10-Q - Global Clean Energy Holdings, Inc. (0000748790) (Filer)

Wed, Aug 21, 9:27 PM (23 days ago)

Global Clean Energy Holdings, Inc. (GCEH) reported significant financial developments for the quarter ending June 30, 2024. The company achieved revenues of $1.994 million, a substantial increase from $232 thousand in the same quarter of the previous year, primarily from its camelina seed sales. However, it incurred a gross loss of $572 thousand, reflecting high costs of goods sold at $2.566 million. Operating expenses rose to $26.470 million, contributing to an operating loss of $27.042 million. Notably, GCEH recorded a net income of $134.355 million, largely due to a $163.566 million non-cash gain from debt extinguishment. Cash flow from operations showed a negative trend, with net cash used totaling $67.649 million. As of June 30, 2024, the company reported total assets of $1.510 billion against total liabilities of $1.422 billion, leading to stockholders' equity of approximately $88.5 million. Liquidity remains a concern, with negative working capital of $651.3 million and ongoing capital requirements to complete its facility conversion project, expected to commence operations in late 2024. The company is actively pursuing additional financing to address these challenges.