Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 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) | 13,545,859 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 20,944 | $ 33,734 |
Accounts receivable | 378 | 526 |
Inventories | 2,962 | 3,166 |
Prepaid expenses and other current assets | 1,558 | 1,284 |
Total current assets | 25,842 | 38,710 |
Property, plant and equipment, net | 67,148 | 67,036 |
Investment in Juhl | 1,500 | |
Deposits and other assets | 978 | 1,289 |
Total assets | 95,468 | 107,035 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 4,434 | 4,874 |
2020 Notes embedded derivative liability | 394 | |
Derivative warrant liability | 21 | 22 |
Total current liabilities | 18,098 | 5,290 |
Other long-term liabilities | 450 | 404 |
Total liabilities | 18,548 | 18,248 |
Commitments and Contingencies (see Note 12) | ||
Stockholders' Equity | ||
Common stock, $0.01 par value per share; 250,000,000 authorized; 13,369,001 and 8,640,583 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 133 | 86 |
Additional paid-in capital | 527,958 | 518,027 |
Accumulated deficit | (451,171) | (429,326) |
Total stockholders' equity | 76,920 | 88,787 |
Total liabilities and stockholders' equity | 95,468 | 107,035 |
Convertible 2020 Notes [Member] | ||
Current liabilities: | ||
2020 Notes (current), net | 13,643 | |
2020 Notes (long-term), net | $ 12,554 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 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) | 13,369,001 | 8,640,583 |
Common stock, shares outstanding (in shares) | 13,369,001 | 8,640,583 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | ||||
Revenue from contract with Customer | $ 6,104 | $ 8,575 | $ 17,565 | $ 26,238 |
Grant and other revenue | 6 | 34 | 25 | |
Total revenues | 6,110 | 8,575 | 17,599 | 26,238 |
Cost of goods sold | 9,893 | 10,628 | 27,306 | 31,904 |
Gross loss | (3,783) | (2,053) | (9,707) | (5,666) |
Operating expenses | ||||
Research and development expense | 1,789 | 1,865 | 3,712 | 4,123 |
Selling, general and administrative expense | 2,431 | 2,190 | 6,705 | 5,697 |
Total operating expenses | 4,220 | 4,055 | 10,417 | 9,820 |
Loss from operations | (8,003) | (6,108) | (20,124) | (15,486) |
Other (expense) income | ||||
Interest expense | (605) | (767) | (2,127) | (2,496) |
Loss on exchange of debt | (2,202) | |||
Gain (loss) from change in fair value of derivative warrant liability | (2) | 5 | 1 | (3,035) |
Gain (loss) from change in fair value of 2020 Notes embedded derivative | (7) | 394 | 2,340 | |
Other income (expense) | (9) | (3) | 11 | 5 |
Total other expense, net | (616) | (772) | (1,721) | (5,388) |
Net loss | $ (8,619) | $ (6,880) | $ (21,845) | $ (20,874) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.66) | $ (0.85) | $ (1.87) | $ (5.75) |
Weighted-average number of common shares outstanding - basic and diluted (in shares) | 12,968,265 | 8,087,397 | 11,679,530 | 3,629,370 |
Ethanol Sales and Related Products [Member] | ||||
Revenue | ||||
Revenue from contract with Customer | $ 5,554 | $ 8,071 | $ 16,184 | $ 25,102 |
Total revenues | 5,554 | 8,071 | 16,184 | 25,102 |
Hydrocarbon [Member] | ||||
Revenue | ||||
Revenue from contract with Customer | 550 | 504 | 1,381 | 1,111 |
Total revenues | $ 550 | $ 504 | $ 1,381 | $ 1,111 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 1,090,553 | |||
Balance at Dec. 31, 2017 | $ 11 | $ 464,870 | $ (401,350) | $ 63,531 |
Issuance of common stock, net of issuance costs (in shares) | 5,208 | |||
Issuance of common stock, net of issuance costs | (107) | (107) | ||
Non-cash stock-based compensation | 98 | 98 | ||
Net loss | (2,502) | (2,502) | ||
Issuance of common stock under stock plans, net of taxes (in shares) | 30 | |||
Issuance of common stock under stock plans, net of taxes | ||||
Issuance of common stock upon exchange of debt (in shares) | 39,016 | |||
Issuance of common stock upon exchange of debt | 528 | 528 | ||
Balance (in shares) at Mar. 31, 2018 | 1,134,807 | |||
Balance at Mar. 31, 2018 | $ 11 | 465,389 | (403,852) | 61,548 |
Balance (in shares) at Dec. 31, 2017 | 1,090,553 | |||
Balance at Dec. 31, 2017 | $ 11 | 464,870 | (401,350) | 63,531 |
Net loss | (20,874) | |||
Balance (in shares) at Sep. 30, 2018 | 8,095,120 | |||
Balance at Sep. 30, 2018 | $ 81 | 515,367 | (422,224) | 93,224 |
Balance (in shares) at Mar. 31, 2018 | 1,134,807 | |||
Balance at Mar. 31, 2018 | $ 11 | 465,389 | (403,852) | 61,548 |
Issuance of common stock, net of issuance costs (in shares) | 6,281,409 | |||
Issuance of common stock, net of issuance costs | $ 63 | 36,230 | 36,293 | |
Non-cash stock-based compensation | 61 | 61 | ||
Net loss | (11,492) | (11,492) | ||
Issuance of common stock under stock plans, net of taxes (in shares) | 19 | |||
Issuance of common stock under stock plans, net of taxes | ||||
Issuance of common stock upon exchange of debt (in shares) | 260,793 | |||
Issuance of common stock upon exchange of debt | $ 3 | 7,015 | 7,018 | |
Shares issued upon reverse stock split (in shares) | 12,261 | |||
Issuance of common stock upon exercise of warrants (in shares) | 300,761 | |||
Issuance of common stock upon exercise of warrants | $ 3 | 6,164 | 6,167 | |
Balance (in shares) at Jun. 30, 2018 | 7,990,050 | |||
Balance at Jun. 30, 2018 | $ 80 | 514,859 | (415,344) | 99,595 |
Issuance of common stock, net of issuance costs (in shares) | 105,000 | |||
Issuance of common stock, net of issuance costs | $ 1 | 339 | 340 | |
Non-cash stock-based compensation | 169 | 169 | ||
Net loss | (6,880) | (6,880) | ||
Issuance of common stock under stock plans, net of taxes (in shares) | 70 | |||
Balance (in shares) at Sep. 30, 2018 | 8,095,120 | |||
Balance at Sep. 30, 2018 | $ 81 | 515,367 | (422,224) | 93,224 |
Balance (in shares) at Dec. 31, 2018 | 8,640,583 | |||
Balance at Dec. 31, 2018 | $ 86 | 518,027 | (429,326) | 88,787 |
Issuance of common stock, net of issuance costs (in shares) | 3,244,941 | |||
Issuance of common stock, net of issuance costs | $ 33 | 9,611 | 9,644 | |
Non-cash stock-based compensation | 234 | 234 | ||
Net loss | (6,136) | (6,136) | ||
Balance (in shares) at Mar. 31, 2019 | 11,885,524 | |||
Balance at Mar. 31, 2019 | $ 119 | 527,872 | (435,462) | 92,529 |
Balance (in shares) at Dec. 31, 2018 | 8,640,583 | |||
Balance at Dec. 31, 2018 | $ 86 | 518,027 | (429,326) | 88,787 |
Net loss | (21,845) | |||
Balance (in shares) at Sep. 30, 2019 | 13,369,001 | |||
Balance at Sep. 30, 2019 | $ 133 | 527,958 | (451,171) | 76,920 |
Balance (in shares) at Mar. 31, 2019 | 11,885,524 | |||
Balance at Mar. 31, 2019 | $ 119 | 527,872 | (435,462) | 92,529 |
Issuance of common stock, net of issuance costs | (14) | (14) | ||
Non-cash stock-based compensation | 172 | 172 | ||
Net loss | (7,090) | (7,090) | ||
Balance (in shares) at Jun. 30, 2019 | 11,885,524 | |||
Balance at Jun. 30, 2019 | $ 119 | 528,030 | (442,552) | 85,597 |
Issuance of common stock, net of issuance costs | (161) | (161) | ||
Non-cash stock-based compensation | 304 | 304 | ||
Net loss | (8,619) | (8,619) | ||
Issuance of common stock under stock plans, net of taxes (in shares) | 1,483,477 | |||
Issuance of common stock under stock plans, net of taxes | $ 14 | (215) | (201) | |
Balance (in shares) at Sep. 30, 2019 | 13,369,001 | |||
