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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-40234

 

img14934674_0.jpg

PureCycle Technologies, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

86-2293091

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

20 North Orange Avenue, Suite 106

Orlando, Florida 32801

(877) 648-3565

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbols

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

PCT

 

The Nasdaq Stock Market LLC

Warrants, each exercisable for one share of common stock, $0.001 par value per share, at an exercise price of $11.50 per share

 

PCTTW

 

The Nasdaq Stock Market LLC

Units, each consisting of one share of common stock, $0.001 par value per share, and three quarters of one warrant

 

PCTTU

 

The Nasdaq Stock Market LLC

 

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 ☒ No ☐

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 ☒

As of November 13, 2024, there were approximately 173,491,740 shares of the registrant's common stock, par value $0.001 per share, outstanding.

 

 

1


PureCycle Technologies, Inc.

QUARTERLY REPORT on FORM 10-Q

TABLE OF CONTENTS

 

 

 

Page

PART I - Financial Information

 

 

 

Item 1. Financial Statements

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023

5

 

 

Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months ended September 30, 2024 and 2023

6

 

 

Unaudited Condensed Consolidated Statements of Stockholder’s Equity for the Three and Nine Months ended September 30, 2024 and 2023

7

 

 

Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2024 and 2023

9

 

 

Notes to the Interim Condensed Consolidated Financial Statements

10

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

42

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

54

 

 

Item 4. Controls and Procedures

54

 

 

PART II - Other Information

 

 

 

Item 1. Legal Proceedings

55

 

 

Item 1A. Risk Factors

55

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

55

 

 

Item 5. Other Information

56

 

 

Item 6. Exhibits

57

 

 

Signatures

59

 

 

2


 

PureCycle Technologies, Inc.

PART I - FINANCIAL INFORMATION

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including statements about the financial condition, results of operations, earnings outlook and prospects of PureCycle Technologies, Inc. (“PCT”). Forward-looking statements generally relate to future events or PCT’s future financial or operating performance and may refer to projections and forecasts. Forward-looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements are based on the current expectations of the management of PCT and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this Quarterly Report on Form 10-Q. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section of PCT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Annual Report on Form 10-K”) entitled “Risk Factors,” those discussed and identified in other public filings made with the U.S. Securities and Exchange Commission (the “SEC”) by PCT and the following:

PCT's ability to obtain funding for its operations and future growth and to continue as a going concern;
PCT's ability to meet, and to continue to meet, applicable regulatory requirements for the use of PCT’s UPR resin (as defined below) in food grade applications (including in the United States, Europe, Asia and other future international locations);
PCT's ability to comply on an ongoing basis with the numerous regulatory requirements applicable to the UPR resin and PCT’s facilities (including in the United States, Europe, Asia and other future international locations);
expectations and changes regarding PCT’s strategies and future financial performance, including its future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and PCT’s ability to invest in growth initiatives;
the ability of PCT’s first commercial-scale recycling facility in Lawrence County, Ohio (the “Ironton Facility”) to be appropriately certified by Leidos (as defined below), following certain performance and other tests, and commence full-scale commercial operations in a timely and cost-effective manner, or at all;
PCT’s ability to meet, and to continue to meet, the requirements imposed upon it and its subsidiaries by the funding for its operations, including the funding for the Ironton Facility;
PCT’s ability to minimize or eliminate the many hazards and operational risks at its manufacturing facilities that can result in potential injury to individuals, disrupt its business (including interruptions or disruptions in operations at its facilities), and subject PCT to liability and increased costs;

 

3


PureCycle Technologies, Inc.

PART I - FINANCIAL INFORMATION — CONTINUED

 

PCT’s ability to complete the necessary funding with respect to, and complete the construction of its first U.S. multi-line facility, located in Augusta, Georgia (the “Augusta Facility”) and its first commercial-scale European plant located in Antwerp, Belgium, in a timely and cost-effective manner;
PCT’s ability to procure, sort and process polypropylene plastic waste at its planned plastic waste prep (“Feed PreP”) facilities;
PCT’s ability to maintain exclusivity under the Procter & Gamble Company (“P&G”) license (as described below);
the implementation, market acceptance and success of PCT’s business model and growth strategy;
the success or profitability of PCT’s offtake arrangements;
the ability to source feedstock with a high polypropylene content at a reasonable cost;
PCT’s future capital requirements and sources and uses of cash;
developments and projections relating to PCT’s competitors and industry;
the outcome of any legal or regulatory proceedings to which PCT is, or may become, a party including the securities class action and putative class action cases;
geopolitical risk and changes in applicable laws or regulations;
the possibility that PCT may be adversely affected by other economic, business, and/or competitive factors, including interest rates, availability of capital, economic cycles, and other macro-economic impacts;
turnover or increases in employees and employee-related costs;
changes in the prices and availability of labor (including labor shortages), transportation and materials, including inflation, supply chain conditions and its related impact on energy and raw materials, and PCT’s ability to obtain them in a timely and cost-effective manner;
any business disruptions due to political or economic instability, pandemics, armed hostilities (including the ongoing conflict between Russia and Ukraine and the conflict in the Middle East);
the potential impact of climate change on PCT, including physical and transition risks, higher regulatory and compliance costs, reputational risks, and availability of capital on attractive terms; and
operational risk.

