GreenHunter Energy Inc (GRH, Financial) filed Quarterly Report for the period ended 2010-09-30.
Greenhunter Energy Inc has a market cap of $26.98 million; its shares were traded at around $1.22 with and P/S ratio of 4.66. GRH is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Other expense was $60 thousand during the 2010 period compared to $794 thousand during the 2009 period. The decrease of approximately $733 thousand was primarily due to the settlement of trade payables at less than full value in the 2010 period.
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 $34 thousand during the 2010 period versus approximately $746 thousand during the 2009 period due to increased consulting and legal fees to obtain government grants for the Mesquite Lake biomass plant, net of $686 thousand of cancelled consulting fees related to a consulting agreement.
As of September 30, 2010, we had cash and cash equivalents of approximately $360 thousand and a working capital deficit of $52.4 million as compared to cash and cash equivalents of $764 thousand and working capital deficit of $50.2 million as of September 30, 2009. $44.1 million of our working capital deficit at September 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 September 30, 2010 are described below.
During the nine months ended September 30, 2010, our financing activities provided $287 thousand compared to $4.3 million net cash used for the nine months ended September 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 $298 thousand, net of payment of notes payable of $6.2 million and payment of deferred financing costs of $175 thousand.
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Greenhunter Energy Inc has a market cap of $26.98 million; its shares were traded at around $1.22 with and P/S ratio of 4.66. GRH is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
As of September 30, 2010, we had a working capital deficit of $52.4 million which includes $4.0 million related to construction at our Mesquite Lake Biomass Plant, $3.2 million is accrued interest on our nonrecourse Series A Debentures, and $44.1 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. During October 2010, $1.6 million of the $4.0 million in Mesquite Lake liabilities were written off as part of the Crown settlement. The $3.2 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 September 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. We plan to deliver 100% of the common stock of GreenHunter BioFuels, Inc. to a trustee to be held in trust for the benefit of the Nonrecourse Redeemable Series A debenture holders. We are reviewing the accounting and legal implications of this action.Other expense was $60 thousand during the 2010 period compared to $794 thousand during the 2009 period. The decrease of approximately $733 thousand was primarily due to the settlement of trade payables at less than full value in the 2010 period.
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 $34 thousand during the 2010 period versus approximately $746 thousand during the 2009 period due to increased consulting and legal fees to obtain government grants for the Mesquite Lake biomass plant, net of $686 thousand of cancelled consulting fees related to a consulting agreement.
As of September 30, 2010, we had cash and cash equivalents of approximately $360 thousand and a working capital deficit of $52.4 million as compared to cash and cash equivalents of $764 thousand and working capital deficit of $50.2 million as of September 30, 2009. $44.1 million of our working capital deficit at September 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 September 30, 2010 are described below.
During the nine months ended September 30, 2010, our financing activities provided $287 thousand compared to $4.3 million net cash used for the nine months ended September 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 $298 thousand, net of payment of notes payable of $6.2 million and payment of deferred financing costs of $175 thousand.
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