Global Clean Energy Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Accounts Payable and Accrued Liabilities

For presentation purposes, accounts payable and accrued liabilities have been combined. As of September 30, 2021 and December 31, 2020, accounts payable and accrued liabilities consists of:

	As of September 30, 2021		As of December 31, 2020
Accounts payable	$	14,845,855	$	9,724,136
Accrued compensation and related liabilities		3,358,408		3,034,688
Accrued interest payable		1,782,358		2,093,649
Accrued construction costs		25,345,484		-
Other accrued liabilities		4,623,331		3,146,478
Current portion of asset retirement obligations		4,478,948		3,716,000
Current portion of environmental liabilities		1,521,918		883,000
	$	55,956,302	$	22,597,951

Schedule of Asset Retirement Obligations

The following table provides a reconciliation of the changes in asset retirement obligations for the nine months ended September 30, 2021 and the year ended December 31, 2020

	Nine months ended September 30, 2021			Year ended December 31, 2020
Asset retirement obligations - beginning of period	$	21,478,977		$	-
Additions related to acquisition of refinery		-			21,901,977
Disbursements		(1,961,711	)		(135,000	)
Accretion		735,000			652,000
Revised obligation estimates		-			(940,000	)
Asset retirement obligations - end of period	$	20,252,266		$	21,478,977

Schedule of changes in derivative liability

The following is the recorded fair value of the Class B Units as of September 30, 2021:

	Carrying Value		Total Fair Value		Quoted prices in active markets for identical assets - Level 1		Significant other observable inputs - Level 2		Significant unobservable inputs - Level 3
Liabilities
Class B Units as of September 30, 2021	$	18,054,857	$	18,054,857	$	-	$	-	$	18,054,857

The following is the recorded fair value of the Class B Units as of December 31, 2020:

	Carrying Value		Total Fair Value		Quoted prices in active markets for identical assets - Level 1	Significant other observable inputs - Level 2	Significant unobservable inputs - Level 3
Liabilities
Class B Units as of December 31, 2020	$	5,123,000	$	5,123,000			$	5,123,000

The following presents changes in the Class B Units through the three months and nine months ended September 30, 2021:

	Three months ended September 30, 2021		Nine months ended September 30, 2021
Beginning Balance	$	12,623,420	$	5,123,000
New unit issuances		2,581,864		6,988,372
Change in fair value recognized in earnings		2,849,573		5,943,485
Ending Balance	$	18,054,857	$	18,054,857

The

following

presents

changes

the

Class

Units

through

the

three

months

and

nine

months

ended

September

30,

2020:

		Three months ended September 30, 2020		Nine months ended September 30, 2020
Beginning Balance	$	939,000	$	-
New unit issuances		537,000		1,476,000
Change in fair value recognized in earnings		-		-
Ending Balance	$	1,476,000	$	1,476,000

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

		Nine months ended September 30, 2021		Nine months ended September 30, 2020
Convertible notes and accrued interest	$	7,453,968	$	10,214,164
Convertible preferred stock - Series B		-		1,181,819
Stock options and warrants		19,468,704		19,317,714

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Below is a table that shows the fair value of assets acquired and liabilities assumed by the Company as a result of the transaction:

Assets	As of April 15, 2021
Cash	$	263,755
Property, plant, and equipment		185,445
Patents		3,450,000
Trade name		90,000
Goodwill		1,355,077
Liabilities
Accounts payable and accrued liabilities		(344,277	)
Total fair value of net assets acquired		5,000,000
Less: Cash acquired		(263,755	)
Total fair value of consideration transferred, net of cash acquired	$	4,736,245