Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Mar. 31, 2021
Sep. 30, 2020
Mar. 31, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Operating Activities              
Net Loss $ (11,680,950) $ (8,221,174) $ (5,427,582) $ 5,438,024 $ (33,980,426) $ (3,401,075)  
Adjustments to reconcile net income (loss) to net cash used in operating activities:              
Share-based compensation 194,076 102,000 9,138 25,614 450,320 189,938  
Depreciation and amortization         692,427 324,093  
Accretion of asset retirement obligations         735,000   $ 652,000
Gain on settlement of liabilities           (512,363)  
Change in fair value of derivative liability           (5,476,000)  
Change in fair value of Class B Units 2,849,573   0   5,943,485 0  
Amortization of discount on fixed payment obligation         1,860,141    
Amortization of debt discount         0 1,300,679  
Changes in operating assets and liabilities:              
Accounts receivable         143,823    
Inventories         (1,631,051)    
Prepaid expenses         2,053,668 (1,967,623)  
Deposits and other assets         793 (1,943,588)  
Accounts payable and accrued liabilities         4,417,515 8,240,024  
Asset retirement obligations         (2,724,659)    
Environmental liabilities         (1,726,950)    
Lease liabilities and assets         (670)    
Net Cash Used in Operating Activities         (23,766,584) (3,245,915)  
Investing Activities              
Cash paid for the Bakersfield Biorefinery           (36,500,000)  
Cash received as part of acquisition of Agribody Technologies, Inc.         263,755    
Intangible assets         (186,982)    
Property plant and equipment and advances to contractors         (106,240,316) (37,414,766)  
Net Cash Used in Investing Activities         (106,163,543) (73,914,766)  
Financing Activities              
Proceeds received from exercise of stock options         10,839 90,796  
Payments on notes payable and long-term debt         (2,970,481) (5,242,617)  
New borrowings         1,240,317    
Cash received from PIPE transaction         3,100,000    
Payments on debt issuance costs           (4,218,211)  
Long-term debt (credit facility)         133,308,370 126,457,016  
Net Cash Provided by Financing Activities         134,689,046 117,086,984  
Net Change in Cash, Cash Equivalents and Restricted Cash         4,758,919 39,926,303  
Cash, Cash Equivalents and Restricted Cash at Beginning of Period   $ 38,982,725   $ 457,331 38,982,725 457,331 457,331
Cash, Cash Equivalents and Restricted Cash at End of Period $ 43,741,644   $ 40,383,634   43,741,644 40,383,634 $ 38,982,725
Supplemental Disclosures of Cash Flow Information              
Cash Paid for Interest         20,329,760    
Supplemental Disclosures of Noncash Investing and Financing Activities              
Issued options in Global Clean Energy Acquisitions subsidiary           5,468,900  
Assumed asset retirement obligations           21,901,977  
Assumed environmental liabilities           22,033,937  
Conversion of derivative liability of $19.3 million into a fixed payment obligation with fair value of $18.8 million for a gain on derecognition of derivative liability           $ 512,363  
Issued warrants to a third-party for equity in Sustainable Oils, Inc.           8,777  
Financed insurance premiums with note payable           $ 4,315,905  
Debt discount related to Class B units issued to lender         5,943,485    
Accrued debt issuance costs related to amendment to Senior Credit Facility         3,132,000    
Accrued debt issuance costs related to amendment to Mezzanine Credit Facility         668,000    
Issued 1,640,509 shares for conversion of several notes payable and accrued interest         784,925    
Issued 830,526 shares to acquire Agribody Technologies, Inc, in connection the Company recognized $5 million of net assets including intangible assets and goodwill of $4.9 million. See Note A for further details.         5,000,000    
In-kind interest added to principal balance of Senior Credit Facility         3,912,099 983,693  
Amounts included in accounts payable and accrued liabilities for purchases of property, plant, and equipment         25,345,484 8,996,960  
Capitalized interest included in property, plant, and equipment         $ 20,126,261 $ 5,461,540