Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document Information [Line Items] | ' |
Entity Registrant Name | 'BioFuel Energy Corp. |
Entity Central Index Key | '0001373670 |
Entity Filer Category | 'Smaller Reporting Company |
Document Type | 'S-1 |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-14 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $8,054 | $12,605 | $8,554 |
Accounts receivable | 0 | 39 | ' |
Prepaid expenses | 248 | 124 | 126 |
Deposits | 32 | 2,361 | 3,074 |
Other current assets | 450 | 0 | 0 |
Total current assets | 8,784 | 15,129 | 11,754 |
Non-current assets: | ' | ' | ' |
Property, plant and equipment, net | 57 | 71 | 106 |
Other assets | 0 | 22 | 2,195 |
Total non-current assets | 57 | 93 | 2,301 |
Assets held for sale | 0 | 432 | 236,368 |
Total assets | 8,841 | 15,654 | 250,423 |
Current liabilities: | ' | ' | ' |
Accounts payable | 47 | 50 | 27 |
Current portion of long-term debt | ' | 0 | 4 |
Other current liabilities | 1,359 | 4,262 | 132 |
Total current liabilities | 1,406 | 4,312 | 163 |
Non-current liabilities: | ' | ' | ' |
Long-term debt, net of current portion | ' | 0 | 6 |
Total non-current liabilities | ' | 0 | 6 |
Liabilities held for sale | 0 | 289 | 195,144 |
Total liabilities | 1,406 | 4,601 | 195,313 |
Commitments and contingencies | ' | ' | ' |
Equity | ' | ' | ' |
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares outstanding at June 30, 2014 and December 31, 2013 | 0 | 0 | 0 |
Common Stock Value | 54 | 54 | 54 |
Less common stock held in treasury, at cost, 40,481 shares at June 30, 2014 and December 31, 2013 | -4,316 | -4,316 | -4,316 |
Additional paid-in capital | 191,056 | 191,197 | 189,604 |
Accumulated deficit | -171,789 | -168,328 | -129,120 |
Total BioFuel Energy Corp. stockholders' equity | 15,013 | 18,615 | 56,230 |
Noncontrolling interest | -7,578 | -7,562 | -1,120 |
Total equity | 7,435 | 11,053 | 55,110 |
Total liabilities and equity | 8,841 | 15,654 | 250,423 |
Common Class B [Member] | ' | ' | ' |
Equity | ' | ' | ' |
Common Stock Value | $8 | $8 | $8 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets [Parenthetical] (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock, shares outstanding | 5,497,106 | 5,482,585 | 5,483,773 |
Treasury shares | 40,481 | 40,481 | 40,481 |
Common Class B [Member] | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 3,750,000 | 3,750,000 | 3,750,000 |
Common stock, shares outstanding | 780,958 | 795,479 | 795,479 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | $56 | $0 | $156 | $0 | ' | ' |
General and administrative expenses: | ' | ' | ' | ' | ' | ' |
Compensation expense | -384 | -786 | -825 | -1,764 | -8,107 | -4,283 |
Other | -2,486 | -625 | -2,949 | -967 | -1,636 | -1,807 |
Operating loss | -2,814 | -1,411 | -3,618 | -2,731 | -9,743 | -6,090 |
Other income (expense) | 0 | 0 | 0 | 1 | -3 | 0 |
Loss from continuing operations before income taxes | -2,814 | -1,411 | -3,618 | -2,730 | -9,746 | -6,090 |
Income tax provision (benefit) | 0 | 0 | 0 | 0 | 0 | 0 |
Loss from continuing operations | -2,814 | -1,411 | -3,618 | -2,730 | -9,746 | -6,090 |
Discontinued operations: | ' | ' | ' | ' | ' | ' |
Loss from discontinued operations | 0 | -3,326 | 0 | -7,335 | -11,885 | -40,232 |
Loss on disposal of plants | ' | 0 | ' | ' | -24,019 | 0 |
Income tax provision (benefit) | 0 | 0 | 0 | 0 | 0 | 0 |
Loss from discontinued operations | 0 | -3,326 | 0 | -7,335 | -35,904 | -40,232 |
Net Loss | -2,814 | -4,737 | -3,618 | -10,065 | -45,650 | -46,322 |
Less: Net loss from continuing operations attributable to the noncontrolling interest | 64 | 183 | 157 | 355 | 1,375 | 852 |
Less: Net loss from discontinued operations attributable to the noncontrolling interest | 0 | 430 | 0 | 951 | 5,067 | 5,627 |
Net loss attributable to BioFuel Energy Corp. common stockholders | -2,750 | -4,124 | -3,461 | -8,759 | -39,208 | -39,843 |
Amounts attributable to BioFuel Energy Corp.: | ' | ' | ' | ' | ' | ' |
Loss from continuing operations | -2,750 | -1,228 | -3,461 | -2,375 | -8,371 | -5,238 |
Loss from discontinued operations | 0 | -2,896 | 0 | -6,384 | -30,837 | -34,605 |
Net loss attributable to BioFuel Energy Corp. | ($2,750) | ($4,124) | ($3,461) | ($8,759) | ($39,208) | ($39,843) |
Basic and fully diluted loss per share attributable to BioFuel Energy Corp.: | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | ($0.51) | ($0.23) | ($0.64) | ($0.45) | ($1.57) | ($1.01) |
Discontinued operations (in dollars per share) | $0 | ($0.54) | $0 | ($1.20) | ($5.77) | ($6.64) |
Total Earnings Per Share, Basic and Diluted (in dollars per share) | ($0.51) | ($0.77) | ($0.64) | ($1.65) | ($7.34) | ($7.65) |
Weighted average shares outstanding-basic and fully diluted (in shares) | 5,443 | 5,342 | 5,443 | 5,325 | 5,345 | 5,208 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (USD $) | Total | Common Stock [Member] | Common Class B [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data | ||||||||
Balance at Dec. 31, 2011 | $99,942 | $53 | $9 | ($4,316) | $187,841 | ($89,277) | $94,310 | $5,632 |
Balance (in Shares) at Dec. 31, 2011 | ' | 5,270,848 | 931,154 | ' | ' | ' | ' | ' |
Stock-based compensation | 1,490 | 0 | 0 | 0 | 1,490 | 0 | 1,490 | 0 |
Exchange of Class B shares to common | 0 | 1 | -1 | 0 | 273 | 0 | 273 | -273 |
Exchange of Class B shares to common (In shares) | ' | 135,675 | -135,675 | ' | ' | ' | ' | ' |
Issuance of restricted stock, (net of forfeitures) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of restricted stock, (net of forfeitures) (in shares) | ' | 77,250 | 0 | ' | ' | ' | ' | ' |
Net loss | -46,322 | 0 | 0 | 0 | 0 | -39,843 | -39,843 | -6,479 |
Balance at Dec. 31, 2012 | 55,110 | 54 | 8 | -4,316 | 189,604 | -129,120 | 56,230 | -1,120 |
Balance (in shares) at Dec. 31, 2012 | ' | 5,483,773 | 795,479 | ' | ' | ' | ' | ' |
Stock-based compensation | 1,593 | 0 | 0 | 0 | 1,593 | 0 | 1,593 | 0 |
Issuance of restricted stock, (net of forfeitures) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of restricted stock, (net of forfeitures) (in shares) | ' | -1,188 | 0 | ' | ' | ' | ' | ' |
Net loss | -45,650 | 0 | 0 | 0 | 0 | -39,208 | -39,208 | -6,442 |
Balance at Dec. 31, 2013 | 11,053 | 54 | 8 | -4,316 | 191,197 | -168,328 | 18,615 | -7,562 |
Balance (in shares) at Dec. 31, 2013 | ' | 5,482,585 | 795,479 | ' | ' | ' | ' | ' |
Exchange of Class B shares to common | 0 | 0 | 0 | 0 | -141 | 0 | -141 | 141 |
Exchange of Class B shares to common (In shares) | ' | 14,521 | -14,521 | ' | ' | ' | ' | ' |
Net loss | -3,618 | 0 | 0 | 0 | 0 | -3,461 | -3,461 | -157 |
Balance at Jun. 30, 2014 | $7,435 | $54 | $8 | ($4,316) | $191,056 | ($171,789) | $15,013 | ($7,578) |
Balance (in shares) at Jun. 30, 2014 | ' | 5,497,106 | 780,958 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | ' | ' | ' | ' |
Net loss | ($3,618) | ($10,065) | ($45,650) | ($46,322) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' | ' | ' |
Loss on disposal of plants | ' | ' | 24,019 | 0 |
Depreciation and amortization | 14 | 14,176 | 25,337 | 28,300 |
Stock-based compensation expense | 0 | 399 | 1,593 | 1,490 |
Changes in operating assets and liabilities: | ' | ' | ' | ' |
Accounts receivable | 39 | -3,341 | 1,481 | 4,335 |
Inventories | 0 | 1,701 | 1,764 | 12,745 |
Prepaid expenses | -123 | 83 | 474 | 1,266 |
Accounts payable | -292 | -4,394 | -8,468 | 2,276 |
Other current liabilities | -2,903 | 3,450 | 10,800 | 508 |
Other assets and liabilities | 2,065 | 1,031 | 1,870 | -3,145 |
Net cash provided by (used in) operating activities | -4,818 | 3,040 | 13,220 | 1,453 |
Cash flows from investing activities | ' | ' | ' | ' |
Purchases of property, plant and equipment | 0 | -1,074 | -2,412 | -843 |
Proceeds from disposition of plants | ' | ' | 1,742 | 0 |
Payment on disposition of plants | ' | ' | -8,842 | 0 |
Net cash used in investing activities | 0 | -1,074 | -9,512 | -843 |
Cash flows from financing activities | ' | ' | ' | ' |
Repayment of debt | ' | ' | 0 | -6,300 |
Repayment of notes payable and capital leases | 0 | -57 | -159 | -126 |
Net cash used in financing activities | 0 | -57 | -159 | -6,426 |
Net increase (decrease) in cash and cash equivalents | -4,818 | 1,909 | 3,549 | -5,816 |
Cash and cash equivalents, beginning of period | 12,872 | 9,323 | 9,323 | 15,139 |
Cash and cash equivalents, end of period | 8,054 | 11,232 | 12,872 | 9,323 |
Cash paid for income taxes | ' | ' | 7 | 6 |
Cash paid for interest | 0 | 207 | 384 | 4,283 |
Non-cash investing and financing activities: | ' | ' | ' | ' |
Additions to property, plant and equipment unpaid during the period | 0 | 255 | 0 | 4 |
Additions to equity offering and debt issuance costs unpaid during period | $450 | $0 | ' | ' |
Organization_Nature_of_Busines
Organization, Nature of Business, and Basis of Presentation | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | |||
Organization, Nature Of Business, and Liquidity Considerations [Abstract] | ' | ' | ||
Organization Nature Of Business And Liquidity Considerations [Text Block] | ' | ' | ||
1. Organization, Nature of Business, and Basis of Presentation | 1 | Organization, Nature of Business, and Basis of Presentation | ||
Organization, Nature of Business, and Basis of Presentation | ||||
BioFuel Energy Corp. (“we” or “the Company”) was incorporated as a Delaware corporation on April 11, 2006 to invest solely in BioFuel Energy, LLC (the “LLC”), a limited liability company organized on January 25, 2006 to build and operate ethanol production facilities in the Midwestern United States. The Company’s headquarters are located in Denver, Colorado. We are a holding company with no operations of our own. We are the sole managing member of the LLC, which is itself a holding company and indirectly owned all of our former operating assets. As the sole managing member of the LLC, the Company operates and controls all of the business and affairs of the LLC and its subsidiaries. | Organization, Nature of Business, and Basis of Presentation | |||
The Company operated two dry-mill ethanol production facilities located in Wood River, Nebraska and Fairmont, Minnesota from June 2008 through November 22, 2013, which produced and sold ethanol and its related co-products, primarily distillers grain and corn oil. The Company’s ethanol plants were owned and operated by the operating subsidiaries of the LLC (“Operating Subsidiaries”). Those Operating Subsidiaries were party to a Credit Agreement (the “Senior Debt Facility”) with a group of lenders, and substantially all of the assets of the Operating Subsidiaries were pledged as collateral under the Senior Debt Facility. On November 22, 2013, the Company’s ethanol plants and all related assets were transferred to certain designees of the lenders (“Newco”) in full satisfaction of all outstanding obligations under the Senior Debt Facility. Newco simultaneously sold the ethanol plants to Green Plains Renewable Energy, Inc. The Company is currently providing engineering and/or business consulting services to a variety of next generation biofuel and bio-chemical companies. These services are expected to provide a negligible amount of revenue in 2014. | ||||
On March 28, 2014, the Company received a preliminary non-binding proposal (the “Proposal”) from James R. Brickman (together with certain trusts and family members, the “Brickman Parties”) and Greenlight Capital, Inc. (together with certain affiliates, “Greenlight”), one of our principal stockholders and an investment management company co-founded by David Einhorn, one of our directors, who serves as its President. The Brickman Parties and Greenlight proposed a transaction pursuant to which the Company would acquire all of the equity interests of JBGL Capital, LP and JBGL Builder Finance, LLC, and their direct and indirect subsidiaries (collectively, “JBGL”) for $275 million, payable in cash and shares of our common stock. JBGL is a series of real estate entities involved in the purchase and development of land for residential purposes, construction lending and home building operations. JBGL is currently owned and controlled by Greenlight and the Brickman Parties | BioFuel Energy Corp. (“we” or “the Company”) was incorporated as a Delaware corporation on April 11, 2006 to invest solely in BioFuel Energy, LLC (the “LLC”), a limited liability company organized on January 25, 2006 to build and operate ethanol production facilities in the Midwestern United States. The Company’s headquarters are located in Denver, Colorado. We are a shell company under federal securities laws a holding company with no operations of our own. We are the sole managing member of the LLC, which is itself a holding company and indirectly owned all of our former operating assets. As the sole managing member of the LLC, the Company operates and controls all of the business and affairs of the LLC and its subsidiaries. The Company operated two dry-mill ethanol production facilities located in Wood River, Nebraska and Fairmont, Minnesota from June 2008 through November 2013, which produced and sold ethanol and its related co-products, primarily distillers grain and corn oil. Each of these plants had an undenatured nameplate production capacity of approximately 110 million gallons per year (“Mmgy”). | |||
In response to the Proposal, our Board of Directors established a special committee consisting of independent directors to evaluate the Proposal and alternatives for the Company. The special committee retained independent financial and legal advisors to assist in its evaluation of the Proposal. | ||||
On June 10, 2014, the Company entered into a definitive agreement (the “Transaction Agreement”) with Greenlight and the Brickman Parties pursuant to which the Company will acquire JBGL for $275 million (the “Acquisition”). The Transaction Agreement was unanimously approved by the special committee of independent directors, acting on the advice of its legal and financial advisors. The Transaction Agreement was also unanimously approved by the Board of Directors of the Company other than Mr. Einhorn, who recused himself from the board’s deliberations and approval. | The Company’s ethanol plants were owned and operated by the operating subsidiaries of the LLC (the “Operating Subsidiaries”). Those Operating Subsidiaries were party to a Credit Agreement (the “Senior Debt Facility”) with a group of lenders, for which First National Bank of Omaha acted as Administrative Agent and Collateral Agent, and substantially all of the assets of the Operating Subsidiaries were pledged as collateral under the Senior Debt Facility. Neither the Company nor the LLC was a party, either as borrower or guarantor, under the Senior Debt Facility, and none of their respective assets, other than the LLC interests in the Operating Subsidiaries themselves, were pledged as collateral under the Senior Debt Facility. | |||
As consideration for the Acquisition, the Company will issue a number of shares of common stock to each of Greenlight and the Brickman Parties such that, immediately after the closing of the Acquisition, Greenlight will own 49.9% of our outstanding common stock and the Brickman Parties will own 8.4% of our outstanding common stock. To fund a portion of the cash consideration, the Company is conducting a rights offering and certain related transactions to raise gross proceeds of approximately $70 million. The remaining portion of the cash consideration will be funded through cash on hand and approximately $150 million of debt financing to be provided by Greenlight. | ||||
Consummation of the Acquisition is subject to various conditions, including receipt of the approval of a majority of the Company’s stockholders (excluding Greenlight and its affiliates), the successful completion of the rights offering, and the continued authorization for listing of the Company’s common stock on The Nasdaq Stock Market LLC (“Nasdaq”). Subject to the satisfaction of such conditions, the Acquisition is expected to be consummated in October 2014. | In the third quarter of 2012, due to our limited and declining liquidity, our Board of Directors determined that, in order to preserve cash at the LLC, the Operating Subsidiaries would not make the regularly-scheduled payments of principal and interest that were due under the outstanding Senior Debt Facility on September 28, 2012. As a result, the Operating Subsidiaries received a Notice of Default from the Administrative Agent on behalf of the lenders under the Senior Debt Facility. Following this initial default, the Operating Subsidiaries did not made any of the subsequent regularly-scheduled quarterly principal and interest payments. | |||
On May 8, 2014, The Company received a letter from the Listing Qualifications Staff (the “Staff”) of Nasdaq indicating that the Staff believed the Company is a public shell and the continued listing of its securities was no longer warranted. The Company appealed the Staff’s determination to the Nasdaq Hearings Panel (the “Panel”) and on July 1, 2014, the Company received a written decision from Nasdaq indicating that the Panel had determined to grant the Company’s request for continued listing on The Nasdaq Capital Market, provided that (1) on or before November 4, 2014, the Company closes the Acquisition, and (2) the resulting combined company satisfies all requirements for initial listing on The Nasdaq Capital Market upon consummation of the Acquisition. | ||||
The Company is diligently working to complete the Acquisition and related transactions; however, there can be no assurance that the Company will be able to do so. On July 15, 2014 the Company filed a Registration Statement on Form S-1 with the Securities and Exchange Commission to register the rights and the underlying shares of common stock to be offered in the rights offering, and a Proxy Statement in connection with its upcoming annual meeting of stockholders at which it will seek approval of the Acquisition among other matters. | On April 11, 2013, the Operating Subsidiaries entered into a definitive agreement (the “Lender Agreement”) with First National Bank of Omaha, as Escrow Agent under the Lender Agreement, and as Administrative Agent and Collateral Agent for the lenders under the Senior Debt Facility. Under the terms of the Lender Agreement, the Administrative Agent and the lenders agreed to provide the Operating Subsidiaries with a period of time to allow the Company to pursue one or more strategic alternatives, including but not limited to a potential sale of one or both of the Company’s ethanol plants. Simultaneously with the execution of the Lender Agreement, the Operating Subsidiaries, the Administrative Agent and the lenders under the Senior Debt Facility also entered into a Deed in Lieu of Foreclosure Agreement and Joint Escrow Instructions (the “Deed in Lieu Agreement”), pursuant to which, among other things, the Operating Subsidiaries would transfer ownership of their respective ethanol plants, including the underlying real property, personal property and all material contracts used to operate the plants, to certain designees of the Administrative Agent and the lenders (“Newco”), in full satisfaction of all outstanding obligations under the Senior Debt Facility and in lieu of the Administrative Agent and the lenders exercising their rights and remedies under the Senior Debt Facility. | |||
At June 30, 2014, the Company retained approximately $8.1 million in cash and cash equivalents on its consolidated balance sheet. As of June 30, 2014, the Company also retained federal net operating loss (“NOL”) carryforwards in the amount of $181.3 million, which have been fully reserved against. | ||||
The accompanying consolidated financial statements have accounted for the disposition of the ethanol plants as discontinued operations. Prior year amounts have been reclassified to reflect the disposition of the ethanol plants being accounted for as discontinued operations. | On November 5, 2013, the Company was notified by the lenders under the Senior Debt Facility and Green Plains Renewable Energy, Inc. (“Green Plains”) that a definitive agreement has been entered into for the lenders to sell the Company’s ethanol plants plus working capital to Green Plains. On November 22, 2013, the Administrative Agent delivered written notice to the Escrow Agent directing the Escrow Agent to consummate the transfers under the Deed in Lieu Agreement, resulting in the Company’s ethanol plants and all related assets being transferred to Newco in full satisfaction of all outstanding obligations under the Senior Debt Facility. Newco simultaneously sold the ethanol plants to Green Plains. On November 25, 2013, the Company and certain of its subsidiaries entered into an Undertaking and Release Agreement dated as of November 22, 2013 (the “Release Agreement”) with First National Bank of Omaha, as Administrative Agent and Collateral Agent under the Senior Debt Facility. Under the terms of the Release Agreement, the lenders paid to the Company an aggregate amount of $3,330,000 in full satisfaction of any obligations of the lenders to the Company under the Deed in Lieu Agreement. | |||
At June 30, 2014, the Company owned 87.6% of the LLC membership units with the remaining 12.4% owned by certain investment funds affiliated with one of the original equity investors of the LLC. As a result, the Company consolidates the results of the LLC. The amount of income or loss allocable to the 12.4% holders is reported as noncontrolling interest in our consolidated statements of operations. The Class B common shares of the Company are held by the same investment funds who held 780,958 membership units in the LLC as of June 30, 2014 that, together with the corresponding Class B shares, can be exchanged for newly issued shares of common stock of the Company on a one-for-one basis. The proportionate value of the LLC membership units held by the investment funds other than the Company are recorded as noncontrolling interest on the consolidated balance sheets. | ||||
The Company has not yet determined whether, or how, it might reinvest its remaining cash in another enterprise or return such cash to its shareholders in a liquidation or other transaction. The accompanying consolidated financial statements have accounted for the disposition of the ethanol plants as discontinued operations. Prior year amounts have been reclassified to reflect the disposition of the ethanol plants being accounted for as discontinued operations. | ||||
