Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | Gevo, Inc. | |
Entity Central Index Key | 0001392380 | |
Trading Symbol | gevo | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 14,883,077 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Current assets: | |||
Cash and cash equivalents | $ 9,289 | $ 16,302 | |
Accounts receivable | 152 | 1,135 | |
Inventories | 2,680 | 3,201 | |
Prepaid expenses and other current assets | 3,838 | 3,590 | |
Total current assets | 15,959 | 24,228 | |
Property, plant and equipment, net | 65,855 | 66,696 | |
Investment in Juhl | 1,500 | 1,500 | |
Deposits and other assets | 848 | 935 | |
Total assets | [1] | 84,162 | 93,359 |
Current liabilities: | |||
Accounts payable and accrued liabilities | 4,477 | 5,678 | |
Notes (current), net | 14,050 | 13,900 | |
2020/21 Notes embedded derivative liability | 100 | ||
Loans payable - other (current) | 375 | 516 | |
Total current liabilities | 19,002 | 20,094 | |
Loans payable - other (long-term) | 232 | 233 | |
Other long-term liabilities | 435 | 528 | |
Total liabilities | 19,669 | 20,855 | |
Commitments and Contingencies (see Note 11) | |||
Stockholders' Equity | |||
Common stock, $0.01 par value per share; 250,000,000 authorized; 14,614,890 and 14,083,232 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively. | 145 | 141 | |
Additional paid-in capital | 531,587 | 530,349 | |
Accumulated deficit | (467,239) | (457,986) | |
Total stockholders' equity | 64,493 | 72,504 | |
Total liabilities and stockholders' equity | $ 84,162 | $ 93,359 | |
[1] | All other significant non-cash items relate to the activities of Gevo. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
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) | 14,614,890 | 14,083,232 |
Common stock, shares outstanding (in shares) | 14,614,890 | 14,083,232 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue and cost of goods sold | ||
Revenue from contract with Customer | $ 3,825 | $ 6,403 |
Total revenues | 3,825 | 6,403 |
Cost of goods sold | 8,139 | 8,961 |
Gross loss | (4,314) | (2,558) |
Operating expenses | ||
Research and development expense | 580 | 978 |
Selling, general and administrative expense | 2,783 | 2,092 |
Restructuring expenses | 299 | |
Total operating expenses | 3,662 | 3,070 |
Loss from operations | (7,976) | (5,628) |
Other income (expense) | ||
Interest expense | (545) | (755) |
(Loss) on modification of 2020 Notes | (669) | |
Gain from change in fair value of derivative warrant liability | 7 | 1 |
(Loss) gain from change in fair value of 2020/21 Notes and 2020 Notes embedded derivative liability | (100) | 246 |
Other income | 30 | |
Total other income (expense), net | (1,277) | (508) |
Net loss | $ (9,253) | $ (6,136) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.64) | $ (0.60) |
Weighted-average number of common shares outstanding - basic and diluted (in shares) | 14,472,798 | 10,153,873 |
Ethanol Sales and Related Products [Member] | ||
Revenue and cost of goods sold | ||
Revenue from contract with Customer | $ 3,700 | $ 5,664 |
Total revenues | 3,700 | 5,664 |
Hydrocarbon [Member] | ||
Revenue and cost of goods sold | ||
Revenue from contract with Customer | 125 | 739 |
Total revenues | $ 125 | $ 739 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 8,640,583 | |||
Balance at Dec. 31, 2018 | $ 86 | $ 518,027 | $ (429,326) | $ 88,787 |
Issuance of common stock, net of issue costs (in shares) | 3,244,941 | |||
Issuance of common stock, net of issue costs | $ 33 | 9,611 | 9,644 | |
Non-cash stock-based compensation | 234 | 234 | ||
Net loss | (6,136) | (6,136) | ||
Balance (in shares) at Mar. 31, 2019 | 11,885,524 | |||
Balance at Mar. 31, 2019 | $ 119 | 527,872 | (435,462) | 92,529 |
Balance (in shares) at Dec. 31, 2019 | 14,083,232 | |||
Balance at Dec. 31, 2019 | $ 141 | 530,349 | (457,986) | 72,504 |
Issuance of common stock, net of issue costs (in shares) | 425,776 | |||
Issuance of common stock, net of issue costs | $ 4 | 902 | 906 | |
Non-cash stock-based compensation | 336 | 336 | ||
Issuance of common stock under stock plans, net of taxes (in shares) | 105,882 | |||
Issuance of common stock under stock plans, net of taxes | ||||
Net loss | (9,253) | (9,253) | ||
Balance (in shares) at Mar. 31, 2020 | 14,614,890 | |||
Balance at Mar. 31, 2020 | $ 145 | $ 531,587 | $ (467,239) | $ 64,493 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Activities | ||
Net loss | $ (9,253) | $ (6,136) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
(Gain) from change in fair value of derivative warrant liability | (7) | (1) |
(Gain) from change in fair value of 2020/21 Notes and 2020 Notes embedded derivative liability | 100 | (246) |
Stock-based compensation | 172 | 263 |
Depreciation and amortization | 1,649 | 1,612 |
Non-cash lease expense | 15 | 12 |
Non-cash interest expense | 150 | 410 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 983 | (599) |
Inventories | 520 | (21) |
Prepaid expenses and other current assets, deposits and other assets | (167) | 157 |
Accounts payable, accrued expenses, and long-term liabilities | (1,150) | (1,159) |
Net cash used in operating activities | (6,988) | (5,708) |
Investing Activities | ||
Acquisitions of property, plant and equipment | (777) | (2,204) |
Net cash used in investing activities | (777) | (2,204) |
Financing Activities | ||
Debt and equity offering costs | (52) | (234) |
Proceeds from issuance of common stock, net | 958 | 9,878 |
Payment of loans payable - other | (154) | |
Net cash provided by financing activities | 752 | 9,644 |
Net (decrease) increase in cash and cash equivalents | (7,013) | 1,732 |
us-gaap_CashAndCashEquivalentsAbstract | ||
Beginning of period | 16,302 | 33,734 |
End of period | 9,289 | 35,466 |
Cash paid for interest | 395 | 345 |
Non-cash purchase of property, plant and equipment | 380 | 1,316 |
Original issue discount paid with 2020/21 Notes | 282 | |
Right-of-use asset purchased with financing lease | 13 | |
Fair value of right-to-use asset and related lease liability upon adoption of ASC 842 - Leases | $ 1,244 |
Note 1 - Nature of Business, Fi
Note 1 - Nature of Business, Financial Condition and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Nature of Business, Financial Condition and Basis of Presentation Nature of Business zero Gevo’s production processes and fuel products have been proven to work. Gevo uses low-carbon, renewable resource-based carbohydrates as raw materials. In the near-term, Gevo’s feedstocks will primarily consist of non-food corn. As Gevo’s technology is applied globally, feedstocks can consist of sugar cane, molasses or other cellulosic sugars derived from wood, agricultural residues and waste. Gevo’s patented fermentation yeast biocatalyst produces isobutanol, a four Ultimately, the Company believes that the attainment of profitable operations is dependent upon future events, including (i) completing certain capital improvements at the Company’s production facility located in Luverne, Minnesota (the "Luverne Facility") to increase the production capacity of renewable gasoline and jet fuel 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; (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. COVID- 19. 19" third 19 The analysis concluded that the COVID- 19 not first 2020. 