Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities:    
Net loss $ (11,725) $ (13,166)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization of intangibles 5,728 6,055
(Gains) losses on derivative instruments (3,338) 1,777
Non-cash compensation 1,142 752
Inventory valuation 597
Asset impairments 574
Amortization of deferred financing fees 252 235
Amortization of debt discount 200 198
Credit recovery (27) (39)
Changes in operating assets and liabilities, net of business acquisition:    
Accounts receivable 675 2,157
Inventories 9,405 (519)
Other assets 2,106 4,027
Operating leases (1,415) (1,226)
Accounts payable and accrued liabilities (2,171) (24,172)
Net cash provided by (used in) operating activities 1,429 (23,347)
Investing Activities:    
Additions to property and equipment (4,643) (9,602)
Deferred purchase price payments for Eagle Alcohol (1,400) (3,500)
Net cash used in investing activities (6,043) (13,102)
Financing Activities:    
Net proceeds from Kinergy’s line of credit 1,521 15,354
Stock repurchases (1,682)
Preferred stock dividends paid (315) (312)
Net cash provided by financing activities 1,206 13,360
Net decrease in cash, cash equivalents and restricted cash (3,408) (23,089)
Cash, cash equivalents and restricted cash at beginning of period 45,480 49,525
Cash, cash equivalents and restricted cash at end of period 42,072 26,436
Reconciliation of total cash, cash equivalents and restricted cash:    
Cash and cash equivalents 29,310 21,173
Restricted cash 12,762 5,263
Total cash, cash equivalents and restricted cash 42,072 26,436
Supplemental Information:    
Interest paid 2,042 1,886
Interest expense capitalized $ 886 $ 839