Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities    
Net Loss $ 5,438,024 $ (6,050,656)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 25,614 43,008
Depreciation and amortization 61,306 61,306
Gain on settlement of liabilities (512,363)
Change in fair value of derivative liability (5,476,000) 3,937,000
Accretion of note payable 91,372
Changes in operating assets and liabilities:    
Accounts payable and accrued expenses 451,060 858,863
Accrued compensation and related liabilities 13,794 (21)
Interest payable 88,628 90,528
Other Operating Activities 259
Net Cash Used in Operating Activities 181,694 (1,059,972)
Investing Activities    
Pre-acquisition costs and deposit on refinery acquisition (582,634)
Net Cash Used in Investing Activities (582,634)
Financing Activities    
Proceeds received from exercise of stock options 71,596
Net Cash Provided by Financing Activities 71,596
Net change in Cash and Cash Equivalents (329,344) (1,059,972)
Cash and Cash Equivalents at Beginning of Period 457,331 5,226,489
Cash and Cash Equivalents at End of Period 127,987 4,166,517
Non-cash Financing Activities:    
During the quarter ended March 31, 2020, the Company amended the terms of a derivative contract, which had a balance of $19,291,000 and converted into a fixed payment obligation, which was recorded at its net present value of $18,778,637, and thereby recognized a gain on the derecognition of the derivative liability of $512,363.