CHESTNUT RIDGE, N.Y.,
Aug. 17, 2020 /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 on August 14, 2020
for the second quarter of 2020 ended June
30, 2020.
Company Highlights
Entered Into an Agreement to Distribute Altapure
High-Level Disinfectant Technology That Can Effectively Kill
Bacteria, Fungus, C.Difficile Spores, and Viruses Such as
Coronavirus 2 (SARS-CoV-2) – The Company entered into an
agreement with Altapure, LLC ("Altapure"), a technology developer
and manufacturer of ultrasonic based disinfecting products, to
distribute its patented line of environmentally-friendly,
high-level disinfecting products. Altapure's newest product, the
AP-4™, was launched in 2017, and is an enhanced, automated and
touchless high-level disinfection sub-micron aerosol system
providing a safe process and rapid kill of spores, viruses, and
vegetative bacteria, such as but not limited to: COVID-19,
Acinetobacter baumannii, Pseudomonas aeruginosa, VRE, MRSA,
Bacillus atrophaeus, Geobacillus stearothermophilus, Polio
virus, C. auris and Clostridium difficile (C.
difficile).
Partnered with Crestmark and US Equity Funding to Offer
Customers Equipment Lease Financing for the Altapure Products
and Began Live Product Demonstrations of the Altapure-AP4 –
The Company entered into a financing arrangement to offer lease
financing through Crestmark, a leading business to business lender,
and US Equity Funding, a full service commercial financing
firm, for potential customers of its Altapure high-level
disinfection technology distribution business. The Company began
conducting product demonstrations of the Altapure-AP4 high-level
disinfection system in June of 2020 as it seeks to actively ramp up
distribution efforts for this new product category.
Achieved 21% Quarter over Quarter Revenue Growth Despite
the Business Disruptions Caused by the COVID-19 Pandemic
– Revenue from the Company's HEBioT business increased
significantly quarter over quarter as the Company continued to
increase utilization rates at its Martinsburg resource recovery facility.
That increase in revenue was partially offset by a slowdown in its
food waste digester business largely related to the COVID-19
pandemic and a decline in consulting revenue as the Company
transitioned from providing those services.
Subsequent to the End of the Second Quarter
Received Purchase Orders from Carnival Cruise Lines as it
Reinitiated the Installation Program of the Company's Revolution
Series Food Waste Digesters on its Ships in Preparation for the
Resumption of Cruising – The Company received purchase
orders from Carnival Cruise Lines ("Carnival") valued at
approximately $1
million. The purchase orders are part of
a previously announced purchase contract between the two companies
with an estimated value of up to $14 million.
Completed an $8.2 Million
Underwritten Offering of Common Stock – The Company
completed the sale of $8.2 million of
common stock at a price of $1.81 per
share in July. The Company intends to use the capital to
support operations and the growth of its environmentally
responsible technology solutions businesses.
"We continue to position BioHiTech for growth as we navigate
through the uncertain business environment arising from the
COVID-19 pandemic," stated Frank E.
Celli, CEO of BioHiTech. "Our facility in Martinsburg achieved significant growth both
sequentially and year over year and our digester business is poised
for a substantial rebound in the second half of 2020 as Carnival
has resumed its installation program. We have also expanded
our business into high-level disinfection through our distribution
agreement with Altapure and are pleased with the progress we are
making in sales demonstrations and discussions for potential
product deployments. We are confident that our new lease
finance arrangement for the Altapure-AP4 machine with Crestmark and
USA Funding will serve to enhance
those efforts. While we still face challenges related to this
uncertain environment that may intermittently affect our business,
the recent infusion of equity capital has placed us on solid
financial ground moving forward. We are also continuing to
see improving business activity in our digester business as
companies emerge from COVID-related business interruptions.
As we move through the second half of 2020, we are focused on
maintaining lean operations, growing our revenue streams, and
seeking to opportunistically grow our business. We are
confident that this strategy will enable us to achieve significant
long-term value for our stockholders."
Financial Highlights for Q2 2020
Revenues: Total revenue in the second quarter of
2020 was $1.3 million, an increase of
21.2% compared to revenue from $1.1
million in the second quarter of 2019. The increase in
revenue was due to revenue of $892,889 at the Company's Martinsburg HEBioT
facility, a more than threefold year-over-year increase in compared
to revenue of $277,041 in the second
quarter of 2019 when the facility initiated the commissioning
process. This growth HEBioT revenue was partially offset by
decreases in digester rental, service and maintenance resulting
from lower service and maintenance revenue, digester equipment
sales and management advisory fees as the Company reduces the level
of support provided under the agreement in order to maintain
adequate focus on the Company's core services.
