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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, 2023
 
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
None
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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit 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
x
 
The number of shares of the issuer’s common stock, par value $0.01 per share, outstanding as of May 15, 2023 was 42,350,027.
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
-2-
Part I. FINANCIAL INFORMATION
 
Item 1: Condensed Consolidated Financial Information
 
GLOBAL CLEAN ENERGY HOLDINGS, INC. AND SUBSIDIARIES
 
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
 
 
March 31,
2023
 
 
December 31,
2022
 
ASSETS
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
3,443,767
 
 
$
5,776,731
 
Accounts receivable, net
 
 
1,501,444
 
 
 
732,095
 
Restricted cash
 
 
-
 
 
 
1,584,959
 
Inventories, net
 
 
5,968,766
 
 
 
7,383,343
 
Prepaid expenses and other current assets
 
 
400,476
 
 
 
1,413,207
 
Total Current Assets
 
 
11,314,453
 
 
 
16,890,335
 
 
 
 
 
 
 
 
 
 
Restricted cash, net of current portion
 
 
-
 
 
 
102,255
 
Operating lease right-of-use-assets
 
 
4,961,051
 
 
 
5,332,110
 
Intangible assets, net
 
 
11,205,159
 
 
 
11,524,333
 
Goodwill
 
 
10,070,669
 
 
 
9,470,699
 
Long term deposits
 
 
972,757
 
 
 
597,242
 
Contract asset - related party
 
 
15,618,495
 
 
 
15,618,495
 
Property, plant and equipment, net
 
 
679,426,731
 
 
 
648,532,827
 
 
 
 
 
 
 
 
 
 
TOTAL ASSETS
 
$
733,569,315
 
 
$
708,068,296
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' DEFICIT
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
Accounts payable
 
$
8,422,976
 
 
$
7,404,276
 
Accrued liabilities
 
 
32,906,221
 
 
 
27,718,259
 
Current portion of operating lease obligations
 
 
2,262,617
 
 
 
1,897,303
 
Current portion of EPC deferred payment
 
 
35,748,779
 
 
 
35,748,779
 
Notes payable including current portion of long-term debt, net
 
 
24,888,361
 
 
 
11,792,105
 
Convertible notes payable
 
 
1,000,000
 
 
 
1,000,000
 
Total Current Liabilities
 
 
105,228,954
 
 
 
85,560,722
 
 
 
 
 
 
 
 
 
 
LONG-TERM LIABILITIES
 
 
 
 
 
 
 
 
Operating lease obligations, net of current portion
 
 
2,442,600
 
 
 
3,090,002
 
Mandatorily redeemable equity instruments of subsidiary, at fair value (Class B Units)
 
 
13,817,000
 
 
 
12,007,000
 
EPC deferred payment
 
 
92,949,558
 
 
 
92,949,558
 
Long-term debt, net
 
 
148,414
 
 
 
12,248,752
 
Senior Credit Agreement, net
 
 
433,778,621
 
 
 
401,239,399
 
Asset retirement obligations, net of current portion
 
 
16,335,313
 
 
 
18,255,155
 
Environmental liabilities, net of current portion
 
 
17,850,981
 
 
 
16,018,650
 
Deferred tax liabilities
 
 
987,089
 
 
 
1,261,624
 
TOTAL LIABILITIES
 
 
683,538,530
 
 
 
642,630,862
 
 
 
 
 
 
 
 
 
 
Series C 15.00% preferred stock - 50,000,000 shares authorized; 145,000 and 145,000 shares issued and outstanding at March 31, 2023 and December 31, 2022 respectively
 
 
102,524,521
 
 
 
93,645,430
 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS' DEFICIT
 
 
 
 
 
 
 
 
Common stock, $0.01 par value; 500,000,000 shares authorized; 42,352,799
shares issued and
42,350,027
shares outstanding at March 31, 2023 and
 42,347,599
shares issued and
42,344,827 shares
outstanding, at December 31, 2022
 
 
423,528
 
 
 
423,476
 
Additional paid-in capital
 
 
122,978,562
 
 
 
122,632,584
 
Accumulated other comprehensive income
 
 
83,878
 
 
 
72,514
 
Accumulated deficit
 
 
(196,399,789
)
 
 
(171,756,655
)
Treasury stock, at cost
,
2,772 shares at March 31, 2023 and 2,772 shares at December 31, 2022
 
 
(15,935
)
 
 
(15,935
)
Total stockholders' deficit attributable to Global Clean Energy Holdings, Inc.
 
