Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Operating Activities      
Net Loss $ (8,221,174) $ 5,438,024  
Adjustments to reconcile net loss to net cash used in operating activities:      
Share-based compensation 102,000 25,614  
Depreciation and amortization 114,700 61,306  
Accretion of asset retirement obligations 245,000 91,372 $ 652,000
Gain on settlement of liabilities (512,363)  
Change in fair value of derivative liability (5,476,000) (5,476,000)  
Change in fair value of Class B Units 851,231 (2,021,656)
Amortization of debt discount 597,390  
Changes in operating assets and liabilities:      
Accounts receivable 47,762  
Inventories (57,307)  
Farming activities (341,585)  
Prepaid expenses 387,520  
Deposits and other assets 41,570  
Accounts payable and accrued expenses, interest and compensation 3,146,978 553,482  
Asset retirement obligations 775,248 135,000
Environmental liabilities (114,068)  
Lease liabilities and assets 2  
Other Operating Activities 259  
Net Cash Used in Operating Activities (3,975,229) 181,694  
Investing Activities      
Pre-acquisition costs and deposit on refinery acquisition (582,634)  
Intangible assets (33,766)  
Property plant and equipment (29,844,053)  
Net Cash Used in Investing Activities (29,877,819) (582,634)  
Financing Activities      
Proceeds received from exercise of stock options 71,596  
Payments on notes payable and long-term debt (761,614)  
New borrowings 600,560  
Long-term debt (credit facility) 30,769,958  
Net Cash Provided by Financing Activities 30,608,904 71,596  
Net Change in Cash, Cash Equivalents and Restricted Cash (3,244,144) (329,344)  
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 38,982,725 457,331 457,331
Cash, Cash Equivalents and Restricted Cash at End of Period 35,738,581 127,987 $ 38,982,725
Supplemental Disclosures of Cash Flow Information      
Cash Paid for Interest 3,887,108  
Cash Paid for Income Tax