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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 September 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
 N
o
 
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
November 9, 2023
 was
49,982,345
.

 



 
 

 
 
2
 
 
P
art I. FINANCIAL INFORMATION 
I
tem 1: Financial Statements
 
GLOBAL CLEAN ENERGY HOLDINGS, INC., AND SUBSIDIARIES
C
ONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
 
 
September 30, 2023
 
 
December 31, 2022
 
ASSETS
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
2,821,007
 
 
$
5,776,731
 
Accounts receivable, net
 
 
766,548
 
 
 
732,095
 
Restricted cash
 
 
1,943,385
 
 
 
1,584,959
 
Inventories, net
 
 
5,775,906
 
 
 
7,383,343
 
Prepaid expenses and other current assets
 
 
2,698,292
 
 
 
1,413,207
 
Total Current Assets
 
 
14,005,138
 
 
 
16,890,335
 
 
 
 
 
 
 
 
 
 
Restricted cash, net of current portion
 
 
-
 
 
 
102,255
 
Operating lease right-of-use-assets
 
 
4,007,063
 
 
 
5,332,110
 
Intangible assets, net
 
 
9,892,831
 
 
 
11,524,333
 
Goodwill
 
 
9,971,488
 
 
 
9,470,699
 
Other long-
term
assets
 
 
4,732,348
 
 
 
597,242
 
Contract asset - related party
 
 
15,618,495
 
 
 
15,618,495
 
Property, plant and equipment, net
 
 
752,277,394
 
 
 
648,532,827
 
 
 
 
 
 
 
 
 
 
TOTAL ASSETS
 
$
810,504,757
 
 
$
708,068,296
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' DEFICIT
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
Accounts payable
 
$
19,338,674
 
 
$
7,404,276
 
Accrued liabilities
 
 
39,424,526
 
 
 
27,718,259
 
Current portion of operating lease obligations
 
 
1,952,165
 
 
 
1,897,303
 
Current portion of EPC deferred payment
 
 
47,738,981
 
 
 
35,748,779
 
Notes payable including current portion of long-term debt, net
 
 
181,417,368
 
 
 
11,792,105
 
Convertible notes payable
 
 
-
 
 
 
1,000,000
 
Total Current Liabilities
 
 
289,871,714
 
 
 
85,560,722
 
 
 
 
 
 
 
 
 
 
LONG-TERM LIABILITIES
 
 
 
 
 
 
 
 
Operating lease obligations, net of current portion
 
 
1,977,000
 
 
 
3,090,002
 
Mandatorily redeemable equity instruments of subsidiary, at fair value (Class B Units)
 
 
5,421,000
 
 
 
12,007,000
 
EPC deferred payment, net of current portion
 
 
75,018,371
 
 
 
92,949,558
 
Long-term debt, net
 
 
150,000
 
 
 
12,248,752
 
Senior Credit Agreement, net
 
 
377,151,388
 
 
 
401,239,399
 
Asset retirement obligations, net of current portion
 
 
12,601,811
 
 
 
18,255,155
 
Environmental liabilities, net of current portion
 
 
16,467,490
 
 
 
16,018,650
 
Deferred tax liabilities
 
 
953,810
 
 
 
1,261,624
 
Other long-term liabilities
 
 
893,559
 
 
 
-
 
TOTAL LIABILITIES
 
 
780,506,143
 
 
 
642,630,862
 
 
 
 
 
 
 
 
 
 
Commitments and contingencies (Note I)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series C 15.00% preferred stock - 50,000,000 shares authorized; 145,000 shares issued and outstanding as of September 30, 2023 and December 31, 2022
 
 
125,879,530
 
 
 
93,645,430
 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS' DEFICIT
 
 
 
 
 
 
 
 
Common stock, $0.01 par value; 500,000,000 shares authorized; 49,982,345 shares issued and outstanding at September 30, 2023 and 42,347,599 shares issued and 42,344,827 shares outstanding, at December 31, 2022
 
 
499,823
 
 
 
423,476
 
Additional paid-in capital
 
 
115,675,547
 
 
 
122,632,584
 
Accumulated other comprehensive income (loss)
 
 
(780,954
)
 
 
72,514
 
Accumulated deficit
 
 
(231,711,352
)
 
 
(171,756,655
)
Treasury stock, at cost, 0 shares at September 30, 2023 and 2,772 shares at December 31, 2022
 
 
-
 
 
 
(15,935
)
Total stockholders' deficit attributable to Global Clean Energy Holdings, Inc.
 
