Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 29, 2020 | Jun. 28, 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 Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 14,619,603 | ||
Entity Public Float | $ 20.5 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Current assets: | |||
Cash and cash equivalents | $ 16,302 | $ 33,734 | |
Accounts receivable | 1,135 | 526 | |
Inventories | 3,201 | 3,166 | |
Prepaid expenses and other current assets | 3,590 | 1,284 | |
Total current assets | 24,228 | 38,710 | |
Property, plant and equipment, net | 66,696 | 67,462 | |
Investment in Juhl | 1,500 | ||
Deposits and other assets | 935 | 863 | |
Total assets | [1] | 93,359 | 107,035 |
Current liabilities: | |||
Accounts payable and accrued liabilities | 5,678 | 4,896 | |
2020 Notes (current), net | 13,900 | ||
2020 Notes embedded derivative liability | 394 | ||
Notes payable - other (current) | 516 | ||
Total current liabilities | 20,094 | 5,290 | |
2020 Notes (long-term), net | 12,554 | ||
Notes payable - other (long-term) | 233 | ||
Other long-term liabilities | 528 | 404 | |
Total liabilities | 20,855 | 18,248 | |
Commitments and Contingencies (See Note 14) | |||
Stockholders' Equity | |||
Common stock, $0.01 par value per share; 250,000,000 authorized; 14,083,232 and 8,640,583 shares issued and outstanding at December 31, 2019 and 2018, respectively. (See Note 2) | 141 | 86 | |
Additional paid-in capital | 530,349 | 518,027 | |
Accumulated deficit | (457,986) | (429,326) | |
Total stockholders' equity | 72,504 | 88,787 | |
Total liabilities and stockholders' equity | $ 93,359 | $ 107,035 | |
[1] | All other significant non-cash items relate to the activities of Gevo. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 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) | 14,083,232 | 8,640,583 |
Common stock, shares outstanding (in shares) | 14,083,232 | 8,640,583 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue and cost of goods sold | ||
Revenue from contract with Customer | $ 24,453 | $ 32,863 |
Grant and other revenue | 34 | 25 |
Total revenues | 24,487 | 32,863 |
Cost of goods sold | 36,733 | 41,568 |
Gross loss | (12,246) | (8,705) |
Operating expenses | ||
Research and development expense | 4,020 | 5,374 |
Selling, general and administrative expense | 10,085 | 8,122 |
Total operating expenses | 14,105 | 13,496 |
Loss from operations | (26,351) | (22,201) |
Other (expense) income | ||
Interest expense | (2,732) | (3,237) |
(Loss) on exchange or conversion of debt | (2,202) | |
Gain from change in fair value of 2020 Notes embedded derivative | 394 | 2,637 |
Gain (loss) from change in fair value of derivative warrant liability | 14 | (2,976) |
Other income (expense) | 15 | 3 |
Total other (expense) income | (2,309) | (5,775) |
Net loss | $ (28,660) | $ (27,976) |
Net loss per share - basic and diluted (in dollars per share) | $ (2.35) | $ (5.74) |
Weighted-average number of common shares outstanding - basic and diluted (in shares) | 12,177,906 | 4,876,897 |
Ethanol Sales and Related Products [Member] | ||
Revenue and cost of goods sold | ||
Revenue from contract with Customer | $ 22,115 | $ 31,641 |
Total revenues | 22,115 | 31,641 |
Hydrocarbon [Member] | ||
Revenue and cost of goods sold | ||
Revenue from contract with Customer | 2,338 | 1,197 |
Total revenues | $ 2,338 | $ 1,197 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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 |
Shares issued upon reverse stock split (in shares) | 12,261 | |||
Issuance of common stock under stock plans, net of taxes (in shares) | 119 | |||
Issuance of common stock under stock plans, net of taxes | ||||
Issuance of common stock, net of issue costs & warrants (in shares) | 6,936,930 | |||
Issuance of common stock, net of issue costs & warrants | $ 69 | 38,877 | 38,946 | |
Non-cash stock-based compensation | 571 | $ 571 | ||
Issuance of common stock upon exercise of warrants (in shares) | 300,911 | 300,911 | ||
Issuance of common stock upon exercise of warrants | $ 3 | 6,165 | $ 6,168 | |
Issuance of common stock upon exchange of debt (in shares) | 299,809 | |||
Issuance of common stock upon exchange of debt | $ 3 | 7,544 | 7,547 | |
Net loss | (27,976) | (27,976) | ||
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 under stock plans, net of taxes (in shares) | 1,476,961 | |||
Issuance of common stock under stock plans, net of taxes | $ 15 | (216) | (201) | |
Issuance of common stock, net of issue costs & warrants (in shares) | 3,965,688 | |||
Issuance of common stock, net of issue costs & warrants | $ 40 | 11,317 | 11,357 | |
Non-cash stock-based compensation | 1,221 | 1,221 | ||
Net loss | (28,660) | (28,660) | ||
Balance (in shares) at Dec. 31, 2019 | 14,083,232 | |||
Balance at Dec. 31, 2019 | $ 141 | $ 530,349 | $ (457,986) | $ 72,504 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | ||
Net loss | $ (28,660,000) | $ (27,976,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
(Gain) loss from the change in fair value of derivative warrant liability | (14,000) | 2,976,000 |
(Gain) from the change in fair value of the embedded derivative to the 2020 Notes | (394,000) | (2,637,000) |
Loss on sale of property, plant and equipment | 4,000 | |
Loss on exchange or conversion of debt | 2,202,000 | |
Stock-based compensation | 1,349,000 | 683,000 |
Depreciation and amortization | 6,656,000 | 6,520,000 |
Non-cash lease expense | 48,000 | |
Non-cash interest expense | 1,346,000 | 1,706,000 |
Other non-cash expenses | 6,000 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (609,000) | 528,000 |
Inventories | (35,000) | 1,196,000 |
Prepaid expenses and other current assets, deposits and other assets | (1,824,000) | (630,000) |
Accounts payable, accrued expenses and long-term liabilities | 1,294,000 | (425,000) |
Net cash used in operating activities | (20,839,000) | (15,851,000) |
Investing Activities | ||
Acquisitions of property, plant and equipment | (5,989,000) | (2,233,000) |
Proceeds from sale of property, plant and equipment | 32,000 | |
Investment in Juhl | (1,500,000) | |
Net cash used in investing activities | (7,457,000) | (2,233,000) |
Financing Activities | ||
Payments on secured debt | (292,000) | |
Debt and equity offering costs | (232,000) | (392,000) |
Proceeds from issuance of common stock and common stock warrants | 11,589,000 | 39,394,000 |
Proceeds from the exercise of warrants | 1,263,766 | |
Net settlement of common stock under stock plans | (201,000) | |
Net cash provided by financing activities | 10,864,000 | 40,265,000 |
Net (decrease) increase in cash and cash equivalents | (17,432,000) | 22,181,000 |
Cash and cash equivalents, beginning of year | 33,734,000 | 11,553,000 |
Cash and cash equivalents, end of year | 16,302,000 | 33,734,000 |
Cash paid for interest | 1,391,000 | 1,945,000 |
Non-cash purchase of property, plant and equipment | 368,000 | 919,000 |
Equipment and insurance financed with notes payable | 1,041,000 | |
Conversion and exchanges of convertible debt for common stock | 3,701,000 | |
Fair value of 2020 Notes embedded derivative upon exchange | 2,193,000 | |
Fair value of warrants at issuance and upon exercise, net | $ 4,905,000 |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Financial Condition | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Nature of Business zero Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase GHG emissions. The Company believes that its proven, patented technology that enables the use of a variety of low-carbon sustainable feedstocks to produce price-competitive, low-carbon products, such as alcohol-to-jet fuel (“ATJ”), gasoline components like isooctane and isobutanol and diesel fuel, yields the potential to generate project and corporate returns that would justify the build-out of a multi-billion-dollar business. Ultimately, the Company believes that the attainment of profitable operations is dependent upon future events, including (i) completing certain capital improvements at Company’s production facility located in Luverne, Minnesota (the "Luverne Facility") to increase the production capacity of renewable jet fuel and isooctane and other related products that can be made from isobutanol; (ii) completing the Company's development activities resulting in commercial production and sales of renewable hydrocarbon products and low-carbon ethanol; (iii) obtaining adequate financing to complete the Company's development activities, including the build out of renewable hydrocarbon capacity; (iv) gaining market acceptance and demand for the Company's products and services; (v) attracting and retaining qualified personnel; and (vi) achieving a level of revenues adequate to support the Company's cost structure. Financial Condition December 31, 2019 2018, $28.7 $28.0 $458.0 December 31, 2019. December 31, 2019 $16.3 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 Existing working capital was not one 2019 may not At-the-Market Offering Program. February 2018, 2018 $84.9 August 2019, $10.7 During the year ended December 31, 2019, 3,965,688 $11.5 December 31, 2019, $8.8 From January 1, 2020 February 29, 2020, 425,766 $0.9 February 29, 2019, $7.8 During the year ended December 31, 2018, 6,936,930 $38.9 Reverse Stock Split. June 1, 2018, one twenty June 4, 2018. