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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 June 30, 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
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
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
Smaller reporting company
 
 
 
 
 
 
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 $0.01 per share, outstanding as of August 14, 2023 was 49,982,345.

 
 

 
 

-2-
 
 
Part I. FINANCIAL INFORMATION 
Item 1: Financial Statements
 
GLOBAL CLEAN ENERGY HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
ASSETS
 
June 30, 2023
 
 
December 31, 2022
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
2,213,465
 
 
$
5,776,731
 
Accounts receivable, net
 
 
736,583
 
 
 
732,095
 
Restricted cash
 
 
1,022,570
 
 
 
1,584,959
 
Inventories, net
 
 
5,379,679
 
 
 
7,383,343
 
Prepaid expenses and other current assets
 
 
3,054,817
 
 
 
1,413,207
 
Total Current Assets
 
 
12,407,114
 
 
 
16,890,335
 
 
 
 
 
 
 
 
 
 
Restricted cash, net of current portion
 
 
689,477
 
 
 
102,255
 
Operating lease right-of-use-assets
 
 
4,487,509
 
 
 
5,332,110
 
Intangible assets, net
 
 
10,929,296
 
 
 
11,524,333
 
Goodwill
 
 
9,548,252
 
 
 
9,470,699
 
Long term deposits
 
 
601,608
 
 
 
597,242
 
Contract asset - related party
 
 
15,618,495
 
 
 
15,618,495
 
Property, plant and equipment, net
 
 
709,910,318
 
 
 
648,532,827
 
 
 
 
 
 
 
 
 
 
TOTAL ASSETS
 
$
764,192,069
 
 
$
708,068,296
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' DEFICIT
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
Accounts payable
 
$
9,753,578
 
 
$
7,404,276
 
Accrued liabilities
 
 
34,476,268
 
 
 
27,718,259
 
Current portion of operating lease obligations
 
 
2,280,158
 
 
 
1,897,303
 
Current portion of EPC deferred payment
 
 
28,338,061
 
 
 
35,748,779
 
Notes payable including current portion of long-term debt, net
 
 
27,867,182
 
 
 
11,792,105
 
Convertible notes payable
 
 
1,000,000
 
 
 
1,000,000
 
Total Current Liabilities
 
 
103,715,247
 
 
 
85,560,722
 
 
 
 
 
 
 
 
 
 
LONG-TERM LIABILITIES
 
 
 
 
 
 
 
 
Operating lease obligations, net of current portion
 
 
2,040,484
 
 
 
3,090,002
 
Mandatorily redeemable equity instruments of subsidiary, at fair value (Class B Units)
 
 
11,600,000
 
 
 
12,007,000
 
EPC deferred payment
 
 
99,183,212
 
 
 
 
 
 
92,949,558
 
Long-term debt, net
 
 
150,265
 
 
 
12,248,752
 
Senior Credit Agreement, net
 
 
473,857,813
 
 
 
401,239,399
 
Asset retirement obligations, net of current portion
 
 
14,512,593
 
 
 
18,255,155
 
Environmental liabilities, net of current portion
 
 
17,422,863
 
 
 
16,018,650
 
Deferred tax liabilities
 
 
1,528,022
 
 
 
1,261,624
 
TOTAL LIABILITIES
 
 
724,010,499
 
 
 
642,630,862
 
 
 
 
 
 
 
 
 
 
Series C 15.00% preferred stock - 50,000,000 shares authorized; 145,000 and 145,000 shares issued and outstanding at June 30, 2023 and December 31, 2022 respectively
 
 
114,377,170
 
 
 
93,645,430
 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS' DEFICIT
 
 
 
 
 
 
 
 
Common stock, $0.01 par value; 500,000,000 shares authorized; 42,402,799 shares issued and 42,400,027 shares outstanding at June 30, 2023 and 42,347,599 shares issued and 42,344,827 shares outstanding, at December 31, 2022
 
 
424,028
 
 
 
423,476
 
Additional paid-in capital
 
 
121,747,651
 
 
 
122,632,584
 
Accumulated other comprehensive income
 
 
58,413
 
 
 
 
 
 
72,514
 
Accumulated deficit
 
 
(216,845,777
)
 
 
(171,756,655
)
Treasury stock, at cost, 2,772 shares at June 30, 2023 and 2,772 shares at December 31, 2022
 
 
(15,935
)
 
 
(15,935
)
Total stockholders' deficit attributable to Global Clean Energy Holdings, Inc.
 
