Alto Ingredients, Inc. General form of registration statement for all companies including face-amount certificate companies

PARENT COMPANY FINANCIALS. (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2019

Dec. 31, 2018

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

Parent company financial statements for the periods covered in this report are set forth below.

	December 31,
	2018			2017
ASSETS
Current Assets:
Cash and cash equivalents	$	6,759		$	5,314
Receivables from subsidiaries		17,156			3,138
Other current assets		1,659			1,631
Total current assets		25,574			10,083

Property and equipment, net		522			1,071

Other Assets:
Investments in subsidiaries		286,666			359,680
Pacific Ethanol West plant receivable		58,766			58,766
Other assets		1,437			1,565
Total other assets		346,869			420,011
Total Assets	$	372,965		$	431,165

Current Liabilities:
Accounts payable and accrued liabilities	$	2,469		$	2,218
Payable to subsidiaries		—			625
Accrued PE Op Co. purchase		3,829			3,828
Current portion of long-term debt		66,255			—
Other current liabilities		385			245
Total current liabilities		72,938			6,916

Long-term debt, net		—			67,530
Deferred tax liabilities		251			224
Other liabilities		9			56
Total Liabilities		73,198			74,726

Stockholders' Equity:
Preferred stock		1			1
Common and non-voting common stock		46			44
Additional paid-in capital		932,179			927,090
Accumulated other comprehensive loss		(2,459	)		(2,234	)
Accumulated deficit		(630,000	)		(568,462	)
Total Pacific Ethanol, Inc. stockholders' equity		299,767			356,439
Total Liabilities and Stockholders' Equity	$	372,965		$	431,165

	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	)

	Years Ended December 31,
	2018			2017			2016
Management fees from subsidiaries	$	12,408		$	11,904		$	12,968
Selling, general and administrative expenses		16,795			18,185			14,491
Loss from operations		(4,387	)		(6,281	)		(1,523	)
Fair value adjustments		—			473			(557	)
Interest income		4,703			4,793			5,964
Interest expense		(8,678	)		(5,829	)		(240	)
Other income (expense), net		(74	)		(95	)		1,931
Income (loss) before provision (benefit) for income taxes		(8,436	)		(6,939	)		5,575
Provision (benefit) for income taxes		(562	)		(321	)		(981	)
Income (loss) before equity in earnings of subsidiaries		(7,874	)		(6,618	)		6,556
Equity in losses of subsidiaries		(52,399	)		(28,346	)		(5,137	)
Consolidated net income (loss)	$	(60,273	)	$	(34,964	)	$	1,419

	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

	For the Years Ended December 31,
	2018			2017			2016
Operating Activities:
Net income (loss)	$	(60,273	)	$	(34,964	)	$	1,419
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Equity in losses of subsidiaries		52,399			28,346			5,137
Dividends from subsidiaries		25,000			3,500			—
Depreciation		567			830			727
Fair value adjustments		—			(473	)		557
Deferred income taxes		27			169			(1,122	)
Amortization of debt discounts		720			636			10
Changes in operating assets and liabilities:
Accounts receivables		(9,018	)		4,065			7,302
Other assets		100			4,356			4,647
Accounts payable and accrued expenses		740			3,859			(3,741	)
Accounts payable with subsidiaries		2,409			(943	)		(9,385	)
Net cash provided by operating activities	$	12,671		$	9,381		$	5,551
Investing Activities:
Additions to property and equipment	$	(18	)	$	(468	)	$	(465	)
Investments in subsidiaries		(10,000	)		(28,126	)		(50,886	)
Purchase of PE OP Co. debt		—			—			(17,003	)
Net cash used in investing activities	$	(10,018	)	$	(28,594	)	$	(68,354	)
Financing Activities:
Proceeds from issuances of senior notes	$	—		$	13,530		$	53,350
Proceeds from issuance of common stock		2,057			—			—
Proceeds from warrant stock option exercises		—			1,202			1,164
Payments on senior notes		(2,000	)		—			—
Preferred stock dividend payments		(1,265	)		(1,265	)		(1,269	)
Net cash provided by (used in) financing activities	$	(1,208	)	$	13,467		$	53,245
Net increase (decrease) in cash and cash equivalents		1,445			(5,746	)		(9,558	)
Cash and cash equivalents at beginning of period		5,314			11,060			20,618
Cash and cash equivalents at end of period	$	6,759		$	5,314		$	11,060