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Principles of Consolidation Basis of Presentation. December 31, 2019. Use of Estimates Reclassifications. not Concentrations of Credit Risk Cash and Cash Equivalents three Accounts Receivable not December 31, 2019 2018, no December 31, 2019, three 57%, 13% 15% December 31, 2018, two 66% 27% Inventories Derivative Instruments 7 Warrants. December 31, 2019 54,989 February 17, 2022. $3.80 $220.00 December 31, 2019. 2013 Accounts Payable and Accrued Liabilities" December 31, 2019 2018 During the year ended December 31, 2018, Common Stock Issued Proceeds Series A Warrants 251 $ 1,054 Series K Warrants 300,660 1,262,712 300,911 $ 1,263,766 Property, Plant and Equipment Impairment of Property, Plant and Equipment may not not not The Company evaluated its Luverne Facility for impairment as of December 31, 2019 2018. • sales price of isobutanol, hydrocarbons, ethanol and by-products such as dried distillers grains; • purchase price of corn; • production levels of isobutanol; • capital and operating costs to produce isobutanol; and • estimated useful life of the primary asset. Factors which can impact these assumptions include, but are not • effectiveness of the Company’s technology to produce isobutanol at targeted margins; • demand for isobutanol and oil prices; and • harvest levels of corn. Based upon the Company’s evaluation at December 31, 2019 2018, not may may Investment in Juhl. September 2019, 1.5 $1.00 Debt Issue Costs Revenue Recognition Ethanol and related products as well as hydrocarbon products are generally shipped free-on-board shipping point. Collectability of revenue is reasonably assured based on historical evidence of collectability between the Company and its customers. In accordance with the Company’s agreements for the marketing and sale of ethanol and related products, commissions due to marketers are deducted from the gross sales price at the time payment was remitted. Ethanol and related products sales are recorded net of commissions and shipping and handling costs. Sales and other taxes that the Company collects concurrent with revenue-producing activities are excluded from revenue. Revenue related to government research grants and cooperative agreements is recognized in the period during which the related costs are incurred, provided that the conditions under the awards have been met and only perfunctory obligations are outstanding. Revenues related to lease agreements are recognized on a straight-line basis over the term of the contract. For the years ended December 31, 2019 2018, 71% 72% 17% 21% December 31, 2019 2018, 16 not Cost of Goods Sold Patents Research and Development third Income Taxes not not Stock-Based Compensation four Net Loss Per Share December 31, 2019 2018 The following table sets forth securities that could potentially dilute the calculation of diluted earnings per share: Year Ended December 31, 201 9 201 8 Warrants to purchase common stock - liability classified 54,989 55,963 Warrants to purchase common stock - equity classified — 6 Convertible 2020 Notes 974,139 1,071,674 Outstanding options to purchase common stock 1,561 2,311 Stock appreciation rights 127,225 132,566 Unvested restricted common stock — 290,300 Total 1,157,914 1,552,820 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, 2022. 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 |
Note 3 - Revenues From Contract
Note 3 - Revenues From Contracts With Customers and Other Revenues | 12 Months Ended |
Dec. 31, 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 has historically consisted primarily of revenues from governmental and cooperative research grants. Ethanol sales and related products revenues, net. 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 Year Ended December 31, 201 9 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 22,115 $ — $ 22,115 Hydrocarbon revenue 2,338 — 2,338 Grant and other revenue — 34 34 $ 24,453 $ 34 $ 24,487 Timing of Revenue Recognition Goods transferred at a point in time $ 24,453 $ — $ 24,453 Services transferred over time — 34 34 $ 24,453 $ 34 $ 24,487 Year Ended December 31, 201 8 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 31,641 $ — $ 31,641 Hydrocarbon revenue 1,197 — 1,197 Grant and other revenue 25 — 25 $ 32,863 $ — $ 32,863 Timing of Revenue Recognition Goods transferred at a point in time $ 32,838 $ — $ 32,838 Services transferred over time 25 — 25 $ 32,863 $ — $ 32,863 Goods transferred at a point-in-time. December 31, 2019 2018, no December 31, 2019 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. December 31, 2019 2018, no December 31, 2019 2018, no For the years ended December 2019 2018, Contract Assets and Trade Receivables. December 31, 2019 2018, no not no not December 31, 2019 2018. |
Note 4 - Leases, Right-to-Use A
Note 4 - Leases, Right-to-Use Assets and Related Liabilities | 12 Months Ended |
Dec. 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 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 The Company identified three July 2021, January 2021 June 2020 twelve Upon adoption of ASC 842, Leases, January 1, 2019, $1.2 December 31, 2019, $0.6 twelve "Deposits and other assets". $0.4 "Accounts payable and accrued liabilities" $0.3 "Other long-term liabilities" The Company recognizes rent expense on its operating leases on a straight-line basis. There are two not December 31, 2019 $3.0 December 31, 2019. The following table presents the (a) costs by lease category and (b) other quantitative information relating to the Company’s leases for the year ended December 31, 2019: Lease Cost Operating lease cost $ 1,554 Short-term lease cost 66 Variable lease expense (1) 119 Total lease cost $ 1,739 (1) Represents amounts incurred in excess of minimum payments for common area maintenance and present value discounts. Other Information Cash paid for the measurement of lease liabilities Operating cash flows from operating leases $ 1,554 Right-to-use assets obtained in exchange for new operating lease liabilities $ 280 Weighted-average remaining lease term, operating leases (months) 21.0 Weighted-average discount rate - operating leases 12 % The table below shows the future minimum payments under non-cancelable operating leases at December 31, 2019 ( Year Ending December 31, 2020 $ 684 2021 336 2022 and thereafter — Total 1,020 Less: Amounts representing present value discounts (80 ) Total lease liabilities $ 940 |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Dec. 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): December 31, 201 9 201 8 Raw materials Corn $ 267 $ 29 Enzymes and other inputs 184 204 Finished goods Jet Fuels, Isooctane and Isooctene 571 394 Isobutanol 135 549 Ethanol 93 182 Distillers grains 54 54 Work in process Agri-Energy 254 214 Gevo 122 89 Spare parts 1,521 1,451 Total inventories $ 3,201 $ 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 | 12 Months Ended |
Dec. 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 December 31, (in years) 2019 2018 Luverne retrofit asset 20 $ 70,820 $ 70,842 Plant machinery and equipment 10 17,413 16,285 Site improvements 10 7,054 7,055 Lab equipment, furniture and fixtures and vehicles 5 6,393 6,574 Demonstration plant 2 3,597 3,597 Buildings 10 2,543 2,543 Leasehold improvements, pilot plant, land and support equipment 2 to 5 2,523 2,542 Computer, office equipment and software 3 to 6 2,034 2,335 Construction in progress — 7,710 3,478 120,087 115,251 Less accumulated depreciation and amortization (53,391 ) (47,789 ) Property, plant and equipment, net $ 66,696 $ 67,462 The Company recorded depreciation and amortization expense related to property, plant and equipment as follows (in thousands): Year Ended December 31, 2019 2018 Cost of goods sold $ 6,282 $ 6,250 Operating expenses 210 267 Total depreciation and amortization $ 6,492 $ 6,517 |
Note 7 - Embedded Derivatives
Note 7 - Embedded Derivatives | 12 Months Ended |