19 not first 2020, 19 2020. March 2020, 19 19 2020 19 19 The Company has considered multiple scenarios, with both positive and negative inputs, as part of the significant estimates and assumptions that are inherent in its financial statements and are based on trends in customer behavior and the economic environment throughout the quarter and beyond as the COVID- 19 may may may Following a temporary suspension of ethanol production at the Luverne Facility, the Company ultimately suspended production for the foreseeable future due to the impact of COVID- 19, 2020. In response to the impact of the COVID- 19 March 2020, 26 four Restructuring Expenses 20% April 1, 2020 90 20% 20% 20% three 20% In addition, in connection with the impact that the COVID- 19 April 22, 2020 ( may not June 30, 2024 12 The Delta Amendment also revises the credit support terms in the Delta Agreement to state that the Company and Delta will work to mutually agree upon credit support terms for the take or pay that are acceptable to the Company’s lender to enable the Company to obtain third may In addition, the Delta Amendment revises the ATJ pricing in the Delta Agreement to the extent that if Brent Crude is below a certain cutoff price as of the date that is 60 may 10 Restructuring Expenses. first 2020, 19 March 2020, 26 four one one The Company incurred $0.1 $0.2 no three March 31, 2020, Restructuring expenses $0.02 $0.3 The Company intends to continue developing its hydrocarbon business, including the planned expansion of the Luverne Facility, and the Company expects to move forward in securing the project funding needed to expand the Luverne Facility. The expansion is designed to allow the Company to produce large quantities of low carbon isobutanol, sustainable aviation fuel and renewable isooctane. The Company also expects to continue engineering efforts for the expansion of isobutanol production and the construction of a commercial renewable hydrocarbon production facility, as well as additional decarbonization projects, at the Luverne Facility. As of March 31, 2020, "Accounts payable and accrued liabilities December 31, 2019 Additions Payments March 31, 2020 Severance (including payroll taxes) $ — $ 96 $ — $ 96 Lease agreements — 203 — 203 Total $ — $ 299 $ — $ 299 Financial Condition three March 31, 2020 2019, $9.3 $6.1 $467.2 March 31, 2020. March 31, 2020 $9.3 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 issuance 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 three March 31, 2020 may not At-the-Market Offering Program. February 2018, August 2019, $10.7 During the three March 31, 2020, 425,776 $0.9 March 31, 2020, $7.8 Basis of Presentation. not y at March 31, 2020 not 8 10 December 31, 2019. Income Taxes. no Concentration of Business Risk. March 31, 2020, one 52% December 31, 2019, three 57%, 13% 15% For the three March 31, 2020 2019, 73% 68% 22% 18% three March 31, 2020 2019, 14 |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 2. Earnings Per Share Basic earnings (loss) per sha re is computed by dividing the net loss for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share (“EPS”) includes the dilutive effect of common stock equivalents and is computed using the weighted-average number of common stock and common stock equivalents outstanding during the reporting period. Diluted EPS for the three March 31, 2020 2019 The following table sets forth securities outstanding that could potentially dilute the calculation of diluted earnings per share: March 31, 2020 2019 Warrants to purchase common stock - liability classified 54,669 55,963 Warrant to purchase common stock - equity classified — 6 Conversion of 2020/21 Notes 6,713,817 — Conversion of 2020 Notes — 1,044,134 Outstanding options to purchase common stock 1,561 2,311 Stock appreciation rights 132,566 132,559 Unvested restricted common stock — 284,300 Total 6,902,613 1,519,273 |
Note 3 - Revenues From Contract
Note 3 - Revenues From Contracts With Customers; Other Revenues | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenues from Contracts with Customers; Other Revenues The Company’s current and historical revenues have consisted of the following: (a) ethanol sales and related products revenue, net; (b) hydrocarbon revenue; and (c) grant and other revenue, which primarily has historically consisted of revenues from governmental and cooperative research grants. Ethanol sales and related products revenues. no Hydrocarbon revenue. no The following table sets forth the components of the Company’s revenues between those generated from contracts with customers and those generated from arrangements that do not Three Months Ended March 31, 2020 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 3,700 $ — $ 3,700 Hydrocarbon revenue 125 — 125 $ 3,825 $ — $ 3,825 Timing of Revenue Recognition Goods transferred at a point in time $ 3,825 $ — $ 3,825 Services transferred over time — — — $ 3,825 $ — $ 3,825 Three Months Ended March 31, 2019 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 5,664 — $ 5,664 Hydrocarbon revenue 739 — 739 $ 6,403 $ — $ 6,403 Timing of Revenue Recognition Goods transferred at a point in time $ 6,403 $ — $ 6,403 Services transferred over time — — — $ 6,403 $ — $ 6,403 Goods transferred at a point-in-time. three March 31, 2020 2019, no March 31, 2020 December 31, 2019, no All goods transferred are tested to ensure product sold satisfies contractual product specifications prior to transfer. The customer obtains control of the goods when title and risk of loss for the goods has transferred, which in most cases is “ free-on-board, shipping point one three no Services transferred over time. three March 31, 2020 2019, no March 31, 2020 December 31, 2019, no Contract Assets and Trade Receivables. March 31, 2020 December 31, 2019, no not no not March 31, 2020 December 31, 2019. |
Note 4 - Leases, Right-to-use A
Note 4 - Leases, Right-to-use Assets and Related Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 4. The Company enters into various arrangements which constitute a lease as defined by Accounting Standards Codification ("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 facility lease includes variable payments for common area maintenance. In addition, the Company has one Loans payable - other There are two not March 31, 2020 $3.0 March 31, 2020 December 31, 2019. The following table presents the (a) costs by lease category and (b) other quantitative information relating to the Company’s leases (dollars in thousands): Three Months Ended March 31, 2020 March 31, 2019 Lease Cost Financing lease cost $ 1 $ — Operating lease cost 471 345 Short-Term lease cost 13 17 Variable lease cost 32 33 Total lease cost $ 517 $ 395 Other Information Cash paid for the measurement of lease liabilities: Operating cash flows from finance lease $ 1 $ — Operating cash flows from operating leases 471 345 Right-to-use asset obtained in exchange for new financing lease liability 13 — Weighted-average remaining lease term, financing lease (months) 59 — Weighted-average remaining lease term, operating leases (months) 18 20 Weighted-average discount rate - financing lease 21 % — Weighted-average discount rate - operating leases 12 % 12 % The table below shows the future minimum payments under non-cancelable financing and operating leases at March 31, 2020 Year Ending December 31, Financing Leases Operating Leases 2020 (remaining) $ 3 545 2021 4 336 2022 4 — 2023 4 2024 and thereafter 5 Total 20 881 Less: Amounts representing present value discounts (7 ) (64 ) Total lease liabilities 13 817 |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories The following table sets forth the components of the Company’s inventory balances (in thousands): March 31, December 31, 2020 2019 Raw materials Corn $ 14 $ 267 Enzymes and other inputs 155 184 Finished goods Jet Fuels, Isooctane and Isooctene 795 571 Isobutanol 44 135 Ethanol — 93 Distiller's grains 8 54 Work in process Agri-Energy — 254 Gevo 142 122 Spare parts 1,522 1,521 Total inventories $ 2,680 $ 3,201 Work in process inventory includes unfinished jet fuel, isooctane and isooctene inventory. |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property, Plant and Equipment The following table sets forth the Company’s property, plant and equipment by classification (in thousands): Useful Life March 31, December 31, (in years) 2020 2019 Luverne retrofit asset 20 $ 70,820 $ 70,820 Plant machinery and equipment 10 17,424 17,413 Site improvements 10 7,054 7,054 Lab equipment, furniture and fixtures and vehicles 5 6,396 6,393 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 2,523 Computer, office equipment and software 3 to 6 2,120 2,034 Construction in progress 8,412 7,710 Total property, plant and equipment 120,889 120,087 Less accumulated depreciation and amortization (55,034 ) (53,391 ) Property, plant and equipment, net $ 65,855 $ 66,696 The Company recorded depreciation and amortization expense related to property, plant and equipment as follows (in thousands): Three Months Ended March 31, 2020 2019 Cost of goods sold $ 1,587 $ 1,560 Operating expenses 56 52 Total depreciation and amortization $ 1,643 $ 1,612 |
