Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities    
Net Loss $ (3,401,075) $ (5,881,564)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 189,938 575,145
Depreciation and amortization 324,093 183,919
Gain on settlement of liabilities (512,363)
Change in fair value of derivative liability (5,476,000) 2,213,000
Amortization of debt discount 1,300,679  
Changes in operating assets and liabilities:    
Farming activities (372,983)
Prepaid expenses (1,967,623)
Deposits and other assets (1,943,588)  
Accounts payable and accrued expenses 5,305,122 722,642
Accrued compensation and related liabilities 813,547 (21)
Interest payable 268,424 271,585
Other liabilities 377,331
Other Operating Activities 1,475,600
Net Cash Used in Operating Activities (3,618,898) (1,915,294)
Investing Activities    
Pre-acquisition costs and deposit on refinery acquisition (2,861,481)
Cash paid for acquisition of Alon Bakersfield Property, Inc. (36,500,000)
Property plant & equipment (16,000,000)
Advances to contractors (21,414,766)
Net Cash Used in Investing Activities (73,914,766) (2,861,481)
Financing Activities    
Proceeds received from exercise of stock options 90,796 17,500
Payments on notes payable and long-term debt (5,242,617)
Long-term debt (credit facility) 126,457,016
Payments on debt issuance costs (4,218,211) (250,000)
Net Cash Provided by Financing Activities 117,086,984 (232,500)
Net Change in Cash, Cash Equivalents and Restricted Cash 39,553,320 (5,009,275)
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 $ 40,010,651 $ 217,214