Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Gevo, Inc. | |
Entity Central Index Key | 0001392380 | |
Trading Symbol | gevo | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 11,885,524 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 35,466 | $ 33,734 |
Accounts receivable | 1,125 | 526 |
Inventories | 3,187 | 3,166 |
Prepaid expenses and other current assets | 1,902 | 1,284 |
Total current assets | 41,680 | 38,710 |
Property, plant and equipment, net | 68,045 | 67,036 |
Deposits and other assets | 1,738 | 1,289 |
Total assets | 111,463 | 107,035 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 5,147 | 4,874 |
2020 Notes embedded derivative liability | 148 | 394 |
Derivative warrant liability | 21 | 22 |
Total current liabilities | 18,280 | 5,290 |
Other long-term liabilities | 654 | 404 |
Total liabilities | 18,934 | 18,248 |
Commitments and Contingencies (see Note 11) | ||
Stockholders' Equity | ||
Common stock, $0.01 par value per share; 250,000,000 authorized; 11,885,524 and 8,640,583 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively. | 119 | 86 |
Additional paid-in capital | 527,872 | 518,027 |
Accumulated deficit | (435,462) | (429,326) |
Total stockholders' equity | 92,529 | 88,787 |
Total liabilities and stockholders' equity | 111,463 | 107,035 |
Convertible 2020 Notes [Member] | ||
Current liabilities: | ||
Notes | 12,964 | |
Convertible 2022 Notes [Member] | ||
Current liabilities: | ||
Notes | $ 12,554 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock shares issued (in shares) | 11,885,524 | 8,640,583 |
Common stock, shares outstanding (in shares) | 11,885,524 | 8,640,583 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | $ 6,403 | $ 8,243 |
Grant and other revenue | 25 | |
Total revenues | 6,403 | 8,243 |
Cost of goods sold | 8,961 | 10,583 |
Gross loss | (2,558) | (2,340) |
Operating expenses | ||
Research and development expense | 978 | 789 |
Selling, general and administrative expense | 2,092 | 1,870 |
Total operating expenses | 3,070 | 2,659 |
Loss from operations | (5,628) | (4,999) |
Other (expense) income | ||
Interest expense | (755) | (825) |
(Loss) on exchange of debt | (21) | |
Gain from change in fair value of derivative warrant liability | 1 | 477 |
Gain from change in fair value of 2020 Notes embedded derivative | 246 | 2,858 |
Other income | 8 | |
Total other expense, net | (508) | 2,497 |
Net loss | $ (6,136) | $ (2,502) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.60) | $ (2.22) |
Weighted-average number of common shares outstanding - basic and diluted (in shares) | 10,153,873 | 1,126,737 |
Ethanol Sales and Related Products [Member] | ||
Revenue | $ 5,664 | $ 8,218 |
Hydrocarbon [Member] | ||
Revenue | $ 739 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Activities | ||
Net loss | $ (6,136) | $ (2,502) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
(Gain) from change in fair value of derivative warrant liability | (1) | (477) |
(Gain) from change in fair value of 2020 Notes embedded derivative | (246) | (2,858) |
Loss on exchange of debt | 21 | |
Stock-based compensation | 234 | 98 |
Depreciation and amortization | 1,612 | 1,646 |
Non-cash interest expense | 410 | 402 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (599) | (234) |
Inventories | (21) | 7 |
Prepaid expenses and other current assets | 157 | 78 |
Accounts payable, accrued expenses, and long-term liabilities | (1,118) | (531) |
Net cash used in operating activities | (5,708) | (4,350) |
Investing Activities | ||
Acquisitions of property, plant and equipment | (2,204) | (67) |
Net cash used in investing activities | (2,204) | (67) |
Financing Activities | ||
Proceeds from issuance of common stock and common stock warrants, net | 9,644 | (107) |
Net cash (used in)/provided by financing activities | 9,644 | (107) |
Net increase (decrease) in cash and cash equivalents | 1,732 | (4,524) |
Cash, cash equivalents, and restricted cash | ||
Beginning of period | 33,734 | 11,553 |
End of period | 35,466 | 7,029 |
Cash paid for interest, net of interest capitalized | 434 | |
Non-cash purchase of property, plant and equipment | 1,316 | 1 |
Exchange of convertible debt into common stock | 515 | |
Accounting Standards Update 2016-02 [Member] | ||
Cash, cash equivalents, and restricted cash | ||
Fair value of right-to-use asset and related lease liability upon adoption of Topic 842 - Leases | $ 1,244 |
Note 1 - Nature of Business, Fi
Note 1 - Nature of Business, Financial Condition, Basis of Presentation and Reverse Stock Split | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Nature of Business, Financial Condition, Basis of Presentation and Reverse Stock Split Nature of Business. In addition to its ethanol production capabilities, the Company developed proprietary technology that uses a combination of synthetic biology, metabolic engineering, chemistry and chemical engineering to make isobutanol and hydrocarbon products from isobutanol that can displace petrochemical incumbent products. The Company has been able to genetically engineer yeast, whereby the yeast produces isobutanol from carbohydrates. The Company’s technology converts its renewable isobutanol to alcohol-to-jet (“ATJ”), isooctane, isooctene, and para-xylene (building block for polyester) at its hydrocarbons demonstration plant located at South Hampton Resources, Inc’s facility in Silsbee, Texas (the “South Hampton Facility”). In addition the Company’s production facility located in Luverne, Minnesota (the “Luverne Facility”) has production capacity of about 20 45 50 3 As o f March 31, 2019, Financial Condition . For the three March 31, 2019 2018, $6.1 $2.5 $435.5 March 31, 2019. March 31, 2019 $35.5 The Company expects to incur future net losses as it continues to fund the development and commercialization of its product candidates. To date, the Company has financed its operations primarily with proceeds from multiple sales of equity and debt securities, borrowings under debt facilities and product sales. The Company’s transition to profitability is dependent upon, among other things, the successful development and commercialization of its product candidates and the achievement of a level of revenues adequate to support the Company’s cost structure. The Company may may may no At-the-Market Offering Program. February 2018, 2018 $84.9 three March 31, 2019, 3,244,941 $9.9 $0.2 $0.01 three March 31, 2019. As of March 31, 2019, $34.7 I.B.6 3, $75.0 March 27, 2019, 10 December 31, 2018, may 3 twelve no one third 2018, Basis of Presentation. not y at March 31, 2019 not 8 10 December 31, 2018. Reverse Stock Split. June 1, 2018, one twenty June 4, 2018. Recent Accounting Pronouncements Financial Instruments - Credit Losses (Topic 326 June 2016, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13” not 2016 13 one two not Adoption of New Accounting Pronouncements . Leases (Topic 842 February 2016, No. 2016 02, 842 2016 02” 2016 02 2016 02 December 15, 2018, 2016 02 January 1, 2019 no no January 1, 2019 As a result of adopting ASU 2016 02, $1.2 January 1, 2019. twelve 2016 02 , January 1, 2019 Topic 840 Derivatives and Hedging (Topic 815 ). Accounting for Certain Financial Instruments with Down Round Provisions . July 2017, No. 2017 11, Derivatives and Hedging (Topic 815 ) Accounting for Certain Financial Instruments with Down Round Provisions 2017 11” December 15, 2018, not |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 2. Earnings Per Share Basic earnings (loss) per sha re is computed by dividing the net loss for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share (“EPS”) includes the dilutive effect of common stock equivalents and is computed using the weighted-average number of common stock and common stock equivalents outstanding during the reporting period. Diluted EPS for the three March 31, 2019 2018 The following table sets forth securities outstanding that could potentially dilute the calculation of diluted earnings per share. March 31, 2019 2018 Warrants to purchase common stock - liability classified (see Note 6) 55,963 359,619 Warrant to purchase common stock - equity classified 6 70 2020 Notes 1,044,134 1,404,675 Outstanding options to purchase common stock 2,311 2,322 Stock appreciation rights 132,559 — Unvested restricted common stock 284,300 111 Total 1,519,273 1,766,797 |