Dec. 31, 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 December 31, 2019 2018, $0 $0.4 $0.4 $2.6 December 31, 2019 2018, The following table sets forth the inputs to the lattice model that were used to value the embedded derivatives: December 31, December 31, 201 9 201 8 Stock price $ 2.31 $ 1.96 Conversion Rate $ 67.95 $ 67.95 Conversion Price $ 14.72 $ 14.72 Maturity date March 15, 2020 March 15, 2020 Risk-free interest rate 1.52 % 2.57 % Estimated stock volatility 60 % 150 % Estimated credit spread 27 % 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 |
Note 8 - Accounts Payable and A
Note 8 - Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 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): December 31, 2019 2018 Accrued production fees $ 1,946 $ 1,648 Accounts payable - trade 1,474 1,944 Accrued utilities and supplies 645 344 Other accrued liabilities 1,613 960 Total accounts payable and accrued liabilities $ 5,678 $ 4,896 |
Note 9 - Debt
Note 9 - Debt | 12 Months Ended |
Dec. 31, 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, 2017 $ 16,657 $ (2,501 ) $ (665 ) $ 13,491 $ 5,224 $ 18,715 Amortization of debt discount — 1,094 — 1,094 — 1,094 Amortization of debt issue costs — — 309 309 — 309 Paid-in-kind interest 304 — — 304 — 304 Change in fair value of 2020 Notes embedded derivative — — — — (2,637 ) (2,637 ) Conversion of 2020 Notes into common stock (3,186 ) 428 114 (2,644 ) (2,193 ) (4,837 ) Balance - December 31, 2018 13,775 (979 ) (242 ) 12,554 394 12,948 Amortization of debt discount — 856 — 856 — 856 Amortization of debt issue costs — — 212 212 — 212 Paid-in-kind interest 278 — — 278 — 278 Change in fair value of 2020 Notes embedded derivative — — — — (394 ) (394 ) Balance - December 31, 2019 $ 14,053 $ (123 ) $ (30 ) $ 13,900 $ — $ 13,900 On April 19, 2017, “2017 “2017 12.0% 2017 "2017 June 6, 2014, “2017 2017 2017 2017 June 15, 2017), 2017 2020 2017 “2017 June 20, 2017, 2017 2017 2017 The 2020 March 15, 2020 first 2020 12% 2% March 31, June 30, September 30 December 31 2020 2020 Under certain circumstances, the Company had the option to pay a portion of the interest due on the 2020 2020 2020 Additional shares of the Company's common stock could also have become issuable pursuant to the 2020 2020 The 2020 2020 $14.72 0.0679 $1 2020 2020/21 On January 10, 2020, “2020/21 2017 2017 2020/21 2017 2020 $14.1 $14.4 12.0% 2020/21 "2020/21 “2020/21 2020/21 2017 $7.1 2020/21 “2020/21 2020/21 2.0%, 2020/21 2020/21 180 30 January 10, 2020, 2020/21 2017 2020 “2020/21 “2020/21 2020/21 The 2020/21 December 31, 2020, April 1, 2021 March 20, 2020 2020/21 19.99% 2020/21 2020/21 2020/21 December 15, 2020 $7 2020/21 12% 4% March 31, June 30, September 30 December 31 2020/21 2020/21 2020/21 2020/21 2020/21 The 2020/21 2017 2020/21 $2.442 “2020/21 0.4095 $1 2020/21 2017 may 2020/21 2020/21 2020/21 2020/21 10% three Each 2017 not 2020/21 2017 4.99% “4.99% 2017 may, 61 9.99% “9.99% 2020/21 2017 4.99% 9.99% 2020/21 2017 nine six The 2020/21 may 120 2017 2020/21 2017 may 2020/21 The 2020/21 not 2020/21 2020/21 The 2020/21 2020/21 Under certain circumstances, the Company may one 3 2020/21 Notes Payable - Other During the fourth 2019, 3.9% 4.0%, $0.01 August 2020 December 2024. December 31, 2019 Equipment $ 321 Insurance 428 749 Less current portion (516 ) Long-term portion $ 233 Future payments for Notes Payable - Other are as follows (in thousands): Year ending December 31, Amount 2020 $ 516 2021 79 2022 60 2023 62 2024 32 $ 749 2022 In July 2012, $45.0 7.5% July 2022 ( "2022 $40.9 $2.7 $1.4 2022 7.5%, January 1 July 1 first 2018, 39,016 $0.5 2022 |
Note 10 - Equity Incentive Plan
Note 10 - Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stock Incentive Plans Disclosure [Text Block] | 10 . Equity Incentive Plans 2006 2006, 2006 “2006 2006 2010 “2010 no 2006 December 31, 2019, no 2006 2010 2010 February 2011, 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 December 31, 2019, 1,785,829 2010 Employee Stock Purchase Plan February 2011, January 1 June 30 July 1 December 31 190 190 December 31, 2019 85% first no 2019. |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11 . Stock-Based Compensation Stock-Based Compensation Expense The following table sets forth the Company’s stock-based compensation expense (in thousands): Year Ended December 31, 201 9 201 8 Stock options and ESPP awards Research and development $ — $ 21 Selling, general and administrative — 48 Restricted stock awards Research and development 228 85 Selling, general and administrative 993 417 Stock appreciation rights Research and Development 66 61 Selling, general and administrative 62 51 Total stock-based compensation $ 1,349 $ 683 There were no December 31, 2019 2018. Due to the Company’s limited history of grant activity, the expected life of options granted was estimated using the “simplified method” in accordance with SEC Staff Accounting Bulletin 110, An annual forfeiture rate is estimated at the time of grant for all share-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 upon historical and expected forfeiture experience. Estimated forfeiture rates used for the periods presented were from 0% 5%. Stock Option Award Activity December 31, 2019 December 31, 2019 Weighted- Average Weighted- Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Price (years) Value Options outstanding at December 31, 2018 2,313 $ 2,358.44 6.87 $ — Granted — $ — Canceled or forfeited (752 ) $ 5,151.80 Exercised — $ — Options outstanding at December 31, 2019 1,561 $ 928.79 6.56 $ — Options exercisable at December 31, 2019 1,511 $ 1,043.47 6.53 $ — Options vested and expected to vest at December 31, 2019 1,561 $ 928.79 6.56 $ — The aggregate intrinsic values in the table above represent the total pretax intrinsic values (the difference between the closing price of Gevo’s common stock on the last trading day of the 2019 December 31, 2019. As of December 31, 2019, no There is a maximum contractual term of ten No Restricted Stock may two three Non-vested restricted stock awards at December 31, 2019 December 31, 2019 Weighted- Average Number of Grant-Date Shares Fair Value Non-vested 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 Non-vested at December 31, 2019 1,308,613 $ 1.91 The total fair value of restricted stock that vested during the years ended December 31, 2019 2018 $0.7 $0.5 December 31, 2019, $1.8 1.5 Stock Appreciation Rights. 132,566 $0.6 December 31, 2018. 2010 The following table sets forth the Black-Scholes option pricing model assumptions and resulting grant date fair value for stock appreciation rights granted during the year ended December 31, 2018 ( no December 31, 2019): December 31, 2018 Grant Date(1) Risk-free interest rate 2.54 % 2.84 % Expected dividend yield — — Expected volatility factor 134.17 % 125.03 % Expected option life (in years) 5.75 5.75 Weighted average value $ 1.65 $ 4.53 ( 1 May 2, 2018 August 9, 2018. $5.23 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12 . Income Taxes There is no December 31, 2019, $400.3 $375.7 may $3.5 December 31, 2019. 2039 may 382 The following table sets forth the tax effects of temporary differences that give rise to significant portions of the Company’s net deferred tax assets (in thousands): December 31, 201 9 201 8 Deferred tax assets, net: Net operating loss carryforwards $ 109,813 $ 103,612 Research and other credits 3,482 3,482 Operating lease assets (170 ) — Operating lease liabilities 198 — Other temporary differences 4,851 3,760 Deferred tax assets 118,175 110,854 Valuation allowance (118,175 ) (110,854 ) Net deferred tax assets $ — $ — The Company recognizes uncertain tax positions net, against any operating losses or applicable research credits as they arise. Currently, there are no December 31, 2019. December 31, 2019 2018, not not The following table sets forth reconciling items from income tax computed at the statutory federal rate: Year Ended December 31, 201 9 201 8 Federal income tax at statutory rate 21.0 % 21.0 % State income taxes, net of federal benefits 7.0 % 6.2 % Impact of change in statutory tax rates (0.2 %) (8.8 %) Permanent deductions (0.1 %) (3.7 %) Valuation allowance (27.7 %) (14.7 %) Effective tax rate — % — % Accounting literature regarding liabilities for unrecognized tax benefits provides guidance for the recognition and measurement in financial statements of uncertain tax positions taken or expected to be taken in a tax return. The Company’s evaluation was performed for the tax periods from inception to December 31, 2019. December 31, 2015 2019. The Company may no |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Employee Benefit Plan [Text Block] | 13 . Employee Benefit Plan The Company’s employees participate in the Gevo, Inc. 401 “401 401 three 401 may not may 401 not December 31, 2019 2018. |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14 . Commitments and Contingencies Legal Matters. may not Indemnifications may December 31, 2019 2018, not 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, in each case, as amended to date, 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 December 31, 2019. |
