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Global Clean Energy Holdings, Inc. (GCEH0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial position, showing an operating loss of $104.1 million for the nine months ended September 30, 2024. Despite this, the company reported a net income of $30.4 million, largely due to a non-cash gain on the extinguishment of debt amounting to $163.6 million.
As of September 30, 2024, Global Clean Energy Holdings had total assets of $1,598,001,000 and liabilities of $1,584,749,000, resulting in stockholders' equity of $13,252,000.
Cash and restricted cash at the end of the period totaled $1,949,000, a decrease from $3,736,000 at the beginning of the year. The company reported net cash used in operating activities of $133,005,000 for the nine months.
The company continues to face liquidity challenges, with negative working capital of $805.6 million as of September 30, 2024. Management is pursuing various strategies to address these challenges, including potential financing and cost reduction initiatives.
Global Clean Energy Holdings is working on the completion of its Bakersfield Renewable Fuels Facility, which has faced delays. The company expects the facility to commence commercial operations in the fourth quarter of 2024.
The report also highlights ongoing disputes with CTCI Americas, Inc. concerning costs related to the facility's construction. The company disputes CTCI's claims and intends to defend its position vigorously.
Global Clean Energy Holdings has entered into a Settlement Agreement with ExxonMobil (XOM-0.80%), resulting in the cancellation of Series C Preferred Stock and warrants held by ExxonMobil, in exchange for a settlement payment of $18.3 million.
The company is actively involved in expanding its camelina grain production operations, with contracts for more than 40,000 acres in North America and 60,000 acres in Argentina.
Management acknowledges the ongoing material weaknesses in internal controls over financial reporting and is implementing measures to address these issues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Global Clean Energy Hldgs quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.