CHESTNUT RIDGE, N.Y.,
Nov. 19, 2020 /PRNewswire/
-- BioHiTech Global, Inc. ("BioHiTech" or the "Company")
(NASDAQ: BHTG), a sustainable technology and services company,
today announces financial results for its third quarter 2020 ended
September 30, 2020.
Third Quarter Highlights:
- Announced that Carnival Corp., the world's largest cruise
company, reinitiated its installation program of the BioHiTech's
Revolution Series Digesters aboard its ships in preparation for the
eventual resumption of cruising
- Announced a total of $1.4 million
in new food waste digester purchase orders for its Revolution
Series Digesters from Carnival Corp. as part of its previously
announced purchase contract between the two companies with an
estimated value of up to $14
million
- Received first Altapure AP-4™ disinfectant systems purchase
contract from Hazelton Area School
District in Pennsylvania to
protect its schools against COVID-19 and other viral
infections
- Shipped the first Altapure AP-4™ disinfectant system to the
cruise industry where it will be installed on the SeaDream I yacht,
a mega-yacht boutique ship
- Closed an $9.5 million (gross)
underwritten public offering, including the underwriter's
over-allotment, with net proceeds of $8.4
million to the Company
Developments Subsequent to the End of the Third
Quarter
- Appointed Anthony Fuller as
Chief Executive Officer
- Received contract to install seven new food waste digesters at
various Hackensack Meridian Health healthcare facility
locations
- Made strategic investment in Rensselaer, NY land venture as a material step
to establishing a renewable energy campus, including New York state's first waste conversion
facility
- Announced a total of $1.9 million
in new food waste digester purchases, bringing total orders
received from Carnival Corp. for the Company's Revolution Series™
food waste digesters to $3.3 million,
including $600,000 in digester orders
from Princess Cruises, since Carnival reinitiated the installation
of digesters on its ships in July
2020
"While the third quarter fell short of our expectations
financially, a number of significant events during the quarter and
after September 30 provide reasons to
believe better quarters are ahead," commented BioHiTech's CEO
Anthony Fuller. "Carnival
Corp. has placed $3.3 million worth
of food waste digesters orders since July, providing what we
believe is an incredible testimony to our technology and ability to
solve real-world food waste problems for the travel and hospitality
industry. Additionally, our multi-unit order for food
digesters from the Hackensack Meridian Healthcare system provides
further validation for our Revolution Series Digesters that convert
food waste into a liquid that can be safely discharged through any
standard sewer line.
"The Altapure AP-4 disinfectant system saw initial deployments
in a school district as well as on a cruise ship, and we are
confident it can address future needs across a range of industries,
all of which have been affected by COVID-19. We continue to
ascend the learning curve of operating our Martinsburg, W.V. plant using our patented
High Efficiency Biological Treatment ("HEBioT") process. In many
ways, are still in the commissioning phase with this plant.
We've made notable changes and are pleased with the progress we are
seeing. Our learnings from the Martinsburg facility will prove vital as we
progress towards our potential development of a 'renewable energy
campus' planned for Rensselaer,
N.Y. Quite simply, BioHiTech provides cost-effective
technology solutions for sustainable waste management, whether on a
large scale like our Martinsburg
resource recovery facility or on a smaller scale via our food waste
digesters.
"As we look ahead to 2021 and beyond, and as the newly appointed
CEO, we are setting course with enhanced corporate initiatives.
These initiatives are designed to maximize shareholder value and
help investors better measure our progress moving forward.
I've laid out five goals on which we are focused heading into
2021: 1) increase revenue appreciably, 2) reduce SG&A
meaningfully, 3) improve the plant operations measurably, 4) tell
the story clearly, and 5) function as a team effectively. I
look forward to elaborating more on these goals in our earnings
conference call later this afternoon and throughout the quarter,"
concluded Mr. Fuller.
Financial Highlights for Q3 2020
Revenues: Total revenue in the third quarter of 2020 was
$742,877, a decrease of 48% compared
to revenue of $1,426,775 in the third
quarter of 2019. Third quarter revenue decreased primarily
due to a reconfiguration process conducted at the Martinsburg (W.V.) High Efficiency Biological
Treatment (HEBioT) facility during the quarter by the facility's
new management team that temporarily reduced production and caused
its revenue to decline by 59% year-over-year to $248,274 prior to a $247,649 negative adjustment in previously
estimated take-or-pay contract revenue. Rental, service, and
maintenance revenue declined 13% from $489,555 in the third quarter of 2019 to
$423,996 in the third quarter of
2020. Equipment sales partially offset the declines in the
HEBioT and rental, service, and maintenance revenue and rose 370%
from $62,565 in the third quarter of
2019 to $293,876 in the third quarter
of 2020 due to purchases from Carnival Cruise Lines under their
master purchase contract. Furthermore, management advisory
and other fees derived support for Gold Medal, a related entity,
decreased from $264,750 in the third
quarter of 2019 to $24,380 in the
third quarter of 2020 in order for management to devote more focus
to the Company's core services.
