Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities:    
Consolidated net income (loss) $ 2,913,000 $ (51,524,000)
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of intangibles 26,855,000 35,944,000
Amortization of deferred financing fees 587,000 1,105,000
Fair value adjustments 7,497,000
Interest added to debt 133,000
Non-cash compensation 2,012,000 2,103,000
Gain on derivative instruments (1,582,000) (1,565,000)
Bad debt expense 1,000 27,000
Changes in operating assets and liabilities:    
Accounts receivable 29,841,000 (370,000)
Inventories 22,863,000 (4,689,000)
Other assets 1,348,000 5,836,000
Prepaid inventory 313,000 (101,000)
Operating leases (2,348,000) (7,646,000)
Assets held-for-sale 1,012,000
Liabilities held-for-sale 9,345,000
Accounts payable and accrued expenses (25,097,000) (6,323,000)
Net cash provided by (used in) operating activities 75,693,000 (27,203,000)
Investing Activities:    
Proceeds from PAL Sale 19,896,000
Additions to property and equipment (4,864,000) (2,144,000)
Net cash provided by (used in) investing activities 15,032,000 (2,144,000)
Financing Activities:    
Net (payments on) proceeds from Kinergy’s line of credit (39,548,000) 22,629,000
Proceeds from warrant exercises 5,500,000  
Proceeds from issuance of common stock 5,296,000 3,670,000
Proceeds from CoGen contract amendment 8,036,000
Proceeds from borrowings 9,860,000
Principal payments on borrowings (52,100,000) (11,748,000)
Preferred stock dividends paid (946,000)
Net cash provided by (used in) financing activities (70,992,000) 21,641,000
Net change in cash and cash equivalents 19,733,000 (7,706,000)
Cash and cash equivalents at beginning of period 18,997,000 [1] 26,627,000
Cash and cash equivalents at end of period 38,730,000 18,921,000
Supplemental Cash Flow Information:    
Interest paid 13,746,000 13,877,000
Accrued preferred stock dividends $ 949,000
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2019.