At December 31, 2013, the Company owned 87.3% of the LLC membership units with the remaining 12.7% owned by an individual and by certain investment funds affiliated with one of the original equity investors of the LLC. The Class B common shares of the Company are held by the same individual and investment funds who held 795,479 membership units in the LLC as of December 31, 2013 that, together with the corresponding Class B shares, can be exchanged for newly issued shares of common stock of the Company on a one-for-one basis. The proportionate value of the LLC membership units held by the individual or investment funds other than the Company are recorded as noncontrolling interest on the consolidated balance sheets. Holders of shares of Class B common stock have no economic rights but are entitled to one vote for each share held. Shares of Class B common stock are retired upon exchange of the related membership units in the LLC. | ||||
Discontinued_Operations_Dispos
Discontinued Operations - Disposal of Ethanol Plants | 6 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ' | ||||||||||||||
2. Discontinued Operations — Disposal of Ethanol Plants | 2 | Discontinued Operations — Disposal of Ethanol Plants | ||||||||||||||
On November 22, 2013, the Company disposed of its ownership in its two ethanol plants. The operating loss for the three and six months ended June 30, 2013 is summarized as follows (in thousands): | ||||||||||||||||
As described in Note 1, on November 22, 2013, the Company disposed of its ownership in its two ethanol plants. The operating loss until the date of disposal and the loss from disposal of assets and liabilities classified as held for sale is summarized as follows (in thousands): | ||||||||||||||||
Three Months Ended | Six Months | |||||||||||||||
June 30, 2013 | Ended | Years Ended December 31, | ||||||||||||||
June 30, 2013 | 2013 | 2012 | ||||||||||||||
Net Sales | $ | 91,031 | $ | 180,072 | Net sales | $ | 298,429 | $ | 463,280 | |||||||
Cost of goods sold | 93,313 | 184,225 | Cost of goods sold | 304,957 | 493,901 | |||||||||||
Gross loss | -2,282 | -4,153 | Gross loss | -6,528 | -30,621 | |||||||||||
General and administrative expenses | 1,682 | 3,393 | General and administrative expenses | 6,150 | 3,778 | |||||||||||
Operating loss | -3,964 | -7,546 | Operating loss | -12,678 | -34,399 | |||||||||||
Other income (expense): | Other income (expense): | |||||||||||||||
Other income | 2,597 | 4,055 | Other income | 7,850 | 1,442 | |||||||||||
Interest expense | -1,959 | -3,844 | Interest expense | -7,057 | -7,275 | |||||||||||
Loss before income taxes | -3,326 | -7,335 | Loss before loss on disposal of plants and income taxes | -11,885 | -40,232 | |||||||||||
Income tax provision (benefit) | — | — | Loss on disposal of plants | -24,019 | — | |||||||||||
Loss from discontinued operations | $ | -3,326 | $ | -7,335 | Income tax provision (benefit) | — | — | |||||||||
The carrying amounts of the assets and liabilities of the ethanol plants as of December 31, 2013 are summarized as follows (in thousands): | Loss from discontinued operations | $ | -35,904 | $ | -40,232 | |||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 267 | The carrying amounts of the assets and liabilities of the ethanol plants is summarized as follows (in thousands): | |||||||||||||
Prepaid expenses | 1 | |||||||||||||||
Other current assets | 164 | December 31, | ||||||||||||||
Assets held for sale | $ | 432 | 2013 | 2012 | ||||||||||||
Current liabilities: | Current assets: | |||||||||||||||
Accounts payable | $ | 289 | Cash and cash equivalents | $ | 267 | $ | 769 | |||||||||
Liabilities held for sale | $ | 289 | Accounts receivable | — | 9,256 | |||||||||||
There were no assets and liabilities related to the ethanol plants as of June 30, 2014. | Inventories | — | 13,443 | |||||||||||||
Revenue Recognition | Prepaid expenses | 1 | 756 | |||||||||||||
During the time that the Company owned and operated its ethanol facilities, the Company sold its ethanol, distillers grain and corn oil products under the terms of marketing agreements. Revenue was recognized when risk of loss and title transferred upon shipment of ethanol, distillers grain or corn oil. In accordance with the marketing agreements, the Company recorded its revenues based on the amounts payable to us at the time of our sales of ethanol, distillers grain or corn oil. For our ethanol that was sold within the United States, the amount payable was equal to the average delivered price per gallon received by the marketing pool from Cargill Inc.’s (“Cargill”) customers, less average transportation and storage charges incurred by Cargill, and less a commission. We also sold a portion of our ethanol production to Cargill for export, which sales were shipped undenatured and were excluded from the marketing pool. For exported ethanol sales, the amount payable was equal to the contracted delivered price per gallon, less transportation and storage charges, and less a commission. The amount payable for distillers grain and corn oil was generally equal to the market price at the time of sale less a commission. | Other current assets | 164 | 78 | |||||||||||||
Cost of goods sold | Total current assets | 432 | 24,302 | |||||||||||||
During the time that the Company owned and operated its ethanol facilities, cost of goods sold primarily included costs of materials (primarily corn, natural gas, chemicals and denaturant), electricity, purchasing and receiving costs, inspection costs, shipping costs, lease costs, plant management, certain compensation costs and general facility overhead charges, including depreciation expense. | Non-current assets: | |||||||||||||||
Concentrations of Credit Risk | Property, plant and equipment, net | — | 209,539 | |||||||||||||
During the time that the Company owned and operated its ethanol facilities, credit risk represented the accounting loss that would be recognized at the reporting date if counterparties failed completely to perform as contracted. Concentrations of credit risk, whether on- or off-balance sheet, that arose from financial instruments existed for groups of customers or counterparties when they had similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions described below. | Debt issuance costs, net | — | 1,739 | |||||||||||||
During the three and six months ended June 30, 2013, the Operating Subsidiaries recorded sales to Cargill representing 76% and 75%, respectively, of total net sales. The Operating Subsidiaries purchased corn, the largest cost component in producing ethanol, from Cargill. During the three and six months ended June 30, 2013, corn purchases from Cargill totaled $72.1 million and $142.5 million, respectively. | Other assets | — | 788 | |||||||||||||
Depreciation Expense | Total non-current assets | — | 212,066 | |||||||||||||
During the three and six months ended June 30, 2013, depreciation expense related to the property, plant and equipment at the ethanol plants and included in loss from discontinued operations was $6,832,000 and $13,699,000, respectively. | Assets held for sale | $ | 432 | $ | 236,368 | |||||||||||
Rent Expense | ||||||||||||||||
During the three and six months ended June 30, 2013, rent expense related to the ethanol plants and included in loss from discontinued operations totaled $2,821,000 and $5,619,000, respectively. | Current liabilities: | |||||||||||||||
Accounts payable | $ | 289 | $ | 11,611 | ||||||||||||
Current portion of long-term debt | — | 170,630 | ||||||||||||||
Current portion of tax increment financing | — | 399 | ||||||||||||||
Other current liabilities | — | 2,368 | ||||||||||||||
Total current liabilities | 289 | 185,008 | ||||||||||||||
Non-current liabilities: | ||||||||||||||||
Long-term debt, net of current portion | — | 2,789 | ||||||||||||||
Tax increment financing, net of current portion | — | 4,275 | ||||||||||||||
Other non-current liabilities | — | 3,072 | ||||||||||||||
Total non-current liabilities | — | 10,136 | ||||||||||||||
Liabilities held for sale | $ | 289 | $ | 195,144 | ||||||||||||
The carrying amount of the net assets of the ethanol plants recognized at the date of disposal, November, 22, 2013, were as follows (in thousands): | ||||||||||||||||
Current assets: | ||||||||||||||||
Accounts receivable | $ | 7,775 | ||||||||||||||
Inventories | 11,679 | |||||||||||||||
Prepaid expenses | 283 | |||||||||||||||
Deposits | 1,288 | |||||||||||||||
Total current assets | 21,025 | |||||||||||||||
Non-current assets: | ||||||||||||||||
Property, plant and equipment, net | 187,519 | |||||||||||||||
Debt issuance costs, net | 862 | |||||||||||||||
Total non-current assets | 188,381 | |||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | -2,831 | |||||||||||||||
Current portion of long-term debt | -170,630 | |||||||||||||||
Current portion of tax increment financing | -301 | |||||||||||||||
Other current liabilities | -9,038 | |||||||||||||||
Total current liabilities | -182,800 | |||||||||||||||
Non-current liabilities: | ||||||||||||||||
Long-term debt, net of current portion | -2,640 | |||||||||||||||
Tax increment financing, net of current portion | -4,129 | |||||||||||||||
Other non-current liabilities | -2,918 | |||||||||||||||
Total non-current liabilities | -9,687 | |||||||||||||||
Total net liabilities | -16,919 | |||||||||||||||
Cash consideration received | 1,742 | |||||||||||||||
Cash disposed of | -8,842 | |||||||||||||||
Loss on disposal of plants | $ | 24,019 | ||||||||||||||
Of the $3,330,000 the Company received from the lenders under the Release Agreement, $938,000 was accounted for as a return of a deposit previously posted with the lenders and $650,000 was accounted for as past accrued management fees paid, thereby resulting in net cash consideration received of $1,742,000. | ||||||||||||||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ' | ||||
Significant Accounting Policies [Text Block] | ' | ' | ||||
3. Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies | |||||
Principles of Consolidation and Noncontrolling Interest | Principles of Consolidation and Noncontrolling Interest | |||||
The accompanying consolidated financial statements include the Company, the LLC and its wholly-owned subsidiaries: BFE Holdings, LLC; BFE Operating Company, LLC; Buffalo Lake Energy, LLC; and Pioneer Trail Energy, LLC. All inter-company balances and transactions have been eliminated in consolidation. The Company treats all exchanges of LLC membership units for Company common stock as equity transactions, with any difference between the fair value of the Company’s common stock and the amount by which the noncontrolling interest is adjusted being recognized in equity. | The accompanying consolidated financial statements include the Company, the LLC and its wholly-owned subsidiaries: BFE Holdings, LLC; BFE Operating Company, LLC; Buffalo Lake Energy, LLC; and Pioneer Trail Energy, LLC. All inter-company balances and transactions have been eliminated in consolidation. The Company treats all exchanges of LLC membership units for Company common stock as equity transactions, with any difference between the fair value of the Company’s common stock and the amount by which the noncontrolling interest is adjusted being recognized in equity. | |||||
Use of Estimates | Use of Estimates | |||||
Preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosures in the accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | Preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosures in the accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||
Revenue Recognition | Revenue Recognition | |||||
Our primary source of revenue is engineering and/or business consulting services that the Company is providing to certain next generation biofuel and bio-chemical companies. Consulting agreements are entered into which set forth the terms, including the rates charged, for all consulting services. Revenue is recognized and recorded at the time that the consulting services are performed and collectibility is reasonably assured. | During the time that the Company owned and operated its ethanol facilities, which was through November 22, 2013, the Company sold its ethanol, distillers grain and corn oil products under the terms of marketing agreements. Revenue was recognized when risk of loss and title transferred upon shipment of ethanol, distillers grain or corn oil. In accordance with the marketing agreements, the Company recorded its revenues based on the amounts payable to us at the time of our sales of ethanol, distillers grain or corn oil. For our ethanol that was sold within the United States, the amount payable was equal to the average delivered price per gallon received by the marketing pool from Cargill Inc.’s (“Cargill”) customers, less average transportation and storage charges incurred by Cargill, and less a commission. We also sold a portion of our ethanol production to Cargill for export, which sales were shipped undenatured and were excluded from the marketing pool. For exported ethanol sales, the amount payable was equal to the contracted delivered price per gallon, less transportation and storage charges, and less a commission. The amount payable for distillers grain and corn oil was generally equal to the market price at the time of sale less a commission. | |||||
General and administrative expenses | Cost of goods sold | |||||
General and administrative expenses consist of salaries and benefits paid to our management and administrative employees, expenses relating to third party services, travel, office rent, marketing and other expenses, including certain expenses associated with being a public company, such as fees paid to our independent auditors associated with our annual audit and quarterly reviews, directors’ fees, and listing and transfer agent fees. | During the time that the Company owned and operated its ethanol facilities, which was through November 22, 2013, cost of goods sold primarily included costs of materials (primarily corn, natural gas, chemicals and denaturant), electricity, purchasing and receiving costs, inspection costs, shipping costs, lease costs, plant management, certain compensation costs and general facility overhead charges, including depreciation expense. | |||||
Cash and Cash Equivalents | General and administrative expenses | |||||
Cash and cash equivalents include highly-liquid investments with an original maturity of three months or less. At June 30, 2014, we had $8.1 million of cash and cash equivalents invested in standard cash accounts held at one financial institution, which is in excess of FDIC insurance limits. | General and administrative expenses consist of salaries and benefits paid to our management and administrative employees, expenses relating to third party services, travel, office rent, marketing and other expenses, including certain expenses associated with being a public company, such as fees paid to our independent auditors associated with our annual audit and quarterly reviews, directors’ fees, and listing and transfer agent fees. | |||||
Other Current Assets | Cash and Cash Equivalents | |||||
Other current assets is comprised of legal expenses incurred for the equity offering and debt issuance related to the Acquisition, which have been capitalized. | Cash and cash equivalents include highly-liquid investments with an original maturity of three months or less. At December 31, 2013, we had $12.9 million of cash and cash equivalents invested in standard cash accounts held at two financial institutions, which is in excess of FDIC insurance limits. | |||||
Property, Plant and Equipment | Accounts Receivable | |||||
Property, plant and equipment is comprised of office furniture and equipment at the Company’s headquarters and is recorded at cost. Depreciation on office furniture and equipment is computed by the straight line method over a range of three to ten years. | During the time that the Company owned and operated its ethanol facilities, which was through November 22, 2013, accounts receivable were carried at original invoice amount less an estimate made for doubtful accounts based on a review of all outstanding amounts on a monthly basis. Management determined the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history and current economic conditions. The Company did not charge interest for any past due accounts receivable. As of December 31, 2012 no allowance was considered necessary. As of December 31, 2012 accounts receivable are included as part of assets held for sale on the consolidated balance sheets. | |||||
Stock-Based Compensation | Concentrations of Credit Risk | |||||
Expense associated with stock-based awards and other forms of equity compensation is based on fair value at grant and recognized on a straight line basis in the financial statements over the requisite service period for those awards that are expected to vest. | During the time that the Company owned and operated its ethanol facilities, which was through November 22, 2013, credit risk represented the accounting loss that would be recognized at the reporting date if counterparties failed completely to perform as contracted. Concentrations of credit risk, whether on- or off-balance sheet, that arose from financial instruments existed for groups of customers or counterparties when they had similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions described below. | |||||
Income Taxes | During the years ended December 31, 2013 and 2012, the Operating Subsidiaries recorded sales to Cargill representing 76% and 75%, respectively, of total net sales. As of December 31, 2012, the Operating Subsidiaries had receivables from Cargill of $7.5 million, representing 81% of total accounts receivable. As of December 31, 2013, the Operating Subsidiaries had no receivables from Cargill. | |||||
The Company accounts for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company regularly reviews historical and anticipated future pre-tax results of operations to determine whether the Company will be able to realize the benefit of its deferred tax assets. A valuation allowance is required to reduce the potential deferred tax asset when it is more likely than not that all or some portion of the potential deferred tax asset will not be realized due to the lack of sufficient taxable income. The Company establishes reserves for uncertain tax positions that reflect its best estimate of deductions and credits that may not be sustained on a more likely than not basis. As the Company has incurred tax losses since its inception and expects to continue to incur tax losses for the foreseeable future, we will continue to provide a valuation allowance against deferred tax assets until the Company believes that such assets will be realized. | The Operating Subsidiaries purchased corn, its largest cost component in producing ethanol, from Cargill. During the years ended December 31, 2013 and 2012, corn purchases from Cargill totaled $230.7 million and $384.6 million, respectively. As of December 31, 2012, the Operating Subsidiaries had payables to Cargill of $9.0 million related to corn purchases. As of December 31, 2012 payables to Cargill are included as part of liabilities held for sale on the consolidated balance sheet. As of December 31, 2013, the Operating Subsidiaries had no payables to Cargill related to corn purchases. | |||||
Fair Value of Financial Instruments | Inventories | |||||
The Company’s financial instruments, including cash and cash equivalents, accounts receivable, deposits, accounts payable, and severance payable are carried at cost, which approximates their fair value because of the short-term maturity of these instruments. | During the time that the Company owned and operated its ethanol facilities, which was through November 22, 2013, raw materials inventories, which consisted primarily of corn, denaturant, supplies and chemicals, and work in process inventories were valued at the lower-of-cost-or-market, with cost determined on a first-in, first-out basis. Finished goods inventories consisted of ethanol and distillers grain and were stated at lower of average cost or market. | |||||
Recent Accounting Pronouncements | As of December 31, 2012 inventories are included as part of assets held for sale on the consolidated balance sheets. A summary of inventories as of December 31, 2012 is as follows (in thousands): | |||||
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standards setting bodies that are adopted by us as of the specified effective date. Unless otherwise discussed, our management believes that the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements upon adoption. | ||||||
In May 2014, the FASB issued guidance on revenue from contracts with customers, which implements a five step process of how an entity should recognize revenue in order to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance will be effective at the beginning of fiscal year 2017, and early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the impact that the adoption will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | ||||||
Raw materials | $ | 8,198 | ||||
Work in process | 2,831 | |||||
Finished goods | 2,414 | |||||
$ | 13,443 | |||||
Derivative Instruments and Hedging Activities | ||||||
During the time that the Company owned and operated its ethanol facilities, which was through November 22, 2013, derivatives were recognized on the balance sheet at their fair value and were included in the accompanying balance sheets as “derivative financial instruments”. On the date the derivative contract was entered into, the Company would designate the derivative either as a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow” hedge). Changes in the fair value of a derivative that was highly effective and that was designated and qualified as a cash flow hedge were recorded in other comprehensive income, net of tax effect, until earnings are affected by the variability of cash flows (e.g., when periodic settlements on a variable rate asset or liability are recorded in earnings). Changes in the fair value of undesignated derivative instruments or derivatives that did not qualify for hedge accounting were recognized in current period operations. | ||||||
Accounting guidance for derivatives requires a company to evaluate contracts to determine whether the contracts are derivatives. Certain contracts that meet the definition of a derivative may be exempted as normal purchases or normal sales. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. The Company’s contracts for corn and natural gas purchases and ethanol sales that met those requirements and were designated as either normal purchase or normal sale contracts were exempted from the derivative accounting and reporting requirements. | ||||||
Property, Plant and Equipment | ||||||
