GreenHunter Energy Inc (GRH, Financial) filed Quarterly Report for the period ended 2010-06-30.
Greenhunter Energy Inc has a market cap of $15.7 million; its shares were traded at around $0.71 with and P/S ratio of 2.71. GRH is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Our loss on asset impairment was $161 thousand during the 2010 period, compared to $1.7 million during the prior year period. For the 2010 period, the impairment was the result of the expiration of Wind projects. In 2009, an impairment of $1.5 million was related to a lease option which expired during April 2009 while $170 thousand was related to a decline in the value of equipment.
BioMass SG&A was approximately $352 thousand credit during the 2010 period versus approximately $400 thousand of expense during the 2009 period due to increased consulting fees to obtain government grants for the Mesquite Lake biomass plant, net of $686 thousand of cancelled consulting fees related to a consulting agreement.
Other income was $556 thousand during the 2010 period compared to expense of $1.6 million during the 2009 period. The increase of approximately $2.1 million was primarily due to the settlement of trade payables at less than full value in the 2010 period.
As of June 30, 2010, we had cash and cash equivalents of approximately $1.3 million and a working capital deficit of $49.6 million as compared to cash and cash equivalents of $31 thousand and working capital deficit of $48.3 million as of June 30, 2009. $43.8 million of our working capital deficit at June 30, 2010 and $43.8 million at December 31, 2009 was related to BioFuels assets held in receivership. These liabilities are non-recourse to GreenHunter Energy. Changes in our cash and working capital during the quarter ended June 30, 2010 are described below.
During the six months ended June 30, 2010, we used cash of $96 thousand in our financing activities compared to $270 thousand net cash provided for the six months ended June 30, 2009, due to significantly less financing activities in the 2010 period whereas in the 2009 period we had proceeds from issuance of redeemable debentures of $1.7 million and proceeds from debt borrowings of $222 thousand, net of payment of notes payable of $1.5 million and payment of deferred financing costs of $138 thousand.
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Greenhunter Energy Inc has a market cap of $15.7 million; its shares were traded at around $0.71 with and P/S ratio of 2.71. GRH is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
As of June 30, 2010, we had a working capital deficit of $49.6 million which includes $3.7 million related to construction at our Mesquite Lake Biomass Plant, $2.6 million of accrued interest on our nonrecourse Series A Debentures, and $43.8 million of liabilities associated with assets held in receivership which are non-recourse to the Company, including $37.7 million of non-recourse notes payable to a bank related to BioFuels. It is our intent to settle the $3.7 million in Mesquite Lake liabilities at a discount with proceeds from bonds we plan to issue in September of this year to finance the completion of the Mesquite Lake project. The $2.6 million in interest on the nonrecourse Series A Debentures is non-recourse to GreenHunter Energy. The BioFuels liabilities are non-recourse to GreenHunter Energy and are included in current liabilities as of June 30, 2010 due to the fact that BioFuels is in default on its note and all liabilities are considered current. Since we did not close on a sale or other transaction to repay the note by April 30, 2010, on June 3, 2010, BioFuels received a notice from the lender that BioFuels has been placed into receivership. This credit agreement documents BioFuels existing project financing term loan and working capital line of credit with the Lender. The loan facilities are secured predominantly by BioFuels existing biodiesel refinery and associated assets located in Houston, Texas and are non-recourse to the parent company. In addition, the Lender has notified the depositary where the BioFuels bank accounts are being held to no longer honor any requests for transfer or withdrawal by BioFuels of funds in such accounts.Our loss on asset impairment was $161 thousand during the 2010 period, compared to $1.7 million during the prior year period. For the 2010 period, the impairment was the result of the expiration of Wind projects. In 2009, an impairment of $1.5 million was related to a lease option which expired during April 2009 while $170 thousand was related to a decline in the value of equipment.
BioMass SG&A was approximately $352 thousand credit during the 2010 period versus approximately $400 thousand of expense during the 2009 period due to increased consulting fees to obtain government grants for the Mesquite Lake biomass plant, net of $686 thousand of cancelled consulting fees related to a consulting agreement.
Other income was $556 thousand during the 2010 period compared to expense of $1.6 million during the 2009 period. The increase of approximately $2.1 million was primarily due to the settlement of trade payables at less than full value in the 2010 period.
As of June 30, 2010, we had cash and cash equivalents of approximately $1.3 million and a working capital deficit of $49.6 million as compared to cash and cash equivalents of $31 thousand and working capital deficit of $48.3 million as of June 30, 2009. $43.8 million of our working capital deficit at June 30, 2010 and $43.8 million at December 31, 2009 was related to BioFuels assets held in receivership. These liabilities are non-recourse to GreenHunter Energy. Changes in our cash and working capital during the quarter ended June 30, 2010 are described below.
During the six months ended June 30, 2010, we used cash of $96 thousand in our financing activities compared to $270 thousand net cash provided for the six months ended June 30, 2009, due to significantly less financing activities in the 2010 period whereas in the 2009 period we had proceeds from issuance of redeemable debentures of $1.7 million and proceeds from debt borrowings of $222 thousand, net of payment of notes payable of $1.5 million and payment of deferred financing costs of $138 thousand.
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