PARENT COMPANY FINANCIALS. (Tables)
|
6 Months Ended |
Jun. 30, 2020 |
|---|
| Condensed Financial Information Disclosure [Abstract] |
|
| Schedule of balance sheets - parent company |
| |
|
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 |
|
|
| Schedule of statement of operations parent company |
| |
|
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 |
) |
|
| Schedule of statement of cash flows parent company |
| |
|
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 |
|
|