Note 7 - Embedded Derivatives L
Note 7 - Embedded Derivatives Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Discussion of Hybrid Instruments and Embedded Derivatives [Text Block] | 7. Embedded Derivatives Liabilities 2020 In June 2017, 12% 2020 “2020 12.0% 2017 “2017 2020 2020 “2020 2020 three nine 150% ten 2020 Embedded derivatives are separated from the host contract and the 2020 not 2020 2020 one The Company used a binomial lattice model in order to estimate the fair value of the embedded derivative in the 2020 two 2020 2020 2020 150% ten Using this lattice model, the Company valued the embedded derivative using a “with-and-without method”, where the value of the 2020 2020 2020 2020 2020 2020 2020/21 In January 2020, 12% 2020/2021 “2020/21 12.0% March 2020 ( “2020 2020/21 2020/21 2020/21 2020/21 Embedded derivatives are separated from the host contract and the 2020/21 not 2020/21 2020/21 one The Company used a binomial lattice model in order to estimate the fair value of the embedded derivative in the 2020/21 As of March 31, 2020 December 31, 2019, $0.1 $0, $0.1 2020/21 $0.2 2020 three March 31, 2020 March 31, 2019, 2020/21 2020 The following table sets forth the inputs to the lattice models that were used to value the embedded derivatives: March 31, January 10, December 31, 2020 2020 2019 Stock price $ 0.82 $ 2.27 $ 2.31 Conversion Rate per $1,000 409.50 409.50 67.95 Conversion Price $ 2.44 $ 2.44 $ 14.72 Maturity date December 31, 2020 December 31, 2020 March 15, 2020 Risk-free interest rate 0.16 % 1.52 % 1.52 % Estimated stock volatility 70 % 40 % 60 % Estimated credit spread 40 % 36 % 27 % 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 2020/21 2020 1 2 3 |
Note 8 - Accounts Payable and A
Note 8 - Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. Accounts Payable and Accrued Liabilities The following table sets forth the components of the Company’s accounts payable and accrued liabilities in the consolidated balance sheets (in thousands): March 31, December 31, 2020 2019 Accrued utilities and supplies $ 1,393 $ 645 Accounts payable - trade 911 1,474 Accrued employee compensation 675 1,946 Other accrued liabilities 1,498 1,613 Total accounts payable and accrued liabilities $ 4,477 $ 5,678 |
Note 9 - Debt
Note 9 - Debt | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Debt 2020 2020/21 The following table sets forth information pertaining to the 2020 2020/21 Principal Amount of 2020 Notes Principal Amount of 2020/21 Notes Debt Discount Debt Issue Costs Total Notes Embedded Derivative Total Balance - December 31, 2019 $ 14,053 $ — $ (123 ) $ (30 ) $ 13,900 $ — $ 13,900 Amortization of debt discount — — 95 — 95 — 95 Amortization of debt issue costs — — — 8 8 — 8 Paid-in-kind interest 47 — — — 47 — 47 Exchange of 2020 Notes for 2020/21 Notes (14,100 ) 14,100 — — — — — Original issue discount paid with 2020/21 Notes — 282 (282 ) — — — — Fair value of 2020/21 embedded derivative — — — — — 2,848 2,848 Change in fair value of 2020/21 Notes embedded derivative — — — — — (2,748 ) (2,748 ) Balance - March 31, 2020 $ — $ 14,382 $ (310 ) $ (22 ) $ 14,050 $ 100 $ 14,150 On June 20, 2017, 2020 12.0% 2017 "2017 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 2020 2020/21 2020 2020 $14.1 $14.4 2020/21 “2020/21 2020/21 $7.1 2020/21 “2020/21 2020/21 2.0%, 2020/21 2020/21 180 30 January 10, 2020, 2020/21 2020 “2020/21 April 7, 2020 ( “2020/21 2020/21 $0.7 (Loss) on modification of 2020 The 2020/21 December 31, 2020, April 1, 2021 June 30, 2020 2020/21 19.99% 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 2020/21 $2.442 “2020/21 0.4095 $1 2020/21 may 2020/21 2020/21 2020/21 2020/21 10% three Each holder has agreed not 2020/21 4.99% “4.99% may, 61 9.99% “9.99% 2020/21 4.99% 9.99% 2020/21 nine six The 2020/21 may 120 2020/21 2020/21 2020/21 December 31, 2020. 2020/21 may 2020/21 The 2020/21 not 2020/21 2020/21 The 2020/21 2020/21 Additional shares of the Company's common stock could also become issuable pursuant to the 2020/21 2020/21 Under certain circumstances, the Company may one 3 2020/21 Loans Payable - Other During the first 2020, fourth 2019, 4% 21%, $0.1 August 2020 February 2025. March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Equipment $ 318 $ 321 Insurance 289 428 Total notes payable - other 607 749 Less current portion (375 ) (516 ) Long-term portion $ 232 $ 233 Future payments for Loans Payable - Other are as follows (in thousands): Year ending December 31, 2020 (remaining) $ 353 2021 89 2022 65 2023 65 2024 and thereafter 35 $ 607 Small Business Administration Loans In April 2020, $1.0 April 2022 1% November 2020 November 5, 2020, $0.06 eight |
Note 10 - Equity Incentive Plan
Note 10 - Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Stock Incentive Plans Disclosure [Text Block] | 10 . Equity Incentive Plans 2010 February 2011, 2010 "2010 2010 June 10, 2019, 2010 3,266,661 February 2020, 109,337 three 1,258 two February 27, 2020. April 2020, 239,155 April 1, 2020 20% 1, May 15, 2020. March 2020, 4,055 March 31, 2020, 1,679,947 2010 Employee Stock Purchase Plan February 2011, January 1 June 30 July 1 December 31 190 190 March 31, 2020 85% first no three March 31, 2020 2019. |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. Stock-Based Compensation The Company records stock-based compensation expense during the requisite service period for share-based payment awards granted to employees and non-employees. The following table sets forth the Company’s stock-based compensation expense (in thousands) for the periods indicated. Three Months Ended March 31, 2020 2019 Restricted stock Research and development $ 76 $ 28 Selling, general and administrative 260 206 Stock appreciation rights Research and development (79 ) 16 Selling, general and administrative (85 ) 13 Total stock-based compensation $ 172 $ 263 Stock Option Award Activity March 31, 2020 three March 31, 2020 Weighted- Average Weighted- Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Price (years) Value Options outstanding at December 31, 2019 1,561 $ 928.79 6.56 $ — Granted — $ — Canceled or forfeited — $ — Exercised — $ — Options outstanding at March 31, 2020 1,561 $ 928.79 6.31 $ — Options exercisable at March 31, 2020 1,561 $ 928.79 6.31 $ — Options vested and expected to vest at March 31, 2020 1,561 $ 928.79 6.31 $ — Restricted Stock March 31, 2020 three March 31, 2020 Weighted- Average Number of Grant-Date Shares Fair Value Non-vested at December 31, 2019 1,308,613 $ 1.91 Granted 110,595 $ 1.51 Vested (19,153 ) $ 1.87 Canceled or forfeited (6,974 ) $ 1.90 Non-vested at March 31, 2020 1,393,081 $ 1.83 The total fair value of restricted stock that vested during the three March 31, 2020 $0.3 March 31, 2020, $1.7 1.2 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Commitments and Contingencies Legal Matters may not not Indemnifications may March 31, 2020 December 31, 2019, 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 March 31, 2020. |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. Fair Value Measurements Accounting standards define fair value, outline a framework for measuring fair value, and detail the required disclosures about fair value measurements. Under these standards, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. Standards establish a hierarchy in determining the fair market value of an asset or liability. The fair value hierarchy has three Level 1 Level 2 1, 2 Level 3 no These tables present the carrying value and fair value, by fair value hierarchy, of our financial instruments, excluding cash and cash equivalents, accounts receivable and accounts payable, which approximate fair value due to their short-term nature, at March 31, 2020 December 31, 2019, Fair Value Measurements at March 31, 