Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GEVO | ||
Entity Registrant Name | GEVO, INC. | ||
Entity Central Index Key | 1,392,380 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 23,510,855 | ||
Entity Public Float | $ 53,952,966 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 17,031 | $ 6,359 |
Accounts receivable | 1,391 | 2,361 |
Inventories | 3,487 | 4,292 |
Prepaid expenses and other current assets | 731 | 732 |
Total current assets | 22,640 | 13,744 |
Property, plant and equipment, net | 76,777 | 81,240 |
Debt issue costs, net | 297 | 530 |
Restricted deposits | 2,611 | 2,611 |
Deposits and other assets | 803 | 803 |
Total assets | 103,128 | 98,928 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 7,476 | 8,588 |
Current portion of secured debt, net of $17 and $31 discount at December 31, 2015 and 2014, respectively | 332 | 288 |
Derivative warrant liability | 10,493 | 3,114 |
Other current liabilities | 35 | |
Total current liabilities | 18,301 | 12,025 |
Long-term portion of secured debt, net of $2 and $18 discount at December 31, 2015 and 2014, respectively | 153 | 485 |
2017 notes recorded at fair value | 21,565 | 25,460 |
2022 notes, net | 14,636 | 13,679 |
Other long-term liabilities | 147 | 315 |
Total liabilities | 54,802 | 51,964 |
Stockholders' Equity | ||
Common stock, $0.01 par value per share; 250,000,000 authorized; 21,607,048 and 6,641,870 shares issued and outstanding at December 31, 2015 and 2014, respectively | 216 | 66 |
Additional paid-in capital | 387,602 | 350,196 |
Deficit accumulated | (339,492) | (303,298) |
Total stockholders' equity | 48,326 | 46,964 |
Total liabilities and stockholders' equity | $ 103,128 | $ 98,928 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt, discount | $ 19 | $ 49 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock shares issued | 21,607,048 | 6,641,870 |
Common stock, shares outstanding | 21,607,048 | 6,641,870 |
Short Term Secured Debt | ||
Debt, discount | $ 17 | $ 31 |
Long Term Secured Debt | ||
Debt, discount | $ 2 | $ 18 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue and cost of goods sold | |||
Hydrocarbon revenue | $ 1,694 | $ 3,949 | $ 2,157 |
Grant and other revenue | 1,318 | 768 | 2,722 |
Total revenues | 30,137 | 28,266 | 8,224 |
Cost of goods sold | 38,762 | 35,582 | 14,522 |
Gross loss | (8,625) | (7,316) | (9,689) |
Operating expenses | |||
Research and development expense | 6,610 | 14,120 | 20,179 |
Selling, general and administrative expense | 16,692 | 18,341 | 25,548 |
Other operating expenses | 99 | ||
Total operating expenses | 23,302 | 32,461 | 45,826 |
Loss from operations | (31,927) | (39,777) | (55,515) |
Other (expense) income | |||
Interest expense | (8,243) | (8,255) | (9,301) |
Interest expense - debt issue costs | (3,769) | ||
Gain (loss) on extinguishment of debt | 232 | (2,038) | |
Gain on extinguishment of warrant liability | 1,775 | ||
Gain from change in fair value of embedded derivative of the 2022 Notes | 3,470 | 3,114 | |
Gain (loss) from change in fair value of derivative warrant liability | 577 | 6,530 | (3,195) |
Gain from change in fair value of 2017 Notes | 3,895 | 648 | |
Loss on issuance of equity | (2,523) | ||
Other income | 20 | 8 | 129 |
Total other (expense) income | (4,267) | (1,368) | (11,291) |
Net loss | $ (36,194) | $ (41,145) | $ (66,806) |
Net loss per share - basic and diluted | $ (2.58) | $ (7.67) | $ (22.23) |
Weighted-average number of common shares outstanding - basic and diluted | 14,025,048 | 5,366,162 | 3,004,775 |
Ethanol | |||
Revenue and cost of goods sold | |||
Sales | $ 27,125 | $ 23,549 | |
Corn | |||
Revenue and cost of goods sold | |||
Sales | $ 3,345 | ||
Cost of goods sold | $ 3,391 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid In Capital | Deficit Accumulated |
Beginning Balance at Dec. 31, 2012 | $ 97,831 | $ 26 | $ 293,152 | $ (195,347) |
Beginning Balance (in shares) at Dec. 31, 2012 | 2,640,445 | |||
Issuance of restricted stock | $ 1 | (1) | ||
Issuance of restricted stock (in shares) | 78,052 | |||
Issuance of common stock, net of issue costs and warrants | 22,331 | $ 14 | 22,317 | |
Issuance of common stock, net of issue costs and warrants (in shares) | 1,420,250 | |||
Cancellation of restricted stock (in shares) | (15,853) | |||
Issuance of common stock for services, upon exercise of stock options and pursuant to an employee stock purchase plan | 745 | 745 | ||
Issuance of common stock for services, upon exercise of stock options and pursuant to an employee stock purchase plan (in shares) | 34,141 | |||
Non-cash stock-based compensation | 3,911 | 3,911 | ||
Modification of warrants | 179 | 179 | ||
Issuance of common stock upon conversion of debt | 12,784 | $ 4 | 12,780 | |
Issuance of common stock upon conversion of debt (in shares) | 409,159 | |||
Net loss | (66,806) | (66,806) | ||
Ending Balance at Dec. 31, 2013 | 70,975 | $ 45 | 333,083 | (262,153) |
Ending Balance (in shares) at Dec. 31, 2013 | 4,566,193 | |||
Issuance of restricted stock | $ 1 | (1) | ||
Issuance of restricted stock (in shares) | 75,872 | |||
Issuance of common stock, net of issue costs and warrants | 14,223 | $ 20 | 14,203 | |
Issuance of common stock, net of issue costs and warrants (in shares) | 2,000,000 | |||
Cancellation of restricted stock (in shares) | (4,403) | |||
Issuance of common stock for services, upon exercise of stock options and pursuant to an employee stock purchase plan | 51 | 51 | ||
Issuance of common stock for services, upon exercise of stock options and pursuant to an employee stock purchase plan (in shares) | 4,208 | |||
Non-cash stock-based compensation | 2,860 | 2,860 | ||
Net loss | (41,145) | (41,145) | ||
Ending Balance at Dec. 31, 2014 | 46,964 | $ 66 | 350,196 | (303,298) |
Ending Balance (in shares) at Dec. 31, 2014 | 6,641,870 | |||
Shares issued upon reverse stock split (in shares) | 683 | |||
Issuance of restricted stock | $ 5 | (5) | ||
Issuance of restricted stock (in shares) | 475,829 | |||
Issuance of common stock, net of issue costs and warrants | 22,446 | $ 86 | 22,360 | |
Issuance of common stock, net of issue costs and warrants (in shares) | 8,566,667 | |||
Cancellation of restricted stock (in shares) | (741) | |||
Issuance of common stock for services, upon exercise of stock options and pursuant to an employee stock purchase plan | 3 | 3 | ||
Issuance of common stock for services, upon exercise of stock options and pursuant to an employee stock purchase plan (in shares) | 764 | |||
Non-cash stock-based compensation | 2,647 | 2,647 | ||
Issuance of common stock upon exercise of warrants | 10,166 | $ 46 | 10,120 | |
Issuance of common stock upon exercise of warrants (in shares) | 4,644,102 | |||
Issuance of common stock upon conversion of debt | 714 | $ 2 | 712 | |
Issuance of common stock upon conversion of debt (in shares) | 170,041 | |||
Issuance of common stock upon exchange of debt | 1,580 | $ 11 | 1,569 | |
Issuance of common stock upon exchange of debt (in shares) | 1,107,833 | |||
Net loss | (36,194) | (36,194) | ||
Ending Balance at Dec. 31, 2015 | $ 48,326 | $ 216 | $ 387,602 | $ (339,492) |
Ending Balance (in shares) at Dec. 31, 2015 | 21,607,048 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net loss | $ (36,194,000) | $ (41,145,000) | $ (66,806,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
(Gain) loss from change in fair value of derivative warrant liability | (577,000) | (6,530,000) | 3,195,000 |
Gain from change in fair value of embedded derivative of the 2022 Notes | (3,470,000) | (3,114,000) | |
Gain from change in fair value of 2017 Notes | (3,895,000) | (648,000) | |
Stock-based compensation | 2,647,000 | 2,860,000 | 3,911,000 |
Depreciation and amortization | 6,573,000 | 4,880,000 | 3,393,000 |
Non-cash interest expense | 3,772,000 | 7,860,000 | 4,719,000 |
(Gain) loss on extinguishment of debt | (232,000) | 2,038,000 | |
Gain on extinguishment of warrant liability | (1,775,000) | ||
Loss from change in fair value of derivatives | 259,000 | ||
Loss on issuance of equity | 2,523,000 | ||
Other non-cash expenses | (7,000) | 66,000 | 991,000 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 970,000 | (1,003,000) | (660,000) |
Inventories | 805,000 | (711,000) | 2,148,000 |
Prepaid expenses and other current assets | 1,000 | 431,000 | 297,000 |
Accounts payable, accrued expenses, and long-term liabilities | (2,771,000) | (1,580,000) | 2,581,000 |
Net cash used in operating activities | (28,160,000) | (38,990,000) | (47,048,000) |
Investing Activities | |||
Acquisitions of property, plant and equipment | (1,464,000) | (4,894,000) | (9,806,000) |
Restricted certificate of deposit | (2,611,000) | ||
Proceeds from sales tax refund for property, plant and equipment | 144,000 | 2,006,000 | |
Other | 125,000 | ||
Net cash used in investing activities | (1,320,000) | (7,505,000) | (7,675,000) |
Financing Activities | |||
Payments on secured debt | (318,000) | (9,824,000) | (14,529,000) |
Debt and equity offering costs | (3,519,000) | (5,873,000) | (1,711,000) |
Proceeds from issuance of common stock upon exercise of stock options and employee stock purchase plan | 3,000 | 19,000 | 262,000 |
Proceeds from issuance of common stock and common stock warrants | 33,820,000 | 18,000,000 | 28,761,000 |
Proceeds from issuance of convertible debt, net | 25,907,000 | ||
Deposit on secured debt and other | (179,000) | ||
Proceeds from the exercise of warrants | 10,165,573 | ||
Net cash provided by financing activities | 40,152,000 | 28,229,000 | 12,604,000 |
Net increase (decrease) in cash and cash equivalents | 10,672,000 | (18,266,000) | (42,119,000) |
Cash and cash equivalents | |||
Beginning of year | 6,359,000 | 24,625,000 | 66,744,000 |
Ending of year | 17,031,000 | 6,359,000 | 24,625,000 |
Supplemental disclosures of cash and non-cash investing and financing transactions | |||
Conversion of convertible debt to common stock | 2,000,000 | 12,784,000 | |
Cash paid for interest, net of interest capitalized | 4,589,000 | 4,213,000 | 4,463,000 |
Capitalization of interest, from term to 2017 convertible notes | 201,000 | ||
Non-cash purchase of property, plant and equipment | 890,000 | 108,000 | 2,453,000 |
Accrued offering costs | 648,000 | 671,000 | |
Issuance of common stock for services | 31,000 | 483,000 | |
Modification of warrants | 179,000 | ||
Warrant issuance | 4,048,000 | ||
Exchange of convertible notes for common stock | 2,500,000 | ||
2013 Warrants | |||
Financing Activities | |||
Proceeds from the exercise of warrants | 1,057,010 | ||
Supplemental disclosures of cash and non-cash investing and financing transactions | |||
Warrant issuance | $ 4,048,000 | ||
2014 Warrants | |||
Financing Activities | |||
Proceeds from the exercise of warrants | 2,204,540 | ||
Supplemental disclosures of cash and non-cash investing and financing transactions | |||
Warrant issuance | $ 2,400,000 | ||
2015 Warrants | Series A Warrant | |||
Supplemental disclosures of cash and non-cash investing and financing transactions | |||
Warrant issuance | 1,437,000 | ||
2015 Warrants | Series B Warrant | |||
Supplemental disclosures of cash and non-cash investing and financing transactions | |||
Warrant issuance | 2,528,000 | ||
2015 Warrants | Series C Warrant | |||
Supplemental disclosures of cash and non-cash investing and financing transactions | |||
Warrant issuance | 1,299,000 | ||
2015 Warrants | Series D Warrant | |||
Supplemental disclosures of cash and non-cash investing and financing transactions | |||
Warrant issuance | 5,729,000 | ||
2015 Warrants | Series E Warrant | |||
Supplemental disclosures of cash and non-cash investing and financing transactions | |||
Warrant issuance | $ 5,361,000 |
Nature of Business and Financia
Nature of Business and Financial Condition | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Business and Financial Condition | 1. Nature of Business and Financial Condition Nature of Business . Gevo, Inc. (“Gevo” or the “Company,” which, unless otherwise indicated, refers to Gevo, Inc. and its subsidiaries) is a renewable chemicals and next generation biofuels company focused on the development and commercialization of alternatives to petroleum-based products based on isobutanol produced from renewable feedstocks. Gevo, Inc. was incorporated in Delaware on June 9, 2005. Gevo, Inc. formed Gevo Development, LLC (“Gevo Development”) in September 2009 to finance and develop biorefineries through joint venture, licensing arrangements, tolling arrangements or direct acquisition (see Note 13 for more information on Gevo Development). Gevo Development became a wholly-owned subsidiary of the Company in September 2010. Gevo Development purchased Agri-Energy, LLC (“Agri-Energy”) in September 2010. Through May 2012, Agri-Energy, a wholly-owned subsidiary of Gevo Development, was engaged in the business of producing and selling ethanol and related products produced at its plant located in Luverne, Minnesota (the “Agri-Energy Facility”). The Company commenced the retrofit of the Agri-Energy Facility in 2011 and commenced initial startup operations for the production of isobutanol at this facility in May 2012. In September 2012, the Company made the strategic decision to pause isobutanol production at the Agri-Energy Facility to focus on optimizing specific parts of the process to further enhance isobutanol production rates. In 2013, the Company modified the Agri-Energy Facility in order to increase the isobutanol production rate. In June 2013, the Company resumed the limited production of isobutanol, operating one fermenter and one Gevo Integrated Fermentation Technology ® ® ® ® ® As of December 31, 2015, the Company continues to engage in research and development, business development, business and financial planning, and to optimize operations for isobutanol and ethanol production at the Agri-Energy Facility and raise capital. Ultimately, the Company believes that the attainment of profitable operations is dependent upon future events, including (i) completing its development activities resulting in commercial production and sales of isobutanol or isobutanol-derived products and/or technology, (ii) obtaining adequate financing to complete its development activities, (iii) obtaining adequate financing to build out further isobutanol production capacity, (iv) gaining market acceptance and demand for its products and services, and (v) attracting and retaining qualified personnel. The Company has primarily derived revenue from the sale of ethanol, distiller’s grains and other related products produced as part of the ethanol production process at the Agri-Energy Facility. The production of ethanol alone is not the Company’s intended business and its future strategy is expected to depend on its ability to produce and market isobutanol and products derived from isobutanol. Given that the production of ethanol alone is not the Company’s intended business, and the Company is only beginning to achieve more consistent production and revenue from the sale of isobutanol, the historical operating results of Agri-Energy may not be indicative of future operating results for Agri-Energy or Gevo. Financial Condition . For the year ended December 31, 2015, the Company incurred a consolidated net loss of $36.2 million and had an accumulated deficit of $339.5 million. The Company’s cash and cash equivalents at December 31, 2015 totaled $17.0 million which is primarily being used for the following: (i) operating activities and completion of the side-by-side configuration of the Agri-Energy Facility; (ii) operating activities at its corporate headquarters in Colorado, including research and development work; (iii) capital improvements primarily associated with its Agri-Energy Facility; (iv) costs associated with optimizing isobutanol production technology; and (v) debt service obligations. The Company expects to incur future net losses as it continues to fund the development and commercialization of its product candidates. The Company’s t ransition 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 never achieve profitability or positive cash flows, and unless and until it does, the Company will continue to need to raise additional cash. Management intends to f und future operations through additional private and/or public offerings of debt or equity securities. In addition, the Company may seek additional capital through arrangements with strategic partners or from other sources, it may seek to restructure its secured debt and it will continue to address its cost structure. Notwithstanding, there can be no assurance that the Company will be able to raise additional funds, or achieve or sustain profitability or positive cash flows from operations. Based on the Company’s operating plan, existing working capital at December 31, 2015 was not sufficient to meet the cash requirements to fund planned operations through December 31, 2016 without additional sources of cash. These conditions raise substantial doubt about the Company’s ability to continue as a going concern at December 31, 2015. The Company’s inability to continue as a going concern may potentially affect the Company’s rights and obligations under its Senior Secured Debt, Secured Debt and Convertible Notes. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business. See Note 8 for information on the Company’s debt obligations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation . The consolidated financial statements of Gevo include the accounts of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates . The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Concentrations of Credit Risk . The Company’s financial instruments that are exposed to concentrations of credit risk consist of cash and cash equivalents in excess of the federally insured limits. The Company’s cash and cash equivalents are deposited with high credit-quality financial institutions and are primarily in demand deposit accounts. Cash and Cash Equivalents . The Company maintains its cash and cash equivalents in highly liquid interest bearing money market accounts or non-interest bearing checking accounts. The Company considers all highly liquid investments purchased with a maturity of three months or less at the date of acquisition to be cash equivalents. Accounts Receivable . The Company records receivables for products shipped and services provided but for which payment has not yet been received. As of December 31, 2015 and 2014, no allowance for doubtful accounts has been recorded, based upon the expected full collection of the accounts receivable. Inventories . Inventory is recorded at the lower of cost or market value and cost of goods sold is determined by average cost method. Ethanol and isobutanol inventory cost consists of the applicable share of raw material, direct labor and manufacturing overhead costs. Restricted Deposits . The Company maintains a restricted deposit related to the 2017 Notes (defined below) that is equivalent to ten percent of the principal balance. Derivative Instruments . The Company evaluates its contracts for potential derivatives. See Note 6 for a description of the Company’s accounting for embedded derivatives and Note 7 for a description of the Company’s derivative warrant liability. As of December 31, 2015 and 2014, the Company did not have any forward purchase contracts or exchange-traded futures contracts. Property, Plant and Equipment . Property, plant and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the assets’ estimated useful lives. Leasehold improvements are amortized over the term of the lease agreement or the service lives of the improvements, whichever is shorter. Assets under construction are depreciated when they are placed into service. Maintenance and repairs are charged to expense as incurred and expenditures for major improvements are capitalized. The Company has capitalized interest incurred for qualifying capital projects at its Agri-Energy Facility during the period of construction through the date such projects become substantially complete. During the year ended December 31, 2013, the Company capitalized interest of $1.8 million. No interest was capitalized during the years ended December 31, 2015 or 2014. Impairment of Property, Plant and Equipment . The Company’s property, plant and equipment consist primarily of assets associated with the acquisition and retrofit of the Agri-Energy Facility. The Company assesses impairment of property, plant and equipment for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate, or legal or regulatory factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; or expectations that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. The carrying amount of a long-lived asset is considered to be impaired if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets. The Company evaluated its Agri-Energy Facility for impairment as of December 31, 2015 and 2014. These evaluations included comparing the carrying amount of the acquisition and retrofit of the Agri-Energy Facility to the estimated undiscounted future cash flows at the Agri-Energy Facility as this represents the lowest level of identifiable cash flows. Significant assumptions included in the estimated undiscounted future cash flows include, among others, estimates of the: sales price of isobutanol and by-products such as dried distiller’s 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 limited to; 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, 2015 and 2014, the Company concluded that the estimated undiscounted future cash flows from the Agri-Energy Facility exceeded the carrying value and, as such, these assets were not impaired. Although the Company’s cash flow forecasts are based on assumptions that are consistent with its planned use of the assets, these estimates required significant exercise of judgment and are subject to change in future reporting periods as facts and circumstances change. Additionally, the Company may make changes to its business plan that could result in changes to the expected cash flows. As a result, it is possible that a long-lived asset may be impaired in future reporting periods. Debt at Fair Value Option. The Company has elected the fair value option for certain long-term debt instruments that qualify for such treatment. See Note 8 for a detailed description of the accounting for the 2017 convertible notes that are accounted for in such manner. Debt Issue Costs . Debt issue costs are costs incurred in connection with the Company’s debt financings that primarily have been capitalized and are being amortized over the stated maturity period or estimated life of the related debt, using the effective interest method. Revenue Recognition . The Company records revenue from the sale of hydrocarbon products, ethanol and related products, including the sale of corn inventory. The Company recognizes revenue when all of the following criteria are satisfied: persuasive evidence of an arrangement exists; risk of loss and title transfer to the customer; the price is fixed or determinable; and collectability is reasonably assured. Ethanol and related 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 were deducted from the gross sales price at the time payment was remitted. Ethanol and related products sales were recorded net of commissions. 