Property, plant and equipment at December 31, 2013 is comprised of office furniture and equipment at the Company’s headquarters and is recorded at cost. Depreciation on office furniture and equipment is computed by the straight line method over a range of three to ten years, depending on the asset. During the time that the Company owned and operated its ethanol facilities, which was through November 22, 2013, property, plant and equipment at the plants was also recorded at cost and was depreciated by the straight line method over a range of three to forty years, depending on the asset. As of December 31, 2012 property, plant and equipment at the plants is included as part of assets held for sale on the consolidated balance sheets. | ||||||
Debt Issuance Costs | ||||||
During the time that the Company owned and operated its ethanol facilities, which was through November 22, 2013, debt issuance costs were stated at cost, less accumulated amortization. Debt issuance costs at December 31, 2012 represented costs incurred related to the Operating Subsidiaries Senior Debt Facility and tax increment financing agreements and are included as part of assets held for sale on the consolidated balance sheet. These costs were being amortized, using an effective interest method, through interest expense over the term of the related debt. Any remaining debt issuance costs were written off in November 2013 as a result of the sale of the plants. | ||||||
Stock-Based Compensation | ||||||
Expense associated with stock-based awards and other forms of equity compensation is based on fair value at grant and recognized on a straight line basis in the financial statements over the requisite service period for those awards that are expected to vest. | ||||||
Asset Retirement Obligations | ||||||
During the time that the Company owned and operated its ethanol plants, which was through November 22, 2013, asset retirement obligations were recognized when a contractual or legal obligation existed and a reasonable estimate of the amount could be made. Changes to the asset retirement obligation resulting from revisions to the timing or the amount of the original undiscounted cash flow estimates were recognized as an increase or decrease to both the carrying amount of the asset retirement obligation and the related asset retirement cost capitalized as part of the related property, plant and equipment. At December 31, 2012, the Operating Subsidiaries had accrued asset retirement obligation liabilities of $149,000 and $188,000 for its plants at Wood River and Fairmont, respectively. | ||||||
The asset retirement obligations accrued at December 31, 2012 for Wood River related to the obligations in our contracts with Cargill and Union Pacific Railroad (“Union Pacific”). According to the grain elevator lease with Cargill, the equipment that is adjacent to the grain elevator may be required at Cargill’s discretion to be removed at the end of the lease. In addition, according to the contract with Union Pacific, the buildings that are built near their land in Wood River may be required at Union Pacific’s request to be removed at the end of our contract with them. The asset retirement obligations accrued at December 31, 2012 for Fairmont related to the obligations in our contracts with Cargill and in our water permit issued by the state of Minnesota. According to the grain elevator lease with Cargill, the equipment that is adjacent to the grain elevator being leased may be required at Cargill’s discretion to be removed at the end of the lease. In addition, the water permit in Fairmont required that we secure all above ground storage tanks whenever we discontinue the use of our equipment for an extended period of time in Fairmont. The estimated costs of these obligations were accrued at the current net present value of these obligations at the end of an estimated 20 year life for each of the plants. These liabilities had corresponding assets recorded in property, plant and equipment, which were being depreciated over 20 years. | ||||||
Income Taxes | ||||||
The Company accounts for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company regularly reviews historical and anticipated future pre-tax results of operations to determine whether the Company will be able to realize the benefit of its deferred tax assets. A valuation allowance is required to reduce the potential deferred tax asset when it is more likely than not that all or some portion of the potential deferred tax asset will not be realized due to the lack of sufficient taxable income. The Company establishes reserves for uncertain tax positions that reflect its best estimate of deductions and credits that may not be sustained on a more likely than not basis. As the Company has incurred tax losses since its inception and expects to continue to incur tax losses for the foreseeable future, we will continue to provide a valuation allowance against deferred tax assets until the Company believes that such assets will be realized. | ||||||
Fair Value of Financial Instruments | ||||||
The Company’s financial instruments, including cash and cash equivalents, accounts receivable, deposits, accounts payable, and severance payable are carried at cost, which approximates their fair value because of the short-term maturity of these instruments. | ||||||
Recent Accounting Pronouncements | ||||||
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standards setting bodies that are adopted by us as of the specified effective date. Unless otherwise discussed, our management believes that the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements upon adoption. | ||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 6 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ' | ||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ' | ||||||||||||||
4. Property, Plant and Equipment | 4 | Property, Plant and Equipment | ||||||||||||||
Property, plant and equipment, stated at cost, consist of the following at June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
June 30, | December 31, 2013 | Property, plant and equipment, stated at cost, consist of the following at December 31, 2013 and 2012 (in thousands): | ||||||||||||||
2014 | ||||||||||||||||
Office furniture and equipment | $ | 788 | $ | 788 | December 31, | |||||||||||
Accumulated depreciation | -731 | -717 | 2013 | 2012 | ||||||||||||
Property, plant and equipment, net | $ | 57 | $ | 71 | Office furniture and equipment | $ | 788 | $ | 797 | |||||||
Depreciation expense related to property, plant and equipment was $7,000 and $14,000 for the three and six months ended June 30, 2014, respectively, and was $8,000 and $18,000 for the three and six months ended June 30, 2013, respectively. | Accumulated depreciation | -717 | -691 | |||||||||||||
Property, plant and equipment, net | $ | 71 | $ | 106 | ||||||||||||
Depreciation expense related to property, plant and equipment was $34,000 and $53,000 for the years ended December 31, 2013 and 2012, respectively, and is included in loss from continuing operations on the consolidated statements of operations. Depreciation expense related to the property, plant and equipment at the ethanol plants was $24,427,000 and $27,236,000 for the years ended December 31, 2013 and 2012, respectively, and is included in loss from discontinued operations on the consolidated statements of operations. | ||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||
Earnings Per Share [Abstract] | ' | ' | ||||||||||||||||||
Earnings Per Share [Text Block] | ' | ' | ||||||||||||||||||
5. Earnings Per Share | 5 | Earnings Per Share | ||||||||||||||||||
Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted earnings per share are calculated using the treasury stock method and includes the effect of all dilutive securities, including stock options, restricted stock and Class B common shares. For those periods in which the Company incurred a net loss, the inclusion of the potentially dilutive shares in the computation of diluted weighted average shares outstanding would have been anti-dilutive to the Company’s loss per share, and, accordingly, all potentially dilutive shares have been excluded from the computation of diluted weighted average shares outstanding in those periods. | ||||||||||||||||||||
For both the three and six months ended June 30, 2014, 60,494 shares issuable upon the exercise of stock options were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive. For both the three and six months ended June 30, 2013, 65,481 shares issuable upon the exercise of stock options were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive. | Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted earnings per share are calculated using the treasury stock method and includes the effect of all dilutive securities, including stock options, restricted stock and Class B common shares. For those periods in which the Company incurred a net loss, the inclusion of the potentially dilutive shares in the computation of diluted weighted average shares outstanding would have been anti-dilutive to the Company’s loss per share, and, accordingly, all potentially dilutive shares have been excluded from the computation of diluted weighted average shares outstanding in those periods. | |||||||||||||||||||
A summary of the reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding follows: | ||||||||||||||||||||
Three Months Ended | Six Months Ended | On June 15, 2012, the Company effected a reverse stock split with respect to all outstanding shares of common stock and Class B common stock at a ratio of one-for-twenty. All share and per share information in these financial statements has been retroactively restated to reflect the effect of this reverse stock split. | ||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | For the years ended December 31, 2013 and 2012, 65,481 shares and 71,237 shares, respectively, issuable upon the exercise of stock options were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive. | ||||||||||||||||
Weighted average common shares outstanding – basic | 5,443,061 | 5,342,064 | 5,442,585 | 5,325,206 | ||||||||||||||||
Potentially dilutive common stock equivalents | A summary of the reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding follows: | |||||||||||||||||||
Class B common shares | 794,522 | 795,479 | 794,998 | 795,479 | ||||||||||||||||
Restricted stock | — | 101,228 | — | 118,086 | Years Ended December 31, | |||||||||||||||
794,522 | 896,707 | 794,998 | 913,565 | 2013 | 2012 | |||||||||||||||
6,237,583 | 6,238,771 | 6,237,583 | 6,238,771 | Weighted average common shares outstanding – basic | 5,344,938 | 5,208,408 | ||||||||||||||
Less anti-dilutive common stock equivalents | -794,522 | -896,707 | -794,998 | -913,565 | Potentially dilutive common stock equivalents: | |||||||||||||||
Weighted average common shares outstanding – diluted | 5,443,061 | 5,342,064 | 5,442,585 | 5,325,206 | Class B common shares | 795,479 | 880,443 | |||||||||||||
Restricted stock | 98,214 | 135,162 | ||||||||||||||||||
893,693 | 1,015,605 | |||||||||||||||||||
6,238,631 | 6,224,013 | |||||||||||||||||||
Less anti-dilutive common stock equivalents | -893,693 | -1,015,605 | ||||||||||||||||||
Weighted average common shares outstanding – diluted | 5,344,938 | 5,208,408 | ||||||||||||||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Long Term Debt Excluding Tax Increment Financing [Text Block] | ' | ||||
6 | Long-Term Debt | ||||
The Company had no long-term debt as of December 31, 2013. As of December 31, 2012 long-term debt related to the ethanol plants is included as part of liabilities held for sale on the consolidated balance sheets. The following table summarizes long-term debt related to the ethanol plants as of December 31, 2012 (in thousands): | |||||
Term loans | $ | 170,480 | |||
Capital lease | 2,465 | ||||
Notes payable | 474 | ||||
173,419 | |||||
Less current portion | -170,630 | ||||
Long-term portion | $ | 2,789 | |||
Senior Debt Facility | |||||
In September 2006, the Operating Subsidiaries entered into the Senior Debt Facility to finance the construction of and provide working capital to operate our ethanol plants. Neither the Company nor the LLC was a party, either as borrower or guarantor, under the Senior Debt Facility, and none of their respective assets, other than the LLC interests in the Operating Subsidiaries themselves, were pledged as collateral under the Senior Debt Facility. Principal payments under the Senior Debt Facility were payable quarterly at a minimum amount of $ 3,150,000, with additional pre-payments to be made out of available cash flow. These term loans were scheduled to mature in September 2014. | |||||
The Operating Subsidiaries did not make the regularly-scheduled payments of principal and interest that were due under the outstanding Senior Debt Facility on September 28, 2012. As a result, the Operating Subsidiaries received a Notice of Default from First National Bank of Omaha, as Administrative Agent for the lenders under the Senior Debt Facility. Following this initial default, the Operating Subsidiaries did not made any of the subsequent regularly-scheduled quarterly principal and interest payments. The regularly-scheduled principal and interest payments that were not paid totaled $8.2 million through December 31, 2012 and $23.4 million through November 22, 2013. | |||||
On April 11, 2013, the Operating Subsidiaries entered into a definitive agreement (the “Lender Agreement”) with First National Bank of Omaha, as Escrow Agent under the Lender Agreement, and as Administrative Agent and Collateral Agent for the lenders under the Senior Debt Facility. Under the terms of the Lender Agreement, the Administrative Agent and the lenders agreed to provide the Operating Subsidiaries with a period of time to allow the Company to pursue one or more strategic alternatives, including but not limited to a potential sale of one or both of the Company’s ethanol plants. | |||||
Simultaneously with the execution of the Lender Agreement, the Operating Subsidiaries, the Administrative Agent and the lenders under the Senior Debt Facility also entered into a Deed in Lieu of Foreclosure Agreement and Joint Escrow Instructions (the “Deed in Lieu Agreement”), pursuant to which, among other things, the Operating Subsidiaries would transfer ownership of their respective ethanol plants, including the underlying real property, personal property and all material contracts used to operate the plants, to certain designees of the Administrative Agent and the lenders (“Newco”), in full satisfaction of all outstanding obligations under the Senior Debt Facility and in lieu of the Administrative Agent and the lenders exercising their rights and remedies under the Senior Debt Facility. | |||||
On November 5, 2013, the Company was notified by the lenders under the Senior Debt Facility and Green Plains Renewable Energy, Inc. (“Green Plains”) that a definitive agreement has been entered into for the lenders to sell the Company’s ethanol plants plus working capital to Green Plains. On November 22, 2013, the Administrative Agent delivered written notice to the Escrow Agent directing the Escrow Agent to consummate the transfers under the Deed in Lieu Agreement, resulting in the Company’s ethanol plants and all related assets being transferred to Newco in full satisfaction of all outstanding obligations under the Senior Debt Facility. Newco simultaneously sold the ethanol plants to Green Plains. On November 25, 2013, the Company and certain of its subsidiaries entered into an Undertaking and Release Agreement dated as of November 22, 2013 (the “Release Agreement”) with First National Bank of Omaha, as Administrative Agent and Collateral Agent under the Senior Debt Facility. Under the terms of the Release Agreement, the lenders paid to the Company an aggregate amount of $3,330,000 in full satisfaction of any obligations of the lenders to the Company under that certain Deed in Lieu Agreement. | |||||
Capital Lease | |||||
The operating subsidiary that constructed the Fairmont plant had entered into an agreement with the local utility pursuant to which the utility had built owned a substation and distribution facility in order to supply electricity to the plant. The operating subsidiary was paying a fixed facilities charge based on the cost of the substation and distribution facility of $34,000 per month, over the 30-year term of the agreement. This fixed facilities charge was being accounted for as a capital lease in the accompanying financial statements. This capital lease was assigned to Newco, and subsequently to Green Plains, as part of the disposition of the ethanol plants. | |||||
Notes Payable | |||||
Notes payable related to certain financing agreements in place at our Wood River facility. The operating subsidiary entered into a note payable for $419,000 with the City of Wood River for special assessments related to street, water, and sanitary improvements at our Wood River facility. This note required ten annual payments of $52,000, including interest at 4.0% per annum, and was scheduled to mature in 2018. In addition, the operating subsidiary for the Wood River facility entered into a financing agreement in the fourth quarter of 2012 for the purchase of certain rolling stock equipment to be used at the facility for $208,000. This note required 24 monthly payments of $9,000, including interest at 6.0% per annum, and was scheduled to mature in 2014. These notes payable were assigned to Newco, and subsequently to Green Plains, as part of the disposition of the ethanol plants. | |||||
Tax_Increment_Financing
Tax Increment Financing | 12 Months Ended | |
Dec. 31, 2013 | ||
Tax Increment Financing [Abstract] | ' | |
Tax Increment Financing [Text Block] | ' | |
7 | Tax Increment Financing | |
In February 2007, the operating subsidiary that constructed the Wood River plant received $ 6.0 million from the proceeds of a tax increment revenue note issued by the City of Wood River, Nebraska. The proceeds funded improvements to property owned by the operating subsidiary. The City of Wood River paid the principal and interest of the note from the incremental increase in the property taxes related to the improvements made to the property. The interest rate on the note was 7.85 %. The proceeds were recorded as a liability which was reduced as the operating subsidiary remited property taxes to the City of Wood River, which began in 2008 and was to continue through 2021. The LLC had guaranteed the principal and interest of the tax increment revenue note if, for any reason, the City of Wood River failed to make the required payments to the holder of the note or the operating subsidiary failed to make the required payments to the City of Wood River. This tax increment revenue note was assigned to Newco, and subsequently to Green Plains, as part of the disposition of the ethanol plants. | ||
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | ||
Stockholders Equity Note [Abstract] | ' | ' | |
Stockholders' Equity Note Disclosure [Text Block] | ' | ' | |
6. Stockholders’ Equity | 8 | Stockholders’ Equity | |
Stock Repurchase Plan | |||
On October 15, 2007, the Company announced the adoption of a stock repurchase plan authorizing the repurchase of up to $7.5 million of the Company’s common stock. Purchases will be funded out of cash on hand and made from time to time in the open market. From the inception of the buyback program through June 30, 2014, the Company had repurchased 40,481 shares at an average price of $106.62 per share, leaving $3,184,000 available under the repurchase plan. The shares repurchased are being held as treasury stock. As of June 30, 2014, there were no plans to repurchase any additional shares. | Reverse Stock Split | ||
Cash Dividends | |||
The Company has not declared any cash dividends on its common stock and does not anticipate paying cash dividends in the foreseeable future. | On June 15, 2012, the Company effected a reverse stock split with respect to all outstanding shares of common stock and Class B common stock at a ratio of one-for-twenty. The Company also split the number of authorized shares of common stock at a ratio of one-for-fourteen, thereby reducing the aggregate number of authorized common stock shares to 10,000,000, and also split the number of authorized shares of Class B common stock at a ratio of one-for-twenty, thereby reducing the aggregate number of authorized Class B common stock shares to 3,750,000. All share and per share information and all necessary par value adjustments have been retroactively restated in the financial statements to reflect the effect of this reverse stock split. | ||
Rights Agreement | |||
On March 27, 2014, the Board of Directors (the “Board”) of the Company declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock of the Company, to purchase from the Company one one-thousandth of a share of Series B Junior Participating Preferred Stock, par value $0.01 per share, of the Company at a price of $13.50 per one one-thousandth of a share of Preferred Stock, subject to adjustment as provided in the Rights Agreement. The Rights will expire upon the triggering of certain events, but in no event later than March 27, 2017. The Rights are initially not exercisable but will become exercisable upon certain triggering events occurring, such as any person or group becoming the beneficial owner of 4.99% or more of the outstanding common stock of the Company. The dividend was payable to stockholders of record at the close of business on April 7, 2014. The Board adopted the Rights Agreement to protect the Company from a possible limitation on the Company’s ability to use its net operating loss carryforwards and other future tax benefits, which may be used to reduce potential future income tax obligations. | Stock Repurchase Plan | ||
On October 15, 2007, the Company announced the adoption of a stock repurchase plan authorizing the repurchase of up to $ 7.5 million of the Company’s common stock. Purchases will be funded out of cash on hand and made from time to time in the open market. From the inception of the buyback program through December 31, 2013, the Company had repurchased 40,481 shares at an average price of $ 106.62 per share, leaving $ 3,184,000 available under the repurchase plan. The shares repurchased are being held as treasury stock. As of December 31, 2013, there were no plans to repurchase any additional shares. | |||
Dividends | |||
The Company has not declared any dividends on its common stock and does not anticipate paying dividends in the foreseeable future. | |||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |||||||||
