Annual report pursuant to Section 13 and 15(d)

Organization and Significant Accounting Policies (Tables)

v3.24.0.1
Organization and Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2023
Organization and Significant Accounting Policies [Abstract]  
Schedule of Sold to Customers Representing Company’s Total Net Sales The Company sells specialty alcohols to consumer product companies and fuel-grade ethanol to gasoline refining and distribution companies. The Company sold to customers representing 10% or more of the Company’s total net sales, as follows.
    Years Ended December 31,  
    2023     2022     2021  
Customer A     9 %     10 %     13 %
Customer B     7 %     10 %     9 %
Schedule of Suppliers Representing Company’s Total Corn Purchases The Company purchases corn, its largest cost component in producing alcohols, from its suppliers. The Company purchased corn from suppliers representing 10% or more of the Company’s total corn purchases, as follows:
    Years Ended December 31,  
    2023     2022     2021  
Supplier A     14 %     11 %     12 %
Supplier B     12 %     12 %     14 %
Supplier C     %     15 %     2 %
Schedule of Inventory Inventory balances consisted of the following (in thousands):
    December 31,  
    2023     2022  
Finished goods   $ 35,765     $ 47,736  
Work in progress     5,063       6,396  
Raw materials     10,313       11,197  
Other     1,470       1,299  
Total   $ 52,611     $ 66,628  
Schedule of Depreciation Is Computed Using the Straight-Line Method Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated useful lives:
Buildings   40 years
Facilities and plant equipment   10 – 25 years
Other equipment, vehicles and furniture   5 – 10 years
Schedule of Basic and Diluted Earnings Per Share The following tables compute basic and diluted income (loss) per share (in thousands, except per share data):
    Year Ended December 31, 2023  
    Loss
Numerator
    Shares
Denominator
    Per-Share
Amount
 
Consolidated net loss   $ (28,005 )                
Less: Preferred stock dividends     (1,265 )                
Basic and diluted loss per share:                        
Loss available to common stockholders   $ (29,270 )     73,339     $ (0.40 )
    Year Ended December 31, 2022  
    Loss
Numerator
    Shares
Denominator
    Per-Share
Amount
 
Consolidated net loss   $ (41,597 )                
Less: Preferred stock dividends     (1,265 )                
Basic and diluted loss per share:                        
Loss available to common stockholders   $ (42,862 )     71,944     $ (0.60 )
    Year Ended December 31, 2021  
    Income
Numerator
    Shares
Denominator
    Per-Share
Amount
 
Consolidated net income   $ 46,082                  
Less: Preferred stock dividends     (1,265 )                
Less: Income allocated to participating securities     (600 )                
Basic income per share:                        
Income available to common stockholders   $ 44,217       71,098     $ 0.62  
Add: Dilutive securities           1,121          
Diluted income per share:                        
Income available to common stockholders   $ 44,217       72,219     $ 0.61