Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows (Unaudited)

v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities:    
Net loss $ (22,676,000) $ (14,831,000)
Adjustments to reconcile net loss to Net cash used in operating activities:    
Depreciation and amortization 12,631,000 11,802,000
Inventory valuation 1,649,000
Gains on derivative instruments (4,371,000) (11,570,000)
Stock-based compensation 1,474,000 2,788,000
Amortization of deferred financing fees 502,000 505,000
Amortization of debt discount 397,000 400,000
Credit loss recovery (1,000) (47,000)
Changes in operating assets and liabilities, net of business acquisition:    
Accounts receivable 480,000 (5,305,000)
Inventories (5,448,000) 7,014,000
Other assets 2,242,000 3,701,000
Operating leases (3,180,000) (2,901,000)
Accounts payable and accrued liabilities (2,778,000) (3,855,000)
Net cash used in operating activities (19,079,000) (12,299,000)
Investing Activities:    
Additions to property and equipment (1,016,000) (9,297,000)
Purchase of Kodiak Carbonic, net of cash acquired (7,278,000)
Deferred purchase price payments for Eagle Alcohol (2,240,000) (2,800,000)
Net cash used in investing activities (10,534,000) (12,097,000)
Financing Activities:    
Net proceeds from Kinergy’s line of credit 24,520,000 7,958,000
Preferred stock dividends paid (627,000) (631,000)
Net cash provided by financing activities 23,893,000 7,327,000
Net change in cash, cash equivalents and restricted cash (5,720,000) (17,069,000)
Cash, cash equivalents and restricted cash at beginning of period 36,211,000 45,480,000
Cash, cash equivalents and restricted cash at end of period 30,491,000 28,411,000
Reconciliation of total cash, cash equivalents and restricted cash:    
Cash and cash equivalents 29,768,000 27,124,000
Restricted cash 723,000 1,287,000
Total cash, cash equivalents and restricted cash 30,491,000 28,411,000
Supplemental Information:    
Interest paid 4,596,000 4,080,000
Capitalized interest 1,725,000
Shares vested for Eagle Alcohol $ 5,000,000