9 | Derivative Financial Instruments | |||||||||
The Company offsets amounts of cash collateral deposited with counterparties arising from certain derivative instruments executed with the same counterparty against the fair value amounts reported for those derivative instruments. The Company had no derivative instruments as of December 31, 2013 and 2012. The effects of derivative instruments on our consolidated financial statements, which were included in loss from discontinued operations, were as follows for the years ended December 31, 2013 and 2012 (in thousands) (amounts presented exclude any income tax effects). | ||||||||||
Effects of Derivative Instruments on Income | ||||||||||
Years Ended December 31, | ||||||||||
Consolidated Statements of Operations Location | 2013 | 2012 | ||||||||
gain (loss) | gain (loss) | |||||||||
Derivative not designated as hedging instrument: | ||||||||||
Commodity contract | Net Sales | $ | — | $ | -1,498 | |||||
Commodity contract | Cost of Goods Sold | — | -1,886 | |||||||
Net amount recognized in earnings | $ | — | $ | -3,384 | ||||||
In accordance with these provisions, we have categorized our financial assets and liabilities, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | ||||||||||
Financial assets and liabilities recorded on the Company’s consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: | ||||||||||
Level 1 — Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company has the ability to access at the measurement date. | ||||||||||
Level 2 — Financial assets and liabilities whose values are based on quoted prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. Level 2 inputs include the following: | ||||||||||
· | Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds which trade infrequently); | |||||||||
· | Inputs other than quoted prices that are observable for substantially the full term of the asset or liability (examples include interest rate and currency swaps); and | |||||||||
· | Inputs that are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability (examples include certain securities and derivatives). | |||||||||
As of December 31, 2013, we do not have any level 2 financial assets and liabilities. | ||||||||||
Level 3 — Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. As of December 31, 2013, we do not have any Level 3 financial assets or liabilities. | ||||||||||
There were no transfers between the various financial asset and liability levels during the year ended December 31, 2013. | ||||||||||
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ' | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ' | ||||||||||||||||||||||||
7. Stock-Based Compensation | 10 | Stock-Based Compensation | ||||||||||||||||||||||||
The following table summarizes the stock-based compensation expense incurred by the Company (in thousands): | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | The following table summarizes the stock-based compensation expense incurred by the Company (in thousands): | ||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Years Ended December 31, | ||||||||||||||||||||||
Stock options | $ | — | $ | — | $ | — | $ | 90 | 2013 | 2012 | ||||||||||||||||
Restricted stock | — | 140 | — | 309 | Stock options | $ | 90 | $ | 922 | |||||||||||||||||
Total | $ | — | $ | 140 | $ | — | $ | 399 | Restricted stock | 1,503 | 568 | |||||||||||||||
2007 Equity Incentive Compensation Plan | Total | $ | 1,593 | $ | 1,490 | |||||||||||||||||||||
Immediately prior to the Company’s initial public offering, the Company adopted the 2007 Equity Incentive Compensation Plan (“2007 Plan”). The 2007 Plan provides for the grant of options intended to qualify as incentive stock options, non-qualified stock options, stock appreciation rights or restricted stock awards and any other equity-based or equity-related awards. The 2007 Plan is administered by the Compensation Committee of the Board of Directors. Subject to adjustment for changes in capitalization, the aggregate number of shares that may be delivered pursuant to awards under the 2007 Plan is currently 355,000. The term of the 2007 Plan is ten years, expiring in June 2017. | ||||||||||||||||||||||||||
Stock Options — Except as otherwise directed by the Compensation Committee, the exercise price for options cannot be less than the fair market value of our common stock on the grant date. Other than the stock options issued to Directors, the options will generally vest and become exercisable with respect to 30%, 30% and 40% of the shares of our common stock subject to such options on each of the first three anniversaries of the grant date. Compensation expense related to these options is expensed on a straight line basis over the three year service period. Options issued to Directors generally vest and become exercisable on the first anniversary of the grant date. All stock options have a five year term from the date of grant. During the three and six months ended June 30, 2014 and June 30, 2013, the Company did not issue any stock options under the 2007 Plan. | 2007 Equity Incentive Compensation Plan | |||||||||||||||||||||||||
A summary of stock option activity under the 2007 Plan as of June 30, 2014, and the changes during the six months ended June 30, 2014 is as follows: | ||||||||||||||||||||||||||
Shares | Weighted Average | Weighted Average Remaining | Aggregate | Immediately prior to the Company’s initial public offering, the Company adopted the 2007 Equity Incentive Compensation Plan (“2007 Plan”). The 2007 Plan provides for the grant of options intended to qualify as incentive stock options, non-qualified stock options, stock appreciation rights or restricted stock awards and any other equity-based or equity-related awards. The 2007 Plan is administered by the Compensation Committee of the Board of Directors. Subject to adjustment for changes in capitalization, the aggregate number of shares that may be delivered pursuant to awards under the 2007 Plan is currently 355,000. The term of the 2007 Plan is ten years, expiring in June 2017. | ||||||||||||||||||||||
Exercise Price | Life (years) | Intrinsic | ||||||||||||||||||||||||
Value | Stock Options — Except as otherwise directed by the Compensation Committee, the exercise price for options cannot be less than the fair market value of our common stock on the grant date. Other than the stock options issued to Directors, the options will generally vest and become exercisable with respect to 30%, 30% and 40% of the shares of our common stock subject to such options on each of the first three anniversaries of the grant date. Compensation expense related to these options is expensed on a straight line basis over the three year service period. Options issued to Directors generally vest and become exercisable on the first anniversary of the grant date. All stock options have a five year term from the date of grant. During the years ended December 31, 2013 and 2012, the Company did not issue any stock options under the 2007 Plan. | |||||||||||||||||||||||||
Options outstanding, January 1, 2014 | 65,481 | $ | 58.94 | |||||||||||||||||||||||
Granted | — | — | A summary of stock option activity under the 2007 Plan as of December 31, 2013, and the changes during the year ended December 31, 2013 is as follows: | |||||||||||||||||||||||
Exercised | — | — | ||||||||||||||||||||||||
Forfeited | -4,987 | 45.73 | Shares | Weighted | Weighted | Aggregate | ||||||||||||||||||||
Options outstanding, June 30, 2014 | 60,494 | $ | 60.03 | 0.5 | $ | 0 | Average | Average | Intrinsic | |||||||||||||||||
Options exercisable, June 30, 2014 | 60,494 | $ | 60.03 | 0.5 | $ | 0 | Exercise | Remaining | Value | |||||||||||||||||
Restricted Stock — Other than restricted stock issued to Directors, the restricted stock issued will generally vest in equal increments of 25% on each of the first four anniversaries of the grant date. Compensation expense related to restricted stock issued is expensed on a straight line basis over the four year vesting period. Restricted stock issued to Directors generally vests on the first anniversary of the grant date with compensation expense being expensed on a straight line basis over the one year vesting period. During the three and six months ended June 30, 2014 and June 30, 2013, the Company did not grant any restricted stock shares under the 2007 Plan. | Price | Life | ||||||||||||||||||||||||
Under the Company’s Change of Control Plan, 97,852 shares of unvested restricted stock automatically vested due to the disposition of the Company’s ethanol plants therefore there is no restricted stock currently outstanding. After considering the stock option and restricted stock awards issued and outstanding, the Company had 119,540 shares of common stock available for future grant under our 2007 Plan at June 30, 2014. | (years) | |||||||||||||||||||||||||
Options outstanding, January 1, 2013 | 71,237 | $ | 61.72 | |||||||||||||||||||||||
Granted | — | — | ||||||||||||||||||||||||
Exercised | — | — | ||||||||||||||||||||||||
Forfeited | -5,756 | 93.3 | ||||||||||||||||||||||||
Options outstanding, | 65,481 | $ | 58.94 | 1 | $ | 0 | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
Options exercisable, | 65,481 | $ | 58.94 | 1 | $ | 0 | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
A summary of the status of our unvested stock options as of December 31, 2013, and the changes during the year ended December 31, 2013 is as follows: | ||||||||||||||||||||||||||
Shares | Weighted | |||||||||||||||||||||||||
Average | ||||||||||||||||||||||||||
Grant Date | ||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
Unvested, January 1, 2013 | 10,074 | $ | 46.01 | |||||||||||||||||||||||
Granted | — | — | ||||||||||||||||||||||||
Vested | -10,074 | 46.01 | ||||||||||||||||||||||||
Forfeited | — | — | ||||||||||||||||||||||||
Unvested, December 31, 2013 | — | $ | — | |||||||||||||||||||||||
Restricted Stock — Other than restricted stock issued to Directors, the restricted stock issued will generally vest in equal increments of 25% on each of the first four anniversaries of the grant date. Compensation expense related to restricted stock issued is expensed on a straight line basis over the four year vesting period. Restricted stock issued to Directors generally vests on the first anniversary of the grant date with compensation expense being expensed on a straight line basis over the one year vesting period. During the years ended December 31, 2013 and 2012, the Company granted 0 and 78,850 restricted stock shares, respectively, under the 2007 Plan to certain of our employees and our non-employee Directors. | ||||||||||||||||||||||||||
A summary of restricted stock activity under the 2007 Plan as of December 31, 2013, and the changes during the year ended December 31, 2013 is as follows: | ||||||||||||||||||||||||||
Shares | Weighted | Aggregate | ||||||||||||||||||||||||
Average | Intrinsic | |||||||||||||||||||||||||
Grant Date | Value | |||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
per Award | ||||||||||||||||||||||||||
Restricted stock outstanding, | 143,026 | $ | 13.82 | |||||||||||||||||||||||
January 1, 2013 | ||||||||||||||||||||||||||
Granted | — | — | ||||||||||||||||||||||||
Vested | -141,838 | 13.84 | ||||||||||||||||||||||||
Cancelled or expired | -1,188 | 11.53 | ||||||||||||||||||||||||
Restricted stock outstanding, | — | $ | — | $ | — | |||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
Under the Company’s Change of Control Plan, 97,852 shares of unvested restricted stock automatically vested due to the disposition of the Company’s ethanol plants. Stock-based compensation expense related to the vesting of these shares, which was included in loss from continuing operations before income taxes, was $911,000 and was recorded in December 2013. After considering the stock option and restricted stock awards issued and outstanding, the Company had 114,553 shares of common stock available for future grant under our 2007 Plan at December 31, 2013. | ||||||||||||||||||||||||||
Income_Taxes
Income Taxes | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ' | ||||||||||||||||||||
Income Tax Disclosure [Text Block] | ' | ' | ||||||||||||||||||||
8. Income Taxes | 11 | Income Taxes | ||||||||||||||||||||
The Company has not recognized any income tax provision (benefit) for the three and six months ended June 30, 2014, and June 30, 2013 due to continuing losses from operations. | ||||||||||||||||||||||
The U.S. statutory federal income tax rate is reconciled to the Company’s effective income tax rate as follows (in thousands): | The Company has not recognized any income tax provision (benefit) for the years ended December 31, 2013, and 2012 due to continuing losses from operations. | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | The U.S. statutory federal income tax rate is reconciled to the Company’s effective income tax rate as follows (in thousands): | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Tax benefit at 35% federal statutory rate | $ | 984 | $ | 1,266 | $ | 491 | $ | 3,523 | Years Ended December 31, | |||||||||||||
State tax benefit, net of federal benefit | 85 | 109 | 42 | 50 | 2013 | 2012 | ||||||||||||||||
Noncontrolling interest | -24 | -60 | -60 | -464 | Tax benefit at 35% federal statutory rate | $ | 16,587 | $ | 16,213 | |||||||||||||
Valuation allowance | -1,662 | -3,116 | -2,379 | -2,957 | State tax benefit, net of federal benefit | 237 | 232 | |||||||||||||||
Other | 617 | 1,801 | 1,906 | -152 | Noncontrolling interest | -2,365 | -2,300 | |||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | Valuation allowance | -13,567 | -14,273 | |||||||||||
The effects of temporary differences and other items that give rise to deferred tax assets and liabilities are presented below (in thousands): | Other | -892 | 128 | |||||||||||||||||||
Total | $ | — | $ | — | ||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||
Deferred tax assets: | The effects of temporary differences and other items that give rise to deferred tax assets and liabilities are presented below (in thousands): | |||||||||||||||||||||
Capitalized start up costs | $ | 23 | $ | 24 | ||||||||||||||||||
Deferred transaction costs | 842 | — | December 31, | |||||||||||||||||||
Stock-based compensation | 622 | 622 | 2013 | 2012 | ||||||||||||||||||
Net operating loss carryover | 63,453 | 62,372 | Deferred tax assets: | |||||||||||||||||||
Other | 3 | 18 | Capitalized start up costs | $ | 24 | $ | 3,253 | |||||||||||||||
Deferred tax assets | 64,943 | 63,036 | Stock-based compensation | 622 | 965 | |||||||||||||||||
Valuation allowance | -64,311 | -61,111 | Net operating loss carryover | 62,372 | 84,960 | |||||||||||||||||
Deferred tax liabilities: | Other | 18 | 266 | |||||||||||||||||||
Property, plant and equipment | -8 | -11 | Deferred tax assets | 63,036 | 89,444 | |||||||||||||||||
Investment in partnership | -624 | -1,914 | Valuation allowance | -61,111 | -47,544 | |||||||||||||||||
Deferred tax liabilities | -632 | -1,925 | Deferred tax liabilities: | |||||||||||||||||||
Net deferred tax asset | $ | — | $ | — | Property, plant and equipment | -11 | -41,900 | |||||||||||||||
The Company assesses the recoverability of deferred tax assets and the need for a valuation allowance on an ongoing basis. In making this assessment, management considers all available positive and negative evidence to determine whether it is more likely than not that some portion or all of the deferred tax assets will be realized in future periods. This assessment requires significant judgment and estimates involving current and deferred income taxes, tax attributes relating to the interpretation of various tax laws, historical bases of tax attributes associated with certain assets and limitations surrounding the realization of deferred tax assets. | Investment in partnership | -1,914 | — | |||||||||||||||||||
As of June 30, 2014, the net operating loss carryforward was $181.3 million, which will begin to expire if not used by December 31, 2029. The U.S. federal statute of limitations remains open for our 2010 and subsequent tax years. | Deferred tax liabilities | -1,925 | -41,900 | |||||||||||||||||||
Net deferred tax asset | $ | — | $ | — | ||||||||||||||||||
The Company assesses the recoverability of deferred tax assets and the need for a valuation allowance on an ongoing basis. In making this assessment, management considers all available positive and negative evidence to determine whether it is more likely than not that some portion or all of the deferred tax assets will be realized in future periods. This assessment requires significant judgment and estimates involving current and deferred income taxes, tax attributes relating to the interpretation of various tax laws, historical bases of tax attributes associated with certain assets and limitations surrounding the realization of deferred tax assets. | ||||||||||||||||||||||
As of December 31, 2013, the net operating loss carryforward was $178.2 million, which will begin to expire if not used by December 31, 2028. The U.S. federal statute of limitations remains open for our 2010 and subsequent tax years. | ||||||||||||||||||||||
Employee_Benefits
Employee Benefits | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ' | |
9. Employee Benefits | 12 | Employee Benefits | |
401K Plan | |||
The LLC sponsors a 401(k) profit sharing and savings plan for its employees. Employee participation in this plan is voluntary and the LLC matches 50% of eligible employee contributions, up to an amount equal to 3% of employee compensation, on a biweekly basis. For the three and six months ended June 30, 2014, contributions to the plan by the LLC totaled $12,000 and $21,000, respectively. For the three and six months ended June 30, 2013, contributions to the plan by the LLC totaled $16,000 and $36,000, respectively. | 401K Plan | ||
Severance | |||
The LLC adopted a Change of Control Plan (the “COC Plan”) in November 2006. As a result of the disposition of the Company’s ethanol plants, a change of control under the COC Plan occurred, and therefore as of December 31, 2013 the Company accrued $4,180,000 in other current liabilities related to certain change of control severance payments owed to its corporate employees, which payments were made in the first quarter of 2014. | The LLC sponsors a 401(k) profit sharing and savings plan for its employees. Employee participation in this plan is voluntary and the LLC matches 50% of eligible employee contributions, up to an amount equal to 3% of employee compensation, on a biweekly basis. For the years ended December 31, 2013 and 2012, contributions to the plan by the LLC totaled $155,000 and $244,000, respectively. | ||
Severance | |||
The LLC adopted a Change of Control Plan (the “COC Plan”) in November 2006. As a result of the disposition of the Company’s ethanol plants, a change of control under the COC Plan occurred, and therefore as of December 31, 2013 the Company accrued $4,180,000 in other current liabilities related to certain change of control severance payments owed to its corporate employees, which payments were made in the first quarter of 2014. | |||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ||
Commitments and Contingencies Disclosure [Text Block] | ' | ' | ||
10. Commitments and Contingencies | 13 | Commitments and Contingencies | ||
In October 2013, the LLC entered into a ten month lease that began November 1, 2013 for office space for its corporate headquarters. The monthly rent expense of $11,000 is being recognized on a straight line basis over the term of the lease. | ||||
For the three and six months ended June 30, 2014, rent expense totaled $42,000 and $88,000, respectively. For the three and six months ended June 30, 2013, rent expense totaled $68,000 and $131,000, respectively. | In October 2013, the LLC entered into a ten month lease that began November 1, 2013 for office space for its corporate headquarters. The monthly rent expense of $11,000 is being recognized on a straight line basis over the term of the lease. | |||
The Company is not currently a party to any material legal, administrative or regulatory proceedings that have arisen in the ordinary course of business or otherwise that would result in loss contingencies. | ||||
Rent expense included in loss from continuing operations totaled $256,000 and $249,000 for the years ended December 31, 2013 and 2012 respectively. Rent expense included in loss from discontinued operations totaled $10,022,000 and $11,140,000 for the years ended December 31, 2013 and 2012, respectively. | ||||
The Company is not currently a party to any material legal, administrative or regulatory proceedings that have arisen in the ordinary course of business or otherwise that would result in loss contingencies. | ||||
Noncontrolling_Interest
Noncontrolling Interest | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||
Noncontrolling Interest [Abstract] | ' | ' | ||||||||||||||||||||
Noncontrolling Interest Disclosure [Text Block] | ' | ' | ||||||||||||||||||||
11. Noncontrolling Interest | 14 | Noncontrolling Interest | ||||||||||||||||||||
Noncontrolling interest consists of equity issued to members of the LLC upon the Company’s initial public offering in June 2007. As provided in the LLC agreement, the exchange ratio of the various existing classes of equity of the LLC for the single class of equity at the time of the Company’s initial public offering was based on the Company’s initial public offering price of $210.00 per share and the resulting implied valuation of the Company. The exchange resulted in the issuance of 897,903 LLC membership units and Class B common shares. Each LLC membership unit combined with a share of Class B common stock is exchangeable at the holder’s option into one share of Company common stock. The LLC may make distributions to members as determined by the Company. | ||||||||||||||||||||||
At the time of its initial public offering, the Company owned 28.9% of the LLC membership units of the LLC. As of June 30, 2014, the Company owned 87.6% of the LLC membership units. The noncontrolling interest will continue to be reported until all Class B common shares and LLC membership units have been exchanged for the Company’s common stock. | Noncontrolling interest consists of equity issued to members of the LLC upon the Company’s initial public offering in June 2007. As provided in the LLC agreement, the exchange ratio of the various existing classes of equity of the LLC for the single class of equity at the time of the Company’s initial public offering was based on the Company’s initial public offering price of $ 210.00 per share and the resulting implied valuation of the Company. The exchange resulted in the issuance of 897,903 LLC membership units and Class B common shares. Each LLC membership unit combined with a share of Class B common stock is exchangeable at the holder’s option into one share of Company common stock. The LLC may make distributions to members as determined by the Company. | |||||||||||||||||||||
