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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM 10-Q
 
 
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2022
 
Commission file number:
000-12627
 
GLOBAL CLEAN ENERGY HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
 
87-0407858
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification Number)
 
 
 
2790 Skypark Drive, Suite 105, Torrance, California
 
90505
(Address of principal executive offices)
 
(Zip Code)
 
 
 
(310) 641-4234
 
 
 
 
(Registrant’s telephone number, including area code)
 
 
 
Securities registered under Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on Which Registered
N/A
N/A
N/A
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes
x
No
¨
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes
x
No
¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
x
Smaller reporting company
x
 
 
Emerging growth company
¨
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes
No
 
The number of shares of the issuer’s Common Stock, par value $0.001 per share, outstanding as of May 13, 2022 was 42,273,933.

 
 

 
Part I. FINANCIAL INFORMATION 

Item1: Condensed Consolidated Financial Information
3
CONDENSED CONSOLIDATED BALANCE SHEETS
3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT
6
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
7
Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations
32
Item 3. Quantitative and Qualitative Disclosures about Market Risk
38
Item 4. Controls and Procedures
38
 
 
Part II. OTHER INFORMATION

Item 1. Legal Proceedings
40
Item 1A. Risk Factors
40
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
40
Item 3. Defaults upon Senior Securities
40
Item 4. Mine Safety Disclosures
41
Item 5. Other Information
41
Item 6. Exhibits
42
 

-2-
 
Part I. FINANCIAL INFORMATION 
Item1: Condensed Consolidated Financial Information
 
GLOBAL CLEAN ENERGY HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
 
 
March 31, 2022
 
 
December 31, 2021
 
ASSETS 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
29,012,135
 
 
$
2,957,296
 
Accounts receivable, net
 
 
460,676
 
 
 
1,374,500
 
Restricted cash
 
 
16,830,659
 
 
 
7,972,914
 
Inventories, net
 
 
4,403,216
 
 
 
3,596,296
 
Prepaid expenses and other current assets
 
 
778,987
 
 
 
2,870,074
 
Total Current Assets
 
 
51,485,673
 
 
 
18,771,080
 
 
 
 
 
 
 
 
 
 
Restricted cash, net of current portion
 
 
39,068,369
 
 
 
12,491,684
 
Debt issuance costs, net
 
 
-
 
 
 
3,972,568
 
Operating lease right-of-use-asset
s
 
 
428,385
 
 
 
481,027
 
Intangible assets, net
 
 
12,444,959
 
 
 
12,771,996
 
Goodwill
 
 
10,324,899
 
 
 
8,777,440
 
Long term deposits
 
 
642,231
 
 
 
628,689
 
Property, plant and equipment, net
 
 
420,420,676
 
 
 
353,852,931
 
Advances to contractors
 
 
4,700,303
 
 
 
10,021,908
 
 
 
 
 
 
 
 
 
 
TOTAL ASSETS
 
$
539,515,495
 
 
$
421,769,323
 
LIABILITIES AND STOCKHOLDERS' DEFICIT
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
Accounts payable
 
$
25,579,364
 
 
$
4,563,304
 
Accrued liabilities
 
 
29,460,744
 
 
 
40,269,003
 
Warrant Commitment Liability, at fair value
 
 
-
 
 
 
19,215,140
 
Current portion of operating lease obligations
 
 
145,537
 
 
 
198,440
 
Notes payable including current portion of long-term debt, net
 
 
24,926,052
 
 
 
35,223,402
 
Convertible notes payable
 
 
1,000,000
 
 
 
1,000,000
 
Total Current Liabilities
 
 
81,111,697
 
 
 
100,469,289
 
 
 
 
 
 
 
 
 
 
LONG-TERM LIABILITIES
 
 
 
 
 
 
 
 
Operating lease obligations, net of current portion
 
 
283,197
 
 
 
283,197
 
Mandatorily redeemable equity instruments of subsidiary, at fair value (Class B Units)
 
 
22,600,279
 
 
 
21,628,689
 
Long-term debt, net
 
 
2,925,234
 
 
 
3,450,576
 
Senior credit facility, net
 
 
321,614,103
 
 
 
317,780,666
 
Asset retirement obligations, net of current portion
 
 
17,178,224
 
 
 
17,661,429
 
Environmental liabilities, net of current portion
 
 
18,400,179
 
 
 
19,488,571
 
Deferred tax liabilities
 
 
1,545,919
 
 
 
1,623,599
 
TOTAL LIABILITIES
 
 
465,658,832
 
 
 
482,386,016
 
 
 
 
 
 
 
 
 
 
Series C 15.00% preferred stock - 50,000,000 shares authorized; 145,000 and 0 shares issued and outstanding at March 31, 2022 and December 31, 2021 respectively
 
 
71,019,134
 
 
 
-
 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
Common stock, $0.01 par value; 500,000,000 shares authorized; 42,223,933 and 42,013,433 shares issued and outstanding, at December 31,2021 and December 31, 2020 respectively
 
 
422,239
 
 
 
420,134
 
Additional paid-in capital
 
 
127,202,349
 
 
 
51,142,220
 
Accumulated other comprehensive loss
 
 
(2,327
)
 
 
-
 
Accumulated deficit
 
 
(134,806,543
)
 
 
(117,647,947
)
Total stockholders' deficit attributable to Global Clean Energy Holdings, Inc.
 
