Quarterly report pursuant to Section 13 or 15(d)

Parent Company Financials.

v3.21.1
Parent Company Financials.
3 Months Ended
Mar. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY FINANCIALS.

11. PARENT COMPANY FINANCIALS.


Restricted Net AssetsAt March 31, 2021, the Company had approximately $231.9 million 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 (in thousands):


ASSETS  

March 31, 2021

   

December 31,
2020

 
Current Assets:            
Cash and cash equivalents   $ 16,534     $ 25,632  
Receivables from subsidiaries     16,412       15,548  
Other current assets     2,188       1,836  
Total current assets     35,134       43,016  
                 
Property and equipment, net     125       142  
Other Assets:                
Investments in subsidiaries     257,547       246,518  
Alto West, LLC receivable     42,649       42,649  
Right of use operating lease assets, net     2,915       2,985  
Other assets     1,087       1,088  
Total other assets     304,198       293,240  
Total Assets   $ 339,457     $ 336,398  
Current Liabilities:                
Accounts payable and accrued liabilities   $ 4,961     $ 2,001  
Accrued Alto Op Co. purchase     3,829       3,829  
Current portion of long-term debt     20,001       25,533  
Other current liabilities     394       473  
Total current liabilities     29,185       31,836  
                 
Long-term debt, net of current portion     5,665       5,564  
Other liabilities     2,925       2,763  
Total Liabilities     37,775       40,163  
Stockholders’ Equity:                
Preferred stock     1       1  
Common and non-voting common stock     73       72  
Additional paid-in capital     1,037,718       1,036,638  
Accumulated other comprehensive loss     (3,878 )     (3,878 )
Accumulated deficit     (732,232 )     (736,598 )
Total Alto Ingredients, Inc. stockholders’ equity     301,682       296,235  
Total Liabilities and Stockholders’ Equity   $ 339,457     $ 336,398  

   

Three Months Ended
March 31,

 
   

2021

   

2020

 
Management fees from subsidiaries   $ 2,526     $ 3,253  
Selling, general and administrative expenses     4,651       5,377  
Loss from operations     (2,125 )     (2,124 )
Fair value adjustments           673  
Interest expense, net     (1,028 )     (1,598 )
Other income     807        
Loss before benefit for income taxes     (2,346 )     (3,049 )
Benefit for income taxes            
Loss before equity in losses of subsidiaries     (2,346 )     (3,049 )
Equity in income (losses) of subsidiaries     7,024       (24,107 )
Consolidated net income (loss)   $ 4,678     $ (27,156 )

    For the Three Months Ended
March 31,
 
    2021     2020  
Operating Activities:            
Consolidated net income (loss)   $ 4,678     $ (27,156 )
Adjustments to reconcile net income (loss) to cash used in operating activities:                
Equity in (income) losses of subsidiaries     (7,024 )     24,107  
Fair value adjustments           (673 )
Depreciation     17       33  
Amortization (accretion) of debt discount (premium)     101       (57 )
Changes in operating assets and liabilities:                
Receivables from subsidiaries     (864 )     123  
Other assets     (281 )     29  
Accounts payable and accrued expenses     (765 )      
Accounts payable with subsidiaries     110       2,235  
Net cash used in operating activities   $ (4,028 )   $ (1,359 )
Investing Activities:                
Additions to property and equipment   $     $  
Net cash used in investing activities   $     $  
Financing Activities:                
Proceeds from issuances of common stock   $ 462     $ 282  
Proceeds from plant receivable           5,813  
Payments on senior notes     (5,532 )      
Preferred stock dividend payments            
Net cash provided by (used in) financing activities   $ (5,070 )   $ 6,095  
Net increase (decrease) in cash and cash equivalents     (9,098 )     4,736  
Cash and cash equivalents at beginning of period     25,632       4,985  
Cash and cash equivalents at end of period   $ 16,534     $ 9,721