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. Cost of Goods Sold . Cost of goods sold includes costs incurred in conjunction with the operations for the production of isobutanol at the Agri-Energy Facility and costs directly associated with the ethanol production process such as costs for direct materials, direct labor and certain plant overhead costs. Costs associated with the operations for the production of isobutanol includes costs for direct materials, direct labor, plant utilities, including natural gas, and plant depreciation. Direct materials consist of dextrose for initial production of isobutanol, corn feedstock, denaturant and process chemicals. Direct labor includes compensation of personnel directly involved in production operations at the Agri-Energy Facility. Costs of direct materials for the production of ethanol consist of corn feedstock, denaturant and process chemicals. Direct labor includes compensation of personnel directly involved in the operation of the Agri-Energy Facility. Plant overhead costs primarily consist of plant utilities and plant depreciation. Cost of goods sold is mainly affected by the cost of corn and natural gas. Corn is the most significant raw material cost. The Company purchases natural gas to power steam generation in the production process and to dry the distiller’s grains. Patents . All costs related to filing and pursuing patent applications are expensed as incurred as recoverability of such expenditures is uncertain. Patent-related legal expenses incurred are recorded as selling, general and administrative expense, and during the years ended December 31, 2015, 2014 and 2013 were $0.9 million, $0.9 million and $2.3 million, respectively. Research and Development . Research and development costs are expensed as incurred and are recorded as research and development expense in the consolidated statements of operations. The Company’s research and development costs consist of expenses incurred to identify, develop, and test its technologies for the production of isobutanol and the development of downstream applications thereof. Research and development expense includes personnel costs, consultants and related contract research, facility costs, supplies, depreciation on property, plant and equipment used in development, license fees and milestone payments paid to third parties for use of their intellectual property and patent rights, and other direct and allocated expenses incurred to support the Company’s overall research and development programs. Income Taxes . Deferred tax assets and liabilities are recognized based on the difference between the carrying amounts of assets and liabilities in the financial statements and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates in effect in the years in which those temporary differences are expected to reverse. Deferred tax assets should be reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. At December 31, 2015 and 2014, based upon current facts and circumstances, the Company had recorded a valuation allowance against its deferred tax assets of $134.1 million and $119.4 million, respectively. Stock-Based Compensation . The Company’s stock-based compensation expense includes expenses associated with share-based awards granted to employees and board members, and expenses associated with awards under its employee stock purchase plan (“ESPP”). Stock-based compensation expense for all share-based payment awards granted is based on the grant date fair value. The grant date fair value for stock option awards is estimated using the Black-Scholes option pricing model and the grant date fair value for restricted stock awards is based upon the closing price of the Company’s common stock on the date of grant. The Company recognizes compensation costs for share-based payment awards granted to employees net of estimated forfeitures and recognizes stock-based compensation expense for only those awards expected to vest on a straight-line basis over the requisite service period of the award, which is currently the vesting term of up to four years. For performance based restricted stock awards, the Company recognizes expense over the requisite service period. Net Loss Per Share . Basic net loss per share is computed by dividing the net loss attributable to Gevo, Inc. common stockholders for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings 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 years ending December 31, 2015, 2014 and 2013 excluded common stock equivalents because the effect of their inclusion would be anti-dilutive, or would decrease the reported loss per share. The following table sets forth securities that could potentially dilute the calculation of diluted earnings per share. This table excludes any shares that could potentially be issued in settlement of make-whole payments associated with the 2017 Notes and the 2022 Notes. Year Ended December 31, 2015 2014 2013 Warrants to purchase common stock 20,492,704 2,504,237 1,504,250 Convertible 2017 notes 1,503,821 1,502,532 - Convertible 2022 notes 262,333 315,034 315,034 Outstanding options to purchase common stock 481,786 244,903 191,438 Unvested restricted common stock 328,263 58,351 52,759 Total 23,068,907 4,625,057 2,063,481 Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ‑ In April 2015, the FASB issued authoritative guidance intended to simplify the presentation of debt issuance costs. These amendments require that debt issuance costs be presented as a direct deduction from the carrying amount of the related debt liabilities, consistent with the presentation of debt discounts. This will result in the elimination of debt issuance costs as an asset and will reduce the carrying value of our debt liabilities. This guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, “ Balance Sheet Classification of Deferred Taxes |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories The following table sets forth the components of the Company’s inventory balances (in thousands). December 31, 2015 2014 Raw materials Corn $ 517 $ 1,369 Enzymes and other inputs 287 354 Finished goods 699 515 Work in process 569 610 Spare parts 1,415 1,444 Total inventories $ 3,487 $ 4,292 Work in process inventory includes unfinished jet fuel and isobutanol inventory. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 4. Property, Plant and Equipment The following table sets forth the Company’s property, plant and equipment by classification (in thousands). December 31, 2015 2014 Construction in progress - $ 1,801 $ 440 Plant machinery and equipment 10 years 14,113 13,367 Site improvements 10 years 7,039 7,015 Retrofit asset 20 years 65,457 65,601 Lab equipment, furniture and fixtures and vehicles 5 years 6,389 6,385 Demonstration plant 2 years 3,597 3,597 Buildings 10 years 2,543 2,543 Computer, office equipment and software 3 years 1,566 1,490 Leasehold improvements, pilot plant, land and support equipment 2 - 5 years 2,175 2,144 Total property, plant and equipment 104,680 102,582 Less accumulated depreciation and amortization (27,903 ) (21,342 ) Property, plant and equipment, net $ 76,777 $ 81,240 Prior to 2014, the Company capitalized interest on its secured debt associated with its qualifying assets, which related to the retrofit of the Agri-Energy Facility (“Retrofit asset”) that was actively being developed. The Company did not capitalize any interest for the years ended December 31, 2015 and 2014 as there were no qualifying assets which were actively being developed. The Company capitalized $0.2 million of interest incurred during the year ended December 31, 2013. As of December 31, 2015 and 2014, the Company has $0.7 million and $0.7 million, respectively, of capital lease assets included in computer, office equipment and software. The Company recorded amortization of capital lease assets of $0.1 million during each of the years ended December 31, 2015, 2014 and 2013, as a component of depreciation and amortization in the consolidated statements of cash flows. The Company recorded $6.6 million, $4.9 million, and $3.4 million of depreciation expense for the years ended December 31, 2015, 2014, and 2013, respectively, including $5.7 million, $4.0 million and $2.1 million of depreciation expense in cost of goods sold for the years ended December 31, 2015, 2014 and 2013 respectively. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | 5. 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). December 31, 2015 2014 Accounts payable - trade $ 2,691 $ 2,639 Accrued legal-related fees 854 2,944 Accrued employee compensation 2,082 801 Accrued interest 840 1,009 Other accrued liabilities * 1,009 1,195 Total accounts payable and accrued liabilities $ 7,476 $ 8,588 * Other accrued liabilities consists of franchise taxes, property taxes, short term capital lease, audit fees, and a variety of other expenses including software, legal fees, etc. none of which individually represent greater than 5% of total current liabilities. |
Embedded Derivatives
Embedded Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Embedded Derivatives | 6. Embedded Derivatives In July 2012, the Company issued 7.5% convertible senior notes due 2022 (the “2022 Notes”) which contain the following embedded derivatives: (i) rights to convert into shares of the Company’s common stock, including upon a Fundamental Change (as defined in the indenture governing the 2022 Notes (the “Indenture”)); and (ii) a Coupon Make-Whole Payment (as defined in the Indenture) in the event of a conversion by the holders of the 2022 Notes prior to July 1, 2017. Embedded derivatives are separated from the host contract, the 2022 Notes, and carried at fair value when: (a) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract; and (b) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument. The Company has concluded that the embedded derivatives within the 2022 Notes meet these criteria and, as such, must be valued separate and apart from the 2022 Notes and recorded at fair value each reporting period. The Company used a binomial lattice model in order to estimate the fair value of the embedded derivative in the 2022 Notes. A binomial lattice model generates two probable outcomes, whether up or down, arising at each point in time, starting from the date of valuation until the maturity date. A lattice model was initially used to determine if the 2022 Notes would be converted, called or held at each decision point. Within the lattice model, the following assumptions are made: (i) the 2022 Notes will be converted early if the conversion value is greater than the holding value; and (ii) the 2022 Notes will be called if the holding value is greater than both (a) the Redemption Price (as defined in the Indenture) and (b) the conversion value plus the Coupon Make-Whole Payment at the time. If the 2022 Notes are called, then the holders will maximize their value by finding the optimal decision between (1) redeeming at the Redemption Price and (2) converting the 2022 Notes. Using this lattice model, the Company valued these embedded derivatives using a “with-and-without method,” where the value of the 2022 Notes including the embedded derivative, is defined as the “with”, and the value of the 2022 Notes excluding the embedded derivative, is defined as the “without”. This method estimates the value of the embedded derivative by looking at the difference in the values between the 2022 Notes with the embedded derivative and the value of the 2022 Notes without the embedded derivative. The lattice model requires the following inputs: (i) price of Gevo common stock; (ii) Conversion Rate (as defined in the Indenture); (iii) Conversion Price (as defined in the Indenture); (iv) maturity date; (v) risk-free interest rate; (vi) estimated stock volatility; and (vii) estimated credit spread for the Company. Inputs used to estimate the value of the embedded derivative as of December 31, 2015 were substantially similar to those used as of the period ended December 31, 2014. Changes in certain inputs into the lattice model can have a significant impact on changes in the estimated fair value of the embedded derivatives. For example, the estimated fair value of the embedded derivatives will generally decrease with; (i) a decline in the stock price; (ii) a decrease in the estimated stock volatility; and (iii) a decrease in the estimated credit spread. During the years ended December 31, 2015 and 2014, the estimated fair value of the embedded derivatives had decreased to zero. Any decline in the estimated fair value of the embedded derivatives represents an unrealized gain which has been recorded as gain from change in fair value of embedded derivatives in the consolidated statements of operations. The Company recorded the estimated fair value of the embedded derivative with the 2022 notes, net in the consolidated balance sheets. |
Derivative Warrant Liability
Derivative Warrant Liability | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Warrant Liability | 7. Derivative Warrant Liability In December 2013, the Company sold 1,420,250 shares of the Company’s common stock and warrants to purchase an additional 1,420,250 shares of the Company’s common stock (the “2013 Warrants”). In August 2014, the Company sold 2,000,000 shares of common stock and warrants to purchase an additional 1,000,000 shares of common stock (the “2014 Warrants”). In February 2015, the Company sold 2,216,667 shares of the Company’s common stock, Series A warrants to purchase an additional 2,216,667 shares of the Company’s common stock (the “Series A Warrants”), and Series B warrants to purchase an additional 2,216,667 shares of the Company’s common stock (the “Series B Warrants”). In May 2015, the Company sold 4,300,000 shares of the Company’s common stock and Series C warrants to purchase an additional 430,000 shares of the Company’s common stock (the “Series C Warrants”). In December 2015, we issued 10,050,000 units of common stock shares and warrants. The Series A units included 2,050,000 common shares and Series D warrants. The Series B units included Series D warrants to purchase 8,000,000 shares of common stock (the “Series D Warrants”) and Series E Warrants to purchase 8,000,000 shares of common stock (the “Series E Warrants”, together with the Series A Warrants, the Series B Warrants, and the Series C Warrants, the “2015 Warrants”). Issuance Date Expiration Date Exercise Price Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of December 31, 2015 Shares Underlying Warrants Outstanding as of December 31, 2015 2013 Warrants 12/16/2013 12/16/2018 $ 7.53 1,420,250 (304,774 ) 1,115,476 2014 Warrants 8/5/2014 8/5/2019 $ 5.13 1,000,000 (610,771 ) 389,229 2015 Series A Warrants 2/3/2015 2/3/2020 $ 1.00 2,216,667 (321,670 ) 1,894,997 2015 Series B Warrants 2/3/2015 8/3/2015 - 2,216,667 (1,935,901 ) - 2015 Series C Warrants 5/19/2015 5/19/2020 $ 3.60 430,000 - 430,000 2015 Series D Warrants 12/11/2015 12/11/2020 $ 1.40 10,050,000 - 10,050,000 2015 Series E Warrants 12/11/2015 12/11/2016 $ 0.01 (1) 8,000,000 (1,471,000 ) 6,529,000 25,333,584 (4,644,116 ) 20,408,702 (1) The exercise price is $1.00 with $0.99 prepaid. The agreements governing the above warrants include the following terms: · the warrants have exercise prices which are subject to adjustment for certain events, including the issuance of stock dividends on the Company’s common stock and, in certain instances, the issuance of the Company’s common stock or instruments convertible into the Company’s common stock at a price per share less than the exercise price of the respective warrants; · warrant holders may exercise the warrants through a cashless exercise if, and only if, the Company does not have an effective registration statement then available for the issuance of the shares of its common stock. If an effective registration statement is available for the issuance of its common stock, a holder may only exercise the warrants through a cash exercise; · the exercise price and the number and type of securities purchasable upon exercise of the warrants are subject to adjustment upon certain corporate events, including certain combinations, consolidations, liquidations, mergers, recapitalizations, reclassifications, reorganizations, stock dividends and stock splits, a sale of all or substantially all of the Company’s assets and certain other events; and · in the event of an extraordinary transaction (as defined in the respective warrant agreements), generally including any merger with or into another entity, sale of all or substantially all of the Company’s assets, tender offer or exchange offer, or reclassification of its common stock, in which the successor entity (as defined in the respective warrant agreements) that assumes the warrant is not a publicly traded company, the Company or any successor entity will pay the warrant holder, at such holder’s option, exercisable at any time concurrently with or within 30 days after the consummation of the extraordinary transaction, an amount of cash equal to the value of such holder’s warrants as determined in accordance with the Black Scholes option pricing model and the terms of the respective warrant agreement. · Additionally, the agreement governing the Series B Warrants included the following additional term(s): if, commencing on the 30th day after the Series B Warrants are issued and continuing through the expiration date of the Series B Warrants, the adjusted market price (as defined in the warrant agreement governing the terms of the Series B Warrants) of a share of the Company’s common stock was less than $3.00 (as adjusted for stock splits, stock dividends, recapitalization and other similar events), then the holders of the Series B Warrants could have exercised the Series B Warrants in a cashless exercise. This cashless exercise provision would have, subject to certain limitations set forth in the warrant agreement, permitted holders of such Series B Warrants to obtain a number of shares of the Company’s common stock equal to 100% of (i) the aggregate dollar amount of Series B Warrants being exercised divided by the market price less (ii) the number of shares into which such Series B Warrants would then be exercised on a cash basis. The Series B Warrants expired on August 3, 2015. · Additionally, the Series E warrants do not contain any anti-dilution protection that applies to the other warrants as described above. Based on these terms, the Company has determined that the 2013 Warrants, the 2014 Warrants, and the 2015 Warrants (together, the “Warrants”) qualify as derivatives and, as such, are presented as a derivative warrant liability on the consolidated balance sheets and recorded at fair value each reporting period. The fair value of the Warrants was estimated to be $10.5 million and $3.1 million as of December 31, 2015 and December 31, 2014, respectively. The increase in the estimated fair value of the Warrants represents an unrealized loss which has been recorded as a loss from the change in fair value of derivative warrant liability in the consolidated statements of operations. During the twelve months ended December 31, 2015, Common Stock was issued as a result of exercise of Warrants as described below: Twelve Months Ended December 31, 2015 Common Stock Issued Proceeds (1) 2013 Warrants 304,774 $ 1,057,010 2014 Warrants 610,771 2,204,540 2015 Series A Warrants 321,670 1,302,750 2015 Series B Warrants 1,935,901 5,586,564 2015 Series C Warrants - - 2015 Series D Warrants - - 2015 Series E Warrants 1,471,000 14,710 4,644,116 $ 10,165,573 (1) Proceeds received from exercise of Warrants are net of inducement payments. In May 2015, certain holders of the 2013 Warrants agreed to exercise some or all of their 2013 Warrants for cash, at the then-current exercise price of $15.30 per share. As an inducement to exercise the 2013 Warrants, the Company agreed to pay each such holder a cash inducement fee in an amount equal to $11.55 for each share of common stock issued upon such exercise, which resulted in net proceeds to the Company of $3.75 per share. In addition, certain holders of the 2014 Warrants agreed to exercise some or all of their 2014 Warrants for cash, at the then-current exercise price of $9.60 per share. As an inducement to exercise the 2014 Warrants, the Company agreed to pay each such holder a cash inducement fee in an amount equal to $5.85 for each share of common stock issued upon such exercise, which resulted in net proceeds to the Company of $3.75 per share. The Company received aggregate proceeds, net of inducement fees, of approximately $3.3 million from the exercises of the 2013 Warrants and 2014 Warrants described above. |
Senior Secured Debt, Secured De