 
(94,631,620
)
 
 
(48,644,016
)
Non-controlling interests
 
 
20,436,020
 
 
 
20,436,020
 
Total Stockholders' Deficit
 
 
(74,195,600
)
 
 
(28,207,996
)
 
 
 
 
 
 
 
 
 
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
 
$
764,192,069
 
 
$
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 June 30,
 
 
For the six months ended June 30,
 
 
 
2023
 
 
2022
 
 
2023
 
 
2022
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
231,751
 
 
$
785,664
 
 
$
1,564,815
 
 
$
1,191,878
 
Cost of goods sold
 
 
103,809
 
 
 
63,610
 
 
 
1,566,517
 
 
 
792,413
 
Gross
Profit (L
oss)
 
 
127,942
 
 
 
722,054
 
 
 
(1,702
)
 
 
399,465
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
General and administrative expense
 
 
13,066,627
 
 
 
10,312,681
 
 
 
26,712,878
 
 
 
20,897,624
 
Facilities expense
 
 
7,750,155
 
 
 
3,988,951
 
 
 
15,401,348
 
 
 
7,958,163
 
Depreciation expense
 
 
292,884
 
 
 
586,311
 
 
 
563,150
 
 
 
793,532
 
Amortization expense
 
 
278,441
 
 
 
337,720
 
 
 
613,985
 
 
 
676,093
 
Total Operating Expenses
 
 
21,388,107
 
 
 
15,225,663
 
 
 
43,291,361
 
 
 
30,325,412
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OPERATING LOSS
 
 
(21,260,165
)
 
 
(14,503,609
)
 
 
(43,293,063
)
 
 
(29,925,947
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
 
(1,306,962
)
 
 
(833,354
)
 
 
(2,498,650
)
 
 
(2,173,530
)
Loss on extinguishment of debt
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(3,972,568
)
Other (expense) income
 
 
(116,395
)
 
 
(1,145,917
)
 
 
174,883
 
 
 
(1,186,028
)
Change in fair value of Class B Units
 
 
2,217,000
 
 
 
14,079,365
 
 
 
407,000
 
 
 
13,107,775
 
Change in fair value of Warrant Commitment Liability
 
 
-
 
 
 
-
 
 
 
-
 
 
 
4,515,307
 
Loss before income taxes
 
 
(20,466,522
)
 
 
(2,403,515
)
 
 
(45,209,830
)
 
 
(19,634,991
)
Income tax benefit
 
 
20,534
 
 
 
2,732
 
 
 
120,708
 
 
 
75,612
 
NET LOSS
 
$
(20,445,988
)
 
$
(2,400,783
)
 
$
(45,089,122
)
 
$
(19,559,379
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BASIC NET LOSS PER COMMON SHARE
 
$
(0.48
)
 
$
(0.06
)
 
$
(1.06
)
 
$
(0.46
)
DILUTED NET LOSS PER COMMON SHARE
 
$
(0.48
)
 
$
(0.06
)
 
$
(1.06
)
 
$
(0.46
)
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING
 
 
42,353,899
 
 
 
42,288,219
 
 
 
42,351,665
 
 
 
42,238,880
 
DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING
 
 
42,353,899
 
 
 
42,288,219
 
 
 
42,351,665
 
 
 
42,238,880
 
 
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 June 30,
 
 
For the six months ended June 30,
 
 
 
2023
 
 
2022
 
 
2023
 
 
2022
</