CHESTNUT RIDGE, N.Y.,
May 26, 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 for the full year ended December 31, 2019 on May
22, 2020.
Company Highlights
Commenced Operations at the Nation's First
HEBioT™ Resource
Recovery Facility – The Company commenced operations at its
Martinsburg, West Virginia HEBioT
facility (the "Martinsburg Facility") in April 2019. The 56,000-square foot Martinsburg
Facility underwent an extensive commissioning process and ramp up
throughout 2019. The Martinsburg Facility is capable of processing
110,000 tons of municipal solid waste annually utilizing a patented
high efficiency mechanical and biological treatment
process that produces an EPA recognized renewable solid
recovered fuel ("SRF"). The SRF is currently being used as a
partial replacement for coal by cement manufacturers and is being
tested as feedstock for renewable thermolplastics. The Company
expects the facility to reach planned capacity in 2020. The
facility is completely enclosed and fully automated with no
unprocessed waste being exposed to the outside environment and no
workers in direct contact to the waste processing. During the year,
the Martinsburg Facility helped several companies achieve Zero
Waste goals by diverting their previously non-recyclable waste from
landfills.
Raised $5.26 Million in
Equity Capital to Further the Growth of Its Sustainable Disposal
Solutions – In September
2019, the Company sold 1,877,666 shares of common stock
through a registered direct offering in September at a fixed price
of $1.80 per share for gross proceeds
of $3,380,000. The Company also
raised $1,885,000 in an offering of units during the
first and second quarter consisting of Series D Preferred Shares
and warrants. The proceeds from the two transactions are being
utilized to support the growth of the Company's proprietary
technology solutions for sustainable waste management.
Completed the Sale of Its 2.2% Stake in Gold Medal Equity
for $2.25 million and Increased Its Ownership Stake in
the Martinsburg Facility to 51.7% – Completed the sale
of its 2.2% equity interest back to Gold Medal Equity LLC ("Gold
Medal") in July of 2019 to enable the Company to focus its
financial resources on the rollout of its waste disposal
technologies, including its HEBioT development rights. The
Company invested $2.1 million of the proceeds from that
sale to increase its ownership interest in the Martinsburg Facility
to approximately 89% at the subsidiary level and 53.2% at the
corporate level.
Continued the Expansion of Its Food Waste Digester
Business – The Company continued the deployment of its
Revolution Series™ Digesters that cost-effectively and safely
dispose of food waste on-site, eliminating many of the greenhouse
gases associated with traditional disposal methods. In March, the
Company entered into a distribution agreement with a leading
nationwide provider of environmental and regulated waste management
solutions and in April, the Company launched its new Sapling
Digester that is capable of diverting up to 800 pounds of food
waste from landfills per day or as much as 146 tons each
year. Examples of the growing market penetration of this
business include orders for a total of twelve digesters to four
universities with a combined enrollment of more than 100,000
students, and orders for twenty digesters for delivery to
several leading international hospitality companies.
Received a Purchase Contract for Its Revolution Series
Digesters from Carnival Corp with a Potential
Value of up to $14 Million –
After an extensive evaluation conducted in the fourth quarter, the
Company received a purchase contract from Carnival Corporation
("Carnival") in January 2020, whereby Carnival can potentially
acquire several hundred Revolution Series Digesters along with the
Company's patented data analytics platform for its fleet of ships.
The digesters will help Carnival meet its sustainability goals
while the data analytics platform will provide real-time
supply chain transparency to help in Carnival's food waste
reduction efforts. While the COVID-19 pandemic has delayed the deployment
plan in the first quarter, the Company expects to begin delivery of
its digesters in the second half of 2020 as restrictions on travel
are eased.
"2019 was a year of significant progress for BioHiTech as we
commenced operations at the Nation's first HEBioT resource recovery
facility in Martinsburg, West
Virginia and made substantial inroads to drive growth in our
digester business in the coming years," stated Frank E. Celli, CEO of BioHiTech Global.