Senior Secured Debt, Secured Debt and Convertible Notes | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Senior Secured Debt, Secured Debt and Convertible Notes | 8. Senior Secured Debt, Secured Debt and Convertible Notes Senior Secured Debt In May 2014, the Company entered into a term loan agreement (the “Loan Agreement”) with the lenders party thereto from time to time (each, a “Lender” and collectively, the “Lenders”) and Whitebox Advisors, LLC, as administrative agent for the Lenders (“Whitebox”), with a maturity date of March 15, 2017, pursuant to which the Lenders committed to provide one or more senior secured term loans to the Company in an aggregate amount of up to approximately $31.1 million on the terms and conditions set forth in the Loan Agreement (collectively, the “Term Loan”). The first advance of the Term Loan in the amount of $22.8 million (the “First Advance”), net of discounts and issue costs of $1.6 million and $1.5 million, respectively, was made to the Company in May 2014. Also in May 2014, the Company and its subsidiaries entered into an Exchange and Purchase Agreement (the “Exchange and Purchase Agreement”) with WB Gevo, Ltd. and the other Lenders party thereto from time to time and Whitebox, in its capacity as administrative agent for the Lenders. Pursuant to the terms of the Exchange and Purchase Agreement, the Lenders were given the right, subject to certain conditions, to exchange all or a portion of the outstanding principal amount of the Term Loan for the Company’s 2017 Notes (as defined below), which are convertible into shares of the Company’s common stock. While outstanding, the Term Loan bore an interest rate equal to 15% per annum, of which 5% was payable in cash and 10% was payable in kind and capitalized and added to the principal amount of the Term Loan. In June 2014, the Lenders exchanged all $25.9 million of outstanding principal amount of Term Loan provided in the First Advance for 10% convertible senior secured notes due 2017 (the “2017 Notes” and, together with the 2022 Notes, the “Convertible Notes”), together with accrued paid-in-kind interest of $0.2 million. The terms of the 2017 Notes are set forth in an indenture by and among the Company, its subsidiaries in their capacity as guarantors, and Wilmington Savings Fund Society, FSB, as trustee (the “2017 Notes Indenture”). The 2017 Notes will mature on March 15, 2017. The 2017 Notes have a conversion price (the “Conversion Price”) equal to $17.38 per share or 0.0576 shares per $1 principal amount of 2017 Notes. Optional prepayment of the 2017 Notes will not be permitted. The 2017 Notes bear interest at a rate equal to 10% per annum, which is payable 5% in cash and, under certain circumstances, 5% in kind and capitalized and added to the principal amount of the 2017 Notes. While the 2017 Notes are outstanding, the Company is required to maintain an interest reserve in an amount equal to 10% of the aggregate outstanding principal amount, to be adjusted on an annual basis. As of December 31, 2015, there was a balance of $2.6 million in the interest reserve account. This amount is classified as restricted deposits. The 2017 Notes Indenture contains customary affirmative and negative covenants for agreements of this type and events of default, including, restrictions on disposing of certain assets, granting or otherwise allowing the imposition of a lien against certain assets, incurring certain amounts of additional indebtedness, making investments, acquiring or merging with another entity, and making dividends and other restricted payments, unless the Company receives the prior approval of the required holders. The 2017 Notes Indenture also contains limitations on the ability of the holder to assign or otherwise transfer its interest in the 2017 Notes. The 2017 Notes are secured by a lien on substantially all of the assets of the Company and is guaranteed by Agri-Energy and Gevo Development (together, the “Guarantor Subsidiaries” or “Guarantors”). On June 6, 2014, in connection with the issuance of the 2017 Notes, the Company and the Guarantor Subsidiaries entered into a Pledge and Security Agreement in favor of the collateral trustee. The collateral pledged includes substantially all of the assets of the Company and the Guarantor Subsidiaries, including intellectual property and real property. Agri-Energy has also entered into a mortgage with respect to the real property located in Luverne Minnesota. The holders of the 2017 Notes may, at any time until the close of business on the business day immediately preceding the maturity date, convert the principal amount of the 2017 Notes, or any portion of such principal amount which is at least $1,000, into shares of the Company’s common stock. Upon conversion of the 2017 Notes, the Company will deliver shares of common stock at a conversion rate of 0.0576 shares of common stock per $1.00 principal amount of the 2017 Notes (equivalent to a conversion price of approximately $17.38 per share of common stock). Such conversion rate is subject to adjustment in certain circumstances, including in the event that there is a dividend or distribution paid on shares of the common stock or a subdivision, combination or reclassification of the common stock. The Company also has the right to increase the conversion rate (i) by any amount for a period of at least 20 business days if the Company’s board of directors determines that such increase would be in the Company’s best interest or (ii) to avoid or diminish any income tax to holders of shares of common stock or rights to purchase shares of common stock in connection with any dividend or distribution. In addition, subject to certain conditions described herein, each holder who exercises its option to voluntarily convert its 2017 Notes will receive a make-whole payment in an amount equal to any unpaid interest that would otherwise have been payable on such 2017 Notes through the maturity date (a “Voluntary Conversion Make-Whole Payment”). Subject to certain limitations, the Company may pay any Voluntary Conversion Make-Whole Payments either in cash or in shares of common stock, at its election. The Company has the right to require holders of the 2017 Notes to convert all or part of the 2017 Notes into shares of its common stock if the last reported sales price of the common stock over any 10 consecutive trading days equals or exceeds 150% of the applicable conversion price (a “Mandatory Conversion”). Each holder whose 2017 Notes are converted in a Mandatory Conversion will receive a make-whole payment for the converted notes in an amount equal to any unpaid interest that would have otherwise been payable on such 2017 Notes through the maturity date (a “Mandatory Conversion Make-Whole Payment”). Subject to certain limitations, the Company may pay any Mandatory Conversion Make-Whole Payments either in cash or in shares of common stock, at its election. The Company did not require any holders to convert in 2014 and has not required any holders to convert through the twelve months ended December 31, 2015. If a fundamental change of the Company occurs, the holders of 2017 Notes may require the Company to repurchase all or a portion of the 2017 Notes at a cash repurchase price equal to 100% of the principal amount of such 2017 Notes, plus accrued and unpaid interest, if any, through, but excluding, the repurchase date, plus a cash make-whole payment for the repurchased 2017 Notes in an amount equal to any unpaid interest that would otherwise have been payable on such convertible 2017 Notes through the maturity date. A fundamental change includes, among other things, the Company’s common stock ceasing to be listed on a national securities exchange. See Note 20 for information on the Company’s listing status. On July 31, 2014, January 28, 2015, May 13, 2015, November 12, 2015 and December 7, 2015, we entered into amendments to the 2017 Notes Indenture On June 1, 2015, the Company entered into further amendments to the 2017 Notes Indenture to, among other things, permit (i) the execution, delivery, and performance of the FCStone Agreements (as defined below) and the related Guaranty (as defined below), (ii) the incurrence of indebtedness by the Company and Agri-Energy pursuant thereto and (iii) the making of the investments by the Company and Agri-Energy thereunder. On August 22, 2015, the Company entered into further amendments to the 2017 Notes Indenture to, among other things, permit (i) the execution, delivery, and performance of the License Agreement (as defined below) and (ii) the exchange of all or any portion of the 2022 Notes for common stock issued by the Company. In connection with the transactions described above, the Company also entered into a Registration Rights Agreement, dated May 9, 2014 (the “Registration Rights Agreement”), pursuant to which the Company filed a registration statement on Form S-3 registering the resale of approximately 1.2 million shares of the Company’s common stock which are issuable under the 2017 Notes. This registration statement was declared effective on July 25, 2014. The Company has elected the fair value option for accounting of the 2017 Notes in order for management to mitigate income statement volatility caused by measurement basis differences between the embedded instruments or to eliminate complexities of applying certain accounting models. Accordingly, the principal amount of 2017 Notes outstanding at December 31, 2015 of $26.1 million has been recorded at its estimated fair value of $21.6 million and is included in the 2017 Notes recorded at fair value on the consolidated balance sheets at December 31, 2015. Debt issuance costs of $1.5 million were expensed at issuance and a gain of $3.9 million has been recognized in subsequent periods in connection with the election of the fair value option. Change in the estimated fair value of the 2017 Notes represents an unrealized gain included in gain (loss) from change in fair value of 2017 Notes in the consolidated statements of operations. The fair value of the 2017 Notes at the issuance date were equal to the net proceeds from the loan. During the twelve months ended December 31, 2015, the Company incurred cash interest expense of $2.6 million related to the 2017 Notes. The following table sets forth the inputs to the lattice model that were used to value the 2017 Notes for which the fair value option was elected. December 31, December 31, 2015 2014 Stock price $ 0.62 $ 4.80 Conversion Rate 57.55 57.55 Conversion Price $ 17.38 $ 17.38 Maturity date March 15, 2017 March 15, 2017 Risk-free interest rate 0.74 % 0.80 % Estimated stock volatility 140.0 % 85.0 % Estimated credit spread 30.0 % 15.0 % The following table sets forth information pertaining to the 2017 Notes which is included in the Company’s consolidated balance sheets (in thousands). Principal Amount of Term Loans Principal Amount of 2017 Notes Change in Estimated Fair Value Total Balance - December 31, 2013 $ - $ - $ - $ - Issuance of Term Loan 25,907 - - 25,907 Exchange of Term Loan for 2017 Notes (25,907 ) 25,907 - - Non-cash paid-in-kind interest expense - 201 - 201 Gain from change in fair value of debt - (648 ) (648 ) Balance - December 31, 2014 $ - $ 26,108 $ (648 ) $ 25,460 Gain from change in fair value of debt - - (3,895 ) (3,895 ) Balance - December 31, 2015 $ - $ 26,108 $ (4,543 ) $ 21,565 Changes in certain inputs into the lattice model can have a significant impact on changes in the estimated fair value of the 2017 Notes. For example, the estimated fair value will generally decrease with: (1) a decline in the stock price; (2) decreases in the estimated stock volatility; and (3) a decrease in the estimated credit spread. The change in the estimated fair value of the 2017 Notes during the year ended December 31, 2015, represents an unrealized gain which has been recorded as a gain from change in fair value of 2017 Notes in the consolidated statements of operations. Secured Debt The following table sets forth information pertaining to the Company’s secured debt issued to TriplePoint Capital LLC (“TriplePoint”) which is included in the Company’s consolidated balance sheets (in thousands). December 31, 2015 2014 Secured debt TriplePoint - May 2014 Advance $ 504 $ 822 Total secured debt 504 822 Less: Unamortized debt discounts (19 ) (49 ) 485 773 Less current portion of debt (332 ) (288 ) Long-term portion of debt $ 153 $ 485 Debt discounts associated with the issuance of the Company’s secured debt and convertible notes are recorded on the consolidated balance sheets as a reduction to related debt balances. The Company amortizes debt discount to interest expense over the term of the debt or expected life of the debt using the effective interest method. Amended Agri-Energy Loan Agreement . In October 2011, the Original Agri-Energy Loan Agreement was amended and restated (the “Amended Agri-Energy Loan Agreement”) to provide Agri-Energy with additional term loan facilities of up to $15.0 million to pay a portion of the costs, expenses, and other amounts associated with the retrofit of the Agri-Energy Facility to produce isobutanol. In October 2011, Agri-Energy borrowed $10.0 million under the additional term loan facilities which originally matured in October 2015. In January 2012, Agri-Energy borrowed an additional $5.0 million under the additional term loan facilities which originally matured December 2015, bringing the total borrowed under the additional term loan facilities to $15.0 million. May 2014 Amendments. In May 2014, the Company and its subsidiaries entered into a Consent Under and Third Amendment to Amended and Restated Plain English Growth Capital Loan and Security Agreement and Omnibus Amendment to Loan Documents (the “2014 Amendment”) pursuant to which TriplePoint amended its agreements with the Company and its subsidiaries and consented to (a) the execution, delivery, and performance of the Loan Agreement, the Exchange and Purchase Agreement, the Registration Rights Agreement, the 2017 Notes Indenture, the 2017 Notes, and the other documents related thereto (collectively the “Senior Loan Documents”); (b) the incurrence of the Term Loan with Whitebox and any other indebtedness under the Senior Loan Documents (collectively, the “Senior Indebtedness”); (c) the consummation of the exchange of the Term Loan for the 2017 Notes; (d) the offering, issuance and sale of the 2017 Notes to Whitebox and the conversion of any 2017 Notes into the common stock of the Company pursuant to the terms of the 2017 Notes Indenture; (e) the guaranty of the Senior Indebtedness provided by the Guarantors; (f) the liens granted by each of the Company and the Guarantors to secure the Senior Indebtedness and the other obligations under the Senior Loan Documents; (g) the consummation of any transactions contemplated by, and the terms of, the Senior Loan Documents by the Company and the Guarantors; and (h) the payment and performance of any of the obligations under the Senior Loan Documents by the Company and the Guarantors, including the making of dividends and distributions by the Guarantors to the Company for the purpose of enabling the Company to make any payments under the Senior Loan Documents. As part of the 2014 Amendment, the Company repaid $9.8 million in principal payments due under the foregoing loan agreements with TriplePoint and entered into an amended loan agreement with TriplePoint. At such time, debt issuance costs were written off. At December 31, 2014, the amended loan agreement had a principal balance of $0.8 million, which amortizes over 36 months and bears interest at a rate equal to 9% per annum and matures in May 2017. There were no additional concessions or terms of the agreement which would require recognition of a gain or loss due to this amended agreement. As of December 31, 2014, Agri-Energy has granted TriplePoint a junior security interest in all of its assets as security for its obligations under the Amended Agri-Energy Loan Agreement. On July 31, 2014, January 28, 2015, May 13, 2015, November 11, 2015 and December 7, 2015, we entered into further amendments to the Amended Agri-Energy Loan Agreement and the Gevo Security Agreement to, among other things, permit the offering and issuance of additional warrants and the incurrence of indebtedness by us under such additional warrants. In connection with the November 11, 2015 amendments, we did not issue any warrants or incur any indebtedness. At December 31, 2015, we were in compliance with the debt covenants under the Amended Agri-Energy Loan Agreement. As of December 31, 2015, Agri-Energy has granted TriplePoint a junior security interest in, and a lien upon, all of its assets as security for its obligations under the Amended Agri-Energy Loan Agreement. Gevo, Inc. has also guaranteed Agri-Energy’s obligations under the Amended Agri-Energy Loan Agreement. As additional security, concurrently with the execution of the Amended Agri-Energy Loan Agreement, (i) Gevo Development entered into a limited recourse continuing guaranty in favor of TriplePoint, (ii) Gevo Development entered into an amended and restated limited recourse membership interest pledge agreement in favor of TriplePoint, pursuant to which it pledged the membership interests of Agri-Energy as collateral to secure the obligations under its guaranty and (iii) Gevo, Inc. entered into a security agreement which secured its guarantee of Agri-Energy’s obligations under the Amended Agri-Energy Loan Agreement. Under the terms of the Amended Agri-Energy Loan Agreement, subject to certain limited exceptions, Agri-Energy is only permitted to pay dividends if the following conditions are satisfied: (i) the Retrofit of the Agri-Energy Facility is complete and the facility is producing commercial volumes of isobutanol, (ii) its net worth is greater than or equal to $10.0 million, and (iii) no event of default has occurred and is continuing under the agreement. 2022 Notes The following table sets forth information pertaining to the 2022 Notes which is included in the Company’s consolidated balance sheets (in thousands). Embedded Derivatives Principal Amount of 2022 Notes Debt Discount Total Balance - December 31, 2013 $ 3,470 $ 26,900 $ (15,869 ) $ 14,501 Amortization of debt discount - - 2,648 2,648 Gain from change in fair value of embedded derivatives (3,470 ) - - (3,470 ) Balance - December 31, 2014 $ - $ 26,900 $ (13,221 ) $ 13,679 Amortization of debt discount - - 3,557 3,557 Write-off of debt discount associated with extingishment of debt 1,900 1,900 Conversion of debt to stock (2,000 ) (2,000 ) 3(a)9 exchange (2,500 ) (2,500 ) Balance - December 31, 2015 $ - $ 22,400 $ (7,764 ) $ 14,636 In July 2012, the Company sold $45.0 million in aggregate principal amount of 2022 Notes, with net proceeds of $40.9 million, after accounting for $2.7 million and $1.4 million of discounts and issue costs, respectively. The 2022 Notes bear interest at 7.5% which is to be paid semi-annually in arrears on January 1 and July 1 of each year. The 2022 Notes will mature in July 2022, unless earlier repurchased, redeemed or converted. During the years ended December 31, 2015, 2014 and 2013, the Company recorded $3.7 million, $2.8 million and $3.4 million, respectively, of non-cash interest expense related to the amortization of debt discounts and issue costs and recorded $1.8 million, $2.0 million and $2.3 million, respectively, of cash interest expense related to the 2022 Notes. The amortization of debt issue costs and debt discounts and cash interest are included as a component of interest expense in the consolidated statements of operations. The Company amortizes debt discounts and debt issue costs associated with the 2022 Notes using an effective interest rate of 40% from the issuance date through July 2017, a five-year period, which represents the date the holders can require the Company to repurchase the 2022 Notes. The 2022 Notes are convertible at an initial conversion rate of 175.6697 shares of the Company’s common stock per $1,000 principal amount of 2022 Notes, subject to adjustment in certain circumstances as described in the Indenture. This is equivalent to an initial conversion price of approximately $5.69 per share of common stock. Holders may convert the 2022 Notes at any time prior to the close of business on the third business day immediately preceding the maturity date of July 1, 2022. If a holder elects to convert its 2022 Notes prior to July 1, 2017, such holder shall be entitled to receive, in addition to the consideration upon conversion, a Coupon Make-Whole Payment. The Coupon Make-Whole Payment is equal to the sum of the present values of the number of semi-annual interest payments that would have been payable on the 2022 Notes that a holder has elected to convert from the last day through which interest was paid up to but excluding July 1, 2017, computed using a discount rate of 2%. The Company may pay any Coupon Make-Whole Payment either in cash or in shares of common stock at its election. Under the Amended Agri-Energy Loan Agreement with TriplePoint, the Company is prohibited from making any Coupon Make-Whole Payments in cash prior to the payment in full of all remaining outstanding obligations under the Amended Agri-Energy Loan Agreement. If the Company elects to pay in common stock, the stock will be valued at 90% of the average of the daily volume weighted average prices of the Company’s common stock for the 10 trading days preceding the date of conversion. If a Make-Whole Fundamental Change (as defined in the Indenture) occurs and a holder elects to convert its 2022 Notes prior to July 1, 2017, the applicable conversion rate will increase based upon reference to the table set forth in Schedule A of the Indenture. In no event will the conversion rate increase to more than 202.0202 per $1,000 principal amount of 2022 Notes. The Company shall have a provisional redemption right (“Provisional Redemption”) to redeem, at its option, all or any part of the 2022 Notes at a price payable in cash, beginning on July 1, 2015 and prior to July 1, 2017, provided that the Company’s common stock for 20 or more trading days in a period of 30 consecutive trading days ending on the trading day immediately prior to the date of the redemption notice exceeds 150% of the conversion price in effect on such trading day. On or after July 1, 2017, the Company shall have an optional redemption right (“Optional Redemption”) to redeem, at its option, all or any part of the 2022 Notes at a price payable in cash. The price payable in cash for the Optional Redemption or Provisional Redemption is equal to 100% of the principal amount of 2022 Notes redeemed plus any accrued and unpaid interest thereon through, but excluding, the repurchase date. If there is an Event of Default (as defined in the Indenture) under the 2022 Notes, the holders of not less than 25% in principal amount of Outstanding Notes (as defined in the Indenture) by notice to the Company and the trustee may, and the trustee at the request of such holders shall, declare the principal amount of all the Outstanding Notes and accrued and unpaid interest thereon to be due and payable immediately. There have been no events of default as of December 31, 2015. Outstanding Obligations The following sets forth the Company’s obligations to repay principal by year relating to its secured debt with TriplePoint and the Convertible Notes at December 31, 2015 (in thousands). Amount 2016 $ 349 2017 26,263 2018 - 2019 - 2020 and thereafter 22,400 Total $ 49,012 |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders Equity Note [Abstract] | |
