17. PARENT COMPANY FINANCIALS (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
| Balance Sheets - Parent Company Only |
| |
|
December
31, |
|
| |
|
2015 |
|
|
2014 |
|
| |
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
20,618 |
|
|
$ |
23,915 |
|
| Receivables from consolidated subsidiaries |
|
|
14,505 |
|
|
|
8,547 |
|
| Other current assets |
|
|
11,361 |
|
|
|
8,647 |
|
| Total current assets |
|
|
46,484 |
|
|
|
41,109 |
|
| |
|
|
|
|
|
|
|
|
| Property and equipment, net |
|
|
1,695 |
|
|
|
2,572 |
|
| |
|
|
|
|
|
|
|
|
| Investments in consolidated subsidiaries |
|
|
301,416 |
|
|
|
154,134 |
|
| Pacific Ethanol West plant term debt |
|
|
41,763 |
|
|
|
41,763 |
|
| Other assets |
|
|
838 |
|
|
|
1,933 |
|
| Total other assets |
|
|
344,017 |
|
|
|
197,830 |
|
| |
|
|
|
|
|
|
|
|
| Total Assets |
|
$ |
392,196 |
|
|
$ |
241,511 |
|
| |
|
|
|
|
|
|
|
|
| Accounts payable and accrued liabilities |
|
$ |
1,963 |
|
|
$ |
2,347 |
|
| Payables to consolidated subsidiaries |
|
|
13,230 |
|
|
|
3,526 |
|
| Accrued PE Op Co. purchase |
|
|
3,828 |
|
|
|
– |
|
| Total current liabilities |
|
|
19,021 |
|
|
|
5,873 |
|
| |
|
|
|
|
|
|
|
|
| Warrant liabilities at fair value |
|
|
273 |
|
|
|
1,986 |
|
| Deferred tax liabilities |
|
|
1,174 |
|
|
|
15,434 |
|
| Other liabilities |
|
|
184 |
|
|
|
236 |
|
| Total Liabilities |
|
|
20,652 |
|
|
|
23,529 |
|
| |
|
|
|
|
|
|
|
|
| Preferred stock |
|
|
1 |
|
|
|
1 |
|
| Non-voting common stock |
|
|
4 |
|
|
|
– |
|
| Common stock |
|
|
39 |
|
|
|
25 |
|
| Additional paid-in capital |
|
|
902,843 |
|
|
|
725,813 |
|
| Accumulated other comprehensive income |
|
|
1,040 |
|
|
|
– |
|
| Accumulated deficit |
|
|
(532,383 |
) |
|
|
(512,332 |
) |
| Total Pacific Ethanol, Inc. stockholders' equity |
|
|
371,544 |
|
|
|
213,507 |
|
| Noncontrolling interests |
|
|
– |
|
|
|
4,475 |
|
| Total stockholders' equity |
|
|
371,544 |
|
|
|
217,982 |
|
| |
|
|
|
|
|
|
|
|
| Total Liabilities and Stockholders' Equity |
|
$ |
392,196 |
|
|
$ |
241,511 |
|
|
| Statements Of Operations Parent Company Only |
| |
|
Years
Ended December 31, |
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
| |
|
|
|
|
|
|
|
|
|
| Management fees from subsidiaries |
|
$ |
9,857 |
|
|
$ |
12,731 |
|
|
$ |
9,837 |
|
| Selling, general and administrative expenses |
|
|
(14,336 |
) |
|
|
(12,779 |
) |
|
|
(10,188 |
) |
| Asset impairments |
|
|
(1,970 |
) |
|
|
– |
|
|
|
– |
|
| Loss from operations |
|
|
(6,449 |
) |
|
|
(48 |
) |
|
|
(351 |
) |
| Fair value adjustments and warrant inducements |
|
|
1,641 |
|
|
|
(37,532 |
) |
|
|
(1,013 |
) |
| Interest income |
|
|
5,739 |
|
|
|
4,753 |
|
|
|
5,088 |
|
| Interest expense |
|
|
(27 |
) |
|
|
(1,813 |
) |
|
|
(3,912 |
) |
| Loss on extinguishments of debt |
|
|
– |
|
|
|
(2,363 |
) |
|
|
(9,481 |
) |
| Income (loss) before provision for income taxes |
|
|
904 |
|
|
|
(37,003 |
) |
|
|
(9,669 |
) |
| Provision for income taxes |