Note 3 - Revenues From Contract
Note 3 - Revenues From Contracts With Customers; Other Revenues | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenues from Contracts with Customers; Other Revenues The Company’s current and historical revenues have consisted of the following: (a) ethanol sales and related products revenue, net; (b) hydrocarbon revenue; and (c) grant and other revenue, which primarily has historically consisted of revenues from governmental and cooperative research grants. Ethanol sales and related products revenues. no Hydrocarbon revenue. no Grant and other revenues. Northwest Advanced Renewables Alliance 2014. not 606 Revenues from Contracts with Customers” one The following table sets forth the components of the Company’s revenues between those generated from contracts with customers and those generated from arrangements that do not Three Months Ended March 31, 2019 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 5,664 – $ 5,664 Hydrocarbon revenue 739 – 739 Grant and other revenue – – - $ 6,403 $ – $ 6,403 Timing of Revenue Recognition Goods transferred at a point in time $ 6,403 $ – $ 6,403 Services transferred over time – – - $ 6,403 $ – $ 6,403 Operating Segment Gevo $ 739 $ – $ 739 Gevo Development / Agri-Energy 5,664 – 5,664 $ 6,403 $ – $ 6,403 Geographic Region United States $ 5,664 $ – $ 5,664 Other 739 – 739 $ 6,403 $ – $ 6,403 Three Months Ended March 31, 2018 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 8,218 – $ 8,218 Hydrocarbon revenue – – – Grant and other revenue 25 – 25 $ 8,243 $ – $ 8,243 Timing of Revenue Recognition Goods transferred at a point in time $ 8,218 $ – $ 8,218 Services transferred over time 25 – 25 $ 8,243 $ – $ 8,243 Operating Segment Gevo $ 25 $ – $ 25 Gevo Development / Agri-Energy 8,218 – 8,218 $ 8,243 $ – $ 8,243 Geographic Region United States $ 8,243 $ – $ 8,243 Other – – – $ 8,243 $ – $ 8,243 Goods transferred at a point-in-time. three ths ended March 31, 2019 2018, no March 31, 2019 December 31, 2018, no All goods transferred are tested to ensure product sold satisfies contractual product specifications prior to transfer. The customer obtains control of the goods when title and risk of loss for the goods has transferred, which in most cases is “ free-on-board, shipping point". All material contracts have payment terms of between one three no Services transferred over time. For the three March 31, 2019 2018, no March 31, 2019 December 31, 2018, no For the three March 31, 2019 2018, Contract Assets and Trade Receivables. As of March 31, 2019 December 31, 2018, no not no not March 31, 2019 December 31, 2018. |
Note 4 - Leases, Right-to-Use A
Note 4 - Leases, Right-to-Use Assets and Related Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 4. The Company enters into various arrangements which constitute a lease as defined by Topic 842 Leases The contracts for the Company are comprised of facility, equipment and transportation leases necessary to conduct the Company’s day-to-day operations for which the Company maintains control of right-to-use assets and incurs the related liabilities. The Company elected to adopt both the (a) short-term lease exemption for those leases with initial terms of twelve not no none 12.00% 2020 Upon adoption of Topic 842 $1.2 March 31, 2019, ( $0.3 twelve $0.5 twelve $0.6 $0.3 There are two not March 31, 2019 $3.0 March 31, 2019. The following table presents the (a) costs by lease category and (b) other quantitative information relating to the Company’s leases. Three Months Ended March 31, 2019 Lease Cost Financing lease cost $ - Operating lease cost 345 Short-Term lease cost 17 Variable lease cost - Sublease income - Total lease cost $ 362 Other Information (Gains) and losses on sale and leaseback transactions, net $ - Cash paid for the measurement of lease liabilities Operating cash flows from finance leases - Operating cash flows from operating leases 345 Financing cash flows from financing leases Right-to-use assets obtained in exchange for new finance lease liabilities - Right-to-use assets obtained in exchange for new operating lease liabilities - Weighted-average remaining lease term, financing leases (months) - Weighted-average remaining lease term, operating leases (months) 19.60 Weighted-average discount rate - financing leases - % Weighted-average discount rate - operating leases 12.00 % |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories The following table sets forth the components of the Company’s inventory balances (in thousands). March 31, December 31, 2019 2018 Raw materials Corn $ 92 $ 29 Enzymes and other inputs 145 204 Finished goods Ethanol 333 182 Isobutanol 457 549 Jet Fuels, Isooctane and Isooctene 306 394 Distiller's grains 40 54 Work in process - Agri-Energy 208 214 Work in process - Gevo 100 89 Spare parts 1,506 1,451 Total inventories $ 3,187 $ 3,166 Work in process inventory includes unfinished jet fuel, isooctane, and isooctene inventory. |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property, Plant and Equipment The following table sets forth the Company’s property, plant and equipment by classification (in thousands). Useful Life March 31, December 31, (in years) 2019 2018 Construction in progress $ 6,070 $ 3,478 Plant machinery and equipment 10 16,285 16,285 Site improvements 10 7,055 7,055 Luverne retrofit asset 20 70,842 70,842 Lab equipment, furniture and fixtures and vehicles 5 6,574 6,574 Demonstration plant 2 3,597 3,597 Buildings 10 2,543 2,543 Computer, office equipment and software 3 1,850 1,848 Leasehold improvements, pilot plant, land and support equipment 2 to 5 2,549 2,542 Total property, plant and equipment 117,365 114,764 Less accumulated depreciation and amortization (49,320 ) (47,728 ) Property, plant and equipment, net $ 68,045 $ 67,036 Included in cost of goods sold is depreciation of $1.6 $1.6 three ded March 31, 2019 2018, Included in operating expenses is depreciation of $0.1 $0.1 three March 31, 2019 2018, |
Note 7 - Embedded Derivatives a