Note 15 - Fair Value Measuremen
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 1 5 . Fair Value Measurements and Fair Value of Financial Instruments 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 the Company's financial instruments at December 31, 2019 2018, $0.7 December 31, 2019. Fair Value Measurements at December 31, 201 9 Fair Value at December 31, 201 9 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 $ 8 $ — $ — $ 8 Nonrecurring Corn and finished goods inventory $ 940 $ 267 $ 673 $ — Fair Value Measurements at December 31, 201 8 Fair Value at December 31, 201 8 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 Notes Embedded Derivative Liability 394 — — 394 Total Recurring Fair Value Measurements $ 416 $ — $ — $ 416 Nonrecurring Corn and finished goods inventory $ 1,047 $ 29 $ 1,018 $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Derivative Warrant Liability 2020 Embedded Derivative Liability Balance, December 31, 2018 $ 22 $ 394 Total (gains) or losses for the period included in earnings (14 ) (394 ) Purchases — — Balance, December 31, 2019 $ 8 $ — There were no 1 2 no 3 no 3 December 31, 2019. The Company believes that the fair value of its accounts receivable and accounts payable approximate its book value due to their short-term nature. Fair Value Methodology Inventories. 1 2 2020 2020 $13.5 June 20, 2017, 2017 2020 2020 $13.9 $12.6 December 31, 2019 2018, 2020 $0 December 31, 2019 3 7, 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 16 - Segments
Note 16 - Segments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16 . Segments The Company has determined that it has two Gevo Segment Gevo Development/Agri-Energy 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. Year Ended December 31, 201 9 201 8 (In thousands) Revenues from external customers Gevo $ 2,338 $ 1,222 Gevo Development / Agri-Energy 22,149 31,641 Consolidated $ 24,487 $ 32,863 Loss from operations Gevo $ (12,360 ) $ (11,552 ) Gevo Development / Agri-Energy (13,991 ) (10,649 ) Consolidated $ (26,351 ) $ (22,201 ) Interest expense Gevo $ 2,732 $ 3,237 Gevo Development / Agri-Energy — — Consolidated $ 2,732 $ 3,237 Depreciation and amortization expense Gevo $ 210 $ 269 Gevo Development / Agri-Energy 6,446 6,251 Consolidated $ 6,656 $ 6,520 Acquisitions of plant, property and equipment Gevo $ 130 $ 27 Gevo Development / Agri-Energy 6,367 3,096 Consolidated $ 6,497 $ 3,123 Revenue by geographic area United States $ 22,149 $ 31,641 Other 2,338 1,222 Consolidated $ 24,487 $ 32,863 December 31, 201 9 201 8 Total assets Gevo $ 91,861 $ 105,379 Gevo Development / Agri-Energy 143,349 140,982 Intercompany eliminations (1) (141,851 ) (139,326 ) Consolidated (2) $ 93,359 $ 107,035 ( 1 Includes intercompany sales of $0.4 $0.1 December 31, 2019 2018, ( 2 All other significant non-cash items relate to the activities of Gevo. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Nature of Business [Policy Text Block] | Nature of Business zero Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase GHG emissions. The Company believes that its proven, patented technology that enables the use of a variety of low-carbon sustainable feedstocks to produce price-competitive, low-carbon products, such as alcohol-to-jet fuel (“ATJ”), gasoline components like isooctane and isobutanol and diesel fuel, yields the potential to generate project and corporate returns that would justify the build-out of a multi-billion-dollar business. Ultimately, the Company believes that the attainment of profitable operations is dependent upon future events, including (i) completing certain capital improvements at Company’s production facility located in Luverne, Minnesota (the "Luverne Facility") to increase the production capacity of renewable jet fuel and isooctane and other related products that can be made from isobutanol; (ii) completing the Company's development activities resulting in commercial production and sales of renewable hydrocarbon products and low-carbon ethanol; (iii) obtaining adequate financing to complete the Company's development activities, including the build out of renewable hydrocarbon capacity; (iv) gaining market acceptance and demand for the Company's products and services; (v) attracting and retaining qualified personnel; and (vi) achieving a level of revenues adequate to support the Company's cost structure. |
Financial Condition [Policy Text Block] | Financial Condition December 31, 2019 2018, $28.7 $28.0 $458.0 December 31, 2019. December 31, 2019 $16.3 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 Existing working capital was not one 2019 may not |
At-the-market Offering Program, Policy [Policy Text Block] | At-the-Market Offering Program. February 2018, 2018 $84.9 August 2019, $10.7 During the year ended December 31, 2019, 3,965,688 $11.5 December 31, 2019, $8.8 From January 1, 2020 February 29, 2020, 425,766 $0.9 February 29, 2019, $7.8 During the year ended December 31, 2018, 6,936,930 $38.9 |
Reverse Stock Split [Policy Text Block] | Reverse Stock Split. June 1, 2018, one twenty June 4, 2018. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. December 31, 2019. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Reclassification, Policy [Policy Text Block] | Reclassifications. not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three |
Receivable [Policy Text Block] | Accounts Receivable not December 31, 2019 2018, no December 31, 2019, three 57%, 13% 15% December 31, 2018, two 66% 27% |
Inventory, Policy [Policy Text Block] | Inventories |
Derivatives, Policy [Policy Text Block] | Derivative Instruments 7 |
Warrants [Policy Text Block] | Warrants. December 31, 2019 54,989 February 17, 2022. $3.80 $220.00 December 31, 2019. 2013 Accounts Payable and Accrued Liabilities" December 31, 2019 2018 During the year ended December 31, 2018, Common Stock Issued Proceeds Series A Warrants 251 $ 1,054 Series K Warrants 300,660 1,262,712 300,911 $ 1,263,766 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Property, Plant and Equipment Impairment of Property, Plant and Equipment may not not not The Company evaluated its Luverne Facility for impairment as of December 31, 2019 2018. • sales price of isobutanol, hydrocarbons, ethanol and by-products such as dried distillers grains; • purchase price of corn; • production levels of isobutanol; • capital and operating costs to produce isobutanol; and • estimated useful life of the primary asset. Factors which can impact these assumptions include, but are not • effectiveness of the Company’s technology to produce isobutanol at targeted margins; • demand for isobutanol and oil prices; and • harvest levels of corn. Based upon the Company’s evaluation at December 31, 2019 2018, not may may |
Investment, Policy [Policy Text Block] | Investment in Juhl. September 2019, 1.5 $1.00 |
Debt, Policy [Policy Text Block] | Debt Issue Costs |
Revenue [Policy Text Block] | Revenue Recognition Ethanol and related products as well as hydrocarbon products are generally shipped free-on-board shipping point. Collectability of revenue is reasonably assured based on historical evidence of collectability between the Company and its customers. In accordance with the Company’s agreements for the marketing and sale of ethanol and related products, commissions due to marketers are deducted from the gross sales price at the time payment was remitted. Ethanol and related products sales are recorded net of commissions and shipping and handling costs. Sales and other taxes that the Company collects concurrent with revenue-producing activities are excluded from revenue. Revenue related to government research grants and cooperative agreements is recognized in the period during which the related costs are incurred, provided that the conditions under the awards have been met and only perfunctory obligations are outstanding. Revenues related to lease agreements are recognized on a straight-line basis over the term of the contract. For the years ended December 31, 2019 2018, 71% 72% 17% 21% December 31, 2019 2018, 16 not |
Cost of Goods and Service [Policy Text Block] | Cost of Goods Sold |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Patents |
Research and Development Expense, Policy [Policy Text Block] | Research and Development third |
Income Tax, Policy [Policy Text Block] | Income Taxes not not |