Capital Stock | 9. Capital Stock As of December 31, 2015, the Company has authorized 250.0 million and 10.0 million shares of common and preferred stock, respectively. The holders of the Company’s common stock have one vote per share. The board of directors has the authority, without action by its stockholders, to designate and issue shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof. The Company’s amended and restated certificate of incorporation provides that the Company’s board of directors will be divided into three classes, with staggered three-year terms and provides that all stockholder actions must be effected at a duly called meeting of the stockholders and not by a written consent. The amended and restated certificate of incorporation also provides that only the board of directors may call a special meeting of the stockholders and requires the approval of either a majority of the directors then in office or 66 2/3% of the voting power of all then outstanding capital stock for the adoption, amendment or repeal of any provision of the Company’s amended and restated bylaws. In addition, the amendment or repeal of certain provisions of the Company’s amended and restated certificate of incorporation requires the approval of 66 2/3% of the voting power of all then outstanding capital stock. Common Stock Offerings In December 2015, we issued 10,050,000 units of common stock shares and warrants. The Series A units included 2,050,000 shares of common stock and 2,050,000 Series D Warrants. The shares of common stock and Series D Warrants were sold together as common stock units for a purchase price of $1.00 per unit but were immediately separable and issued separately. The Series D Warrants have an exercise price of $1.40 per share, are exercisable from the date of original issuance and will expire on December 11, 2020. The Series B units included 8,000,000 Series D Warrants and 8,000,000 Series E Warrants. The Series D Warrants and Series E Warrants were sold together as a unit for a purchase price of $0.99 per unit but were immediately separable and issued separately. The Series E Warrants have an exercise price of $0.01 per share, are exercisable from the date of original issuance and will expire on December 11, 2016. The gross proceeds from this offering were approximately $9.97 million. In May 2015, we issued and sold 4,300,000 shares of common stock and Series C warrants to purchase an additional 430,000 shares of common stock. The shares of common stock and the Series C Warrants were sold together as common stock units for a purchase price of $4.00 per unit, but were immediately separable and issued separately. The Series C Warrants have an exercise price of $3.60 per share and are exercisable from the date of the original issuance and will expire on May 19, 2020. The gross proceeds from this offering were approximately $17.2 million, not including any future proceeds from the exercise of warrants. In February 2015, we issued and sold 2,216,667 shares of common stock, Series A warrants to purchase an additional 2,216,667 shares of common stock and Series B warrants to purchase an additional 2,216,667 shares of common stock. The shares of common stock, the Series A Warrants and the Series B Warrants were sold together as common stock units for a purchase price of $3.00 per unit, but were immediately separable and issued separately. The Series A Warrants have an exercise price of $1.00 per share, are exercisable from the date of original issuance and will expire on February 3, 2020. The Series B Warrants had an exercise price of $3.00 per share and were exercisable from the date of original issuance until they expired on August 3, 2015. The gross proceeds from this offering were approximately $6.7 million, not including any future proceeds from the exercise of the warrants. In August 2014, the Company issued and sold 2,000,000 common stock units at an offering price of $0.60 per common stock unit. Each common stock unit consisted of one share of the Company’s common stock and a 2014 Warrant to purchase 0.5 shares of the Company’s common stock, resulting in net proceeds of approximately $16.4 million after deducting paid and unpaid underwriting discounts and commissions and other offering costs. The Company allocated $2.4 million of the proceeds from the offering of common stock units to the 2014 Warrants based upon their estimated value which was recorded as additional paid-in capital. In December 2013, the Company issued and sold 1,420,250 common stock units at an offering price of $1.35 per common stock unit. Each common stock unit consisted of one share of the Company’s common stock and a 2013 Warrant to purchase one share of the Company’s common stock, resulting in net proceeds of $26.4 million after deducting paid and unpaid underwriting discounts and commissions and other offering costs. The Company allocated $4.0 million of the proceeds from the offering of common stock units to the 2013 Warrants based upon their estimated value which was recorded as additional paid-in capital. In July 2012, the Company issued 12.5 million shares of its common stock at an offering price of $4.95 per share, resulting in net proceeds of $57.4 million, after deducting underwriting discounts and commissions and other offering costs. Common Stock Warrants The following table sets forth a summary of outstanding warrants to purchase shares of the Company’s common stock as of December 31, 2015. Issue Date Expiration Date Outstanding Exercise Price Virgin Green Fund I, L.P. January 2008 February 2016 1,920 $ 82.20 CDP Gevo, LLC September 2009 September 2016 54,185 $ 40.50 TriplePoint Capital LLC August 2010 August 2017 13,334 $ 17.70 TriplePoint Capital LLC October 2011 October 2018 10,469 $ 17.70 TriplePoint Capital LLC January 2012 October 2018 2,094 $ 17.70 Genesis Select June 2013 June 2018 2,000 $ 24.45 2013 Warrants December 2013 December 2018 1,115,476 $ 7.53 2014 Warrants August 2014 August 2019 389,229 $ 5.13 2015 Series A Warrants February 2015 February 2020 1,894,997 $ 1.00 2015 Series C Warrants May 2015 May 2020 430,000 $ 3.60 2015 Series D Warrants December 2015 December 2020 10,050,000 $ 1.40 2015 Series E Warrants December 2015 December 2016 6,529,000 $ 0.01 Total 20,492,704 See Note 13 for a discussion of the warrants issued to CDP Gevo, LLC (“CDP”) for the purchase of shares of the Company’s common stock. See Note 7 for a discussion of all Warrants issued and subsequent changes in the exercise price. In connection with signing its loan agreements with TriplePoint, the Company has issued warrants to purchase shares of its common stock. The fair values of the warrants were estimated using the Black-Scholes option pricing model. The Company records the fair value of these warrants as debt discount which is amortized to interest expense over the terms of the borrowing. In conjunction with the December 2013 amendment to the debt agreements with TriplePoint (see Note 8), the exercise price for the three outstanding warrants to purchase shares of the Company’s common stock held by TriplePoint were re-priced to reflect an exercise price equal $17.70. The Company calculated the estimated incremental fair value of the warrants based upon the Black-Scholes option pricing model. The incremental fair value is determined as the difference between the estimated fair value of the warrants immediately prior the re-pricing and the estimated fair value of the warrants after the re-pricing. The Company recorded the incremental fair value, $0.2 million, as a component of debt discount. Reverse Stock Split On April 15, 2015, the Board of Directors of the Company approved a reverse split of the Company’s common stock, par value $0.01, at a ratio of one-for-fifteen. This reverse stock split became effective on April 20, 2015 and, unless otherwise indicated, all share amounts, per share data, share prices, exercise prices and conversion rates set forth in these notes and the accompanying consolidated financial statements have, where applicable, been adjusted retroactively to reflect this reverse stock split. |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Equity Incentive Plans | 10. Equity Incentive Plans 2006 Omnibus Securities and Incentive Plan . During 2006, the Company established the Gevo, Inc. 2006 Omnibus Securities and Incentive Plan (the “2006 Plan”). Pursuant to the 2006 Plan, the Company granted stock awards to employees, directors, and consultants of the Company. Upon adoption of the Gevo, Inc. 2010 Stock Incentive Plan (as amended, the “2010 Plan”), no further grants can be made under the 2006 Plan. At December 31, 2015, a total of 102,987 shares of Gevo common stock were reserved for issuance upon the exercise of outstanding stock option awards under the 2006 Plan. To the extent outstanding awards under the 2006 Plan expire, or are forfeited, cancelled, settled, or become unexercisable without the issuance of shares, the shares of common stock subject to such awards will be available for future issuance under the 2010 Plan. 2010 Stock Incentive Plan . In February 2011, the Company’s stockholders approved the 2010 Plan, which was subsequently amended in June 2013, and amended and restated in July 2015, and provides for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units and other equity awards to employees of the Company. Stock options granted under the 2010 Plan have an exercise price that is at least equal to the fair market value of the Company’s common stock on the date the stock option is granted and expire ten years after the date of grant. At December 31, 2015, a total of 685,271 shares of Gevo common stock were reserved for issuance upon the exercise of outstanding stock option awards under the 2010 Plan, and an additional 59,316 shares were available for grant. Employee Stock Purchase Plan . In February 2011, the Company’s stockholders approved the ESPP. The offering periods for the ESPP are from January 1 to June 30 and from July 1 to December 31 of each calendar year. The Company has reserved 85,709 shares of common stock for issuance under the ESPP, of which 76,629 shares as of December 31, 2015 are available for future issuance. The purchase price of the common stock under the ESPP is 85% of the lower of the fair market value of a share of common stock on the first or last day of the purchase period. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share Based Compensation [Abstract] | |
Stock-Based Compensation | 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, 2015 2014 2013 Stock options and ESPP awards Research and development $ 131 $ 303 $ 640 Selling, general and administrative 401 837 1,837 Restricted stock awards Research and development 576 487 14 Selling, general and administrative 1,467 1,233 1,381 Restricted stock units Research and development 10 - - Selling, general and administrative 62 - - Warrants issued Selling, general and administrative - - 39 Total stock-based compensation 2,647 2,860 3,911 Determining Fair Value of Share-Based Payment Awards . The following table sets forth the Black-Scholes option pricing model assumptions and resulting grant date fair value for stock options granted. Year Ended December 31, 2015 2014 2013 Risk-free interest rate 1.62 % 1.74 % 1.26 % Expected dividend yield None None None Expected volatility factor 106.89 % 71.13 % 71.96 % Expected option life (in years) 5.77 5.75 5.8 Weighted average grant date fair value $ 1.77 $ 13.35 $ 17.70 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, where the expected life equals the arithmetic average of the vesting term and the original contractual term of the options. The volatility factor was determined based upon management’s estimate using inputs from comparable public companies. The risk-free interest rate assumption is determined based upon observed interest rates appropriate for the expected term of the Company’s employee stock options. The dividend yield assumption is based on the Company’s history of dividend payouts. 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% to 5%. Stock Option Award Activity . Stock option activity under the Company’s option plans at December 31, 2015 and changes during the year ended December 31, 2015 were as follows. Weighted- Average Weighted- Remaining Average Contractual Number of Exercise Term Aggregate Options Price (years) Intrinsic Value Options outstanding at December 31, 2014 234,961 $ 55.80 5.61 $ - Granted 267,664 2.19 Canceled or forfeited (20,839 ) 40.58 Exercised - - Options outstanding at December 31, 2015 481,786 $ 26.79 7.28 $ - Options exercisable at December 31, 2015 231,346 $ 51.48 4.92 $ - Options vested and expected to vest at December 31, 2015 481,763 $ 26.79 7.28 $ - The aggregate intrinsic values in the table above represent the total pre-tax intrinsic values (the difference between the closing price of Gevo’s common stock on the last trading day of the 2015 calendar year and the exercise price, multiplied by the number of in-the-money stock option shares) that would have been received by the option holders had all in-the-money outstanding stock options been exercised on December 31, 2015. The total intrinsic value of options exercised during the years ended December 31, 2015, 2014 and 2013 was $0.0 million, $0.0 million and $0.2 million, respectively. The following table summarizes information associated with outstanding and exercisable stock options at December 31, 2015. Options Outstanding Options Exercisable Weighted- Weighted- Average Weighted- Average Range of Weighted- Remaining Average Remaining Exercise Number of Average Exercise Contractual Life Number of Exercise Contractual Life Prices Options Price in Years Options Price in Years $2.19 to $2.55 264,015 $ 2.19 9.57 36,981 $ 2.19 9.49 $5.25 to $7.35 25,138 $ 6.92 1.31 25,138 $ 6.92 1.31 $13.20 to $21.90 81,826 $ 19.69 5.87 61,079 $ 19.42 5.06 $23.10 to $92.25 65,387 $ 34.95 4.71 62,728 $ 35.24 4.59 $116.55 to $171.30 29,459 $ 146.88 3.11 29,459 $ 146.88 3.10 $190.05 to $287.10 15,961 $ 246.25 4.18 15,961 $ 246.25 4.18 As of December 31, 2015, $0.7 million of total unrecognized compensation cost related to stock options is expected to be recognized as an expense by the Company in the future over a weighted-average period of approximately one year. The Company settles stock option exercises with newly issued common shares. No tax benefits were realized by the Company in connection with these exercises as the Company maintains net operating loss carryforwards and has established a valuation allowance against the entire tax benefit. Restricted Stock . The Company periodically grants restricted stock awards to employees (including board members) and non-employee consultants. The vesting period for restricted stock awards granted may be based upon a service period or based upon the attainment of performance objectives. The Company recognizes stock-based compensation over the vesting period, generally three to six years, for awards that vest based upon a service period. For performance based restricted stock awards, the Company recognizes expense over the requisite service period. Non-vested restricted stock awards at December 31, 2015 and changes during the year ended December 31, 2015 were as follows. Weighted- Average Number of Grant-Date Shares Fair Value Non-vested at December 31, 2014 58,351 $ 22.05 Granted 784,741 2.05 Vested (504,476 ) 3.65 Canceled or forfeited (10,353 ) 15.00 Non-vested at December 31, 2015 328,263 $ 2.74 The total fair value of restricted stock that vested during the years ended December 31, 2015, 2014 and 2013 was $1.4 million, $1.5 million and $1.5 million, respectively. As of December 31, 2015, the total unrecognized compensation expense, net of estimated forfeitures, relating to restricted stock awards was $0.8 million, which is expected to be recognized over a weighted-average period of approximately two years. |
Significant Agreements
Significant Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Significant Agreements | 12. Significant Agreements Off-Take, Distribution and Marketing Agreements Ethanol Marketing Agreement with C&N, a subsidiary of Mansfield Oil Company . Substantially all ethanol sold by Agri-Energy from the date of acquisition through December 31, 2015 was sold to C&N pursuant to an ethanol purchase and marketing agreement. The ethanol purchase and marketing agreement with C&N was entered into in April 2009 and automatically renews for subsequent one-year terms unless either party terminates the agreement 60 days before the end of term. Under the terms of the agreement, C&N will market substantially all of Agri-Energy’s ethanol production from the Agri-Energy Facility and will pay to Agri-Energy the gross sales price paid by the end customer less expenses and a marketing fee. Jet Fuel Supply Agreements with the Defense Logistics Agency (U.S. Air Force, U.S. Army and U.S. Navy) . During September 2011, the Company was awarded a contract for the procurement of up to 11,000 gallons of alcohol-to-jet (ATJ) fuel for the purposes of certification and testing by the U.S. Air Force. The term of the agreement was through December 2012. The Company recorded $0.6 million of revenue under this award during the year ended December 31, 2012. In September 2012, the Company was awarded an additional contract by the U.S. Air Force for the procurement of up to 45,000 gallons of biojet fuel. In March 2013, the Company entered into a contract with the Defense Logistics Agency to supply the U.S. Army with 3,650 gallons of biojet fuel and in May 2013 this initial order was increased by 12,500 gallons. In September 2013, the Company entered into a contract with the Defense Logistics Agency to supply the U.S. Navy with 20,000 gallons of biojet fuel. During the years ended December 31, 2015, 2014 and 2013, the Company recorded $1.0 million, $2.0 million and $1.9 million, respectively, of revenue associated with shipments of biojet fuel under these contracts. Alaska Airlines. In May 2015, we entered into a strategic alliance agreement with Alaska Airlines. Pursuant to the terms of this agreement, Alaska Airlines agreed to purchase an initial quantity of our ATJ when we secure ASTM D7566 certification. In the event that we do not secure ASTM certification by December 31, 2016, the agreement will automatically terminate unless we and Alaska Airlines agree in writing to an extension. In February 2016, we entered into a purchase agreement with Alaska Airlines to supply an additional 20,000 gallons of ATJ. It is anticipated that Gevo will deliver the 20,000 gallons to Alaska Airlines within 90 days of the ASTM D7566 certification being received. All of the ATJ to be supplied under these agreements is expected to be produced from isobutanol at a hydrocarbon processing demonstration plant (“Hydrocarbons Demo Plant”) near Houston, Texas, in partnership with South Hampton Resources, Inc. (“South Hampton”). BCD Chemie. In April 2015, we entered into a first purchase order to supply isooctene to BCD Chemie, a subsidiary of Brenntag AG, a leading chemical distributor based in Germany. BCD Chemie is targeting applications in Europe to replace petroleum-based hydrocarbons to enable companies to meet regulatory requirements for renewable content in fuels while satisfying the performance requirements of their customers. We subsequently entered into additional purchase orders to supply isooctene to BCD Chemie into 2016. To date, the total value of the purchase orders to BCD Chemie is over $1 million. Development and Commercialization Agreements Development and Commercialization Agreements with ICM. In October 2008, the Company signed development and commercialization agreements with ICM, Inc. (“ICM”). Under the terms of the development agreement, the Company performed commercial-scale isobutanol production trials in ICM’s research plant and facility in St. Joseph, Missouri (the “Demonstration Plant”). The Company was required to pay for or reimburse ICM for engineering fees, equipment, plant modification costs, project fees and various operating expenses. In December 2011, the development agreement was amended to extend the term indefinitely. The development agreement, as amended, may be cancelled by either party with 30 days’ prior written notice. The Company did not incur any operating expenses or capital expenditures relating to the Demonstration Plant during the years ended December 31, 2015, 2014 or 2013. The commercialization agreement, which was amended and restated in August 2011, is effective through October 2018, and outlines the terms and fees under which ICM acts as the Company’s exclusive provider of certain engineering and construction services. Also, under the commercialization agreement, the Company is ICM’s exclusive technology partner for the production of butanols, pentanols and propanols from the fermentation of sugars. The Company has also engaged ICM to perform engineering studies, plant evaluations and other services. In August 2011, the Company entered into a work agreement with ICM whereby ICM will provide engineering, procurement and construction services for the retrofit of ethanol plants. Effective March 28, 2016, the Development Agreement with ICM, Inc., dated October 16, 2008 and the Commercialization Agreement with ICM, dated October 16, 2008, as amended, were terminated. Gevo and ICM elected to terminate these agreements because the agreements were no longer deemed to be in the best interest of the parties due to the passage of time and the development of their respective businesses. Joint Research, Development, License and Commercialization Agreement with The Coca-Cola Company . During November 2011, the Company entered into a joint research, development, license and commercialization agreement with The Coca-Cola Company (“Coca-Cola”). During the first two years of the agreement, Coca-Cola agreed to pay the Company a fixed price fee for a research program outlined in the agreement. The Company recognizes these fees as revenue over the performance period. The payments received are not refundable. The Company did not recognize revenue under this agreement during the years ended December 31, 2014 and 2015 and the Company recognized $1.4 million during the year ended December 31, 2013. License Agreements Joint Development Agreement with Praj Industries Limited. In November 2015, we entered into a joint development agreement with Praj Industries Limited (“Praj”), which establishes a strategic relationship to: (i) jointly develop our technology for use in certain ethanol plants that utilize certain non-corn based feedstocks (the “Feedstock”); (ii) jointly develop an engineering package for greenfield isobutanol plants and retrofitting ethanol plants to produce renewable isobutanol from the Feedstock; and (iii) license our technology to build greenfield isobutanol plants and retrofit certain ethanol plants to produce isobutanol. We and Praj will jointly develop and optimize the parameters to produce isobutanol from the Feedstock. After the development work is completed, we will negotiate commercial license agreements with Praj and third party licensees. Praj has the exclusive right to supply