Operating Expenses: Operating expenses in the second
quarter of 2020 increased by $662,298
or 22.2% to $3,639,178, mainly due to
a $526,731 increase in HEBioT
facility costs related to the increase in activity at the facility.
Professional fees also increased by $117,790, or 43.2%, to $390,663 for the second quarter of 2020 as
compared to the second quarter of 2019, primarily related to fund
raising and strategic activities.
Loss from Operations: The Company recorded an
operating loss of $(2,365,246) in the
second quarter of 2020 compared to an operating loss of
$(1,925,668) in the second quarter of
2019. The Company recorded a net loss attributable to parent of
$(2,664,881) in the second quarter of
2020 compared to ($2,068,641) in the
second quarter of 2019. Net loss per share in the second
quarter of 2020 was $(0.16) on 17.4
million weighted average shares outstanding compared to a net loss
of $(0.15) per share on 14.9 million
weighted average shares outstanding.
Select Balance Sheet Items: Prior to the completion
of its $8.2 million common equity
offering in July of 2020 and the underwriter's $1.1 million exercise of its overallotment option
in August of 2020, the Company had unrestricted cash
of $342,182 with total stockholders equity of $2.8
million as of June 30, 2020 compared to unrestricted
cash of $1,847,526 and total stockholders equity
of $7.4 million as of December 31, 2019
"With the onset of the COVID-19 pandemic we have taken extensive
measures to manage cash including reducing executive cash
compensation and temporarily reducing head count, without
sacrificing the ability to forward our business opportunities,"
said Brian C. Essman, CFO of
BioHiTech. "Now, having completed our financing, and with Carnival
resuming its digester deployment coupled with the opportunities
presented by our Altapure distribution business, we believe we are
poised to forge a new growth track as we head toward 2021. We
continue to make progress at our Martinsburg HEBioT facility
despite certain business dislocations related to the COVID-19
pandemic and we are confident in our ability to reach planned
capacity in the future. With our newly strengthened balance sheet,
we believe we are in the best position in our corporate history to
capitalize on the opportunities in front of us for the benefit of
our company and its stockholders."
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
ir@biohitech.com
www.biohitech.com
Investors:
ir@biohitech.com
BioHiTech
Global, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and
Comprehensive Loss (Unaudited)
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
HEBioT (related
party)
|
|
$
|
892,899
|
|
|
$
|
277,041
|
|
|
$
|
1,383,031
|
|
|
$
|
277,041
|
|
Rental, service and
maintenance
|
|
|
356,033
|
|
|
|
448,937
|
|
|
|
827,126
|
|
|
|
936,638
|
|
Equipment
sales
|
|
|
-
|
|
|
|
75,234
|
|
|
|
323,116
|
|
|
|
75,234
|
|
Management advisory
and other fees (related party)
|
|
|
25,000
|
|
|
|
250,000
|
|
|
|
100,000
|
|
|
|
500,000
|
|
Total
revenue
|
|
|
1,273,932
|
|
|
|
1,051,212
|
|
|
|
2,633,273
|
|
|
|
1,788,913
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEBioT
processing
|
|
|
1,020,277
|
|
|
|
493,546
|
|
|
|
1,832,704
|
|
|
|
493,546
|
|
Rental, service and
maintenance
|
|
|
151,695
|
|
|
|
128,311
|
|
|
|
412,530
|
|
|
|
331,514
|
|
Equipment
sales
|
|
|
