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Re: makinezmoney post# 726

Tuesday, 03/22/2022 3:10:44 AM

Tuesday, March 22, 2022 3:10:44 AM

Post# of 3089
What about their huge debt?
This company doesn’t look too healthy.
I guess we wait for their next earnings report.

Substantial Current Debt
As of September 30, 2021, and December 31, 2020, we had current debt of $58.4 million and $57.7 million, respectively, consisting of bank debt, related party debt, and the line of credit payable to Pilot, although the Pilot debt was subsequently repaid. Substantial current debt is primarily the result of secured loan agreements being in default. As a result, these debt obligations were classified within the current portion of long-term debt on our consolidated balance sheets at September 30, 2021, and December 31, 2020.

Furthermore,
Our financial health has been materially and adversely affected by defaults in our secured loan agreements, margin volatility, and historical net losses and working capital deficits. If Pilot terminates the crude supply agreement or terminal services agreement, our ability to acquire crude oil and condensate could be adversely affected. If producers experience crude supply constraints and increased transportation costs, our crude acquisition costs may rise, or we may not receive sufficient amounts to meet our needs.

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