Balance at Sep. 30, 2019 | $ 133 | $ 527,958 | $ (451,171) | $ 76,920 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Activities | ||
Net loss | $ (21,845) | $ (20,874) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
(Gain) loss from change in fair value of derivative warrant liability | (1) | 3,035 |
(Gain) from change in fair value of 2020 Notes embedded derivative | (394) | (2,340) |
(Gain) on sale of property, plant and equipment | (19) | |
Loss on exchange of debt | 2,202 | |
Stock-based compensation | 938 | 320 |
Depreciation and amortization | 4,849 | 4,903 |
Non-cash interest expense | 1,089 | 1,307 |
Other non-cash expense | 1 | 6 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 148 | 417 |
Inventories | 204 | 1,061 |
Prepaid expenses and other current assets, deposits and other assets | (23) | (295) |
Accounts payable, accrued expenses and long-term liabilities | 255 | 104 |
Net cash used in operating activities | (14,798) | (10,154) |
Investing Activities | ||
Acquisitions of property, plant and equipment | (5,779) | (933) |
Proceeds from sale of property, plant and equipment | 19 | |
Investment in Juhl | (1,500) | |
Net cash used in investing activities | (7,260) | (933) |
Financing Activities | ||
Proceeds from issuance of common stock | 9,647 | 36,952 |
Proceeds from exercise of common stock warrants | 1,263 | |
Net settlement of common stock under stock plans | (201) | |
Debt and equity offering costs | (178) | (365) |
Net cash provided by financing activities | 9,268 | 37,850 |
Net (decrease) increase in cash and cash equivalents | (12,790) | 26,763 |
Cash, cash equivalent and restricted cash | ||
Beginning of period | 33,734 | 11,553 |
End of period | 20,944 | 38,316 |
Cash paid for interest | 1,038 | 1,261 |
Non-cash purchase of property, plant and equipment | 41 | 440 |
Exchange of convertible debt into common stock | 3,701 | |
Fair value of 2020 Notes embedded derivative liability upon conversion into common stock | 2,193 | |
Fair value of warrants at issuance and upon exercise, net | $ 4,905 |
Note 1 - Nature of Business, Fi
Note 1 - Nature of Business, Financial Condition and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. 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 of September 30, 2019, Financial Condition nine September 30, 2019 2018, $21.8 $20.9 $451.2 September 30, 2019. September 30, 2019 $20.9 2020 March 15, 2020. 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 August 2019, $10.7 nine September 30, 2019, 3,244,941 $9.9 $0.4 nine September 30, 2019. no third 2019. September 30, 2019, $10.7 From October 1, 2019 November 11, 2019, 322,899 $0.9 $0.03 Basis of Presentation. not September 30, 2019 not 8 10 December 31, 2018. Investment in Juhl. September 2019, 1.5 $1.00 Income Taxes. no Concentration of Business Risk. September 30, 2019, two 56% 15% December 31, 2018, two 66% 29% For the three September 30, 2019 2018, 73% 72% 16% 18% nine September 30, 2019 2018, 72% 72% 17% 21% Recent Accounting Pronouncements Financial Instruments - Credit Losses. Measurement of Credit Losses on Financial Instruments. June 2016, No. 2016 13, Financial Instruments - Credit Losses Measurement of Credits Losses on Financial Instruments 2016 13” not 2016 13 2016 13 December 15, 2019. one two not Adoption of New Accounting Pronouncements . Leases . February 2016, No. 2016 02, Leases 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 , January 1, 2019 840, Leases Derivatives and Hedging . Accounting for Certain Financial Instruments with Down Round Provisions. July 2017, No. 2017 11, Derivatives and Hedging 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 | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 2. Basic earnings (loss) per share ("EPS") is computed by dividing the net income (loss) for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share 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 nine September 30, 2019 2018 The following table sets forth securities outstanding that could potentially dilute the calculation of diluted EPS: Three and Nine Months Ended September 30, 2019 2018 Warrants to purchase common stock - liability classified (see Note 7) 54,989 58,902 Warrant to purchase common stock - equity classified — 6 2020 Notes 997,914 1,094,282 Outstanding options to purchase common stock (see Note 11) 1,564 813 Stock appreciation rights 132,566 132,559 Unvested restricted common stock — 290,300 Total 1,187,033 1,576,862 |
Note 3 - Revenues From Contract
Note 3 - Revenues From Contracts With Customers; Other Revenues | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. 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. 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 September 30 , 2019 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 5,554 $ — $ 5,554 Hydrocarbon revenue 550 — 550 Grant and other revenue — 6 6 $ 6,104 $ 6 $ 6,110 Timing of Revenue Recognition Goods transferred at a point in time $ 6,104 $ — $ 6,104 Services transferred over time — 6 6 $ 6,104 $ 6 $ 6,110 Three Months Ended 30, 2018 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 8,071 $ — $ 8,071 Hydrocarbon revenue 504 — 504 Grant and other revenue — — — $ 8,575 $ — $ 8,575 Timing of Revenue Recognition Goods transferred at a point in time $ 8,575 $ — $ 8,575 Services transferred over time — — — $ 8,575 $ — $ 8,575 Nine Months Ended September 30, 2019 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 16,184 $ — $ 16,184 Hydrocarbon revenue 1,381 — 1,381 Grant and other revenue — 34 34 $ 17,565 $ 34 $ 17,599 Timing of Revenue Recognition Goods transferred at a point in time $ 17,565 $ — $ 17,565 Services transferred over time — 34 34 $ 17,565 $ 34 $ 17,599 Nine Months Ended September 30, 2018 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 25,102 — $ 25,102 Hydrocarbon revenue 1,111 — 1,111 Grant and other revenue 25 — 25 $ 26,238 $ — $ 26,238 Timing of Revenue Recognition Goods transferred at a point in time $ 26,213 $ — $ 26,213 Services transferred over time 25 — 25 $ 26,238 $ — $ 26,238 Goods transferred at a point-in-time. three nine September 30, 2019 2018, no September 30, 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". one three no Services transferred over time. three nine September 30, 2019 2018, no September 30, 2019 December 31, 2018, no For the three nine September 30, 2019 2018, Contract Assets and Trade Receivables. September 30, 2019 December 31, 2018, no not no not September 30, 2019 December 31, 2018. |
Note 4 - Leases, Right-to-Use A
Note 4 - Leases, Right-to-Use Assets and Related Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 4. The Company enters into various arrangements which constitute a lease as defined by ASC 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 12.0% 2020 Upon adoption of ASC 842, Leases, January 1, 2019, $1.2 September 30, 2019, ( $0.4 twelve "Deposits and other assets" $0.3 "Accounts payable and accrued liabilities" $0.2 "Other long-term liabilities" There are two not September 30, 2019 $ 3.0 September 30, 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 Nine Months Ended September 30, 2019 September 30, 2019 Lease Cost Operating lease cost $ 435 $ 1,166 Short-Term lease cost 18 50 Total lease cost $ 453 $ 1,216 Other Information Cash paid for the measurement of lease liabilities Operating cash flows from operating leases $ 1,166 Weighted-average remaining lease term, operating leases (months) 22.0 Weighted-average discount rate - operating leases 12 % |
