Quarterly report pursuant to Section 13 or 15(d)

Parent Company Financials.

v3.21.2
Parent Company Financials.
9 Months Ended
Sep. 30, 2021
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY FINANCIALS.

11. PARENT COMPANY FINANCIALS.

 

Restricted Net AssetsAt September 30, 2021, the Company had approximately $250.3 million of net assets at its subsidiaries that were not available for transfer 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):

 

    September 30,
2021
    December 31,
2020
 
ASSETS            
Current Assets:            
Cash and cash equivalents   $ 7,038     $ 25,632  
Receivables from subsidiaries     23,165       15,548  
Other current assets     891       1,836  
Total current assets     31,094       43,016  
                 
Property and equipment, net     98       142  
Other Assets:                
Investments in subsidiaries     255,904       246,518  
Alto West, LLC receivable     27,592       42,649  
Right of use operating lease assets, net     2,773       2,985  
Other assets     796       1,088  
Total other assets     287,065       293,240  
Total Assets   $ 318,257     $ 336,398  
Current Liabilities:                
Accounts payable and accrued liabilities   $ 5,405     $ 2,001  
Accrued Alto Op Co. purchase     3,829       3,829  
Current portion of long-term debt     723       25,533  
Other current liabilities     332       473  
Total current liabilities     10,289       31,836  
                 
Long-term debt, net of current portion    
      5,564  
Other liabilities     2,772       2,763  
Total Liabilities     13,061       40,163  
Stockholders’ Equity:                
Preferred stock     1       1  
Common and non-voting common stock     73       72  
Additional paid-in capital     1,036,608       1,036,638  
Accumulated other comprehensive loss     (3,878 )     (3,878 )
Accumulated deficit     (727,608 )     (736,598 )
Total Alto Ingredients, Inc. stockholders’ equity     305,196       296,235  
Total Liabilities and Stockholders’ Equity   $ 318,257     $ 336,398  

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2021     2020     2021     2020  
                         
Management fees from subsidiaries   $ 2,406     $ 2,802     $ 7,418     $ 8,928  
Selling, general and administrative expenses     3,105       3,305       12,149       12,990  
Loss from operations     (699 )     (503 )     (4,731 )     (4,062 )
Income from loan forgiveness     5,973      
      5,973      
 
Interest income (expense), net     42       (1,490 )     (1,689 )     (4,787 )
Fair value adjustments    
      (6,856 )    
      (7,497 )
Other income (expense)     295       (41 )     1,513       (203 )
Income (loss) before benefit for income taxes     5,611       (8,890 )     1,066       (16,549 )
Benefit for income taxes    
     
     
     
 
Income (loss) before benefit for income taxes     5,611       (8,890 )     1,066       (16,549 )
Equity in income (losses) of subsidiaries     (8,743 )     24,105       8,870       21,628  
Net income (loss)   $ (3,132 )   $ 15,215     $ 9,936     $ 5,079  

 

    For the Nine Months Ended
September 30,
 
    2021     2020  
Operating Activities:            
Net income   $ 9,936     $ 5,079  
Adjustments to reconcile net income to cash used in operating activities:                
Equity in (income) losses of subsidiaries     (8,870 )     (21,628 )
Income from loan forgiveness     (5,973 )      
Fair value adjustments    
      7,497  
Depreciation     44       97  
Amortization of debt discounts     409       (173 )
Changes in operating assets and liabilities:                
Accounts receivable     (7,617 )     (288 )
Other assets     1,449       1,184  
Accounts payable and accrued expenses     (2,213 )     (19 )
Accounts payable with subsidiaries     32        
Net cash used in operating activities   $ (12,803 )   $ (8,251 )
Investing Activities:                
Additions to property and equipment   $
    $
 
Net cash used in investing activities   $
    $
 
Financing Activities:                
Proceeds from issuances of common stock   $ 462     $ 5,296  
Proceeds from plant receivables     15,057       5,813  
Proceeds from warrant exercises           5,500  
Proceeds from long-term debt    
      5,973  
Payments on senior notes     (24,810 )     (5,500 )
Dividend from subsidiary     3,500      
 
Preferred stock dividend payments    
     
 
Net cash (used in) provided by financing activities   $ (5,791 )   $ 17,082  
Net change in cash and cash equivalents     (18,594 )     8,831  
Cash and cash equivalents at beginning of period     25,632       4,985  
Cash and cash equivalents at end of period   $ 7,038     $ 13,816