 
(116,316,936
)
 
 
(48,644,016
)
Non-controlling interests
 
 
20,436,020
 
 
 
20,436,020
 
Total Stockholders' Deficit
 
 
(95,880,916
)
 
 
(28,207,996
)
 
 
 
 
 
 
 
 
 
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
 
$
810,504,757
 
 
$
708,068,296
 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.


3
 


GLOBAL CLEAN ENERGY HOLDINGS, INC.,
AND
SUBSIDIARIES
C
ONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
 
 
For the three months ended September 30,
 
 
For the nine months ended September 30,
 
 
 
2023
 
 
2022
 
 
2023
 
 
2022
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
1,876,727
 
 
$
924,993
 
 
$
3,441,542
 
 
$
2,116,871
 
Cost of goods sold
 
 
2,964,658
 
 
 
671,373
 
 
 
4,531,175
 
 
 
1,463,786
 
Gross Profit (Loss)
 
 
(1,087,931
)
 
 
253,620
 
 
 
(1,089,633
)
 
 
653,085
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
General and administrative expense
 
 
11,097,066
 
 
 
8,306,115
 
 
 
37,809,944
 
 
 
29,929,458
 
Facilities expense
 
 
7,404,351
 
 
 
3,898,433
 
 
 
22,805,699
 
 
 
11,130,877
 
Depreciation expense
 
 
65,744
 
 
 
225,335
 
 
 
628,894
 
 
 
1,018,867
 
Amortization expense
 
 
206,781
 
 
 
338,373
 
 
 
820,766
 
 
 
1,014,466
 
Total Operating Expenses
 
 
18,773,942
 
 
 
12,768,256
 
 
 
62,065,303
 
 
 
43,093,668
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OPERATING LOSS
 
 
(19,861,873
)
 
 
(12,514,636
)
 
 
(63,154,936
)
 
 
(42,440,583
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
 
(684,466
)
 
 
(765,232
)
 
 
(3,183,116
)
 
 
(2,938,762
)
Loss on extinguishment of debt
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(3,972,568
)
Other income (expense)
 
 
(7,559
)
 
 
1,266,789
 
 
 
167,324
 
 
 
80,761
 
Change in fair value of Class B Units
 
 
6,179,000
 
 
 
(3,295,086
)
 
 
6,586,000
 
 
 
9,812,689
 
Change in fair value of Warrant Commitment Liability
 
 
-
 
 
 
-
 
 
 
-
 
 
 
4,515,307
 
Loss before income taxes
 
 
(14,374,898
)
 
 
(15,308,165
)
 
 
(59,584,728
)
 
 
(34,943,156
)
Income tax benefit (expense)
 
 
(490,677
)
 
 
(6,270
)
 
 
(369,969
)
 
 
69,342
 
NET LOSS
 
$
(14,865,575
)
 
$
(15,314,435
)
 
$
(59,954,697
)
 
$
(34,873,814
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BASIC NET LOSS PER COMMON SHARE
 
$
(0.32
)
 
$
(0.36
)
 
$
(1.36
)
 
$
(0.83
)
DILUTED NET LOSS PER COMMON SHARE
 
$
(0.32
)
 
$
(0.36
)
 
$
(1.36
)
 
$
(0.83
)
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING
 
 
47,181,208
 
 
 
42,323,933
 
 
 
43,979,203
 
 
 
42,267,543
 
DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING
 
 
47,181,208
 
 
 
42,323,933
 
 
 
43,979,203
 
 
 
42,267,543
 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
 
  
4
 
 
GLOBAL CLEAN ENERGY HOLDINGS, INC., AND SUBSIDIARIES
C
ONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
 
 
 
For the three months ended September 30,
 
 
For the nine months ended September 30,
 
 
 
2023
 
 
2022
 
 
2023
 
 
2022
 
Net loss
 
$
(14,865,575
)
 
$
(15,314,435
)
 
$
(59,954,697
)
 
$
(34,873,814
)
Other comprehensive gain (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
 
(839,367
)
 
 
155,526
 
 
 
(853,468
)
 
 
169,817
 
Comprehensive loss
 
$
(15,704,942
)
 
$
(15,158,909
)
 
$
(60,808,165
)
 
$
(34,703,997
)
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

 
5


GLOBAL CLEAN ENERGY HOLDINGS, INC., AND SUBSIDIARIES
C
ONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT
(Unaudited)
 
 
 
Common Stock
 
 
Additional Paid

in Capital
 
 
Accumulated

other

comprehensive

income (loss)
 


 
 


 
Accumulated

Deficit
 
 
Treasury Stock
 
 
Non -

controlling

Interests
 

 
 

 
Total
 
Beginning Balance at December 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
 
 
-