PCT undertakes no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.

Should one or more of these risks or uncertainties materialize or should any of the assumptions made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events.

 

4


 

PureCycle Technologies, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

ASSETS

 

 

(Unaudited)

 

 

 

 

(in thousands)

 

September 30, 2024

 

 

December 31, 2023

 

CURRENT ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

83,673

 

 

$

73,411

 

Debt securities available for sale

 

 

 

 

 

48,226

 

Restricted cash – current

 

 

241

 

 

 

25,692

 

Inventory

 

 

6,620

 

 

 

4,791

 

Prepaid expenses and other current assets

 

 

10,962

 

 

 

10,525

 

Total current assets

 

 

101,496

 

 

 

162,645

 

Restricted cash – non-current

 

 

9,739

 

 

 

203,411

 

Prepaid expenses and other non-current assets

 

 

4,835

 

 

 

4,772

 

Operating lease right-of-use assets

 

 

27,318

 

 

 

29,799

 

Property, plant and equipment, net

 

 

645,389

 

 

 

638,746

 

TOTAL ASSETS

 

$

788,777

 

 

$

1,039,373

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

Accounts payable

 

$

2,333

 

 

$

2,881

 

Accrued expenses

 

 

29,593

 

 

 

35,391

 

Accrued interest

 

 

5,427

 

 

 

8,190

 

Current portion of warrant liability

 

 

9,051

 

 

 

 

Current portion of long-term debt

 

 

10,839

 

 

 

9,148

 

Current portion of related party bonds payable

 

 

1,040

 

 

 

 

Total current liabilities

 

 

58,283

 

 

 

55,610

 

NON-CURRENT LIABILITIES

 

 

 

 

 

 

Deferred revenue

 

 

5,000

 

 

 

5,000

 

Long-term debt, less current portion

 

 

255,031

 

 

 

467,708

 

Related party bonds payable

 

 

74,427

 

 

 

 

Related party note payable

 

 

 

 

 

39,696

 

Warrant liability

 

 

104,392

 

 

 

22,059

 

Operating lease right-of-use liabilities

 

 

25,462

 

 

 

27,253

 

Preferred stock liability

 

 

15,270

 

 

 

 

Put option liability

 

 

7,333

 

 

 

 

Other non-current liabilities

 

 

2,163

 

 

 

1,811

 

TOTAL LIABILITIES

 

$

547,361

 

 

$

619,137

 

 

 

 

 

 

 

COMMITMENT AND CONTINGENCIES

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Common Stock - $0.001 par value, 450,000 shares authorized; 173,494 and 164,279 shares issued and outstanding as of September 30, 2024 and December 31, 2023

 

 

173

 

 

 

164

 

Preferred stock - $0.001 par value, 25,000 shares authorized; 50 and no shares issued and outstanding as of September 30, 2024 and December 31, 2023

 

 

 

 

 

 

Additional paid-in capital

 

 

809,996

 

 

 

764,344

 

Accumulated other comprehensive income (loss)

 

 

(55

)

 

 

(32

)

Accumulated deficit

 

 

(568,698

)

 

 

(344,240

)

TOTAL STOCKHOLDERS' EQUITY

 

 

241,416

 

 

 

420,236

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

788,777

 

 

$

1,039,373

 

 

The accompanying notes are an integral part of these financial statements.

5

 


 

PureCycle Technologies, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(in thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

Operating costs

$

16,965

 

 

$

17,053

 

 

$

60,379

 

 

$

36,037

 

Research and development

 

1,544

 

 

 

1,592

 

 

 

4,940

 

 

 

4,917

 

Selling, general and administrative

 

12,789

 

 

 

12,958

 

 

 

44,883

 

 

 

39,063

 

Total operating costs and expenses

 

31,298

 

 

 

31,603

 

 

 

110,202

 

 

 

80,017

 

Interest expense

 

14,567

 

 

 

11,500

 

 

 

41,676

 

 

 

16,183

 

Interest income

 

(414

)

 

 

(2,867

)

 

 

(4,530

)

 

 

(6,377

)

Change in fair value of warrants

 