Note 7 - Embedded Derivatives and Derivative Warrant Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Discussion of Hybrid Instruments and Embedded Derivatives [Text Block] | 7. Embedded Derivatives and Derivative Warrant Liabilities 2020 In June 2017, 12% 2020 “2020 12.0% 2017 “2017 2020 2020 “2020 2020 three nine 150% ten 2020 Embedded derivatives are separated from the host contract and the 2020 not 2020 2020 one The Company used a binomial lattice model in order to estimate the fair value of the embedded derivative in the 2020 two 2020 2020 2020 150% ten Using this lattice model, the Company valued the embedded derivative using a “with-and-without method”, where the value of the 2020 2020 2020 2020 2020 2020 As of March 31, 2019, $0.1 $0.2 three March 31, 2019, 2020 The following table sets forth the inputs to the lattice model that were used to value the embedded derivatives. March 31, December 31, 2019 2018 Stock price $ 2.19 1.96 Conversion Rate per $1,000 67.95 67.95 Conversion Price $ 14.72 $ 14.72 Maturity date March 15, 2020 March 15, 2020 Risk-free interest rate 2.37 % 2.57 % Estimated stock volatility 120 % 150 % Estimated credit spread 26.8 % 31 % Changes in certain inputs into the lattice model can have a significant impact on changes in the estimated fair value of the embedded featured within the 2020 1 2 3 Derivative Warrant Liability The following table sets forth information pertaining to shares issued upon the exercise of such warrants as of March 31, 2019: Issuance Date Expiration Date Exercise Price as of March 31, 2019 Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of March 31, 2019 Shares Underlying Warrants Outstanding as of March 31, 2019 (1) 2014 Warrants 08/05/2014 08/05/2019 $ 65.50 2,500 1,526 974 Series A Warrants 02/03/2015 02/03/2020 $ 3.80 5,542 5,222 320 Series C Warrants 05/19/2015 05/19/2020 $ 53.43 1,075 — 1,075 Series D Warrants 12/11/2015 12/11/2020 $ 40.00 25,125 25,078 47 Series F Warrants 04/01/2016 04/01/2021 $ 40.00 25,733 11,692 14,041 Series I Warrants 09/13/2016 09/13/2021 $ 220.00 35,650 — 35,650 Series K Warrants 02/17/2017 2/17/2022 $ 3.80 312,516 308,660 3,856 408,141 352,178 55,963 ( 1 This table does not 6 2008 2012, $345 The agreements governing the above warrants include the following terms: • certain warrants have exercise prices which are subject to adjustment for certain events, including the issuance of stock dividends on the Company’s common stock and, in certain instances, the issuance of the Company’s common stock or instruments convertible into the Company’s common stock at a price per share less than the exercise price of the respective warrants; • warrant holders may not may • the exercise price and the number and type of securities purchasable upon exercise of the warrants are subject to adjustment upon certain corporate events, including certain combinations, consolidations, liquidations, mergers, recapitalizations, reclassifications, reorganizations, stock dividends and stock splits, a sale of all or substantially all of the Company’s assets and certain other events; and • in the event of an “extraordinary transaction” or a “fundamental transaction” (as such terms are defined in the respective warrant agreements), generally including any merger with or into another entity, sale of all or substantially all of the Company’s assets, tender offer or exchange offer, or reclassification of its common stock, in which the successor entity (as defined in the respective warrant agreements) that assumes the successor entity is not 30 may There were no three March 31, 2019. As of March 31, 2019, |
Note 8 - Accounts Payable and A
Note 8 - Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. Accounts Payable and Accrued Liabilities The following table sets forth the components of the Company’s accounts payable and accrued liabilities in the consolidated balance sheets (in thousands). March 31, December 31, 2019 2018 Accounts payable - trade $ 2,333 $ 1,944 Accrued legal-related fees 156 206 Accrued employee compensation 920 1,648 Accrued interest 344 - Accrued production fees 297 255 Accrued utilities and supplies payable 284 344 Accrued taxes payable 197 101 Current lease obligations 577 – Other accrued liabilities * 39 376 Total accounts payable and accrued liabilities $ 5,147 $ 4,874 * Other accrued liabilities consist of franchise taxes, audit fees, and a variety of other expenses, none five |
Note 9 - Debt
Note 9 - Debt | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Debt 2020 Notes The following table sets forth information pertaining to the 2020 Principal Amount of 2020 Notes Debt Discount Debt Issue Costs Total 2020 Notes 2020 Notes Embedded Derivative Total 2020 Notes and 2020 Notes Embedded Derivative Balance - December 31, 2018 $ 13,775 $ (979 ) $ (242 ) $ 12,554 $ 394 $ 12,948 Amortization of debt discount – 272 – 272 – 272 Amortization of debt issue costs – – 69 69 – 69 Paid-in-kind interest 69 – – 69 – 69 Change in fair value of 2020 Notes embedded derivative – – – – (246 ) (246 ) Balance - March 31, 2019 $ 13,844 $ (707 ) $ (173 ) $ 12,964 $ 148 $ 13,112 On April 19, 2017, 2017 June 6, 2014, “2017 June 15, 2017), 2017 2020 2017 $5.0 2020 2020 ninety 90 September 30, 2017. June 20, 2017, 2017 2017 $4.0 The 2020 March 15, 2020 first 2020 12% 2% March 31, June 30, September 30, December 31 2020 2020 2020 2020 2020 may 2020 2020 The 2020 2020 $14.72 0.0679 $1 2020 Each Holder has agreed not 2020 4.99% “4.99% may, sixty-one 61 9.99% “9.99% 2020 4.99% 9.99% nine 6 The 2020 not Under certain circumstances, the Company may one 3 2020 |
Note 10 - Stock-Based Compensat
Note 10 - Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 10. Stock-Based Compensation The Company records stock-based compensation expense during the requisite service period for share-based payment awards granted to employees and non-employees. The following table sets forth the Company’s stock-based compensation expense (in thousands) for the periods indicated. Three Months Ended March 31, 2019 2018 Stock options and employee stock purchase plan awards Research and development $ – $ 10 Selling, general and administrative – 30 Restricted stock Research and development 28 17 Selling, general and administrative 206 41 Stock appreciation rights Research and development 16 – Selling, general and administrative 13 – Total stock-based compensation $ 263 $ 98 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Commitments and Contingencies Legal Matters may not not Leases . Upon adoption of ASU 2016 02, three July 2021 June 2019 All other leases qualified for the short-term scope exemption. These consist of corporate apartments in Colorado, which have initial lease terms of less than twelve twelve Rent expense for the three March 31, 2019 2018 $0.4 $0.4 The table below shows the future minimum payments under non-cancelable short-term and operating leases and at March 31, 2019 ( Short-Term Leases Operating Leases 2019 (remaining) $ 406 $ 613 2020 233 422 2021 – 218 2022 – – 2023 and thereafter – – Total $ 639 $ 1,253 The Company entered into a five April 2, 2018 $0.6 2016 02 Indemnifications e ordinary course of its business, the Company makes certain indemnities under which it may March 31, 2019 December 31, 2018, not Certain of the Company’s financial instruments consist of cash and cash equivalents, accounts receivable, and accounts payable, for which the carrying value on the Company’s balance sheet approximates their fair values due to the short maturities. In addition, the Company, as permitted under Delaware law and in accordance with its amended and restated certificate of incorporation and amended and restated bylaws, indemnifies its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at the Company’s request in such capacity. The duration of these