The table below shows the effects of the changes in BioFuel Energy Corp.’s ownership interest in the LLC on the equity attributable to BioFuel Energy Corp.’s common stockholders for the three and six months ended June 30, 2014 and June 30, 2013 (in thousands): | ||||||||||||||||||||||
Net Loss Attributable to BioFuel Energy Corp.’s Common Stockholders and | At the time of its initial public offering, the Company owned 28.9% of the LLC membership units of the LLC. At December 31, 2013, the Company owned 87.3% of the LLC membership units. The noncontrolling interest will continue to be reported until all Class B common shares and LLC membership units have been exchanged for the Company’s common stock. | |||||||||||||||||||||
Transfers from the Noncontrolling Interest | ||||||||||||||||||||||
The table below shows the effects of the changes in BioFuel Energy Corp.’s ownership interest in the LLC on the equity attributable to BioFuel Energy Corp.’s common stockholders for the years ended December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||
Three Months | Six Months Ended | |||||||||||||||||||||
Ended | June 30, | Net Loss Attributable to BioFuel Energy Corp.’s Common Stockholders and | ||||||||||||||||||||
June 30, | Transfers from the Noncontrolling Interest | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Net loss attributable to BioFuel Energy Corp. | $ | -2,750 | $ | -4,124 | $ | -3,461 | $ | -8,759 | Years Ended December 31, | |||||||||||||
Decrease in BioFuel Energy Corp. stockholders’ equity from issuance of common shares in exchange for Class B common shares and units of BioFuel Energy, LLC | -141 | — | -141 | — | 2013 | 2012 | ||||||||||||||||
Change in equity from net loss attributable to BioFuel Energy Corp. and transfers from noncontrolling interest | $ | -2,891 | $ | -4,124 | $ | -3,602 | $ | -8,759 | Net loss attributable to BioFuel Energy Corp. | $ | -39,208 | $ | -39,843 | |||||||||
Tax Benefit Sharing Agreement | Increase in BioFuel Energy Corp. stockholders equity from issuance of common | — | 273 | |||||||||||||||||||
Membership units in the LLC combined with the related Class B common shares held by the historical equity investors may be exchanged in the future for shares of our common stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications. The LLC will make an election under Section 754 of the IRS Code effective for each taxable year in which an exchange of membership units and Class B shares for common shares occurs, which may result in an adjustment to the tax basis of the assets owned by the LLC at the time of the exchange. Increases in tax basis, if any, would reduce the amount of tax that the Company would otherwise be required to pay in the future, although the IRS may challenge all or part of the tax basis increases, and a court could sustain such a challenge. The Company has entered into tax benefit sharing agreements with its historical LLC investors that will provide for a sharing of these tax benefits, if any, between the Company and the historical LLC equity investors. Under these agreements, the Company will make a payment to an exchanging LLC member of 85% of the amount of cash savings, if any, in U.S. federal, state and local income taxes the Company actually realizes as a result of this increase in tax basis. The Company and its common stockholders will benefit from the remaining 15% of cash savings, if any, in income taxes realized. For purposes of the tax benefit sharing agreement, cash savings in income tax will be computed by comparing the Company’s actual income tax liability to the amount of such taxes the Company would have been required to pay had there been no increase in the tax basis in the assets of the LLC as a result of the exchanges. The term of the tax benefit sharing agreement commenced on the Company’s initial public offering in June 2007 and will continue until all such tax benefits have been utilized or expired, unless a change of control occurs and the Company exercises its resulting right to terminate the tax benefit sharing agreement for an amount based on agreed payments remaining to be made under the agreement. | shares in exchange for Class B common shares and units of BioFuel Energy, LLC | |||||||||||||||||||||
Change in equity from net loss attributable to BioFuel Energy Corp. and transfers | $ | -39,208 | $ | -39,570 | ||||||||||||||||||
from noncontrolling interest | ||||||||||||||||||||||
Tax Benefit Sharing Agreement | ||||||||||||||||||||||
Membership units in the LLC combined with the related Class B common shares held by the historical equity investors may be exchanged in the future for shares of our common stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications. The LLC will make an election under Section 754 of the IRS Code effective for each taxable year in which an exchange of membership units and Class B shares for common shares occurs, which may result in an adjustment to the tax basis of the assets owned by the LLC at the time of the exchange. Increases in tax basis, if any, would reduce the amount of tax that the Company would otherwise be required to pay in the future, although the IRS may challenge all or part of the tax basis increases, and a court could sustain such a challenge. The Company has entered into tax benefit sharing agreements with its historical LLC investors that will provide for a sharing of these tax benefits, if any, between the Company and the historical LLC equity investors. Under these agreements, the Company will make a payment to an exchanging LLC member of 85% of the amount of cash savings, if any, in U.S. federal, state and local income taxes the Company actually realizes as a result of this increase in tax basis. The Company and its common stockholders will benefit from the remaining 15% of cash savings, if any, in income taxes realized. For purposes of the tax benefit sharing agreement, cash savings in income tax will be computed by comparing the Company’s actual income tax liability to the amount of such taxes the Company would have been required to pay had there been no increase in the tax basis in the assets of the LLC as a result of the exchanges. The term of the tax benefit sharing agreement commenced on the Company’s initial public offering in June 2007 and will continue until all such tax benefits have been utilized or expired, unless a change of control occurs and the Company exercises its resulting right to terminate the tax benefit sharing agreement for an amount based on agreed payments remaining to be made under the agreement. | ||||||||||||||||||||||
Ownership “True-Up” Agreement | ||||||||||||||||||||||
At the time of formation of the LLC, the founders agreed with certain of our principal stockholders as to the relative ownership interests in the Company of our management members and affiliates of Greenlight Capital, Inc. (“Greenlight”) and Third Point LLC (“Third Point”). Certain management members and affiliates of Greenlight and Third Point agreed to exchange LLC membership interests, shares of common stock or cash at a future date, referred to as the “true-up date”, depending on the Company’s performance. This provision functioned by providing management with additional value if the Company’s value improved and by reducing management’s interest in the Company if its value decreased, subject to a predetermined rate of return accruing to Greenlight and Third Point. In particular, if the value of the Company increased from the time of the initial public offering to the “true-up date”, the management members were entitled to receive LLC membership units, shares of common stock or cash from the affiliates of Greenlight and Third Point. On the other hand, if the value of the Company decreased from the time of the initial public offering to the “true-up date” or if a predetermined rate of return was not met, the affiliates of Greenlight and Third Point were entitled to receive LLC membership units or shares of common stock from the management members. | ||||||||||||||||||||||
The “true-up date” occurred on June 19, 2012, which was five years from the date of the initial public offering. Since the value of the Company decreased from the time of the initial public offering to the “true-up date”, the affiliates of Greenlight and Third Point received 69,382 and 34,691 LLC membership units, respectively, from certain members or former members of our management group during the third quarter of 2012 as a result of the “true-up”. No new shares were issued as a result of the “true-up” but rather a redistribution of shares occurred among certain members or former members of our management group and our two largest investors, Greenlight and Third Point. | ||||||||||||||||||||||
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||
15 | Quarterly Financial Data (unaudited) | |||||||||||||
The following table sets forth certain unaudited financial data for each of the quarters within fiscal 2013 and 2012. This information has been derived from our consolidated financial statements and in management’s opinion, reflects all adjustments necessary for a fair presentation of the information for the quarters presented. The operating results of any quarter are not necessarily indicative of results for any future period. The amounts have been reclassified to reflect the disposition of the ethanol plants being accounted for as discontinued operations. | ||||||||||||||
Year Ended December 31, 2013 | 1st | 2nd | 3rd | 4th | ||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
(in thousands, except per share data) | ||||||||||||||
General and administrative expenses: | ||||||||||||||
Compensation expense | $ | -978 | $ | -786 | $ | -737 | $ | -5,606 | ||||||
Other | -342 | -625 | -312 | -357 | ||||||||||
Operating loss | -1,320 | -1,411 | -1,049 | -5,963 | ||||||||||
Other income (expense) | 1 | — | — | -4 | ||||||||||
Loss from continuing operations before income taxes | -1,319 | -1,411 | -1,049 | -5,967 | ||||||||||
Income tax provision (benefit) | — | — | — | — | ||||||||||
Loss from continuing operations | -1,319 | -1,411 | -1,049 | -5,967 | ||||||||||
Discontinued operations: | ||||||||||||||
Loss from discontinued operations | -4,009 | -3,326 | -4,080 | -470 | ||||||||||
Loss on disposal of plants | — | — | — | -24,019 | ||||||||||
Income tax provision (benefit) | — | — | — | — | ||||||||||
Loss from discontinued operations | -4,009 | -3,326 | -4,080 | -24,489 | ||||||||||
Net loss | -5,328 | -4,737 | -5,129 | -30,456 | ||||||||||
Less: Net loss from continuing operations attributable | 172 | 183 | 137 | 875 | ||||||||||
to the noncontrolling interest | ||||||||||||||
Less: Net loss from discontinued operations attributable | 521 | 430 | 531 | 3,593 | ||||||||||
to the noncontrolling interest | ||||||||||||||
Net loss attributable to BioFuel Energy Corp. common | $ | -4,635 | $ | -4,124 | $ | -4,461 | $ | -25,988 | ||||||
stockholders | ||||||||||||||
Amounts attributable to BioFuel Energy Corp.: | ||||||||||||||
Loss from continuing operations | $ | -1,147 | $ | -1,228 | $ | -912 | $ | -5,092 | ||||||
Loss from discontinued operations | -3,488 | -2,896 | -3,549 | -20,896 | ||||||||||
Net loss attributable to BioFuel Energy Corp. | $ | -4,635 | $ | -4,124 | $ | -4,461 | $ | -25,988 | ||||||
Basic and fully diluted loss per share attributable to BioFuel Energy Corp.: | ||||||||||||||
Continuing operations | $ | -0.21 | $ | -0.23 | $ | -0.17 | $ | -0.95 | ||||||
Discontinued operations | -0.66 | -0.54 | -0.67 | -3.88 | ||||||||||
$ | -0.87 | $ | -0.77 | $ | -0.84 | $ | -4.83 | |||||||
Weighted average shares outstanding – basic and fully diluted | 5,308 | 5,342 | 5,342 | 5,387 | ||||||||||
Year Ended December 31, 2012 | 1st | 2nd | 3rd | 4th | ||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
(in thousands, except per share data) | ||||||||||||||
General and administrative expenses: | ||||||||||||||
Compensation expense | $ | -1,332 | $ | -1,081 | $ | -1,065 | $ | -805 | ||||||
Other | -510 | -569 | -367 | -361 | ||||||||||
Operating loss | -1,842 | -1,650 | -1,432 | -1,166 | ||||||||||
Other income (expense) | — | — | — | — | ||||||||||
Loss from continuing operations before income taxes | -1,842 | -1,650 | -1,432 | -1,166 | ||||||||||
Income tax provision (benefit) | — | — | — | — | ||||||||||
Loss from continuing operations | -1,842 | -1,650 | -1,432 | -1,166 | ||||||||||
Discontinued operations: | ||||||||||||||
Loss from discontinued operations | -9,251 | -10,765 | -9,896 | -10,320 | ||||||||||
Loss on disposal of plants | — | — | — | — | ||||||||||
Income tax provision (benefit) | — | — | — | — | ||||||||||
Loss from discontinued operations | -9,251 | -10,765 | -9,896 | -10,320 | ||||||||||
Net loss | -11,093 | -12,415 | -11,328 | -11,486 | ||||||||||
Less: Net loss from continuing operations attributable | 280 | 244 | 189 | 149 | ||||||||||
to the noncontrolling interest | ||||||||||||||
Less: Net loss from discontinued operations attributable | 1,405 | 1,589 | 1,309 | 1,314 | ||||||||||
to the noncontrolling interest | ||||||||||||||
Net loss attributable to BioFuel Energy Corp. common | $ | -9,408 | $ | -10,582 | $ | -9,830 | $ | -10,023 | ||||||
stockholders | ||||||||||||||
Amounts attributable to BioFuel Energy Corp.: | ||||||||||||||
Loss from continuing operations | $ | -1,562 | $ | -1,406 | $ | -1,243 | $ | -1,017 | ||||||
Loss from discontinued operations | -7,846 | -9,176 | -8,587 | -9,006 | ||||||||||
Net loss attributable to BioFuel Energy Corp. | $ | -9,408 | $ | -10,582 | $ | -9,830 | $ | -10,023 | ||||||
Basic and fully diluted loss per share attributable to BioFuel Energy Corp.: | ||||||||||||||
Continuing operations | $ | -0.3 | $ | -0.27 | $ | -0.24 | $ | -0.19 | ||||||
Discontinued operations | -1.53 | -1.78 | -1.64 | -1.7 | ||||||||||
$ | -1.83 | $ | -2.05 | $ | -1.88 | $ | -1.89 | |||||||
Weighted average shares outstanding – basic and fully diluted | 5,140 | 5,167 | 5,224 | 5,300 | ||||||||||
Schedule_I_Condensed_Financial
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | |||||||
Schedule I | ||||||||
BioFuel Energy Corp. | ||||||||
Condensed Financial Information of Registrant | ||||||||
(Parent company information — See notes to consolidated financial statements) | ||||||||
(in thousands, except share data) | ||||||||
Condensed Balance Sheets | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Assets | ||||||||
Investment in BioFuel Energy, LLC | $ | 18,615 | $ | 56,230 | ||||
Total assets | $ | 18,615 | $ | 56,230 | ||||
Stockholders’ equity | ||||||||
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares | $ | — | $ | — | ||||
outstanding at December 31, 2013 and December 31, 2012 | ||||||||
Common stock, $0.01 par value; 10,000,000 shares authorized and 5,482,585 shares | 54 | 54 | ||||||
outstanding at December 31, 2013 and 5,483,773 shares outstanding at December | ||||||||
31, 2012 | ||||||||
Class B common stock, $0.01 par value; 3,750,000 shares authorized and 795,479 | 8 | 8 | ||||||
shares outstanding at December 31, 2013 and December 31, 2012 | ||||||||
Less common stock held in treasury, at cost, 40,481 shares at December 31, 2013 and | -4,316 | -4,316 | ||||||
December 31, 2012 | ||||||||
Additional paid-in capital | 191,197 | 189,604 | ||||||
Accumulated deficit | -168,328 | -129,120 | ||||||
Total stockholders’ equity | $ | 18,615 | $ | 56,230 | ||||
Condensed Statements of Operations | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
Equity in loss of BioFuel Energy, LLC | $ | -39,027 | $ | -39,568 | ||||
Other expenses | -181 | -275 | ||||||
Net loss | $ | -39,208 | $ | -39,843 | ||||
Condensed Statements of Cash Flows | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
Cash flow from operating activities: | ||||||||
Net loss | $ | -39,208 | $ | -39,843 | ||||
Adjustment to reconcile net loss to net cash used in operating activities: | ||||||||
Equity in loss of BioFuel Energy, LLC | 39,027 | 39,568 | ||||||
Net cash used in operating activities | -181 | -275 | ||||||
Cash flows from investing activities: | ||||||||
Advances from BioFuel Energy, LLC | 181 | 275 | ||||||
Net cash provided by investing activities | 181 | 275 | ||||||
Cash and equivalents at end of period | $ | — | $ | — | ||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ' | ||||
Principles Of Consolidation and Noncontrolling Interest [Policy Text Block] | ' | ' | ||||
Principles of Consolidation and Noncontrolling Interest | Principles of Consolidation and Noncontrolling Interest | |||||
The accompanying consolidated financial statements include the Company, the LLC and its wholly-owned subsidiaries: BFE Holdings, LLC; BFE Operating Company, LLC; Buffalo Lake Energy, LLC; and Pioneer Trail Energy, LLC. All inter-company balances and transactions have been eliminated in consolidation. The Company treats all exchanges of LLC membership units for Company common stock as equity transactions, with any difference between the fair value of the Company’s common stock and the amount by which the noncontrolling interest is adjusted being recognized in equity. | ||||||
The accompanying consolidated financial statements include the Company, the LLC and its wholly-owned subsidiaries: BFE Holdings, LLC; BFE Operating Company, LLC; Buffalo Lake Energy, LLC; and Pioneer Trail Energy, LLC. All inter-company balances and transactions have been eliminated in consolidation. The Company treats all exchanges of LLC membership units for Company common stock as equity transactions, with any difference between the fair value of the Company’s common stock and the amount by which the noncontrolling interest is adjusted being recognized in equity. | ||||||
Use of Estimates, Policy [Policy Text Block] | ' | ' | ||||
Use of Estimates | Use of Estimates | |||||
Preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosures in the accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||
Preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosures in the accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ' | ||||
Revenue Recognition | Revenue Recognition | |||||
Our primary source of revenue is engineering and/or business consulting services that the Company is providing to certain next generation biofuel and bio-chemical companies. Consulting agreements are entered into which set forth the terms, including the rates charged, for all consulting services. Revenue is recognized and recorded at the time that the consulting services are performed and collectibility is reasonably assured. | ||||||
During the time that the Company owned and operated its ethanol facilities, which was through November 22, 2013, the Company sold its ethanol, distillers grain and corn oil products under the terms of marketing agreements. Revenue was recognized when risk of loss and title transferred upon shipment of ethanol, distillers grain or corn oil. In accordance with the marketing agreements, the Company recorded its revenues based on the amounts payable to us at the time of our sales of ethanol, distillers grain or corn oil. For our ethanol that was sold within the United States, the amount payable was equal to the average delivered price per gallon received by the marketing pool from Cargill Inc.’s (“Cargill”) customers, less average transportation and storage charges incurred by Cargill, and less a commission. We also sold a portion of our ethanol production to Cargill for export, which sales were shipped undenatured and were excluded from the marketing pool. For exported ethanol sales, the amount payable was equal to the contracted delivered price per gallon, less transportation and storage charges, and less a commission. The amount payable for distillers grain and corn oil was generally equal to the market price at the time of sale less a commission. | ||||||
Cost of Sales, Policy [Policy Text Block] | ' | ' | ||||
Cost of goods sold | ||||||
During the time that the Company owned and operated its ethanol facilities, which was through November 22, 2013, cost of goods sold primarily included costs of materials (primarily corn, natural gas, chemicals and denaturant), electricity, purchasing and receiving costs, inspection costs, shipping costs, lease costs, plant management, certain compensation costs and general facility overhead charges, including depreciation expense. | ||||||
Selling, General and Administrative Expenses, Policy [Policy Text Block] | ' | ' | ||||
General and administrative expenses | General and administrative expenses | |||||
General and administrative expenses consist of salaries and benefits paid to our management and administrative employees, expenses relating to third party services, travel, office rent, marketing and other expenses, including certain expenses associated with being a public company, such as fees paid to our independent auditors associated with our annual audit and quarterly reviews, directors’ fees, and listing and transfer agent fees. | ||||||
General and administrative expenses consist of salaries and benefits paid to our management and administrative employees, expenses relating to third party services, travel, office rent, marketing and other expenses, including certain expenses associated with being a public company, such as fees paid to our independent auditors associated with our annual audit and quarterly reviews, directors’ fees, and listing and transfer agent fees. | ||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ' | ||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||||
Cash and cash equivalents include highly-liquid investments with an original maturity of three months or less. At June 30, 2014, we had $8.1 million of cash and cash equivalents invested in standard cash accounts held at one financial institution, which is in excess of FDIC insurance limits. | ||||||
Cash and cash equivalents include highly-liquid investments with an original maturity of three months or less. At December 31, 2013, we had $12.9 million of cash and cash equivalents invested in standard cash accounts held at two financial institutions, which is in excess of FDIC insurance limits. | ||||||
Other Current Assets [Policy Text Block] | ' | ' | ||||
Other Current Assets | ||||||
Other current assets is comprised of legal expenses incurred for the equity offering and debt issuance related to the Acquisition, which have been capitalized. | ||||||