2020 (In thousands) Fair Value at March 31, 2020 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 $ 1 $ — $ — $ 1 2020/21 Notes Embedded Derivative Liability 100 — — 100 Total Recurring Fair Value Measurements $ 101 $ — $ — $ 101 Nonrecurring Corn and finished goods inventory $ 387 $ 14 $ 373 $ — Fair Value Measurements at December 31, 2019 (In thousands) Fair Value at December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Derivative Warrant Liability $ 8 $ — $ — $ 8 Nonrecurring Corn and finished goods inventory $ 940 $ 267 $ 673 $ — The following table provides changes to those fair value measurements using Level 3 three d March 31, 2020 ( Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Derivative Warrant Liability 2020/21 Notes Embedded Derivative Balance, December 31, 2019 $ 8 $ — Issue of 2020/21 Notes embedded derivative liability — 2,848 Total (gains) included in earnings (7 ) (2,748 ) Balance, March 31, 2020 $ 1 $ 100 There were no 3 three March 31, 2020. Inventories. The Company records its corn inventory at fair value only when the Company’s cost of corn purchased exceeds the market value for corn. The Company determines the market value of corn and dry distiller’s grain based upon Level 1 2 2020/21 Notes Embedded Derivative . The Company had estimated the fair value of the embedded derivative on a stand-alone basis to be $0.1 March 31, 2020 3 Change in fair value of 2020/21 ” in the consolidated Statements 7, Embedded Derivatives While the Company believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. |
Note 14 - Segments
Note 14 - Segments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. Segments The Company has determined that it has two Gevo Segment Gevo Development/Agri-Energy Segment The Company’s chief operating decision maker is provided with and reviews the financial results of each of the Company’s consolidated legal entities, Gevo, Inc., Gevo Development, LLC and Agri-Energy, LLC. The Company organizes its business segments based on the nature of the products and services offered through each of its consolidated legal entities. All revenue is earned and all assets are held in the U.S. Three Months Ended March 31, 2020 2019 Revenues: Gevo $ 125 $ 739 Gevo Development / Agri-Energy 3,700 5,664 Consolidated $ 3,825 $ 6,403 Loss from operations: Gevo $ (2,881 ) $ (2,673 ) Gevo Development / Agri-Energy (5,095 ) (2,955 ) Consolidated $ (7,976 ) $ (5,628 ) Interest expense: Gevo $ 543 $ 755 Gevo Development / Agri-Energy 2 — Consolidated $ 545 $ 755 Depreciation and amortization expense: Gevo $ 56 $ 51 Gevo Development / Agri-Energy 1,593 1,561 Consolidated $ 1,649 $ 1,612 Acquisitions of plant, property and equipment: Gevo $ 10 $ 2 Gevo Development / Agri-Energy 791 2,202 Consolidated $ 801 $ 2,204 Revenue by geographic area United States $ 3,750 $ 5,664 Other 75 739 Consolidated $ 3,825 $ 6,403 March 31, December 31, 2020 2019 Total assets Gevo $ 80,279 $ 91,861 Gevo Development / Agri-Energy 140,293 143,349 Intercompany eliminations (1) (136,410 ) (141,851 ) Consolidated (2) $ 84,162 $ 93,359 ( 1 Includes intercompany sales of $0.1 three March 31, 2020 $0.4 December 31, 2019 ( 2 All other significant non-cash items relate to the activities of Gevo. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Business [Policy Text Block] | Nature of Business zero Gevo’s production processes and fuel products have been proven to work. Gevo uses low-carbon, renewable resource-based carbohydrates as raw materials. In the near-term, Gevo’s feedstocks will primarily consist of non-food corn. As Gevo’s technology is applied globally, feedstocks can consist of sugar cane, molasses or other cellulosic sugars derived from wood, agricultural residues and waste. Gevo’s patented fermentation yeast biocatalyst produces isobutanol, a four Ultimately, the Company believes that the attainment of profitable operations is dependent upon future events, including (i) completing certain capital improvements at the Company’s production facility located in Luverne, Minnesota (the "Luverne Facility") to increase the production capacity of renewable gasoline and jet fuel 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; (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. COVID- 19. 19" third 19 The analysis concluded that the COVID- 19 not first 2020. 19 not first 2020, 19 2020. March 2020, 19 19 2020 19 19 The Company has considered multiple scenarios, with both positive and negative inputs, as part of the significant estimates and assumptions that are inherent in its financial statements and are based on trends in customer behavior and the economic environment throughout the quarter and beyond as the COVID- 19 may may may Following a temporary suspension of ethanol production at the Luverne Facility, the Company ultimately suspended production for the foreseeable future due to the impact of COVID- 19, 2020. In response to the impact of the COVID- 19 March 2020, 26 four Restructuring Expenses 20% April 1, 2020 90 20% 20% 20% three 20% In addition, in connection with the impact that the COVID- 19 April 22, 2020 ( may not June 30, 2024 12 The Delta Amendment also revises the credit support terms in the Delta Agreement to state that the Company and Delta will work to mutually agree upon credit support terms for the take or pay that are acceptable to the Company’s lender to enable the Company to obtain third may In addition, the Delta Amendment revises the ATJ pricing in the Delta Agreement to the extent that if Brent Crude is below a certain cutoff price as of the date that is 60 may 10 |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring Expenses. first 2020, 19 March 2020, 26 four one one The Company incurred $0.1 $0.2 no three March 31, 2020, Restructuring expenses $0.02 $0.3 The Company intends to continue developing its hydrocarbon business, including the planned expansion of the Luverne Facility, and the Company expects to move forward in securing the project funding needed to expand the Luverne Facility. The expansion is designed to allow the Company to produce large quantities of low carbon isobutanol, sustainable aviation fuel and renewable isooctane. The Company also expects to continue engineering efforts for the expansion of isobutanol production and the construction of a commercial renewable hydrocarbon production facility, as well as additional decarbonization projects, at the Luverne Facility. As of March 31, 2020, "Accounts payable and accrued liabilities December 31, 2019 Additions Payments March 31, 2020 Severance (including payroll taxes) $ — $ 96 $ — $ 96 Lease agreements — 203 — 203 Total $ — $ 299 $ — $ 299 |
Financial Condition [Policy Text Block] | Financial Condition three March 31, 2020 2019, $9.3 $6.1 $467.2 March 31, 2020. March 31, 2020 $9.3 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 issuance 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 three March 31, 2020 may not |
At-the-market Offering Program, Policy [Policy Text Block] | At-the-Market Offering Program. February 2018, August 2019, $10.7 During the three March 31, 2020, 425,776 $0.9 March 31, 2020, $7.8 |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. not y at March 31, 2020 not 8 10 December 31, 2019. |
Income Tax, Policy [Policy Text Block] | Income Taxes. no |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Business Risk. March 31, 2020, one 52% December 31, 2019, three 57%, 13% 15% For the three March 31, 2020 2019, 73% 68% 22% 18% three March 31, 2020 2019, 14 |
Note 1 - Nature of Business, _2
Note 1 - Nature of Business, Financial Condition and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | December 31, 2019 Additions Payments March 31, 2020 Severance (including payroll taxes) $ — $ 96 $ — $ 96 Lease agreements — 203 — 203 Total $ — $ 299 $ — $ 299 |
Note 2 - Earnings Per Share (Ta
