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
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities:    
Net income (loss) $ (14,831) $ (5,571)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 11,802 11,735
Gains on derivative instruments (11,570) (5,174)
Asset impairments 574
Stock-based compensation 2,788 1,711
Amortization of deferred financing fees 505 494
Amortization of debt discount 400 397
Credit loss recovery (47) (46)
Changes in operating assets and liabilities, net of business acquisition:    
Accounts receivable (5,305) 5,334
Inventories 7,014 (4,487)
Other assets 3,701 3,565
Operating leases (2,901) (2,566)
Accounts payable and accrued liabilities (3,855) (18,870)
Net cash used in operating activities (12,299) (12,904)
Investing Activities:    
Additions to property and equipment (9,297) (17,968)
Deferred purchase price payments for Eagle Alcohol (2,800) (3,500)
Net cash used in investing activities (12,097) (21,468)
Financing Activities:    
Net proceeds from Kinergy’s line of credit 7,958 13,247
Stock repurchases (2,683)
Preferred stock dividends paid (631) (627)
Net cash provided by financing activities 7,327 9,937
Net change in cash, cash equivalents and restricted cash (17,069) (24,435)
Cash, cash equivalents and restricted cash at beginning of period 45,480 49,525
Cash, cash equivalents and restricted cash at end of period 28,411 25,090
Reconciliation of total cash, cash equivalents and restricted cash:    
Cash and cash equivalents 27,124 22,739
Restricted cash 1,287 2,351
Total cash, cash equivalents and restricted cash 28,411 25,090
Supplemental Information:    
Interest paid 4,080 3,964
Capitalized interest $ 1,725 $ 1,615