CHESTNUT RIDGE, N.Y.,
Nov. 20, 2019 /PRNewswire/
-- BioHiTech Global, Inc. ("BioHiTech" or the "Company")
(NASDAQ: BHTG), a technology and services company that provides
cost-effective and sustainable waste management solutions, reported
financial results for the third quarter of 2019 ended September 30, 2019.
Company Highlights
Completed $3.38 Million Registered Direct Offering of
Common Stock – The Company sold 1,877,666 shares of
common stock at $1.80 per
share. The proceeds are being utilized to support the growth
of the Company's proprietary technology solutions for sustainable
waste management.
Continued to Ramp Revenue at
the Nation's First HEBioT™ Resource
Recovery Facility – During the third quarter, the Company
continued to increase utilization rates at its first HEBioT (High
Efficiency Biological Treatment) facility located in Martinsburg, West Virginia (the "Martinsburg
Facility"). This progressive increase in utilization led to a
120% sequential increase in revenue from the second quarter where
the Company began commissioning the facility early in April.
While revenue at the Martinsburg
facility grew significantly, that growth was constrained by
adjustments needed to improve the metals capturing process and fire
suppression systems which required modifications to existing
equipment and installation of additional equipment. These
adjustments resulted in several weeks of downtime as well as
reduced production levels of solid recovered fuel ("SRF").
The Company sees revenue from the Martinsburg Facility increasing
in the fourth quarter as these start-up adjustments were largely
completed early in November and its contracted buyer of SRF
finishes the installation of a feed-line to accept the fuel at its
cement manufacturing plant in Martinsburg. The Company
continues to expect that the Martinsburg Facility will generate
$7 million of high margin revenue on
an annual basis by processing up to 110,000 tons of municipal solid
waste while diverting as much as 80% of that waste from
landfills. The 56,000-square foot Facility is completely
enclosed and fully automated with no waste being exposed to the
outside environment and no workers in direct contact to the waste
processing. The Company's EPA recognized SRF can be used as a
partial replacement for coal in various industrial
applications.
Expanded Recurring Revenue
and Improved Contribution from Digester Rental Business –
The Company achieved 23.3% growth in revenue from digester rentals
with contribution margins increasing to 63.9% in Q3 2019, up from
48.5% in Q3 2018. The improvement in margin was mainly
attributable to a decrease in billable service and parts that is
the result of improved product design and quality of the Company's
Revolution Series™ Digesters. During the quarter, the Company
announced orders for twelve digester units from four Northeastern
universities and subsequent to the quarter's end, orders for an
additional twenty units for delivery to several leading
international hospitality companies. While the Company has
seen an increase in digester orders in the third quarter as well as
a strong pipeline of larger multi-unit opportunities for its
digester business, the sales cycles have been longer than
expected.
"We continued to make substantial progress in both our HEBioT
and digester businesses in the third quarter of 2019," stated
Frank E. Celli, CEO of BioHiTech
Global. "Revenue at our Martinsburg facility is ramping up and we
believe the vast majority of necessary start-up adjustments that
constrained the growth of utilization rates in the quarter have
been completed. We anticipate utilization rates will improve
significantly during the fourth quarter and that improvement will
become even more pronounced with the completion of the feed line
installation at the cement manufacturer that is expected
imminently. With the completion of that installation, we expect to
have all of the feedstock and off-take necessary to operate at
planned capacity as we head into 2020. We also believe we are in
the late stages of the permitting process for our second planned
facility in New York and remain
confident in our ability to bring at least one to two facilities
into production beginning in 2021."
Mr. Celli continued, "In our digester business, many important
financial metrics have continued to improve, including recurring
rental revenue and contribution margins as our Revolution Series
Digesters, with smart technology, require less maintenance and
service calls. We have recently received multi-unit orders in both
the university and hospitality markets and have several other large
potential opportunities in hospitality and government that we
believe are moving close to the finish line. We expect that a
sequential increase in revenue from our Martinsburg Facility,
coupled with an increase in fourth quarter digester deployments,
will enable us to enter 2020 with significant revenue momentum.
As interest in our sustainable technologies continues to
grow, we are working diligently to build on that momentum in the
coming years in order to generate significant long-term value for
our stockholders."