Receivables, Policy [Policy Text Block] | ' | ' | ||||
Accounts Receivable | ||||||
During the time that the Company owned and operated its ethanol facilities, which was through November 22, 2013, accounts receivable were carried at original invoice amount less an estimate made for doubtful accounts based on a review of all outstanding amounts on a monthly basis. Management determined the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history and current economic conditions. The Company did not charge interest for any past due accounts receivable. As of December 31, 2012 no allowance was considered necessary. As of December 31, 2012 accounts receivable are included as part of assets held for sale on the consolidated balance sheets. | ||||||
Concentrations Of Credit Risk [Policy Text Block] | ' | ' | ||||
Concentrations of Credit Risk | ||||||
During the time that the Company owned and operated its ethanol facilities, which was through November 22, 2013, credit risk represented the accounting loss that would be recognized at the reporting date if counterparties failed completely to perform as contracted. Concentrations of credit risk, whether on- or off-balance sheet, that arose from financial instruments existed for groups of customers or counterparties when they had similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions described below. | ||||||
During the years ended December 31, 2013 and 2012, the Operating Subsidiaries recorded sales to Cargill representing 76% and 75%, respectively, of total net sales. As of December 31, 2012, the Operating Subsidiaries had receivables from Cargill of $7.5 million, representing 81% of total accounts receivable. As of December 31, 2013, the Operating Subsidiaries had no receivables from Cargill. | ||||||
The Operating Subsidiaries purchased corn, its largest cost component in producing ethanol, from Cargill. During the years ended December 31, 2013 and 2012, corn purchases from Cargill totaled $230.7 million and $384.6 million, respectively. As of December 31, 2012, the Operating Subsidiaries had payables to Cargill of $9.0 million related to corn purchases. As of December 31, 2012 payables to Cargill are included as part of liabilities held for sale on the consolidated balance sheet. As of December 31, 2013, the Operating Subsidiaries had no payables to Cargill related to corn purchases. | ||||||
Inventory, Policy [Policy Text Block] | ' | ' | ||||
Inventories | ||||||
During the time that the Company owned and operated its ethanol facilities, which was through November 22, 2013, raw materials inventories, which consisted primarily of corn, denaturant, supplies and chemicals, and work in process inventories were valued at the lower-of-cost-or-market, with cost determined on a first-in, first-out basis. Finished goods inventories consisted of ethanol and distillers grain and were stated at lower of average cost or market. | ||||||
As of December 31, 2012 inventories are included as part of assets held for sale on the consolidated balance sheets. A summary of inventories as of December 31, 2012 is as follows (in thousands): | ||||||
Raw materials | $ | 8,198 | ||||
Work in process | 2,831 | |||||
Finished goods | 2,414 | |||||
$ | 13,443 | |||||
Derivatives, Policy [Policy Text Block] | ' | ' | ||||
Derivative Instruments and Hedging Activities | ||||||
During the time that the Company owned and operated its ethanol facilities, which was through November 22, 2013, derivatives were recognized on the balance sheet at their fair value and were included in the accompanying balance sheets as “derivative financial instruments”. On the date the derivative contract was entered into, the Company would designate the derivative either as a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow” hedge). Changes in the fair value of a derivative that was highly effective and that was designated and qualified as a cash flow hedge were recorded in other comprehensive income, net of tax effect, until earnings are affected by the variability of cash flows (e.g., when periodic settlements on a variable rate asset or liability are recorded in earnings). Changes in the fair value of undesignated derivative instruments or derivatives that did not qualify for hedge accounting were recognized in current period operations. | ||||||
Accounting guidance for derivatives requires a company to evaluate contracts to determine whether the contracts are derivatives. Certain contracts that meet the definition of a derivative may be exempted as normal purchases or normal sales. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. The Company’s contracts for corn and natural gas purchases and ethanol sales that met those requirements and were designated as either normal purchase or normal sale contracts were exempted from the derivative accounting and reporting requirements. | ||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ' | ||||
Property, Plant and Equipment | Property, Plant and Equipment | |||||
Property, plant and equipment is comprised of office furniture and equipment at the Company’s headquarters and is recorded at cost. Depreciation on office furniture and equipment is computed by the straight line method over a range of three to ten years. | ||||||
Property, plant and equipment at December 31, 2013 is comprised of office furniture and equipment at the Company’s headquarters and is recorded at cost. Depreciation on office furniture and equipment is computed by the straight line method over a range of three to ten years, depending on the asset. During the time that the Company owned and operated its ethanol facilities, which was through November 22, 2013, property, plant and equipment at the plants was also recorded at cost and was depreciated by the straight line method over a range of three to forty years, depending on the asset. As of December 31, 2012 property, plant and equipment at the plants is included as part of assets held for sale on the consolidated balance sheets. | ||||||
Debt, Policy [Policy Text Block] | ' | ' | ||||
Debt Issuance Costs | ||||||
During the time that the Company owned and operated its ethanol facilities, which was through November 22, 2013, debt issuance costs were stated at cost, less accumulated amortization. Debt issuance costs at December 31, 2012 represented costs incurred related to the Operating Subsidiaries Senior Debt Facility and tax increment financing agreements and are included as part of assets held for sale on the consolidated balance sheet. These costs were being amortized, using an effective interest method, through interest expense over the term of the related debt. Any remaining debt issuance costs were written off in November 2013 as a result of the sale of the plants. | ||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ' | ||||
Stock-Based Compensation | Stock-Based Compensation | |||||
Expense associated with stock-based awards and other forms of equity compensation is based on fair value at grant and recognized on a straight line basis in the financial statements over the requisite service period for those awards that are expected to vest. | ||||||
Expense associated with stock-based awards and other forms of equity compensation is based on fair value at grant and recognized on a straight line basis in the financial statements over the requisite service period for those awards that are expected to vest. | ||||||
Asset Retirement Obligations, Policy [Policy Text Block] | ' | ' | ||||
Asset Retirement Obligations | ||||||
During the time that the Company owned and operated its ethanol plants, which was through November 22, 2013, asset retirement obligations were recognized when a contractual or legal obligation existed and a reasonable estimate of the amount could be made. Changes to the asset retirement obligation resulting from revisions to the timing or the amount of the original undiscounted cash flow estimates were recognized as an increase or decrease to both the carrying amount of the asset retirement obligation and the related asset retirement cost capitalized as part of the related property, plant and equipment. At December 31, 2012, the Operating Subsidiaries had accrued asset retirement obligation liabilities of $149,000 and $188,000 for its plants at Wood River and Fairmont, respectively. | ||||||
The asset retirement obligations accrued at December 31, 2012 for Wood River related to the obligations in our contracts with Cargill and Union Pacific Railroad (“Union Pacific”). According to the grain elevator lease with Cargill, the equipment that is adjacent to the grain elevator may be required at Cargill’s discretion to be removed at the end of the lease. In addition, according to the contract with Union Pacific, the buildings that are built near their land in Wood River may be required at Union Pacific’s request to be removed at the end of our contract with them. The asset retirement obligations accrued at December 31, 2012 for Fairmont related to the obligations in our contracts with Cargill and in our water permit issued by the state of Minnesota. According to the grain elevator lease with Cargill, the equipment that is adjacent to the grain elevator being leased may be required at Cargill’s discretion to be removed at the end of the lease. In addition, the water permit in Fairmont required that we secure all above ground storage tanks whenever we discontinue the use of our equipment for an extended period of time in Fairmont. The estimated costs of these obligations were accrued at the current net present value of these obligations at the end of an estimated 20 year life for each of the plants. These liabilities had corresponding assets recorded in property, plant and equipment, which were being depreciated over 20 years. | ||||||
Income Tax, Policy [Policy Text Block] | ' | ' | ||||
Income Taxes | Income Taxes | |||||
The Company accounts for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company regularly reviews historical and anticipated future pre-tax results of operations to determine whether the Company will be able to realize the benefit of its deferred tax assets. A valuation allowance is required to reduce the potential deferred tax asset when it is more likely than not that all or some portion of the potential deferred tax asset will not be realized due to the lack of sufficient taxable income. The Company establishes reserves for uncertain tax positions that reflect its best estimate of deductions and credits that may not be sustained on a more likely than not basis. As the Company has incurred tax losses since its inception and expects to continue to incur tax losses for the foreseeable future, we will continue to provide a valuation allowance against deferred tax assets until the Company believes that such assets will be realized. | ||||||
The Company accounts for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company regularly reviews historical and anticipated future pre-tax results of operations to determine whether the Company will be able to realize the benefit of its deferred tax assets. A valuation allowance is required to reduce the potential deferred tax asset when it is more likely than not that all or some portion of the potential deferred tax asset will not be realized due to the lack of sufficient taxable income. The Company establishes reserves for uncertain tax positions that reflect its best estimate of deductions and credits that may not be sustained on a more likely than not basis. As the Company has incurred tax losses since its inception and expects to continue to incur tax losses for the foreseeable future, we will continue to provide a valuation allowance against deferred tax assets until the Company believes that such assets will be realized. | ||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ' | ||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||||
The Company’s financial instruments, including cash and cash equivalents, accounts receivable, deposits, accounts payable, and severance payable are carried at cost, which approximates their fair value because of the short-term maturity of these instruments. | ||||||
The Company’s financial instruments, including cash and cash equivalents, accounts receivable, deposits, accounts payable, and severance payable are carried at cost, which approximates their fair value because of the short-term maturity of these instruments. | ||||||
Recent Accounting Pronouncements [Policy Text Block] | ' | ' | ||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |||||
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standards setting bodies that are adopted by us as of the specified effective date. Unless otherwise discussed, our management believes that the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements upon adoption. | ||||||
In May 2014, the FASB issued guidance on revenue from contracts with customers, which implements a five step process of how an entity should recognize revenue in order to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance will be effective at the beginning of fiscal year 2017, and early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the impact that the adoption will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standards setting bodies that are adopted by us as of the specified effective date. Unless otherwise discussed, our management believes that the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements upon adoption. | |||||
Discontinued_Operations_Dispos1
Discontinued Operations - Disposal of Ethanol Plants (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ' | ||||||||||||||
On November 22, 2013, the Company disposed of its ownership in its two ethanol plants. The operating loss for the three and six months ended June 30, 2013 is summarized as follows (in thousands): | The operating loss until the date of disposal and the loss from disposal of assets and liabilities classified as held for sale is summarized as follows (in thousands): | |||||||||||||||
Three Months Ended | Six Months | Years Ended December 31, | ||||||||||||||
June 30, 2013 | Ended | 2013 | 2012 | |||||||||||||
June 30, 2013 | Net sales | $ | 298,429 | $ | 463,280 | |||||||||||
Net Sales | $ | 91,031 | $ | 180,072 | Cost of goods sold | 304,957 | 493,901 | |||||||||
Cost of goods sold | 93,313 | 184,225 | Gross loss | -6,528 | -30,621 | |||||||||||
Gross loss | -2,282 | -4,153 | General and administrative expenses | 6,150 | 3,778 | |||||||||||
General and administrative expenses | 1,682 | 3,393 | Operating loss | -12,678 | -34,399 | |||||||||||
Operating loss | -3,964 | -7,546 | Other income (expense): | |||||||||||||
Other income (expense): | Other income | 7,850 | 1,442 | |||||||||||||
Other income | 2,597 | 4,055 | Interest expense | -7,057 | -7,275 | |||||||||||
Interest expense | -1,959 | -3,844 | Loss before loss on disposal of plants and income taxes | -11,885 | -40,232 | |||||||||||
Loss before income taxes | -3,326 | -7,335 | Loss on disposal of plants | -24,019 | — | |||||||||||
Income tax provision (benefit) | — | — | Income tax provision (benefit) | — | — | |||||||||||
Loss from discontinued operations | $ | -3,326 | $ | -7,335 | Loss from discontinued operations | $ | -35,904 | $ | -40,232 | |||||||
The carrying amounts of the assets and liabilities of the ethanol plants as of December 31, 2013 are summarized as follows (in thousands): | ||||||||||||||||
Current assets: | The carrying amounts of the assets and liabilities of the ethanol plants is summarized as follows (in thousands): | |||||||||||||||
Cash and cash equivalents | $ | 267 | ||||||||||||||
Prepaid expenses | 1 | December 31, | ||||||||||||||
Other current assets | 164 | 2013 | 2012 | |||||||||||||
Assets held for sale | $ | 432 | Current assets: | |||||||||||||
Current liabilities: | Cash and cash equivalents | $ | 267 | $ | 769 | |||||||||||
Accounts payable | $ | 289 | Accounts receivable | — | 9,256 | |||||||||||
Liabilities held for sale | $ | 289 | Inventories | — | 13,443 | |||||||||||
Prepaid expenses | 1 | 756 | ||||||||||||||
Other current assets | 164 | 78 | ||||||||||||||
Total current assets | 432 | 24,302 | ||||||||||||||
Non-current assets: | ||||||||||||||||
Property, plant and equipment, net | — | 209,539 | ||||||||||||||
Debt issuance costs, net | — | 1,739 | ||||||||||||||
Other assets | — | 788 | ||||||||||||||
Total non-current assets | — | 212,066 | ||||||||||||||
Assets held for sale | $ | 432 | $ | 236,368 | ||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 289 | $ | 11,611 | ||||||||||||
Current portion of long-term debt | — | 170,630 | ||||||||||||||
Current portion of tax increment financing | — | 399 | ||||||||||||||
Other current liabilities | — | 2,368 | ||||||||||||||
Total current liabilities | 289 | 185,008 | ||||||||||||||
Non-current liabilities: | ||||||||||||||||
Long-term debt, net of current portion | — | 2,789 | ||||||||||||||
Tax increment financing, net of current portion | — | 4,275 | ||||||||||||||
Other non-current liabilities | — | 3,072 | ||||||||||||||
Total non-current liabilities | — | 10,136 | ||||||||||||||
Liabilities held for sale | $ | 289 | $ | 195,144 | ||||||||||||
The carrying amount of the net assets of the ethanol plants recognized at the date of disposal, November, 22, 2013, were as follows (in thousands): | ||||||||||||||||
Current assets: | ||||||||||||||||
Accounts receivable | $ | 7,775 | ||||||||||||||
Inventories | 11,679 | |||||||||||||||
Prepaid expenses | 283 | |||||||||||||||
Deposits | 1,288 | |||||||||||||||
Total current assets | 21,025 | |||||||||||||||
Non-current assets: | ||||||||||||||||
Property, plant and equipment, net | 187,519 | |||||||||||||||
Debt issuance costs, net | 862 | |||||||||||||||
Total non-current assets | 188,381 | |||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | -2,831 | |||||||||||||||
Current portion of long-term debt | -170,630 | |||||||||||||||
Current portion of tax increment financing | -301 | |||||||||||||||
Other current liabilities | -9,038 | |||||||||||||||
Total current liabilities | -182,800 | |||||||||||||||
Non-current liabilities: | ||||||||||||||||
Long-term debt, net of current portion | -2,640 | |||||||||||||||
Tax increment financing, net of current portion | -4,129 | |||||||||||||||
Other non-current liabilities | -2,918 | |||||||||||||||
Total non-current liabilities | -9,687 | |||||||||||||||
Total net liabilities | -16,919 | |||||||||||||||
Cash consideration received | 1,742 | |||||||||||||||
Cash disposed of | -8,842 | |||||||||||||||
Loss on disposal of plants | $ | 24,019 | ||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||
As of December 31, 2012 inventories are included as part of assets held for sale on the consolidated balance sheets. A summary of inventories as of December 31, 2012 is as follows (in thousands): | |||||
Raw materials | $ | 8,198 | |||
Work in process | 2,831 | ||||
Finished goods | 2,414 | ||||
$ | 13,443 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ' | ||||||||||||||
Property, Plant and Equipment [Table Text Block] | ' | ' | ||||||||||||||
Property, plant and equipment, stated at cost, consist of the following at June 30, 2014 and December 31, 2013 (in thousands): | Property, plant and equipment, stated at cost, consist of the following at December 31, 2013 and 2012 (in thousands): | |||||||||||||||
June 30, | December 31, 2013 | |||||||||||||||
2014 | December 31, | |||||||||||||||
Office furniture and equipment | $ | 788 | $ | 788 | 2013 | 2012 | ||||||||||
Accumulated depreciation | -731 | -717 | Office furniture and equipment | $ | 788 | $ | 797 | |||||||||
Property, plant and equipment, net | $ | 57 | $ | 71 | Accumulated depreciation | -717 | -691 | |||||||||
Property, plant and equipment, net | $ | 71 | $ | 106 | ||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||
Earnings Per Share [Abstract] | ' | ' | ||||||||||||||||||
Weighted Average Number Of Shares Outstanding Reconciliation [Table Text Block] | ' | ' | ||||||||||||||||||
A summary of the reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding follows: | A summary of the reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding follows: | |||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | Years Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | 2012 | |||||||||||||||
Weighted average common shares outstanding – basic | 5,443,061 | 5,342,064 | 5,442,585 | 5,325,206 | Weighted average common shares outstanding – basic | 5,344,938 | 5,208,408 | |||||||||||||
Potentially dilutive common stock equivalents | Potentially dilutive common stock equivalents: | |||||||||||||||||||
Class B common shares | 794,522 | 795,479 | 794,998 | 795,479 | Class B common shares | 795,479 | 880,443 | |||||||||||||
Restricted stock | — | 101,228 | — | 118,086 | Restricted stock | 98,214 | 135,162 | |||||||||||||
794,522 | 896,707 | 794,998 | 913,565 | 893,693 | 1,015,605 | |||||||||||||||
6,237,583 | 6,238,771 | 6,237,583 | 6,238,771 | 6,238,631 | 6,224,013 | |||||||||||||||
Less anti-dilutive common stock equivalents | -794,522 | -896,707 | -794,998 | -913,565 | Less anti-dilutive common stock equivalents | -893,693 | -1,015,605 | |||||||||||||
Weighted average common shares outstanding – diluted | 5,443,061 | 5,342,064 | 5,442,585 | 5,325,206 | Weighted average common shares outstanding – diluted | 5,344,938 | 5,208,408 | |||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Schedule Of Long Term Debt [Table Text Block] | ' | ||||
The following table summarizes long-term debt related to the ethanol plants as of December 31, 2012 (in thousands): | |||||
Term loans | $ | 170,480 | |||
Capital lease | 2,465 | ||||
Notes payable | 474 | ||||
173,419 | |||||
Less current portion | -170,630 | ||||
Long-term portion | $ | 2,789 | |||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||
Effects of Derivative Instruments on Income | ||||||||||
Years Ended December 31, | ||||||||||
Consolidated Statements of Operations Location | 2013 | 2012 | ||||||||
gain (loss) | gain (loss) | |||||||||
Derivative not designated as hedging instrument: | ||||||||||
Commodity contract | Net Sales | $ | — | $ | -1,498 | |||||
Commodity contract | Cost of Goods Sold | — | -1,886 | |||||||
Net amount recognized in earnings | $ | — | $ | -3,384 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ' | ||||||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ' | ||||||||||||||||||||||||
