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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

Commission File Number: 001-39280 

 

DANIMER SCIENTIFIC, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

84-1924518

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

140 Industrial Boulevard
Bainbridge, GA

39817

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (229) 243-7075 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class A Common stock, $0.0001 par value per share

 

DNMR

 

New York Stock Exchange

 

 

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes   ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☐    No ☒ 

As of August 12, 2021, the registrant had 97,732,079 shares of common stock, $0.001 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

 

 

 

Item 1.

Financial Statements (Unaudited)

2

 

Condensed Consolidated Balance Sheets

2

 

Condensed Consolidated Statements of Operations

3

 

Condensed Consolidated Statements of Stockholders' Equity

4

 

Condensed Consolidated Statements of Cash Flows

5

 

Notes to Condensed Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

16

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

26

Item 4.

Controls and Procedures

26

 

 

 

PART II.

OTHER INFORMATION

26

 

 

 

Item 1.

Legal Proceedings

26

Item 1A.

Risk Factors

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

27

Item 5.

Other Information

27

Item 6.

Exhibits

28

Signatures

29

 

FORWARD-LOOKING STATEMENTS

Certain statements contained herein, as well as in other filings we make with the United States Securities and Exchange Commission (“SEC”) and other written and oral information we release, regarding our future performance constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to, among other things, the impact on our business, operations and financial results of the COVID-19 pandemic (which, among other things, may affect many of the items listed below); the demand for our products and services; revenue growth; effects of competition; supply chain and technology initiatives; inventory and in-stock positions; state of the economy; state of the credit markets, including mortgages, home equity loans, and consumer credit; impact of tariffs; demand for credit offerings; management of relationships with our employees, suppliers and vendors, and customers; international trade disputes, natural disasters, public health issues (including pandemics and related quarantines, shelter-in-place orders, and similar restrictions), and other business interruptions that could disrupt supply or delivery of, or demand for, our products or services; continuation of equity programs; net earnings performance; earnings per share; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; stock-based compensation expense; commodity price inflation and deflation; the ability to issue debt on terms and at rates acceptable to us; the impact and expected outcome of investigations, inquiries, claims, and litigation; the effect of accounting charges; the effect of adopting certain accounting standards; the impact of regulatory changes; financial outlook; and the integration of acquired companies into our organization and the ability to recognize the anticipated synergies and benefits of those acquisitions.

Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. You should not rely on our forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control, dependent on the actions of third parties, or currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, those described in Part II, Item 1A, "Risk Factors" and elsewhere in this report and as also may be described from time to time in future reports we file with the SEC. You should read such information in conjunction with our Condensed Consolidated Financial Statements and related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this report. There also may be other factors that we cannot anticipate or that are not described in this report, generally because we do not currently perceive them to be material. Such factors could cause results to differ materially from our expectations.

Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our periodic filings with the SEC.

 

 


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

Danimer Scientific, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

 

 

 

 June 30,

 

 

December 31,

 

(in thousands, except share data)

 

 2021

 

 

2020

 

Assets:

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

416,355

 

 

$

377,581

 

Accounts receivable, net

 

 

10,069

 

 

 

6,605

 

Inventories

 

 

17,653

 

 

 

13,642

 

Prepaid expenses and other current assets

 

 

4,611

 

 

 

3,089

 

Contract assets

 

 

3,018

 

 

 

1,466

 

Total current assets

 

 

451,706

 

 

 

402,383

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

159,983

 

 

 

106,795

 

Patents, net

 

 

1,819

 

 

 

1,801

 

Right-of-use assets

 

 

16,546

 

 

 

19,387

 

Leverage loans receivable

 

 

13,408

 

 

 

13,408

 

Restricted cash

 

 

524

 

 

 

2,316

 

Loan fees

 

 

1,548

 

 

 

-

 

Other assets

 

 

71

 

 

 

111

 

Total assets

 

$

645,605

 

 

$

546,201

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

18,970

 

 

$

10,610

 

Accrued liabilities

 

 

5,901

 

 

 

9,220

 

Unearned revenue and contract liabilities

 

 

822

 

 

 

2,455

 

Current portion of lease liability

 

 

2,947

 

 

 

3,000

 

Current portion of long-term debt, net

 

 

333

 

 

 

25,201

 

Total current liabilities

 

 

28,973

 

 

 

50,486

 

 

 

 

 

 

 

 

Private warrants liability

 

 

59,302

 

 

 

82,860

 

Long-term lease liability, net

 

 

20,581

 

 

 

24,175

 

Long-term debt, net

 

 

29,576

 

 

 

31,386

 