equipment and process engineering services for (i) certain greenfield isobutanol plants covered by the joint development agreement and (ii) the addition of isobutanol capacity for certain ethanol plants that utilize the Feedstock and Praj technology. Praj agreed to meet certain milestones to maintain its exclusive rights. We will negotiate and license our technology for producing isobutanol directly with the ethanol plants covered by the JDA and will also have the right to supply biocatalysts, nutrient packages, and support services to such plants. Praj will be the EPC services supplier for the ethanol plants covered by the JDA and we will be the exclusive seller of all isobutanol produced by such plants. Licensing Agreement with Porta . In January 2016, we entered into a license agreement and joint development agreement with Porta to construct multiple isobutanol plants in Argentina using corn as a feedstock, the first of which is expected to be wholly owned by Porta and is anticipated to begin producing isobutanol in 2017. The plant is expected to have a production capacity of up to five million gallons of isobutanol per year. Once the plant is operational, Gevo expects to generate revenues from this licensing arrangement, through royalties, sales and marketing fees, and other revenue streams such as yeast sales. The agreements also contemplate Porta constructing at least three additional isobutanol plants for certain of their existing ethanol plant customers. For these projects, Gevo would be the direct licensor of its technology and the marketer for any isobutanol produced, and would expect to receive all royalties and sales and marketing fees generated from these projects. Porta would provide the EPC services for the projects. The production capacity of these additional plants is still to be determined. Patent Cross-License Agreement with Butamax Advanced Biofuels, LLC . On August 22, 2015, the Company entered into a Patent Cross-License Agreement (the “License Agreement”) with Butamax Advanced Biofuels, LLC (“Butamax”) to license certain patent rights. Pursuant to the terms of the License Agreement, each party received a non-exclusive license under certain patents and patent applications owned or licensed (and sublicensable) by the other party for the production and use of biocatalysts in the manufacture of isobutanol using certain production process technology for the separation of isobutanol, and to manufacture and sell such isobutanol in any fields relating to the production or use of isobutanol and isobutanol derivatives, subject to the customer-facing field restrictions described below. Each party also received a non-exclusive license to perform research and development on biocatalysts for the production, recovery and use of isobutanol. Each party may produce and sell up to 30 million gallons of isobutanol per year in any field on a royalty-free basis. Butamax will be the primary customer-facing seller of isobutanol in the field of fuel blending (subject to certain exceptions, the “Direct Fuel Blending” field) and the Company will be the primary customer-facing seller of isobutanol in the field of jet fuel for use in aviation gas turbines (the “Jet” field, also subject to certain exceptions). As such, subject to each party’s right to sell up to 30 million gallons of isobutanol per year in any field on a royalty-free basis, the Company will only sell isobutanol through Butamax in the Direct Fuel Blending field subject to a royalty based on the net sales price for each gallon of isobutanol sold or transferred by the Company, its affiliates or sublicensees within the Direct Fuel Blending field (whether through Butamax or not) and on commercially reasonable terms to be negotiated between the parties, and Butamax will only sell isobutanol through the Company in the Jet field subject to a royalty based on the net sales price for each gallon of isobutanol sold or transferred by Butamax, its affiliates or sublicensees within the Jet field (whether through the Company or not) and on commercially reasonable terms to be negotiated between the parties; provided, that each party may sell up to fifteen million gallons of isobutanol in a given year directly to customers in the other party’s customer-facing field on a royalty-free basis so long as the isobutanol volumes are within the permitted 30 million gallons of isobutanol sold or otherwise transferred per year in any field described above and, in certain instances, each party may then sell up to the total permitted 30 million gallons per year in the other party’s customer-facing field on a royalty-free basis. In addition, in order to maintain its status as the primary customer-facing seller in these specific fields, each party must meet certain milestones within the first five years of the License Agreement. If such milestones are not met as determined by an arbitration panel, then the other party will have the right to sell directly to customers in the other party’s customer-facing field subject to the payment of certain royalties to the other party on such sales. In addition to the royalties discussed above for sales of isobutanol in the Direct Fuel Blending field, and subject to the Company’s right to sell up to 30 million gallons of isobutanol per year in any field on a royalty-free basis, the Company will pay to Butamax a royalty per gallon of isobutanol sold or transferred by the Company, its affiliates or sublicensees within the field of isobutylene applications (other than isobutylene for paraxylene, isooctane, Jet, diesel and oligomerized isobutylene applications). Likewise, in addition to the royalties discussed above for sales of isobutanol in the Jet field, and subject to Butamax’s right to sell up to 30 million gallons of isobutanol per year in any field on a royalty-free basis, Butamax will pay to the Company a royalty per gallon of isobutanol sold or transferred by Butamax, its affiliates or sublicensees within the fields of marine gasoline, retail packaged fuels and paraxylene (except for gasoline blending that results in use in marine or other fuel applications). The royalties described above will be due only once for any volume of isobutanol sold or transferred under the License Agreement, and such royalties accrue when such volume of isobutanol is distributed for end use in the particular royalty-bearing field. All sales of isobutanol in other fields will be royalty-free, subject to the potential technology fee described below. In the event that the Company, its affiliates or sublicensees choose to employ a certain solids separation technology for the production of isobutanol at one of their respective plants, the Company is granted an option to license such technology from Butamax on a non-exclusive basis subject to the payment of a one-time technology license fee based on the rated isobutanol capacity for each such plant (subject to additional fees upon expansion of such capacity). The Company also received the option to obtain an engineering package from Butamax to implement this solids separation technology on commercially reasonable terms to be negotiated between the parties and subject to the technology fee described above and an additional technology licensing fee for use of the solids separation technology applicable to ethanol capacity as provided in such engineering package from Butamax (which capacity is not duplicative of the rated isobutanol capacity referenced above) in instances where Butamax provides an engineering package for use at a particular plant that will run isobutanol and ethanol production side-by-side using the licensed solids separation technology at such plant. The License Agreement encompasses both parties’ patents for producing isobutanol, including biocatalysts and separation technologies, as well as for producing hydrocarbon products derived from isobutanol, including certain improvements and new patent applications filed within seven years of the date of the License Agreement. While the parties have cross-licensed their patents for making and using isobutanol, the parties will not share their own proprietary biocatalysts with each other. The parties may use third parties to manufacture biocatalysts on their behalf and may license their respective technology packages for the production of isobutanol to third parties, subject to certain restrictions. A third party licensee would be granted a sub-license, and would be subject to terms and conditions that are consistent with those under the License Agreement. Under the License Agreement, the parties have also agreed to certain limitations on the making or participating in a challenge of certain of the other party’s patents. The License Agreement will continue in effect until the expiration of the licensed patents, unless earlier terminated by a party as provided in the License Agreement. The parties also have certain termination rights with respect to the term of the license granted to the other party under the License Agreement upon the occurrence of, among other things, a material uncured breach by the other party. In the event that a party’s license is terminated under the License Agreement, such party’s sublicense agreements may be assigned to the other party, subject to certain restrictions. Other Significant Agreements In June 2011, the Company announced that it had successfully produced fully renewable and recyclable polyethylene terephthalate (“PET”) in cooperation with Toray Industries, Inc. (“Toray Industries”). Working directly with Toray Industries, the Company employed prototypes of commercial operations from the petrochemical and refining industries to make para-xylene from isobutanol. Toray Industries used the Company’s bio-para-xylene (“bio-PX”) and commercially available renewable mono ethylene glycol to produce fully renewable PET films and fibers. In June 2012, the Company entered into a definitive agreement with Toray Industries, as amended in October 2013, for the joint development of an integrated supply chain for the production of bio-PET. Pursuant to the terms of the agreement with Toray Industries, the Company received $1.0 million which was used by the Company for the design and construction of a demonstration plant. In May 2014, the Company successfully shipped the requisite volumes of bio-PX associated with its contract with Toray Industries and, as a result, the Company recognized the $1.0 million, as well as revenue associated with the sale of the bio-PX, as a component of hydrocarbon revenue in the second quarter of 2014. At December 31, 2013, the Company included the $1.0 million as deferred revenue, a component of accounts payable and accrued liabilities in its consolidated balance sheets. In December 2011, the Company entered into a commercial off-take and marketing agreement with Land O’Lakes Purina Feed LLC (“Land O’Lakes Purina Feed”) for the sale of iDGs™ produced by the Agri-Energy Facility. Land O’ Lakes Purina Feed provides farmers and ranchers with an extensive line of agricultural supplies (feed, seed, and crop protection products) and services. Pursuant to the agreement, Land O’Lakes Purina Feed will be the exclusive marketer of the Company’s iDGs™ and modified wet distiller’s grains for the animal feed market. The agreement has an initial three-year term following the first commercial sales of iDGs™ with automatic one-year renewals thereafter unless terminated by one of the parties. Further, the Company’s plans to work with Land O’Lakes Purina Feed to explore opportunities to upgrade the iDGs™ for special value-added applications in feed markets. No amounts have been incurred under this agreement as of December 31, 2014. Land O’Lakes Purina Fees also provides marketing services for the sale of the Company’s ethanol distiller grains. Within its research and development activities, the Company routinely enters into research and license agreements with various entities. Future royalty payments may apply under these license agreements if the technologies are used in future commercial products. In addition, the Company may from time to time make gifts to universities and other organizations to expand research activities in its fields of interest. Any amounts paid under these agreements are generally recorded as research and development expenses as incurred. The Company has been awarded grants or cooperative agreements from a number of government agencies, including the U.S. Department of Energy, U.S. National Science Foundation, U.S. Environmental Protection Agency, U.S. Army Research Labs and the U.S. Department of Agriculture. Any recorded revenues related to these grants and cooperative agreements are recorded within grant and other revenue in the Company’s consolidated statements of operations. In June 2015, Agri-Energy entered into a Price Risk Management, Origination and Merchandising Agreement (the “Origination Agreement”) with FCStone Merchant Services, LLC (“FCStone”) and a Grain Bin Lease Agreement with FCStone (the “Lease Agreement” and, together with the Origination Agreement, the “FCStone Agreements”). Pursuant to the Origination Agreement, FCStone will originate and sell to Agri-Energy, and Agri-Energy will purchase from FCStone, the entire volume of corn grain used by Agri-Energy’s plant in Luverne, Minnesota. The initial term of the Origination Agreement will continue for a period of eighteen months and will automatically renew for additional terms of one year unless Agri-Energy gives notice of non-renewal to FCStone. FCStone will receive an origination fee for purchasing and supplying Agri-Energy with all of the corn used by Agri-Energy’s plant in Luverne, Minnesota. As security for the payment and performance of all indebtedness, liabilities and obligations of Agri-Energy to FCStone, Agri-Energy granted to FCStone a security interest in the corn grain stored in grain storage bins owned and operated by Agri-Energy (“Storage Bins”) and leased to FCStone pursuant to the Lease Agreement. Pursuant to the Lease Agreement, FCStone will lease Storage Bins from Agri-Energy to store the corn grain prior to title of the corn grain transferring to Agri-Energy upon Agri-Energy’s purchase of the corn grain. FCStone agrees to lease Storage Bins sufficient to store 700,000 bushels of corn grain and agrees to pay to Agri-Energy $175,000 per year. The term of the Lease Agreement will run concurrently with the Origination Agreement, and will be extended, terminated, or expire in accordance with the Origination Agreement. The Company also entered into an unsecured guaranty (the “Guaranty”) in favor of FCStone whereby the Company guaranteed the obligations of Agri-Energy to FCStone under the Origination Agreement. The Guaranty shall terminate on the earlier to occur of (i) April 15, 2020 or (ii) termination of the Origination Agreement. The Company has been awarded grants or cooperative agreements from a number of government agencies, including the U.S. Department of Energy, U.S. National Science Foundation, U.S. Environmental Protection Agency, Army Research Labs and the U.S. Department of Agriculture. Revenues recorded related to these grants and cooperative agreements are recorded within grant and other revenue in the Company’s consolidated statements of operations. |
Gevo Development
Gevo Development | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Gevo Development | 13. Gevo Development Gevo, Inc. currently owns 100% of the outstanding equity interests of Gevo Development. Gevo, Inc. made capital contributions to Gevo Development of $7.9 million, $26.5 million and $29.6 million, respectively, during the years ended December 31, 2015, 2014, and 2013. The following table sets forth (in thousands) the net loss incurred by Gevo Development (including Agri-Energy after September 22, 2010, the closing date of the acquisition) which has been fully allocated to Gevo, Inc.’s capital contribution account based upon its capital contributions (for the period prior to September 2010) and 100% ownership (for the period after September 22, 2010). Year Ended December 31, 2015 2014 2013 Gevo Development Net Loss $ (12,294 ) $ (14,778 ) $ (19,243 ) In connection with the formation of Gevo Development in September 2009, the Company granted CDP a warrant to purchase 57,200 shares of the Company’s common stock. The warrant has an exercise price of $40.50 per share which represented the estimated fair value of Gevo, Inc.’s common stock on the date of grant. The warrant expires in September 2016, unless terminated earlier as provided in the warrant agreement. The accounts of Agri-Energy are consolidated within Gevo Development as a wholly owned subsidiary which is then consolidated into Gevo, Inc. As of December 31, 2015, Gevo Development does not have any assets that can be used only to settle obligations of Gevo Development. However, as of December 31, 2015, under the terms of the Amended Agri-Energy Loan Agreement with TriplePoint, as amended, subject to certain limited exceptions, Agri-Energy is only permitted to pay dividends if all principal balances due to TriplePoint have been paid . |
Redfield Energy, LLC
Redfield Energy, LLC | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Redfield Energy, LLC | 14. Redfield Energy, LLC In June 2011, Gevo Development entered into an isobutanol joint venture agreement (the “Joint Venture Agreement”) with Redfield Energy, LLC, a South Dakota limited liability company (“Redfield”), and executed the second amended and restated operating agreement of Redfield (together with the Joint Venture Agreement, the “Joint Venture Documents”). Under the terms of the Joint Venture Documents, Gevo Development and Redfield have agreed to work together to retrofit Redfield’s approximately 50 million gallon per year ethanol production facility located near Redfield, South Dakota (the “Redfield Facility”) for the commercial production of isobutanol. Under the terms of the Joint Venture Agreement, Redfield has issued 100 Class G membership units in Redfield (the “Class G Units”) to Gevo Development. Gevo Development is the sole holder of Class G units, which entitle Gevo Development to certain information and governance rights with respect to Redfield, including the right to appoint two members of Redfield’s 11-member board of managers. The Class G units currently carry no interest in the allocation of profits, losses or other distributions of Redfield and no voting rights. Such rights will vest upon the commencement of commercial isobutanol production at the Redfield Facility, at which time Gevo Development anticipates consolidating Redfield’s operations because Gevo anticipates it will control the activities that are most significant to the entity. Gevo Development will be responsible for all costs associated with the retrofit of the Redfield Facility. Redfield will remain responsible for certain expenses incurred by the facility including certain repair and maintenance expenses and any costs necessary to ensure that the facility is in compliance with applicable environmental laws. The Company anticipates that the Redfield Facility will continue its current ethanol production activities during much of the retrofit. Once the retrofit assets have been installed, the ethanol production operations will be suspended to enable testing of the isobutanol production capabilities of the facility (the “Performance Testing Phase”). During the Performance Testing Phase, Gevo Development will be entitled to receive all revenue generated by the Redfield Facility and will make payments to Redfield to cover the costs incurred by Redfield to operate the facility plus the profits, if any, that Redfield would have received if the facility had been producing ethanol during that period (the “Facility Payments”). Gevo Development has also agreed to maintain an escrow fund during the Performance Testing Phase as security for its obligation to make the Facility Payments. If certain conditions are met, commercial production of isobutanol at the Redfield Facility will begin upon the earlier of the date upon which certain production targets have been met or the date upon which the parties mutually agree that commercial isobutanol production at the Redfield Facility will be commercially viable at the then-current production rate. At that time, (i) Gevo Development will have the right to appoint a total of four members of Redfield’s 11-member board of managers, and (ii) the voting and economic interests of the Class G units will vest and Gevo Development, as the sole holder of the Class G Units, will be entitled to a percentage of Redfield’s profits, losses and distributions, to be calculated based upon the demonstrated isobutanol production capabilities of the Redfield Facility. Gevo Development, or one of its affiliates, will be the exclusive marketer of all products produced by the Redfield Facility once commercial production of isobutanol has begun. Additionally, Gevo, Inc. will license the technology necessary to produce isobutanol at the Redfield Facility to Redfield, subject to the continuation of the marketing arrangement described above. In the event that the isobutanol production technology fails or Redfield is permanently prohibited from using such technology, Gevo Development will forfeit the Class G Units and lose the value of its investment in Redfield. Gevo, Inc. entered into a guaranty effective as of June 2011, pursuant to which it has unconditionally and irrevocably guaranteed the payment by Gevo Development of any and all amounts owed by Gevo Development pursuant to the terms and conditions of the Joint Venture Agreement and certain other agreements that Gevo Development and Redfield expect to enter into in connection with the retrofit of the Redfield Facility. As of December 31, 2015, the Company has incurred $0.4 million in preliminary project engineering and permitting process costs for the future retrofit of the Redfield Facility which have been recorded on the Company’s consolidated balance sheets in deposits and other assets. Gevo has no obligation to Retrofit the Redfield Facility. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. Income Taxes There is no provision for income taxes because the Company has incurred operating losses since inception. As of December 31, 2015, the Company had federal and state net operating loss carryforwards of approximately $307.9 million which may be used to offset future taxable income. The Company also had federal research and development tax credit carryforwards and other federal tax credit carryforwards which aggregate to $5.6 million at December 31, 2015. These carryforwards expire at various times through 2035 and may be limited in their annual usage by Section 382 of the Internal Revenue Code, as amended, relating to ownership changes. 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, 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 123,647 $ 115,870 Research and other credits 5,610 6,047 Other temporary differences 4,804 (2,478 ) Deferred tax assets - before valuation allowance 134,061 119,439 Valuation allowance (134,061 ) (119,439 ) Net deferred tax assets - after valuation allowance $ - $ - The Company’s deferred tax assets represent an unrecognized future tax benefit. The Company recognizes uncertain tax positions net, against any operating losses or applicable research credits as they arise. Currently, there are no uncertain tax positions recognized at December 31, 2015. The Company has provided a full valuation allowance on its deferred tax assets at December 31, 2015 and 2014, as management believes it is more likely than not that the related deferred tax asset will not be realized. The reported amount of income tax expense differs from the amount that would result from applying domestic federal statutory tax rates to pretax losses, primarily because of changes in the valuation allowance. The following table sets forth reconciling items from income tax computed at the statutory federal rate. Year Ended December 31, 2015 2014 2013 Federal income tax at statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefits 5.4 % 4.5 % 5.7 % Research and other credits -1.2 % -1.3 % -2.2 % Permanent deductions -4.0 % -2.2 % -1.5 % Valuation allowance -35.2 % -36.0 % -37.0 % Effective tax rate 0.0 % 0.0 % 0.0 % 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 has concluded that there are no significant uncertain tax positions requiring recognition in the consolidated financial statements. The Company’s evaluation was performed for the tax periods from inception to December 31, 2015, which remain subject to examination by major tax jurisdictions as of December 31, 2015. The Company may from time to time be assessed interest or penalties by major tax jurisdictions, although there have been no such assessments historically, with any material impact to its financial results. The Company would recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties would be included within the related tax liability line in the consolidated balance sheets. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plan [Abstract] | |