Note 5 - Inventories
Note 5 - Inventories | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. The following table sets forth the components of the Company’s inventory balances (in thousands): September 30 , December 31, 2019 2018 Raw materials Corn $ 64 $ 29 Enzymes and other inputs 287 204 Finished goods Ethanol 102 182 Isobutanol 245 549 Jet Fuels, Isooctane and Isooctene 607 394 Distiller's grains 9 54 Work in process - Agri-Energy 9 214 Work in process - Gevo 124 89 Spare parts 1,515 1,451 Total inventories $ 2,962 $ 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 | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. The following table sets forth the Company’s property, plant and equipment by classification (in thousands): Useful Life September 30, December 31, (in years) 2019 2018 Luverne retrofit asset 20 $ 70,820 $ 70,842 Plant machinery and equipment 10 17,431 16,285 Site improvements 10 7,062 7,055 Lab equipment, furniture and fixtures and vehicles 5 6,479 6,574 Demonstration plant 2 3,597 3,597 Leasehold improvements, pilot plant, land and support equipment 2 to 5 2,558 2,542 Buildings 10 2,543 2,543 Computer, office equipment and software 3 1,507 1,848 Construction in progress 7,230 3,478 119,227 114,764 Less accumulated depreciation and amortization (52,079 ) (47,728 ) Property, plant and equipment, net $ 67,148 $ 67,036 Included in cost of goods sold is depreciation of $ 1.6 three September 30, 2019 2018; $ 4.7 nine September 30, 2019 2018. Included in operating expenses is depreciation of $0.03 $0.1 three September 30, 2019 2018, $0.1 $0.2 nine September 30, 2019 2018, |
Note 7 - Embedded Derivatives a
Note 7 - Embedded Derivatives and Derivative Warrant Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Discussion of Hybrid Instruments and Embedded Derivatives [Text Block] | 7. 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 September 30, 2019, a s $0. $0 $0.4 three nine September 30, 2019, The following table sets forth the inputs to the lattice model that were used to value the embedded derivatives: September 30 , December 31, 2019 2018 Stock price $ 3.35 $ 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 1.82 % 2.57 % Estimated stock volatility 57 % 150 % Estimated credit spread 28 % 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 September 30, 2019: Issuance Date Expiration Date Exercise Price as of September 30, 2019 Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of September 30, 2019 Shares Underlying Warrants Outstanding as of September 30, 2019 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 02/17/2022 $ 3.80 312,516 308,660 3,856 405,641 350,652 54,989 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 nine September 30, 2019. |
Note 8 - Accounts Payable and A
Note 8 - Accounts Payable and Accrued Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. The following table sets forth the components of the Company’s accounts payable and accrued liabilities in the consolidated balance sheets (in thousands): September 30 , December 31, 2019 2018 Accounts payable - trade $ 1,481 $ 1,944 Accrued legal-related fees 220 206 Accrued employee compensation 1,526 1,648 Accrued production fees 383 255 Accrued utilities and supplies payable 156 344 Accrued taxes payable 165 101 Current lease obligations 296 — Other accrued liabilities 207 376 Total accounts payable and accrued liabilities $ 4,434 $ 4,874 |
Note 9 - Debt
Note 9 - Debt | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. 2020 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 — 704 — 704 — 704 Amortization of debt issue costs — — 177 177 — 177 Paid-in-kind interest 208 — — 208 — 208 Change in fair value of 2020 Notes embedded derivative — — — — (394 ) (394 ) Balance - September 30, 2019 $ 13,983 $ (275 ) $ (65 ) $ 13,643 $ — $ 13,643 On April 19, 2017, 2017 2017 2020 2017 June 20, 2017, 2017 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 six The 2020 not Under certain circumstances, the Company may one 3 2020 |
Note 10 - Equity Incentive Plan
Note 10 - Equity Incentive Plans | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Stock Incentive Plans Disclosure [Text Block] | 10. 2010 February 2011, 2010 "2010 2010 June 10, 2019, 2010 3,266,661 July 2019, 254,500 August 9, 2018. July 2019, 1,283,032 June 24, 2019 25,581 August 8, 2019, two August 2019, 79,790 September 30, 2019, 1,804,891 2010 Employee Stock Purchase Plan February 2011, January 1 June 30 July 1 December 31 190 190 September 30, 2019 85% first no three nine September 30, 2019. |
Note 11 - Stock-Based Compensat
Note 11 - Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. 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 (reversal) for the periods indicated (in thousands): Three Months Ended September 30 , Nine Months Ended September 30 , 2019 2018 2019 2018 Stock options and employee stock purchase plan awards Research and development $ — $ 3 $ — $ 21 Selling, general and administrative — 7 — 48 Restricted stock Research and development 68 23 129 57 Selling, general and administrative 236 136 581 194 Stock appreciation rights Research and development 132 — 114 — Selling, general and administrative 132 112 114 198 Total stock-based compensation $ 568 $ 281 $ 938 $ 518 Determining the Fair Value of Share-Based Payment Awards The Company uses the Black-Scholes option pricing model for determining the fair value for stock options granted. There were no three nine September 30, 2019 2018. An annual forfeiture rate is estimated at the time of grant for all stock-based payment awards, and revised if necessary, in subsequent periods if the actual forfeiture rate differs from the Company's estimate. Forfeitures have been estimated by the Company based on historical and expected forfeiture experience. Estimated forfeiture rates used for the periods presented were from 0% 5%. Stock Option Activity Stock option activity during the nine September 30, 2019 Number of Options Options outstanding at December 31, 2018 2,313 Granted — Canceled or forfeited (749 ) Exercised — Options outstanding at September 30, 2019 1,564 Weighted-average remaining contractual life (in years) 5.7 As of September 30, 2019, no Restricted Stock The Company grants service-condition restricted stock awards ("RSAs"). RSA activity during the nine September 30, 2019 Shares Weighted -Average Grant Date Fair Value Unvested RSAs at December 31, 2018 290,300 $ 3.45 Granted 1,308,613 $ 1.91 Vested (254,500 ) $ 3.45 Canceled or forfeited (35,800 ) $ 3.45 Unvested RSAs at September 30, 2019 1,308,613 $ 1.91 As of September 30, 2019, $2.2 1.74 nine September 30, 2019 $0.9 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Legal Matters may not not Leases 2016 02, three July 2021 January 2021 June 2020 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 September 30, 2019 2018 $ 0.4 nine September 30, 2019 2018 $1.2 $1.3 The table below shows the future minimum payments under non-cancelable short-term and operating leases and at September 30, 2019 ( Short-Term Leases Operating Leases 2019 (remaining) $ 163 $ 105 2020 242 425 2021 3 215 2022 and thereafter — — Total $ 408 $ 745 The Company entered into a five April 2, 2018. $0.3 September 30, 2019. 