Share-based Compensation [Policy Text Block] | Stock-Based Compensation four |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Share December 31, 2019 2018 The following table sets forth securities that could potentially dilute the calculation of diluted earnings per share: Year Ended December 31, 201 9 201 8 Warrants to purchase common stock - liability classified 54,989 55,963 Warrants to purchase common stock - equity classified — 6 Convertible 2020 Notes 974,139 1,071,674 Outstanding options to purchase common stock 1,561 2,311 Stock appreciation rights 127,225 132,566 Unvested restricted common stock — 290,300 Total 1,157,914 1,552,820 |
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, 2022. 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 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Common Stock Issued Proceeds Series A Warrants 251 $ 1,054 Series K Warrants 300,660 1,262,712 300,911 $ 1,263,766 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 201 9 201 8 Warrants to purchase common stock - liability classified 54,989 55,963 Warrants to purchase common stock - equity classified — 6 Convertible 2020 Notes 974,139 1,071,674 Outstanding options to purchase common stock 1,561 2,311 Stock appreciation rights 127,225 132,566 Unvested restricted common stock — 290,300 Total 1,157,914 1,552,820 |
Note 3 - Revenues From Contra_2
Note 3 - Revenues From Contracts With Customers and Other Revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 201 9 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 22,115 $ — $ 22,115 Hydrocarbon revenue 2,338 — 2,338 Grant and other revenue — 34 34 $ 24,453 $ 34 $ 24,487 Timing of Revenue Recognition Goods transferred at a point in time $ 24,453 $ — $ 24,453 Services transferred over time — 34 34 $ 24,453 $ 34 $ 24,487 Year Ended December 31, 201 8 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 31,641 $ — $ 31,641 Hydrocarbon revenue 1,197 — 1,197 Grant and other revenue 25 — 25 $ 32,863 $ — $ 32,863 Timing of Revenue Recognition Goods transferred at a point in time $ 32,838 $ — $ 32,838 Services transferred over time 25 — 25 $ 32,863 $ — $ 32,863 |
Note 4 - Leases, Right-to-Use_2
Note 4 - Leases, Right-to-Use Assets and Related Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Lease Cost Operating lease cost $ 1,554 Short-term lease cost 66 Variable lease expense (1) 119 Total lease cost $ 1,739 (1) Represents amounts incurred in excess of minimum payments for common area maintenance and present value discounts. Other Information Cash paid for the measurement of lease liabilities Operating cash flows from operating leases $ 1,554 Right-to-use assets obtained in exchange for new operating lease liabilities $ 280 Weighted-average remaining lease term, operating leases (months) 21.0 Weighted-average discount rate - operating leases 12 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, 2020 $ 684 2021 336 2022 and thereafter — Total 1,020 Less: Amounts representing present value discounts (80 ) Total lease liabilities $ 940 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 201 9 201 8 Raw materials Corn $ 267 $ 29 Enzymes and other inputs 184 204 Finished goods Jet Fuels, Isooctane and Isooctene 571 394 Isobutanol 135 549 Ethanol 93 182 Distillers grains 54 54 Work in process Agri-Energy 254 214 Gevo 122 89 Spare parts 1,521 1,451 Total inventories $ 3,201 $ 3,166 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful Life December 31, (in years) 2019 2018 Luverne retrofit asset 20 $ 70,820 $ 70,842 Plant machinery and equipment 10 17,413 16,285 Site improvements 10 7,054 7,055 Lab equipment, furniture and fixtures and vehicles 5 6,393 6,574 Demonstration plant 2 3,597 3,597 Buildings 10 2,543 2,543 Leasehold improvements, pilot plant, land and support equipment 2 to 5 2,523 2,542 Computer, office equipment and software 3 to 6 2,034 2,335 Construction in progress — 7,710 3,478 120,087 115,251 Less accumulated depreciation and amortization (53,391 ) (47,789 ) Property, plant and equipment, net $ 66,696 $ 67,462 |
Schedule of Depreciation and Amortization Expense [Table Text Block] | Year Ended December 31, 2019 2018 Cost of goods sold $ 6,282 $ 6,250 Operating expenses 210 267 Total depreciation and amortization $ 6,492 $ 6,517 |
Note 7 - Embedded Derivatives (
Note 7 - Embedded Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Defined Benefit Plan, Assumptions [Table Text Block] | December 31, December 31, 201 9 201 8 Stock price $ 2.31 $ 1.96 Conversion Rate $ 67.95 $ 67.95 Conversion Price $ 14.72 $ 14.72 Maturity date March 15, 2020 March 15, 2020 Risk-free interest rate 1.52 % 2.57 % Estimated stock volatility 60 % 150 % Estimated credit spread 27 % 31 % |
Note 8 - Accounts Payable and_2
Note 8 - Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2019 2018 Accrued production fees $ 1,946 $ 1,648 Accounts payable - trade 1,474 1,944 Accrued utilities and supplies 645 344 Other accrued liabilities 1,613 960 Total accounts payable and accrued liabilities $ 5,678 $ 4,896 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 12 Months Ended |
Dec. 31, 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, 2017 $ 16,657 $ (2,501 ) $ (665 ) $ 13,491 $ 5,224 $ 18,715 Amortization of debt discount — 1,094 — 1,094 — 1,094 Amortization of debt issue costs — — 309 309 — 309 Paid-in-kind interest 304 — — 304 — 304 Change in fair value of 2020 Notes embedded derivative — — — — (2,637 ) (2,637 ) Conversion of 2020 Notes into common stock (3,186 ) 428 114 (2,644 ) (2,193 ) (4,837 ) Balance - December 31, 2018 13,775 (979 ) (242 ) 12,554 394 12,948 Amortization of debt discount — 856 — 856 — 856 Amortization of debt issue costs — — 212 212 — 212 Paid-in-kind interest 278 — — 278 — 278 Change in fair value of 2020 Notes embedded derivative — — — — (394 ) (394 ) Balance - December 31, 2019 $ 14,053 $ (123 ) $ (30 ) $ 13,900 $ — $ 13,900 |
Schedule of Long-term Debt Instruments [Table Text Block] | Equipment $ 321 Insurance 428 749 Less current portion (516 ) Long-term portion $ 233 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year ending December 31, Amount 2020 $ 516 2021 79 2022 60 2023 62 2024 32 $ 749 |
Note 11 - Stock-based Compens_2
Note 11 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Year Ended December 31, 201 9 201 8 Stock options and ESPP awards Research and development $ — $ 21 Selling, general and administrative — 48 Restricted stock awards Research and development 228 85 Selling, general and administrative 993 417 Stock appreciation rights Research and Development 66 61 Selling, general and administrative 62 51 Total stock-based compensation $ 1,349 $ 683 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Average Weighted- Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Price (years) Value Options outstanding at December 31, 2018 2,313 $ 2,358.44 6.87 $ — Granted — $ — Canceled or forfeited (752 ) $ 5,151.80 Exercised — $ — Options outstanding at December 31, 2019 1,561 $ 928.79 6.56 $ — Options exercisable at December 31, 2019 1,511 $ 1,043.47 6.53 $ — Options vested and expected to vest at December 31, 2019 1,561 $ 928.79 6.56 $ — |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted- Average Number of Grant-Date Shares Fair Value Non-vested 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 Non-vested at December 31, 2019 1,308,613 $ 1.91 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | December 31, 2018 Grant Date(1) Risk-free interest rate 2.54 % 2.84 % Expected dividend yield — — Expected volatility factor 134.17 % 125.03 % Expected option life (in years) 5.75 5.75 Weighted average value $ 1.65 $ 4.53 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 201 9 201 8 Deferred tax assets, net: Net operating loss carryforwards $ 109,813 $ 103,612 Research and other credits 3,482 3,482 Operating lease assets (170 ) — Operating lease liabilities 198 — Other temporary differences 4,851 3,760 Deferred tax assets 118,175 110,854 Valuation allowance (118,175 ) (110,854 ) Net deferred tax assets $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 201 9 201 8 Federal income tax at statutory rate 21.0 % 21.0 % State income taxes, net of federal benefits 7.0 % 6.2 % Impact of change in statutory tax rates (0.2 %) (8.8 %) Permanent deductions (0.1 %) (3.7 %) Valuation allowance (27.7 %) (14.7 %) Effective tax rate — % — % |
Note 15 - Fair Value Measurem_2
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at December 31, 201 9 Fair Value at December 31, 201 9 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 $ 8 $ — $ — $ 8 Nonrecurring Corn and finished goods inventory $ 940 $ 267 $ 673 $ — Fair Value Measurements at December 31, 201 8 Fair Value at December 31, 201 8 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 Notes Embedded Derivative Liability 394 — — 394 Total Recurring Fair Value Measurements $ 416 $ — $ — $ 416 Nonrecurring Corn and finished goods inventory $ 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 Embedded Derivative Liability Balance, December 31, 2018 $ 22 $ 394 Total (gains) or losses for the period included in earnings (14 ) (394 ) Purchases — — Balance, December 31, 2019 $ 8 $ — |