Note 2 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | March 31, 2020 2019 Warrants to purchase common stock - liability classified 54,669 55,963 Warrant to purchase common stock - equity classified — 6 Conversion of 2020/21 Notes 6,713,817 — Conversion of 2020 Notes — 1,044,134 Outstanding options to purchase common stock 1,561 2,311 Stock appreciation rights 132,566 132,559 Unvested restricted common stock — 284,300 Total 6,902,613 1,519,273 |
Note 3 - Revenues From Contra_2
Note 3 - Revenues From Contracts With Customers; Other Revenues (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2020 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 3,700 $ — $ 3,700 Hydrocarbon revenue 125 — 125 $ 3,825 $ — $ 3,825 Timing of Revenue Recognition Goods transferred at a point in time $ 3,825 $ — $ 3,825 Services transferred over time — — — $ 3,825 $ — $ 3,825 Three Months Ended March 31, 2019 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 5,664 — $ 5,664 Hydrocarbon revenue 739 — 739 $ 6,403 $ — $ 6,403 Timing of Revenue Recognition Goods transferred at a point in time $ 6,403 $ — $ 6,403 Services transferred over time — — — $ 6,403 $ — $ 6,403 |
Note 4 - Leases, Right-to-use_2
Note 4 - Leases, Right-to-use Assets and Related Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2020 March 31, 2019 Lease Cost Financing lease cost $ 1 $ — Operating lease cost 471 345 Short-Term lease cost 13 17 Variable lease cost 32 33 Total lease cost $ 517 $ 395 Other Information Cash paid for the measurement of lease liabilities: Operating cash flows from finance lease $ 1 $ — Operating cash flows from operating leases 471 345 Right-to-use asset obtained in exchange for new financing lease liability 13 — Weighted-average remaining lease term, financing lease (months) 59 — Weighted-average remaining lease term, operating leases (months) 18 20 Weighted-average discount rate - financing lease 21 % — Weighted-average discount rate - operating leases 12 % 12 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, Financing Leases Operating Leases 2020 (remaining) $ 3 545 2021 4 336 2022 4 — 2023 4 2024 and thereafter 5 Total 20 881 Less: Amounts representing present value discounts (7 ) (64 ) Total lease liabilities 13 817 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2020 2019 Raw materials Corn $ 14 $ 267 Enzymes and other inputs 155 184 Finished goods Jet Fuels, Isooctane and Isooctene 795 571 Isobutanol 44 135 Ethanol — 93 Distiller's grains 8 54 Work in process Agri-Energy — 254 Gevo 142 122 Spare parts 1,522 1,521 Total inventories $ 2,680 $ 3,201 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful Life March 31, December 31, (in years) 2020 2019 Luverne retrofit asset 20 $ 70,820 $ 70,820 Plant machinery and equipment 10 17,424 17,413 Site improvements 10 7,054 7,054 Lab equipment, furniture and fixtures and vehicles 5 6,396 6,393 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 2,523 Computer, office equipment and software 3 to 6 2,120 2,034 Construction in progress 8,412 7,710 Total property, plant and equipment 120,889 120,087 Less accumulated depreciation and amortization (55,034 ) (53,391 ) Property, plant and equipment, net $ 65,855 $ 66,696 |
Schedule of Depreciation and Amortization Expense [Table Text Block] | Three Months Ended March 31, 2020 2019 Cost of goods sold $ 1,587 $ 1,560 Operating expenses 56 52 Total depreciation and amortization $ 1,643 $ 1,612 |
Note 7 - Embedded Derivatives_2
Note 7 - Embedded Derivatives Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Defined Benefit Plan, Assumptions [Table Text Block] | March 31, January 10, December 31, 2020 2020 2019 Stock price $ 0.82 $ 2.27 $ 2.31 Conversion Rate per $1,000 409.50 409.50 67.95 Conversion Price $ 2.44 $ 2.44 $ 14.72 Maturity date December 31, 2020 December 31, 2020 March 15, 2020 Risk-free interest rate 0.16 % 1.52 % 1.52 % Estimated stock volatility 70 % 40 % 60 % Estimated credit spread 40 % 36 % 27 % |
Note 8 - Accounts Payable and_2
Note 8 - Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, December 31, 2020 2019 Accrued utilities and supplies $ 1,393 $ 645 Accounts payable - trade 911 1,474 Accrued employee compensation 675 1,946 Other accrued liabilities 1,498 1,613 Total accounts payable and accrued liabilities $ 4,477 $ 5,678 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Principal Amount of 2020 Notes Principal Amount of 2020/21 Notes Debt Discount Debt Issue Costs Total Notes Embedded Derivative Total Balance - December 31, 2019 $ 14,053 $ — $ (123 ) $ (30 ) $ 13,900 $ — $ 13,900 Amortization of debt discount — — 95 — 95 — 95 Amortization of debt issue costs — — — 8 8 — 8 Paid-in-kind interest 47 — — — 47 — 47 Exchange of 2020 Notes for 2020/21 Notes (14,100 ) 14,100 — — — — — Original issue discount paid with 2020/21 Notes — 282 (282 ) — — — — Fair value of 2020/21 embedded derivative — — — — — 2,848 2,848 Change in fair value of 2020/21 Notes embedded derivative — — — — — (2,748 ) (2,748 ) Balance - March 31, 2020 $ — $ 14,382 $ (310 ) $ (22 ) $ 14,050 $ 100 $ 14,150 |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2020 December 31, 2019 Equipment $ 318 $ 321 Insurance 289 428 Total notes payable - other 607 749 Less current portion (375 ) (516 ) Long-term portion $ 232 $ 233 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year ending December 31, 2020 (remaining) $ 353 2021 89 2022 65 2023 65 2024 and thereafter 35 $ 607 |
Note 11 - Stock-based Compens_2
Note 11 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended March 31, 2020 2019 Restricted stock Research and development $ 76 $ 28 Selling, general and administrative 260 206 Stock appreciation rights Research and development (79 ) 16 Selling, general and administrative (85 ) 13 Total stock-based compensation $ 172 $ 263 |
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, 2019 1,561 $ 928.79 6.56 $ — Granted — $ — Canceled or forfeited — $ — Exercised — $ — Options outstanding at March 31, 2020 1,561 $ 928.79 6.31 $ — Options exercisable at March 31, 2020 1,561 $ 928.79 6.31 $ — Options vested and expected to vest at March 31, 2020 1,561 $ 928.79 6.31 $ — |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted- Average Number of Grant-Date Shares Fair Value Non-vested at December 31, 2019 1,308,613 $ 1.91 Granted 110,595 $ 1.51 Vested (19,153 ) $ 1.87 Canceled or forfeited (6,974 ) $ 1.90 Non-vested at March 31, 2020 1,393,081 $ 1.83 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at March 31, 2020 (In thousands) Fair Value at March 31, 2020 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 $ 1 $ — $ — $ 1 2020/21 Notes Embedded Derivative Liability 100 — — 100 Total Recurring Fair Value Measurements $ 101 $ — $ — $ 101 Nonrecurring Corn and finished goods inventory $ 387 $ 14 $ 373 $ — Fair Value Measurements at December 31, 2019 (In thousands) Fair Value at December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Derivative Warrant Liability $ 8 $ — $ — $ 8 Nonrecurring Corn and finished goods inventory $ 940 $ 267 $ 673 $ — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Derivative Warrant Liability 2020/21 Notes Embedded Derivative Balance, December 31, 2019 $ 8 $ — Issue of 2020/21 Notes embedded derivative liability — 2,848 Total (gains) included in earnings (7 ) (2,748 ) Balance, March 31, 2020 $ 1 $ 100 |
Note 14 - Segments (Tables)
Note 14 - Segments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2020 2019 Revenues: Gevo $ 125 $ 739 Gevo Development / Agri-Energy 3,700 5,664 Consolidated $ 3,825 $ 6,403 Loss from operations: Gevo $ (2,881 ) $ (2,673 ) Gevo Development / Agri-Energy (5,095 ) (2,955 ) Consolidated $ (7,976 ) $ (5,628 ) Interest expense: Gevo $ 543 $ 755 Gevo Development / Agri-Energy 2 — Consolidated $ 545 $ 755 Depreciation and amortization expense: Gevo $ 56 $ 51 Gevo Development / Agri-Energy 1,593 1,561 Consolidated $ 1,649 $ 1,612 Acquisitions of plant, property and equipment: Gevo $ 10 $ 2 Gevo Development / Agri-Energy 791 2,202 Consolidated $ 801 $ 2,204 Revenue by geographic area United States $ 3,750 $ 5,664 Other 75 739 Consolidated $ 3,825 $ 6,403 March 31, December 31, 2020 2019 Total assets Gevo $ 80,279 $ 91,861 Gevo Development / Agri-Energy 140,293 143,349 Intercompany eliminations (1) (136,410 ) (141,851 ) Consolidated (2) $ 84,162 $ 93,359 |