2016 02, Leases. Indemnifications may September 30, 2019 December 31, 2018, not 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 No September 30, 2019 December 31, 2018. |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. 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 September 30, 2019 December 31, 2018, Fair Value Measurements at 30 , 2019 (In thousands) Fair Value at September 30 , 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 Total Recurring Fair Value Measurements $ 21 $ — $ — $ 21 Nonrecurring Corn and finished goods inventory $ 714 $ 64 $ 650 $ — Total Non-Recurring Fair Value Measurements $ 714 $ 64 $ 650 $ — 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 nine September 30, 2019: Fair Value Measurements Using Significant Unobservable Inputs Derivative Warrant Liability 2020 Notes Embedded Derivative Opening Balance $ 22 $ 394 Total (gains) or losses for the period included in earnings (1 ) (394 ) Purchases — — Closing balance $ 21 $ — There were no 3 no 3 nine September 30, 2019. Inventories. 1 2 2020 Notes Embedded Derivative nil September 30, 2019 $0.4 December 31, 2018 3 Change in fair value of 2020 7, Derivative Warrant Liability 3 3 $ 0.02 September 30, 2019 December 31, 2018. Certain of the Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and 2020 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 14 - Segments
Note 14 - Segments | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. The Company has determined that it has two Gevo Segment Gevo Development/Agri-Energy Segment The Company's chief operating decision maker is provided with and reviews the financial results of each of the Company's consolidated legal entities, Gevo, Inc., Gevo Development, LLC and Agri-Energy, LLC. The Company organizes its business segments based on the nature of the products and services offered through each of its consolidated legal entities. All revenue is earned, and all assets are held, in the U.S. Three Months Ended 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenues: Gevo $ 550 $ 504 $ 1,381 $ 1,136 Gevo Development / Agri-Energy 5,560 8,071 16,218 25,102 Consolidated $ 6,110 $ 8,575 $ 17,599 $ 26,238 Loss from operations: Gevo $ (3,830 ) $ (3,375 ) $ (9,463 ) $ (8,166 ) Gevo Development / Agri-Energy (4,173 ) (2,733 ) (10,661 ) (7,320 ) Consolidated $ (8,003 ) $ (6,108 ) $ (20,124 ) $ (15,486 ) Interest expense: Gevo $ 605 $ 767 $ 2,127 $ 2,496 Gevo Development / Agri-Energy — — — — Consolidated $ 605 $ 767 $ 2,127 $ 2,496 Depreciation and amortization expense: Gevo $ 50 $ 54 $ 152 $ 214 Gevo Development / Agri-Energy 1,578 1,564 4,697 4,689 Consolidated $ 1,628 $ 1,618 $ 4,849 $ 4,903 Acquisitions of plant, property and equipment: Gevo $ — $ 14 $ 62 $ 16 Gevo Development / Agri-Energy 781 1,207 4,862 1,328 Consolidated $ 781 $ 1,221 $ 4,924 $ 1,344 Revenue by geographic area: United States $ 5,560 $ 8,071 $ 16,218 $ 25,127 Other 550 504 1,381 1,111 Consolidated $ 6,110 $ 8,575 $ 17,599 $ 26,238 September 30 , December 31, 2019 2018 Total assets: Gevo $ 94,955 $ 105,379 Gevo Development / Agri-Energy 143,255 140,982 Intercompany eliminations (142,742 ) (139,326 ) Consolidated $ 95,468 $ 107,035 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Nature of Business [Policy Text Block] | 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 of September 30, 2019, |
Financial Condition [Policy Text Block] | Financial Condition nine September 30, 2019 2018, $21.8 $20.9 $451.2 September 30, 2019. September 30, 2019 $20.9 2020 March 15, 2020. 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, Policy [Policy Text Block] | At-the-Market Offering Program. February 2018, 2018 $84.9 August 2019, $10.7 nine September 30, 2019, 3,244,941 $9.9 $0.4 nine September 30, 2019. no third 2019. September 30, 2019, $10.7 From October 1, 2019 November 11, 2019, 322,899 $0.9 $0.03 |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. not September 30, 2019 not 8 10 December 31, 2018. |
Investment, Policy [Policy Text Block] | Investment in Juhl. September 2019, 1.5 $1.00 |
Income Tax, Policy [Policy Text Block] | Income Taxes. no |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Business Risk. September 30, 2019, two 56% 15% December 31, 2018, two 66% 29% For the three September 30, 2019 2018, 73% 72% 16% 18% nine September 30, 2019 2018, 72% 72% 17% 21% |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Financial Instruments - Credit Losses. Measurement of Credit Losses on Financial Instruments. June 2016, No. 2016 13, Financial Instruments - Credit Losses Measurement of Credits Losses on Financial Instruments 2016 13” not 2016 13 2016 13 December 15, 2019. one two not Adoption of New Accounting Pronouncements . Leases . February 2016, No. 2016 02, Leases 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 , January 1, 2019 840, Leases Derivatives and Hedging . Accounting for Certain Financial Instruments with Down Round Provisions. July 2017, No. 2017 11, Derivatives and Hedging Accounting for Certain Financial Instruments with Down Round Provisions 2017 11” December 15, 2018. not |
Note 2 - Earnings Per Share (Ta
Note 2 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three and Nine Months Ended September 30, 2019 2018 Warrants to purchase common stock - liability classified (see Note 7) 54,989 58,902 Warrant to purchase common stock - equity classified — 6 2020 Notes 997,914 1,094,282 Outstanding options to purchase common stock (see Note 11) 1,564 813 Stock appreciation rights 132,566 132,559 Unvested restricted common stock — 290,300 Total 1,187,033 1,576,862 |
Note 3 - Revenues From Contra_2
Note 3 - Revenues From Contracts With Customers; Other Revenues (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30 , 2019 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 5,554 $ — $ 5,554 Hydrocarbon revenue 550 — 550 Grant and other revenue — 6 6 $ 6,104 $ 6 $ 6,110 Timing of Revenue Recognition Goods transferred at a point in time $ 6,104 $ — $ 6,104 Services transferred over time — 6 6 $ 6,104 $ 6 $ 6,110 Three Months Ended 30, 2018 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 8,071 $ — $ 8,071 Hydrocarbon revenue 504 — 504 Grant and other revenue — — — $ 8,575 $ — $ 8,575 Timing of Revenue Recognition Goods transferred at a point in time $ 8,575 $ — $ 8,575 Services transferred over time — — — $ 8,575 $ — $ 8,575 Nine Months Ended September 30, 2019 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 16,184 $ — $ 16,184 Hydrocarbon revenue 1,381 — 1,381 Grant and other revenue — 34 34 $ 17,565 $ 34 $ 17,599 Timing of Revenue Recognition Goods transferred at a point in time $ 17,565 $ — $ 17,565 Services transferred over time — 34 34 $ 17,565 $ 34 $ 17,599 Nine Months Ended September 30, 2018 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 25,102 — $ 25,102 Hydrocarbon revenue 1,111 — 1,111 Grant and other revenue 25 — 25 $ 26,238 $ — $ 26,238 Timing of Revenue Recognition Goods transferred at a point in time $ 26,213 $ — $ 26,213 Services transferred over time 25 — 25 $ 26,238 $ — $ 26,238 |
