| PARENT COMPANY FINANCIALS. |
|
17. |
PARENT COMPANY FINANCIALS. |
Restricted Net Assets –
At December 31, 2019, the Company had approximately $180,900,000 of net assets at its subsidiaries that were not available
to be transferred to Pacific Ethanol 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 |
|
2019 |
|
|
2018 |
|
| Current Assets: |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
4,985 |
|
|
$ |
6,759 |
|
| Receivables from subsidiaries |
|
|
13,057 |
|
|
|
17,156 |
|
| Other current assets |
|
|
2,349 |
|
|
|
1,659 |
|
| Total current assets |
|
|
20,391 |
|
|
|
25,574 |
|
| |
|
|
|
|
|
|
|
|
| Property and equipment, net |
|
|
269 |
|
|
|
522 |
|
| |
|
|
|
|
|
|
|
|
| Other Assets: |
|
|
|
|
|
|
|
|
| Investments in subsidiaries |
|
|
218,464 |
|
|
|
286,666 |
|
| Right of use lease assets |
|
|
3,253 |
|
|
|
— |
|
| Pacific Ethanol West plant receivable |
|
|
55,750 |
|
|
|
58,766 |
|
| Other assets |
|
|
1,452 |
|
|
|
1,437 |
|
| Total other assets |
|
|
278,919 |
|
|
|
346,869 |
|
| Total Assets |
|
$ |
299,579 |
|
|
$ |
372,965 |
|
| |
|
|
|
|
|
|
|
|
| Current Liabilities: |
|
|
|
|
|
|
|
|
| Accounts payable and accrued liabilities |
|
$ |
5,907 |
|
|
$ |
2,469 |
|
| Accrued PE Op Co. purchase |
|
|
3,829 |
|
|
|
3,829 |
|
| Current portion of long-term debt |
|
|
10,000 |
|
|
|
66,255 |
|
| Other current liabilities |
|
|
659 |
|
|
|
385 |
|
| Total current liabilities |
|
|
20,395 |
|
|
|
72,938 |
|
| |
|
|
|
|
|
|
|
|
| Long-term debt, net |
|
|
56,110 |
|
|
|
— |
|
| Deferred tax liabilities |
|
|
253 |
|
|
|
251 |
|
| Other liabilities |
|
|
3,041 |
|
|
|
9 |
|
| Total Liabilities |
|
|
79,799 |
|
|
|
73,198 |
|
| Stockholders' Equity: |
|
|
|
|
|
|
|
|
| Preferred stock |
|
|
1 |
|
|
|
1 |
|
| Common and non-voting common stock |
|
|
56 |
|
|
|
46 |
|
| Additional paid-in capital |
|
|
942,307 |
|
|
|
932,179 |
|
| Accumulated other comprehensive loss |
|
|
(2,370 |
) |
|
|
(2,459 |
) |
| Accumulated deficit |
|
|
(720,214 |
) |
|
|
(630,000 |
) |
| Total Pacific Ethanol, Inc. stockholders'
equity |
|
|
219,780 |
|
|
|
299,767 |
|
| Total Liabilities and Stockholders' Equity |
|
$ |
299,579 |
|
|
$ |
372,965 |
|
| |
|
Years Ended December 31, |
|
| |
|
2019 |
|
|
2018 |
|
| Management fees from subsidiaries |
|
$ |
12,682 |
|
|
$ |
12,408 |
|
| Selling, general and administrative
expenses |
|
|
16,007 |
|
|
|
16,795 |
|
| Loss from operations |
|
|
(3,325 |
) |
|
|
(4,387 |
) |
| Loss on debt extinguishment |
|
|
(6,517 |
) |
|
|
— |
|
| Interest income |
|
|
4,600 |
|
|
|
4,703 |
|
| Interest expense |
|
|
(9,637 |
) |
|
|
(8,678 |
) |
| Other expense, net |
|
|
(86 |
) |
|
|
(74 |
) |
| Loss before provision (benefit) for income taxes |
|
|
(14,965 |
) |
|
|
(8,436 |
) |
| Benefit for income taxes |
|
|
20 |
|
|
|
562 |
|
| Loss before equity in earnings of subsidiaries |
|
|
(14,945 |
) |
|
|
(7,874 |
) |
| Equity in losses of subsidiaries |
|
|
(74,004 |
) |
|
|
(52,399 |
) |
| Consolidated net loss |
|
$ |
(88,949 |
) |
|
$ |
(60,273 |
) |
| |
|
For the Years Ended December
31, |
|
| |
|
2019 |
|
|
2018 |
|
| Operating Activities: |
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(88,949 |
) |
|
$ |
(60,273 |
) |
| Adjustments to reconcile net loss to cash provided
by (used in) operating activities: |
|
|
|
|
|
|
|
|
| Equity in losses of subsidiaries |
|
|
74,004 |
|
|
|
52,399 |
|
| Dividends from subsidiaries |
|
|
— |
|
|
|
25,000 |
|
| Depreciation |
|
|
267 |
|
|
|
567 |
|
| Loss on debt extinguishment |
|
|
6,517 |
|
|
|
— |
|
| Deferred income taxes |
|
|
— |
|
|
|
27 |
|
| Amortization of debt discounts |
|
|
689 |
|
|
|
720 |
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
| Accounts receivables |
|
|
— |
|
|
|
(9,018 |
) |
| Other assets |
|
|
3,277 |
|
|
|
100 |
|
| Accounts payable and accrued expenses |
|
|
2,673 |
|
|
|
740 |
|
| Accounts receivable with subsidiaries |
|
|
2,115 |
|
|
|
— |
|
| Accounts payable with subsidiaries |
|
|
(49 |
) |
|
|
2,409 |
|
| Net cash provided by (used
in) operating activities |
|
$ |
544 |
|
|
$ |
12,671 |
|
| Investing Activities: |
|
|
|
|
|
|
|
|
| Additions to property and equipment |
|
$ |
(14 |
) |
|
$ |
(18 |
) |
| Investments in subsidiaries |
|
|
— |
|
|
|
(10,000 |
) |
| Net cash used in investing
activities |
|
$ |
(14 |
) |
|
$ |
(10,018 |
) |
| Financing Activities: |
|
|
|
|
|
|
|
|
| Proceeds from issuance of common stock |
|
$ |
3,670 |
|
|
$ |
2,057 |
|
| Debt issuances costs |
|
|
(1,280 |
) |
|
|
— |
|
| Payments on senior notes |
|
|
(3,748 |
) |
|
|
(2,000 |
) |
| Preferred stock dividend
payments |
|
|
(946 |
) |
|
|
(1,265 |
) |
| Net cash provided by (used
in) financing activities |
|
$ |
(2,304 |
) |
|
$ |
(1,208 |
) |
| Net increase (decrease) in cash and cash equivalents |
|
|
(1,774 |
) |
|
|
1,445 |
|
| Cash and cash equivalents
at beginning of period |
|
|
6,759 |
|
|
|
5,314 |
|
| Cash and cash equivalents
at end of period |
|
$ |
4,985 |
|
|
$ |
6,759 |
|
|