indemnifications, commitments, and guarantees varies and, in certain cases, is indefinite. The maximum amount of potential future indemnification is unlimited; however, the Company has a director and officer insurance policy that may may No Environmental Liabilities ng, storage and use of hazardous materials to prevent material environmental or other damage, and to limit the financial liability which could result from such events. Environmental liabilities are recorded when the Company’s liability is probable and the costs can be reasonably estimated. No March 31, 2019 December 31, 2018. |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12. Fair Value Measurements Accounting standards define fair value, outline a framework for measuring fair value, and detail the required disclosures about fair value measurements. Under these standards, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. Standards establish a hierarchy in determining the fair market value of an asset or liability. The fair value hierarchy has three Level 1 Level 2 1, 2 Level 3 no These tables present the carrying value and fair value, by fair value hierarchy, of our financial instruments, excluding cash and cash equivalents, accounts receivable and accounts payable at March 31, 2019 December 31, 2018, Fair Value Measurements at March 31, 2019 (In thousands) Fair Value at March 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Derivative Warrant Liability $ 21 $ – $ – $ 21 2020 Embedded Derivative Liability 148 – – 148 Total Recurring Fair Value Measurements $ 169 $ – $ – $ 169 Nonrecurring Corn and finished goods inventory $ 1,179 $ 92 $ 1,087 $ – Total Non-Recurring Fair Value Measurements $ 1,179 $ 92 $ 1,087 $ – Fair Value Measurements at December 31, 2018 (In thousands) Fair Value at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Derivative Warrant Liability $ 22 $ – $ – $ 22 2020 Embedded Derivative Liability 394 – – 394 Total Recurring Fair Value Measurements $ 416 $ – $ – $ 416 Nonrecurring Corn and finished goods inventory $ 1,047 $ 29 $ 1,018 $ – Total Non-Recurring Fair Value Measurements $ 1,047 $ 29 $ 1,018 $ – The following table provides changes to those fair value measurements using Level 3 three d March 31, 2019. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Derivative Warrant Liability 2020 Notes Embedded Derivative Opening Balance $ 22 $ 394 Transfers into Level 3 – – Transfers out of Level 3 – – Total (gains) or losses for the period Included in earnings (1 ) (246 ) Included in other comprehensive income – – Purchases, issues, sales and settlements Purchases – – Issues – – Sales – – Settlements – – Closing balance $ 21 $ 148 Inventories. The Company records its corn inventory at fair value only when the Company’s cost of corn purchased exceeds the market value for corn. The Company determines the market value of corn and dry distiller’s grain based upon Level 1 2 2020 Notes Embedded Derivative . The Company had estimated the fair value of the embedded derivative on a stand-alone basis to be $0.1 March 31, 2019 $0.45 December 31, 2018 3 Change in fair value of 2020 Notes embedded derivative ” in the consolidated Statements 6, Derivative Warrant Liability 2017, 3 2 first 2017, 3 3 $0.02 March 31, 2019 December 31, 2018. While the Company believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. |
Note 13 - Segments
Note 13 - Segments | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. Segments The Company has determined that it has two Gevo Segment Gevo Development/Agri-Energy Segment Three Months Ended March 31, 2019 2018 Revenues: Gevo $ 739 $ 25 Gevo Development / Agri-Energy 5,664 8,218 Consolidated $ 6,403 $ 8,243 Loss from operations: Gevo $ (2,673 ) $ (2,476 ) Gevo Development / Agri-Energy (2,955 ) (2,523 ) Consolidated $ (5,628 ) $ (4,999 ) Interest expense: Gevo $ 755 $ 825 Gevo Development / Agri-Energy – – Consolidated $ 755 $ 825 Depreciation expense: Gevo $ 51 $ 84 Gevo Development / Agri-Energy 1,561 1,562 Consolidated $ 1,612 $ 1,646 Acquisitions of plant, property and equipment: Gevo $ 2,204 $ – Gevo Development / Agri-Energy - 67 Consolidated $ 2,204 $ 67 March 31, 2019 2018 Total assets: Gevo $ 109,312 $ 81,629 Gevo Development / Agri-Energy 142,985 147,290 Intercompany eliminations (140,834 ) (146,046 ) Consolidated $ 111,463 $ 82,873 |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. Subsequent Events None ded March 31, 2019. |
Note 2 - Earnings Per Share (Ta
Note 2 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | March 31, 2019 2018 Warrants to purchase common stock - liability classified (see Note 6) 55,963 359,619 Warrant to purchase common stock - equity classified 6 70 2020 Notes 1,044,134 1,404,675 Outstanding options to purchase common stock 2,311 2,322 Stock appreciation rights 132,559 — Unvested restricted common stock 284,300 111 Total 1,519,273 1,766,797 |
Note 3 - Revenues From Contra_2
Note 3 - Revenues From Contracts With Customers; Other Revenues (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2019 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 5,664 – $ 5,664 Hydrocarbon revenue 739 – 739 Grant and other revenue – – - $ 6,403 $ – $ 6,403 Timing of Revenue Recognition Goods transferred at a point in time $ 6,403 $ – $ 6,403 Services transferred over time – – - $ 6,403 $ – $ 6,403 Operating Segment Gevo $ 739 $ – $ 739 Gevo Development / Agri-Energy 5,664 – 5,664 $ 6,403 $ – $ 6,403 Geographic Region United States $ 5,664 $ – $ 5,664 Other 739 – 739 $ 6,403 $ – $ 6,403 Three Months Ended March 31, 2018 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 8,218 – $ 8,218 Hydrocarbon revenue – – – Grant and other revenue 25 – 25 $ 8,243 $ – $ 8,243 Timing of Revenue Recognition Goods transferred at a point in time $ 8,218 $ – $ 8,218 Services transferred over time 25 – 25 $ 8,243 $ – $ 8,243 Operating Segment Gevo $ 25 $ – $ 25 Gevo Development / Agri-Energy 8,218 – 8,218 $ 8,243 $ – $ 8,243 Geographic Region United States $ 8,243 $ – $ 8,243 Other – – – $ 8,243 $ – $ 8,243 |
Note 4 - Leases, Right-to-Use_2
Note 4 - Leases, Right-to-Use Assets and Related Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2019 Lease Cost Financing lease cost $ - Operating lease cost 345 Short-Term lease cost 17 Variable lease cost - Sublease income - Total lease cost $ 362 Other Information (Gains) and losses on sale and leaseback transactions, net $ - Cash paid for the measurement of lease liabilities Operating cash flows from finance leases - Operating cash flows from operating leases 345 Financing cash flows from financing leases Right-to-use assets obtained in exchange for new finance lease liabilities - Right-to-use assets obtained in exchange for new operating lease liabilities - Weighted-average remaining lease term, financing leases (months) - Weighted-average remaining lease term, operating leases (months) 19.60 Weighted-average discount rate - financing leases - % Weighted-average discount rate - operating leases 12.00 % |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2019 2018 Raw materials Corn $ 92 $ 29 Enzymes and other inputs 145 204 Finished goods Ethanol 333 182 Isobutanol 457 549 Jet Fuels, Isooctane and Isooctene 306 394 Distiller's grains 40 54 Work in process - Agri-Energy 208 214 Work in process - Gevo 100 89 Spare parts 1,506 1,451 Total inventories $ 3,187 $ 3,166 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful Life March 31, December 31, (in years) 2019 2018 Construction in progress $ 6,070 $ 3,478 Plant machinery and equipment 10 16,285 16,285 Site improvements 10 7,055 7,055 Luverne retrofit asset 20 70,842 70,842 Lab equipment, furniture and fixtures and vehicles 5 6,574 6,574 Demonstration plant 2 3,597 3,597 Buildings 10 2,543 2,543 Computer, office equipment and software 3 1,850 1,848 Leasehold improvements, pilot plant, land and support equipment 2 to 5 2,549 2,542 Total property, plant and equipment 117,365 114,764 Less accumulated depreciation and amortization (49,320 ) (47,728 ) Property, plant and equipment, net $ 68,045 $ 67,036 |