Note 4 - Leases, Right-to-Use_2
Note 4 - Leases, Right-to-Use Assets and Related Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Lease Cost Operating lease cost $ 435 $ 1,166 Short-Term lease cost 18 50 Total lease cost $ 453 $ 1,216 Other Information Cash paid for the measurement of lease liabilities Operating cash flows from operating leases $ 1,166 Weighted-average remaining lease term, operating leases (months) 22.0 Weighted-average discount rate - operating leases 12 % |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30 , December 31, 2019 2018 Raw materials Corn $ 64 $ 29 Enzymes and other inputs 287 204 Finished goods Ethanol 102 182 Isobutanol 245 549 Jet Fuels, Isooctane and Isooctene 607 394 Distiller's grains 9 54 Work in process - Agri-Energy 9 214 Work in process - Gevo 124 89 Spare parts 1,515 1,451 Total inventories $ 2,962 $ 3,166 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful Life September 30, December 31, (in years) 2019 2018 Luverne retrofit asset 20 $ 70,820 $ 70,842 Plant machinery and equipment 10 17,431 16,285 Site improvements 10 7,062 7,055 Lab equipment, furniture and fixtures and vehicles 5 6,479 6,574 Demonstration plant 2 3,597 3,597 Leasehold improvements, pilot plant, land and support equipment 2 to 5 2,558 2,542 Buildings 10 2,543 2,543 Computer, office equipment and software 3 1,507 1,848 Construction in progress 7,230 3,478 119,227 114,764 Less accumulated depreciation and amortization (52,079 ) (47,728 ) Property, plant and equipment, net $ 67,148 $ 67,036 |
Note 7 - Embedded Derivatives_2
Note 7 - Embedded Derivatives and Derivative Warrant Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Defined Benefit Plan, Assumptions [Table Text Block] | September 30 , December 31, 2019 2018 Stock price $ 3.35 $ 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 1.82 % 2.57 % Estimated stock volatility 57 % 150 % Estimated credit spread 28 % 31 % |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Issuance Date Expiration Date Exercise Price as of September 30, 2019 Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of September 30, 2019 Shares Underlying Warrants Outstanding as of September 30, 2019 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 02/17/2022 $ 3.80 312,516 308,660 3,856 405,641 350,652 54,989 |
Note 8 - Accounts Payable and_2
Note 8 - Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | September 30 , December 31, 2019 2018 Accounts payable - trade $ 1,481 $ 1,944 Accrued legal-related fees 220 206 Accrued employee compensation 1,526 1,648 Accrued production fees 383 255 Accrued utilities and supplies payable 156 344 Accrued taxes payable 165 101 Current lease obligations 296 — Other accrued liabilities 207 376 Total accounts payable and accrued liabilities $ 4,434 $ 4,874 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Debt [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 — 704 — 704 — 704 Amortization of debt issue costs — — 177 177 — 177 Paid-in-kind interest 208 — — 208 — 208 Change in fair value of 2020 Notes embedded derivative — — — — (394 ) (394 ) Balance - September 30, 2019 $ 13,983 $ (275 ) $ (65 ) $ 13,643 $ — $ 13,643 |
Note 11 - Stock-Based Compens_2
Note 11 - Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended September 30 , Nine Months Ended September 30 , 2019 2018 2019 2018 Stock options and employee stock purchase plan awards Research and development $ — $ 3 $ — $ 21 Selling, general and administrative — 7 — 48 Restricted stock Research and development 68 23 129 57 Selling, general and administrative 236 136 581 194 Stock appreciation rights Research and development 132 — 114 — Selling, general and administrative 132 112 114 198 Total stock-based compensation $ 568 $ 281 $ 938 $ 518 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Options outstanding at December 31, 2018 2,313 Granted — Canceled or forfeited (749 ) Exercised — Options outstanding at September 30, 2019 1,564 Weighted-average remaining contractual life (in years) 5.7 |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Weighted -Average Grant Date Fair Value Unvested RSAs at December 31, 2018 290,300 $ 3.45 Granted 1,308,613 $ 1.91 Vested (254,500 ) $ 3.45 Canceled or forfeited (35,800 ) $ 3.45 Unvested RSAs at September 30, 2019 1,308,613 $ 1.91 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Short-Term Leases Operating Leases 2019 (remaining) $ 163 $ 105 2020 242 425 2021 3 215 2022 and thereafter — — Total $ 408 $ 745 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at 30 , 2019 (In thousands) Fair Value at September 30 , 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 Total Recurring Fair Value Measurements $ 21 $ — $ — $ 21 Nonrecurring Corn and finished goods inventory $ 714 $ 64 $ 650 $ — Total Non-Recurring Fair Value Measurements $ 714 $ 64 $ 650 $ — 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 Derivative Warrant Liability 2020 Notes Embedded Derivative Opening Balance $ 22 $ 394 Total (gains) or losses for the period included in earnings (1 ) (394 ) Purchases — — Closing balance $ 21 $ — |
Note 14 - Segments (Tables)
Note 14 - Segments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenues: Gevo $ 550 $ 504 $ 1,381 $ 1,136 Gevo Development / Agri-Energy 5,560 8,071 16,218 25,102 Consolidated $ 6,110 $ 8,575 $ 17,599 $ 26,238 Loss from operations: Gevo $ (3,830 ) $ (3,375 ) $ (9,463 ) $ (8,166 ) Gevo Development / Agri-Energy (4,173 ) (2,733 ) (10,661 ) (7,320 ) Consolidated $ (8,003 ) $ (6,108 ) $ (20,124 ) $ (15,486 ) Interest expense: Gevo $ 605 $ 767 $ 2,127 $ 2,496 Gevo Development / Agri-Energy — — — — Consolidated $ 605 $ 767 $ 2,127 $ 2,496 Depreciation and amortization expense: Gevo $ 50 $ 54 $ 152 $ 214 Gevo Development / Agri-Energy 1,578 1,564 4,697 4,689 Consolidated $ 1,628 $ 1,618 $ 4,849 $ 4,903 Acquisitions of plant, property and equipment: Gevo $ — $ 14 $ 62 $ 16 Gevo Development / Agri-Energy 781 1,207 4,862 1,328 Consolidated $ 781 $ 1,221 $ 4,924 $ 1,344 Revenue by geographic area: United States $ 5,560 $ 8,071 $ 16,218 $ 25,127 Other 550 504 1,381 1,111 Consolidated $ 6,110 $ 8,575 $ 17,599 $ 26,238 September 30 , December 31, 2019 2018 Total assets: Gevo $ 94,955 $ 105,379 Gevo Development / Agri-Energy 143,255 140,982 Intercompany eliminations (142,742 ) (139,326 ) Consolidated $ 95,468 $ 107,035 |
Note 1 - Nature of Business, _2
Note 1 - Nature of Business, Financial Condition and Basis of Presentation (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Nov. 11, 2019USD ($)shares | Sep. 30, 2019USD ($)$ / shares | Aug. 31, 2019USD ($) | Feb. 28, 2018USD ($) | Sep. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | |
Net Income (Loss) Attributable to Parent, Total | $ (8,619) | $ (7,090) | $ (6,136) | $ (6,880) | $ (11,492) | $ (2,502) | $ (21,845) | $ (20,874) | ||||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (451,171) | (451,171) | (451,171) | $ (429,326) | ||||||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 20,944 | $ 20,944 | 20,944 | $ 33,734 | ||||||||||
Proceeds from Issuance of Common Stock | 9,647 | 36,952 | ||||||||||||
Payments to Acquire Investments, Total | 1,500 | |||||||||||||
Income Tax Expense (Benefit), Total | $ 0 | |||||||||||||
