Mike Niehuser: Right. Thank you for – don’t forget that. Okay. Well, I’m done, and congratulations. Things are actually starting to take shape, continue to….
Mark LaVerghetta: Thanks, Michael.
Mike Niehuser: Thanks, Mark.
Operator: [Operator Instructions] We’ll take our next question from Michael Samuels with Fisher. Your line is open.
Michael Samuels: Yes, Mark. I just have a couple of questions. Number one, when I was looking at your current quarter, why was your cost of coal sale and processing, it went up almost a $1 million this quarter, but yet our sales went down $14 million. So how was that so high? That was one thing. And the other question I had – another question I have too is, you announced the buyback some time ago. Did we buy any shares back in the last – this year so far?
Mark LaVerghetta: Two points. Kirk, do you want to maybe jump in on the cost of coal processing?
Kirk Taylor: Yes. And so it’s just – it’s a timing aspect really to when you capture inventory costs, when you take it off of your balance sheet and expense it through the P&L when the coal is sold through that we should see that evening out over the next quarter. Our coal shipments are fairly chunky. So if you have one large shipment the day before or the day after the quarter, it can provide some more impactful inventory cost swings. So as you look at that over three, six, nine, 12 months, you get more of an even picture. Regarding a share buyback program, we did announce that the strategic committee is one of the points that they brought up. As we discussed, on the year-end earnings call, we did buy back shares during the end of 2022. But we have not disclosed or bought back any during 2023.
Michael Samuels: I mean, I’m looking, you’re saying you’ve got this letter of intent. And we’ve had letters of intent, letters of intent, and you’re saying that could be worth like $3.83 a share. And just so happened to be watching us talk in the after hour here and the stock just continues to go down, down, down, down, down. And so at a $1.60, you would think you would at least be looking at a buyback if you’re going to get $3.83 from just that. And then the other question I had is, you also mentioned at the beginning of the call that we were going to spin-off American Carbon like 1 share for every 2 shares of American Resources. But then we also, last year, we were going to do the same with ReElement. So why would we be spinning both sections off at half a share each?
Mark LaVerghetta: You want me to take that one, Kirk, or do you want to continue to…?
Kirk Taylor: Oh, no. Yes. So yes. So, again, as we go through the options through the strategic committee, each operating business does deserve to be its standalone public company. And so as we looked at building world-class manager teams to run them, [track show talent, track show customers], they do seem to deserve to be on their own. Once those are executed, American Resources would remain as a NASDAQ listed public company. It would give it the flexibility to execute on some opportunities that lie outside of the current operating business model. It would give it more flexibility to take on those opportunities. So again, as we progress on the business plans and those subsidiaries, each of them have a clear defined structure and message to the investment community as well as to workforce and to customer base. And so, again, the Strategic Committee of the Board and management feels that they each deserve to be their own public company.