Other long-term liabilities

 

 

625

 

 

 

1,250

 

Total liabilities

 

$

139,057

 

 

$

190,157

 

 

 

 

 

 

 

 

Commitments and Contingencies (Note 14)

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock, $0.0001 par value; 200,000,000 shares authorized: 97,732,079 and 84,535,640 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively

 

$

9

 

 

$

8

 

Additional paid-in capital

 

 

620,808

 

 

 

414,819

 

Accumulated deficit

 

 

(114,269

)

 

 

(58,783

)

Total stockholders’ equity

 

 

506,548

 

 

 

356,044

 

Total liabilities and stockholders’ equity

 

$

645,605

 

 

$

546,201

 

 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

 

 

 

2


 

 

Danimer Scientific, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands, except share and per share data)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

11,294

 

 

$

10,576

 

 

$

22,318

 

 

$

19,755

 

Services

 

 

3,177

 

 

 

1,297

 

 

 

5,334

 

 

 

2,716

 

Total revenue

 

 

14,471

 

 

 

11,873

 

 

 

27,652

 

 

 

22,471

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

12,460

 

 

 

8,441

 

 

 

24,185

 

 

 

15,870

 

Selling, general and administrative

 

 

19,079

 

 

 

2,828

 

 

 

29,199

 

 

 

5,808

 

Research and development

 

 

3,975

 

 

 

2,128

 

 

 

6,594

 

 

 

3,375

 

(Gain) loss on sale of assets

 

 

33

 

 

 

(9

)

 

 

33

 

 

 

(9

)

Total costs and expenses

 

 

35,547

 

 

 

13,388

 

 

 

60,011

 

 

 

25,044

 

Loss from operations

 

 

(21,076

)

 

 

(1,515

)

 

 

(32,359

)

 

 

(2,573

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonoperating income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) on remeasurement of private warrants

 

 

58,740

 

 

 

-

 

 

 

(21,957

)

 

 

-

 

Interest expense, net

 

 

(222

)

 

 

(384

)

 

 

(422

)

 

 

(1,097

)

Gain on forgiveness of debt

 

 

1,776

 

 

 

-

 

 

 

1,776

 

 

 

-

 

Loss on loan extinguishment

 

 

-

 

 

 

-

 

 

 

(2,604

)

 

 

-

 

Other income (expense), net

 

 

30

 

 

 

99

 

 

 

80

 

 

 

189

 

Total nonoperating income (expense)

 

 

60,324

 

 

 

(285

)

 

 

(23,127

)

 

 

(908

)

Income (loss) before income taxes

 

 

39,248

 

 

 

(1,800

)

 

 

(55,486

)

 

 

(3,481

)

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income (loss)

 

$

39,248

 

 

$

(1,800

)

 

$

(55,486

)

 

$

(3,481

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income (loss) per share

 

$

0.44

 

 

$

(0.06

)

 

$

(0.64

)

 

$

(0.12

)

Diluted net income (loss) per share

 

$

0.39

 

 

$

(0.06

)

 

$

(0.64

)

 

$

(0.12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used to compute: (1)

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income (loss) per share

 

 

88,806,086

 

 

 

29,005,309

 

 

 

86,760,615

 

 

 

28,386,948

 

Dilutive effect of warrants and stock options

 

 

12,718,858

 

 

 

-

 

 

 

-

 

 

 

-

 

Diluted net income (loss) per share

 

 

101,524,944

 

 

 

29,005,309

 

 

 

86,760,615

 

 

 

28,386,948

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) 2020 Amounts retroactively restated for Business Combination

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

 

 

 

3


 

Danimer Scientific, Inc.

Condensed Consolidated Statements of Stockholders' Equity (Unaudited)

 

 

Three Months Ended

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2021

 

2020

 

 

2021

 

2020

 

Common stock: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

8

 

 

$

3

 

 

 

$

8

 

 

$

3

 

Issuance of common stock

 

 

1

 

 

 

-

 

 

 

 

1

 

 

 

-

 

Balance, end of period

 

 

9

 

 

 

3

 

 

 

 

9

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional paid-in capital: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

435,782

 

 

 

91,750

 

 

 

 

414,819

 

 

 

66,503

 

Fair value of private warrants converted to public warrants

 

 

31,593

 

 

 

-

 

 

 

 

45,515

 

 

 

-

 

Exercise of warrants, net of issuance costs

 

 

138,202

 

 

 

-

 

 

 

 

138,202

 

 

 

-

 

Stock-based compensation

 

 

14,031

 

 

 

155

 

 

 

 

20,696

 

