Annual report pursuant to Section 13 and 15(d)

Parent Company Financials.

v3.21.1
Parent Company Financials.
12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY FINANCIALS.
17. PARENT COMPANY FINANCIALS.

Restricted Net AssetsAt December 31, 2020, the Company had approximately $262,200,000 of net assets at its subsidiaries that were not available to be transferred to Alto Ingredients 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.


    December 31,  
ASSETS   2020     2019  
Current Assets:            
Cash and cash equivalents   $ 25,632     $ 4,985  
Receivables from subsidiaries     15,548       13,057  
Other current assets     1,836       2,349  
Total current assets     43,016       20,391  
                 
Property and equipment, net     142       269  
                 
Other Assets:                
Investments in subsidiaries     246,518       218,464  
Right of use lease assets     2,985       3,253  
Alto West LLC receivable     42,649       55,750  
Other assets     1,088       1,452  
Total other assets     293,240       278,919  
                 
Total Assets   $ 336,398     $ 299,579  
Current Liabilities:                
Accounts payable and accrued liabilities   $ 2,001     $ 5,907  
Accrued Alto Op Co. purchase     3,829       3,829  
Current portion of long-term debt     25,533       10,000  
Other current liabilities     473       659  
Total current liabilities     31,836       20,395  
                 
Long-term debt, net     5,564       56,110  
Other liabilities     2,763       3,294  
Total Liabilities     40,163       79,799  
Stockholders’ Equity:                
Preferred stock     1       1  
Common and non-voting common stock     72       56  
Additional paid-in capital     1,036,638       942,307  
Accumulated other comprehensive loss     (3,878 )     (2,370 )
Accumulated deficit     (736,598 )     (720,214 )
Total Alto Ingredients, Inc. stockholders’ equity     296,235       219,780  
Total Liabilities and Stockholders’ Equity   $ 336,398     $ 299,579  

    Years Ended
December 31,
 
    2020     2019  
Management fees from subsidiaries   $ 11,724     $ 12,682  
Selling, general and administrative expenses     16,990       16,007  
Loss from operations     (5,266 )     (3,325 )
Fair value adjustments     (9,959 )      
Loss on debt extinguishment           (6,517 )
Interest income     4,011       4,600  
Interest expense     (10,095 )     (9,637 )
Other expense, net     (220 )     (86 )
Loss before benefit for income taxes     (21,529 )     (14,965 )
Benefit for income taxes     17       20  
Loss before equity in earnings of subsidiaries     (21,512 )     (14,945 )
Equity in income (losses) of subsidiaries     6,396       (74,004 )
Consolidated net loss   $ (15,116 )   $ (88,949 )

    For the Years Ended
December 31,
 
    2020     2019  
Operating Activities:                
Net loss   $ (15,116 )   $ (88,949 )
Adjustments to reconcile net loss to cash provided by (used in) operating activities:                
 Equity in (income) losses of subsidiaries     (6,396 )     74,004  
Depreciation     127       267  
Fair value adjustments     9,959        
Loss on debt extinguishment           6,517  
Amortization of debt discounts     (230 )     689  
Changes in operating assets and liabilities:                
Other assets     883       3,277  
Accounts payable and accrued expenses     (5,378 )     2,673  
Accounts receivable with subsidiaries     (2,491 )     2,115  
Accounts payable with subsidiaries           (49 )
Net cash provided by (used in) operating activities   $ (18,642 )   $ 544  
Investing Activities:                
Additions to property and equipment   $     $ (14 )
Investments in subsidiaries     (20,865 )      
Net cash used in investing activities   $ (20,865 )   $ (14 )
Financing Activities:                
Proceeds from issuance of common stock   $ 75,829     $ 3,670  
Proceeds from warrant exercises     5,500        
Proceeds from CARES Act loans     5,973        
Proceeds from West receivable     13,101        
Debt issuances costs           (1,280 )
Payments on senior notes     (40,249 )     (3,748 )
Preferred stock dividend payments           (946 )
Net cash provided by (used in) financing activities   $ 60,154     $ (2,304 )
Net increase (decrease) in cash and cash equivalents     20,647       (1,774 )
Cash and cash equivalents at beginning of period     4,985       6,759  
Cash and cash equivalents at end of period   $ 25,632     $ 4,985