Annual report pursuant to section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
ASSETS    
Cash and cash equivalents $ 7,586 $ 8,914
Accounts receivable, net of allowance for doubtful accounts of $18 and $24, respectively 26,051 28,140
Inventories 16,244 16,131
Prepaid inventory 5,422 9,239
Other current assets 2,129 3,994
Total current assets 57,432 66,418
Total property and equipment, net 150,409 159,617
Intangible assets, net 3,734 4,458
Other assets 3,388 1,983
Total other assets 7,122 6,441
Total Assets (a) 214,963 [1] 232,476 [1]
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable - trade 5,104 5,519
Accrued liabilities 3,282 2,713
Accrued preferred dividends    7,315
Current portion - long-term debt ($0 and $750 due to a related party, respectively) 4,029 750
Total current liabilities 12,415 16,297
Long-term debt, net of current portion ($750 and $0 due to a related party, respectively) 117,253 93,689
Accrued preferred dividends 5,852   
Warrant liabilities at fair value 4,892 1,921
Other liabilities 1,644 1,305
Total Liabilities (b) 142,056 [2] 113,212 [2]
Commitments and contingencies (Notes 1, 5, 6 and 11)      
Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A: 1,684,375 shares authorized; 0 shares issued and outstanding as of December 31, 2012 and 2011; Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of December 31, 2012 and 2011; liquidation preference of $23,927 as of December 31, 2012      
Common stock, $0.001 par value; 300,000,000 shares authorized; 146,841,114 and 86,631,664 shares issued and outstanding as of December 31, 2012 and 2011, respectively 147 87
Additional paid-in capital 582,724 556,871
Accumulated deficit (530,310) (509,985)
Total Pacific Ethanol, Inc. Stockholders' Equity 52,562 46,974
Noncontrolling interest in variable interest entity 20,345 72,290
Total Stockholders' Equity 72,907 119,264
Total Liabilities and Stockholders' Equity 214,963 232,476
Series A Preferred Stock [Member]
    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A: 1,684,375 shares authorized; 0 shares issued and outstanding as of December 31, 2012 and 2011; Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of December 31, 2012 and 2011; liquidation preference of $23,927 as of December 31, 2012      
Series B Preferred Stock [Member]
    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A: 1,684,375 shares authorized; 0 shares issued and outstanding as of December 31, 2012 and 2011; Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of December 31, 2012 and 2011; liquidation preference of $23,927 as of December 31, 2012 $ 1 $ 1
[1] Assets of consolidated variable interest entity that can only be used to settle obligations of that entity were $156,192 and $173,606 as of December 31, 2012 and 2011, respectively.
[2] Liabilities of consolidated variable interest entity for which creditors do not have recourse to the general credit of the Company were $105,315 and $76,478, as of December 31, 2012 and 2011, respectively.