"The COVID-19 pandemic has affected most aspects of our lives in
the past several months and our thoughts and prayers go out to
everyone who has been affected by this virus. Our business
and that of many of our customers have been impacted by the virus
as well, including restaurant, food service and hospitality
companies that have been temporarily closed or operating in a
limited capacity over the past few months. Uncertainties
created by this pandemic have delayed deployment of expected orders
and slowed new business activity in our digester business in these
sectors. Other sectors, including grocery, education, and
healthcare have been more active. Recently, however, we have
seen signs of an increase in overall business activity as customers
are beginning to prepare for the reopening of the economy and a
return to business. Based on our discussions with several key
customers, we expect our digester business will begin to recover in
the coming months and gain significant momentum in the back half of
2020 and into 2021. In the meantime, we have taken
significant actions to reduce costs including workforce reductions,
executive salary reductions and deferrals, and used stock-based
compensation in lieu of cash for certain employees and
vendors. We believe these measures, along with others, will
help us navigate through this period of uncertainty and enable us
to reaccelerate growth as the economy reopens and the pandemic
subsides."
Mr. Celli continued, "We are excited about the significant
progress we have made in our HEBioT resource recovery business,
especially with the launch of our Martinsburg Facility. As
waste collection services have been classified by the government as
an essential service, the Martinsburg Facility has continued to
ramp up operations thus far in 2020. Bringing a new
technology to the United States is
a difficult undertaking, but we have now proved it can be done and
we are confident that as we build a roadmap to grow this business
for the future, we will be smarter, faster and more efficient in
doing so. While the pandemic has slowed the State approval
process for our proposed facility location in New York State, we remain confident that we
will receive the necessary permitting to break ground this
year. We expect to move forward with additional opportunities
in 2020 and the years to come that will create a path for
sustainable future growth. We also expect to add additional
technology solutions for our current and future customers to help
them meet the new business challenges resulting from this pandemic
in ways that make sense for the environment. We believe this
will enable our company to continue to grow revenue in 2020 and
build lasting value for our shareholders."
Financial Highlights for the Full Year 2019
Revenues: Total revenue in 2019 was $4.2 million, an increase of 25.6% from
$3.4 million in 2018. Recurring
revenue derived from rental, service and maintenance increased 8.1%
to $1,947,000 compared to
$1,801,000 in 2018 with rental
revenue increasing by $309,000 or
26.3%. 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 product contribution from rental, service and
maintenance increased by $245,000 or
26.7% in 2019 as a result of increased revenue and margin rates
rising to 59.7% in 2019 compared to 50.9% in 2018. The
Company recorded $187,000 in digester
equipment revenue in 2019 compared to $548,000 in 2018 resulting from our
strategic decision to not aggressively market direct sales of
digesters to smaller deployment customers. The product contribution
from equipment sales decreased by $71,000 (49.2%) as a result of decreased sales
offset by improved margins of 39.5% and 26.5% in 2019 and 2018,
respectively. Equipment sales revenue is expected to increase
significantly in 2020 as a result of the January 2020 purchase contract. The Company
recorded $1,111,000 in revenue from
its Martinsburg facility which
commenced operations in the second quarter of 2019, Management
advisory services revenue of $975,000
in 2019 was fairly consistent with 2018.
Operating Expenses: Operating expenses in 2019 increased
by 38.3% to $11,755,000 compared to
$8,497,000 in 2018. The
increase in expenses was mainly a result of $4,264,000 in HEBioT related expenses.
Comparable operating expenses related to the Company's digester and
management advisory businesses decreased by 11.2% to $7,491,000. The decrease in comparable expenses
was mainly a result of an 8.7% or $580,000 decline in selling, general and
administrative expenses, mainly due to a reduction of $784,000 or 20.7% in personnel compensation, a
$317,000 decrease in sales and
marketing expenses, and a $108,000
decrease in professional fees, partially offset by a one-time
impairment expense of $347,000 and a
$270,000 increase stock-based
compensation. Expenses related to digester sales decreased by
$290,000 resulting from reduced
marketing activity, and rental, service and maintenance expenses
decreased by $100,000 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.
Loss from Operations: The Company recorded an
operating loss of $(7,535,000) in
2019 compared to an operating loss of $(5,137,000) in 2018. The Company recorded a net
loss attributable to parent of $(7,623,000) in 2019 compared to ($14,670,000) in 2018. Net loss per share
in 2019 was $(0.56) on 15.7 million
weighted average shares outstanding compared to a net loss of
$(1.11) per share on 13.6 million
weighted average shares outstanding.
Select Balance Sheet Items: The Company
had unrestricted cash of $1,848,000 with shareholder
equity of $7.4 million as of December 31,
2019 compared to unrestricted cash of $2,411,000 and
shareholder equity of $10.0 million as of December
31, 2018
"We made significant progress in our efforts to better align our
cash expenditures and costs with revenue," said Brian C. Essman, CFO of BioHiTech Global.
