Quarterly report pursuant to Section 13 or 15(d)

PARENT COMPANY FINANCIALS.

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PARENT COMPANY FINANCIALS.
9 Months Ended
Sep. 30, 2019
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY FINANCIALS.
11. PARENT COMPANY FINANCIALS.

  

Restricted Net AssetsAt September 30, 2019, the Company had approximately $184,763,000 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): 

 

    September 30,
2019
    December 31,
2018
 
Current Assets:            
Cash and cash equivalents   $ 5,658     $ 6,759  
Receivables from subsidiaries     12,270       17,156  
Other current assets     1,183       1,659  
Total current assets     19,111       25,574  
                 
Property and equipment, net     308       522  
Other Assets:                
Investments in subsidiaries     249,641       286,666  
Pacific Ethanol West plant receivable     55,750       58,766  
Right of use operating lease assets, net     3,318        
Other assets     1,529       1,437  
Total other assets     310,238       346,869  
Total Assets   $ 329,657     $ 372,965  
Current Liabilities:                
Accounts payable and accrued liabilities   $ 2,437     $ 2,469  
Accrued PE Op Co. purchase     3,829       3,829  
Current portion of long-term debt     62,866       66,255  
Other current liabilities     587       385  
Total current liabilities     69,719       72,938  
                 
Operating leases, net of current portion     3,108        
Deferred tax liabilities     251       251  
Other liabilities           9  
Total Liabilities     73,078       73,198  
Stockholders’ Equity:                
Preferred stock     1       1  
Common and non-voting common stock     50       46  
Additional paid-in capital     937,795       932,179  
Accumulated other comprehensive loss     (2,459 )     (2,459 )
Accumulated deficit     (678,808 )     (630,000 )
Total Pacific Ethanol, Inc. stockholders’ equity     256,579       299,767  
Total Liabilities and Stockholders’ Equity   $ 329,657     $ 372,965  

  

   

Three Months Ended

 

September 30,

 

   

Nine Months Ended

 

September 30,

 

 
    2019     2018     2019     2018  
                         
Management fees from subsidiaries   $ 3,330     $ 3,330     $ 9,660     $ 9,738  
Selling, general and administrative expenses     3,827       3,181       11,374       13,069  
Income (loss) from operations     (497 )     149       (1,714 )     (3,331 )
Interest income     1,145       1,185       3,486       3,518  
Interest expense     (2,276 )     (2,171 )     (7,039 )     (6,458 )
Other expense     (4 )     (4 )     (86 )      
Loss before benefit for income taxes     (1,632 )     (841 )     (5,353 )     (6,271 )
Benefit for income taxes                       563  
Loss before benefit for income taxes     (1,632 )     (841 )     (5,353 )     (5,708 )
Equity in losses of subsidiaries     (25,694 )     (6,673 )     (42,509 )     (22,555 )
Consolidated net loss   $ (27,326 )   $ (7,514 )   $ (47,862 )   $ (28,263 )

 

   

For the

 

Nine Months Ended

 

September 30,

 

 
    2019     2018  
Operating Activities:            
Net loss   $ (47,862 )   $ (28,263 )
Adjustments to reconcile net loss to cash used in operating activities:                
Equity in losses of subsidiaries     42,509       22,555  
Depreciation     227       481  
Deferred income taxes           563  
Amortization of debt discounts     539       357  
Changes in operating assets and liabilities:                
Accounts receivables     (114 )     (5,062 )
Other assets     173       2,489  
Accounts payable and accrued expenses     1,950       5  
Accounts payable with subsidiaries     (502 )     (622 )
Net cash used in operating activities   $ (3,080 )   $ (7,497 )
Investing Activities:                
Dividend from subsidiaries   $     $ 10,000  
Contributions to subsidiaries           (5,000 )
Additions to property and equipment     (13 )     (6 )
Net cash provided by (used in) investing activities   $ (13 )   $ 4,994  
Financing Activities:                
Proceeds from issuances of common stock   $ 3,670     $  
Proceeds from Pacific Ethanol West     3,016        
Payments on senior notes     (3,748 )      
Preferred stock dividend payments     (946 )     (946 )
Net cash provided by (used in) financing activities   $ 1,992     $ (946 )
Net decrease in cash and cash equivalents     (1,101 )     (3,449 )
Cash and cash equivalents at beginning of period     6,759       5,314  
Cash and cash equivalents at end of period   $ 5,658     $ 1,865