Employee Benefit Plan | 16. Employee Benefit Plan The Company’s employees participate in the Gevo, Inc. 401(k) Plan (the “401(k) Plan”). Subject to certain eligibility requirements, the 401(k) Plan covers substantially all employees after three months of service with quarterly entry dates. Employee contributions are deposited by the Company into the 401(k) Plan and may not exceed the maximum statutory contribution amount. The Company may make matching and/or discretionary contributions to the 401(k) Plan. Effective January 2013, the Company elected to cease providing an employer match. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies Leases . During the year ended December 31, 2012, the Company entered into a six year software license agreement. The Company concluded that the software license agreement qualifies as a capital lease. Accordingly, at December 31, 2015, the Company had capital lease liabilities of $0.2 million and $0.2 million included in accounts payable and accrued liabilities and other long-term liabilities, respectively on its consolidated balance sheet. At December 31, 2014, the Company had capital lease liabilities of $0.2 million and $0.3 million included in accounts payable and accrued liabilities and other long-term liabilities, respectively on its consolidated balance sheets. The Company has an operating lease for its office, research, and production facility in Englewood, Colorado (the “Colorado Facility”) with a term expiring in July 2021. The Company also maintains a corporate apartment in Colorado, which has a lease term expiring during the next 12 months. Rent expense for the years ended December 31, 2015, 2014 and 2013 was $0.5 million, $0.5 million and $0.6 million, respectively. The Company recognizes rent expense on its operating leases on a straight-line basis. The table below shows the future minimum payments under non-cancelable operating leases and capital leases at December 31, 2015 (in thousands). Operating Leases Capital Lease Total Lease Payments 2016 1,530 162 1,692 2017 1,475 167 1,642 2018 1,483 - 1,483 2019 968 - 968 2020 and Thereafter 661 - 661 Total $ 6,117 $ 329 $ 6,446 Indemnifications . In the ordinary course of its business, the Company makes certain indemnities under which it may be required to make payments in relation to certain transactions. As of December 31, 2015 and 2014, the Company did not have any liabilities associated with indemnities. In addition, the Company, as permitted under Delaware law and in accordance with its amended and restated certificate of incorporation and amended and restated bylaws, indemnifies its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at the Company’s request in such capacity. The duration of these indemnifications, commitments, and guarantees varies and, in certain cases, is indefinite. The maximum amount of potential future indemnification is unlimited; however, the Company has a director and officer insurance policy that may enable it to recover a portion of any future amounts paid. The Company accrues for losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is probable. No such losses have been recorded to date. Environmental Liabilities . The Company’s operations are subject to environmental laws and regulations adopted by various governmental authorities in the jurisdictions in which it operates. These laws require the Company to investigate and remediate the effects of the release or disposal of materials at its locations. Accordingly, the Company has adopted policies, practices and procedures in the areas of pollution control, occupational health and the production, handling, storage and use of hazardous materials to prevent material environmental or other damage, and to limit the financial liability which could result from such events. Environmental liabilities are recorded when the Company’s liability is probable and the costs can be reasonably estimated. No environmental liabilities have been recorded as of December 31, 2015. |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Fair Value of Financial Instruments | 18. 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 levels of inputs, both observable and unobservable. Standards require the utilization of the highest possible level of input to determine fair value. Level 1 – inputs include quoted market prices in an active market for identical assets or liabilities. Level 2 – inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. Level 3 – inputs are unobservable and corroborated by little or no market data. 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 based upon Level 1 inputs using quoted market prices. The Company incurred a write-down of inventory of $0.3 million and $0.1 million for the twelve months ended December 31, 2015 and 2014, respectively. The Company records its hydrocarbon inventory at average cost. Secured Debt . The Company has estimated the fair value of its secured debt obligations based upon discounted cash flows with Level 3 inputs, such as the terms that management believes would currently be available to the Company for similar issues of debt, taking into account the current credit risk of the Company and other market factors. 2017 Notes. The Company has estimated the fair value of the 2017 Notes to be $21.6 million and $25.5 million at December 31, 2015 and 2014, respectively, based upon Level 2 inputs, including the market price of the Company’s common stock. The Company has valued the 2017 Notes and all of its components using the fair value option as there are no embedded instruments which qualify for equity presentation. See Note 8 for the fair value inputs used to estimate the fair value of the 2017 Notes. On the date of issuance in May 2014, the 2017 Notes were a term loan and recorded at fair value at that date. 2022 Notes Embedded Derivative . The Company has estimated the fair value of the 2022 Notes, including the embedded derivative, to be $14.6 million and $19.4 million at December 31, 2015 and 2014, respectively, based upon Level 2 inputs, including the market price of the 2022 Notes derived from actual trades of the 2022 Notes. The Company had estimated the fair value of the embedded derivative on a stand-alone basis to be $0.0 million and $0.0 million at December 31, 2015 and 2014, respectively, based upon Level 2 inputs. See Note 6 for the fair value inputs used to estimate the fair value of the 2022 Notes with and without the embedded derivative and the fair value of the embedded derivative. Derivative Warrant Liability . In December 2013, the Company issued the 2013 Warrants to purchase 1,420,250 shares of the Company’s common stock. Based on the terms of the 2013 Warrants, the Company determined the 2013 Warrants qualified as a derivative and, as such, are presented as a derivative warrant liability on the consolidated balance sheets and recorded at fair value each reporting period. The Company determined the estimated fair value of the 2013 Warrants as of December 31, 2014 to be $1.4 million based upon Level 2 inputs, utilizing an analysis of actual historical market trades of the 2013 Warrants and the Black Scholes model. The Company determined the estimated fair value of the 2013 Warrants as of December 31, 2015 to be $0.2 million based upon Level 3 inputs utilizing the Black Scholes model due to the lack of market trades of the 2013 Warrants during the period. In August of 2014, the Company issued 2014 Warrants to purchase 1,000,000 shares of the Company’s common stock. Based on the terms of the 2014 Warrants, the Company determined the 2014 Warrants qualify as a derivative and, as such, are presented as a derivative warrant liability on the consolidated balance sheets and recorded at fair value each reporting period. The Company determined the estimated fair value of the 2014 Warrants as of December 31, 2014 to be $1.7 million based upon Level 2 inputs utilizing an analysis of actual historical market trades of the 2014 Warrants. The Company determined the estimated fair value of the 2014 Warrants as of December 31, 2015 to be $0.1 million based upon Level 3 inputs utilizing the Black Scholes model. The Company relied on Level 3 inputs for estimating the fair value of the 2014 Warrants as of December 31, 2015 due to the lack of market trades of the 2014 Warrants during the period. In February of 2015, the Company issued Series A Warrants to purchase 2,216,667 shares of the Company’s common stock. Based on the terms of the Series A Warrants, the Company determined that the Series A Warrants qualify as a derivative and, as such, are presented as a derivative warrant liability on the consolidated balance sheets and recorded at fair value each reporting period. The Company determined the estimated fair value of the Series A Warrants at the issuance date of February 3, 2015 to be $1.4 million and as of December 31, 2015 to be $0.9 million based upon Level 3 inputs utilizing a Monte-Carlo simulation model. The Company relied on Level 3 inputs for estimating the fair value of the Series A Warrants as of February 3, 2015 and December 31, 2015 due to the lack of market trades of the Series A Warrants around those respective dates. In February of 2015, the Company issued Series B Warrants to purchase 2,216,667 shares of the Company’s common stock. Based on the terms of the Series B Warrants, the Company determined that the Series B Warrants qualify as a derivative and, as such, are presented as a derivative warrant liability on the consolidated balance sheets and recorded at fair value each reporting period. The Company determined the estimated fair value of the Series B Warrants at the issuance date of February 3, 2015 to be $2.5 million based upon Level 3 inputs utilizing the Black Scholes model and as of December 31, 2015 to be $0.0 million as the Series B Warrants expired on August 3, 2015. In May of 2015, the Company issued Series C Warrants to purchase 430,000 shares of the Company’s common stock. Based on the terms of the Series C Warrants, the Company determined that the Series C Warrants qualify as a derivative and, as such, are presented as derivative warrant liability on the consolidated balance sheets and recorded at fair value each reporting period. The Company determined the estimated fair value of the Series C Warrants at the issuance date of May 19, 2015 to be $1.2 million and as of December 31, 2015 to be $0.1 million based upon Level 3 inputs utilizing the Black Scholes model. The Company relied on Level 3 inputs for estimating the fair value of the Series C Warrants as of May 19, 2015 and December 31, 2015 due to the lack of market trades of the Series C Warrants around those respective dates. In December 2015, we issued 10,050,000 Series D Warrants and 8,000,000 Series E Warrants. Based on the terms of the Series D Warrants and Series E Warrants, the Company determined that the each of the Series D Warrants and Series E Warrants qualify as a derivative and, as such, are presented as derivative warrant liability on the consolidated balance sheets and recorded at fair value each reporting period. The Company determined the estimated fair value of the Series D Warrants to be $5.7 million as of the issuance date and $5.2 million as of December 31, 2015 utilizing a Monte-Carlo simulation model. The Company relied on Level 1 inputs for estimating the fair value of the Series E Warrants, and determined the fair value to be $5.3 million as of the issuance date and $4.0 million as of December 31, 2015. 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. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segments | 19. Segments 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. The financial results of Gevo Development and Agri-Energy have been aggregated in the following table as this segment has historically been responsible for the production of ethanol and related products and will be responsible for the production of isobutanol and related products. Year Ended December 31, 2015 2014 2013 Revenues: Gevo $ 2,911 $ 4,718 $ 4,822 Gevo Development / Agri-Energy 27,226 23,548 3,402 Consolidated $ 30,137 $ 28,266 $ 8,224 Loss from operations: Gevo $ (19,723 ) $ (26,567 ) $ (39,745 ) Gevo Development / Agri-Energy (12,204 ) (13,210 ) (15,770 ) Consolidated $ (31,927 ) $ (39,777 ) $ (55,515 ) Interest expense: Gevo $ 8,147 $ 10,446 $ 5,815 Gevo Development / Agri-Energy 96 1,578 3,486 Consolidated $ 8,243 $ 12,024 $ 9,301 Depreciation expense: Gevo $ 856 $ 937 $ 1,160 Gevo Development / Agri-Energy 5,717 3,943 2,233 Consolidated $ 6,573 $ 4,880 $ 3,393 Acquisitions of plant, property and equipment: Gevo $ 7 $ 116 $ 591 Gevo Development / Agri-Energy 1,457 4,778 9,215 Consolidated $ 1,464 $ 4,894 $ 9,806 December 31, 2015 2014 Total assets: Gevo $ 100,688 $ 95,680 Gevo Development / Agri-Energy 157,663 49,961 Intercompany eliminations (155,223 ) (46,713 ) Consolidated $ 103,128 $ 98,928 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. Subsequent Events Notice of Deficiency from NASDAQ Stock Market On January 25, 2016, we received a deficiency letter from the Listing Qualifications Department of the NASDAQ Stock Market, notifying us that, for the prior 30 consecutive business days, the closing bid price of our common stock was not maintained at the minimum required closing bid price of at least $1.00 per share as required for continued listing on the NASDAQ Capital Market. In accordance with NASDAQ Listing Rules, we have an initial compliance period of 180 calendar days, or until July 23, 2016, to regain compliance with this requirement. To regain compliance, the closing bid price of our common stock must be $1.00 per share or more for a minimum of 10 consecutive business days at any time before July 25, 2016. If we regain compliance, NASDAQ will have provided written notification and close the matter. If we do not regain compliance by July 25, 2016, we may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would need to meet the continued listing requirement for market value of publicly held shares ($1 million), and all other initial listing standards, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the deficiency, or if the Company is otherwise not eligible, NASDAQ would notify the company that its securities would be subject to delisting. In the event of such a notification, the Company may appeal the Staff’s determination to delist its securities, but there can be no assurance the Staff would grant the Company’s request for continued listing. Licensing Agreement with Porta . In January 2016, we entered into a license agreement and joint development agreement with Porta to construct multiple isobutanol plants in Argentina using corn as a feedstock, the first of which is expected to be wholly owned by Porta and is anticipated to begin producing isobutanol in 2017. The plant is expected to have a production capacity of up to five million gallons of isobutanol per year. Once the plant is operational, Gevo expects to generate revenues from this licensing arrangement, through royalties, sales and marketing fees, and other revenue streams such as yeast sales. The agreements also contemplate Porta constructing at least three additional isobutanol plants for certain of their existing ethanol plant customers. For these projects, Gevo would be the direct licensor of its technology and the marketer for any isobutanol produced, and would expect to receive all royalties and sales and marketing fees generated from these projects. Porta would provide the EPC services for the projects. The production capacity of these additional plants is still to be determined. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business . Gevo, Inc. (“Gevo” or the “Company,” which, unless otherwise indicated, refers to Gevo, Inc. and its subsidiaries) is a renewable chemicals and next generation biofuels company focused on the development and commercialization of alternatives to petroleum-based products based on isobutanol produced from renewable feedstocks. Gevo, Inc. was incorporated in Delaware on June 9, 2005. Gevo, Inc. formed Gevo Development, LLC (“Gevo Development”) in September 2009 to finance and develop biorefineries through joint venture, licensing arrangements, tolling arrangements or direct acquisition (see Note 13 for more information on Gevo Development). Gevo Development became a wholly-owned subsidiary of the Company in September 2010. Gevo Development purchased Agri-Energy, LLC (“Agri-Energy”) in September 2010. Through May 2012, Agri-Energy, a wholly-owned subsidiary of Gevo Development, was engaged in the business of producing and selling ethanol and related products produced at its plant located in Luverne, Minnesota (the “Agri-Energy Facility”). The Company commenced the retrofit of the Agri-Energy Facility in 2011 and commenced initial startup operations for the production of isobutanol at this facility in May 2012. In September 2012, the Company made the strategic decision to pause isobutanol production at the Agri-Energy Facility to focus on optimizing specific parts of the process to further enhance isobutanol production rates. In 2013, the Company modified the Agri-Energy Facility in order to increase the isobutanol production rate. In June 2013, the Company resumed the limited production of isobutanol, operating one fermenter and one Gevo Integrated Fermentation Technology ® ® ® ® ® As of December 31, 2015, the Company continues to engage in research and development, business development, business and financial planning, and to optimize operations for isobutanol and ethanol production at the Agri-Energy Facility and raise capital. Ultimately, the Company believes that the attainment of profitable operations is dependent upon future events, including (i) completing its development activities resulting in commercial production and sales of isobutanol or isobutanol-derived products and/or technology, (ii) obtaining adequate financing to complete its development activities, (iii) obtaining adequate financing to build out further isobutanol production capacity, (iv) gaining market acceptance and demand for its products and services, and (v) attracting and retaining qualified personnel. The Company has primarily derived revenue from the sale of ethanol, distiller’s grains and other related products produced as part of the ethanol production process at the Agri-Energy Facility. The production of ethanol alone is not the Company’s intended business and its future strategy is expected to depend on its ability to produce and market isobutanol and products derived from isobutanol. Given that the production of ethanol alone is not the Company’s intended business, and the Company is only beginning to achieve more consistent production and revenue from the sale of isobutanol, the historical operating results of Agri-Energy may not be indicative of future operating results for Agri-Energy or Gevo. |
Financial Condition | Financial Condition . For the year ended December 31, 2015, the Company incurred a consolidated net loss of $36.2 million and had an accumulated deficit of $339.5 million. The Company’s cash and cash equivalents at December 31, 2015 totaled $17.0 million which is primarily being used for the following: (i) operating activities and completion of the side-by-side configuration of the Agri-Energy Facility; (ii) operating activities at its corporate headquarters in Colorado, including research and development work; (iii) capital improvements primarily associated with its Agri-Energy Facility; (iv) costs associated with optimizing isobutanol production technology; and (v) debt service obligations. The Company expects to incur future net losses as it continues to fund the development and commercialization of its product candidates. The Company’s t ransition 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 never achieve profitability or positive cash flows, and unless and until it does, the Company will continue to need to raise additional cash. Management intends to f und future operations through additional private and/or public offerings of debt or equity securities. In addition, the Company may seek additional capital through arrangements with strategic partners or from other sources, it may seek to restructure its secured debt and it will continue to address its cost structure. Notwithstanding, there can be no assurance that the Company will be able to raise additional funds, or achieve or sustain profitability or positive cash flows from operations. Based on the Company’s operating plan, existing working capital at December 31, 2015 was not sufficient to meet the cash requirements to fund planned operations through December 31, 2016 without additional sources of cash. These conditions raise substantial doubt about the Company’s ability to continue as a going concern at December 31, 2015. The Company’s inability to continue as a going concern may potentially affect the Company’s rights and obligations under its Senior Secured Debt, Secured Debt and Convertible Notes. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business. See Note 8 for information on the Company’s debt obligations. |