Note 7 - Embedded Derivatives_2
Note 7 - Embedded Derivatives and Derivative Warrant Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Defined Benefit Plan, Assumptions [Table Text Block] | March 31, December 31, 2019 2018 Stock price $ 2.19 1.96 Conversion Rate per $1,000 67.95 67.95 Conversion Price $ 14.72 $ 14.72 Maturity date March 15, 2020 March 15, 2020 Risk-free interest rate 2.37 % 2.57 % Estimated stock volatility 120 % 150 % Estimated credit spread 26.8 % 31 % |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Issuance Date Expiration Date Exercise Price as of March 31, 2019 Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of March 31, 2019 Shares Underlying Warrants Outstanding as of March 31, 2019 (1) 2014 Warrants 08/05/2014 08/05/2019 $ 65.50 2,500 1,526 974 Series A Warrants 02/03/2015 02/03/2020 $ 3.80 5,542 5,222 320 Series C Warrants 05/19/2015 05/19/2020 $ 53.43 1,075 — 1,075 Series D Warrants 12/11/2015 12/11/2020 $ 40.00 25,125 25,078 47 Series F Warrants 04/01/2016 04/01/2021 $ 40.00 25,733 11,692 14,041 Series I Warrants 09/13/2016 09/13/2021 $ 220.00 35,650 — 35,650 Series K Warrants 02/17/2017 2/17/2022 $ 3.80 312,516 308,660 3,856 408,141 352,178 55,963 |
Note 8 - Accounts Payable and_2
Note 8 - Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, December 31, 2019 2018 Accounts payable - trade $ 2,333 $ 1,944 Accrued legal-related fees 156 206 Accrued employee compensation 920 1,648 Accrued interest 344 - Accrued production fees 297 255 Accrued utilities and supplies payable 284 344 Accrued taxes payable 197 101 Current lease obligations 577 – Other accrued liabilities * 39 376 Total accounts payable and accrued liabilities $ 5,147 $ 4,874 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Convertible 2020 Notes [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Principal Amount of 2020 Notes Debt Discount Debt Issue Costs Total 2020 Notes 2020 Notes Embedded Derivative Total 2020 Notes and 2020 Notes Embedded Derivative Balance - December 31, 2018 $ 13,775 $ (979 ) $ (242 ) $ 12,554 $ 394 $ 12,948 Amortization of debt discount – 272 – 272 – 272 Amortization of debt issue costs – – 69 69 – 69 Paid-in-kind interest 69 – – 69 – 69 Change in fair value of 2020 Notes embedded derivative – – – – (246 ) (246 ) Balance - March 31, 2019 $ 13,844 $ (707 ) $ (173 ) $ 12,964 $ 148 $ 13,112 |
Note 10 - Stock-Based Compens_2
Note 10 - Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended March 31, 2019 2018 Stock options and employee stock purchase plan awards Research and development $ – $ 10 Selling, general and administrative – 30 Restricted stock Research and development 28 17 Selling, general and administrative 206 41 Stock appreciation rights Research and development 16 – Selling, general and administrative 13 – Total stock-based compensation $ 263 $ 98 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Short-Term Leases Operating Leases 2019 (remaining) $ 406 $ 613 2020 233 422 2021 – 218 2022 – – 2023 and thereafter – – Total $ 639 $ 1,253 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at March 31, 2019 (In thousands) Fair Value at March 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Derivative Warrant Liability $ 21 $ – $ – $ 21 2020 Embedded Derivative Liability 148 – – 148 Total Recurring Fair Value Measurements $ 169 $ – $ – $ 169 Nonrecurring Corn and finished goods inventory $ 1,179 $ 92 $ 1,087 $ – Total Non-Recurring Fair Value Measurements $ 1,179 $ 92 $ 1,087 $ – Fair Value Measurements at December 31, 2018 (In thousands) Fair Value at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Derivative Warrant Liability $ 22 $ – $ – $ 22 2020 Embedded Derivative Liability 394 – – 394 Total Recurring Fair Value Measurements $ 416 $ – $ – $ 416 Nonrecurring Corn and finished goods inventory $ 1,047 $ 29 $ 1,018 $ – Total Non-Recurring Fair Value Measurements $ 1,047 $ 29 $ 1,018 $ – |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Derivative Warrant Liability 2020 Notes Embedded Derivative Opening Balance $ 22 $ 394 Transfers into Level 3 – – Transfers out of Level 3 – – Total (gains) or losses for the period Included in earnings (1 ) (246 ) Included in other comprehensive income – – Purchases, issues, sales and settlements Purchases – – Issues – – Sales – – Settlements – – Closing balance $ 21 $ 148 |
Note 13 - Segments (Tables)
Note 13 - Segments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2019 2018 Revenues: Gevo $ 739 $ 25 Gevo Development / Agri-Energy 5,664 8,218 Consolidated $ 6,403 $ 8,243 Loss from operations: Gevo $ (2,673 ) $ (2,476 ) Gevo Development / Agri-Energy (2,955 ) (2,523 ) Consolidated $ (5,628 ) $ (4,999 ) Interest expense: Gevo $ 755 $ 825 Gevo Development / Agri-Energy – – Consolidated $ 755 $ 825 Depreciation expense: Gevo $ 51 $ 84 Gevo Development / Agri-Energy 1,561 1,562 Consolidated $ 1,612 $ 1,646 Acquisitions of plant, property and equipment: Gevo $ 2,204 $ – Gevo Development / Agri-Energy - 67 Consolidated $ 2,204 $ 67 March 31, 2019 2018 Total assets: Gevo $ 109,312 $ 81,629 Gevo Development / Agri-Energy 142,985 147,290 Intercompany eliminations (140,834 ) (146,046 ) Consolidated $ 111,463 $ 82,873 |
Note 1 - Nature of Business, _2
Note 1 - Nature of Business, Financial Condition, Basis of Presentation and Reverse Stock Split (Details Textual) $ in Thousands | Jun. 01, 2018 | Mar. 31, 2019USD ($)shares | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) |
Net Income (Loss) Attributable to Parent, Total | $ (6,136) | $ (2,502) | |||
Retained Earnings (Accumulated Deficit), Ending Balance | (435,462) | $ (429,326) | |||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 35,466 | 33,734 | |||
Proceeds from Issuance of Common Stock | $ 9,644 | $ (107) | |||
Accounting Standards Update 2016-02 [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 1,200 | ||||
Operating Lease, Liability, Total | $ 1,200 | ||||
Reverse Stock Split [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | ||||
At-the-market Offering [Member] | |||||
Increase (Decrease) in At-the-Market Offering of Stock | $ 84,900 | ||||
Stock Issued During Period, Shares, New Issues | shares | 3,244,941 | ||||
Proceeds from Issuance of Common Stock | $ 9,900 | ||||
Payments of Stock Issuance Costs | 10 | ||||
Common Stock, Value, Additional Shares Authorized | 34,700 | ||||
At-the-market Offering [Member] | Sales Agent [Member] | |||||
Payments of Stock Issuance Costs | $ 200 |
Note 2 - Earnings Per Share - S
Note 2 - Earnings Per Share - Securities that Potentially Dilute Calculation of Diluted Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive securities (in shares) | 1,519,273 | 1,766,797 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 2,311 | 2,322 |