The following table summarizes the stock-based compensation expense incurred by the Company (in thousands): | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | The following table summarizes the stock-based compensation expense incurred by the Company (in thousands): | ||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Years Ended December 31, | ||||||||||||||||||||||
Stock options | $ | — | $ | — | $ | — | $ | 90 | 2013 | 2012 | ||||||||||||||||
Restricted stock | — | 140 | — | 309 | Stock options | $ | 90 | $ | 922 | |||||||||||||||||
Total | $ | — | $ | 140 | $ | — | $ | 399 | Restricted stock | 1,503 | 568 | |||||||||||||||
Total | $ | 1,593 | $ | 1,490 | ||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ' | ||||||||||||||||||||||||
A summary of stock option activity under the 2007 Plan as of June 30, 2014, and the changes during the six months ended June 30, 2014 is as follows: | A summary of stock option activity under the 2007 Plan as of December 31, 2013, and the changes during the year ended December 31, 2013 is as follows: | |||||||||||||||||||||||||
Shares | Weighted Average | Weighted Average Remaining | Aggregate | |||||||||||||||||||||||
Exercise Price | Life (years) | Intrinsic | Shares | Weighted | Weighted | Aggregate | ||||||||||||||||||||
Value | Average | Average | Intrinsic | |||||||||||||||||||||||
Options outstanding, January 1, 2014 | 65,481 | $ | 58.94 | Exercise | Remaining | Value | ||||||||||||||||||||
Granted | — | — | Price | Life | ||||||||||||||||||||||
Exercised | — | — | (years) | |||||||||||||||||||||||
Forfeited | -4,987 | 45.73 | Options outstanding, January 1, 2013 | 71,237 | $ | 61.72 | ||||||||||||||||||||
Options outstanding, June 30, 2014 | 60,494 | $ | 60.03 | 0.5 | $ | 0 | Granted | — | — | |||||||||||||||||
Options exercisable, June 30, 2014 | 60,494 | $ | 60.03 | 0.5 | $ | 0 | Exercised | — | — | |||||||||||||||||
Forfeited | -5,756 | 93.3 | ||||||||||||||||||||||||
Options outstanding, | 65,481 | $ | 58.94 | 1 | $ | 0 | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
Options exercisable, | 65,481 | $ | 58.94 | 1 | $ | 0 | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
Schedule Of Unvested Stock Options Table [Table Text Block] | ' | ' | ||||||||||||||||||||||||
A summary of the status of our unvested stock options as of December 31, 2013, and the changes during the year ended December 31, 2013 is as follows: | ||||||||||||||||||||||||||
Shares | Weighted | |||||||||||||||||||||||||
Average | ||||||||||||||||||||||||||
Grant Date | ||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
Unvested, January 1, 2013 | 10,074 | $ | 46.01 | |||||||||||||||||||||||
Granted | — | — | ||||||||||||||||||||||||
Vested | -10,074 | 46.01 | ||||||||||||||||||||||||
Forfeited | — | — | ||||||||||||||||||||||||
Unvested, December 31, 2013 | — | $ | — | |||||||||||||||||||||||
Schedule Of Restricted Stock Activity [Table Text Block] | ' | ' | ||||||||||||||||||||||||
A summary of restricted stock activity under the 2007 Plan as of December 31, 2013, and the changes during the year ended December 31, 2013 is as follows: | ||||||||||||||||||||||||||
Shares | Weighted | Aggregate | ||||||||||||||||||||||||
Average | Intrinsic | |||||||||||||||||||||||||
Grant Date | Value | |||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
per Award | ||||||||||||||||||||||||||
Restricted stock outstanding, | 143,026 | $ | 13.82 | |||||||||||||||||||||||
January 1, 2013 | ||||||||||||||||||||||||||
Granted | — | — | ||||||||||||||||||||||||
Vested | -141,838 | 13.84 | ||||||||||||||||||||||||
Cancelled or expired | -1,188 | 11.53 | ||||||||||||||||||||||||
Restricted stock outstanding, | — | $ | — | $ | — | |||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ' | ||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ' | ||||||||||||||||||||
The U.S. statutory federal income tax rate is reconciled to the Company’s effective income tax rate as follows (in thousands): | The U.S. statutory federal income tax rate is reconciled to the Company’s effective income tax rate as follows (in thousands): | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | 2012 | |||||||||||||||||
Tax benefit at 35% federal statutory rate | $ | 984 | $ | 1,266 | $ | 491 | $ | 3,523 | Tax benefit at 35% federal statutory rate | $ | 16,587 | $ | 16,213 | |||||||||
State tax benefit, net of federal benefit | 85 | 109 | 42 | 50 | State tax benefit, net of federal benefit | 237 | 232 | |||||||||||||||
Noncontrolling interest | -24 | -60 | -60 | -464 | Noncontrolling interest | -2,365 | -2,300 | |||||||||||||||
Valuation allowance | -1,662 | -3,116 | -2,379 | -2,957 | Valuation allowance | -13,567 | -14,273 | |||||||||||||||
Other | 617 | 1,801 | 1,906 | -152 | Other | -892 | 128 | |||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | Total | $ | — | $ | — | |||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ' | ||||||||||||||||||||
The effects of temporary differences and other items that give rise to deferred tax assets and liabilities are presented below (in thousands): | The effects of temporary differences and other items that give rise to deferred tax assets and liabilities are presented below (in thousands): | |||||||||||||||||||||
June 30, 2014 | December 31, 2013 | December 31, | ||||||||||||||||||||
Deferred tax assets: | 2013 | 2012 | ||||||||||||||||||||
Capitalized start up costs | $ | 23 | $ | 24 | Deferred tax assets: | |||||||||||||||||
Deferred transaction costs | 842 | — | Capitalized start up costs | $ | 24 | $ | 3,253 | |||||||||||||||
Stock-based compensation | 622 | 622 | Stock-based compensation | 622 | 965 | |||||||||||||||||
Net operating loss carryover | 63,453 | 62,372 | Net operating loss carryover | 62,372 | 84,960 | |||||||||||||||||
Other | 3 | 18 | Other | 18 | 266 | |||||||||||||||||
Deferred tax assets | 64,943 | 63,036 | Deferred tax assets | 63,036 | 89,444 | |||||||||||||||||
Valuation allowance | -64,311 | -61,111 | Valuation allowance | -61,111 | -47,544 | |||||||||||||||||
Deferred tax liabilities: | Deferred tax liabilities: | |||||||||||||||||||||
Property, plant and equipment | -8 | -11 | Property, plant and equipment | -11 | -41,900 | |||||||||||||||||
Investment in partnership | -624 | -1,914 | Investment in partnership | -1,914 | — | |||||||||||||||||
Deferred tax liabilities | -632 | -1,925 | Deferred tax liabilities | -1,925 | -41,900 | |||||||||||||||||
Net deferred tax asset | $ | — | $ | — | Net deferred tax asset | $ | — | $ | — | |||||||||||||
Noncontrolling_Interest_Tables
Noncontrolling Interest (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||
Noncontrolling Interest [Abstract] | ' | ' | ||||||||||||||||||||
Schedule Of Net Income Loss Attributable To Parent And Transfers From Noncontrolling Interest [Table Text Block] | ' | ' | ||||||||||||||||||||
The table below shows the effects of the changes in BioFuel Energy Corp.’s ownership interest in the LLC on the equity attributable to BioFuel Energy Corp.’s common stockholders for the three and six months ended June 30, 2014 and June 30, 2013 (in thousands): | The table below shows the effects of the changes in BioFuel Energy Corp.’s ownership interest in the LLC on the equity attributable to BioFuel Energy Corp.’s common stockholders for the years ended December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||
Net Loss Attributable to BioFuel Energy Corp.’s Common Stockholders and | ||||||||||||||||||||||
Transfers from the Noncontrolling Interest | Net Loss Attributable to BioFuel Energy Corp.’s Common Stockholders and | |||||||||||||||||||||
Transfers from the Noncontrolling Interest | ||||||||||||||||||||||
Three Months | Six Months Ended | |||||||||||||||||||||
Ended | June 30, | Years Ended December 31, | ||||||||||||||||||||
June 30, | 2013 | 2012 | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Net loss attributable to BioFuel Energy Corp. | $ | -39,208 | $ | -39,843 | ||||||||||||||
Net loss attributable to BioFuel Energy Corp. | $ | -2,750 | $ | -4,124 | $ | -3,461 | $ | -8,759 | Increase in BioFuel Energy Corp. stockholders equity from issuance of common | — | 273 | |||||||||||
Decrease in BioFuel Energy Corp. stockholders’ equity from issuance of common shares in exchange for Class B common shares and units of BioFuel Energy, LLC | -141 | — | -141 | — | shares in exchange for Class B common shares and units of BioFuel Energy, LLC | |||||||||||||||||
Change in equity from net loss attributable to BioFuel Energy Corp. and transfers from noncontrolling interest | $ | -2,891 | $ | -4,124 | $ | -3,602 | $ | -8,759 | Change in equity from net loss attributable to BioFuel Energy Corp. and transfers | $ | -39,208 | $ | -39,570 | |||||||||
from noncontrolling interest | ||||||||||||||||||||||
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||
The amounts have been reclassified to reflect the disposition of the ethanol plants being accounted for as discontinued operations. | ||||||||||||||
Year Ended December 31, 2013 | 1st | 2nd | 3rd | 4th | ||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
(in thousands, except per share data) | ||||||||||||||
General and administrative expenses: | ||||||||||||||
Compensation expense | $ | -978 | $ | -786 | $ | -737 | $ | -5,606 | ||||||
Other | -342 | -625 | -312 | -357 | ||||||||||
Operating loss | -1,320 | -1,411 | -1,049 | -5,963 | ||||||||||
Other income (expense) | 1 | — | — | -4 | ||||||||||
Loss from continuing operations before income taxes | -1,319 | -1,411 | -1,049 | -5,967 | ||||||||||
Income tax provision (benefit) | — | — | — | — | ||||||||||
Loss from continuing operations | -1,319 | -1,411 | -1,049 | -5,967 | ||||||||||
Discontinued operations: | ||||||||||||||
Loss from discontinued operations | -4,009 | -3,326 | -4,080 | -470 | ||||||||||
Loss on disposal of plants | — | — | — | -24,019 | ||||||||||
Income tax provision (benefit) | — | — | — | — | ||||||||||
Loss from discontinued operations | -4,009 | -3,326 | -4,080 | -24,489 | ||||||||||
Net loss | -5,328 | -4,737 | -5,129 | -30,456 | ||||||||||
Less: Net loss from continuing operations attributable | 172 | 183 | 137 | 875 | ||||||||||
to the noncontrolling interest | ||||||||||||||
Less: Net loss from discontinued operations attributable | 521 | 430 | 531 | 3,593 | ||||||||||
to the noncontrolling interest | ||||||||||||||
Net loss attributable to BioFuel Energy Corp. common | $ | -4,635 | $ | -4,124 | $ | -4,461 | $ | -25,988 | ||||||
stockholders | ||||||||||||||
Amounts attributable to BioFuel Energy Corp.: | ||||||||||||||
Loss from continuing operations | $ | -1,147 | $ | -1,228 | $ | -912 | $ | -5,092 | ||||||
Loss from discontinued operations | -3,488 | -2,896 | -3,549 | -20,896 | ||||||||||
Net loss attributable to BioFuel Energy Corp. | $ | -4,635 | $ | -4,124 | $ | -4,461 | $ | -25,988 | ||||||
Basic and fully diluted loss per share attributable to BioFuel Energy Corp.: | ||||||||||||||
Continuing operations | $ | -0.21 | $ | -0.23 | $ | -0.17 | $ | -0.95 | ||||||
Discontinued operations | -0.66 | -0.54 | -0.67 | -3.88 | ||||||||||
$ | -0.87 | $ | -0.77 | $ | -0.84 | $ | -4.83 | |||||||
Weighted average shares outstanding – basic and fully diluted | 5,308 | 5,342 | 5,342 | 5,387 | ||||||||||
Year Ended December 31, 2012 | 1st | 2nd | 3rd | 4th | ||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
(in thousands, except per share data) | ||||||||||||||
General and administrative expenses: | ||||||||||||||
Compensation expense | $ | -1,332 | $ | -1,081 | $ | -1,065 | $ | -805 | ||||||
Other | -510 | -569 | -367 | -361 | ||||||||||
Operating loss | -1,842 | -1,650 | -1,432 | -1,166 | ||||||||||
Other income (expense) | — | — | — | — | ||||||||||
Loss from continuing operations before income taxes | -1,842 | -1,650 | -1,432 | -1,166 | ||||||||||
Income tax provision (benefit) | — | — | — | — | ||||||||||
Loss from continuing operations | -1,842 | -1,650 | -1,432 | -1,166 | ||||||||||
Discontinued operations: | ||||||||||||||
Loss from discontinued operations | -9,251 | -10,765 | -9,896 | -10,320 | ||||||||||
Loss on disposal of plants | — | — | — | — | ||||||||||
Income tax provision (benefit) | — | — | — | — | ||||||||||
Loss from discontinued operations | -9,251 | -10,765 | -9,896 | -10,320 | ||||||||||
Net loss | -11,093 | -12,415 | -11,328 | -11,486 | ||||||||||
Less: Net loss from continuing operations attributable | 280 | 244 | 189 | 149 | ||||||||||
to the noncontrolling interest | ||||||||||||||
Less: Net loss from discontinued operations attributable | 1,405 | 1,589 | 1,309 | 1,314 | ||||||||||
to the noncontrolling interest | ||||||||||||||
Net loss attributable to BioFuel Energy Corp. common | $ | -9,408 | $ | -10,582 | $ | -9,830 | $ | -10,023 | ||||||
stockholders | ||||||||||||||
Amounts attributable to BioFuel Energy Corp.: | ||||||||||||||
Loss from continuing operations | $ | -1,562 | $ | -1,406 | $ | -1,243 | $ | -1,017 | ||||||
Loss from discontinued operations | -7,846 | -9,176 | -8,587 | -9,006 | ||||||||||
Net loss attributable to BioFuel Energy Corp. | $ | -9,408 | $ | -10,582 | $ | -9,830 | $ | -10,023 | ||||||
Basic and fully diluted loss per share attributable to BioFuel Energy Corp.: | ||||||||||||||
Continuing operations | $ | -0.3 | $ | -0.27 | $ | -0.24 | $ | -0.19 | ||||||
Discontinued operations | -1.53 | -1.78 | -1.64 | -1.7 | ||||||||||
$ | -1.83 | $ | -2.05 | $ | -1.88 | $ | -1.89 | |||||||
Weighted average shares outstanding – basic and fully diluted | 5,140 | 5,167 | 5,224 | 5,300 | ||||||||||
Organization_Nature_of_Busines1
Organization, Nature of Business, and Basis of Presentation (Details Textual) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | |||||||
Nov. 22, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 10, 2014 | Mar. 28, 2014 | |
bbl | Common Class B [Member] | Common Class B [Member] | Common Class B [Member] | Greenlight [Member] | Brickman Parties [Member] | Brickman Parties And Greenlight [Member] | Brickman Parties And Greenlight [Member] | ||||
Organization Nature Of Business And Liquidity Considerations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Repayments Of Debt Gross | $3,330,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Owned Of Subsidiaries Membership Units | ' | 87.60% | 87.30% | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining Percentage Of Owned By Investment Funds Affiliates | ' | 12.40% | 12.70% | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | ' | 5,497,106 | 5,482,585 | 5,483,773 | 780,958 | 795,479 | 795,479 | ' | ' | ' | ' |
Cash and cash equivalents | ' | 8,054,000 | 12,605,000 | 8,554,000 | ' | ' | ' | ' | ' | ' | ' |
Production, Barrels of Oil Equivalents | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Payable In Cash And Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 275,000,000 |
Business Acquisition, Transaction Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 275,000,000 | ' |
Common Stock Owning Percentage | ' | ' | ' | ' | ' | ' | ' | 49.90% | 8.40% | ' | ' |
Proceeds From Issuance Of Rights | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | ' | ' | ' |
Proceeds from Issuance of Debt | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' |
Operating Loss Carryforwards | ' | $181,300,000 | $178,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest Ownership Percentage | ' | 12.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Dispos2
Discontinued Operations - Disposal of Ethanol Plants (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Nov. 22, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | $91,031 | ' | ' | ' | ' | ' | $180,072 | $298,429 | $463,280 | ' |
Cost of goods sold | ' | ' | ' | 93,313 | ' | ' | ' | ' | ' | 184,225 | 304,957 | 493,901 | ' |
Gross loss | ' | ' | ' | -2,282 | ' | ' | ' | ' | ' | -4,153 | -6,528 | -30,621 | ' |
General and administrative expenses | ' | ' | ' | 1,682 | ' | ' | ' | ' | ' | 3,393 | 6,150 | 3,778 | ' |
Operating loss | ' | ' | ' | -3,964 | ' | ' | ' | ' | ' | -7,546 | -12,678 | -34,399 | ' |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income | ' | ' | ' | 2,597 | ' | ' | ' | ' | ' | 4,055 | 7,850 | 1,442 | ' |
Interest expense | ' | ' | ' | -1,959 | ' | ' | ' | ' | ' | -3,844 | -7,057 | -7,275 | ' |
Loss before income taxes | ' | ' | ' | -3,326 | ' | ' | ' | ' | ' | -7,335 | -11,885 | -40,232 | ' |
Loss on disposal of plants | 24,019 | -24,019 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | -24,019 | 0 | ' |
Income tax provision (benefit) | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Loss from discontinued operations | ' | ' | ' | -3,326 | ' | ' | ' | ' | ' | -7,335 | -35,904 | -40,232 | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 267 | ' | ' | ' | 769 | ' | ' | ' | ' | 267 | 769 | ' |
Accounts receivable | 7,775 | 0 | ' | ' | ' | 9,256 | ' | ' | ' | ' | 0 | 9,256 | ' |
Inventories | 11,679 | 0 | ' | ' | ' | 13,443 | ' | ' | ' | ' | 0 | 13,443 | ' |
Prepaid expenses | 283 | 1 | ' | ' | ' | 756 | ' | ' | ' | ' | 1 | 756 | ' |
Deposits | 1,288 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current assets | ' | 164 | ' | ' | ' | 78 | ' | ' | ' | ' | 164 | 78 | ' |
Total current assets | 21,025 | 432 | ' | ' | ' | 24,302 | ' | ' | ' | ' | 432 | 24,302 | ' |
Non-current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | 187,519 | 0 | ' | ' | ' | 209,539 | ' | ' | ' | ' | 0 | 209,539 | ' |
Debt issuance costs, net | 862 | 0 | ' | ' | ' | 1,739 | ' | ' | ' | ' | 0 | 1,739 | ' |
Other assets | ' | 0 | ' | ' | ' | 788 | ' | ' | ' | ' | 0 | 788 | ' |
Total non-current assets | 188,381 | 0 | ' | ' | ' | 212,066 | ' | ' | ' | ' | 0 | 212,066 | ' |
Assets held for sale | ' | 432 | ' | ' | ' | 236,368 | ' | ' | ' | ' | 432 | 236,368 | 0 |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | -2,831 | 289 | ' | ' | ' | 11,611 | ' | ' | ' | ' | 289 | 11,611 | ' |
Current portion of long-term debt | -170,630 | 0 | ' | ' | ' | 170,630 | ' | ' | ' | ' | 0 | 170,630 | ' |
Current portion of tax increment financing | -301 | 0 | ' | ' | ' | 399 | ' | ' | ' | ' | 0 | 399 | ' |
Other current liabilities | -9,038 | 0 | ' | ' | ' | 2,368 | ' | ' | ' | ' | 0 | 2,368 | ' |
Total current liabilities | -182,800 | 289 | ' | ' | ' | 185,008 | ' | ' | ' | ' | 289 | 185,008 | ' |
Non-current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, net of current portion | -2,640 | 0 | ' | ' | ' | 2,789 | ' | ' | ' | ' | 0 | 2,789 | ' |
Tax increment financing, net of current portion | -4,129 | 0 | ' | ' | ' | 4,275 | ' | ' | ' | ' | 0 | 4,275 | ' |
Other non-current liabilities | -2,918 | 0 | ' | ' | ' | 3,072 | ' | ' | ' | ' | 0 | 3,072 | ' |
Total non-current liabilities | -9,687 | 0 | ' | ' | ' | 10,136 | ' | ' | ' | ' | 0 | 10,136 | ' |
Liabilities held for sale | ' | 289 | ' | ' | ' | 195,144 | ' | ' | ' | ' | 289 | 195,144 | 0 |
Total net liabilities | -16,919 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration received | 1,742 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash disposed of | ($8,842) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Dispos3
Discontinued Operations - Disposal of Ethanol Plants (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Nov. 22, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Repayments Of Debt Gross | $3,330,000 | ' | ' | ' | ' | ' | ' |
Amount Accounted For Return Of Deposit | 938,000 | ' | ' | ' | ' | ' | ' |
Amount Accounted For Past Accrued Management Fees Paid | 650,000 | ' | ' | ' | ' | ' | ' |
Proceeds from (Repayments of) Debt, Total | 1,742,000 | ' | ' | ' | ' | ' | ' |
Depreciation | ' | ' | ' | ' | ' | 34,000 | 53,000 |
Operating Leases, Rent Expense | ' | 42,000 | 68,000 | 88,000 | 131,000 | ' | ' |
Ethanol Plants [Member] | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Depreciation | ' | ' | 6,832,000 | ' | 13,699,000 | ' | ' |
Operating Leases, Rent Expense | ' | ' | 2,821,000 | ' | 5,619,000 | ' | ' |
Cargill [Member] | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Cost Of Purchased Oil and Gas | ' | ' | $72,100,000 | ' | $142,500,000 | $230,700,000 | $384,600,000 |
Sales Revenue, Net [Member] | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk Percentage During Period | ' | ' | 76.00% | ' | 75.00% | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Inventory [Line Items] | ' |
Raw materials | $8,198 |
Work in process | 2,831 |
Finished goods | 2,414 |
Inventory, Net, Total | $13,443 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Wood River Plant [Member] | Fairmont Plant [Member] | Cargill [Member] | Cargill [Member] | Cargill [Member] | Cargill [Member] | Sales Revenue, Goods, Net [Member] | Sales Revenue, Goods, Net [Member] | Accounts Receivable [Member] | ||||
Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $12,605,000 | $8,054,000 | $8,554,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk Percentage During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76.00% | 75.00% | 81.00% |
Accounts receivable | 39,000 | 0 | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' |
Cost of Purchased Oil and Gas | ' | ' | ' | ' | ' | 72,100,000 | 142,500,000 | 230,700,000 | 384,600,000 | ' | ' | ' |
Accounts payable | 50,000 | 47,000 | 27,000 | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' |
Asset Retirement Obligation | ' | ' | ' | $149,000 | $188,000 | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '20 Years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Office furniture and equipment | $788 | $788 | $797 |
Accumulated depreciation | -731 | -717 | -691 |
Property, plant and equipment, net | $57 | $71 | $106 |
Property_Plant_and_Equipment_D1
Property, Plant and Equipment (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Depreciation | ' | ' | ' | ' | $34,000 | $53,000 |
Discontinued Operation [Member] | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Depreciation | $7,000 | $8,000 | $14,000 | $18,000 | $24,427,000 | $27,236,000 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding - basic (in shares) | 5,443,061 | 5,342,064 | 5,442,585 | 5,325,206 | 5,344,938 | 5,208,408 |
Potentially dilutive common stock equivalents: | ' | ' | ' | ' | ' | ' |
Class B common shares | 794,522 | 795,479 | 794,998 | 795,479 | 795,479 | 880,443 |
Restricted stock | 0 | 101,228 | 0 | 118,086 | 98,214 | 135,162 |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | 794,522 | 896,707 | 794,998 | 913,565 | 893,693 | 1,015,605 |
Weighted Average Number Of Shares Outstanding, Basic Including Potentially Dilutive Common Stock Equivalents | 6,237,583 | 6,238,771 | 6,237,583 | 6,238,771 | 6,238,631 | 6,224,013 |
Less anti-dilutive common stock equivalents | -794,522 | -896,707 | -794,998 | -913,565 | -893,693 | -1,015,605 |
Weighted average common shares outstanding - diluted (in shares) | 5,443,061 | 5,342,064 | 5,442,585 | 5,325,206 | 5,344,938 | 5,208,408 |
Earnings_Per_Share_Details_Tex