Note 16 - Segments (Tables)
Note 16 - Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 201 9 201 8 (In thousands) Revenues from external customers Gevo $ 2,338 $ 1,222 Gevo Development / Agri-Energy 22,149 31,641 Consolidated $ 24,487 $ 32,863 Loss from operations Gevo $ (12,360 ) $ (11,552 ) Gevo Development / Agri-Energy (13,991 ) (10,649 ) Consolidated $ (26,351 ) $ (22,201 ) Interest expense Gevo $ 2,732 $ 3,237 Gevo Development / Agri-Energy — — Consolidated $ 2,732 $ 3,237 Depreciation and amortization expense Gevo $ 210 $ 269 Gevo Development / Agri-Energy 6,446 6,251 Consolidated $ 6,656 $ 6,520 Acquisitions of plant, property and equipment Gevo $ 130 $ 27 Gevo Development / Agri-Energy 6,367 3,096 Consolidated $ 6,497 $ 3,123 Revenue by geographic area United States $ 22,149 $ 31,641 Other 2,338 1,222 Consolidated $ 24,487 $ 32,863 December 31, 201 9 201 8 Total assets Gevo $ 91,861 $ 105,379 Gevo Development / Agri-Energy 143,349 140,982 Intercompany eliminations (1) (141,851 ) (139,326 ) Consolidated (2) $ 93,359 $ 107,035 |
Note 1 - Nature of Business a_2
Note 1 - Nature of Business and Financial Condition (Details Textual) $ in Thousands | Jun. 01, 2018 | Aug. 31, 2019USD ($) | Feb. 28, 2018USD ($) | Feb. 29, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares |
Net Income (Loss) Attributable to Parent, Total | $ (28,660) | $ (27,976) | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | (457,986) | (429,326) | ||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 16,302 | 33,734 | ||||
Proceeds from Issuance of Common Stock | $ 11,589 | $ 39,394 | ||||
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 | $ 10,700 | $ 84,900 | ||||
Stock Issued During Period, Shares, New Issues | shares | 3,965,688 | 6,936,930 | ||||
Proceeds from Issuance of Common Stock | $ 11,500 | $ 38,900 | ||||
Offering of Stock, Remaining Capacity, Values | $ 8,800 | |||||
At-the-market Offering [Member] | Subsequent Event [Member] | ||||||
Stock Issued During Period, Shares, New Issues | shares | 425,766 | |||||
Proceeds from Issuance of Common Stock | $ 900 | |||||
Offering of Stock, Remaining Capacity, Shares | shares | 7,800,000 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2019$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ | $ 0 | $ 0 | ||
Class of Warrant or Right, Outstanding | shares | 54,989 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ | $ 1,200 | |||
Operating Lease, Liability, Total | $ | $ 1,200 | |||
Series A preferred stock of Juhl Clean Energy Assets, Inc. [Member] | ||||
Number of Securities Purchased | shares | 1,500,000 | |||
Equity Securities, Purchase Price | $ / shares | $ 1 | |||
Minimum [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 3.80 | |||
Maximum [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 220 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Number of Customers | 3 | 2 | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Eco-Energy, LLC [Member] | ||||
Concentration Risk, Percentage | 57.00% | 66.00% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Purina Animal Nutrition, LLC [Member] | ||||
Concentration Risk, Percentage | 13.00% | 27.00% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | HCS Group GmbH [Member] | ||||
Concentration Risk, Percentage | 15.00% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Eco-Energy, LLC [Member] | ||||
Concentration Risk, Percentage | 71.00% | 72.00% | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Purina Animal Nutrition, LLC [Member] | ||||
Concentration Risk, Percentage | 17.00% | 21.00% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Warrants (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock Issued (in shares) | 300,911 | |
Proceeds | $ 1,263,766 | |
Series A Warrants [Member] | ||
Common Stock Issued (in shares) | 251 | |
Proceeds | $ 1,054 | |
Series K Warrants [Member] | ||
Common Stock Issued (in shares) | 300,660 | |
Proceeds | $ 1,262,712 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Securities Potentially Dilute Calculation of Diluted Earnings Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive securities (in shares) | 1,157,914 | 1,552,820 |
Warrants to Purchase Common Stock - Liability Classified [Member] | ||
Antidilutive securities (in shares) | 54,989 | 55,963 |
Warrants to Purchase Common Stock - Equity Classified [Member] | ||
Antidilutive securities (in shares) | 6 | |
Convertible 2017 Notes [Member] | ||
Antidilutive securities (in shares) | 974,139 | 1,071,674 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 1,561 | 2,311 |
Stock Appreciation Rights (SARs) [Member] | ||
Antidilutive securities (in shares) | 127,225 | 132,566 |
Restricted Stock [Member] | ||
Antidilutive securities (in shares) | 290,300 |
Note 3 - Revenues From Contra_3
Note 3 - Revenues From Contracts With Customers and Other Revenues (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 24,453 | $ 32,863 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | 0 |
Contract with Customer, Asset, Credit Loss Expense (Reversal) | 0 | 0 |
Transferred at Point in Time [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 24,453 | 32,838 |
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 and Other Revenues - Disaggregated Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 24,453 | $ 32,863 |
Other revenues | 34 | |
Total revenues | 24,487 | 32,863 |
Transferred at Point in Time [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 24,453 | 32,838 |
Other revenues | ||
Total revenues | 24,453 | 32,838 |
Transferred over Time [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 25 | |
Other revenues | 34 | |
Total revenues | 34 | 25 |
Ethanol Sales and Related Products [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 22,115 | 31,641 |
Other revenues | ||
Total revenues | 22,115 | 31,641 |
Hydrocarbon [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 2,338 | 1,197 |
Other revenues | ||
Total revenues | 2,338 | 1,197 |
Grant and Other [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 25 | |
Other revenues | 34 | |
Total revenues | $ 34 | $ 25 |
Note 4 - Leases, Right-to-Use_3
Note 4 - Leases, Right-to-Use Assets and Related Liabilities (Details Textual) $ in Thousands | Dec. 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 | |
Deposits and Other Assets [Member] | ||
Operating Lease, Right-of-Use Asset | 600 | |
Accounts Payable and Accrued Liabilities [Member] | ||
Operating Lease, Liability, Total | 400 | |
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 | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Operating lease cost | $ 1,554 | |
Short-term lease cost | 66 | |
Variable lease expense (1) | 119 | [1] |
Total lease cost | 1,739 | |
Operating cash flows from operating leases | 1,554 | |
Right-to-use assets obtained in exchange for new operating lease liabilities | $ 280 | |
Weighted-average remaining lease term, operating leases (months) (Month) | 1 year 270 days | |
Weighted-average discount rate - operating leases | 12.00% | |
[1] | Represents amounts incurred in excess of minimum payments for common area maintenance and present value discounts. |
Note 4 - Leases, Right-to-Use_5
Note 4 - Leases, Right-to-Use Assets and Related Liabilities - Future Minimum Payments Under Non-cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 684 |
2021 | 336 |
2022 and thereafter | |
Total | 1,020 |
Less: Amounts representing present value discounts | (80) |
Accounts Payable, Accrued Liabilities and Other Noncurrent Liabilities [Member] | |
Total lease liabilities | $ 940 |
Note 5 - Inventories - Componen
Note 5 - Inventories - Components of Inventory Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Spare parts | $ 1,521 | $ 1,451 |
Total inventories | 3,201 | 3,166 |
Corn [Member] | ||
Raw materials | 267 | 29 |
Enzymes and Other Inputs [Member] | ||
Raw materials | 184 | 204 |
Jet Fuels, Isooctane and Isooctene [Member] | ||
Finished goods | 571 | 394 |
Isobutanol [Member] | ||
Finished goods | 135 | 549 |
Ethanol [Member] | ||
Finished goods | 93 | 182 |
Distiller's Grains [Member] | ||
Finished goods | 54 | 54 |
Agri-Energy [Member] | ||
Work in process | 254 | 214 |
Gevo [Member] | ||
Work in process | $ 122 | $ 89 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, plant, and equipment, gross | $ 120,087 | $ 115,251 |
Less accumulated depreciation and amortization | (53,391) | (47,789) |
Property, plant and equipment, net | $ 66,696 | 67,462 |
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 | $ 17,413 | 16,285 |
Site Improvement [Member] | ||