Principles of Consolidation | Principles of Consolidation . The consolidated financial statements of Gevo include the accounts of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates . The preparation of financial statements in conform ity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. |
Concentrations of Credit Risk | Concentrations of Credit Risk . The Company’s financial instruments that a re exposed to concentrations of credit risk consist of cash and cash equivalents in excess of the federally insured limits. The Company’s cash and cash equivalents are deposited with high credit-quality financial institutions and are primarily in demand deposit accounts. |
Cash and Cash Equivalents | Cash and Cash Equivalents . The Company maintains its cash and cash equivalents in highly liquid interest bearing money market accounts or non-interest bearing checking accounts. The Company considers all highly liquid investments purchas ed with a maturity of three months or less at the date of acquisition to be cash equivalents. |
Accounts Receivable | Accounts Receivable . The Company records receivables for products shipped and services provided but for which payment has not yet been received. As of December 31, 2015 and 2014, no allowance for doubtful accounts has been recorded, based upon the expected full collection of the accounts receivable. |
Inventories | Inventories . Inventory is recorded at the lower of cost or market value and cost of goods sold is determi ned by average cost method. Ethanol and isobutanol inventory cost consists of the applicable share of raw material, direct labor and manufacturing overhead costs |
Restricted Deposits | Restricted Deposits . The Company maintains a restricted deposit related to the 2017 Notes (defined below) that is equivalent to ten percent of the principal balance. |
Derivative Instruments | Derivative Instruments . The Company evaluates its contracts for potential derivatives. See Note 6 for a description of the Company’s accounting for embedded derivatives and Note 7 for a description of the Company’s derivative warrant liability. As of December 31, 2015 and 2014, the Company did not have any forward purchase contracts or exchange-traded futures contracts. |
Property, Plant and Equipment | Property, Plant and Equipment . Property, plant and e quipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the assets’ estimated useful lives. Leasehold improvements are amortized over the term of the lease agreement or the service lives of the improvements, whichever is shorter. Assets under construction are depreciated when they are placed into service. Maintenance and repairs are charged to expense as incurred and expenditures for major improvements are capitalized. The Company has capitalized interest incurred for qualifying capital projects at its Agri-Energy Facility during the period of construction through the date such projects become substantially complete. During the year ended December 31, 2013, the Company capitalized interest of $1.8 million. No interest was capitalized during the years ended December 31, 2015 or 2014. |
Impairment of Property, Plant and Equipment | Impairment of Property, Plant and Equipment . The Company’s property, plant and equipment consist primarily of assets associated with the acquisition and retrofit of the Agri-Energy Facility. The Company assesses impairment of property, plant and equipment for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate, or legal or regulatory factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; or expectations that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. The carrying amount of a long-lived asset is considered to be impaired if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets. The Company evaluated its Agri-Energy Facility for impairment as of December 31, 2015 and 2014. These evaluations included comparing the carrying amount of the acquisition and retrofit of the Agri-Energy Facility to the estimated undiscounted future cash flows at the Agri-Energy Facility as this represents the lowest level of identifiable cash flows. Significant assumptions included in the estimated undiscounted future cash flows include, among others, estimates of the: sales price of isobutanol and by-products such as dried distiller’s 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 limited to; 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, 2015 and 2014, the Company concluded that the estimated undiscounted future cash flows from the Agri-Energy Facility exceeded the carrying value and, as such, these assets were not impaired. Although the Company’s cash flow forecasts are based on assumptions that are consistent with its planned use of the assets, these estimates required significant exercise of judgment and are subject to change in future reporting periods as facts and circumstances change. Additionally, the Company may make changes to its business plan that could result in changes to the expected cash flows. As a result, it is possible that a long-lived asset may be impaired in future reporting periods. |
Debt at Fair Value Option | Debt at Fair Value Option. The Company has elected the fair value option for certain long-term debt instruments that qualify for such tr eatment. See Note 8 for a detailed description of the accounting for the 2017 convertible notes that are accounted for in such manner. |
Debt Issue Costs | Debt Issue Costs . Debt issue costs are costs incurred in connection with the Company’s debt financings that primarily h ave been capitalized and are being amortized over the stated maturity period or estimated life of the related debt, using the effective interest method. |
Revenue Recognition | Revenue Recognition . The Company records revenue from the sale of hydrocarbon products, ethanol and r elated products, including the sale of corn inventory. The Company recognizes revenue when all of the following criteria are satisfied: persuasive evidence of an arrangement exists; risk of loss and title transfer to the customer; the price is fixed or determinable; and collectability is reasonably assured. Ethanol and related 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 were deducted from the gross sales price at the time payment was remitted. Ethanol and related products sales were recorded net of commissions. 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. |
Cost of Goods Sold | Cost of Goods Sold . Cost of goods sold includes costs incurred in conjunction with the operations for the production of isobutanol at the Agri-Energy Facility and costs directly associated with the ethanol production process such as costs for direct materials, direct labor and certain plant overhead costs. Costs associated with the operations for the production of isobutanol includes costs for direct materials, direct labor, plant utilities, including natural gas, and plant depreciation. Direct materials consist of dextrose for initial production of isobutanol, corn feedstock, denaturant and process chemicals. Direct labor includes compensation of personnel directly involved in production operations at the Agri-Energy Facility. Costs of direct materials for the production of ethanol consist of corn feedstock, denaturant and process chemicals. Direct labor includes compensation of personnel directly involved in the operation of the Agri-Energy Facility. Plant overhead costs primarily consist of plant utilities and plant depreciation. Cost of goods sold is mainly affected by the cost of corn and natural gas. Corn is the most significant raw material cost. The Company purchases natural gas to power steam generation in the production process and to dry the distiller’s grains. |
Patents | Patents . All costs related to filing and pursuing patent applications are expensed as incurred as recoverability of such expenditures is uncertain. Patent-related legal expenses incurred are recorded a s selling, general and administrative expense, and during the years ended December 31, 2015, 2014 and 2013 were $0.9 million, $0.9 million and $2.3 million, respectively. |
Research and Development | Research and Development . Research and development costs are expensed as incurred and are recorded as research and development expense in the consolidated statements of operations. The Company’s research and development costs consist of expenses incurred to identify, develop, and test its technologies for the production of isobutanol and the development of downstream applications thereof. Research and development expense includes personnel costs, consultants and related contract research, facility costs, supplies, depreciation on property, plant and equipment used in development, license fees and milestone payments paid to third parties for use of their intellectual property and patent rights, and other direct and allocated expenses incurred to support the Company’s overall research and development programs. |
Income Taxes | Income Taxes . Def erred tax assets and liabilities are recognized based on the difference between the carrying amounts of assets and liabilities in the financial statements and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates in effect in the years in which those temporary differences are expected to reverse. Deferred tax assets should be reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. At December 31, 2015 and 2014, based upon current facts and circumstances, the Company had recorded a valuation allowance against its deferred tax assets of $134.1 million and $119.4 million, respectively. |
Stock-Based Compensation | Stock-Based Compensation . The Company’s stock-based compensation expense includes expenses associated with share-based awards granted to employees and board members, and expenses associated with awards under its employee stock purchase plan (“ ESPP”). Stock-based compensation expense for all share-based payment awards granted is based on the grant date fair value. The grant date fair value for stock option awards is estimated using the Black-Scholes option pricing model and the grant date fair value for restricted stock awards is based upon the closing price of the Company’s common stock on the date of grant. The Company recognizes compensation costs for share-based payment awards granted to employees net of estimated forfeitures and recognizes stock-based compensation expense for only those awards expected to vest on a straight-line basis over the requisite service period of the award, which is currently the vesting term of up to four years. For performance based restricted stock awards, the Company recognizes expense over the requisite service period. |
Net Loss Per Share | Net Loss Per Share . Basic net loss per share is computed by dividing the net loss attributable to Gevo, Inc. common stockholders for the period by the weighted-average number of common shares out standing during the period. Diluted earnings 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 years ending December 31, 2015, 2014 and 2013 excluded common stock equivalents because the effect of their inclusion would be anti-dilutive, or would decrease the reported loss per share. The following table sets forth securities that could potentially dilute the calculation of diluted earnings per share. This table excludes any shares that could potentially be issued in settlement of make-whole payments associated with the 2017 Notes and the 2022 Notes. Year Ended December 31, 2015 2014 2013 Warrants to purchase common stock 20,492,704 2,504,237 1,504,250 Convertible 2017 notes 1,503,821 1,502,532 - Convertible 2022 notes 262,333 315,034 315,034 Outstanding options to purchase common stock 481,786 244,903 191,438 Unvested restricted common stock 328,263 58,351 52,759 Total 23,068,907 4,625,057 2,063,481 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ‑ In April 2015, the FASB issued authoritative guidance intended to simplify the presentation of debt issuance costs. These amendments require that debt issuance costs be presented as a direct deduction from the carrying amount of the related debt liabilities, consistent with the presentation of debt discounts. This will result in the elimination of debt issuance costs as an asset and will reduce the carrying value of our debt liabilities. This guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, “ Balance Sheet Classification of Deferred Taxes |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Securities that Potentially Dilute Calculation of Diluted Earnings Per Share | The following table sets forth securities that could potentially dilute the calculation of diluted earnings per share. This table excludes any shares that could potentially be issued in settlement of make-whole payments associated with the 2017 Notes and the 2022 Notes. Year Ended December 31, 2015 2014 2013 Warrants to purchase common stock 20,492,704 2,504,237 1,504,250 Convertible 2017 notes 1,503,821 1,502,532 - Convertible 2022 notes 262,333 315,034 315,034 Outstanding options to purchase common stock 481,786 244,903 191,438 Unvested restricted common stock 328,263 58,351 52,759 Total 23,068,907 4,625,057 2,063,481 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Components of Inventory Balances | The following table sets forth the components of the Company’s inventory balances (in thousands). December 31, 2015 2014 Raw materials Corn $ 517 $ 1,369 Enzymes and other inputs 287 354 Finished goods 699 515 Work in process 569 610 Spare parts 1,415 1,444 Total inventories $ 3,487 $ 4,292 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment by Classification | The following table sets forth the Company’s property, plant and equipment by classification (in thousands). December 31, 2015 2014 Construction in progress - $ 1,801 $ 440 Plant machinery and equipment 10 years 14,113 13,367 Site improvements 10 years 7,039 7,015 Retrofit asset 20 years 65,457 65,601 Lab equipment, furniture and fixtures and vehicles 5 years 6,389 6,385 Demonstration plant 2 years 3,597 3,597 Buildings 10 years 2,543 2,543 Computer, office equipment and software 3 years 1,566 1,490 Leasehold improvements, pilot plant, land and support equipment 2 - 5 years 2,175 2,144 Total property, plant and equipment 104,680 102,582 Less accumulated depreciation and amortization (27,903 ) (21,342 ) Property, plant and equipment, net $ 76,777 $ 81,240 |
Accounts Payable and Accrued 31
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Components of Accounts Payable and Accrued Liabilities in Consolidated Balance Sheets | 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, 2015 2014 Accounts payable - trade $ 2,691 $ 2,639 Accrued legal-related fees 854 2,944 Accrued employee compensation 2,082 801 Accrued interest 840 1,009 Other accrued liabilities * 1,009 1,195 Total accounts payable and accrued liabilities $ 7,476 $ 8,588 * Other accrued liabilities consists of franchise taxes, property taxes, short term capital lease, audit fees, and a variety of other expenses including software, legal fees, etc. none of which individually represent greater than 5% of total current liabilities. |
Derivative Warrant Liability (T
Derivative Warrant Liability (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Warrant Liability | In December 2013, the Company sold 1,420,250 shares of the Company’s common stock and warrants to purchase an additional 1,420,250 shares of the Company’s common stock (the “2013 Warrants”). In August 2014, the Company sold 2,000,000 shares of common stock and warrants to purchase an additional 1,000,000 shares of common stock (the “2014 Warrants”). In February 2015, the Company sold 2,216,667 shares of the Company’s common stock, Series A warrants to purchase an additional 2,216,667 shares of the Company’s common stock (the “Series A Warrants”), and Series B warrants to purchase an additional 2,216,667 shares of the Company’s common stock (the “Series B Warrants”). In May 2015, the Company sold 4,300,000 shares of the Company’s common stock and Series C warrants to purchase an additional 430,000 shares of the Company’s common stock (the “Series C Warrants”). In December 2015, we issued 10,050,000 units of common stock shares and warrants. The Series A units included 2,050,000 common shares and Series D warrants. The Series B units included Series D warrants to purchase 8,000,000 shares of common stock (the “Series D Warrants”) and Series E Warrants to purchase 8,000,000 shares of common stock (the “Series E Warrants”, together with the Series A Warrants, the Series B Warrants, and the Series C Warrants, the “2015 Warrants”). Issuance Date Expiration Date Exercise Price Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of December 31, 2015 Shares Underlying Warrants Outstanding as of December 31, 2015 2013 Warrants 12/16/2013 12/16/2018 $ 7.53 1,420,250 (304,774 ) 1,115,476 2014 Warrants 8/5/2014 8/5/2019 $ 5.13 1,000,000 (610,771 ) 389,229 2015 Series A Warrants 2/3/2015 2/3/2020 $ 1.00 2,216,667 (321,670 ) 1,894,997 2015 Series B Warrants 2/3/2015 8/3/2015 - 2,216,667 (1,935,901 ) - 2015 Series C Warrants 5/19/2015 5/19/2020 $ 3.60 430,000 - 430,000 2015 Series D Warrants 12/11/2015 12/11/2020 $ 1.40 10,050,000 - 10,050,000 2015 Series E Warrants 12/11/2015 12/11/2016 $ 0.01 (1) 8,000,000 (1,471,000 ) 6,529,000 25,333,584 (4,644,116 ) 20,408,702 |
Schedule of Common Stock on Warrants Exercised | During the twelve months ended December 31, 2015, Common Stock was issued as a result of exercise of Warrants as described below: Twelve Months Ended December 31, 2015 Common Stock Issued Proceeds (1) 2013 Warrants 304,774 $ 1,057,010 2014 Warrants 610,771 2,204,540 2015 Series A Warrants 321,670 1,302,750 2015 Series B Warrants 1,935,901 5,586,564 2015 Series C Warrants - - 2015 Series D Warrants - - 2015 Series E Warrants 1,471,000 14,710 4,644,116 $ 10,165,573 (1) Proceeds received from exercise of Warrants are net of inducement payments. |
Senior Secured Debt, Secured 33
Senior Secured Debt, Secured Debt and Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instrument [Line Items] | |
Inputs to Lattice Model used to Value 2017 Notes for which Fair Value Option was Elected | The following table sets forth the inputs to the lattice model that were used to value the 2017 Notes for which the fair value option was elected. December 31, December 31, 2015 2014 Stock price $ 0.62 $ 4.80 Conversion Rate 57.55 57.55 Conversion Price $ 17.38 $ 17.38 Maturity date March 15, 2017 March 15, 2017 Risk-free interest rate 0.74 % 0.80 % Estimated stock volatility 140.0 % 85.0 % Estimated credit spread 30.0 % 15.0 % |
Information Pertaining to Convertible Notes | The following table sets forth information pertaining to the 2017 Notes which is included in the Company’s consolidated balance sheets (in thousands). Principal Amount of Term Loans Principal Amount of 2017 Notes Change in Estimated Fair Value Total Balance - December 31, 2013 $ - $ - $ - $ - Issuance of Term Loan 25,907 - - 25,907 Exchange of Term Loan for 2017 Notes (25,907 ) 25,907 - - Non-cash paid-in-kind interest expense - 201 - 201 Gain from change in fair value of debt - (648 ) (648 ) Balance - December 31, 2014 $ - $ 26,108 $ (648 ) $ 25,460 Gain from change in fair value of debt - - (3,895 ) (3,895 ) Balance - December 31, 2015 $ - $ 26,108 $ (4,543 ) $ 21,565 Changes in certain inputs into the lattice model can have a significant impact on changes in the estimated fair value of the 2017 Notes. For example, the estimated fair value will generally decrease with: (1) a decline in the stock price; (2) decreases in the estimated stock volatility; and (3) a decrease in the estimated credit spread. The change in the estimated fair value of the 2017 Notes during the year ended December 31, 2015, represents an unrealized gain which has been recorded as a gain from change in fair value of 2017 Notes in the consolidated statements of operations. |
Secured Debt Included in Consolidated Balance Sheets | The following table sets forth information pertaining to the Company’s secured debt issued to TriplePoint Capital LLC (“TriplePoint”) which is included in the Company’s consolidated balance sheets (in thousands). December 31, 2015 2014 Secured debt TriplePoint - May 2014 Advance $ 504 $ 822 Total secured debt 504 822 Less: Unamortized debt discounts (19 ) (49 ) 485 773 Less current portion of debt (332 ) (288 ) Long-term portion of debt $ 153 $ 485 Debt discounts associated with the issuance of the Company’s secured debt and convertible notes are recorded on the consolidated balance sheets as a reduction to related debt balances. The Company amortizes debt discount to interest expense over the term of the debt or expected life of the debt using the effective interest method. |
Obligations by Year Relating to Secured Debt and Convertible Notes | The following sets forth the Company’s obligations to repay principal by year relating to its secured debt with TriplePoint and the Convertible Notes at December 31, 2015 (in thousands). Amount 2016 $ 349 2017 26,263 2018 - 2019 - 2020 and thereafter 22,400 Total $ 49,012 |
2022 Notes | |
Debt Instrument [Line Items] | |
Information Pertaining to Convertible Notes | The following table sets forth information pertaining to the 2022 Notes which is included in the Company’s consolidated balance sheets (in thousands). Embedded Derivatives Principal Amount of 2022 Notes Debt Discount Total Balance - December 31, 2013 $ 3,470 $ 26,900 $ (15,869 ) $ 14,501 Amortization of debt discount - - 2,648 2,648 Gain from change in fair value of embedded derivatives (3,470 ) - - (3,470 ) Balance - December 31, 2014 $ - $ 26,900 $ (13,221 ) $ 13,679 Amortization of debt discount - - 3,557 3,557 Write-off of debt discount associated with extingishment of debt 1,900 1,900 Conversion of debt to stock (2,000 ) (2,000 ) 3(a)9 exchange (2,500 ) (2,500 ) Balance - December 31, 2015 $ - $ 22,400 $ (7,764 ) $ 14,636 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders Equity Note [Abstract] | |
