Annual report [Section 13 and 15(d), not S-K Item 405]

Organization and Significant Accounting Policies (Tables)

v3.25.0.1
Organization and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Organization and Significant Accounting Policies [Abstract]  
Schedule of Concentrations of Credit Risk

The Company sells specialty alcohols to consumer product companies and fuel-grade ethanol to gasoline refining and distribution companies. The Company sold to customers representing 10% or more of the Company’s total net sales, as follows.

 

    Years Ended December 31,  
    2024     2023     2022  
Customer A     11 %     9 %     10 %
Customer B     7 %     7 %     10 %

The Company purchases corn, its largest cost component in producing alcohols, from its suppliers. The Company purchased corn from suppliers representing 10% or more of the Company’s total corn purchases, as follows:

 

    Years Ended December 31,  
    2024     2023     2022  
Supplier A     16 %     14 %     11 %
Supplier B     13 %     12 %     12 %
Supplier C     — %      — %      15 %
Schedule of Inventory Inventory balances consisted of the following (in thousands):
    December 31,  
    2024     2023  
Finished goods   $ 31,120     $ 35,765  
Work in progress     4,203       5,063  
Raw materials     8,989       10,313  
Other     5,602       1,470  
Total   $ 49,914     $ 52,611  
Schedule of Depreciation Is Computed Using the Straight-Line Method Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated useful lives:
Buildings     40 years  
Facilities and plant equipment     10 – 25 years  
Other equipment, vehicles and furniture     5 – 10 years  
Schedule of Basic and Diluted Earnings Per Share

The following tables compute basic and diluted loss per share (in thousands, except per share data):

 

    Year Ended December 31, 2024  
    Loss
Numerator		     Shares Denominator     Per-Share Amount  
Consolidated net loss   $ (58,984 )                
Less: Preferred stock dividends     (1,269 )                
Basic and diluted loss per share:                        
Loss attributable to common stockholders   $ (60,253 )     73,482     $ (0.82 )

 

    Year Ended December 31, 2023  
    Loss
Numerator		     Shares Denominator     Per-Share Amount  
Consolidated net loss   $ (28,005 )                
Less: Preferred stock dividends     (1,265 )                
Basic and diluted loss per share:                        
Loss attributable to common stockholders   $ (29,270 )     73,339     $ (0.40 )

 

    Year Ended December 31, 2022  
    Loss
Numerator		     Shares Denominator     Per-Share Amount  
Consolidated net loss   $ (41,597 )                
Less: Preferred stock dividends     (1,265 )                
Basic and diluted loss per share:                        
Loss attributable to common stockholders   $ (42,862 )     71,944     $ (0.60 )