| Schedule of balance sheets - parent company |
| |
|
March
31, |
|
|
December 31,
|
|
| ASSETS |
|
2020
|
|
|
2019 |
|
| |
|
|
|
|
|
|
| Current Assets: |
|
|
|
|
|
|
| Cash
and cash equivalents |
|
$ |
9,721 |
|
|
$ |
4,985 |
|
| Receivables
from subsidiaries |
|
|
12,934 |
|
|
|
13,057 |
|
| Other
current assets |
|
|
2,336 |
|
|
|
2,349 |
|
| Total
current assets |
|
|
24,991 |
|
|
|
20,391 |
|
| |
|
|
|
|
|
|
|
|
| Property
and equipment, net |
|
|
235 |
|
|
|
269 |
|
| Other
Assets: |
|
|
|
|
|
|
|
|
| Investments
in subsidiaries |
|
|
195,597 |
|
|
|
218,464 |
|
| Pacific
Ethanol West plant receivable |
|
|
49,937 |
|
|
|
55,750 |
|
| Right
of use operating lease assets, net |
|
|
3,187 |
|
|
|
3,253 |
|
| Other
assets |
|
|
1,451 |
|
|
|
1,452 |
|
| Total
other assets |
|
|
250,172 |
|
|
|
278,919 |
|
| Total
Assets |
|
$ |
275,398 |
|
|
$ |
299,579 |
|
| Current
Liabilities: |
|
|
|
|
|
|
|
|
| Accounts
payable and accrued liabilities |
|
$ |
4,721 |
|
|
$ |
5,907 |
|
| Accrued
PE Op Co. purchase |
|
|
3,829 |
|
|
|
3,829 |
|
| Current
portion of long-term debt |
|
|
10,000 |
|
|
|
10,000 |
|
| Other
current liabilities |
|
|
3,128 |
|
|
|
659 |
|
| Total
current liabilities |
|
|
21,678 |
|
|
|
20,395 |
|
| |
|
|
|
|
|
|
|
|
| Long-term
debt, net of current portion |
|
|
54,931 |
|
|
|
56,110 |
|
| Other
liabilities |
|
|
3,278 |
|
|
|
3,294 |
|
| Total
Liabilities |
|
|
79,887 |
|
|
|
79,799 |
|
| Stockholders'
Equity: |
|
|
|
|
|
|
|
|
| Preferred
stock |
|
|
1 |
|
|
|
1 |
|
| Common
and non-voting common stock |
|
|
56 |
|
|
|
56 |
|
| Additional
paid-in capital |
|
|
943,453 |
|
|
|
942,307 |
|
| Accumulated
other comprehensive loss |
|
|
(2,370 |
) |
|
|
(2,370 |
) |
| Accumulated
deficit |
|
|
(745,629 |
) |
|
|
(720,214 |
) |
| Total
Pacific Ethanol, Inc. stockholders' equity |
|
|
195,511 |
|
|
|
219,780 |
|
| Total
Liabilities and Stockholders' Equity |
|
$ |
275,398 |
|
|
$ |
299,579 |
|
|
| Schedule of statement of operations parent company |
| |
|
Three
Months
Ended
March 31,
|
|
| |
|
2020 |
|
|
2019 |
|
| Management
fees from subsidiaries |
|
$ |
3,253 |
|
|
$ |
3,330 |
|
| Selling,
general and administrative expenses |
|
|
5,377 |
|
|
|
4,729 |
|
| Loss
from operations |
|
|
(2,124 |
) |
|
|
(1,399 |
) |
| Fair
value adjustments |
|
|
673 |
|
|
|
— |
|
| Interest
income |
|
|
1,042 |
|
|
|
1,159 |
|
| Interest
expense |
|
|
(2,640 |
) |
|
|
(2,456 |
) |
| Loss
before benefit for income taxes |
|
|
(3,049 |
) |
|
|
(2,696 |
) |
| Benefit
for income taxes |
|
|
— |
|
|
|
— |
|
| Loss
before equity in losses of subsidiaries |
|
|
(3,049 |
) |
|
|
(2,696 |
) |
| Equity
in losses of subsidiaries |
|
|
(22,051 |
) |
|
|
(10,194 |
) |
| Consolidated
net loss |
|
$ |
(25,100 |
) |
|
$ |
(12,890 |
) |
|
| Schedule of statement of cash flows parent company |
| |
|
For the Three Months
Ended
March 31,
|
|
| |
|
2020 |
|
|
2019 |
|
| Operating Activities: |
|
|
|
|
|
|
| Net
loss |
|
$ |
(25,100 |
) |
|
$ |
(12,890 |
) |
| Adjustments
to reconcile net loss to cash used in operating activities: |
|
|
|
|
|
|
|
|
| Equity
in losses of subsidiaries
|
|
|
22,051 |
|
|
|
10,194 |
|
| Fair value adjustments |
|
|
(673 |
) |
|
|
— |
|
| Depreciation |
|
|
33 |
|
|
|
75 |
|
| Amortization
(accretion) of debt discount (premium) |
|
|
(57 |
) |
|
|
178 |
|
| Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
| Receivables
from subsidiaries |
|
|
123 |
|
|
|
1,778 |
|
| Other
assets |
|
|
29 |
|
|
|
(264 |
) |
| Accounts
payable and accrued expenses |
|
|
— |
|
|
|
45 |
|
| Accounts
payable with subsidiaries |
|
|
2,235 |
|
|
|
797 |
|
| Net
cash used in operating activities |
|
$ |
(1,359 |
) |
|
$ |
(87 |
) |
| Investing Activities: |
|
|
|
|
|
|
|
|
| Additions
to property and equipment |
|
$ |
— |
|
|
$ |
— |
|
| Net
cash used in investing activities |
|
$ |
— |
|
|
$ |
— |
|
| Financing Activities: |
|
|
|
|
|
|
|
|
| Proceeds
from issuances of common stock |
|
$ |
282 |
|
|
$ |
3,670 |
|
| Proceeds
from plant receivable |
|
|
5,813 |
|
|
|
— |
|
| Payments
on senior notes |
|
|
— |
|
|
|
(3,748 |
) |
| Preferred
stock dividend payments |
|
|
— |
|
|
|
(312 |
) |
| Net
cash provided by (used in) financing activities |
|
$ |
6,095 |
|
|
$ |
(390 |
) |
| Net
increase (decrease) in cash and cash equivalents |
|
|
4,736 |
|
|
|
(477 |
) |
| Cash
and cash equivalents at beginning of period |
|
|
4,985 |
|
|
|
6,759 |
|
| Cash
and cash equivalents at end of period |
|
$ |
9,721 |
|
|
$ |
6,282 |
|
|