 
(72,929,756
)
 
 
(48,644,016
)
Non-controlling interests
 
 
20,436,020
 
 
 
20,436,020
 
Total Stockholders' Deficit
 
 
(52,493,736
)
 
 
(28,207,996
)
 
 
 
 
 
 
 
 
 
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
 
$
733,569,315
 
 
$
708,068,296
 
 
The accompanying notes are an integral part of these condensed consolidated financial statements
 
 
-3-
 
GLOBAL CLEAN ENERGY HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
 
 
For the three months ended March 31,
 
 
 
2023
 
 
2022
 
 
 
 
 
 
 
 
Revenue
 
$
1,333,064
 
 
$
406,214
 
Cost of goods sold
 
 
1,462,708
 
 
 
728,803
 
Gross Loss
 
 
(129,644
)
 
 
(322,589
)
 
 
 
 
 
 
 
 
 
Operating Expenses
 
 
 
 
 
 
 
 
General and administrative expense
 
 
13,646,251
 
 
 
11,351,234
 
Facilities expense
 
 
7,651,193
 
 
 
3,202,921
 
Depreciation expense
 
 
270,266
 
 
 
207,221
 
Amortization expense
 
 
335,544
 
 
 
338,373
 
Total Operating Expenses
 
 
21,903,254
 
 
 
15,099,749
 
 
 
 
 
 
 
 
 
 
OPERATING LOSS
 
 
(22,032,898
)
 
 
(15,422,338
)
 
 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE)
 
 
 
 
 
 
 
 
Interest expense, net
 
 
(1,191,688
)
 
 
(1,340,176
)
Loss on extinguishment of debt
 
 
-
 
 
 
(3,972,568
)
Other (expense) income
 
 
291,278
 
 
 
(40,111
)
Change in fair value of Class B Units
 
 
(1,810,000
)
 
 
(971,590
)
Change in fair value of Warrant Commitment Liability
 
 
-
 
 
 
4,515,307
 
Loss before income taxes
 
 
(24,743,308
)
 
 
(17,231,476
)
Income tax (expense) benefit
 
 
100,174
 
 
 
72,880
 
NET LOSS
 
$
(24,643,134
)
 
$
(17,158,596
)
 
 
 
 
 
 
 
 
 
BASIC NET LOSS PER COMMON SHARE
 
$
(0.58
)
 
$
(0.41
)
DILUTED NET LOSS PER COMMON SHARE
 
$
(0.58
)
 
$
(0.41
)
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING
 
 
42,349,408
 
 
 
42,188,994
 
DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING
 
 
42,349,408
 
 
 
42,188,994
 
 
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 LOSS
(Unaudited)
 
 
 
For the three months ended March 31,
 
 
 
2023
 
 
2022
 
Net loss
 
$
(24,643,134
)
 
$
(17,158,596
)
Other comprehensive gain (loss):
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
 
11,364
 
 
 
(2,327
)
Comprehensive loss
 
$
(24,631,770
)
 
$
(17,160,923
)
 
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)
 
 
 
Common
Stock
 
 
Additional
Paid in
Capital
 
 
Accumulated
other
comprehensive
loss
 
 
Accumulated
Deficit
 
 
Treasury
Stock
 
 
Non -
controlling
Interests
 
 
Total
 
Beginning Balance at Dec. 31, 2021
 
$
420,134
 
 
$
51,142,220
 
 
$
-
 
 
$
(117,647,947
)
 
 
-
 
 
$
5,468,900
 
 
$
(60,616,693
)
Share-based compensation from issuance of options and compensation-based warrants
 
 
-
 
 
 
312,166
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
312,166
 
Exercise of stock options
 
 
2,105
 
 
 
75,795
 
 
 
-
 
 
 
-
 
 
 
-