 
(7,184,282
)
 
 
(66,085,593
)
Non-controlling interests
 
 
10,021,811
 
 
 
5,468,900
 
Total Stockholders' Equity
 
 
2,837,529
 
 
 
(60,616,693
)
 
 
 
 
 
 
 
 
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
539,515,495
 
 
$
421,769,323
 
 
The accompanying notes are an integral part of these
condensed
consolidated financial statements
 
-3-
 
GLOBAL CLEAN ENERGY HOLDINGS, INC. AND SUBSIDIARIES
C
O
NDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
 
 
For the three months ended March 31,
 
 
 
2022
 
 
2021
 
Revenue
 
 
 
 
 
 
 
 
Seed sales, net
 
$
406,214
 
 
$
94,645
 
Cost of goods sold
 
 
728,803
 
 
 
85,276
 
Gross (Loss) Profit
 
 
(322,589
)
 
 
9,369
 
 
 
 
 
 
 
 
 
 
Operating Expenses
 
 
 
 
 
 
 
 
General and administrative expense
 
 
11,351,234
 
 
 
3,714,962
 
Facilities expense
 
 
3,202,921
 
 
 
2,840,537
 
Depreciation expense
 
 
207,221
 
 
 
25,670
 
Amortization expense
 
 
338,373
 
 
 
89,030
 
Total Operating Expenses
 
 
15,099,749
 
 
 
6,670,199
 
 
 
 
 
 
 
 
 
 
OPERATING LOSS
 
 
(15,422,338
)
 
 
(6,660,830
)
 
 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE)
 
 
 
 
 
 
 
 
Interest expense, net
 
 
(1,340,176
)
 
 
(710,162
)
Loss on extinguishment of debt
 
 
(3,972,568
)
 
 
-
 
Other income
 
 
(40,111
)
 
 
1,049
 
Change in fair value of Class B Units
 
 
(971,590
)
 
 
(851,231
)
Change in fair value of Warrant Commitment Liability
 
 
4,515,307
 
 
 
-
 
Loss before income taxes
 
 
(17,231,476
)
 
 
(8,221,174
)
Income tax benefit
 
 
72,880
 
 
 
-
 
NET LOSS
 
$
(17,158,596
)
 
$
(8,221,174
)
 
 
 
 
 
 
 
 
 
BASIC NET LOSS PER COMMON SHARE
 
$
(0.41
)
 
 
(0.23
)
DILUTED NET LOSS PER COMMON SHARE
 
$
(0.41
)
 
 
(0.23
)
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING
 
 
42,188,994
 
 
 
36,096,794
 
DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING
 
 
42,188,994
 
 
 
36,096,794
 
 
The accompanying notes are an integral part of these
condensed
consolidated financial statements
 
-4-
 
GLOBAL CLEAN ENERGY HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
 
For the three months ended March 31,
 
 
 
2022
 
 
2021
 
Net loss
 
$
(17,158,596
)
 
$
(8,221,174
)
Other comprehensive loss:
 
 
 
 
 
 
Foreign currency translation adjustments
 
 
(2,327
)
 
 
-
 
Comprehensive loss
 
$
(17,160,923
)
 
$
(8,221,174
)
 
The accompanying notes are an integral part of these
condensed
consolidated financial statements
 

-5-
 
GLOBAL CLEAN ENERGY HOLDINGS, INC. AND SUBSIDIARIES
 
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT
(Unaudited)
 
 
 
Preferred
Stock
 
 
Common
Stock
 
 
Additional
Paid in Capital
 
 
Accumulated other
comprehensive loss
 
 
Accumulated
Deficit
 
 
Non -
controlling
Interests
 
 
Total
 
Beginning Balance at Dec. 31, 2020
 
$
13
 
 
$
358,499
 
 
$
31,670,954
 
 
$
-
 
 
$
(66,232,439
)
 
$
5,468,900
 
 
$
(28,734,073
)
Share-based compensation from issuance of options and compensation-based warrants
 
 
-
 
 
 
-
 
 
 
102,000
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
102,000
 
Shares issued upon reverse split to avoid fractional shares
 
 
-
 
 
 
19
 
 
 
(19
)
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Conversion of note payable to shares
 
 
-
 
 
 
15,868
 
 
 
460,168
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
476,036
 
Net loss
 
 
-
 
 
 
-
 
 
 
-