-
|
|
|
|
38,726
|
|
|
|
146,404
|
|
|
|
38,726
|
|
Selling, general and
administrative
|
|
|
1,897,442
|
|
|
|
1,706,324
|
|
|
|
3,815,865
|
|
|
|
4,032,686
|
|
Depreciation and
amortization
|
|
|
569,764
|
|
|
|
609,973
|
|
|
|
1,184,966
|
|
|
|
739,412
|
|
Total operating
expenses
|
|
|
3,639,178
|
|
|
|
2,976,880
|
|
|
|
7,392,469
|
|
|
|
5,635,884
|
|
Loss from
operations
|
|
|
(2,365,246)
|
|
|
|
(1,925,668)
|
|
|
|
(4,759,196)
|
|
|
|
(3,846,971)
|
|
Other
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
(income)
|
|
|
(5,355)
|
|
|
|
-
|
|
|
|
(17,622)
|
|
|
|
-
|
|
Interest
expense
|
|
|
1,025,319
|
|
|
|
962,004
|
|
|
|
2,037,610
|
|
|
|
1,301,868
|
|
Total other
expenses
|
|
|
1,019,964
|
|
|
|
962,004
|
|
|
|
2,019,988
|
|
|
|
1,301,868
|
|
Net
loss
|
|
|
(3,385,210)
|
|
|
|
(2,887,672)
|
|
|
|
(6,779,184)
|
|
|
|
(5,148,839)
|
|
Net loss attributable
to non-controlling interests
|
|
|
(720,329)
|
|
|
|
(819,031)
|
|
|
|
(1,543,006)
|
|
|
|
(1,130,732)
|
|
Net loss
attributable to Parent
|
|
|
(2,664,881)
|
|
|
|
(2,068,641)
|
|
|
|
(5,236,178)
|
|
|
|
(4,018,107)
|
|
Other
comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
(1,437)
|
|
|
|
3,944
|
|
|
|
(30,136)
|
|
|
|
5,197
|
|
Comprehensive
loss
|
|
$
|
(2,666,318)
|
|
|
$
|
(2,064,697)
|
|
|
$
|
(5,266,314)
|
|
|
$
|
(4,012,910)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to Parent
|
|
$
|
(2,664,881)
|
|
|
$
|
(2,068,641)
|
)
|
|
$
|
(5,236,178)
|
|
|
$
|
(4,018,107)
|
|
Less – preferred
stock dividends
|
|
|
(204,941)
|
|
|
|
(164,308)
|
|
|
|
(382,313)
|
|
|
|
(292,227)
|
|
Net loss – common
shareholders
|
|
|
(2,869,822)
|
|
|
|
(2,232,949)
|
|
|
|
(5,618,491)
|
|
|
|
(4,310,334)
|
|
Net loss per common
share - basic and diluted
|
|
$
|
(0.16)
|
|
|
$
|
(0.15)
|
|
|
$
|
(0.32)
|
|
|
$
|
(0.29)
|
|
Weighted average
number of common shares outstanding - basic and diluted
|
|
|
17,437,068
|
|
|
|
14,927,846
|
|
|
|
17,406,788
|
|
|
|
14,872,597
|
|
BioHiTech
Global, Inc. and Subsidiaries Condensed
Consolidated Balance Sheets
|
|
|
June 30,
2020
|
|
|
December 31,
2019
|
|
|
|
(Unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
342,182
|
|
|
$
|
1,847,526
|
|
Restricted
cash
|
|
|
1,237,097
|
|
|
|
1,133,581
|
|
Accounts receivable,
net of allowance for doubtful accounts of $128,321 and $170,038 as
of June 30, 2020 and December 31, 2019, respectively (related
entity $2,102,095 and $1,370,867 as of June 30, 2020 and
December 31, 2019, respectively)
|
|
|
2,807,521
|
|
|
|
2,155,921
|
|
Inventory
|
|
|
352,467
|
|
|
|
467,784
|
|
Prepaid expenses and
other current assets
|
|
|
179,906
|
|
|
|
126,357
|
|
Total Current
Assets
|
|
|
4,919,173
|
|
|
|
5,731,169
|
|
Restricted
cash
|
|
|
2,646,381
|
|
|
|
2,555,845
|
|
Equipment on
operating leases, net
|
|
|
1,537,142
|
|
|
|
1,724,998
|
|
HEBioT facility,
equipment, fixtures and vehicles, net
|
|
|
36,592,281
|
|
|
|
37,421,333
|
|
Operating lease right
of use assets
|
|
|
1,304,142
|
|
|
|
945,047
|
|
License and
capitalized MBT facility development costs
|
|
|
8,023,925
|
|
|
|
8,049,929
|
|
Goodwill
|
|
|
58,000
|
|
|
|
58,000
|
|
Other
assets
|
|
|
38,799
|
|
|
|
53,726
|
|
Total
Assets
|
|
$
|
55,119,843
|
|
|
$
|
56,540,047
|
|
BioHiTech
Global, Inc. and Subsidiaries Condensed Consolidated
Balance Sheets, continued:
|
|
|
June 30,
2020
|
|
|
December 31,
2019
|
|
|
