3Q Total Revenues $6,088,754
Total Corn Oil produced 461,282
Biodiesel produced (gallons) 511,935
Average gross price of biodiesel sold per gallon $4.55
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The number of outstanding shares of common stock as of November 19, 2008 was 89,809,764. 82,751,515 as of Aug 19, 2008.
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"We currently own and operate six production facilities - four corn oil extraction facilities based on our patented and patent-pending corn oil extraction technologies, one biodiesel production facility based on our patent-pending biodiesel production technologies, and one vegetable oil seed crushing facility based on conventional process technology."
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"Achieving break-even profitability at current market prices will require us to successfully commission eight corn oil extraction facilities."
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Among our current and known sources of operating cash flows are our four existing corn oil extraction facilities and our biodiesel facility in Adrian, Michigan. Notwithstanding any contributions to our cash flows from our equipment or culinary oil sales, or from refining and selling conventional waste fat derived biodiesel, refining the oil extracted by five extraction facilities into biodiesel is expected to provide sufficient cash to cover all of our regular debt service and operational needs for the foreseeable future.
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3Q Total Corn Oil produced: 461,282
713,125 gallons (SkunK Estimated)
1,031,250 gallons capacity (SkunK Estimated)
Actual Production was 45% of SkunK's Estimated Capacity.
That is up from the previous two quarters:
1Q 08: 26% 152,787 gallons of corn oil
2Q 08: 40% 296,727 gallons of corn oil
3Q 08: 45% 461,282 gallons of corn oil
Also note Oshkosh, Wisconsin Corn Oil Extraction capacity has been changed to 1.3 million gallons per year. SkunK's capacity was figured using 1.5mmgy for Oshkosh.
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Check out the Miller Agreement (Dr. Paul T. Miller, Ph.D., Chief Executive Officer, Sustainable Systems):
In November 2008, the Company and Miller entered a restructuring agreement (the"Miller Restructuring Agreement") pursuant to which Miller waived all amounts due to him pursuant to the Miller Purchase Agreement totalling 44,511,134 including accrued interest. The Miller Restructuring Agreement also included a term that called for the Company and Miller to use their respective best efforts to restructure GS AgriFuels' March 26, 2007 purchase agreements with the former unaffiliated minority shareholders of Sustainable Systems, Inc., on an equitable basis to facilitate a return on their respective investments out of the cash flows of Sustainable's Culbertson, Montana oilseed crush plant after its expansion has been completed.
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Sale of Sterling Planet? (GERS had a 10% minority interest)
On September 10, 2008, the Company entered into Stock Purchase Agreement with Sterling Planet Holdings, Inc. ("Sterling Planet"). Under the Stock Purchase Agreement, the Company agreed to sell the 1,459,854 shares of Sterling Planet which encompassed the 10% investment the Company had in Sterling Planet.
The total sale price for the stock was $1,000,000.
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Note: Months to completion after financing is the only change here:
From the 2Q
We are currently awaiting final approval of a government-backed loan guaranty for the financing we have sourced for the completion of the expansion. While there can be no assurances in this regard, we expect to receive this approval this year. The expansion can be expected to be completed within approximately six months after the successful completion of a cost-effective financing for this project.
From the 3Q
We are currently awaiting final approval of a government-backed loan guaranty for the financing we have sourced for the completion of the expansion. While there can be no assurances in this regard, we expect to receive this approval this year. The expansion can be expected to be completed within approximately nine months after the successful completion of a cost-effective financing for this project.
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CONVERTIBLE NOTES
On September 4, 2008, the Company's subsidiary, GS CleanTech Corporation, entered into a series of convertible notes totaling $1,734,579. The notes shall bear interest at a rate 15% per annum and mature on December 31, 2010. On February 1, 2009, payments are due at a rate equal to the greater of the interest accrued on the unpaid principal or $100,000 times the principal amount divided by $3,000,000. Beginning July 1, 2009, payments are due based on an eighteen month amortization, with all principal and accrued interest paid on or before December 31, 2010. The notes are convertible into shares of GS CleanTech subsidiary preferred stock (par $0.001) at the closing by GS CleanTech of a planned Preferred Stock Financing at a 15% discount to the final terms of any such Preferred Stock Financing. If any portion of the note is prepaid in cash, GS CleanTech shall pay a 10% redemption premium at the time of redemption. If the Preferred Stock Financing does not close on or before January 1, 2009, the interest and redemption premium will increase to 20%. The balance of the loans was $1,734,579 as of September 30, 2008.
ITEM 3 DEFAULTS UPON SENIOR SECURITIES: None.
Will update this blog as I get through the 3Q.
SkunK
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