44,899

 

 

 

(48,817

)

 

 

54,532

 

 

 

(17,669

)

Loss on debt extinguishment

 

 

 

 

 

 

 

21,214

 

 

 

 

Other expense

 

289

 

 

 

51

 

 

 

1,364

 

 

 

526

 

Total other expense

 

59,341

 

 

 

(40,133

)

 

 

114,256

 

 

 

(7,337

)

Loss before income taxes

 

(90,639

)

 

 

8,530

 

 

$

(224,458

)

 

$

(72,680

)

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

Net Loss

$

(90,639

)

 

$

8,530

 

 

$

(224,458

)

 

$

(72,680

)

Loss per share

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.54

)

 

$

0.05

 

 

$

(1.36

)

 

$

(0.44

)

Diluted

$

(0.54

)

 

$

0.03

 

 

$

(1.36

)

 

$

(0.45

)

Weighted average shares of common stock

 

 

 

 

 

 

 

 

 

 

 

Basic

 

166,513

 

 

 

164,018

 

 

 

165,224

 

 

 

163,783

 

Diluted

 

166,513

 

 

 

165,548

 

 

 

165,224

 

 

 

163,980

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

Cumulative translation adjustment

$

(66

)

 

$

 

 

$

(41

)

 

$

 

Unrealized gain on debt securities available for sale

 

 

 

 

(7

)

 

 

18

 

 

 

634

 

Total comprehensive loss

$

(90,705

)

 

$

8,523

 

 

$

(224,481

)

 

$

(72,046

)

 

The accompanying notes are an integral part of these financial statements.

6

 


 

PureCycle Technologies, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

 

For The Three And Nine Months Ended September 30, 2024

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Shares

 

 

 

Amount

 

 

Additional paid-in capital

 

 

Accumulated other comprehensive (loss) income

 

 

Accumulated deficit

 

 

Total stockholders' equity

 

Balance, December 31, 2023

 

 

164,279

 

 

 

$

164

 

 

$

764,344

 

 

$

(32

)

 

$

(344,240

)

 

$

420,236

 

 Options exercised

 

 

16

 

 

 

 

 

 

 

92

 

 

 

 

 

 

 

 

 

92

 

 Share repurchase

 

 

(99

)

 

 

 

 

 

 

(598

)

 

 

 

 

 

 

 

 

(598

)

 Equity-based compensation

 

 

416

 

 

 

 

1

 

 

 

2,681

 

 

 

 

 

 

 

 

 

2,682

 

 Unrealized gain on available for sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

18

 

 

 

 

 

 

18

 

 Cumulative translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

16

 

 

 

 

 

 

16

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(85,607

)

 

 

(85,607

)

Balance, March 31, 2024

 

 

164,612

 

 

 

$

165

 

 

$

766,519

 

 

$

2

 

 

$

(429,847

)

 

$

336,839

 

Share repurchase

 

 

(14

)

 

 

 

 

 

 

(97

)

 

 

 

 

 

 

 

 

(97

)

Equity-based compensation

 

 

148

 

 

 

 

 

 

 

3,072

 

 

 

 

 

 

 

 

 

3,072

 

Cumulative translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

9

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(48,212

)

 

 

(48,212

)

Balance, June 30, 2024

 

 

164,746

 

 

 

$

165

 

 

$

769,494

 

 

$

11

 

 

$

(478,059

)

 

$

291,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock

 

 

8,529

 

 

 

 

8

 

 

 

38,102

 

 

 

 

 

 

 

 

 

38,110

 

Share repurchase

 

 

(87

)

 

 

 

 

 

 

(483

)

 

 

 

 

 

 

 

 

(483

)

Equity-based compensation

 

 

306

 

 

 

 

 

 

 

2,883

 

 

 

 

 

 

 

 

 

2,883

 

Cumulative translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

(66

)

 

 

 

 

 

(66

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(90,639

)

 

 

(90,639

)

Balance at September 30, 2024

 

 

173,494

 

 

 

$

173

 

 

$

809,996

 

 

$

(55

)

 

$

(568,698

)

 

$

241,416

 

 

 

 

7


 

 

For The Three And Nine Months Ended September 30, 2023

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Shares

 

 

 

Amount

 

 

Additional paid-in capital

 

 

Accumulated other comprehensive (loss) income

 

 

Accumulated deficit

 

 

Total stockholders' equity

 

Balance, December 31, 2022

 

 

163,550

 

 

 

$

164

 

 

$

753,885

 

 

$

(641

)

 

$

(242,525

)

 

$

510,883

 

Share repurchase

 

 

(48

)

 

 

 

 

 

 

(277

)

 

 

 

 

 

 

 

 

(277

)