Operating Expenses: Total Operating Expenses, including
$1,256,477 in cost of goods sold and
a $917,420 impairment expense at the
Martinsburg waste facility, in the
third quarter increased 53% from $3,042,020 in the third quarter of 2019 to
$4,660,333 in the third quarter of
2020. Increased production expenses, the aforementioned
impairment expense, stock-based compensation, legal and social
media expenses, insurance costs at the HEBioT facility, Directors
and Officers insurance, and management transition expenses at the
HEBioT facility primarily drove the increased operating expenses
from the comparable period in 2019.
Loss from Operations: The loss from operations increased
from ($1,615,245) in the third
quarter of 2019 to a loss of ($3,917,456) in the third quarter of
2020.
Net Loss: Net loss per share in the third quarter of
2020 was ($0.16) on 22.0 million
weighted average shares outstanding, compared to a net loss of
($0.13) per share on 15.6 million
weighted average shares outstanding in third quarter of 2019.
Cash: Unrestricted cash at September 30, 2020 was $4,950,112 following an underwritten public
offering completed during the third quarter that netted the Company
$8,437,480 in proceeds, including the
underwriter's over-allotment.
Earnings Conference Call
Management will host a conference call at 4:30 p.m. ET on
Thursday, November 19, 2020 to review
financial results and provide an update on corporate
developments. Following management's formal remarks, there
will be a question and answer session.
Participants are asked to pre-register for the call via the
following link:
https://dpregister.com/sreg/10150010/dd340fff34
Please note that registered participants will receive their
dial-in number upon registration and will dial directly into the
call without delay. Those without Internet access or who are
unable to pre-register may dial in by calling 1-866-652-5200
(domestic) or 1-412-317-6060 (international). All callers
should dial in approximately 10 minutes prior to the scheduled
start time and ask to be joined into the BioHiTech Global call.
The conference call will be available through a live webcast
found here:
https://services.choruscall.com/links/bhtg201116.html
It will also be broadcast live through the Company's website
with the following link:
http://investors.biohitechglobal.com/events-and-webcasts
A webcast replay of the call can be accessed through the above
links and will be available approximately one hour after the end of
the call through February 19,
2021. The call replay can also be accessed by calling
1-877-344-7529 (domestic) or 1-412-317-0088 (international) and
using access code 10150010. The telephonic replay of the call
will be available through November 30,
2020.
About BioHiTech Global
BioHiTech Global, Inc. (NASDAQ:
BHTG), is a technology services company focused on providing
cost-effective solutions that improve environmental
outcomes. Our technologies for waste management 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. When used individually or in combination, our solutions
lower the carbon footprint associated with waste transportation and
can reduce or virtually eliminate landfill usage. In addition, we
distribute a patented technology that achieves high-level
disinfection of spaces such as classrooms, hotel or hospital rooms
and other enclosed areas to combat the spread of viruses and
bacteria without the use of harsh chemicals. Our unique
solutions enable businesses, educational institutions and
municipalities of all sizes to solve everyday problems in a smarter
and more cost-effective way while reducing their impact on the
environment. 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. 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
Investors:
ir@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,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
HEBioT (related
party)
|
|
$
|
625
|
|
|
$
|
609,905
|
|
|
$
|
1,383,656
|
|
|
$
|
886,947
|
|
Rental, service and
maintenance
|
|
|
423,996
|
|
|
|
489,555
|
|
|
|
1,251,122
|
|
|
|
1,426,193
|
|
Equipment
sales
|
|
|
293,876
|
|
|
|
62,565
|
|
|
|
616,992
|
|
|
|
137,799