Financial Highlights for Q3 2019
Revenues: Total
revenue in the third quarter of 2019 was $1,426,775, an increase of 31.1% from
$1,088,082 in the third quarter of
2018 and a sequential increase of 35.7%. Recurring revenue derived
from rental, service and maintenance increased 4.2% to $490,000 with rental revenue increased by 23.3%
or $69,900 between the third quarter
of 2019 and 2018. The increase in rental revenue was partially
offset by a decrease in service and maintenance revenue largely due
to the efficiency of its Revolution Series Digesters requiring less
onsite servicing. The Company recorded $62,565 in digester equipment revenue in the
third quarter of 2019 compared to $282,246 in the third quarter of
2018 resulting from our strategic decision to not aggressively
market direct sales of digesters to smaller deployment
customers. The Company continues to see an increase in direct
sales opportunities with several large prospective customers that
may lead to a significant increase in direct sales of units in the
coming quarters. Management advisory services revenue was
$264,750, consistent with the first
two quarters of 2019 but down from $335,858 in the third quarter of 2018.
Operating Expenses:
Operating expenses in the third quarter of 2019 increased by 34.3%
to $3.04 million compared to
$2.27 million in the third quarter of
2018. The increase in expenses was mainly a result of
$1.52 million in HEBioT related
expenses. Comparable operating expenses related to the
Company's digester and management advisory businesses decreased by
33.0% to $1.52 million. Comparable
expenses decreased across all categories including a 31.0% or
$541,051 decline in selling, general
and administrative expenses, mainly due to reduced personnel
compensation and stock-based compensation. Expenses related to
digester sales decreased by $137,875
resulting from reduced marketing activity, and rental, service and
maintenance expenses decreased by $65,224 reflecting improved economies of scale
resulting from the increase in the number of units under rental and
lower recurring maintenance costs associated with the Revolution
Series Digesters. The product contribution from rental, service and
maintenance in the third quarter of 2019 increased by $84,801 or 37.2% as a result of improved margin
rates of 63.9% compared to 48.5%. The product contribution from
equipment sales decreased by $81,806
or 64.6% in the third quarter of 2019 as a result of decreased
sales offset by improved margins of 71.6% compared to 44.9% the
third quarter of 2018.
Loss from Operations:
The Company recorded an operating loss of $(1.6) million in the third quarter of 2019
compared to an operating loss of $(1.2)
million in the third quarter of 2018. The Company recorded a
net loss attributable to common shareholders of $(1.3) million in the third quarter of 2019
compared to $(2.0) million in the
third quarter of 2018. Net loss per share in the third
quarter of 2019 was $(0.13) on 15.6
million weighted average shares outstanding compared to a net loss
of $(0.15) per share on 14.6 million
weighted average shares outstanding.
Select Balance Sheet
Items: The Company had unrestricted cash of $3.4
million with shareholder equity of $10.1 million as
of September 30, 2019 compared to unrestricted cash
of $2.4 million and shareholder equity of $10.0
million as of December 31, 2018.
"We continue to focus on managing costs as we work to reach
planned production capacity at our Martinsburg facility and pursue larger scale
opportunities for our digester business," said Brian C. Essman, CFO of BioHiTech Global.
"Revenue from our digester business was up modestly despite a sharp
decline in direct sales. Recurring rental revenue from our
digester business was strong, growing at 23% with margin rates
improving by 15 percentage points to over 63% and we are excited
about recent discussions we are having with customers seeking
potential large-scale unit deployments. Our recent capital
raise has also placed us on more solid financial ground as we work
to accelerate the growth of our business. Nevertheless, with the
equipment adjustment delays at the Martinsburg Facility through
October and the longer than expected digester sales cycles
associated with larger orders, we now see full year 2019 revenue
ranging from $4.8 to $5.0 million, up from $3.4
million in 2018."
About BioHiTech Global
BioHiTech Global, Inc. (NASDAQ:
BHTG), is changing the way we think about managing waste. Our
cost-effective technology solutions include the patented processing
of municipal solid waste into a valuable renewable fuel, biological
disposal of food waste on-site, and proprietary real-time data
analytics tools to reduce food waste generation. Our unique
solutions enable businesses and municipalities of all sizes to
lower disposal costs while having a positive impact on the
environment. When used individually or in combination, our
solutions lower the carbon footprint associated with waste
transportation and can reduce or virtually eliminate landfill
usage. For more information, please
visit www.biohitech.com.