Earnings Per Share (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 60,494 | 65,481 | 60,494 | 65,481 | 65,481 | 71,237 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
Term loans | $170,480 |
Capital lease | 2,465 |
Notes payable | 474 |
Total | 173,419 |
Less current portion | -170,630 |
Long-term portion | $2,789 |
LongTerm_Debt_Details_Textual
Long-Term Debt (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Nov. 22, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
City Wood River Facility [Member] | City Wood River Facility [Member] | Senior Debt Facility [Member] | Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | $9,000 | $52,000 | $3,150,000 | ' |
Fixed Facilities Charges Monthly Based On Cost Of Substation and Distribution Facility | ' | ' | ' | ' | ' | 34,000 |
Proceeds from Notes Payable | ' | ' | ' | 419,000 | ' | ' |
Debt Instrument Of First Required Payment1 | ' | ' | 208,000 | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | ' | 6.00% | 4.00% | ' | ' |
Debt Instrument, Maturity Date, Description | ' | ' | '2014 | '2018 | ' | ' |
Term Of Capital Lease | ' | ' | ' | ' | ' | '30 years |
Debt Instrument, Maturity Date | ' | ' | ' | ' | 30-Sep-14 | ' |
Proceeds From Repayments Of Debt Gross | 3,330,000 | ' | ' | ' | ' | ' |
Long-term Line of Credit | $23,400,000 | $8,200,000 | ' | ' | ' | ' |
Tax_Increment_Financing_Detail
Tax Increment Financing (Details Textual) (USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Feb. 28, 2007 |
Tax Increment Financing [Line Items] | ' |
Proceeds From Tax Increment Revenue Noted Issued | $6 |
Debt Instrument, Interest Rate, Stated Percentage | 7.85% |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2007 | Dec. 31, 2012 | Mar. 27, 2014 | |
Series B Junior Participating Preferred Stock [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Reverse Stock Split Outstanding Common Stock Ratio | 'one-for-twenty | ' | ' | ' | ' | ' |
Reverse Stock Split Authorized Common Stock Ratio | 'On June 15, 2012, the Company effected a reverse stock split with respect to all outstanding shares of common stock and Class B common stock at a ratio of one-for-twenty. | ' | ' | ' | ' | ' |
Reverse Stock Split Authorized Common Stock Ratio | 'The Company also split the number of authorized shares of common stock at a ratio of one-for-fourteen, thereby reducing the aggregate number of authorized common stock shares to 10,000,000, and also split the number of authorized shares of Class B common stock at a ratio of one-for-twenty, thereby reducing the aggregate number of authorized Class B common stock shares to 3,750,000. All share and per share information and all necessary par value adjustments have been retroactively restated in the financial statements to reflect the effect of this reverse stock split. | ' | ' | ' | ' | ' |
Treasury shares | ' | 40,481 | 40,481 | ' | 40,481 | ' |
Treasury Stock Acquired, Average Cost Per Share | ' | $106.62 | $106.62 | ' | ' | ' |
Amount Available Under Stock Repurchase Plan | ' | $3,184,000 | $3,184,000 | $7,500,000 | ' | ' |
Share Purchase Price | ' | ' | ' | ' | ' | $13.50 |
Preferred Stock, Par Value (In Dollars Per Share) | ' | $0.01 | $0.01 | ' | $0.01 | $0.01 |
Beneficial Ownership Percentage | ' | ' | ' | ' | ' | 4.99% |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative not designated as hedging instrument: | ' | ' |
Net amount recognized in earnings | $0 | ($3,384) |
Commodity Contract [Member] | Sales [Member] | ' | ' |
Derivative not designated as hedging instrument: | ' | ' |
Net amount recognized in earnings | 0 | -1,498 |
Commodity Contract [Member] | Cost of Sales [Member] | ' | ' |
Derivative not designated as hedging instrument: | ' | ' |
Net amount recognized in earnings | $0 | ($1,886) |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Stock options | $0 | $0 | $0 | $90 | $90 | $922 |
Restricted stock | 0 | 140 | 0 | 309 | 1,503 | 568 |
Total | $0 | $140 | $0 | $399 | $1,593 | $1,490 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Share Based Compensation Stock Options Activity [Line Items] | ' | ' |
Shares Options outstanding, January 1, 2014 (in shares) | 65,481 | 71,237 |
Shares Granted (in shares) | 0 | 0 |
Shares Exercised (in shares) | 0 | 0 |
Shares Forfeited (in shares) | -4,987 | -5,756 |
Shares Options outstanding, December 31, 2013 (in shares) | 60,494 | 65,481 |
Shares Options exercisable, December 31, 2013 (in shares) | 60,494 | 65,481 |
Weighted Average Exercise Price Options outstanding, January 1, 2013 (in dollars per share) | $58.94 | $61.72 |
Weighted Average Exercise Price Granted (in dollars per share) | $0 | $0 |
Weighted Average Exercise Price Exercised (in dollars per share) | $0 | $0 |
Weighted Average Exercise Price Forfeited (in dollars per share) | $45.73 | $93.30 |
Weighted Average Exercise Price Options outstanding, December 31, 2013 (in dollars per share) | $60.03 | $58.94 |
Weighted Average Exercise Price Options exercisable, December 31, 2013 (in dollars per share) | $60.03 | $58.94 |
Weighted Average Remaining Life (years) Options outstanding, December 31, 2013 | '6 months | '1 year |
Weighted Average Remaining Life (years) Options exercisable, December 31, 2013 | '6 months | '1 year |
Aggregate Intrinsic Value Options outstanding, December 31, 2013 | $0 | $0 |
Aggregate Intrinsic Value Options exercisable, December 31, 2013 | $0 | $0 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 2) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share Based Compensation Unvested Stock Options [Line Items] | ' |
Shares Unvested, January 1, 2013 (in shares) | 10,074 |
Shares Granted (in shares) | 0 |
Shares Vested (in shares) | -10,074 |
Shares Forfeited (in shares) | 0 |
Shares Unvested, December 31, 2013 (in shares) | 0 |
Weighted Average Grant Date Fair Value Unvested, January 1, 2013 (in dollars per share) | $46.01 |
Weighted Average Grant Date Fair Value Granted (in dollars per share) | $0 |
Weighted Average Grant Date Fair Value Vested (in dollars per share) | $46.01 |
Weighted Average Grant Date Fair Value Forfeited (in dollars per share) | $0 |
Weighted Average Grant Date Fair Value Unvested, December 31, 2013 (in dollars per share) | $0 |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details 3) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share Based Compensation Restricted Stock Activity [Line Items] | ' |
Shares Restricted stock outstanding, January 1, 2013 (in shares) | 143,026 |
Shares Granted (in shares) | 0 |
Shares Vested (in shares) | -141,838 |
Shares Cancelled or expired (in shares) | -1,188 |
Shares Restricted stock outstanding, December 31, 2013 (in shares) | 0 |
Weighted Average Grant Date Fair Value per Award Restricted stock outstanding, January 1, 2013 (in dollars per share) | $13.82 |
Weighted Average Grant Date Fair Value per Award Granted (in dollars per share) | $0 |
Weighted Average Grant Date Fair Value per Award Vested (in dollars per share) | $13.84 |
Weighted Average Grant Date Fair Value per Award Cancelled or expired (in dollars per share) | $11.53 |
Weighted Average Grant Date Fair Value per Award Restricted stock outstanding, December 31, 2013 (in dollars per share) | $0 |
Aggregate Intrinsic Value Restricted stock outstanding, December 31, 2013 | $0 |
StockBased_Compensation_Detail4
Stock-Based Compensation (Details Textual) (USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 355,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | 114,553 | ' |
Percentage Of Stock Options Vested Of Common Stock On First Anniversaries Of Grant Date | 30.00% | ' | ' |
Percentage Of Stock Options Vested Of Common Stock On Second Anniversaries Of Grant Date | 30.00% | ' | ' |
Percentage Of Stock Options Vested Of Common Stock On Third Anniversaries Of Grant Date | 40.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | 0 | ' |
Allocated Share-based Compensation Expense | ' | $911,000 | ' |
Employee Stock Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | 'five year | 'five year | ' |
Percentage Of Stock Options Vested Of Common Stock On First Anniversaries Of Grant Date | ' | 30.00% | ' |
Percentage Of Stock Options Vested Of Common Stock On Second Anniversaries Of Grant Date | ' | 30.00% | ' |
Percentage Of Stock Options Vested Of Common Stock On Third Anniversaries Of Grant Date | ' | 40.00% | ' |
Equity Incentive Compensation Plan 2007 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | 355,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | 'ten years | 'ten years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 119,540 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Description | 'June 2017 | 'June 2017 | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | 'four year | 'four year | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $97,852 | $97,852 | ' |
Percentage Of Restricted Stock Vest In Equal Increments On Each Of First Four Anniversaries | 25.00% | 25.00% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | 78,850 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '1 year | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit at 35% federal statutory rate | $984 | ' | ' | $1,266 | ' | ' | ' | ' | ' | $491 | $3,523 | $16,587 | $16,213 |
State tax benefit, net of federal benefit | 85 | ' | ' | 109 | ' | ' | ' | ' | ' | 42 | 50 | 237 | 232 |
Noncontrolling interest | -24 | ' | ' | -60 | ' | ' | ' | ' | ' | -60 | -464 | -2,365 | -2,300 |
Valuation allowance | -1,662 | ' | ' | -3,116 | ' | ' | ' | ' | ' | -2,379 | -2,957 | -13,567 | -14,273 |
Other | 617 | ' | ' | 1,801 | ' | ' | ' | ' | ' | 1,906 | -152 | -892 | 128 |
Total | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | ' | ' | ' |
Capitalized start up costs | $23 | $24 | $3,253 |
Deferred transaction costs | 842 | 0 | ' |
Stock-based compensation | 622 | 622 | 965 |
Net operating loss carryover | 63,453 | 62,372 | 84,960 |
Other | 3 | 18 | 266 |
Deferred tax assets | 64,943 | 63,036 | 89,444 |
Valuation allowance | -64,311 | -61,111 | -47,544 |
Deferred tax liabilities: | ' | ' | ' |
Property, plant and equipment | -8 | -11 | -41,900 |
Investment in partnership | -624 | -1,914 | 0 |
Deferred tax liabilities | -632 | -1,925 | -41,900 |
Net deferred tax asset | $0 | $0 | $0 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Income Taxes [Line Items] | ' | ' |
Operating Loss Carryforwards | $181.30 | $178.20 |
Operating Loss Carryforwards, Expiration Date | 31-Dec-29 | 31-Dec-28 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | ' | 35.00% |
Employee_Benefits_Details_Text
Employee Benefits (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Benefits [Line Items] | ' | ' | ' | ' | ' | ' |
Description Of Employee Participation In Employee Benefit Plans | ' | ' | 'The LLC sponsors a 401(k) profit sharing and savings plan for its employees. Employee participation in this plan is voluntary and the LLC matches 50% of eligible employee contributions, up to an amount equal to 3% of employee compensation, on a biweekly basis. | ' | 'Employee participation in this plan is voluntary and the LLC matches 50% of eligible employee contributions, up to an amount equal to 3% of employee compensation, on a biweekly basis. | ' |
Defined Benefit Plan, Contributions by Plan Participants | $12,000 | $16,000 | $21,000 | $36,000 | $155,000 | $244,000 |
Accrued Liabilities and Other Liabilities, Total | ' | ' | ' | ' | $4,180,000 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Continuing Operations [Member] | Continuing Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | ||||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense | $42,000 | $68,000 | $88,000 | $131,000 | ' | $256,000 | $249,000 | $10,022,000 | $11,140,000 |
Monthly Lease And Rental Expense | ' | ' | ' | ' | $11,000 | ' | ' | ' | ' |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss attributable to BioFuel Energy Corp. | ($2,750) | ($25,988) | ($4,461) | ($4,124) | ($4,635) | ($10,023) | ($9,830) | ($10,582) | ($9,408) | ($3,461) | ($8,759) | ($39,208) | ($39,843) |
Increase/Decrease in BioFuel Energy Corp. stockholdersb equity from issuance of common shares in exchange for Class B common shares and units of BioFuel Energy, LLC | -141 | ' | ' | 0 | ' | ' | ' | ' | ' | -141 | 0 | 0 | 273 |
Change in equity from net loss attributable to BioFuel Energy Corp. and transfers from noncontrolling interest | ($2,891) | ' | ' | ($4,124) | ' | ' | ' | ' | ' | ($3,602) | ($8,759) | ($39,208) | ($39,570) |
Noncontrolling_Interest_Detail1
Noncontrolling Interest (Details Textual) (USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2007 | |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Initial Public Offering Price Per Share | ' | ' | $210 |
Equity Method Investment, Ownership Percentage | 28.90% | 28.90% | ' |
Percentage Of Owned Of Subsidiaries Membership Units | 87.60% | 87.30% | ' |
Percentage Of Payment To Exchanging Llc Member In Cash Savings Under Tax Benefit Sharing Agreement | 85.00% | 85.00% | ' |
Remaining Percentage Of Payment To Exchanging Llc Member In Cash Savings Under Tax Benefit Sharing Agreement | 15.00% | 15.00% | ' |
Greenlight [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Membership Units To Be Issued | ' | 69,382 | ' |
Thirdpoint [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Membership Units To Be Issued | ' | 34,691 | ' |
Common Class B [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Membership Units To Be Issued | 897,903 | 897,903 | ' |
Quarterly_Financial_Data_unaud2
Quarterly Financial Data (unaudited) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Nov. 22, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
General and administrative expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | ' | ($384) | ($5,606) | ($737) | ($786) | ($978) | ($805) | ($1,065) | ($1,081) | ($1,332) | ($825) | ($1,764) | ($8,107) | ($4,283) |
Other | ' | -2,486 | -357 | -312 | -625 | -342 | -361 | -367 | -569 | -510 | -2,949 | -967 | -1,636 | -1,807 |
Operating loss | ' | -2,814 | -5,963 | -1,049 | -1,411 | -1,320 | -1,166 | -1,432 | -1,650 | -1,842 | -3,618 | -2,731 | -9,743 | -6,090 |
Other income (expense) | ' | 0 | -4 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | -3 | 0 |
Loss from continuing operations before income taxes | ' | -2,814 | -5,967 | -1,049 | -1,411 | -1,319 | -1,166 | -1,432 | -1,650 | -1,842 | -3,618 | -2,730 | -9,746 | -6,090 |
Income tax provision (benefit) | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Loss from continuing operations | ' | -2,814 | -5,967 | -1,049 | -1,411 | -1,319 | -1,166 | -1,432 | -1,650 | -1,842 | -3,618 | -2,730 | -9,746 | -6,090 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from discontinued operations | ' | 0 | -470 | -4,080 | -3,326 | -4,009 | -10,320 | -9,896 | -10,765 | -9,251 | 0 | -7,335 | -11,885 | -40,232 |
Loss on disposal of plants | 24,019 | ' | -24,019 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | -24,019 | 0 |
Income tax provision (benefit) | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Loss from discontinued operations | ' | 0 | -24,489 | -4,080 | -3,326 | -4,009 | -10,320 | -9,896 | -10,765 | -9,251 | 0 | -7,335 | -35,904 | -40,232 |
Net loss | ' | -2,814 | -30,456 | -5,129 | -4,737 | -5,328 | -11,486 | -11,328 | -12,415 | -11,093 | -3,618 | -10,065 | -45,650 | -46,322 |
Less: Net loss from continuing operations attributable to the noncontrolling interest | ' | 64 | 875 | 137 | 183 | 172 | 149 | 189 | 244 | 280 | 157 | 355 | 1,375 | 852 |
Less: Net loss from discontinued operations attributable to the noncontrolling interest | ' | 0 | 3,593 | 531 | 430 | 521 | 1,314 | 1,309 | 1,589 | 1,405 | 0 | 951 | 5,067 | 5,627 |
Net loss attributable to BioFuel Energy Corp. common stockholders | ' | -2,750 | -25,988 | -4,461 | -4,124 | -4,635 | -10,023 | -9,830 | -10,582 | -9,408 | -3,461 | -8,759 | -39,208 | -39,843 |
Amounts attributable to BioFuel Energy Corp.: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from continuing operations | ' | -2,750 | -5,092 | -912 | -1,228 | -1,147 | -1,017 | -1,243 | -1,406 | -1,562 | -3,461 | -2,375 | -8,371 | -5,238 |
Loss from discontinued operations | ' | 0 | -20,896 | -3,549 | -2,896 | -3,488 | -9,006 | -8,587 | -9,176 | -7,846 | 0 | -6,384 | -30,837 | -34,605 |
Net loss attributable to BioFuel Energy Corp. | ' | ($2,750) | ($25,988) | ($4,461) | ($4,124) | ($4,635) | ($10,023) | ($9,830) | ($10,582) | ($9,408) | ($3,461) | ($8,759) | ($39,208) | ($39,843) |
Basic and fully diluted loss per share attributable to BioFuel Energy Corp.: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations | ' | ($0.51) | ($0.95) | ($0.17) | ($0.23) | ($0.21) | ($0.19) | ($0.24) | ($0.27) | ($0.30) | ($0.64) | ($0.45) | ($1.57) | ($1.01) |
Discontinued operations | ' | $0 | ($3.88) | ($0.67) | ($0.54) | ($0.66) | ($1.70) | ($1.64) | ($1.78) | ($1.53) | $0 | ($1.20) | ($5.77) | ($6.64) |
Earnings Per Share, Basic and Diluted, Total | ' | ($0.51) | ($4.83) | ($0.84) | ($0.77) | ($0.87) | ($1.89) | ($1.88) | ($2.05) | ($1.83) | ($0.64) | ($1.65) | ($7.34) | ($7.65) |
Weighted average shares outstanding - basic and fully diluted | ' | 5,443 | 5,387 | 5,342 | 5,342 | 5,308 | 5,300 | 5,224 | 5,167 | 5,140 | 5,443 | 5,325 | 5,345 | 5,208 |
Schedule_I_Condensed_Financial1
Schedule I - Condensed Financial Information of Registrant (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | $8,841 | $15,654 | ' | ' | ' | $250,423 | ' | ' | ' | $8,841 | ' | $15,654 | $250,423 |
Stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares outstanding at December 31, 2013 and December 31, 2012 | 0 | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | 0 | 0 |
Common Stock Value | 54 | 54 | ' | ' | ' | 54 | ' | ' | ' | 54 | ' | 54 | 54 |
Less common stock held in treasury, at cost, 40,481 shares at December 31, 2013 and December 31, 2012 | -4,316 | -4,316 | ' | ' | ' | -4,316 | ' | ' | ' | -4,316 | ' | -4,316 | -4,316 |
Additional paid-in capital | 191,056 | 191,197 | ' | ' | ' | 189,604 | ' | ' | ' | 191,056 | ' | 191,197 | 189,604 |
Accumulated deficit | -171,789 | -168,328 | ' | ' | ' | -129,120 | ' | ' | ' | -171,789 | ' | -168,328 | -129,120 |
Total stockholders' equity | 15,013 | 18,615 | ' | ' | ' | 56,230 | ' | ' | ' | 15,013 | ' | 18,615 | 56,230 |
Income Statement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -2,814 | -30,456 | -5,129 | -4,737 | -5,328 | -11,486 | -11,328 | -12,415 | -11,093 | -3,618 | -10,065 | -45,650 | -46,322 |
Cash flow from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -2,814 | -30,456 | -5,129 | -4,737 | -5,328 | -11,486 | -11,328 | -12,415 | -11,093 | -3,618 | -10,065 | -45,650 | -46,322 |
Adjustment to reconcile net loss to net cash used in operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash used in operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,818 | 3,040 | 13,220 | 1,453 |
Cash flows from investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1,074 | -9,512 | -843 |
Cash and equivalents at end of period | 8,054 | 12,605 | ' | ' | ' | 8,554 | ' | ' | ' | 8,054 | ' | 12,605 | 8,554 |
Common Class B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Value | 8 | 8 | ' | ' | ' | 8 | ' | ' | ' | 8 | ' | 8 | 8 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in BioFuel Energy, LLC | ' | 18,615 | ' | ' | ' | 56,230 | ' | ' | ' | ' | ' | 18,615 | 56,230 |
Total assets | ' | 18,615 | ' | ' | ' | 56,230 | ' | ' | ' | ' | ' | 18,615 | 56,230 |
Stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares outstanding at December 31, 2013 and December 31, 2012 | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | 0 |
Common Stock Value | ' | 54 | ' | ' | ' | 54 | ' | ' | ' | ' | ' | 54 | 54 |
Less common stock held in treasury, at cost, 40,481 shares at December 31, 2013 and December 31, 2012 | ' | -4,316 | ' | ' | ' | -4,316 | ' | ' | ' | ' | ' | -4,316 | -4,316 |
Additional paid-in capital | ' | 191,197 | ' | ' | ' | 189,604 | ' | ' | ' | ' | ' | 191,197 | 189,604 |
Accumulated deficit | ' | -168,328 | ' | ' | ' | -129,120 | ' | ' | ' | ' | ' | -168,328 | -129,120 |
Total stockholders' equity | ' | 18,615 | ' | ' | ' | 56,230 | ' | ' | ' | ' | ' | 18,615 | 56,230 |
Income Statement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in loss of BioFuel Energy, LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -39,027 | -39,568 |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -181 | -275 |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -39,208 | -39,843 |
Cash flow from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -39,208 | -39,843 |
Adjustment to reconcile net loss to net cash used in operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash used in operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -181 | -275 |
Cash flows from investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advances from BioFuel Energy, LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181 | 275 |
Net cash provided by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181 | 275 |
Cash and equivalents at end of period | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | 0 |
Parent Company [Member] | Common Class B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Value | ' | $8 | ' | ' | ' | $8 | ' | ' | ' | ' | ' | $8 | $8 |
Schedule_I_Condensed_Financial2
Schedule I - Condensed Financial Information of Registrant (Details Textual) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Preferred Stock, Par Value (In Dollars Per Share) | $0.01 | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Common Stock, Par Value (In Dollars Per Share) | $0.01 | $0.01 | $0.01 |
Common Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Common Stock, Shares Outstanding | 5,497,106 | 5,482,585 | 5,483,773 |
Treasury Shares | 40,481 | 40,481 | 40,481 |
Parent [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Preferred Stock, Par Value (In Dollars Per Share) | ' | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | ' | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Outstanding | ' | 0 | 0 |
Common Stock, Par Value (In Dollars Per Share) | ' | $0.01 | $0.01 |
Common Stock, Shares Authorized | ' | 10,000,000 | 10,000,000 |
Common Stock, Shares Outstanding | ' | 5,482,585 | 5,483,773 |
Treasury Shares | ' | 40,481 | 40,481 |
Common Class B [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Common Stock, Par Value (In Dollars Per Share) | $0.01 | $0.01 | $0.01 |
Common Stock, Shares Authorized | 3,750,000 | 3,750,000 | 3,750,000 |
Common Stock, Shares Outstanding | 780,958 | 795,479 | 795,479 |
Common Class B [Member] | Parent [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Common Stock, Par Value (In Dollars Per Share) | ' | $0.01 | $0.01 |
Common Stock, Shares Authorized | ' | 3,750,000 | 3,750,000 |
Common Stock, Shares Outstanding | ' | 795,479 | 795,479 |