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Income before equity earnings of subsidiaries |
|
|
904 |
|
|
|
(37,003 |
) |
|
|
(9,669 |
) |
| Equity earnings of consolidated subsidiaries |
|
|
(19,690 |
) |
|
|
58,292 |
|
|
|
8,888 |
|
| Consolidated net income (loss) |
|
$ |
(18,786 |
) |
|
$ |
21,289 |
|
|
$ |
(781 |
) |
|
| Statements Of Cash Flows Parent Company Only |
| |
|
Years
Ended December 31, |
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
| Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
(18,786 |
) |
|
$ |
21,289 |
|
|
$ |
(781 |
) |
| Adjustments to reconcile
net income (loss) to cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Earnings |
|
|
19,690 |
|
|
|
(58,292 |
) |
|
|
(8,888 |
) |
| Depreciation and amortization |
|
|
390 |
|
|
|
126 |
|
|
|
104 |
|
| Fair value adjustments |
|
|
(1,641 |
) |
|
|
35,260 |
|
|
|
(648 |
) |
| Loss on extinguishments of debt |
|
|
– |
|
|
|
2,363 |
|
|
|
9,481 |
|
| Asset impairments |
|
|
1,970 |
|
|
|
– |
|
|
|
– |
|
| Deferred income taxes |
|
|
(14,260 |
) |
|
|
5,128 |
|
|
|
– |
|
| Amortization of debt discount |
|
|
– |
|
|
|
1,674 |
|
|
|
(179 |
) |
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts receivables |
|
|
(5,958 |
) |
|
|
(7,001 |
) |
|
|
(495 |
) |
| Other assets |
|
|
5,895 |
|
|
|
(13,772 |
) |
|
|
828 |
|
| AP and accruals |
|
|
604 |
|
|
|
(587 |
) |
|
|
(1,358 |
) |
| Accounts payable with subsidiaries |
|
|
11,179 |
|
|
|
5,846 |
|
|
|
1,724 |
|
| Net cash used in operating
activities |
|
$ |
(917 |
) |
|
$ |
(7,966 |
) |
|
$ |
(212 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Additions to property and equipment |
|
$ |
(1,483 |
) |
|
$ |
(455 |
) |
|
$ |
(72 |
) |
| Purchase of PE OP Co. Ownership |
|
|
– |
|
|
|
(6,000 |
) |
|
|
(2,340 |
) |
| Net cash used in Investing
activities |
|
$ |
(1,483 |
) |
|
$ |
(6,455 |
) |
|
$ |
(2,412 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Preferred stock Dividends |
|
$ |
(1,265 |
) |
|
$ |
(3,459 |
) |
|
$ |
(1,265 |
) |
| Proceeds from Equity Raise |
|
|
– |
|
|
|
26,073 |
|
|
|
– |
|
| Proceeds from issuance of senior notes |
|
|
– |
|
|
|
– |
|
|
|
22,192 |
|
| Proceeds from issuance of convertible notes |
|
|
– |
|
|
|
– |
|
|
|
14,000 |
|
| Payment on related party Note |
|
|
– |
|
|
|
(750 |
) |
|
|
– |
|
| Payments on senior notes |
|
|
– |
|
|
|
(13,984 |
) |
|
|
(6,208 |
) |
| Purchase of PE OP Co. debt |
|
|
– |
|
|
|
(17,038 |
) |
|
|
(27,088 |
) |
| Proceeds from exercise of warrants |
|
|
368 |
|
|
|
43,676 |
|
|
|
2,064 |
|
| Net Cash (used in) provided
by financing activities |
|
$ |
(897 |
) |
|
$ |
34,518 |
|
|
$ |
3,695 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net (decrease) increase
in cash and equivalents |
|
|
(3,297 |
) |
|
|
20,097 |
|
|
|
1,071 |
|
| Cash and equivalents at
beginning of period |
|
|
23,915 |
|
|
|
3,818 |
|
|
|
2,747 |
|
| Cash and equivalents at ending of period |
|
$ |
20,618 |
|
|
$ |
23,915 |
|
|
$ |
3,818 |
|
|