Accounting Standards Update 2016-02 [Member] | ||||||||||||||
Operating Lease, Right-of-Use Asset | $ 1,200 | |||||||||||||
Operating Lease, Liability, Total | $ 1,200 | |||||||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||||||||||||
Number of Customer | 2 | 2 | 2 | 2 | ||||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Coryton Advanced Fuels Ltd [Member] | ||||||||||||||
Concentration Risk, Percentage | 56.00% | |||||||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Eco-Energy, LLC [Member] | ||||||||||||||
Concentration Risk, Percentage | 15.00% | 66.00% | ||||||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Purina Animal Nutrition, LLC [Member] | ||||||||||||||
Concentration Risk, Percentage | 29.00% | |||||||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Eco-Energy, LLC [Member] | ||||||||||||||
Concentration Risk, Percentage | 73.00% | 72.00% | 72.00% | 72.00% | ||||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Purina Animal Nutrition, LLC [Member] | ||||||||||||||
Concentration Risk, Percentage | 16.00% | 18.00% | 17.00% | 21.00% | ||||||||||
Juhi Clean Energy [Member] | Series A Preferred Stock [Member] | Agri-Energy [Member] | ||||||||||||||
Payments to Acquire Investments, Total | $ 1,500 | |||||||||||||
Share Price | $ / shares | $ 1 | $ 1 | $ 1 | |||||||||||
At-the-market Offering [Member] | ||||||||||||||
Increase (Decrease) in At-the-Market Offering of Stock | $ 10,700 | $ 84,900 | ||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 0 | 3,244,941 | ||||||||||||
Payments of Stock Issuance Costs | $ 400 | |||||||||||||
At-the-market Offering [Member] | Subsequent Event [Member] | ||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 322,899 | |||||||||||||
Proceeds from Issuance of Common Stock | $ 900 | |||||||||||||
Payments of Stock Issuance Costs | $ 30 | |||||||||||||
At-the-market Offering [Member] | Sales Agent [Member] | ||||||||||||||
Proceeds from Issuance of Common Stock | $ 9,900 |
Note 2 - Earnings Per Share - S
Note 2 - Earnings Per Share - Securities that Potentially Dilute Calculation of Diluted Earnings Per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive securities (in shares) | 1,187,033 | 1,576,862 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 1,564 | 813 |
Stock Appreciation Rights (SARs) [Member] | ||
Antidilutive securities (in shares) | 132,566 | 132,559 |
Restricted Stock [Member] | ||
Antidilutive securities (in shares) | 290,300 | |
Convertible 2020 Notes [Member] | ||
Antidilutive securities (in shares) | 997,914 | 1,094,282 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 54,989 | 58,902 |
Warrants Classified as Equity [Member] | ||
Antidilutive securities (in shares) | 6 |
Note 3 - Revenues From Contra_3
Note 3 - Revenues From Contracts With Customers; Other Revenues (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 6,104 | $ 8,575 | $ 17,565 | $ 26,238 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | 0 | $ 0 | ||
Contract with Customer, Asset, Credit Loss Expense (Reversal) | 0 | 0 | |||
Contract with Customer, Liability, Total | 0 | 0 | 0 | ||
Transferred at Point in Time [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 6,104 | 8,575 | 17,565 | 26,213 | |
Transferred at Point in Time [Member] | Variable Consideration or Multiple Performance Obligations [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | |
Revenue, Remaining Performance Obligation, Amount | 0 | 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 | 0 | $ 0 | |
Revenue, Remaining Performance Obligation, Amount | $ 0 | $ 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 6,104 | $ 8,575 | $ 17,565 | $ 26,238 |
Other revenues | 6 | 34 | ||
Total revenues | 6,110 | 8,575 | 17,599 | 26,238 |
Transferred at Point in Time [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 6,104 | 8,575 | 17,565 | 26,213 |
Other revenues | ||||
Total revenues | 6,104 | 8,575 | 17,565 | 26,213 |
Transferred over Time [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 25 | |||
Other revenues | 6 | 34 | ||
Total revenues | 6 | 34 | 25 | |
Ethanol Sales and Related Products [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 5,554 | 8,071 | 16,184 | 25,102 |
Other revenues | ||||
Total revenues | 5,554 | 8,071 | 16,184 | 25,102 |
Hydrocarbon [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 550 | 504 | 1,381 | 1,111 |
Other revenues | ||||
Total revenues | 550 | 504 | 1,381 | 1,111 |
Grant and Other [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 25 | |||
Other revenues | 6 | 34 | ||
Total revenues | $ 6 | $ 34 | $ 25 |
Note 4 - Leases, Right-to-Use_3
Note 4 - Leases, Right-to-Use Assets and Related Liabilities (Details Textual) $ in Thousands | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | 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 | ||
Deposits and Other Assets [Member] | |||
Operating Lease, Right-of-Use Asset | $ 400 | ||
Accounts Payable and Accrued Liabilities [Member] | |||
Operating Lease, Liability, Total | 300 | ||
Other Noncurrent Liabilities [Member] | |||
Operating Lease, Liability, Total | $ 200 | ||
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 | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Lease Cost | ||
Operating lease cost | $ 435 | $ 1,166 |
Short-Term lease cost | 18 | 50 |
Total lease cost | $ 453 | 1,216 |
Operating cash flows from operating leases | $ 1,166 | |
Weighted-average remaining lease term, operating leases (months) (Month) | 1 year 300 days | 1 year 300 days |
Weighted-average discount rate - operating leases | 12.00% | 12.00% |
Note 5 - Inventories - Componen
Note 5 - Inventories - Components of Inventory Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Finished goods: | ||
Spare parts | $ 1,515 | $ 1,451 |
Total inventories | 2,962 | 3,166 |
Corn [Member] | ||
Raw materials: | ||
Raw materials | 64 | 29 |
Enzymes and Other Inputs [Member] | ||
Raw materials: | ||
Raw materials | 287 | 204 |
Ethanol [Member] | ||
Finished goods: | ||
Finished goods | 102 | 182 |
Isobutanol [Member] | ||
Finished goods: | ||
Finished goods | 245 | 549 |
Jet Fuels, Isooctane and Isooctene [Member] | ||
Finished goods: | ||
Finished goods | 607 | 394 |
Distiller's Grains [Member] | ||
Finished goods: | ||
Finished goods | 9 | 54 |
Agri-Energy [Member] | ||
Finished goods: | ||
Work in process | 9 | 214 |
Gevo [Member] | ||
Finished goods: | ||
Work in process | $ 124 | $ 89 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Cost, Depreciation | $ 1,600 | $ 1,600 | $ 4,700 | $ 4,700 |
Depreciation, Nonproduction | $ 30 | $ 100 | $ 100 | $ 200 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Property, plant, and equipment, gross | $ 119,227 | $ 114,764 |
Less accumulated depreciation and amortization | (52,079) | (47,728) |
Property, plant and equipment, net | $ 67,148 | 67,036 |
Retrofit Assets [Member] | ||
Property, plant and equipment, useful life (Year) | 20 years | |
Property, plant, and equipment, gross | $ 70,820 | 70,842 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, useful life (Year) | 10 years | |
Property, plant, and equipment, gross | $ 17,431 | 16,285 |
Site Improvement [Member] | ||
Property, plant and equipment, useful life (Year) | 10 years | |
Property, plant, and equipment, gross | $ 7,062 | 7,055 |