"We also achieved significant improvement in margins from our
digester business through improvements in the reliability of our
Revolution Series Digesters. While the commissioning process at our
Martinsburg Facility was lengthier than expected, the operations
continue to progress towards planned capacity thus far in 2020 and
we are confident that this business will drive significant revenue
growth in 2020 and beyond. As the COVID-19 pandemic has brought about new
challenges and uncertainties to our business, we have taken
measures to further reduce costs during this business
interruption. We are optimistic regarding the recent uptick
in business activity in our digester business as businesses prepare
to reopen and look forward to capitalizing on our pipeline of
business in the coming quarters and years."
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
|
Consolidated
Statements of Operations and Comprehensive Loss
|
|
|
|
Year
Ended
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
Revenue
|
|
|
|
|
|
|
|
|
Rental, service and
maintenance
|
|
$
|
1,946,597
|
|
|
$
|
1,801,435
|
|
Equipment
sales
|
|
|
186,780
|
|
|
|
547,737
|
|
HEBioT (related
entity)
|
|
|
1,111,071
|
|
|
|
-
|
|
Management advisory
and other fees (related entity)
|
|
|
975,000
|
|
|
|
1,010,152
|
|
Total
revenue
|
|
|
4,219,448
|
|
|
|
3,359,324
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
HEBioT processing
(related entity)
|
|
|
2,064,139
|
|
|
|
-
|
|
Rental, service and
maintenance
|
|
|
784,291
|
|
|
|
884,342
|
|
Equipment
sales
|
|
|
113,063
|
|
|
|
402,621
|
|
Selling, general and
administrative
|
|
|
7,063,691
|
|
|
|
6,741,561
|
|
Depreciation and
amortization
|
|
|
1,729,478
|
|
|
|
468,227
|
|
Total operating
expenses
|
|
|
11,754,662
|
|
|
|
8,496,751
|
|
Loss from
operations
|
|
|
(7,535,214)
|
|
|
|
(5,137,427)
|
|
Other (income)
expenses
|
|
|
|
|
|
|
|
|
Gain on sale of
affiliate investment
|
|
|
(562,617)
|
|
|
|
-
|
|
Equity loss in
affiliate
|
|
|
-
|
|
|
|
601,927
|
|
Interest
income
|
|
|
(69,930)
|
|
|
|
-
|
|
Interest
expense
|
|
|
3,377,394
|
|
|
|
2,582,896
|
|
Expense incurred in
warrant valuation and conversions
|
|
|
-
|
|
|
|
6,424,970
|
|
Total other
(income) expenses
|
|
|
2,744,847
|
|
|
|
9,609,793
|
|
Net
loss
|
|
|
(10,280,061)
|
|
|
|
(14,747,220)
|
|
Net loss attributable
to non-controlling interests
|
|
|
(2,657,113)
|
|
|
|
(76,890)
|
|
Net loss
attributable to Parent
|
|
|
(7,622,948)
|
|
|
|
(14,670,330)
|
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
(48,159)
|
|
|
|
43,611
|
|
Comprehensive
loss
|
|
$
|
(7,671,107)
|
|
|
$
|
(14,626,719)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to Parent
|
|
$
|
(7,622,948)
|
|
|
$
|
(14,670,330)
|
|
Preferred stock
dividends
|
|
|
(721,987)
|
|
|
|
(492,639)
|
|
Deemed dividend on
down round feature
|
|
|
(405,324)
|
|
|
|
-
|
|
Net loss attributable
to common shareholders
|
|
|
(8,750,259)
|
|
|
|
(15,162,969)
|
|
Net loss per common
share - basic and diluted
|
|
$
|
(0.56)
|
|
|
$
|
(1.11)
|
|
Weighted average
number of common shares outstanding - basic and diluted
|
|
|
15,668,679
|
|
|
|
13,616,268
|
|
BioHiTech
Global, Inc. and Subsidiaries
|
Consolidated
Balance Sheets
|
|
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
1,847,526
|
|
|
$
|
2,410,709
|
|
Restricted
cash
|
|
|
1,133,581
|
|
|
|
4,195,148
|
|
Accounts receivable,
net (related entity $1,370,867 and $168,588 as of December 31,
2019 and
2018, respectively)
|
|
|
2,155,921
|
|
|
|
403,298
|
|
Inventory
|
|
|
467,784
