Quarterly report pursuant to Section 13 or 15(d)

PARENT COMPANY FINANCIALS.

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PARENT COMPANY FINANCIALS.
3 Months Ended
Mar. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY FINANCIALS.

11. PARENT COMPANY FINANCIALS.

  

Restricted Net AssetsAt March 31, 2019, the Company had approximately $195,000,000 of net assets at its subsidiaries that were not available to be transferred to Pacific Ethanol in the form of dividends, distributions, loans or advances due to restrictions contained in the credit facilities of these subsidiaries.

 

Parent company financial statements for the periods covered in this report are set forth below (in thousands): 

 

ASSETS  

March 31, 2019

    December 31, 2018   
             
Current Assets:                
Cash and cash equivalents   $ 6,282     $ 6,759  
Receivables from subsidiaries     10,378       17,156  
Other current assets     1,710       1,659  
Total current assets     18,370       25,574  
                 
Property and equipment, net     447       522  
Other Assets:                
Investments in subsidiaries     282,132       286,666  
Pacific Ethanol West plant receivable     58,766       58,766  
Right of use operating lease assets, net     3,444        
Other assets     1,437       1,437  
Total other assets     345,779       346,869  
                 
Total Assets   $ 364,596     $ 372,965  
                 
Liabilities                
                 
Current Liabilities:                
Accounts payable and accrued liabilities   $ 2,950     $ 2,469  
Accrued PE Op Co. purchase     3,829       3,829  
Current portion of long-term debt     62,689       66,255  
Other current liabilities     613       385  
Total current liabilities     70,081       72,938  
                 
Operating leases, net of current portion     3,231        
Deferred tax liabilities     251       251  
Other liabilities     1       9  
                 
Total Liabilities     73,564       73,198  
                 
Stockholders’ Equity:                
Preferred stock     1       1  
Common and non-voting common stock     49       46  
Additional paid-in capital     936,643       932,179  
Accumulated other comprehensive loss     (2,459 )     (2,459 )
Accumulated deficit     (643,202 )     (630,000 )
Total Pacific Ethanol, Inc. stockholders’ equity     291,032       299,767  
                 
Total Liabilities and Stockholders’ Equity   $ 364,596     $ 372,965  

  

    Three Months Ended March 31,   
   

2019 

    2018   
Management fees from subsidiaries   $ 3,330     $ 3,078  
Selling, general and administrative expenses     4,729       5,376  
Loss from operations     (1,399 )     (2,298 )
Interest income     1,159       1,161  
Interest expense     (2,456 )     (2,132 )
Loss before benefit for income taxes     (2,696 )     (3,269 )
Benefit for income taxes           563  
Loss before equity in losses of subsidiaries     (2,696 )     (2,706 )
Equity in losses of subsidiaries     (10,194 )     (5,135 )
Consolidated net loss   $ (12,890 )   $ (7,841 )

  

    For the Three Months Ended March 31,   
    2019     

2018

 
Operating Activities:                
Net loss   $ (12,890 )   $ (7,841 )
Adjustments to reconcile net loss to cash used in operating activities:                
Equity in losses of subsidiaries     10,194       5,135  
Depreciation     75       186  
Deferred income taxes           563  
Amortization of debt discounts     178       179  
Changes in operating assets and liabilities:                
Accounts receivables     1,778       (2,673 )
Other assets     (264 )     (937 )
Accounts payable and accrued expenses     45       1,759  
Accounts payable with subsidiaries     797       (625 )
Net cash used in operating activities   $ (87 )   $ (4,254 )
Investing Activities:                
Additions to property and equipment   $     $ (13 )
Net cash used in investing activities   $     $ (13 )
Financing Activities:                
Proceeds from issuances of common stock   $ 3,670     $  
Payments on senior notes     (3,748 )      
Preferred stock dividend payments     (312 )     (312 )
Net cash used in financing activities   $ (390 )   $ (312 )
Net decrease in cash and cash equivalents     (477 )     (4,579 )
Cash and cash equivalents at beginning of period     6,759       5,314  
Cash and cash equivalents at end of period   $ 6,282     $ 735