 

 

302

 

Stock issued under stock compensation plans

 

 

1,275

 

 

 

-

 

 

 

 

2,466

 

 

 

-

 

Beneficial conversion feature on convertible notes

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

93

 

Issuance of common stock, net of issuance costs

 

 

(75

)

 

 

-

 

 

 

 

(890

)

 

 

25,007

 

Balance, end of period

 

 

620,808

 

 

 

91,905

 

 

 

 

620,808

 

 

 

91,905

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated deficit:

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

(153,517

)

 

 

(51,611

)

 

 

 

(58,783

)

 

 

(49,930

)

Net income (loss)

 

 

39,248

 

 

 

(1,800

)

 

 

 

(55,486

)

 

 

(3,481

)

Balance, end of period

 

 

(114,269

)

 

 

(53,411

)

 

 

 

(114,269

)

 

 

(53,411

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

$

506,548

 

 

$

38,497

 

 

 

$

506,548

 

 

$

38,497

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) 2020 Amounts retroactively restated for Business Combination

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

 

 

4


 

Danimer Scientific, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

 

 

Six Months Ended

 

 

 

June 30,

 

(in thousands)

 

2021

 

 

 2020

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(55,486

)

 

$

(3,481

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Loss on remeasurement of private warrants

 

 

21,957

 

 

 

-

 

Stock-based compensation

 

 

20,696

 

 

 

302

 

Depreciation and amortization

 

 

4,311

 

 

 

1,809

 

Loss on write-off of deferred loan costs

 

 

1,900

 

 

 

-

 

Amortization of debt issuance costs and debt discounts

 

 

207

 

 

 

852

 

Single lease cost (benefit)

 

 

(806

)

 

 

194

 

Gain on forgiveness of debt

 

 

(1,776

)

 

 

-

 

Other

 

 

66

 

 

 

381

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts payable

 

 

1,967

 

 

 

(592

)

Contract assets

 

 

(1,552

)

 

 

-

 

Unearned revenue and contract liabilities

 

 

(1,633

)

 

 

(907

)

Prepaid expenses and other current assets

 

 

(1,520

)

 

 

(1,879

)

Accounts receivable, net

 

 

(3,464

)

 

 

(1,152

)

Accrued and other long-term liabilities

 

 

(3,537

)

 

 

346

 

Inventories

 

 

(4,011

)

 

 

(5,780

)

Other assets

 

 

40

 

 

 

(482

)

Net cash used in operating activities

 

 

(22,641

)

 

 

(10,389

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(51,906

)

 

 

(19,079

)

Proceeds from sales of property, plant and equipment

 

 

340

 

 

 

9

 

Net cash used in investing activities

 

 

(51,566

)

 

 

(19,070

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from exercise of warrants, net of issuance costs

 

 

138,202

 

 

 

-

 

Proceeds from exercise of stock options

 

 

2,375

 

 

 

-

 

Proceeds from long-term debt

 

 

169

 

 

 

4,015

 

Proceeds from employee stock purchase plan

 

 

92

 

 

 

-

 

Proceeds from issuance of common stock, net of issuance costs

 

 

(890

)

 

 

25,007

 

Cash paid for debt issuance costs

 

 

(1,684

)

 

 

(18

)

Principal payments on long-term debt

 

 

(27,075

)

 

 

(811

)

Net cash provided by financing activities

 

 

111,189

 

 

 

28,193

 

Net increase (decrease) in cash and cash equivalents and restricted cash

 

 

36,982

 

 

 

(1,266

)

Cash and cash equivalents and restricted cash-beginning of period

 

 

379,897

 

 

 

9,278

 

Cash and cash equivalents and restricted cash-end of period

 

$

416,879

 

 

$

8,012

 

Supplemental cash flow information

 

 

 

 

 

 

Cash paid for interest, net of interest capitalized

 

$

242

 

 

$

-

 

Cash paid for operating leases

 

$

1,589

 

 

$

1,270

 

Supplemental non-cash disclosure

 

 

 

 

 

 

Changes in accounts payable and accrued liabilities related to purchase of property, plant and equipment

 

$

5,983

 

 

$

(5,831

)

 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

 

5


 

Danimer Scientific, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 1. Basis of Presentation

Description of Business

Danimer Scientific, Inc. (“Danimer”) together with its subsidiaries (collectively referred to as the “Company”) is a performance polymer company specializing in bioplastic replacements for traditional petroleum-based plastics. Our common stock is listed on the New York Stock Exchange under the symbol “DNMR”.

