Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities:    
Net loss $ (9,060) $ (8,525)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization of intangibles 17,382 19,122
Gains on derivative instruments (2,463) (20,164)
Inventory valuation 7,963
Asset impairments 574
Non-cash compensation 2,718 2,546
Amortization of deferred financing fees 793 29
Amortization of debt discount 599
Bad debt benefit (54) (187)
Changes in operating assets and liabilities, net of business acquisition:    
Accounts receivable 2,644 16,137
Inventories 9,536 (13,290)
Other assets 3,253 12,692
Operating leases (4,014) (3,799)
Accounts payable and accrued expenses (11,679) (10,684)
Net cash provided by operating activities 10,229 1,840
Investing Activities:    
Additions to property and equipment (24,611) (25,233)
Proceeds from principal payments on notes receivable 14,766
Deferred purchase price payments for Eagle Alcohol (3,500)
Purchase of Eagle Alcohol, net of cash acquired (14,685)
Net cash used in investing activities (28,111) (25,152)
Financing Activities:    
Net proceeds from (payments on) Kinergy’s line of credit 6,847 (4,452)
Stock repurchases (2,683) (1,002)
Preferred stock dividends paid (946) (946)
Net cash provided by (used in) financing activities 3,218 (6,400)
Net change in cash, cash equivalents and restricted cash (14,664) (29,712)
Cash, cash equivalents and restricted cash at beginning of period 49,525 62,125
Cash, cash equivalents and restricted cash at end of period 34,861 32,413
Reconciliation of total cash, cash equivalents and restricted cash:    
Cash and cash equivalents 26,162 28,458
Restricted cash 8,699 3,955
Total cash, cash equivalents and restricted cash 34,861 32,413
Supplemental Information:    
Interest paid 6,063 961
ROU Assets obtained in exchange for new lease obligations 7,167
Capitalized interest $ 2,185 $ 209