|
(Unaudited)
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
Line of credit, net
of financing costs of $2,050 and $20,152 as of June 30, 2020 and
December 31, 2019, respectively
|
|
$
|
1,497,950
|
|
|
$
|
1,479,848
|
|
Advances from related
parties
|
|
|
935,000
|
|
|
|
210,000
|
|
Accounts payable
(related entity $3,727,095 and $2,531,034 as of June 30, 2020 and
December 31, 2019, respectively)
|
|
|
6,036,103
|
|
|
|
4,688,339
|
|
Accrued interest
payable
|
|
|
1,255,389
|
|
|
|
1,148,570
|
|
Accrued expenses and
liabilities
|
|
|
1,832,068
|
|
|
|
1,926,965
|
|
Deferred
revenue
|
|
|
99,563
|
|
|
|
89,736
|
|
Customer
deposits
|
|
|
4,890
|
|
|
|
44,792
|
|
Note
payable
|
|
|
-
|
|
|
|
100,000
|
|
Senior Secured Note,
net of financing costs of $88,508 and unamortized discounts of
$587,249 as of June 30, 2020
|
|
|
4,324,243
|
|
|
|
-
|
|
Current portion of WV
EDA Senior Secured Bonds payable
|
|
|
2,860,000
|
|
|
|
1,390,000
|
|
Current portion of
long term debt and Payroll Protection Program Loan
|
|
|
168,111
|
|
|
|
4,605
|
|
Total Current
Liabilities
|
|
|
19,013,317
|
|
|
|
11,082,855
|
|
Junior note due to
related party, net of unamortized discounts of $84,110 and $95,043
as of June 30, 2020 and December 31, 2019,
respectively
|
|
|
960,367
|
|
|
|
949,434
|
|
Accrued
interest (related party)
|
|
|
1,651,079
|
|
|
|
1,510,193
|
|
WV EDA Senior Secured
Bonds payable, net of current portion, and financing costs of
$1,719,392 and $1,792,574 as of June 30, 2020 and December 31,
2019, respectively
|
|
|
28,420,608
|
|
|
|
29,817,426
|
|
Payroll Protection
Program Loan
|
|
|
257,461
|
|
|
|
-
|
|
Senior Secured Note,
net of financing costs of $113,268 and unamortized discounts of
$726,242 as of December 31, 2019
|
|
|
-
|
|
|
|
4,160,490
|
|
Note
Payable
|
|
|
100,000
|
|
|
|
|
|
Non-current lease
liabilities
|
|
|
1,220,780
|
|
|
|
915,170
|
|
Long-term debt, net
of current portion
|
|
|
6,038
|
|
|
|
8,201
|
|
Total
Liabilities
|
|
|
51,629,650
|
|
|
|
48,443,769
|
|
Series A
redeemable convertible preferred stock, 333,401 shares designated
and issued, and 145,312 outstanding as of June 30, 2020 and
December 31, 2019
|
|
|
726,553
|
|
|
|
726,553
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
Stockholders'
Equity (Deficit)
|
|
|
|
|
|
|
|
|
Preferred stock,
$0.0001 par value; 10,000,000 shares authorized; 3,209,210 and
3,179,120 designated as of June 30, 2020 and December 31,
2019; 1,936,214 and 1,922,603 issued as of June 30, 2020 and
December 31, 2019; 869,792 and 856,181 outstanding as of June
30, 2020 and December 31, 2019:
|
|
|
|
|
|
|
|
|
Series B
Convertible preferred stock, 1,111,200 shares designated: 428,333
shares issued, no shares outstanding as of June 30, 2020 and
December 31, 2019
|
|
|
-
|
|
|
|
-
|
|
Series C
Convertible preferred stock, 1,000,000 shares designated, 427,500
shares issued and outstanding as of June 30, 2020 and
December 31, 2019
|
|
|
3,050,142
|
|
|
|
3,050,142
|
|
Series D
Convertible preferred stock, 20,000 shares designated: 18,850
shares issued and outstanding as of June 30, 2020 and
December 31, 2019
|
|
|
1,505,262
|
|
|
|
1,505,262
|
|
Series E
Convertible preferred stock, 714,519 shares designated: 714,519
shares issued, 264,519 outstanding as of June 30, 2020 and
December 31, 2019
|
|
|
698,330
|
|
|
|
698,330
|
|
Series F