Note 1 - Nature of Business, _3
Note 1 - Nature of Business, Financial Condition and Basis of Presentation (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2020 | Aug. 31, 2019USD ($) | Mar. 31, 2020USD ($)shares | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Restructuring Charges, Total | $ 299 | ||||
Net Income (Loss) Attributable to Parent, Total | (9,253) | (6,136) | |||
Retained Earnings (Accumulated Deficit), Ending Balance | (467,239) | $ (457,986) | |||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 9,289 | $ 16,302 | |||
Proceeds from Issuance of Common Stock | 958 | $ 9,878 | |||
Income Tax Expense (Benefit), Total | $ 0 | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Number of Customer | 1 | 3 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Air Total International SA [Member] | |||||
Concentration Risk, Percentage | 52.00% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Eco-Energy, LLC [Member] | |||||
Concentration Risk, Percentage | 57.00% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Purina Animal Nutrition, LLC [Member] | |||||
Concentration Risk, Percentage | 13.00% | ||||
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 | 73.00% | 68.00% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Purina Animal Nutrition, LLC [Member] | |||||
Concentration Risk, Percentage | 22.00% | 18.00% | |||
At-the-market Offering [Member] | |||||
Increase (Decrease) in At-the-Market Offering of Stock | $ 10,700 | ||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 425,776 | ||||
Proceeds from Issuance of Common Stock | $ 900 | ||||
Offering of Stock, Remaining Capacity, Shares (in shares) | shares | 7,800,000 | ||||
Gevo [Member] | |||||
Restructuring Charges, Total | $ 20 | ||||
Gevo Development / Agri-Energy [Member] | |||||
Restructuring Charges, Total | $ 300 | ||||
Workforce Reduced at Luverne Facility [Member] | |||||
Restructuring and Related Cost, Number of Positions Eliminated | 26 | ||||
Workforce Reduced at Corporate Headquarters [Member] | |||||
Restructuring and Related Cost, Number of Positions Eliminated | 4 | ||||
Employee Severance [Member] | |||||
Restructuring Charges, Total | $ 96 | ||||
Lease Agreement [Member] | |||||
Restructuring Charges, Total | $ 203 | ||||
Subsequent Event [Member] | |||||
Percentage of Salaries Reductions in Reponse to COVID-19 | 20.00% | ||||
Officers [Member] | Subsequent Event [Member] | |||||
Percentage of Salaries Reductions in Reponse to COVID-19 | 20.00% | ||||
Certain Remaining Employees [Member] | Subsequent Event [Member] | |||||
Percentage of Salaries Reductions in Reponse to COVID-19 | 20.00% |
Note 1 - Nature of Business, _4
Note 1 - Nature of Business, Financial Condition and Basis of Presentation - Restruturing Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Balance | ||
Additions | 299 | |
Payments | ||
Balance | 299 | |
Employee Severance [Member] | ||
Balance | ||
Additions | 96 | |
Payments | ||
Balance | 96 | |
Lease Agreement [Member] | ||
Balance | ||
Additions | 203 | |
Payments | ||
Balance | $ 203 |
Note 2 - Earnings Per Share - S
Note 2 - Earnings Per Share - Securities that Potentially Dilute Calculation of Diluted Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Potentially dilute securities (in shares) | 6,902,613 | 1,519,273 |
Share-based Payment Arrangement, Option [Member] | ||
Potentially dilute securities (in shares) | 1,561 | 2,311 |
Stock Appreciation Rights (SARs) [Member] | ||
Potentially dilute securities (in shares) | 132,566 | 132,559 |
Restricted Stock [Member] | ||
Potentially dilute securities (in shares) | 284,300 | |
Convertible 2020/21 Notes [Member] | ||
Potentially dilute securities (in shares) | 6,713,817 | |
Convertible 2020 Notes [Member] | ||
Potentially dilute securities (in shares) | 1,044,134 | |
Warrant [Member] | ||
Potentially dilute securities (in shares) | 54,669 | 55,963 |
Warrants Classified as Equity [Member] | ||
Potentially dilute securities (in shares) | 6 |
Note 3 - Revenues From Contra_3
Note 3 - Revenues From Contracts With Customers; Other Revenues (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 3,825 | $ 6,403 | |
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 | 3,825 | 6,403 | |
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 | |||
Transferred over Time [Member] | Variable Consideration or Multiple Performance Obligations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 0 | $ 0 | |
Revenue, Remaining Performance Obligation, Amount | $ 0 | $ 0 |
Note 3 - Revenues From Contra_4
Note 3 - Revenues From Contracts With Customers; Other Revenues - Disaggregated Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 3,825 | $ 6,403 |
Other revenues | ||
Total revenues | 3,825 | 6,403 |
Transferred at Point in Time [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 3,825 | 6,403 |
Other revenues | ||
Total revenues | 3,825 | 6,403 |
Transferred over Time [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | ||
Other revenues | ||
Total revenues | ||
Ethanol Sales and Related Products [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 3,700 | 5,664 |
Other revenues | ||
Total revenues | 3,700 | 5,664 |
Hydrocarbon [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 125 | 739 |
Other revenues | ||
Total revenues | $ 125 | $ 739 |
Note 4 - Leases, Right-to-use_3
Note 4 - Leases, Right-to-use Assets and Related Liabilities (Details Textual) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Lessee, Operating Lease, Right-of-Use Asset, Not yet Commenced, Fair Value | $ 3 | |
Lessee, Operating Lease, Liability, Not yet Commenced, Fair Value | $ 3 |
Note 4 - Leases, Right-to-use_4
Note 4 - Leases, Right-to-use Assets and Related Liabilities - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing lease cost | $ 1 | |
Operating lease cost | 471 | 345 |
Short-Term lease cost | 13 | 17 |
Variable lease cost | 32 | 33 |
Total lease cost | 517 | 395 |
Operating cash flows from finance lease | 1 | |
Operating cash flows from operating leases | 471 | 345 |
Right-of-use asset purchased with financing lease | $ 13 | |
Weighted-average remaining lease term, financing lease (months) (Month) | 4 years 330 days | |
Weighted-average remaining lease term, operating leases (months) (Month) | 1 year 180 days | 1 year 240 days |
Weighted-average discount rate - financing lease | 21.00% | |
Weighted-average discount rate - operating leases | 12.00% | 12.00% |
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 | Mar. 31, 2020USD ($) |
2020 (remaining), financing leases | $ 3 |
2020 (remaining), operating leases | 545 |
2021, financing leases | 4 |
2021, operating leases | 336 |
2022, financing leases | 4 |
2022, operating leases | |
2023, financing leases | 4 |
2023, operating leases | |
2024 and thereafter, financing leases | 5 |
2024 and thereafter, operating leases | |
Total, financing leases | 20 |
Total, operating leases | 881 |
Less: Amounts representing present value discounts, financing leases | (7) |
Less: Amounts representing present value discounts, operating leases | (64) |
Accounts Payable, Accrued Liabilities and Other Noncurrent Liabilities [Member] | |
Total lease liabilities, financing leases | 13 |
Total lease liabilities, operating leases | $ 817 |
Note 5 - Inventories - Componen
Note 5 - Inventories - Components of Inventory Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Spare parts | $ 1,522 | $ 1,521 |
Total inventories | 2,680 | 3,201 |
Corn [Member] | ||
Raw materials | 14 | 267 |
Enzymes and Other Inputs [Member] | ||
Raw materials | 155 | 184 |
Jet Fuels, Isooctane and Isooctene [Member] | ||
Finished goods | 795 | 571 |
Isobutanol [Member] | ||
Finished goods | 44 | 135 |
Ethanol [Member] | ||
Finished goods | 93 | |
Distiller's Grains [Member] | ||
Finished goods | 8 | 54 |
Agri-Energy [Member] | ||
Work in process | 254 | |
Gevo [Member] | ||
Work in process | $ 142 | $ 122 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Property, plant, and equipment, gross | $ 120,889 | $ 120,087 |