Property, plant and equipment, useful life (Year) | 10 years | |
Property, plant, and equipment, gross | $ 7,054 | 7,055 |
Lab Equipment, Furniture and Fixtures, and Vehicles [Member] | ||
Property, plant and equipment, useful life (Year) | 5 years | |
Property, plant, and equipment, gross | $ 6,393 | 6,574 |
Demonstration Plant [Member] | ||
Property, plant and equipment, useful life (Year) | 2 years | |
Property, plant, and equipment, gross | $ 3,597 | 3,597 |
Building [Member] | ||
Property, plant and equipment, useful life (Year) | 10 years | |
Property, plant, and equipment, gross | $ 2,543 | 2,543 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | $ 2,523 | 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 | |
Computer, Office Equipment, and Software [Member] | ||
Property, plant, and equipment, gross | $ 2,034 | 2,335 |
Computer, Office Equipment, and Software [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 3 years | |
Computer, Office Equipment, and Software [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 6 years | |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | $ 7,710 | $ 3,478 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation and amortization | $ 6,492 | $ 6,517 |
Cost of Sales [Member] | ||
Depreciation and amortization | 6,282 | 6,250 |
Operating Expense [Member] | ||
Depreciation and amortization | $ 210 | $ 267 |
Note 7 - Embedded Derivatives_2
Note 7 - Embedded Derivatives (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 19, 2017 | |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | $ 394 | $ 2,637 | ||
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 | |||
Convertible 2020 Notes [Member] | Embedded Derivative, 2020 Convertible Notes [Member] | ||||
Embedded Derivative, Fair Value of Embedded Derivative, Net, Total | 0 | 400 | ||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | $ 400 | $ 2,600 | ||
Convertible 2017 Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% |
Note 7 - Embedded Derivatives -
Note 7 - Embedded Derivatives - Schedule of Inputs to Lattice Model Used to Value Embedded Derivatives (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Measurement Input, Exercise Price [Member] | ||
Embedded derivative liability, measurement input | 2.31 | 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 | 0.0152 | 0.0257 |
Measurement Input, Price Volatility [Member] | ||
Embedded derivative liability, measurement input | 0.6 | 1.5 |
Measurement Input, Entity Credit Risk [Member] | ||
Embedded derivative liability, measurement input | 0.27 | 0.31 |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued production fees | $ 1,946 | $ 1,648 |
Accounts payable - trade | 1,474 | 1,944 |
Accrued utilities and supplies | 645 | 344 |
Other accrued liabilities | 1,613 | 960 |
Total accounts payable and accrued liabilities | $ 5,678 | $ 4,896 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jan. 10, 2020 | Apr. 19, 2017 | Jan. 31, 2018 | Jul. 31, 2012 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Long-term Debt, Total | $ 749 | |||||||
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 | |||||||
Long-term Debt, Total | 14,100 | |||||||
Debt Instrument, Face Amount | 14,053 | $ 13,775 | $ 16,657 | |||||
Beneficial Ownership Limitation, Percentage | 4.99% | |||||||
Beneficial Ownership Limitation Percentage, Notice | 61 days | |||||||
Beneficial Ownership Limitation After Notice, Percentage | 9.99% | |||||||
The 2020/21 Notes [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||||
Debt Instrument, Convertible, Conversion Price | $ 2.442 | |||||||
Debt Instrument, Convertible, Conversion Ratio | 0.4095 | |||||||
Debt Instrument, Face Amount | $ 14,400 | |||||||
Debt Instrument, Indenture, Maturity Extension, Trigger, Percentage of Outstanding Shares | 19.99% | |||||||
Debt Instrument, Indenture, Maturity Extension, Trigger, Outstanding Balance | $ 7,000 | |||||||
Debt Instrument, PIK Interest | 4.00% | |||||||
Debt Instrument, Conversion Price Reduction, Discount Rate | 10.00% | |||||||
The 2020/21 Option Note [Member] | Subsequent Event [Member] | ||||||||
Maximum Principal Amount of Notes Issuable Upon Option Exercise | $ 7,100 | |||||||
Original Issue Discount | 2.00% | |||||||
Notes Payable, Other Payables [Member] | ||||||||
Long-term Debt, Total | 749 | |||||||
Debt Instrument, Periodic Payment, Total | $ 10 | |||||||
Notes Payable, Other Payables [Member] | Minimum [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | |||||||
Notes Payable, Other Payables [Member] | Maximum [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||||||
Convertible 2022 Notes [Member] | ||||||||
Debt Instrument, Face Amount | $ 45,000 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.50% | |||||||
Proceeds from Convertible Debt | $ 40,900 | |||||||
Discount on Sale of Convertible Notes | 2,700 | |||||||
Debt Issuance Costs, Gross | $ 1,400 | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 39,016 | |||||||
Debt Conversion, Original Debt, Amount | $ 500 |
Note 9 - Debt - Information Per
Note 9 - Debt - Information Pertaining to Convertible Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | ||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | 394 | $ 2,637 |
Gain from change in fair value of 2020 Notes embedded derivative | 394 | 2,637 |
Balance | 13,900 | |
Embedded Derivative, 2020 Convertible Notes [Member] | ||
Balance | 394 | 5,224 |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | (394) | (2,637) |
Conversion of 2020 Notes into common stock | (2,193) | |
Gain from change in fair value of 2020 Notes embedded derivative | (394) | (2,637) |
The 2020 Notes and 2020 Notes Embedded Derivative [Member] | ||
Balance | 12,948 | 18,715 |
Amortization of debt discount | 856 | 1,094 |
Amortization of debt issue costs | 212 | 309 |
Paid-in-kind interest | 278 | 304 |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | (394) | (2,637) |
Conversion of 2020 Notes into common stock | (4,837) | |
Gain from change in fair value of 2020 Notes embedded derivative | (394) | (2,637) |
Balance | 13,900 | 12,948 |
Convertible 2020 Notes [Member] | ||
Balance | 13,775 | 16,657 |
Balance | (979) | (2,501) |
Balance | (242) | (665) |
Balance | 12,554 | 13,491 |
Amortization of debt discount | 856 | 1,094 |
Amortization of debt issue costs | 212 | 309 |
Paid-in-kind interest | 278 | 304 |
Conversion of 2020 Notes into common stock | (3,186) | |
Conversion of 2020 Notes into common stock | 428 | |
Conversion of 2020 Notes into common stock | 114 | |
Conversion of 2020 Notes into common stock | (2,644) | |
Balance | 14,053 | 13,775 |
Balance | (123) | (979) |
Balance | (30) | (242) |
Balance | $ 13,900 | $ 12,554 |
Note 9 - Debt - Notes Payable -
Note 9 - Debt - Notes Payable - Other (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Notes payable, other | $ 749 |
Notes Payable, Other Payables [Member] | |
Notes payable, other | 749 |
Less current portion | (516) |
Long-term portion | 233 |
Notes Payable, Other Payables [Member] | Notes Payable, Equipment [Member] | |
Notes payable, other | 321 |
Notes Payable, Other Payables [Member] | Notes Payable, Insurance [Member] | |
Notes payable, other | $ 428 |
Note 9 - Debt - Future Payments
Note 9 - Debt - Future Payments for Notes Payable - Other (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 516 |
2021 | 79 |
2022 | 60 |
2023 | 62 |
2024 | 32 |
$ 749 |
Note 10 - Equity Incentive Pl_2
Note 10 - Equity Incentive Plans (Details Textual) - shares | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2019 | Jul. 31, 2019 | Dec. 31, 2019 | Jul. 10, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Stock Incentive Plan 2010 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,785,829 | 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 | |||
Common Stock, Capital Shares Reserved for Future Issuance | 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 |
Note 11 - Stock-based Compens_3
Note 11 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total | 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 Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 | |
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 10 years | |
Restricted Stock [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,800 | |
Share Based Compensation Arrangement by Share Based Payment Award Fair Value of Options Vested in Period | $ 700 | $ 500 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 45 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,308,613 | |
Restricted Stock [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |
Restricted Stock [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Stock Appreciation Rights (SARs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 132,566 |
