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

Parent Company Financials. (Tables)

9 Months Ended

Sep. 30, 2021

	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