Alto Ingredients, Inc. Quarterly report pursuant to Section 13 or 15(d)

Parent Company Financials. (Tables)

9 Months Ended

Sep. 30, 2020

	September 30, 2020			December 31, 2019
Current Assets:
Cash and cash equivalents	$	13,816		$	4,985
Receivables from subsidiaries		13,345			13,057
Other current assets		1,285			2,349
Total current assets		28,446			20,391

Property and equipment, net		172			269
Other Assets:
Investments in subsidiaries		237,918			218,464
Pacific Ethanol West plant receivable		49,937			55,750
Right of use operating lease assets, net		3,053			3,253
Other assets		1,344			1,452
Total other assets		292,252			278,919
Total Assets	$	320,870		$	299,579
Current Liabilities:
Accounts payable and accrued liabilities	$	2,577		$	5,907
Accrued PE Op Co. purchase		3,829			3,829
Current portion of long-term debt		20,000			10,000
Other current liabilities		668			659
Total current liabilities		27,074			20,395

Long-term debt, net of current portion		45,743			56,110
Other liabilities		2,837			3,294
Total Liabilities		75,654			79,799
Stockholders’ Equity:
Preferred stock		1			1
Common and non-voting common stock		63			56
Additional paid-in capital		963,606			942,307
Accumulated other comprehensive loss		(2,370	)		(2,370	)
Accumulated deficit		(716,084	)		(720,214	)
Total Pacific Ethanol, Inc. stockholders’ equity		245,216			219,780
Total Liabilities and Stockholders’ Equity	$	320,870		$	299,579

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019

Management fees from subsidiaries	$	2,802		$	3,330		$	8,928		$	9,660
Selling, general and administrative expenses		3,305			3,827			12,990			11,374
Loss from operations		(503	)		(497	)		(4,062	)		(1,714	)
Interest income from subsidiaries		1,007			1,145			3,053			3,486
Interest expense		(2,497	)		(2,276	)		(7,840	)		(7,039	)
Fair value adjustments		(6,856	)		—			(7,497	)		—
Other expense		(41	)		(4	)		(203	)		(86	)
Loss before benefit for income taxes		(8,890	)		(1,632	)		(16,549	)		(5,353	)
Benefit for income taxes		—			—			—			—
Loss before benefit for income taxes		(8,890	)		(1,632	)		(16,549	)		(5,353	)
Equity in income (losses) of subsidiaries		24,105			(25,694	)		21,628			(42,509	)
Consolidated net income (loss)	$	15,215		$	(27,326	)	$	5,079		$	(47,862	)

	For the Nine Months Ended September 30,
	2020			2019
Operating Activities:
Net income (loss)	$	5,079		$	(47,862	)
Adjustments to reconcile net income (loss) to cash used in operating activities:
Equity in (income) losses of subsidiaries		(21,628	)		42,509
Fair value adjustments		7,497			—
Depreciation		97			227
Amortization of debt discounts		(173	)		539
Changes in operating assets and liabilities:
Accounts receivable		(288	)		(114	)
Other assets		1,184			173
Accounts payable and accrued expenses		(19	)		1,950
Accounts payable with subsidiaries		—			(502	)
Net cash used in operating activities	$	(8,251	)	$	(3,080	)
Investing Activities:
Additions to property and equipment	$	—		$	(13	)
Net cash used in investing activities	$	—		$	(13	)
Financing Activities:
Proceeds from issuances of common stock	$	5,296		$	3,670
Proceeds from warrant exercises		5,500			—
Proceeds from long-term debt		5,973			—
Proceeds from Pacific Ethanol West		5,813			3,016
Payments on senior notes		(5,500	)		(3,748	)
Preferred stock dividend payments		—			(946	)
Net cash provided by financing activities	$	17,082		$	1,992
Net increase (decrease) in cash and cash equivalents		8,831			(1,101	)
Cash and cash equivalents at beginning of period		4,985			6,759
Cash and cash equivalents at end of period	$	13,816		$	5,658