report on the 2025 consolidated financial statements did not contain an adverse opinion or a disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope, or accounting principles. The filing also notes there were no disagreements between the company and GreenGrowth on matters of accounting principles or practices during the relevant periods, though it acknowledges the existence of material weaknesses in internal control over financial reporting that had been previously disclosed.
On July 3, 2026, three days after the dismissal, the Audit Committee received a letter from GreenGrowth indicating the firm would withdraw its opinion on the December 31, 2025 financial statements by July 13, 2026, unless it received additional responses related to its quarterly review procedures for the period ended March 31, 2026. The company asserts that GreenGrowth subsequently refused to perform standard predecessor auditor processes.
The Audit Committee approved the appointment of UHY LLP as the new independent public accounting firm on July 11, 2026. With UHY engaged to perform a full re-audit of the 2025 financial statements, the company determined it was not obligated to respond to GreenGrowth's outstanding quarterly review comments. On July 13, 2026, consistent with its earlier notice, GreenGrowth's opinion was deemed no longer reliable.
Implications of the Re-Audit
The engagement of UHY means American Resources will undergo a complete re-audit of its December 31, 2025 Form 10-K and financial statements, a process that restarts the clock on producing audited financials. The company has not yet filed its annual report for 2025 or its quarterly report for the first quarter of 2026, and it has previously received a Nasdaq notice regarding the delayed filings. The special cash dividend declared on July 24, 2026, suggests management is signaling confidence in its liquidity position despite the accounting disruption, though the re-audit timeline will be a key factor for investors monitoring the company's compliance with exchange listing requirements.