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture, Total | $ 600 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 5.23 |
Note 11 - Stock-based Compens_4
Note 11 - Stock-based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Stock-based compensation | $ 1,349 | $ 683 |
Stock Options Issued to Employees and Board Members [Member] | Research and Development Expense [Member] | ||
Stock-based compensation | 21 | |
Stock Options Issued to Employees and Board Members [Member] | Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation | 48 | |
Restricted Stock [Member] | Research and Development Expense [Member] | ||
Stock-based compensation | 228 | 85 |
Restricted Stock [Member] | Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation | 993 | 417 |
Stock Appreciation Rights (SARs) [Member] | Research and Development Expense [Member] | ||
Stock-based compensation | 66 | 61 |
Stock Appreciation Rights (SARs) [Member] | Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation | $ 62 | $ 51 |
Note 11 - Stock-based Compens_5
Note 11 - Stock-based Compensation - Stock Option Award Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Options outstanding (in shares) | 2,313 | |
Granted (in shares) | 0 | 0 |
Canceled or forfeited (in shares) | (752) | |
Exercised (in shares) | ||
Options outstanding (in shares) | 1,561 | 2,313 |
Options exercisable (in shares) | 1,511 | |
Options vested and expected to vest (in shares) | 1,561 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 2,358.44 | |
Granted, weighted average exercise price (in dollars per share) | ||
Canceled or forfeited, weighted average exercise price (in dollars per share) | 5,151.80 | |
Exercised, weighted average exercise price (in dollars per share) | ||
Options outstanding, weighted average exercise price (in dollars per share) | 928.79 | $ 2,358.44 |
Options exercisable, weighted average exercise price (in dollars per share) | 1,043.47 | |
Options vested and expected to vest, weighted average exercise price (in dollars per share) | $ 928.79 | |
Options outstanding, weighted average remaining contractual term (Year) | 6 years 204 days | 6 years 317 days |
Options exercisable, weighted average remaining contractual term (Year) | 6 years 193 days | |
Options vested and expected to vest, weighted average remaining contractual term (Year) | 6 years 204 days |
Note 11 - Stock-based Compens_6
Note 11 - Stock-based Compensation - Non-Vested Restricted Stock (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Non-vested (in shares) | 290,300 | |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 1.91 | $ 3.45 |
Granted (in shares) | 1,308,613 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 1.91 | |
Vested (in shares) | (254,500) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 3.45 | |
Canceled or forfeited (in shares) | (35,800) | |
Canceled or forfeited, weighted average grant date fair value (in dollars per share) | $ 3.45 | |
Non-vested (in shares) | 1,308,613 | 290,300 |
Note 11 - Stock-based Compens_7
Note 11 - Stock-based Compensation - Determining Fair Value of Share-Based Payment Awards (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares | 3 Months Ended | 12 Months Ended | |
Aug. 09, 2018 | [1] | Dec. 31, 2018 | |
Risk-free interest rate | 2.84% | 2.54% | |
Expected dividend yield | |||
Expected volatility factor | 125.03% | 134.17% | |
Expected option life (Year) | 5 years 273 days | 5 years 273 days | |
Weighted average value (in dollars per share) | $ 4.53 | $ 1.65 | |
[1] | Stock appreciation rights were granted on May 2, 2018 and August 9, 2018. The values reported above are the weighted-average grant date value. The weighted-average strike price was $5.23 per share. |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income Tax Expense (Benefit), Total | $ 0 |
Unrecognized Tax Benefits, Ending Balance | 0 |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards, Total | 400,300 |
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | |
Operating Loss Carryforwards, Total | 3,500 |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards, Total | $ 375,700 |
Note 12 - Income Taxes - Net De
Note 12 - Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Net operating loss carryforwards | $ 109,813 | $ 103,612 |
Research and other credits | 3,482 | 3,482 |
Operating lease assets | (170) | |
Operating lease liabilities | 198 | |
Other temporary differences | 4,851 | 3,760 |
Deferred tax assets | 118,175 | 110,854 |
Valuation allowance | (118,175) | (110,854) |
Net deferred tax assets |
Note 12 - Income Taxes - Reconc
Note 12 - Income Taxes - Reconciling Items from Income Tax Computed at the Statutory Federal Rate (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Federal income tax at statutory rate | 21.00% | 21.00% |
State income taxes, net of federal benefits | 7.00% | 6.20% |
Impact of change in statutory tax rates | (0.20%) | (8.80%) |
Permanent deductions | (0.10%) | (3.70%) |
Valuation allowance | (27.70%) | (14.70%) |
Effective tax rate |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accrual for Environmental Loss Contingencies, Ending Balance | $ 0 | |
Indemnification Agreement [Member] | ||
Loss Contingency Accrual, Ending Balance | $ 0 | $ 0 |
Note 15 - Fair Value Measurem_3
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) - Convertible 2020 Notes [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 20, 2017 |
Long-term Debt, Fair Value | $ 13,900 | $ 12,600 | $ 13,500 |
Embedded Derivative, Fair Value of Embedded Derivative, Net, Total | $ 0 |
Note 15 - Fair Value Measurem_4
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Carrying Value and Fair Value by Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Recurring [Member] | ||
Liabilities, fair value | $ 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 | 416 | |
Fair Value, Recurring [Member] | Warrant [Member] | ||
Derivative liability, fair value | $ 8 | 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 | 8 | 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] | Corn and Finished Goods Inventory [Member] | ||
Corn and finished goods inventory, fair value | 940 | 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 | 267 | 29 |
Fair Value, Nonrecurring [Member] | Corn and Finished Goods Inventory [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Corn and finished goods inventory, fair value | 673 | 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 15 - Fair Value Measurem_5
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Fair Value Measurements Using Level 3 Inputs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Derivative Financial Instruments, Liabilities [Member] | |
Balance, December 31, 2018 | $ 22 |
Total (gains) or losses for the period included in earnings | (14) |
Purchases | |
Balance, December 31, 2019 | 8 |
Embedded Derivative, 2020 Convertible Notes [Member] | |
Balance, December 31, 2018 | 394 |
Total (gains) or losses for the period included in earnings | (394) |
Purchases | |
Balance, December 31, 2019 |
Note 16 - Segments (Details Tex
Note 16 - Segments (Details Textual) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Operating Segments | 2 | |
Intercompany Sales | $ 0.4 | $ 0.1 |
Note 16 - Segments - Informatio
Note 16 - Segments - Information on Business Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Total revenues | $ 24,487 | $ 32,863 | |
Loss from operations | (26,351) | (22,201) | |
Interest expense | 2,732 | 3,237 | |
Depreciation and amortization | 6,656 | 6,520 | |
Acquisitions of plant, property and equipment | 6,497 | 3,123 | |
Assets | [1] | 93,359 | 107,035 |
UNITED STATES | |||
Total revenues | 22,149 | 31,641 | |
Non-US [Member] | |||
Total revenues | 2,338 | 1,222 | |
Intersegment Eliminations [Member] | |||
Assets | [2] | (141,851) | (139,326) |
Gevo [Member] | |||
Total revenues | 2,338 | 1,222 | |
Loss from operations | (12,360) | (11,552) | |
Interest expense | 2,732 | 3,237 | |
Depreciation and amortization | 210 | 269 | |
Acquisitions of plant, property and equipment | 130 | 27 | |
Gevo [Member] | Operating Segments [Member] | |||
Assets | 91,861 | 105,379 | |
Gevo Development / Agri-Energy [Member] | |||
Total revenues | 22,149 | 31,641 | |
Loss from operations | (13,991) | (10,649) | |
Interest expense | |||
Depreciation and amortization | 6,446 | 6,251 | |
Acquisitions of plant, property and equipment | 6,367 | 3,096 | |
Gevo Development / Agri-Energy [Member] | Operating Segments [Member] | |||
Assets | $ 143,349 | $ 140,982 | |
[1] | All other significant non-cash items relate to the activities of Gevo. | ||
[2] | Includes intercompany sales of $0.4 million and $0.1 million during the years ended December 31, 2019 and 2018, respectively, for hydrocarbon sales. |