Lab Equipment, Furniture and Fixtures, and Vehicles [Member] | ||
Property, plant and equipment, useful life (Year) | 5 years | |
Property, plant, and equipment, gross | $ 6,479 | 6,574 |
Demonstration Plant [Member] | ||
Property, plant and equipment, useful life (Year) | 2 years | |
Property, plant, and equipment, gross | $ 3,597 | 3,597 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | $ 2,558 | 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 | |
Building [Member] | ||
Property, plant and equipment, useful life (Year) | 10 years | |
Property, plant, and equipment, gross | $ 2,543 | 2,543 |
Computer, Office Equipment, and Software [Member] | ||
Property, plant and equipment, useful life (Year) | 3 years | |
Property, plant, and equipment, gross | $ 1,507 | 1,848 |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | $ 7,230 | $ 3,478 |
Note 7 - Embedded Derivatives_3
Note 7 - Embedded Derivatives and Derivative Warrant Liabilities (Details Textual) shares in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2017 | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Apr. 19, 2017 | |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | $ (7,000) | $ 394,000 | $ 2,340,000 | ||||
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 | 0 | $ 0 | $ 400,000 | ||||
Convertible 2020 Notes [Member] | Embedded Derivative, 2020 Convertible Notes [Member] | |||||||
Embedded Derivative, Fair Value of Embedded Derivative, Net, Total | 0 | 0 | |||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | $ 0 | $ 400,000 | |||||
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) | Sep. 30, 2019 | Dec. 31, 2018 |
Measurement Input, Exercise Price [Member] | ||
Embedded derivative liability, measurement input | 3.35 | 1.96 |
Measurement Input, Conversion Rate, Per 1000 dollars [Member] | ||
Embedded derivative liability, measurement input | 67.95 | 67.95 |
Measurement Input, Conversion Price [Member] | ||
Embedded derivative liability, measurement input | 14.72 | 14.72 |
Measurement Input, Maturity [Member] | ||
Embedded derivative liability, measurement input | 152,020 | 152,020 |
Measurement Input, Risk Free Interest Rate [Member] | ||
Embedded derivative liability, measurement input | 0.0182 | 0.0257 |
Measurement Input, Price Volatility [Member] | ||
Embedded derivative liability, measurement input | 0.57 | 1.5 |
Measurement Input, Entity Credit Risk [Member] | ||
Embedded derivative liability, measurement input | 0.28 | 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 | 9 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2018 | ||
Shares Underlying Warrants (in shares) | 54,989 | [1] | 405,641 |
Shares Issues Upon Warrant Exercises (in shares) | 350,652 | ||
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 six 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 | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts payable - trade | $ 1,481 | $ 1,944 |
Accrued legal-related fees | 220 | 206 |
Accrued employee compensation | 1,526 | 1,648 |
Accrued production fees | 383 | 255 |
Accrued utilities and supplies payable | 156 | 344 |
Accrued taxes payable | 165 | 101 |
Current lease obligations | 296 | |
Other accrued liabilities | 207 | 376 |
Total accounts payable and accrued liabilities | $ 4,434 | $ 4,874 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - Convertible 2020 Notes [Member] - $ / shares | Apr. 19, 2017 | Jun. 30, 2017 |
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% |
Note 9 - Debt - Information Per
Note 9 - Debt - Information Pertaining to Convertible Notes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | $ (7) | $ 394 | $ 2,340 | |
Embedded Derivative, 2020 Convertible Notes [Member] | ||||
Balance | 394 | |||
Paid-in-kind interest | ||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | (394) | |||
Balance | ||||
Convertible 2020 Notes [Member] | ||||
Balance | 12,554 | |||
Amortization of debt discount | 704 | |||
Amortization of debt issue costs | 177 | |||
Paid-in-kind interest | 208 | |||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | ||||
Balance | 13,643 | 13,643 | ||
Convertible 2020 Notes [Member] | Embedded Derivative, 2020 Convertible Notes [Member] | ||||
Balance | 12,948 | |||
Amortization of debt discount | 704 | |||
Amortization of debt issue costs | 177 | |||
Paid-in-kind interest | 208 | |||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | (394) | |||
Balance | 13,643 | 13,643 | ||
Convertible 2020 Notes [Member] | Principal Amount of 2020 Notes [Member] | ||||
Balance | 13,775 | |||
Paid-in-kind interest | 208 | |||
Balance | 13,983 | 13,983 | ||
Convertible 2020 Notes [Member] | Debt Issue Costs [Member] | ||||
Balance | (979) | |||
Amortization of debt discount | 704 | |||
Paid-in-kind interest | ||||
Balance | (275) | (275) | ||
Convertible 2020 Notes [Member] | Debt Discount [Member] | ||||
Balance | (242) | |||
Amortization of debt issue costs | 177 | |||
Paid-in-kind interest | ||||
Balance | $ (65) | $ (65) |
Note 10 - Equity Incentive Pl_2
Note 10 - Equity Incentive Plans (Details Textual) - shares | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2019 | Jul. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | Jul. 10, 2019 | |
Stock Incentive Plan 2010 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,804,891 | 1,804,891 | 3,266,661 | ||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 79,790 | ||||
Stock Incentive Plan 2010 [Member] | Share-based Payment Arrangement, Tranche One [Member] | Employees and Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||
Stock Incentive Plan 2010 [Member] | August 9, 2018 [Member] | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 254,500 | ||||
Stock Incentive Plan 2010 [Member] | June 24, 2019 [Member] | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,283,032 | ||||
Stock Incentive Plan 2010 [Member] | August 8, 2019 [Member] | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 25,581 | ||||
Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 190 | 190 | |||
Common Stock, Capital Shares Reserved for Future Issuance | 190 | 190 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0 | 0 |
Note 11 - Stock-Based Compens_3
Note 11 - Stock-Based Compensation (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total | 0 | 0 | 0 | 0 |
Share Based Compensation, Options, Estimated Forfeiture Rates Range, Lower Limit | 0.00% | |||
Share Based Compensation, Options, Estimated Forfeiture Rates Range, Upper Limit | 5.00% | |||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 | $ 0 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,200 | $ 2,200 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 270 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 900 |
Note 11 - Stock-Based Compens_4
Note 11 - Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Stock-based compensation | $ 568 | $ 281 | $ 938 | $ 518 |
Stock Options Issued to Employees and Board Members [Member] | Research and Development Expense [Member] | ||||
Stock-based compensation | 3 | 21 | ||
Stock Options Issued to Employees and Board Members [Member] | Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation | 7 | 48 | ||
Restricted Stock [Member] | Research and Development Expense [Member] | ||||
Stock-based compensation | 68 | 23 | 129 | 57 |