Equity-based compensation

 

 

169

 

 

 

 

 

 

 

2,166

 

 

 

 

 

 

 

 

 

2,166

 

Unrealized gain on available for sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

641

 

 

 

 

 

 

641

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,842

)

 

 

(25,842

)

Balance, March 31, 2023

 

 

163,671

 

 

 

$

164

 

 

$

755,774

 

 

$

 

 

$

(268,367

)

 

$

487,571

 

Share repurchase

 

 

(9

)

 

 

 

 

 

 

(27

)

 

 

 

 

 

 

 

 

(27

)

Forfeiture of restricted stock

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation

 

 

135

 

 

 

 

 

 

 

3,252

 

 

 

 

 

 

 

 

 

3,252

 

Unrealized loss on available for sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(55,368

)

 

 

(55,368

)

Balance, June 30, 2023

 

 

163,796

 

 

 

$

164

 

 

$

758,999

 

 

$

 

 

$

(323,735

)

 

$

435,428

 

 

Share repurchase

 

 

(78

)

 

 

 

 

 

 

(818

)

 

 

 

 

 

 

 

 

(818

)

Equity-based compensation

 

 

341

 

 

 

 

 

 

 

3,285

 

 

 

 

 

 

 

 

 

3,285

 

Unrealized loss on available for sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

(7

)

 

 

 

 

 

(7

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,530

 

 

 

8,530

 

Balance, September 30, 2023

 

 

164,059

 

 

 

$

164

 

 

$

761,466

 

 

$

(7

)

 

$

(315,205

)

 

$

446,418

 

 

The accompanying notes are an integral part of these financial statements.

 

8


 

PureCycle Technologies, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

Nine Months Ended September 30,

 

(in thousands)

 

2024

 

 

 

2023

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

 

$

(224,458

)

 

 

$

(72,680

)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

 

 

 

 

Equity-based compensation

 

 

8,637

 

 

 

 

8,703

 

Change in fair value of warrants

 

 

54,532

 

 

 

 

(17,669

)

Depreciation expense

 

 

23,853

 

 

 

 

9,766

 

Amortization of debt issuance costs and debt discounts

 

 

10,505

 

 

 

 

1,840

 

Accretion of discount on debt securities

 

 

(330

)

 

 

 

(149

)

Operating lease amortization expense

 

 

2,281

 

 

 

 

2,171

 

Loss on extinguishment of debt

 

 

21,214

 

 

 

 

 

Impairment of operating right-of-use asset

 

 

757

 

 

 

 

 

Change in fair value of put option liability

 

 

395

 

 

 

 

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

(347

)

 

 

 

(2,468

)

Prepaid expenses and other non-current assets

 

 

(63

)

 

 

 

(1,523

)

Inventory

 

 

(1,829

)

 

 

 

(3,489

)

Accounts payable

 

 

675

 

 

 

 

1,527

 

Accrued expenses

 

 

(3,379

)

 

 

 

4,375

 

Accrued interest

 

 

(3,334

)

 

 

 

9,867

 

Other non-current liabilities

 

 

33

 

 

 

 

 

Operating right-of-use liabilities

 

 

(2,127

)

 

 

 

(1,601

)

Net cash used in operating activities

 

$

(112,985

)

 

 

$

(61,330

)

Cash flows from investing activities

 

 

 

 

 

 

 

Purchase of property, plant & equipment

 

 

(33,989

)

 

 

 

(142,680

)

Purchase of debt securities, available for sale

 

 

(30,586

)

 

 

 

(12,020

)

Sale and maturity of debt securities, available for sale

 

 

79,161

 

 

 

 

99,371

 

Net cash provided by (used in) investing activities

 

$

14,586

 

 

 

$

(55,329

)

Cash flows from financing activities

 

 

 

 

 

 

 

Payment to purchase revenue bonds

 

 

(253,230

)

 

 

 

 

Proceeds from issuance of revenue bonds to related parties

 

 

40,000

 

 

 

 

 

Proceeds from issuance of revenue bonds

 

 

8,000

 

 

 

 

 

Proceeds from issuance of common stock

 

 

38,110

 

 

 

 

 

Proceeds from issuance of warrants

 

 

30,050

 

 

 

 

 

Proceeds from issuance of preferred shares, inclusive of put option

 

 

21,840

 

 

 

 

 

Proceeds from equipment lease financing

 

 

9,536

 

 

 

 

22,101

 

Payments on equipment financing

 

 

(3,118

)

 

 

 

 

Payments to repurchase shares

 

 

(1,178

)

 

 

 

(1,122

)

Proceeds from other borrowings

 

 

2,383

 

 

 

 

 

Debt issuance costs

 

 

(