Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities:    
Net loss $ (13,166) $ (2,602)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization of intangibles 6,055 6,134
Losses (gains) on derivative instruments 1,777 (5,316)
Non-cash compensation 752 673
Asset impairments 574
Amortization of deferred financing fees 235 6
Amortization of debt discount 198
Bad debt expense (recovery) (39) 31
Changes in operating assets and liabilities, net of business acquisition:    
Accounts receivable 2,157 11,775
Inventories (519) (2,773)
Other assets 4,027 14,119
Operating leases (1,226) (1,257)
Accounts payable and accrued liabilities (24,172) (9,726)
Net cash provided by (used in) operating activities (23,347) 11,064
Investing Activities:    
Additions to property and equipment (9,602) (2,334)
Deferred purchase price payments for Eagle Alcohol (3,500)
Purchase of Eagle Alcohol, net of cash acquired (14,655)
Net cash used in investing activities (13,102) (16,989)
Financing Activities:    
Net proceeds from Kinergy’s line of credit 15,354 3,314
Stock repurchases (1,682)
Proceeds from principal payments on notes receivable 781
Preferred stock dividends paid (312) (312)
Net cash provided by financing activities 13,360 3,783
Net decrease in cash, cash equivalents and restricted cash (23,089) (2,142)
Cash, cash equivalents and restricted cash at beginning of period 49,525 62,125
Cash, cash equivalents and restricted cash at end of period 26,436 59,983
Reconciliation of total cash, cash equivalents and restricted cash:    
Cash and cash equivalents 21,173 36,184
Restricted cash 5,263 23,799
Total cash, cash equivalents and restricted cash 26,436 59,983
Supplemental Information:    
Interest paid 1,886 195
Interest expense capitalized $ 839 $ 45