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BASIS OF PRESENTATION
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3 Months Ended |
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Mar. 31, 2014
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| BASIS OF PRESENTATION [Abstract] | |
| BASIS OF PRESENTATION |
1. BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these unaudited financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and, therefore, should be read in conjunction with the financial statements and related notes contained in the Company’s amended Annual Report on Form 10-K for the year ended December 31, 2013.
The unaudited condensed consolidated financial statements included in this document have been prepared on the same basis as the annual consolidated financial statements and in management’s opinion reflect all adjustments, including normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and cash flows for the interim periods presented. In the opinion of management, the disclosures included in these consolidated financial statements are adequate to make the information presented not misleading.
Unless the context requires otherwise, references to “we,” “us,” “our,” and the “Company” are intended to mean consolidated Arabian American Development Company and its subsidiaries.
Operating results for the three months ended March 31, 2014, are not necessarily indicative of results for the year ending December 31, 2014.
We operate in one segment and all revenue originates from United States’ sources and all long-lived assets owned are located in the United States.
The Company currently owns a 35% interest in AMAK, a Saudi Arabian closed joint stock company which owns and is operating and developing mining assets in Saudi Arabia. We account for our investment under the equity method of accounting. See Note 13.
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