Forward Looking Statements
Statements in this press
release contain certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, as amended. Without
limiting the foregoing, words such as "anticipate," "believe,"
"continue," "could," "estimate," "expect," "explore," "evaluate,"
"intend," "may," "might," "plan," "potential," "predict,"
"project," "seek," "should," or "will," or the negative thereof or
other variations thereon or comparable terminology. These
forward-looking statements are only predictions and involve known
and unknown risks and uncertainties, many of which are beyond the
Company's control. These statements are also based on many
assumptions and estimates and are not guarantees of future
performance. These statements are estimates, based on information
available to management as of the date of this release, and are
subject to further changes. These statements may involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of BioHiTech Global,
Inc. to be materially different from future results, performance or
achievements expressed or implied by such forward-looking
statements. BioHiTech Global, Inc. assumes no obligation to
publicly update or revise these forward-looking statements for any
reason, or to update the reasons actual results could differ
materially from those anticipated in these forward-looking
statements, even if new information becomes available in the future
in these forward-looking statements, even if new information
becomes available in the future. Further, the Company has only
recently begun operations at its HEBioT Facility and there can be
no assurance that the Company will be able to meet the projections
contained in this release. Our actual results may differ materially
from the results anticipated in these forward-looking statements
due to a variety of factors, including, without limitation those
set forth as "Risk Factors" in our filings with the Securities and
Exchange Commission ("SEC"). There may be other factors not
mentioned above or included in the BioHiTech's SEC filings that may
cause actual results to differ materially from those projected in
any forward-looking statement. BioHiTech Global, Inc. assumes no
obligation to update any forward-looking statements as a result of
new information, future events or developments, except as required
by securities laws.
Company Contact:
BioHiTech Global, Inc.
Richard Galterio
Executive Vice President
Direct: 845.367.0603
rgalterio@biohitech.com
www.biohitech.com
BioHiTech Global,
Inc. and Subsidiaries
|
Condensed
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEBioT (related
entity)
|
|
$
|
609,905
|
|
|
|
-
|
|
|
$
|
886,947
|
|
|
|
-
|
|
Rental, service and
maintenance
|
|
|
489,555
|
|
|
$
|
469,978
|
|
|
|
1,426,193
|
|
|
$
|
1,369,314
|
|
Equipment
sales
|
|
|
62,565
|
|
|
|
282,246
|
|
|
|
137,799
|
|
|
|
547,735
|
|
Management advisory
and other fees (related entity)
|
|
|
264,750
|
|
|
|
335,858
|
|
|
|
761,750
|
|
|
|
725,897
|
|
Total
revenue
|
|
|
1,426,775
|
|
|
|
1,088,082
|
|
|
|
3,212,689
|
|
|
|
2,642,946
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEBioT processing
(related entity)
|
|
|
786,680
|
|
|
|
-
|
|
|
|
1,309,176
|
|
|
|
-
|
|
Rental, service and
maintenance
|
|
|
176,651
|
|
|
|
241,875
|
|
|
|
508,164
|
|
|
|
644,832
|
|
Equipment
sales
|
|
|
17,776
|
|
|
|
155,651
|
|
|
|
56,502
|
|
|
|
355,154
|
|
Selling, general and
administrative
|
|
|
1,449,545
|
|
|
|
1,744,570
|
|
|
|
5,450,282
|
|
|
|
5,024,406
|
|
Depreciation and
amortization