Stock Appreciation Rights (SARs) [Member] | ||
Antidilutive securities (in shares) | 132,559 | |
Restricted Stock [Member] | ||
Antidilutive securities (in shares) | 284,300 | 111 |
Convertible 2020 Notes [Member] | ||
Antidilutive securities (in shares) | 1,044,134 | 1,404,675 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 55,963 | 359,619 |
Warrants Classified as Equity [Member] | ||
Antidilutive securities (in shares) | 6 | 70 |
Note 3 - Revenues From Contra_3
Note 3 - Revenues From Contracts With Customers; Other Revenues (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 6,403 | $ 8,243 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | $ 0 | |
Contract with Customer, Asset, Credit Loss Expense (Reversal) | 0 | 0 | |
Contract with Customer, Liability, Total | 0 | 0 | |
Transferred at Point in Time [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 6,403 | 8,218 | |
Transferred at Point in Time [Member] | Variable Consideration or Multiple Performance Obligations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | |
Revenue, Remaining Performance Obligation, Amount | 0 | 0 | |
Transferred over Time [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 25 | ||
Transferred over Time [Member] | Variable Consideration or Multiple Performance Obligations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 0 | $ 0 | |
Revenue, Remaining Performance Obligation, Amount | $ 0 | $ 0 |
Note 3 - Revenues From Contra_4
Note 3 - Revenues From Contracts With Customers; Other Revenues - Disaggregated Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | $ 6,403 | $ 8,243 |
Other revenues | 6,403 | 8,243 |
UNITED STATES | ||
Revenue | 5,664 | 8,243 |
Other revenues | 5,664 | 8,243 |
All Other Countries [Member] | ||
Revenue | 739 | |
Other revenues | 739 | |
Gevo [Member] | ||
Revenue | 739 | 25 |
Other revenues | 739 | 25 |
Gevo Development / Agri-Energy [Member] | ||
Revenue | 5,664 | 8,218 |
Other revenues | 5,664 | 8,218 |
Transferred at Point in Time [Member] | ||
Revenue | 6,403 | 8,218 |
Other revenues | 6,403 | 8,218 |
Transferred over Time [Member] | ||
Revenue | 25 | |
Other revenues | 25 | |
Ethanol Sales and Related Products [Member] | ||
Revenue | 5,664 | 8,218 |
Other revenues | 5,664 | 8,218 |
Hydrocarbon [Member] | ||
Revenue | 739 | |
Other revenues | 739 | |
Grant and Other [Member] | ||
Revenue | 25 | |
Other revenues | $ 25 |
Note 4 - Leases, Right-to-Use_3
Note 4 - Leases, Right-to-Use Assets and Related Liabilities (Details Textual) $ in Thousands | Mar. 31, 2019USD ($) | Jan. 01, 2019USD ($) |
Leases Containing Variable Payments | 0 | |
Leases Containing Extension or Termination Options | 0 | |
Lessee, Operating Lease, Discount Rate | 12.00% | |
Lessee, Operating Lease, Lease Not yet Commenced, Amount | 2 | |
Lessee, Operating Lease, Right-of-Use Asset, Not yet Commenced, Fair Value | $ 3,000 | |
Lessee, Operating Lease, Liability, Not yet Commenced, Fair Value | 3,000 | |
Other Current Assets [Member] | ||
Operating Lease, Right-of-Use Asset | 300 | |
Other Assets [Member] | ||
Operating Lease, Right-of-Use Asset | 500 | |
Accounts Payable and Accrued Liabilities [Member] | ||
Operating Lease, Liability, Total | 600 | |
Other Noncurrent Liabilities [Member] | ||
Operating Lease, Liability, Total | $ 300 | |
Accounting Standards Update 2016-02 [Member] | ||
Operating Lease, Right-of-Use Asset | $ 1,200 | |
Operating Lease, Liability, Total | $ 1,200 |
Note 4 - Leases, Right-to-Use_4
Note 4 - Leases, Right-to-Use Assets and Related Liabilities - Lease Costs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lease Cost | |
Financing lease cost | |
Operating lease cost | 345 |
Short-Term lease cost | 17 |
Variable lease cost | |
Sublease income | |
Total lease cost | 362 |
(Gains) and losses on sale and leaseback transactions, net | |
Operating cash flows from finance leases | |
Operating cash flows from operating leases | 345 |
Right-to-use assets obtained in exchange for new finance lease liabilities | |
Right-to-use assets obtained in exchange for new operating lease liabilities | |
Weighted-average remaining lease term, financing leases (months) (Month) | |
Weighted-average remaining lease term, operating leases (months) (Month) | 1 year 228 days |
Weighted-average discount rate - financing leases | |
Weighted-average discount rate - operating leases | 12.00% |
Note 5 - Inventories - Componen
Note 5 - Inventories - Components of Inventory Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Finished goods: | ||
Spare parts | $ 1,506 | $ 1,451 |
Total inventories | 3,187 | 3,166 |
Corn [Member] | ||
Raw materials: | ||
Raw materials | 92 | 29 |
Enzymes and Other Inputs [Member] | ||
Raw materials: | ||
Raw materials | 145 | 204 |
Ethanol [Member] | ||
Finished goods: | ||
Finished goods | 333 | 182 |
Isobutanol [Member] | ||
Finished goods: | ||
Finished goods | 457 | 549 |
Jet Fuels, Isooctane and Isooctene [Member] | ||
Finished goods: | ||
Finished goods | 306 | 394 |
Distiller's Grains [Member] | ||
Finished goods: | ||
Finished goods | 40 | 54 |
Agri-Energy [Member] | ||
Finished goods: | ||
Work in process | 208 | 214 |
Gevo [Member] | ||
Finished goods: | ||
Work in process | $ 100 | $ 89 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cost, Depreciation | $ 1.6 | $ 1.6 |
Depreciation, Nonproduction | $ 0.1 | $ 0.1 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Property, plant, and equipment, gross | $ 117,365 | $ 114,764 |
Less accumulated depreciation and amortization | (49,320) | (47,728) |
Property, plant and equipment, net | 68,045 | 67,036 |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | 6,070 | 3,478 |
Machinery and Equipment [Member] | ||
Property, plant, and equipment, gross | $ 16,285 | 16,285 |
Property, plant and equipment, useful life (Year) | 10 years | |
Site Improvement [Member] | ||
Property, plant, and equipment, gross | $ 7,055 | 7,055 |
Property, plant and equipment, useful life (Year) | 10 years | |
Retrofit Assets [Member] | ||
Property, plant, and equipment, gross | $ 70,842 | 70,842 |
Property, plant and equipment, useful life (Year) | 20 years | |
Lab Equipment, Furniture and Fixtures, and Vehicles [Member] | ||
Property, plant, and equipment, gross | $ 6,574 | 6,574 |
Property, plant and equipment, useful life (Year) | 5 years | |
Demonstration Plant [Member] | ||
Property, plant, and equipment, gross | $ 3,597 | 3,597 |
Property, plant and equipment, useful life (Year) | 2 years | |
Building [Member] | ||
Property, plant, and equipment, gross | $ 2,543 | 2,543 |
Property, plant and equipment, useful life (Year) | 10 years | |
Computer, Office Equipment, and Software [Member] | ||
Property, plant, and equipment, gross | $ 1,850 | 1,848 |
Property, plant and equipment, useful life (Year) | 3 years | |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | $ 2,549 | $ 2,542 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 2 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 5 years |
Note 7 - Embedded Derivatives_3
Note 7 - Embedded Derivatives and Derivative Warrant Liabilities (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 60 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2019USD ($)shares | Mar. 31, 2018USD ($) | Dec. 31, 2012$ / sharesshares | Dec. 31, 2018USD ($) | Apr. 19, 2017 | |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | $ 246 | $ 2,858 | ||||