|
|
|
|
499,848
|
|
Prepaid expenses and
other current assets
|
|
|
126,357
|
|
|
|
66,425
|
|
Total Current
Assets
|
|
|
5,731,169
|
|
|
|
7,575,428
|
|
Restricted
cash
|
|
|
2,555,845
|
|
|
|
2,520,523
|
|
Equipment on
operating leases, net
|
|
|
1,724,998
|
|
|
|
1,748,887
|
|
HEBioT facility,
equipment, fixtures and vehicles, net
|
|
|
37,421,333
|
|
|
|
49,028
|
|
HEBioT facility under
construction, net
|
|
|
-
|
|
|
|
33,104,007
|
|
Operating lease right
of use assets
|
|
|
945,047
|
|
|
|
-
|
|
Investment in
unconsolidated affiliates
|
|
|
-
|
|
|
|
1,687,383
|
|
MBT facility
development and license costs
|
|
|
8,049,929
|
|
|
|
8,475,408
|
|
Goodwill
|
|
|
58,000
|
|
|
|
58,000
|
|
Other
assets
|
|
|
53,726
|
|
|
|
97,433
|
|
Total
Assets
|
|
$
|
56,540,047
|
|
|
$
|
55,316,097
|
|
BioHiTech
Global, Inc. and Subsidiaries
|
Consolidated
Balance Sheets, continued:
|
|
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
Line of credit, net
of financing costs of $20,152 and $30,670 as of December 31,
2019 and 2018,
respectively
|
|
$
|
1,479,848
|
|
|
$
|
1,469,330
|
|
Advance from related
party
|
|
|
210,000
|
|
|
|
-
|
|
Accounts payable
(related entity $2,531,034 and $160,761 as of December 31, 2019 and
2018,
respectively)
|
|
|
4,688,339
|
|
|
|
1,310,998
|
|
Accrued interest
payable
|
|
|
1,148,570
|
|
|
|
959,927
|
|
Accrued expenses and
liabilities
|
|
|
1,926,965
|
|
|
|
3,354,124
|
|
Deferred
revenue
|
|
|
89,736
|
|
|
|
98,596
|
|
Customer
deposits
|
|
|
44,792
|
|
|
|
7,683
|
|
Note
payable
|
|
|
100,000
|
|
|
|
-
|
|
Current portion of WV
EDA Senior Secured Bonds payable
|
|
|
1,390,000
|
|
|
|
-
|
|
Current portion of
long term debt
|
|
|
4,605
|
|
|
|
9,165
|
|
Total Current
Liabilities
|
|
|
11,082,855
|
|
|
|
7,209,823
|
|
Note
payable
|
|
|
-
|
|
|
|
100,000
|
|
Junior note due to
related party, net of unamortized discounts of $95,043 and $118,266
as of
December 31, 2019 and 2018, respectively
|
|
|
949,434
|
|
|
|
926,211
|
|
Accrued
interest (related party)
|
|
|
1,510,193
|
|
|
|
1,305,251
|
|
WV EDA Senior Secured
Bonds payable, net of financing costs of $1,792,574 and $1,914,098
as
of December 31, 2019 and 2018, respectively
|
|
|
29,817,426
|
|
|
|
31,085,902
|
|
Senior Secured Note,
net of financing costs of $113,268 and $160,017 and unamortized
discounts
of $726,242 and $988,678, as of December 31, 2019 and 2018,
respectively
|
|
|
4,160,490
|
|
|
|
3,851,305
|
|
Non-current lease
liabilities
|
|
|
915,170
|
|
|
|
-
|
|
Long-term debt, net
of current portion
|
|
|
8,201
|
|
|
|
12,806
|
|
Total
Liabilities
|
|
|
48,443,769
|
|
|
|
44,491,298
|
|
Series A
redeemable convertible preferred stock, 333,401 shares designated
and issued, and
145,312 and 163,312 outstanding as of December 31, 2019 and
2018, respectively, net of current
portion
|
|
|
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 December 31, 2019 and 2018, 1,922,603
issued and 856,181 outstanding as of
December 31, 2019 and 1,922,603 issued and 1,155,331
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 December 31, 2019 and 2018
|
|
|
-
|
|
|
|
-
|
|
Series C
Convertible preferred stock, 1,000,000 shares designated, 427,500
shares issued and
outstanding as of December 31, 2019 and 2018
|
|
|
3,050,142
|
|
|
|
3,050,142
|
|
Series D
Convertible preferred stock, 20,000 shares designated: 18,850
shares issued and
outstanding as of December 31, 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 December 31, 2019 and 2018,
respectively
|
|
|
698,330
|
|
|
|
1,490,330
|
