| Schedule of balance sheets - parent company |
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 |
|
|
| Schedule of statements of operations parent company |
| |
|
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 |
) |
|
| Schedule of statements of cash flows parent company |
| |
|
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 |
|
|