Note 1 – Unaudited interim condensed consolidated financial statements

The accompanying unaudited condensed consolidated financial statements of Global Clean Energy Holdings, Inc. and its subsidiaries (collectively, hereinafter the “Company,” “we,” “us” or “our”) have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments, which are normal and recurring, have been included in order to make the information not misleading. Information included in the consolidated balance sheet as of March 31, 2020 has been derived from, and certain terms used herein are defined in, the audited consolidated financial statements of the Company as of December 31, 2019 included in the Company’s Annual Report on Form 10-K (“Form 10-K”) for the year ended December 31, 2019 that was previously filed with the Securities and Exchange Commission (“SEC”). Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Principles of consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of Global Clean Energy Holdings, Inc. and its wholly-owned subsidiaries. As of March 31, 2020, the principal subsidiaries consisted of Sustainable Oils, Inc. and GCE Holdings Acquisitions, LLC. All intercompany balances and transactions have been eliminated in consolidation