Restricted Stock [Member] | Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation | 236 | 136 | 581 | 194 |
Stock Appreciation Rights (SARs) [Member] | Research and Development Expense [Member] | ||||
Stock-based compensation | 132 | 114 | ||
Stock Appreciation Rights (SARs) [Member] | Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation | $ 132 | $ 112 | $ 114 | $ 198 |
Note 11 - Stock-Based Compens_5
Note 11 - Stock-Based Compensation - Stock Option Award Activity (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Options outstanding (in shares) | 2,313 | |||
Granted (in shares) | 0 | 0 | 0 | 0 |
Canceled or forfeited (in shares) | (749) | |||
Exercised (in shares) | ||||
Options outstanding (in shares) | 1,564 | 1,564 | ||
Weighted-average remaining contractual life (in years) (Year) | 5 years 255 days |
Note 11 - Stock-Based Compens_6
Note 11 - Stock-Based Compensation - Non-Vested Restricted Stock (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Unvested RSAs at December 31, 2018 (in shares) | shares | 290,300 |
Unvested RSAs at December 31, 2018 (in dollars per share) | $ / shares | $ 3.45 |
Granted (in shares) | shares | 1,308,613 |
Granted (in dollars per share) | $ / shares | $ 1.91 |
Vested (in shares) | shares | (254,500) |
Vested (in dollars per share) | $ / shares | $ 3.45 |
Canceled or forfeited (in shares) | shares | (35,800) |
Canceled or forfeited (in dollars per share) | $ / shares | $ 3.45 |
Unvested RSAs at September 30, 2019 (in shares) | shares | 1,308,613 |
Unvested RSAs at September 30, 2019 (in dollars per share) | $ / shares | $ 1.91 |
Note 12 - Commitments and Con_3
Note 12 - Commitments and Contingencies (Details Textual) $ in Thousands | Apr. 02, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jan. 01, 2019 | Dec. 31, 2018USD ($) |
Operating Lease Agreements | 3 | ||||||
Operating Leases, Rent Expense, Net, Total | $ 400 | $ 400 | $ 1,200 | $ 1,300 | |||
Accrual for Environmental Loss Contingencies, Ending Balance | 0 | 0 | $ 0 | ||||
Indemnification Agreement [Member] | |||||||
Loss Contingency Accrual, Ending Balance | $ 0 | $ 0 | $ 0 | ||||
Software Licensing Agreement [Member] | |||||||
License Agreement, Term | 5 years | ||||||
License Agreement, Future Minimum Payments Due, Total | $ 300 |
Note 12 - Commitments and Con_4
Note 12 - Commitments and Contingencies - Future Minimum Payments Under Non-Cancelable Operating Leases (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Short-term Leases, 2019 (remaining) | $ 163 |
Operating Leases, 2019 (remaining) | 105 |
Short-term Leases, 2020 | 242 |
Operating Leases, 2020 | 425 |
Short-term Leases, 2021 | 3 |
Operating Leases, 2021 | 215 |
Short-term Leases, 2023 and thereafter | |
Operating Leases, 2023 and thereafter | |
Short-term Leases, Total | 408 |
Operating Leases, Total | $ 745 |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Warrants and Rights Outstanding | $ 21 | $ 22 |
Series F Warrants and Series K Warrants [Member] | Monte-Carlo model and Black-Scholes Models [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 | $ 0 | $ 400 |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements - Schedule of Carrying Value and Fair Value by Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Recurring [Member] | ||
Liabilities, fair value | $ 21 | $ 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 | 21 | 416 |
Fair Value, Recurring [Member] | Warrant [Member] | ||
Derivative liability, fair value | 21 | 22 |
Fair Value, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative liability, fair value | ||
Fair Value, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative liability, fair value | ||
Fair Value, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative liability, fair value | 21 | 22 |
Fair Value, Recurring [Member] | Embedded Derivative [Member] | ||
Derivative liability, fair value | 394 | |
Fair Value, Recurring [Member] | Embedded Derivative [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative liability, fair value | ||
Fair Value, Recurring [Member] | Embedded Derivative [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative liability, fair value | ||
Fair Value, Recurring [Member] | Embedded Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative liability, fair value | 394 | |
Fair Value, Nonrecurring [Member] | ||
Assets, fair value | 714 | 1,047 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 64 | 29 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 650 | 1,018 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | ||
Fair Value, Nonrecurring [Member] | Corn and Finished Goods Inventory [Member] | ||
Corn and finished goods inventory, fair value | 714 | 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 | 64 | 29 |
Fair Value, Nonrecurring [Member] | Corn and Finished Goods Inventory [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Corn and finished goods inventory, fair value | 650 | 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 13 - Fair Value Measurem_5
Note 13 - Fair Value Measurements - Schedule of Fair Value Measurements Using Level 3 Inputs (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Derivative Financial Instruments, Liabilities [Member] | |
Opening Balance | $ 22 |
Total (gains) or losses for the period included in earnings | (1) |
Purchases | |
Closing balance | 21 |
Embedded Derivative, 2020 Convertible Notes [Member] | |
Opening Balance | 394 |
Total (gains) or losses for the period included in earnings | (394) |
Purchases | |
Closing balance |
Note 14 - Segments (Details Tex
Note 14 - Segments (Details Textual) | 6 Months Ended |
Jun. 30, 2019 | |
Number of Operating Segments | 2 |
Note 14 - Segments - Informatio
Note 14 - Segments - Information on Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Total revenues | $ 6,110 | $ 8,575 | $ 17,599 | $ 26,238 | |
Loss from operations | (8,003) | (6,108) | (20,124) | (15,486) | |
Interest expense | 605 | 767 | 2,127 | 2,496 | |
Depreciation and amortization | 1,628 | 1,618 | 4,849 | 4,903 | |
Acquisitions of plant, property and equipment | 781 | 1,221 | 4,924 | 1,344 | |
Assets | 95,468 | 95,468 | $ 107,035 | ||
UNITED STATES | |||||
Total revenues | 5,560 | 8,071 | 16,218 | 25,127 | |
Non-US [Member] | |||||
Total revenues | 550 | 504 | 1,381 | 1,111 | |
Intersegment Eliminations [Member] | |||||
Assets | (142,742) | (142,742) | (139,326) | ||
Gevo [Member] | |||||
Total revenues | 550 | 504 | 1,381 | 1,136 | |
Loss from operations | (3,830) | (3,375) | (9,463) | (8,166) | |
Interest expense | 605 | 767 | 2,127 | 2,496 | |
Depreciation and amortization | 50 | 54 | 152 | 214 | |
Acquisitions of plant, property and equipment | 14 | 62 | 16 | ||
Gevo [Member] | Operating Segments [Member] | |||||
Assets | 94,955 | 94,955 | 105,379 | ||
Gevo Development / Agri-Energy [Member] | |||||
Total revenues | 5,560 | 8,071 | 16,218 | 25,102 | |
Loss from operations | (4,173) | (2,733) | (10,661) | (7,320) | |
Interest expense | |||||
Depreciation and amortization | 1,578 | 1,564 | 4,697 | 4,689 | |
Acquisitions of plant, property and equipment | 781 | $ 1,207 | 4,862 | $ 1,328 | |
Gevo Development / Agri-Energy [Member] | Operating Segments [Member] | |||||
Assets | $ 143,255 | $ 143,255 | $ 140,982 |