|
|
|
611,368
|
|
|
|
123,264
|
|
|
|
1,350,780
|
|
|
|
354,389
|
|
Total operating
expenses
|
|
|
3,042,020
|
|
|
|
2,265,360
|
|
|
|
8,674,904
|
|
|
|
6,378,781
|
|
Loss from
operations
|
|
|
(1,615,245)
|
|
|
|
(1,177,278)
|
|
|
|
(5,462,215)
|
|
|
|
(3,735,835)
|
|
Other (income)
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
affiliate investment
|
|
|
(562,617)
|
|
|
|
-
|
|
|
|
(562,617)
|
|
|
|
-
|
|
Equity loss in
affiliate
|
|
|
-
|
|
|
|
179,041
|
|
|
|
-
|
|
|
|
371,531
|
|
Interest
income
|
|
|
(46,180)
|
|
|
|
-
|
|
|
|
(46,180)
|
|
|
|
-
|
|
Interest
expense
|
|
|
979,202
|
|
|
|
593,041
|
|
|
|
2,281,071
|
|
|
|
1,878,596
|
|
Expense incurred in
warrant valuation and conversions
|
|
|
49,160
|
|
|
|
47,767
|
|
|
|
49,160
|
|
|
|
6,727,929
|
|
Total other
(income) expenses
|
|
|
419,565
|
|
|
|
819,849
|
|
|
|
1,721,434
|
|
|
|
8,978,056
|
|
Net
loss
|
|
|
(2,034,810)
|
|
|
|
(1,997,127)
|
|
|
|
(7,183,649)
|
|
|
|
(12,713,891)
|
|
Net loss attributable
to non-controlling interests
|
|
|
(728,337)
|
|
|
|
-
|
|
|
|
(1,859,069)
|
|
|
|
-
|
|
Net loss
attributable to Parent
|
|
|
(1,306,473)
|
|
|
|
(1,997,127)
|
|
|
|
(5,324,580)
|
|
|
|
(12,713,891)
|
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
(32,676)
|
|
|
|
3,820
|
|
|
|
(37,873)
|
|
|
|
27,740
|
|
Comprehensive
loss
|
|
$
|
(1,339,149)
|
|
|
$
|
(1,993,307)
|
|
|
$
|
(5,362,453)
|
|
|
$
|
(12,686,151)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to Parent
|
|
$
|
(1,306,473)
|
|
|
$
|
(1,997,127)
|
|
|
$
|
(5,324,580)
|
|
|
$
|
(12,713,891)
|
|
Preferred stock
dividends
|
|
|
(255,847)
|
|
|
|
(130,794)
|
|
|
|
(548,075)
|
|
|
|
(365,970)
|
|
Deemed dividend on
down round feature
|
|
|
(405,324)
|
|
|
|
-
|
|
|
|
(405,324)
|
|
|
|
-
|
|
Net loss – common
shareholders
|
|
|
(1,967,645)
|
|
|
|
(2,127,921)
|
|
|
|
(6,277,979)
|
|
|
|
(13,079,861)
|
|
Net loss per common
share - basic and diluted
|
|
$
|
(0.13)
|
|
|
$
|
(0.15)
|
|
|
$
|
(0.41)
|
|
|
$
|
(0.99)
|
|
Weighted average
number of common shares outstanding - basic and diluted
|
|
|
15,649,174
|
|
|
|
14,575,375
|
|
|
|
15,134,301
|
|
|
|
13,257,303
|
|
BioHiTech Global,
Inc. and Subsidiaries
|
Condensed
Consolidated Balance Sheets
|
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
|
(Unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
3,434,089
|
|
|
$
|
2,410,709
|
|
Restricted
cash
|
|
|
1,128,716
|
|
|
|
4,195,148
|
|
Accounts receivable,
net (related entity $831,274 as of September 30, 2019)
|
|
|
1,520,001
|
|
|
|
403,298
|
|
Inventory
|
|
|
429,198
|
|
|
|
499,848
|
|
Prepaid expenses and
other current assets
|
|
|
169,232
|
|
|
|
66,425
|
|
Total Current
Assets
|
|
|
6,681,236
|
|
|
|
7,575,428
|
|
Restricted
cash
|
|
|
2,544,948
|
|
|
|
2,520,523
|
|
Equipment on
operating leases, net
|
|
|
1,677,114
|
|
|
|
1,748,887
|
|
Equipment, fixtures
and vehicles, net
|
|
|
34,094
|
|
|
|
49,028
|
|
HEBioT facility,
net
|
|
|
36,806,051
|
|
|
|
33,104,007
|
|
Operating lease right
of use assets
|
|
|
970,895
|
|
|
|
-
|
|
Investment in
unconsolidated affiliates
|
|
|
-
|
|
|
|
1,687,383
|
|
MBT facility
development and license costs
|
|
|
8,058,767
|
|
|
|
8,475,408
|
|
Goodwill
|
|
|
58,000
|
|
|
|
58,000
|
|
Other
assets
|
|
|
58,949
|
|
|
|
97,433
|
|
Total
Assets
|
|
$
|
56,890,054
|
|
|
$
|
55,316,097
|
|
BioHiTech Global,
Inc. and Subsidiaries
|
Condensed
Consolidated Balance Sheets, continued:
|
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
|
(Unaudited)