Convertible preferred stock, 30,090 shares designated, and 13,611
shares issued and outstanding as of June 30, 2020
|
|
|
1,507,408
|
|
|
|
-
|
|
Common stock, $0.0001
par value, 50,000,000 shares authorized, 17,809,592 and 17,300,899
shares issued and outstanding as of June 30, 2020 and
December 31, 2019, respectively
|
|
|
1,780
|
|
|
|
1,730
|
|
Additional paid in
capital
|
|
|
50,267,673
|
|
|
|
49,597,059
|
|
Accumulated
deficit
|
|
|
(58,056,529)
|
|
|
|
(52,785,242)
|
|
Accumulated other
comprehensive (loss)
|
|
|
(13,002)
|
|
|
|
(43,138)
|
|
Stockholders'
(deficit) equity attributable to Parent
|
|
|
(1,038,936)
|
|
|
|
2,024,143
|
|
Stockholders' equity
attributable to non-controlling interests
|
|
|
3,802,576
|
|
|
|
5,345,582
|
|
Total
Stockholders' Equity
|
|
|
2,763,640
|
|
|
|
7,369,725
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
55,119,843
|
|
|
$
|
56,540,047
|
|
BioHiTech
Global, Inc. and Subsidiaries Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
|
|
Six Months
Ended
June 30,
|
|
|
|
2020
|
|
|
2019
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(6,779,184)
|
|
|
|
(5,148,839)
|
|
Adjustments to
reconcile net loss to net cash used in operations:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
1,184,966
|
|
|
|
739,412
|
|
Amortization of
operating lease right of use assets
|
|
|
53,552
|
|
|
|
-
|
|
Provision for bad
debts
|
|
|
61,119
|
|
|
|
30,000
|
|
Share based employee
compensation
|
|
|
707,653
|
|
|
|
531,603
|
|
Interest resulting
from amortization of financing costs and discounts
|
|
|
265,776
|
|
|
|
221,078
|
|
Loss resulting from
write-off of proposed MBT site
|
|
|
-
|
|
|
|
346,654
|
|
Changes in operating
assets and liabilities
|
|
|
593,507
|
|
|
|
1,261,037
|
|
Net cash used in
operating activities
|
|
|
(3,912,611)
|
|
|
|
(2,019,055)
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
investing activities:
|
|
|
|
|
|
|
|
|
Purchases of
construction in-progress, equipment, fixtures and
vehicles
|
|
|
(50,731)
|
|
|
|
(4,164,592)
|
|
Refund of
deposit
|
|
|
5,000
|
|
|
|
-
|
|
MBT facility
development costs incurred
|
|
|
(36,996)
|
|
|
|
(26,269)
|
|
MBT facility
development costs refunded
|
|
|
-
|
|
|
|
66,000
|
|
Net cash used in
investing activities
|
|
|
(82,727)
|
|
|
|
(4,124,861)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from the
sale of Series F convertible preferred stock units
|
|
|
1,560,450
|
|
|
|
-
|
|
Proceeds from Payroll
Protection Program Loan
|
|
|
421,300
|
|
|
|
-
|
|
Proceeds from the
sale of Series D convertible preferred stock units
|
|
|
|
|
|
|
1,787,500
|
|
Affiliate investment
in subsidiary
|
|
|
|
|
|
|
1,400,000
|
|
Deferred financing
costs incurred
|
|
|
|
|
|
|
(43,941)
|
|
Repayments of
long-term debt
|
|
|
(2,496)
|
|
|
|
(4,549)
|
|
Related party
advances, net
|
|
|
725,000
|
|
|
|
210,000
|
|
Net cash provided
by financing activities
|
|
|
2,704,254
|
|
|
|
3,349,010
|
|
Effect of exchange
rate on cash (restricted and unrestricted)
|
|
|
(20,208)
|
|
|
|
17,398
|
|
Net change in cash
(restricted and unrestricted)
|
|
|
(1,311,292)
|
|
|
|
(2,777,508)
|
|
Cash - beginning of
period (restricted and unrestricted)
|
|
|
5,536,952
|
|
|
|
9,126,380
|
|
Cash - end of
period (restricted and unrestricted)
|
|
$
|
4,225,660
|
|
|
|
6,348,872
|
|
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SOURCE BioHiTech Global, Inc.