Quarterly report pursuant to Section 13 or 15(d)

PARENT COMPANY FINANCIALS.

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PARENT COMPANY FINANCIALS.
6 Months Ended
Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY FINANCIALS.

10. PARENT COMPANY FINANCIALS.

 

Restricted Net AssetsAt June 30, 2020, the Company had approximately $204,432,000 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):

 

    June 30,
2020
    December 31,
2019
 
Current Assets:            
Cash and cash equivalents   $ 8,687     $ 4,985  
Receivables from subsidiaries     14,264       13,057  
Other current assets     1,756       2,349  
Total current assets     24,707       20,391  
                 
Property and equipment, net     202       269  
Other Assets:                
Investments in subsidiaries     214,898       218,464  
Pacific Ethanol West plant receivable     49,937       55,750  
Right of use operating lease assets, net     3,121       3,253  
Other assets     1,344       1,452  
Total other assets     269,300       278,919  
Total Assets   $ 294,209     $ 299,579  
                 
Current Liabilities:                
Accounts payable and accrued liabilities   $ 3,297     $ 5,907  
Accrued PE Op Co. purchase     3,829       3,829  
Current portion of long-term debt     20,000       10,000  
Other current liabilities     678       659  
Total current liabilities     27,804       20,395  
                 
Long-term debt, net of current portion     51,140       56,110  
Other liabilities     4,524       3,294  
Total Liabilities     83,468       79,799  
Stockholders' Equity:                
Preferred stock     1       1  
Common and non-voting common stock     55       56  
Additional paid-in capital     944,035       942,307  
Accumulated other comprehensive loss     (2,370 )     (2,370 )
Accumulated deficit     (730,980 )     (720,214 )
Total Pacific Ethanol, Inc. stockholders' equity     210,741       219,780  
Total Liabilities and Stockholders' Equity   $ 294,209     $ 299,579  

 

 

    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2020     2019     2020     2019  
                         
Management fees from subsidiaries   $ 2,873     $ 3,000     $ 6,126     $ 6,330  
Selling, general and administrative expenses     4,308       2,818       9,685       7,547  
Income (loss) from operations     (1,435 )     182       (3,559 )     (1,217 )
Fair value adjustments     (1,314 )           (641 )      
Interest income     1,004       1,172       2,046       2,331  
Interest expense     (2,725 )     (2,307 )     (5,343 )     (4,762 )
Other expense     (140 )     (83 )     (162 )     (84 )
Loss before benefit for income taxes     (4,610 )     (1,036 )     (7,659 )     (3,732 )
Benefit for income taxes                        
Loss before benefit for income taxes     (4,610 )     (1,036 )     (7,659 )     (3,732 )
Equity in income (losses) of subsidiaries     19,574       (6,610 )     (2,477 )     (16,804 )
Consolidated net income (loss)   $ 14,964     $ (7,646 )   $ (10,136 )   $ (20,536 )

 

    For the Six Months Ended
June 30,
 
    2020     2019  
Operating Activities:            
Net loss   $ (10,136 )   $ (20,536 )
Adjustments to reconcile net loss to cash used in operating activities:                
Equity in losses of subsidiaries     2,477       16,804  
Fair value adjustments     (641 )      
Depreciation     67       142  
Amortization of debt (premiums) discounts     (115 )     357  
Changes in operating assets and liabilities:                
Accounts receivable     (1,207 )     1,871  
Other assets     714       (281 )
Accounts payable and accrued expenses           1,363  
Accounts payable with subsidiaries     475       (600 )
Net cash used in operating activities   $ (8,366 )   $ (880 )
Investing Activities:                
Additions to property and equipment   $     $ (11 )
Net cash used in investing activities   $     $ (11 )
Financing Activities:                
Proceeds from issuances of common stock   $ 282     $ 3,670  
Proceeds from plant receivables     5,813        
Proceeds from long-term debt     5,973        
Payments on senior notes           (3,748 )
Preferred stock dividend payments           (627 )
Net cash provided by (used in) financing activities   $ 12,068     $ (705 )
Net change in cash and cash equivalents     3,702       (1,596 )
Cash and cash equivalents at beginning of period     4,985       6,759  
Cash and cash equivalents at end of period   $ 8,687     $ 5,163