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
Line of credit, net
of financing costs of $21,659 and $30,670 as of September 30,
2019 and December 31, 2018, respectively
|
|
$
|
1,478,340
|
|
|
$
|
1,469,330
|
|
Advance from related
party
|
|
|
210,000
|
|
|
|
-
|
|
Accounts payable
(related entity $1,563,705 as of September 30, 2019)
|
|
|
4,200,518
|
|
|
|
1,310,998
|
|
Accrued interest
payable
|
|
|
705,384
|
|
|
|
959,927
|
|
Accrued expenses and
liabilities
|
|
|
818,085
|
|
|
|
3,354,124
|
|
Deferred
revenue
|
|
|
91,228
|
|
|
|
98,596
|
|
Customer
deposits
|
|
|
44,792
|
|
|
|
7,683
|
|
Note
Payable
|
|
|
100,000
|
|
|
|
-
|
|
Current portion of WV
EDA Senior Secured Bonds payable
|
|
|
1,390,000
|
|
|
|
-
|
|
Long-term debt,
current portion
|
|
|
5,863
|
|
|
|
9,165
|
|
Total Current
Liabilities
|
|
|
9,044,210
|
|
|
|
7,209,823
|
|
Note
payable
|
|
|
-
|
|
|
|
100,000
|
|
Junior note due to
related party, net of unamortized discounts of $102,263
and $118,266 as of September 30, 2019 and December 31, 2018,
respectively
|
|
|
942,214
|
|
|
|
926,211
|
|
Accrued
interest (related party)
|
|
|
1,390,380
|
|
|
|
1,305,251
|
|
WV EDA Senior Secured
Bonds payable, net of financing costs of $1,892,623
and $1,914,098 as of September 30, 2019 and December 31, 2018,
respectively
|
|
|
29,717,377
|
|
|
|
31,085,902
|
|
Senior Secured Note,
net of financing costs of $125,295 and $160,017 and
unamortized discounts of $793,758 and $988,678, as of September 30,
2019 and
December 31, 2018, respectively
|
|
|
4,080,947
|
|
|
|
3,851,305
|
|
Non-current lease
liabilities
|
|
|
913,367
|
|
|
|
-
|
|
Long-term debt, net
of current portion
|
|
|
9,262
|
|
|
|
12,806
|
|
Total
Liabilities
|
|
|
46,097,757
|
|
|
|
44,491,298
|
|
Series A redeemable
convertible preferred stock, 333,401 shares designated and
issued, and 145,312 outstanding as of September 30, 2019 and
December 31, 2018
|
|
|
726,553
|
|
|
|
816,553
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
Preferred stock,
$0.0001 par value; 10,000,000 shares authorized; 3,179,120 and
3,159,120 designated as of September 30, 2019 and December 31,
2018, 1,922,603
issued and 856,181 outstanding as of September 30, 2019 and
1,903,753 issued and
1,155,333 outstanding as of December 31, 2018:
|
|
|
|
|
|
|
|
|
Series B Convertible
preferred stock, 1,111,200 shares designated: 428,333 shares
issued, no shares outstanding as of September 30, 2019 and December
31, 2018
|
|
|
-
|
|
|
|
-
|
|
Series C Convertible
preferred stock, 1,000,000 shares designated, 427,500 shares
issued and outstanding as of September 30, 2019 and December 31,
2018
|
|
|
3,050,142
|
|
|
|
3,050,142
|
|
Series D Convertible
preferred stock, 20,000 shares designated: 18,850 shares
issued and outstanding as of September 30, 2019 and no shares
issued and
outstanding as of December 31, 2018
|
|
|
1,505,262
|
|
|
|
-
|
|
Series E Convertible
preferred stock, 714,519 shares designated: 714,519 shares
issued, 264,519 and 564,519 outstanding as of September 30, 2019
and December
31, 2018
|
|
|
698,330
|
|
|
|
1,490,330
|
|
Common stock, $0.0001
par value, 50,000,000 shares authorized, 17,163,400 and
14,802,956 shares issued and outstanding as of September 30, 2019
and December
31, 2018, respectively
|
|
|
1,717
|
|
|
|
1,480
|
|
Additional paid in
capital
|
|
|
49,088,693
|
|
|
|
43,452,963
|
|
Accumulated
deficit
|
|
|
(50,464,920)
|
|
|
|
(44,594,385)
|
|
Accumulated other
comprehensive income
|
|
|
42,894
|
|
|
|
5,021
|
|
Stockholders' equity
attributable to Parent
