PARENT COMPANY FINANCIALS. (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Condensed Financial Information Disclosure [Abstract] |
|
| Schedule of balance sheets - parent company |
| |
|
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 |
|
|
| Schedule of statement of operations parent company |
| |
|
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 |
) |
|
| Schedule of statement of cash flows parent company |
| |
|
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 |
|
|