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Note 19 - Subsequent Events
12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Subsequent Events [Text Block]

(19)     SUBSEQUENT EVENTS

 

On February 23, 2024, our Coal Operations Segment undertook an initiative designed to strengthen our financial and operational efficiency and to create significant operational savings and higher margins in our coal segment. This step will advance our transition from a company primarily focused on coal production to a more resilient and diversified vertically integrated IPP.  As part of this initiative, we idled production at our higher cost Prosperity Mine, and substantially idled production at Freelandville Mine with minimal production. We also focused our seven units of underground equipment on four units of our lowest cost production at our Oaktown Mine. Increasing the run time of these four lower cost units from five and a half days per week to seven days per week is intended to further improve the overall cost structure of the coal segment. As part of the initiative, the Company reduced its workforce by approximately 110 employees.

 

In the first quarter of 2024, Hallador borrowed $5 million from certain members of the Company’s Board of Directors. The notes are unsecured, mature in February 2025 and accrue interest at 12% annually, with interest to be paid quarterly beginning on May 31, 2024.

 

In February 2024, the Company elected to pay the semi-annual interest due on the $19 million senior unsecured convertible notes with common stock as allowed in the note agreements. The amount of stock issued for the interest payments was 122,600 shares.