|
|
|
3,922,118
|
|
|
|
3,405,551
|
|
Stockholders' equity
attributable to non-controlling interests
|
|
|
6,143,626
|
|
|
|
6,602,695
|
|
Total
Stockholders' Equity
|
|
|
10,065,744
|
|
|
|
10,008,246
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
56,890,054
|
|
|
$
|
55,316,097
|
|
BioHiTech Global,
Inc. and Subsidiaries
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
|
|
|
Nine Months
Ended
September 30,
|
|
|
|
2019
|
|
|
2018
|
|
Cash flows used in
operating activities:
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(7,183,649)
|
|
|
$
|
(12,713,891)
|
|
Adjustments to
reconcile net loss to net cash used in operations:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
1,350,780
|
|
|
|
354,383
|
|
Provision for bad
debts
|
|
|
45,000
|
|
|
|
21,355
|
|
Share based employee
compensation
|
|
|
741,188
|
|
|
|
485,244
|
|
Interest resulting
from amortization of financing costs and discounts
|
|
|
333,782
|
|
|
|
1,318,895
|
|
Gain on sale of
affiliate investment
|
|
|
(562,617)
|
|
|
|
-
|
|
Equity loss in
affiliate
|
|
|
-
|
|
|
|
371,531
|
|
Interest resulting
from warrants valued upon conversion of host debt
instruments
|
|
|
-
|
|
|
|
6,424,970
|
|
Warrants
modification
|
|
|
49,160
|
|
|
|
-
|
|
Loss resulting from
abandonment of MBT site
|
|
|
346,654
|
|
|
|
-
|
|
Changes in operating
assets and liabilities
|
|
|
(1,137,810)
|
|
|
|
(648,717)
|
|
Net cash used in
operating activities
|
|
|
(6,017,512)
|
|
|
|
(4,386,230)
|
|
|
|
|
|
|
|
|
|
|
Cash flows used in
investing activities:
|
|
|
|
|
|
|
|
|
Construction
in-progress and purchases of equipment, fixtures and
vehicles
|
|
|
(4,619,883)
|
|
|
|
(8,944)
|
|
Proceeds from sale of
investment in affiliate
|
|
|
2,250,000
|
|
|
|
-
|
|
MBT facility
development costs incurred
|
|
|
(59,013)
|
|
|
|
(328,718)
|
|
MBT facility
development costs refunded
|
|
|
66,000
|
|
|
|
-
|
|
Net cash used in
investing activities
|
|
|
(2,362,896)
|
|
|
|
(337,662)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from common
stock issuance, net of offering costs
|
|
|
3,035,557
|
|
|
|
-
|
|
Proceeds from
issuance of senior secured credit facility and common
stock
|
|
|
-
|
|
|
|
5,000,000
|
|
Repayment of line of
credit facility
|
|
|
-
|
|
|
|
(2,463,736)
|
|
Proceeds from new
line of credit facility
|
|
|
-
|
|
|
|
1,000,000
|
|
Exercise of employee
stock options
|
|
|
-
|
|
|
|
61,976
|
|
Proceeds from the
sale of Series D convertible preferred stock units
|
|
|
1,772,500
|
|
|
|
-
|
|
Financing costs
incurred
|
|
|
(62,151)
|
|
|
|
(237,187)
|
|
Repayments of
long-term debt
|
|
|
(6,846)
|
|
|
|
(6,629)
|
|
Proceeds from the
subscription of Series B convertible preferred stock and
warrants
|
|
|
-
|
|
|
|
1,125,000
|
|
Affiliate investment
in subsidiary
|
|
|
1,400,000
|
|
|
|
-
|
|
Redemption of Series
A preferred stock
|
|
|
-
|
|
|
|
(317,000)
|
|
Advance from related
party, net
|
|
|
210,000
|
|
|
|
-
|
|
Net cash provided
by financing activities
|
|
|
6,349,060
|
|
|
|
4,162,424
|
|
Effect of exchange
rate on cash
|
|
|
12,721
|
|
|
|
44,759
|
|
Net change in cash
(restricted and unrestricted)
|
|
|
(2,018,627)
|
|
|
|
(516,709)
|
|
Cash - beginning of
period (restricted and unrestricted)
|
|
|
9,126,380
|
|
|
|
901,112
|
|
Cash - end of
period (restricted and unrestricted)
|
|
$
|
7,107,753
|
|
|
$
|
384,403
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/biohitech-global-reports-third-quarter-2019-and-provides-business-update-300961401.html
SOURCE BioHiTech Global, Inc.