Less accumulated depreciation and amortization | (55,034) | (53,391) |
Property, plant and equipment, net | $ 65,855 | 66,696 |
Retrofit Assets [Member] | ||
Property, plant and equipment, useful life (Year) | 20 years | |
Property, plant, and equipment, gross | $ 70,820 | 70,820 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, useful life (Year) | 10 years | |
Property, plant, and equipment, gross | $ 17,424 | 17,413 |
Site Improvement [Member] | ||
Property, plant and equipment, useful life (Year) | 10 years | |
Property, plant, and equipment, gross | $ 7,054 | 7,054 |
Lab Equipment, Furniture and Fixtures, and Vehicles [Member] | ||
Property, plant and equipment, useful life (Year) | 5 years | |
Property, plant, and equipment, gross | $ 6,396 | 6,393 |
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 | 2,523 |
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 | $ 2,120 | 2,034 |
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 | $ 8,412 | $ 7,710 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Depreciation and amortization | $ 1,643 | $ 1,612 |
Cost of Sales [Member] | ||
Depreciation and amortization | 1,587 | 1,560 |
Operating Expense [Member] | ||
Depreciation and amortization | $ 56 | $ 52 |
Note 7 - Embedded Derivatives_3
Note 7 - Embedded Derivatives Liabilities (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
Jun. 30, 2017 | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Jan. 31, 2020 | Jan. 10, 2020 | Dec. 31, 2019USD ($) | Apr. 19, 2017 | |
Embedded Derivative, Fair Value of Embedded Derivative, Net, Total | $ 100 | $ 0 | |||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | (100) | $ 246 | |||||
Embedded Derivative, 2020/21 Convertible Notes [Member] | |||||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | (100) | ||||||
Embedded Derivative, 2020 Convertible Notes [Member] | |||||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | $ 200 | ||||||
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 | ||||||
Convertible 2017 Notes [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | ||||||
Convertible 2020/21 Notes [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% |
Note 7 - Embedded Derivatives_4
Note 7 - Embedded Derivatives Liabilities - Schedule of Inputs to Lattice Model Used to Value Embedded Derivatives (Details) | Mar. 31, 2020 | Jan. 10, 2020 | Dec. 31, 2019 |
Measurement Input, Exercise Price [Member] | |||
Embedded derivative liability, measurement input | 0.82 | 2.27 | 2.31 |
Measurement Input, Conversion Rate, Per 1000 dollars [Member] | |||
Embedded derivative liability, measurement input | 409.5 | 409.5 | 67.95 |
Measurement Input, Conversion Price [Member] | |||
Embedded derivative liability, measurement input | 2.44 | 2.44 | 14.72 |
Measurement Input, Maturity [Member] | |||
Embedded derivative liability, measurement input | 312,020 | 312,020 | 152,020 |
Measurement Input, Risk Free Interest Rate [Member] | |||
Embedded derivative liability, measurement input | 0.0016 | 0.0152 | 0.0152 |
Measurement Input, Price Volatility [Member] | |||
Embedded derivative liability, measurement input | 0.7 | 0.4 | 0.6 |
Measurement Input, Entity Credit Risk [Member] | |||
Embedded derivative liability, measurement input | 0.4 | 0.36 | 0.27 |
Note 8 - Accounts Payable and_3
Note 8 - Accounts Payable and Accrued Liabilities - Components Accounts Payable and Accrued Liabilities in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accrued utilities and supplies | $ 1,393 | $ 645 |
Accounts payable - trade | 911 | 1,474 |
Accrued employee compensation | 675 | 1,946 |
Other accrued liabilities | 1,498 | 1,613 |
Total accounts payable and accrued liabilities | $ 4,477 | $ 5,678 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jan. 10, 2020 | Apr. 19, 2017 | Apr. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Jan. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2017 |
Gain (Loss) on Extinguishment of Debt, Total | $ (669) | |||||||
Notes Payable, Other Payables [Member] | ||||||||
Long-term Debt, Total | 607 | $ 749 | ||||||
Debt Instrument, Periodic Payment, Total | $ 100 | |||||||
Notes Payable, Other Payables [Member] | Minimum [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||||||
Notes Payable, Other Payables [Member] | Maximum [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 21.00% | |||||||
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 (in dollars per share) | $ 14.72 | |||||||
Debt Instrument, Convertible, Conversion Ratio | 0.0679 | |||||||
Long-term Debt, Total | $ 14,100 | |||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (700) | |||||||
Beneficial Ownership Limitation, Percentage | 4.99% | |||||||
Beneficial Ownership Limitation Percentage, Notice (Day) | 61 days | |||||||
Beneficial Ownership Limitation After Notice, Percentage | 9.99% | |||||||
Convertible 2020/21 Notes [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% | ||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 2.442 | |||||||
Debt Instrument, Convertible, Conversion Ratio | 0.4095 | |||||||
Debt Instrument, Face Amount | $ 14,400 | |||||||
Maximum Principal Amount of Notes Issuable Upon Option Exercise | $ 7,100 | |||||||
Original Issue Discount | 2.00% | |||||||
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% | |||||||
SBA Loans [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument, Periodic Payment, Total | $ 60 | |||||||
Proceeds from Paycheck Protection Program Under CARES Act | $ 1,000 |
Note 9 - Debt - Information Per
Note 9 - Debt - Information Pertaining to Convertible Notes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Balance | $ 13,900 | |
Balance | ||
Original issue discount paid with 2020/21 Notes | 282 | |
Change in fair value of 2020/21 Notes embedded derivative | 100 | $ (246) |
Balance | 14,050 | |
Balance | 100 | |
Embedded Derivative, Convertible Notes [Member] | ||
Balance | ||
Fair value of 2020/21 embedded derivative | 2,848 | |
Change in fair value of 2020/21 Notes embedded derivative | (2,748) | |
Balance | 100 | |
Convertible Debt [Member] | ||
Balance | (123) | |
Balance | (30) | |
Balance | 13,900 | |
Amortization of debt discount | 95 | |
Amortization of debt issue costs | 8 | |
Paid-in-kind interest | 47 | |
Original issue discount paid with 2020/21 Notes | (282) | |
Balance | (310) | |
Balance | (22) | |
Balance | 14,050 | |
Convertible 2020 Notes [Member] | Convertible Debt [Member] | ||
Balance | 14,053 | |
Paid-in-kind interest | 47 | |
Exchange of 2020 Notes for 2020/21 Notes | (14,100) | |
Original issue discount paid with 2020/21 Notes | ||
Balance | ||
Convertible 2020/21 Notes [Member] | Convertible Debt [Member] | ||
Balance | ||
Paid-in-kind interest | ||
Exchange of 2020 Notes for 2020/21 Notes | 14,100 | |
Original issue discount paid with 2020/21 Notes | 282 | |
Balance | 14,382 | |
Convertible Debt and Embedded Derivative Liabilities [Member] | ||
Balance | 13,900 | |
Amortization of debt discount | 95 | |
Amortization of debt issue costs | 8 | |
Paid-in-kind interest | 47 | |
Fair value of 2020/21 embedded derivative | 2,848 | |
Change in fair value of 2020/21 Notes embedded derivative | (2,748) | |
Balance | $ 14,150 |
Note 9 - Debt - Notes Payable -
Note 9 - Debt - Notes Payable - Other (Details) - Notes Payable, Other Payables [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Notes payable, other | $ 607 | $ 749 |
Less current portion | (375) | (516) |
Long-term portion | 232 | 233 |
Notes Payable, Equipment [Member] | ||
Notes payable, other | 318 | 321 |
Notes Payable, Insurance [Member] | ||
Notes payable, other | $ 289 | $ 428 |
Note 9 - Debt - Future Payments
Note 9 - Debt - Future Payments for Notes Payable - Other (Details) - Notes Payable, Other Payables [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
2020 (remaining) | $ 353 | |
2021 | 89 | |
2022 | 65 | |
2023 | 65 | |
2024 and thereafter | 35 | |
Long-term Debt, Total | $ 607 | $ 749 |
Note 10 - Equity Incentive Pl_2
Note 10 - Equity Incentive Plans (Details Textual) - shares | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2020 | Mar. 31, 2020 | Feb. 29, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 10, 2019 | |