|
Common stock, $0.0001
par value, 50,000,000 shares authorized, 17,300,899 and
14,802,956
shares issued and outstanding as of December 31, 2019 and
2018, respectively
|
|
|
1,730
|
|
|
|
1,480
|
|
Additional paid in
capital
|
|
|
49,597,059
|
|
|
|
43,452,963
|
|
Accumulated
deficit
|
|
|
(52,785,242)
|
|
|
|
(44,594,385)
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(43,138)
|
|
|
|
5,021
|
|
Stockholders' equity
attributable to Parent
|
|
|
2,024,143
|
|
|
|
3,405,551
|
|
Stockholders' equity
attributable to non-controlling interests
|
|
|
5,345,582
|
|
|
|
6,602,695
|
|
Total
Stockholders' Equity
|
|
|
7,369,725
|
|
|
|
10,008,246
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
56,540,047
|
|
|
$
|
55,316,097
|
|
BioHiTech
Global, Inc. and Subsidiaries
|
Consolidated
Statements of Cash Flows
|
|
|
|
Year Ended
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
Cash flows used in
operating activities:
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(10,280,061)
|
|
|
$
|
(14,747,220)
|
|
Adjustments to
reconcile net loss to net cash used in operations:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
1,729,478
|
|
|
|
468,228
|
|
Provision for bad
debts
|
|
|
89,897
|
|
|
|
25,477
|
|
Share based employee
compensation
|
|
|
1,099,567
|
|
|
|
836,372
|
|
Fees paid in stock
and warrants
|
|
|
-
|
|
|
|
45,461
|
|
Interest resulting
from amortization of financing costs and discounts
|
|
|
522,101
|
|
|
|
1,497,875
|
|
Gain on sale of
affiliate investment
|
|
|
(562,617)
|
|
|
|
-
|
|
Equity loss in
affiliate
|
|
|
-
|
|
|
|
601,927
|
|
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
|
|
|
(128,779)
|
|
|
|
(1,197,234)
|
|
Net cash used in
operating activities
|
|
|
(7,134,600)
|
|
|
|
(6,044,144)
|
|
|
|
|
|
|
|
|
|
|
Cash flows used in
investing activities:
|
|
|
|
|
|
|
|
|
Construction
in-progress and purchases of equipment, fixtures and
vehicles
|
|
|
(5,111,209)
|
|
|
|
(329,575)
|
|
Cash acquired from
control acquisition of Entsorga West Virginia, LLC
|
|
|
-
|
|
|
|
6,773,384
|
|
Proceeds from sale of
investment in affiliate
|
|
|
2,250,000
|
|
|
|
-
|
|
MBT facility
development costs incurred
|
|
|
(84,176)
|
|
|
|
(361,641)
|
|
MBT facility
development costs refunded
|
|
|
66,000
|
|
|
|
-
|
|
Net cash provided
by (used in) investing activities
|
|
|
(2,879,385)
|
|
|
|
6,082,168
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
-
|
|
|
|
1,500,000
|
|
Exercise of employee
stock options
|
|
|
-
|
|
|
|
61,977
|
|
Proceeds from the
sale of Series D convertible preferred stock units
|
|
|
1,772,500
|
|
|
|
-
|
|
Payment of financing
costs
|
|
|
(62,151)
|
|
|
|
(246,131)
|
|
Repayments of
long-term debt
|
|
|
(9,165)
|
|
|
|
(8,875)
|
|
Proceeds from
issuance of preferred stock and warrants
|
|
|
-
|
|
|
|
1,125,000
|
|
Investment in
subsidiary by non-controlling interest
|
|
|
1,400,000
|
|
|
|
3,500,000
|
|
Redemption of
Series A preferred stock
|
|
|
-
|
|
|
|
(317,000)
|
|
Advance from related
party, net
|
|
|
210,000
|
|
|
|
-
|
|
Net cash provided
by financing activities
|
|
|
6,346,741
|
|
|
|
8,151,235
|
|
Effect of exchange
rate on cash
|
|
|
77,816
|
|
|
|
36,009
|
|
Net change in cash
(restricted and unrestricted)
|
|
|
(3,589,428)
|
|
|
|
8,225,268
|
|
Cash - beginning of
period (restricted and unrestricted)
|
|
|
9,126,380
|
|
|
|
901,112
|
|
Cash - end of
period (restricted and unrestricted)
|
|
$
|
5,536,952
|
|
|
$
|
9,126,380
|
|
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SOURCE BioHiTech Global, Inc.