Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities    
Net Loss $ 2,026,507 $ (5,903,966)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 180,800 503,403
Depreciation and amortization 181,411
Gain on settlement of liabilities (512,363)
Change in fair value of derivative liability (5,476,000) 2,619,000
Amortization of debt discount 745,648  
Changes in operating assets and liabilities:    
Farming activities (265,976)
Prepaid expenses (2,900,691)
Deposits and other assets (1,493,725)
Accounts payable and accrued expenses 1,639,869 882,307
Accrued compensation and related liabilities 377,307 (21)
Interest payable 1,631,553 181,057
Other liabilities 377,331
Other Operating Activities 518
Net Cash Used in Operating Activities (3,487,811) (1,595,607)
Investing Activities    
Pre-acquisition costs and deposit on refinery acquisition (1,255,382)
Cash paid for acquisition of Alon Bakersfield Property, Inc. (36,500,000)
Property plant & equipment (5,487,828)
Advances to contractors (19,440,631)
Net Cash Used in Investing Activities (61,428,459) (1,255,382)
Financing Activities    
Proceeds received from exercise of stock options 90,796
Payments on notes payable and long-term debt (4,746,633)
Long-term debt (credit facility) 80,500,000
Payments on debt issuance costs (4,218,211)
Debt issuance costs 100,000
Net Cash Provided by Financing Activities 71,625,952 (100,000)
Net Change in Cash, Cash Equivalents and Restricted Cash 6,709,682 (2,950,989)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 457,331 5,226,489
Cash, Cash Equivalents and Restricted Cash at End of Period $ 7,167,013 $ 2,275,500