For the third quarter of 2023, we had an operating loss of $4.9 million compared to an operating loss of $3.9 million for the same period in 2022. Our net loss for the quarter was $4.5 million or a negative $0.04 per basic and diluted share compared to a net loss of $3.9 million or a negative $0.05 per basic and diluted share for the same period in 2022. Moving to the cash flow statement. Cash provided by operating activities for the quarter ended September 30th, 2023 was $2.2 million and consisted primarily of cash received from the sale of our old lead recycling facility. Net cash used in investing activities for the quarter was $6.3 million. This consisted mainly of $4.3 million utilized towards the purchase of our campus property and $1.8 million of equipment, primarily related to the build-out of our first commercial demonstration facility.
Net cash provided from financing activities was $22.6 million for the quarter. This consisted of $3.8 million in net proceeds from the sale of Aqua Metals’ shares pursuant to that, the market offering, $2.9 million of proceeds from the loan agreement secured with Summit Investment and $18.3 million in net proceeds from our July 2023 public offering and $4.6 million in net proceeds from the Yulho transaction. These inflows were offset mainly by the $6 million used to pay off the note payable as reported in Note 11 of our 10-Q report. We have bolstered our balance sheet and are managing our cash wisely by actively reviewing and considering every dollar spent. One of the positives of higher interest rates is that we are earning a nice return on the cash balance we currently have in the bank.
We believe that 2024 is an important year as we finished construction and began production at our first commercial demonstration plant. It is an important milestone as we believe that the plant will generate positive cash flows for the company. As we noted in our 10-Q report, we believe that we will need additional capital to fund our proposed business plan beyond the next 12 months, including the completion of the Phase 1 buildout of our recycling campus metric and the start of our full-scale commercial operations. We are actively pursuing non-dilutive options such as the USDA government guaranteed loan for $25 million. However, we are not reliant on the USDA loan as we have been working on securing funds from other sources, such as from conventional lenders, the DOE, strategic partners, and possible dilutive options.
Our access to cash is key to ensure our funding success and bridge us to positive cash generation as we expect from our first commercial demonstration plant. We are confident in our financial strength and our ability to execute on our business strategy. And with that, that concludes my remarks on the financials. I will now turn it back over to the moderator for Q&A.
Sameer Joshi: Yes. thanks for taking my questions. The Sierra ARC facility, can you remind us what CapEx has already been spent on it? And what is the remaining amount to be spent on this?
Judd Merrill: Yes, Sameer, this is Judd. The total CapEx for this project is just about $30 million. And so in this quarter, we spent about $1.8 million towards that. And the — that’s the third quarter. In the fourth quarter, we’ll see that spend tick up quite a bit. And with the goal of getting that thing built by early Q2 of next year.
Sameer Joshi: And that will be the Phase 1 with around 3,000 tons per year capacity, is that correct?
Judd Merrill: 3,000 tons of black mass process per year, that’s the capacity.
Sameer Joshi: That’s not process. Okay. Got it. So, just looking at the next 18 — 12 to 18 months, what are the milestones that we should be looking at? And also within the next six months between now and this facility coming online, what can investors expect to see? Should we see more relationships like 6K or Dragonfly or some other milestones?