|
|
Management advisory
and other fees
(related party)
|
|
|
24,380
|
|
|
|
264,750
|
|
|
|
124,380
|
|
|
|
761,750
|
|
Total
revenue
|
|
|
742,877
|
|
|
|
1,426,775
|
|
|
|
3,376,150
|
|
|
|
3,212,689
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEBioT
processing
|
|
|
945,810
|
|
|
|
786,680
|
|
|
|
2,778,514
|
|
|
|
1,309,176
|
|
Rental, service and
maintenance
|
|
|
139,665
|
|
|
|
176,651
|
|
|
|
552,195
|
|
|
|
508,164
|
|
Equipment
sales
|
|
|
171,002
|
|
|
|
17,776
|
|
|
|
317,406
|
|
|
|
56,502
|
|
Selling, general and
administrative
|
|
|
1,924,293
|
|
|
|
1,449,545
|
|
|
|
5,740,158
|
|
|
|
5,450,282
|
|
Impairment
expense
|
|
|
917,420
|
|
|
|
-
|
|
|
|
917,420
|
|
|
|
-
|
|
Depreciation and
amortization
|
|
|
562,143
|
|
|
|
611,368
|
|
|
|
1,747,109
|
|
|
|
1,350,780
|
|
Total operating
expenses
|
|
|
4,660,333
|
|
|
|
3,042,020
|
|
|
|
12,052,802
|
|
|
|
8,674,904
|
|
Loss from
operations
|
|
|
(3,917,456)
|
|
|
|
(1,615,245)
|
|
|
|
(8,676,652)
|
|
|
|
(5,462,215)
|
|
Other (income)
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
affiliate investment
|
|
|
-
|
|
|
|
(562,617)
|
|
|
|
-
|
|
|
|
(562,617)
|
|
Interest
(income)
|
|
|
(108)
|
|
|
|
(46,180)
|
|
|
|
(17,730)
|
|
|
|
(46,180)
|
|
Interest
expense
|
|
|
1,023,165
|
|
|
|
979,202
|
|
|
|
3,060,775
|
|
|
|
2,281,071
|
|
Expense incurred in
warrant valuation
and conversions
|
|
|
-
|
|
|
|
49,160
|
|
|
|
-
|
|
|
|
49,160
|
|
Total other
(income) expenses
|
|
|
1,023,057
|
|
|
|
419,565
|
|
|
|
3,043,045
|
|
|
|
1,721,434
|
|
Net
loss
|
|
|
(4,940,513)
|
|
|
|
(2,034,810)
|
|
|
|
(11,719,697)
|
|
|
|
(7,183,649)
|
|
Net loss attributable
to non-controlling
interests
|
|
|
(1,647,782)
|
|
|
|
(728,337)
|
|
|
|
(3,190,788)
|
|
|
|
(1,859,069)
|
|
Net loss
attributable to Parent
|
|
|
(3,292,731)
|
|
|
|
(1,306,473)
|
|
|
|
(8,528,909)
|
|
|
|
(5,324,580)
|
|
Other
comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
71,067
|
|
|
|
(32,676)
|
|
|
|
40,931
|
|
|
|
(37,873)
|
|
Comprehensive
loss
|
|
$
|
(3,221,664)
|
|
|
$
|
(1,339,149)
|
|
|
$
|
(8,487,978)
|
|
|
$
|
(5,362,453)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to Parent
|
|
$
|
(3,292,731)
|
|
|
$
|
(1,306,473)
|
|
|
$
|
(8,528,909)
|
|
|
$
|
(5,324,580)
|
|
Preferred stock
dividends
|
|
|
(205,115)
|
|
|
|
(255,847)
|
|
|
|
(587,428)
|
|
|
|
(548,075)
|
|
Deemed dividend on
down round
feature
|
|
|
(21,738)
|
|
|
|
(405,324)
|
|
|
|
(21,738)
|
|
|
|
(405,324)
|
|
Net loss – common
shareholders
|
|
|
(3,519,584)
|
|
|
|
(1,967,644)
|
|
|
|
(9,138,075)
|
|
|
|
(6,277,979)
|
|
Net loss per common
share - basic and
diluted
|
|
$
|
(0.16)
|
|
|
$
|
(0.13)
|
|
|
$
|
(0.49)
|
|
|
$
|
(0.41)
|
|
Weighted average
number of common
shares outstanding - basic and diluted
|
|
|
22,044,540
|
|
|
|
15,649,174
|
|
|
|
18,787,566
|
|
|
|
15,134,301
|
|
BioHiTech
Global, Inc. and Subsidiaries
|
Condensed
Consolidated Balance Sheets
|
|
|
|
September 30,
2020
|
|
|
December 31,
2019
|
|
|
|
(Unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
4,950,112
|
|
|
$
|
1,847,526
|
|
Restricted
cash
|
|
|
1,287,138
|
|
|
|
1,133,581
|
|
Accounts receivable,
net of allowance for doubtful accounts of $194,066 and $170,038
as of September 30, 2020 and December 31, 2019, respectively
(related entity
$2,227,224 and $1,370,867 as of September 30, 2020 and
December 31, 2019,
respectively)
|
|
|
3,311,519
|
|
|
|
2,155,921
|
|
Inventory
|
|
|
627,261
|
|
|
|
467,784
|
|
Prepaid expenses and
other current assets
|
|
|
240,939
|
|
|
|
126,357
|
|
Total Current
Assets
|
|
|
10,416,969
|
|
|
|
5,731,169
|
|
Restricted
cash
|
|
|
2,646,448
|
|
|
|
2,555,845
|
|
Equipment on
operating leases, net
|
|
|
1,417,260
|
|
|
|
1,724,998
|
|
HEBioT facility,
equipment, fixtures and vehicles, net
|
|
|
36,338,727
|
|
|
|
37,421,333
|
|
Operating lease right
of use assets
|
|
|
1,285,292
|
|
|
|
945,047
|
|
License and
capitalized MBT facility development costs
|
|
|
8,018,853
|
|
|
|
8,049,929
|
|
Goodwill
|
|
|
58,000
|
|
|
|
58,000
|
|
Other
assets
|
|
|
33,749
|
|
|
|
53,726
|
|
Total
Assets
|
|
$
|
60,215,298
|
|
|
$
|
56,540,047
|
|
|
Continued on
following page.