Financial Statements

We have prepared these condensed consolidated financial statements (“Financial Statements”) in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and the rules and regulations of the SEC. In the opinion of management, our Financial Statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly our financial position, results of operations, stockholders’ equity, and cash flows at the dates and for the periods presented. Our Financial Statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in our Amended Annual Report on Form 10-K/A for the year ended December 31, 2020. Results for interim periods are not necessarily indicative of the results for the year.

We have made certain reclassifications to the prior period presentation in order to conform to the current presentation.

We cannot predict the ongoing impact of the COVID-19 pandemic on the increased volatility in global economic and political environments, market demand for our products, supply chain disruptions, possible workforce availability, exchange rate and commodity price volatility and availability of financing, and their impact to our total revenue, production volumes, costs and overall financial condition and available funding. In preparing our Financial Statements in conformity with U.S. GAAP, we have considered and, where appropriate, reflected the effects of the COVID-19 pandemic on our operations. The pandemic continues to provide significant challenges to the U.S. and global economies.

Recently Issued or Adopted Accounting Pronouncements

There have been no new accounting pronouncements not yet effective or adopted in the current period that we believe have a significant effect, or potential significant effect, on our Financial Statements. 

Note 2. Business Combination

Live Oak Acquisition Corp. (“Live Oak”) was incorporated in the State of Delaware on May 24, 2019 as a special purpose acquisition company formed for the purpose of effecting a business combination with one or more businesses. Live Oak completed its initial public offering in May 2020. On December 29, 2020, Live Oak consummated a business combination (“Business Combination”) with Meredian Holdings Group, Inc. (“Legacy Danimer”) with Legacy Danimer surviving the merger as a wholly owned subsidiary of Live Oak. In connection with the Business Combination, Live Oak changed its name to Danimer Scientific, Inc.

For financial accounting and reporting purposes, Legacy Danimer was deemed the accounting acquirer, Live Oak was treated as the accounting acquiree, and the Business Combination was accounted for as a reverse recapitalization. Effectively, the Business Combination was treated as the equivalent of Legacy Danimer issuing stock for the net assets of Live Oak, accompanied by a recapitalization. Under this method of accounting, the historical financial statements of Legacy Danimer are our historical financial statements. The net assets of Live Oak are stated at historical costs, with no goodwill or other intangible assets recorded, and were consolidated with Legacy Danimer’s financial statements on December 29, 2020.

Note 3. Inventories

Inventories consisted of the following: 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2021

 

 

2020

 

Raw materials

 

$

7,650

 

 

$

6,825

 

Work in progress

 

 

-

 

 

 

133

 

Finished goods and related items

 

 

10,003

 

 

 

6,684

 

Total inventories

 

$

17,653

 

 

$

13,642

 

 

 

6


 

Note 4. Property, Plant and Equipment

Property, plant and equipment, net, consisted of the following:

 

 

Estimated

 

 

 

 

 

 

 

 

Useful Life

 

June 30,

 

 

December 31,

 

(in thousands)

 

(Years)

 

2021

 

 

2020

 

Land and improvements

 

20

 

$

92

 

 

$

92

 

Leasehold improvements

 

Shorter of useful
life or lease term

 

 

21,021

 

 

 

20,932

 

Buildings

 

15-40

 

 

2,089

 

 

 

2,089

 

Machinery and equipment

 

5-20

 

 

82,489

 

 

 

64,164

 

Motor vehicles

 

7-10

 

 

874

 

 

 

693

 

Furniture and fixtures

 

7-10

 

 

229

 

 

 

221

 

Office equipment

 

3-10

 

 

2,110

 

 

 

2,089

 

Construction in progress

 

N/A

 

 

74,771

 

 

 

36,146

 

 

 

 

 

 

183,675

 

 

 

126,426

 

Accumulated depreciation and amortization

 

 

 

 

(23,692

)

 

 

(19,631

)

Property, plant and equipment, net

 

 

 

$

159,983

 

 

$

106,795

 

 

We reported depreciation and amortization expense (which included amortization of patents) as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Cost of revenue

 

$

1,951

 

 

$

753

 

 

$

3,790

 

 

$

1,436

 

Selling, general and administrative

 

 

177

 

 

 

31

 

 

 

273

 

 

 

60

 

Research and development

 

 

83

 

 

 

155

 

 

 

248

 

 

 

313

 

Total depreciation and amortization expense

 

$

2,211

 

 

$

939

 

 

$

4,311

 

 

$

1,809

 

 

Construction in progress consists primarily of the conversion and build-out of our new facility in Winchester, Kentucky. Property, plant and equipment includes capitalized interest of $