Class of Warrant or Right, Issued During Period | shares | 6 | |||||
Class of Warrant or Right, Issued During Period, Exercise Price | $ / shares | $ 345 | |||||
Class of Warrant or Right, Exercises in Period | shares | 0 | |||||
Convertible 2020 Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% | ||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 150.00% | |||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 10 | |||||
Number of Embedded Derivative | 1 | |||||
Embedded Derivative, Fair Value of Embedded Derivative, Net, Total | $ 100 | $ 450 | ||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | ||||||
Convertible 2020 Notes [Member] | Embedded Derivative, 2020 Convertible Notes [Member] | ||||||
Embedded Derivative, Fair Value of Embedded Derivative, Net, Total | 100 | |||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | $ 200 | |||||
Convertible 2017 Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% |
Note 7 - Embedded Derivatives_4
Note 7 - Embedded Derivatives and Derivative Warrant Liabilities - Schedule of Inputs to Lattice Model Used to Value Embedded Derivatives (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | |
Stock price (in dollars per share) | $ 2.19 | $ 1.96 |
Conversion Rate per $1,000 (in shares) | shares | 67.95 | 67.95 |
Conversion Price (in dollars per share) | $ 14.72 | $ 14.72 |
Maturity date | Mar. 15, 2020 | Mar. 15, 2020 |
Measurement Input, Risk Free Interest Rate [Member] | ||
Risk-free interest rate | 0.0237 | 0.0257 |
Measurement Input, Price Volatility [Member] | ||
Risk-free interest rate | 1.2 | 1.5 |
Measurement Input, Entity Credit Risk [Member] | ||
Risk-free interest rate | 0.268 | 0.31 |
Note 7- Embedded Derivatives an
Note 7- Embedded Derivatives and Derivative Warrant Liabilities - Schedule of Shares Issued Upon Exercise of Warrants (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | ||
Shares Underlying Warrants (in shares) | 55,963 | [1] | 408,141 |
Shares Issues Upon Warrant Exercises (in shares) | 352,178 | ||
2014 Warrants [Member] | |||
Warrant, Issuance Date | Aug. 5, 2014 | ||
Warrants, Expiration date | Aug. 5, 2019 | ||
Warrant Exercise Price (in dollars per share) | $ 65.50 | ||
Shares Underlying Warrants (in shares) | 974 | [1] | 2,500 |
Shares Issues Upon Warrant Exercises (in shares) | 1,526 | ||
Series A Warrants [Member] | |||
Warrant, Issuance Date | Feb. 3, 2015 | ||
Warrants, Expiration date | Feb. 3, 2020 | ||
Warrant Exercise Price (in dollars per share) | $ 3.80 | ||
Shares Underlying Warrants (in shares) | 320 | [1] | 5,542 |
Shares Issues Upon Warrant Exercises (in shares) | 5,222 | ||
Series C Warrants [Member] | |||
Warrant, Issuance Date | May 19, 2015 | ||
Warrants, Expiration date | May 19, 2020 | ||
Warrant Exercise Price (in dollars per share) | $ 53.43 | ||
Shares Underlying Warrants (in shares) | 1,075 | [1] | 1,075 |
Shares Issues Upon Warrant Exercises (in shares) | |||
Series D Warrants [Member] | |||
Warrant, Issuance Date | Dec. 11, 2015 | ||
Warrants, Expiration date | Dec. 11, 2020 | ||
Warrant Exercise Price (in dollars per share) | $ 40 | ||
Shares Underlying Warrants (in shares) | 47 | [1] | 25,125 |
Shares Issues Upon Warrant Exercises (in shares) | 25,078 | ||
Series F Warrants [Member] | |||
Warrant, Issuance Date | Apr. 1, 2016 | ||
Warrants, Expiration date | Apr. 1, 2021 | ||
Warrant Exercise Price (in dollars per share) | $ 40 | ||
Shares Underlying Warrants (in shares) | 14,041 | [1] | 25,733 |
Shares Issues Upon Warrant Exercises (in shares) | 11,692 | ||
Series I Warrants [Member] | |||
Warrant, Issuance Date | Sep. 13, 2016 | ||
Warrants, Expiration date | Sep. 13, 2021 | ||
Warrant Exercise Price (in dollars per share) | $ 220 | ||
Shares Underlying Warrants (in shares) | 35,650 | [1] | 35,650 |
Shares Issues Upon Warrant Exercises (in shares) | |||
Series K Warrants [Member] | |||
Warrant, Issuance Date | Feb. 17, 2017 | ||
Warrants, Expiration date | Feb. 17, 2022 | ||
Warrant Exercise Price (in dollars per share) | $ 3.80 | ||
Shares Underlying Warrants (in shares) | 3,856 | [1] | 312,516 |
Shares Issues Upon Warrant Exercises (in shares) | 308,660 | ||
[1] | This table does not include 6 equity-classified warrants issued between 2008 through 2012, with strike prices of $345 per share. |
Note 8 - Accounts Payable and_3
Note 8 - Accounts Payable and Accrued Liabilities - Components Accounts Payable and Accrued Liabilities in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Accounts payable - trade | $ 2,333 | $ 1,944 | |
Accrued legal-related fees | 156 | 206 | |
Accrued employee compensation | 920 | 1,648 | |
Accrued interest | 344 | ||
Accrued production fees | 297 | 255 | |
Accrued utilities and supplies payable | 284 | 344 | |
Accrued taxes payable | 197 | 101 | |
Current lease obligations | 577 | ||
Other accrued liabilities * | [1] | 39 | 376 |
Total accounts payable and accrued liabilities | $ 5,147 | $ 4,874 | |
[1] | Other accrued liabilities consist of franchise taxes, audit fees, and a variety of other expenses, none of which individually represent greater than five percent of total current liabilities. |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Apr. 19, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2017 |
Debt Instrument, Convertible, Conversion Price | $ 14.72 | $ 14.72 | ||
Convertible 2020 Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% | ||
Debt Instrument, Interest Rate, Paid In Kind Percentage | 2.00% | |||
Debt Instrument, Convertible, Conversion Price | $ 14.72 | |||
Debt Instrument, Convertible, Conversion Ratio | 0.0679 | |||
Beneficial Ownership Limitation, Percentage | 4.99% | |||
Beneficial Ownership Limitation Percentage, Notice | 61 days | |||
Beneficial Ownership Limitation After Notice, Percentage | 9.99% | |||
2020 Option Notes [Member] | ||||
Debt Instrument, Convertible, Additional Convertible Amount | $ 5 | |||
Debt Instrument, Purchase Option Term | 90 days | |||
Debt Instrument, Gain (Loss) on Exchange or Conversion | $ 4 |
Note 9 - Debt - Information Per
Note 9 - Debt - Information Pertaining to Convertible Notes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | $ 246 | $ 2,858 |
Embedded Derivative, 2020 Convertible Notes [Member] | ||
Paid-in-kind interest | ||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | (246) | |
Balance - December 31, 2018 | 394 | |
Balance - March 31, 2019 | 148 | |
Convertible 2020 Notes [Member] | ||
Paid-in-kind interest | 69 | |
Amortization of debt discount | 272 | |
Amortization of debt issue costs | 69 | |
Balance - December 31, 2018 | 12,554 | |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | ||
Balance - March 31, 2019 | 12,964 | |
Balance - December 31, 2018 | 450 | |
Balance - March 31, 2019 | 100 | |
Convertible 2020 Notes [Member] | Embedded Derivative, 2020 Convertible Notes [Member] | ||
Paid-in-kind interest | 69 | |
Amortization of debt discount | 272 | |
Amortization of debt issue costs | 69 | |
Balance - December 31, 2018 | 12,948 | |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | (246) | |
Balance - March 31, 2019 | 13,112 | |
Convertible 2020 Notes [Member] | Principal Amount of 2020 Notes [Member] | ||
Balance - December 31, 2018 | 13,775 | |
Paid-in-kind interest | 69 | |
Balance - March 31, 2019 | 13,844 | |
Convertible 2020 Notes [Member] | Debt Issue Costs [Member] | ||
Paid-in-kind interest | ||