|
BioHiTech
Global, Inc. and Subsidiaries
|
Condensed
Consolidated Balance Sheets, continued:
|
|
|
|
September 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 September 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 $2,021,940 and $2,531,034 as of September 30,
2020
and December 31, 2019, respectively)
|
|
|
6,363,168
|
|
|
|
4,688,339
|
|
Accrued interest
payable
|
|
|
627,112
|
|
|
|
1,148,570
|
|
Accrued expenses and
liabilities
|
|
|
2,075,576
|
|
|
|
1,926,965
|
|
Deferred
revenue
|
|
|
95,331
|
|
|
|
89,736
|
|
Customer
deposits
|
|
|
753,046
|
|
|
|
44,792
|
|
Note
payable
|
|
|
-
|
|
|
|
100,000
|
|
Senior Secured Note,
net of financing costs of $75,767 and unamortized discounts of
$515,719 as of September 30, 2020
|
|
|
4,408,514
|
|
|
|
-
|
|
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
|
|
|
261,787
|
|
|
|
4,605
|
|
Total Current
Liabilities
|
|
|
19,877,484
|
|
|
|
11,082,855
|
|
Junior note due to
related party, net of unamortized discounts of $78,596 and
$95,043
as of September 30, 2020 and December 31, 2019,
respectively
|
|
|
965,881
|
|
|
|
949,434
|
|
Accrued
interest (related party)
|
|
|
1,729,605
|
|
|
|
1,510,193
|
|
WV EDA Senior Secured
Bonds payable, net of current portion, and financing costs of
$1,691,516 and $1,792,574 as of September 30, 2020 and
December 31, 2019,
respectively
|
|
|
28,448,484
|
|
|
|
29,817,426
|
|
Payroll Protection
Program Loan, net of current portion
|
|
|
163,839
|
|
|
|
-
|
|
Senior Secured Note,
net of current portion, 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
|
|
|
1,231,144
|
|
|
|
915,170
|
|
Long-term debt, net
of current portion
|
|
|
4,936
|
|
|
|
8,201
|
|
Total
Liabilities
|
|
|
52,521,373
|
|
|
|
48,443,769
|
|
Series A
redeemable convertible preferred stock, 333,401 shares designated
and issued,
and 125,312 and 145,312 outstanding as of September 30, 2020 and
December 31, 2019,
respectively
|
|
|
626,553
|
|
|
|
726,553
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
Preferred stock,
$0.0001 par value; 10,000,000 shares authorized; 3,209,210 and
3,179,120 designated as of September 30, 2020 and December 31,
2019;
1,936,214 and 1,922,603 issued as of September 30, 2020 and
December 31, 2019;
848,292 and 856,181 outstanding as of September 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 September 30, 2020 and
December 31, 2019
|
|
|
-
|
|
|
|
-
|
|
Series C
Convertible preferred stock, 1,000,000 shares designated, 427,500
shares
issued and outstanding as of September 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; 17,350 and 18,850 outstanding as of September 30, 2020 and
December 31,
2019
|
|
|
1,365,696
|
|
|
|
1,505,262
|
|
Series E
Convertible preferred stock, 714,519 shares designated: 714,519
shares
issued, 264,519 outstanding as of September 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 September 30, 2020
|
|
|
1,507,408
|
|
|
|
-
|
|
Common stock, $0.0001
par value, 50,000,000 shares authorized, 23,354,130 and
17,300,899 shares issued and outstanding as of September 30, 2020
and December 31,
2019, respectively
|
|
|
2,334
|
|
|
|
1,730
|
|
Additional paid in
capital
|
|
|
59,775,963
|
|
|
|
49,597,059
|
|