Subsequent Event [Member] | ||||||
Percentage of Salaries Reductions in Reponse to COVID-19 | 20.00% | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 110,595 | |||||
Stock Incentive Plan 2010 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 3,266,661 | |||||
Stock Incentive Plan 2010 [Member] | Restricted Stock [Member] | Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 239,155 | |||||
Stock Incentive Plan 2010 [Member] | Share-based Payment Arrangement, Tranche One [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 109,337 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Stock Incentive Plan 2010 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,258 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||||
Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,679,947 | 1,679,947 | 190 | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 4,055 | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 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 (in shares) | 0 | 0 |
Note 11 - Stock-based Compens_3
Note 11 - Stock-based Compensation (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 73 days |
Restricted Stock [Member] | |
Share Based Compensation Arrangement by Share Based Payment Award Fair Value of Options Vested in Period | $ 0.3 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1.7 |
Note 11 - Stock-based Compens_4
Note 11 - Stock-based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stock-based compensation | $ 172 | $ 263 |
Stock Options Issued to Employees and Board Members [Member] | Research and Development Expense [Member] | ||
Stock-based compensation | 76 | 28 |
Stock Options Issued to Employees and Board Members [Member] | Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation | 260 | 206 |
Restricted Stock [Member] | Research and Development Expense [Member] | ||
Stock-based compensation | (79) | 16 |
Restricted Stock [Member] | Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation | $ (85) | $ 13 |
Note 11 - Stock-based Compens_5
Note 11 - Stock-based Compensation - Stock Option Award Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Options outstanding (in shares) | 1,561 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 928.79 | |
Options outstanding, weighted average remaining contractual term (Year) | 6 years 113 days | 6 years 204 days |
Granted (in shares) | ||
Granted, weighted average exercise price (in dollars per share) | ||
Canceled or forfeited (in shares) | ||
Canceled or forfeited, weighted average exercise price (in dollars per share) | ||
Exercised (in shares) | ||
Exercised, weighted average exercise price (in dollars per share) | ||
Options outstanding (in shares) | 1,561 | 1,561 |
Options outstanding, weighted average exercise price (in dollars per share) | $ 928.79 | $ 928.79 |
Options exercisable (in shares) | 1,561 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 928.79 | |
Options exercisable, weighted average remaining contractual term (Year) | 6 years 113 days | |
Options vested and expected to vest (in shares) | 1,561 | |
Options vested and expected to vest, weighted average exercise price (in dollars per share) | $ 928.79 | |
Options vested and expected to vest, weighted average remaining contractual term (Year) | 6 years 113 days |
Note 11 - Stock-based Compens_6
Note 11 - Stock-based Compensation - Non-Vested Restricted Stock (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Non-vested (in shares) | shares | 1,308,613 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.91 |
Granted (in shares) | shares | 110,595 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.51 |
Vested (in shares) | shares | (19,153) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.87 |
Canceled or forfeited (in shares) | shares | (6,974) |
Canceled or forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.90 |
Non-vested (in shares) | shares | 1,393,081 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.83 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accrual for Environmental Loss Contingencies, Ending Balance | $ 0 | |
Indemnification Agreement [Member] | ||
Loss Contingency Accrual, Ending Balance | $ 0 | $ 0 |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ 0.1 |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements - Schedule of Carrying Value and Fair Value by Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Recurring [Member] | ||
Liabilities, fair value | $ 101 | |
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 | 101 | |
Fair Value, Recurring [Member] | Warrant [Member] | ||
Derivative liability, fair value | 1 | $ 8 |
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 | 1 | 8 |
Fair Value, Recurring [Member] | Embedded Derivative [Member] | ||
Derivative liability, fair value | 100 | |
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 | 100 | |
Fair Value, Nonrecurring [Member] | Corn and Finished Goods Inventory [Member] | ||
Corn and finished goods inventory, fair value | 387 | 940 |
Fair Value, Nonrecurring [Member] | Corn and Finished Goods Inventory [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Corn and finished goods inventory, fair value | 14 | 267 |
Fair Value, Nonrecurring [Member] | Corn and Finished Goods Inventory [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Corn and finished goods inventory, fair value | 373 | 673 |
Fair Value, Nonrecurring [Member] | Corn and Finished Goods Inventory [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Corn and finished goods inventory, fair value |
Note 13 - Fair Value Measurem_5
Note 13 - Fair Value Measurements - Schedule of Fair Value Measurements Using Level 3 Inputs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Derivative Financial Instruments, Liabilities [Member] | |
Balance, December 31, 2019 | $ 8 |
Issue of 2020/21 Notes embedded derivative liability | |
Total (gains) included in earnings | (7) |
Balance, March 31, 2020 | 1 |
Embedded Derivative, 2020/21 Convertible Notes [Member] | |
Balance, December 31, 2019 | |
Issue of 2020/21 Notes embedded derivative liability | 2,848 |
Total (gains) included in earnings | (2,748) |
Balance, March 31, 2020 | $ 100 |
Note 14 - Segments (Details Tex
Note 14 - Segments (Details Textual) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Operating Segments | 2 | |
Intercompany Sales | $ 0.1 | $ 0.4 |
Note 14 - Segments - Informatio
Note 14 - Segments - Information on Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Revenue from contract with Customer | $ 3,825 | $ 6,403 | ||
Loss from operations | (7,976) | (5,628) | ||
Interest expense | 545 | 755 | ||
Depreciation and amortization | 1,649 | 1,612 | ||
Acquisitions of plant, property and equipment | 801 | 2,204 | ||
Total revenues | 3,825 | 6,403 | ||
Assets | [1] | 84,162 | $ 93,359 | |
UNITED STATES | ||||
Total revenues | 3,750 | 5,664 | ||
Non-US [Member] | ||||
Total revenues | 75 | 739 | ||
Intersegment Eliminations [Member] | ||||
Assets | [2] | (136,410) | (141,851) | |
Gevo [Member] | ||||
Revenue from contract with Customer | 125 | 739 | ||
Loss from operations | (2,881) | (2,673) | ||
Interest expense | 543 | 755 | ||
Depreciation and amortization | 56 | 51 | ||
Acquisitions of plant, property and equipment | 10 | 2 | ||
Gevo [Member] | Operating Segments [Member] | ||||
Assets | 80,279 | 91,861 | ||
Gevo Development / Agri-Energy [Member] | ||||
Revenue from contract with Customer | 3,700 | 5,664 | ||
Loss from operations | (5,095) | (2,955) | ||
Interest expense | 2 | |||
Depreciation and amortization | 1,593 | 1,561 | ||
Acquisitions of plant, property and equipment | 791 | $ 2,202 | ||
Gevo Development / Agri-Energy [Member] | Operating Segments [Member] | ||||
Assets | $ 140,293 | $ 143,349 | ||
[1] | All other significant non-cash items relate to the activities of Gevo. | |||
[2] | Includes intercompany sales of $0.1 million during the three months ended March 31, 2020 and $0.4 million for the year ended December 31, 2019 for hydrocarbon sales. |