Balance - December 31, 2018 | (979) | |
Amortization of debt discount | 272 | |
Balance - March 31, 2019 | (707) | |
Convertible 2020 Notes [Member] | Debt Discount [Member] | ||
Paid-in-kind interest | ||
Balance - December 31, 2018 | (242) | |
Amortization of debt issue costs | 69 | |
Balance - March 31, 2019 | $ (173) |
Note 10 - Stock-Based Compens_3
Note 10 - Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Stock-based compensation | $ 263 | $ 98 |
Stock Options Issued to Employees and Board Members [Member] | Research and Development Expense [Member] | ||
Stock-based compensation | 10 | |
Stock Options Issued to Employees and Board Members [Member] | Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation | 30 | |
Restricted Stock [Member] | Research and Development Expense [Member] | ||
Stock-based compensation | 28 | 17 |
Restricted Stock [Member] | Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation | 206 | 41 |
Restricted Stock Units (RSUs) [Member] | Research and Development Expense [Member] | ||
Stock-based compensation | 16 | |
Restricted Stock Units (RSUs) [Member] | Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation | $ 13 |
Note 11 - Commitments and Con_3
Note 11 - Commitments and Contingencies (Details Textual) $ in Thousands | Apr. 02, 2018USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Jan. 01, 2019 | Dec. 31, 2018USD ($) |
Operating Lease Agreements | 3 | ||||
Operating Leases, Rent Expense, Net, Total | $ 400 | $ 400 | |||
Accrual for Environmental Loss Contingencies, Ending Balance | 0 | $ 0 | |||
Indemnification Agreement [Member] | |||||
Loss Contingency Accrual, Ending Balance | $ 0 | $ 0 | |||
Software Licensing Agreement [Member] | |||||
License Agreement, Term | 5 years | ||||
License Agreement, Future Minimum Payments Due, Total | $ 600 |
Note 11 - Commitments and Con_4
Note 11 - Commitments and Contingencies - Future Minimum Payments Under Non-Cancelable Operating Leases (Details) $ in Thousands | Mar. 31, 2019USD ($) |
2019 (remaining) | $ 406 |
2019 (remaining) | 613 |
2020 | 233 |
2020 | 422 |
2021 | |
2021 | 218 |
2022 | |
2022 | |
2023 and thereafter | |
2023 and thereafter | |
Short-term Leases, Total | 639 |
Operating Leases, Total | $ 1,253 |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Warrants and Rights Outstanding | $ 21 | $ 22 |
Series K Warrants [Member] | Monte Carlo Model [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Warrants and Rights Outstanding | 20 | 20 |
Convertible 2020 Notes [Member] | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net, Total | $ 100 | $ 450 |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements - Schedule of Carrying Value and Fair Value by Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Recurring [Member] | ||
Liabilities, fair value | $ 169 | $ 416 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities, fair value | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities, fair value | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities, fair value | 169 | 416 |
Fair Value, Recurring [Member] | Warrant [Member] | ||
Derivative liability, fair value | 21 | 22 |
Derivative liability, fair value | 21 | 22 |
Fair Value, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative liability, fair value | ||
Derivative liability, fair value | ||
Fair Value, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative liability, fair value | ||
Derivative liability, fair value | ||
Fair Value, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative liability, fair value | 21 | 22 |
Derivative liability, fair value | 21 | 22 |
Fair Value, Recurring [Member] | Embedded Derivative [Member] | ||
Derivative liability, fair value | 148 | 394 |
Derivative liability, fair value | 148 | 394 |
Fair Value, Recurring [Member] | Embedded Derivative [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative liability, fair value | ||
Derivative liability, fair value | ||
Fair Value, Recurring [Member] | Embedded Derivative [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative liability, fair value | ||
Derivative liability, fair value | ||
Fair Value, Recurring [Member] | Embedded Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative liability, fair value | 148 | 394 |
Derivative liability, fair value | 148 | 394 |
Fair Value, Nonrecurring [Member] | ||
Assets, fair value | 1,179 | 1,047 |
Assets, fair value | 1,179 | 1,047 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 92 | 29 |
Assets, fair value | 92 | 29 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 1,087 | 1,018 |
Assets, fair value | 1,087 | 1,018 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | ||
Assets, fair value | ||
Fair Value, Nonrecurring [Member] | Corn and Finished Goods Inventory [Member] | ||
Corn and finished goods inventory, fair value | 1,179 | 1,047 |
Fair Value, Nonrecurring [Member] | Corn and Finished Goods Inventory [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Corn and finished goods inventory, fair value | 92 | 29 |
Fair Value, Nonrecurring [Member] | Corn and Finished Goods Inventory [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Corn and finished goods inventory, fair value | 1,087 | 1,018 |
Fair Value, Nonrecurring [Member] | Corn and Finished Goods Inventory [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Corn and finished goods inventory, fair value |
Note 12 - Fair Value Measurem_5
Note 12 - Fair Value Measurements - Schedule of Fair Value Measurements Using Level 3 Inputs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Derivative Financial Instruments, Liabilities [Member] | |
Opening Balance | $ 22 |
Transfers into Level 3 | |
Transfers out of Level 3 | |
Included in earnings | (1) |
Included in other comprehensive income | |
Purchases | |
Issues | |
Sales | |
Settlements | |
Closing balance | 21 |
Embedded Derivative, 2020 Convertible Notes [Member] | |
Opening Balance | 394 |
Transfers into Level 3 | |
Transfers out of Level 3 | |
Included in earnings | (246) |
Included in other comprehensive income | |
Purchases | |
Issues | |
Sales | |
Settlements | |
Closing balance | $ 148 |
Note 13 - Segments (Details Tex
Note 13 - Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2019 | |
Number of Operating Segments | 2 |
Note 13 - Segments - Informatio
Note 13 - Segments - Information on Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Total revenues | $ 6,403 | $ 8,243 | |
Loss from operations | (5,628) | (4,999) | |
Interest expense | 755 | 825 | |
Depreciation and amortization | 1,612 | 1,646 | |
Acquisitions of plant, property and equipment | 2,204 | 67 | |
Assets | 111,463 | 82,873 | $ 107,035 |
Intersegment Eliminations [Member] | |||
Assets | (140,834) | (146,046) | |
Gevo [Member] | |||
Total revenues | 739 | 25 | |
Loss from operations | (2,673) | (2,476) | |
Interest expense | 755 | 825 | |
Depreciation and amortization | 51 | 84 | |
Acquisitions of plant, property and equipment | 2,204 | ||
Gevo [Member] | Operating Segments [Member] | |||
Assets | 109,312 | 81,629 | |
Gevo Development / Agri-Energy [Member] | |||
Total revenues | 5,664 | 8,218 | |
Loss from operations | (2,955) | (2,523) | |
Interest expense | |||
Depreciation and amortization | 1,561 | 1,562 | |
Acquisitions of plant, property and equipment | 67 | ||
Gevo Development / Agri-Energy [Member] | Operating Segments [Member] | |||
Assets | $ 142,985 | $ 147,290 |