Accumulated
deficit
|
|
|
(61,403,226)
|
|
|
|
(52,785,242)
|
|
Accumulated other
comprehensive (loss)
|
|
|
(84,069)
|
|
|
|
(43,138)
|
|
Stockholders' equity
attributable to Parent
|
|
|
4,912,578
|
|
|
|
2,024,143
|
|
Stockholders' equity
attributable to non-controlling interests
|
|
|
2,154,794
|
|
|
|
5,345,582
|
|
Total
Stockholders' Equity
|
|
|
7,067,372
|
|
|
|
7,369,725
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
60,215,298
|
|
|
$
|
56,540,047
|
|
BioHiTech
Global, Inc. and Subsidiaries
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
|
|
|
Nine Months
Ended
September 30,
|
|
|
|
2020
|
|
|
2019
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(11,719,697)
|
|
|
|
(7,183,649)
|
|
Adjustments to
reconcile net loss to net cash used in operations:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
1,747,109
|
|
|
|
1,350,780
|
|
Impairment
expense
|
|
|
917,420
|
|
|
|
-
|
|
Amortization of
operating lease right of use assets
|
|
|
72,402
|
|
|
|
-
|
|
Provision for bad
debts
|
|
|
126,119
|
|
|
|
45,000
|
|
Share based employee
compensation
|
|
|
1,537,915
|
|
|
|
741,188
|
|
Interest resulting
from amortization of financing costs and discounts
|
|
|
419,715
|
|
|
|
333,782
|
|
Share based vendor
compensation
|
|
|
297,835
|
|
|
|
-
|
|
Gain on sale of
affiliate investment
|
|
|
-
|
|
|
|
(562,617)
|
|
Loss resulting from
write-off of proposed MBT site
|
|
|
-
|
|
|
|
346,654
|
|
Warrant
modifications
|
|
|
-
|
|
|
|
49,160
|
|
Changes in operating
assets and liabilities
|
|
|
(909,507)
|
|
|
|
(1,137,810)
|
|
Net cash used in
operating activities
|
|
|
(7,510,689)
|
|
|
|
(6,017,512)
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
investing activities:
|
|
|
|
|
|
|
|
|
Purchases of
construction in-progress, equipment, fixtures and
vehicles
|
|
|
(207,173)
|
|
|
|
(4,619,883)
|
|
Proceeds from sale of
investment in affiliate
|
|
|
-
|
|
|
|
2,250,000
|
|
Refund of
deposit
|
|
|
5,000
|
|
|
|
-
|
|
MBT facility
development costs incurred
|
|
|
(62,949)
|
|
|
|
(59,013)
|
|
MBT facility
development costs refunded
|
|
|
-
|
|
|
|
66,000
|
|
Net cash used in
investing activities
|
|
|
(265,122)
|
|
|
|
(2,362,896)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from common
stock issuance, net of offering costs
|
|
|
8,437,480
|
|
|
|
3,035,557
|
|
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
|
|
|
-
|
|
|
|
1,772,500
|
|
Affiliate investment
in subsidiary
|
|
|
-
|
|
|
|
1,400,000
|
|
Deferred financing
costs incurred
|
|
|
-
|
|
|
|
(62,151)
|
|
Repayments of
long-term debt
|
|
|
(3,544)
|
|
|
|
(6,846)
|
|
Related party
advances, net
|
|
|
725,000
|
|
|
|
210,000
|
|
Net cash provided
by financing activities
|
|
|
11,140,686
|
|
|
|
6,349,060
|
|
Effect of exchange
rate on cash (restricted and unrestricted)
|
|
|
(18,129)
|
|
|
|
12,721
|
|
Net change in cash
(restricted and unrestricted)
|
|
|
3,346,746
|
|
|
|
(2,018,627)
|
|
Cash - beginning of
period (restricted and unrestricted)
|
|
|
5,536,952
|
|
|
|
9,126,380
|
|
Cash - end of
period (restricted and unrestricted)
|
|
$
|
8,883,698
|
|
|
|
7,107,753
|
|
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SOURCE BioHiTech Global, Inc.