Warrants to Purchase Shares of Common Stock Outstanding | The following table sets forth a summary of outstanding warrants to purchase shares of the Company’s common stock as of December 31, 2015. Issue Date Expiration Date Outstanding Exercise Price Virgin Green Fund I, L.P. January 2008 February 2016 1,920 $ 82.20 CDP Gevo, LLC September 2009 September 2016 54,185 $ 40.50 TriplePoint Capital LLC August 2010 August 2017 13,334 $ 17.70 TriplePoint Capital LLC October 2011 October 2018 10,469 $ 17.70 TriplePoint Capital LLC January 2012 October 2018 2,094 $ 17.70 Genesis Select June 2013 June 2018 2,000 $ 24.45 2013 Warrants December 2013 December 2018 1,115,476 $ 7.53 2014 Warrants August 2014 August 2019 389,229 $ 5.13 2015 Series A Warrants February 2015 February 2020 1,894,997 $ 1.00 2015 Series C Warrants May 2015 May 2020 430,000 $ 3.60 2015 Series D Warrants December 2015 December 2020 10,050,000 $ 1.40 2015 Series E Warrants December 2015 December 2016 6,529,000 $ 0.01 Total 20,492,704 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share Based Compensation [Abstract] | |
Stock-Based Compensation Expense | Stock-Based Compensation Expense . The following table sets forth the Company’s stock-based compensation expense (in thousands). Year Ended December 31, 2015 2014 2013 Stock options and ESPP awards Research and development $ 131 $ 303 $ 640 Selling, general and administrative 401 837 1,837 Restricted stock awards Research and development 576 487 14 Selling, general and administrative 1,467 1,233 1,381 Restricted stock units Research and development 10 - - Selling, general and administrative 62 - - Warrants issued Selling, general and administrative - - 39 Total stock-based compensation 2,647 2,860 3,911 |
Weighted-Average Assumptions Used to Estimate Fair Values for Stock Options Granted Using Black-Scholes Option Pricing Model | Determining Fair Value of Share-Based Payment Awards . The following table sets forth the Black-Scholes option pricing model assumptions and resulting grant date fair value for stock options granted. Year Ended December 31, 2015 2014 2013 Risk-free interest rate 1.62 % 1.74 % 1.26 % Expected dividend yield None None None Expected volatility factor 106.89 % 71.13 % 71.96 % Expected option life (in years) 5.77 5.75 5.8 Weighted average grant date fair value $ 1.77 $ 13.35 $ 17.70 |
Stock Option Award Activity | Stock Option Award Activity . Stock option activity under the Company’s option plans at December 31, 2015 and changes during the year ended December 31, 2015 were as follows. Weighted- Average Weighted- Remaining Average Contractual Number of Exercise Term Aggregate Options Price (years) Intrinsic Value Options outstanding at December 31, 2014 234,961 $ 55.80 5.61 $ - Granted 267,664 2.19 Canceled or forfeited (20,839 ) 40.58 Exercised - - Options outstanding at December 31, 2015 481,786 $ 26.79 7.28 $ - Options exercisable at December 31, 2015 231,346 $ 51.48 4.92 $ - Options vested and expected to vest at December 31, 2015 481,763 $ 26.79 7.28 $ - |
Summary of Information Associated with Outstanding and Exercisable Stock Options | The following table summarizes information associated with outstanding and exercisable stock options at December 31, 2015. Options Outstanding Options Exercisable Weighted- Weighted- Average Weighted- Average Range of Weighted- Remaining Average Remaining Exercise Number of Average Exercise Contractual Life Number of Exercise Contractual Life Prices Options Price in Years Options Price in Years $2.19 to $2.55 264,015 $ 2.19 9.57 36,981 $ 2.19 9.49 $5.25 to $7.35 25,138 $ 6.92 1.31 25,138 $ 6.92 1.31 $13.20 to $21.90 81,826 $ 19.69 5.87 61,079 $ 19.42 5.06 $23.10 to $92.25 65,387 $ 34.95 4.71 62,728 $ 35.24 4.59 $116.55 to $171.30 29,459 $ 146.88 3.11 29,459 $ 146.88 3.10 $190.05 to $287.10 15,961 $ 246.25 4.18 15,961 $ 246.25 4.18 |
Non-Vested Restricted Stock Awards and Changes | Non-vested restricted stock awards at December 31, 2015 and changes during the year ended December 31, 2015 were as follows. Weighted- Average Number of Grant-Date Shares Fair Value Non-vested at December 31, 2014 58,351 $ 22.05 Granted 784,741 2.05 Vested (504,476 ) 3.65 Canceled or forfeited (10,353 ) 15.00 Non-vested at December 31, 2015 328,263 $ 2.74 |
Gevo Development (Tables)
Gevo Development (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Net Loss Incurred by Gevo Development | The following table sets forth (in thousands) the net loss incurred by Gevo Development (including Agri-Energy after September 22, 2010, the closing date of the acquisition) which has been fully allocated to Gevo, Inc.’s capital contribution account based upon its capital contributions (for the period prior to September 2010) and 100% ownership (for the period after September 22, 2010). Year Ended December 31, 2015 2014 2013 Gevo Development Net Loss $ (12,294 ) $ (14,778 ) $ (19,243 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Tax Effects of Temporary Differences that Give Rise to Net Deferred Tax Assets | 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, 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 123,647 $ 115,870 Research and other credits 5,610 6,047 Other temporary differences 4,804 (2,478 ) Deferred tax assets - before valuation allowance 134,061 119,439 Valuation allowance (134,061 ) (119,439 ) Net deferred tax assets - after valuation allowance $ - $ - |
Reconciling Items from Income Tax Computed at Statutory Federal Rate | The following table sets forth reconciling items from income tax computed at the statutory federal rate. Year Ended December 31, 2015 2014 2013 Federal income tax at statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefits 5.4 % 4.5 % 5.7 % Research and other credits -1.2 % -1.3 % -2.2 % Permanent deductions -4.0 % -2.2 % -1.5 % Valuation allowance -35.2 % -36.0 % -37.0 % Effective tax rate 0.0 % 0.0 % 0.0 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Payments Under Non-cancelable Operating Leases | The table below shows the future minimum payments under non-cancelable operating leases and capital leases at December 31, 2015 (in thousands). Operating Leases Capital Lease Total Lease Payments 2016 1,530 162 1,692 2017 1,475 167 1,642 2018 1,483 - 1,483 2019 968 - 968 2020 and Thereafter 661 - 661 Total $ 6,117 $ 329 $ 6,446 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | The financial results of Gevo Development and Agri-Energy have been aggregated in the following table as this segment has historically been responsible for the production of ethanol and related products and will be responsible for the production of isobutanol and related products. Year Ended December 31, 2015 2014 2013 Revenues: Gevo $ 2,911 $ 4,718 $ 4,822 Gevo Development / Agri-Energy 27,226 23,548 3,402 Consolidated $ 30,137 $ 28,266 $ 8,224 Loss from operations: Gevo $ (19,723 ) $ (26,567 ) $ (39,745 ) Gevo Development / Agri-Energy (12,204 ) (13,210 ) (15,770 ) Consolidated $ (31,927 ) $ (39,777 ) $ (55,515 ) Interest expense: Gevo $ 8,147 $ 10,446 $ 5,815 Gevo Development / Agri-Energy 96 1,578 3,486 Consolidated $ 8,243 $ 12,024 $ 9,301 Depreciation expense: Gevo $ 856 $ 937 $ 1,160 Gevo Development / Agri-Energy 5,717 3,943 2,233 Consolidated $ 6,573 $ 4,880 $ 3,393 Acquisitions of plant, property and equipment: Gevo $ 7 $ 116 $ 591 Gevo Development / Agri-Energy 1,457 4,778 9,215 Consolidated $ 1,464 $ 4,894 $ 9,806 December 31, 2015 2014 Total assets: Gevo $ 100,688 $ 95,680 Gevo Development / Agri-Energy 157,663 49,961 Intercompany eliminations (155,223 ) (46,713 ) Consolidated $ 103,128 $ 98,928 |
Nature of Business and Financ40
Nature of Business and Financial Condition - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounting Policies [Abstract] | ||||
Net loss | $ (36,194) | $ (41,145) | $ (66,806) | |
Deficit accumulated | (339,492) | (303,298) | ||
Cash and cash equivalents | $ 17,031 | $ 6,359 | $ 24,625 | $ 66,744 |
Summary Significant Accounting
Summary Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for doubtful accounts | $ 0 | $ 0 | |
Restricted Deposits | 10.00% | ||
Interest incurred for capital projects | $ 0 | 0 | $ 1,800,000 |
Selling, general and administrative expense | 16,692,000 | 18,341,000 | 25,548,000 |
Deferred tax assets, Valuation Allowance | 134,061,000 | 119,439,000 | |
Patents | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Selling, general and administrative expense | $ 900,000 | $ 900,000 | $ 2,300,000 |
Securities that Potentially Dil
Securities that Potentially Dilute Calculation of Diluted Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Warrants to purchase common stock | 23,068,907 | 4,625,057 | 2,063,481 |
Warrants to purchase common stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Warrants to purchase common stock | 20,492,704 | 2,504,237 | 1,504,250 |
Convertible 2017 Notes | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Warrants to purchase common stock | 1,503,821 | 1,502,532 | |
2022 Notes | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Warrants to purchase common stock | 262,333 | 315,034 | 315,034 |
Outstanding options to purchase common stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Warrants to purchase common stock | 481,786 | 244,903 | 191,438 |
Unvested restricted common stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Warrants to purchase common stock | 328,263 | 58,351 | 52,759 |
Components of Inventory Balance
Components of Inventory Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Finished goods | $ 699 | $ 515 |
Work in process | 569 | 610 |
Spare parts | 1,415 | 1,444 |
Total inventories | 3,487 | 4,292 |
Corn | ||
Inventory [Line Items] | ||
Raw materials | 517 | 1,369 |
Enzymes And Other Inputs | ||
Inventory [Line Items] | ||
Raw materials | $ 287 | $ 354 |
Property, Plant and Equipment b
Property, Plant and Equipment by Classification (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | $ 104,680 | $ 102,582 |
Less accumulated depreciation and amortization | (27,903) | (21,342) |
Property, plant and equipment, net | 76,777 | 81,240 |
Construction in progress | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,801 | 440 |
Plant machinery and equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Total property, plant and equipment | $ 14,113 | 13,367 |
Site improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Total property, plant and equipment | $ 7,039 | 7,015 |
Retrofit Asset | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Total property, plant and equipment | $ 65,457 | 65,601 |
Lab equipment, furniture and fixtures and vehicles | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Total property, plant and equipment | $ 6,389 | 6,385 |
Demonstration plant | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, useful life | 2 years | |
Total property, plant and equipment | $ 3,597 | 3,597 |
Buildings | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Total property, plant and equipment | $ 2,543 | 2,543 |
Computer, office equipment and software | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Total property, plant and equipment | $ 1,566 | 1,490 |
Leasehold improvements, pilot plant, land and support equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | $ 2,175 | $ 2,144 |
Leasehold improvements, pilot plant, land and support equipment | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, useful life | 2 years | |
Leasehold improvements, pilot plant, land and support equipment | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property Plant And Equipment [Line Items] | |||
Capitalized interest expense | $ 0 | $ 0 | $ 200 |
Amortization of capital lease asset | 100 | 100 | 100 |
Depreciation and amortization | 6,573 | 4,880 | 3,393 |
Depreciation expense in cost of goods sold | 5,700 | 4,000 | $ 2,100 |
Computer, office equipment and software | |||
Property Plant And Equipment [Line Items] | |||
Capital lease | $ 700 | $ 700 |
Components Accounts Payable and
Components Accounts Payable and Accrued Liabilities in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Payables And Accruals [Abstract] | ||
Accounts payable - trade | $ 2,691 | $ 2,639 |
Accrued legal-related fees | 854 | 2,944 |
Accrued employee compensation | 2,082 | 801 |
Accrued interest | 840 | 1,009 |
Other accrued liabilities | 1,009 | 1,195 |
Total accounts payable and accrued liabilities | $ 7,476 | $ 8,588 |
Embedded Derivatives - Addition
Embedded Derivatives - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Estimated fair value of the embedded derivatives | $ 0 | $ 0 | |
2022 Notes | |||
Derivative [Line Items] | |||
Percentage of convertible senior notes embedded derivatives | 7.50% | ||
7.5% convertible senior notes, maturity date | 2,022 | ||
2022 notes, conversion date | Jul. 1, 2017 | Jul. 1, 2017 |
Derivative Warrant Liability -
Derivative Warrant Liability - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | May. 31, 2015 | Feb. 28, 2015 | Aug. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||||||
Common Stock Units Issued | 10,050,000 | 4,300,000 | 2,216,667 | ||||
Additional purchase of common stock shares | 25,333,584 | ||||||
Derivative warrant liability fair value | $ 10,493,000 | $ 10,493,000 | $ 3,114,000 | ||||
Proceeds from the exercise of warrants | $ 10,165,573 | ||||||
Series A | |||||||
Derivative [Line Items] | |||||||
Additional purchase of common stock shares | 2,216,667 | ||||||
Series B | |||||||
Derivative [Line Items] | |||||||
Additional purchase of common stock shares | 2,216,667 | ||||||
Adjusted market price of shares | less than $3.00 | ||||||
Warrants, Expiration date | Aug. 3, 2015 | ||||||
Warrant , Exercise Price | $ 3 | $ 3 | |||||
Series C | |||||||
Derivative [Line Items] | |||||||
Additional purchase of common stock shares | 430,000 | ||||||
2013 Warrants | |||||||
Derivative [Line Items] | |||||||
Common Stock Units Issued | 1,420,250 | ||||||
Additional purchase of common stock shares | 1,420,250 | 1,420,250 | |||||
Warrants, Expiration date | Dec. 16, 2018 | ||||||
Warrant , Exercise Price | 7.53 | $ 15.30 | $ 7.53 | ||||
Cash inducement fee for each share of common stock | 11.55 | ||||||
Net proceeds from warrants exercises, per share | 3.75 | ||||||
Proceeds from the exercise of warrants | $ 1,057,010 | ||||||
2014 Warrants | |||||||
Derivative [Line Items] | |||||||
Common Stock Units Issued | 2,000,000 | ||||||
Additional purchase of common stock shares | 1,000,000 | 1,000,000 | |||||
Warrants, Expiration date | Aug. 5, 2019 | ||||||
Warrant , Exercise Price | $ 5.13 | 9.60 | $ 5.13 | ||||
Cash inducement fee for each share of common stock | 5.85 | ||||||
Net proceeds from warrants exercises, per share | $ 3.75 | ||||||
Proceeds from the exercise of warrants | $ 2,204,540 | ||||||
2013 and 2014 Warrants | |||||||
Derivative [Line Items] | |||||||
Proceeds from the exercise of warrants | $ 3,300,000 | ||||||
Series A Units | Series D | |||||||
Derivative [Line Items] | |||||||
Common Stock Units Issued | 2,050,000 | ||||||
Series B Units | Series D | |||||||
Derivative [Line Items] | |||||||
Common Stock Units Issued | 8,000,000 | ||||||
Series B Units | Series E | |||||||
Derivative [Line Items] | |||||||
Common Stock Units Issued | 8,000,000 |
Schedule of Derivative Warrant
Schedule of Derivative Warrant Liability (Detail) - $ / shares | 1 Months Ended | 12 Months Ended | |||
May. 31, 2015 | Feb. 28, 2015 | Aug. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Derivative [Line Items] | |||||
Additional purchase of common stock shares | 25,333,584 | ||||
Shares Issued upon Warrant Exercises | (4,644,116) | ||||
Shares Underlying Warrants Outstanding | 20,408,702 | ||||
Series A | |||||
Derivative [Line Items] | |||||
Additional purchase of common stock shares | 2,216,667 | ||||
Series B | |||||
Derivative [Line Items] | |||||
Warrants, Expiration date | Aug. 3, 2015 | ||||
Warrant , Exercise Price | $ 3 | ||||
Additional purchase of common stock shares | 2,216,667 | ||||
Series C | |||||
Derivative [Line Items] | |||||
Additional purchase of common stock shares | 430,000 | ||||
2013 Warrants | |||||
Derivative [Line Items] | |||||
Warrant, Issuance Date | Dec. 16, 2013 | ||||
Warrants, Expiration date | Dec. 16, 2018 | ||||
Warrant , Exercise Price | $ 15.30 | $ 7.53 | |||
Additional purchase of common stock shares | 1,420,250 | 1,420,250 | |||
Shares Issued upon Warrant Exercises | (304,774) | ||||
Shares Underlying Warrants Outstanding | 1,115,476 | ||||
2014 Warrants | |||||
Derivative [Line Items] | |||||
Warrant, Issuance Date | Aug. 5, 2014 | ||||
Warrants, Expiration date | Aug. 5, 2019 | ||||
Warrant , Exercise Price | $ 9.60 | $ 5.13 | |||
Additional purchase of common stock shares | 1,000,000 | 1,000,000 | |||
Shares Issued upon Warrant Exercises | (610,771) | ||||
Shares Underlying Warrants Outstanding | 389,229 | ||||
2015 Warrants | Series A | |||||
Derivative [Line Items] | |||||
Warrant, Issuance Date | Feb. 3, 2015 | ||||
Warrants, Expiration date | Feb. 3, 2020 | ||||
Warrant , Exercise Price | $ 1 | ||||
Additional purchase of common stock shares | 2,216,667 | ||||
Shares Issued upon Warrant Exercises | (321,670) | ||||
Shares Underlying Warrants Outstanding | 1,894,997 | ||||
2015 Warrants | Series B | |||||
Derivative [Line Items] | |||||
Warrant, Issuance Date | Feb. 3, 2015 | ||||
Warrants, Expiration date | Aug. 3, 2015 | ||||
Additional purchase of common stock shares | 2,216,667 | ||||
Shares Issued upon Warrant Exercises | (1,935,901) | ||||
2015 Warrants | Series C | |||||
Derivative [Line Items] | |||||
Warrant, Issuance Date | May 19, 2015 | ||||
Warrants, Expiration date | May 19, 2020 | ||||
Warrant , Exercise Price | $ 3.60 | ||||
Additional purchase of common stock shares | 430,000 | ||||
Shares Underlying Warrants Outstanding | 430,000 | ||||
2015 Warrants | Series D | |||||
Derivative [Line Items] | |||||
Warrant, Issuance Date | Dec. 11, 2015 | ||||
Warrants, Expiration date | Dec. 11, 2020 | ||||
Warrant , Exercise Price | $ 1.40 | ||||
Additional purchase of common stock shares | 10,050,000 | ||||
Shares Underlying Warrants Outstanding | 10,050,000 | ||||
2015 Warrants | Series E | |||||
Derivative [Line Items] | |||||
Warrant, Issuance Date | Dec. 11, 2015 | ||||
Warrants, Expiration date | Dec. 11, 2020 | ||||
Warrant , Exercise Price | $ 0.01 | ||||
Additional purchase of common stock shares | 8,000,000 | ||||
Shares Issued upon Warrant Exercises | (1,471,000) | ||||
Shares Underlying Warrants Outstanding | 6,529,000 |
Schedule of Derivative Warran50
Schedule of Derivative Warrant Liability (Parenthetical) (Detail) - Series E | Dec. 31, 2015$ / shares |
Derivative [Line Items] | |
Warrant , exercise price aggregate | $ 1 |
Warrant , exercise price prepaid | $ 0.99 |
Schedule of Common Stock on War
Schedule of Common Stock on Warrants Exercised (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($)shares | |
Class Of Warrant Or Right [Line Items] | |
Class of warrants exercised during period | shares | shares | 4,644,116 |
Proceeds from the exercise of warrants | $ | $ 10,165,573 |
2013 Warrants | |
Class Of Warrant Or Right [Line Items] | |
Class of warrants exercised during period | shares | shares | 304,774 |
Proceeds from the exercise of warrants | $ | $ 1,057,010 |
2014 Warrants | |
Class Of Warrant Or Right [Line Items] | |
Class of warrants exercised during period | shares | shares | 610,771 |
Proceeds from the exercise of warrants | $ | $ 2,204,540 |
2015 Warrants | Series A | |
Class Of Warrant Or Right [Line Items] | |
Class of warrants exercised during period | shares | shares | 321,670 |
Proceeds from the exercise of warrants | $ | $ 1,302,750 |
2015 Warrants | Series B | |
Class Of Warrant Or Right [Line Items] | |
Class of warrants exercised during period | shares | shares | 1,935,901 |
Proceeds from the exercise of warrants | $ | $ 5,586,564 |
2015 Warrants | Series E | |
Class Of Warrant Or Right [Line Items] | |
Class of warrants exercised during period | shares | shares | 1,471,000 |
Proceeds from the exercise of warrants | $ | $ 14,710 |
Senior Secured Debt, Secured 52
Senior Secured Debt, Secured Debt and Convertible Notes - Additional Information (Detail) | Mar. 27, 2015USD ($) | Nov. 30, 2015USD ($)Bondshares | Feb. 28, 2015USD ($)Bondshares | Jun. 30, 2014USD ($)$ / shares | May. 31, 2014USD ($) | Jul. 31, 2012USD ($) | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Jan. 31, 2012USD ($) | Oct. 31, 2011USD ($) |
Debt Instrument [Line Items] | |||||||||||
Debt, discount | $ 19,000 | $ 49,000 | |||||||||
Debt issuance cost | 3,769,000 | ||||||||||
Aggregate principal amount outstanding | 10.00% | ||||||||||
Restricted deposits | $ 2,611,000 | $ 2,611,000 | |||||||||
Common stock, shares authorized | shares | 250,000,000 | 250,000,000 | |||||||||
Estimated fair value of principal amount | $ 21,565,000 | $ 25,460,000 | |||||||||
Interest expense | 8,243,000 | 8,255,000 | $ 9,301,000 | ||||||||
Debt Instrument, repurchase amount | 15,000,000 | $ 5,000,000 | $ 10,000,000 | ||||||||
Debt instrument, periodic payment, principal | 9,800,000 | ||||||||||
Secured debt | $ 504,000 | 822,000 | |||||||||
Long term borrowing interest rate | 9.00% | ||||||||||
Amortization period of interest expense | 36 months | ||||||||||
Minimum net worth required under loan agreement | $ 10,000,000 | ||||||||||
Proceeds from issuance of convertible debt, net | 25,907,000 | ||||||||||
Non-cash interest expense | $ 3,772,000 | $ 7,860,000 | 4,719,000 | ||||||||
Common stock shares issued | shares | 1,107,833 | 170,041 | 21,607,048 | 6,641,870 | |||||||
Reduction in the value of debt instrument | $ 2,500,000 | ||||||||||
Convertible 2017 Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Mar. 15, 2017 | Mar. 15, 2017 | |||||||||
Debt issuance cost | $ 3,900,000 | $ 1,500,000 | |||||||||
Conversion Price | $ / shares | $ 17.38 | $ 17.38 | |||||||||
Debt Conversion, Description | The 2017 Notes have a conversion price (the “Conversion Price”) equal to $17.38 per share or 0.0576 shares per $1 principal amount of 2017 Notes. | ||||||||||
Conversion Rate | 0.0576 | ||||||||||
Debt instrument, convertible, conversion price | $ 1,000 | ||||||||||
Number of consecutive trading days required for redemption | 10 days | ||||||||||
Excess to percentage of conversion price | 150.00% | ||||||||||
Common stock, shares authorized | shares | 1,200,000 | ||||||||||
Debt instrument, face amount | $ 26,100,000 | ||||||||||
Estimated fair value of principal amount | 21,600,000 | ||||||||||
Interest expense | $ 2,600,000 | ||||||||||
2022 Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Jul. 1, 2022 | ||||||||||
Debt issuance cost | $ 1,400,000 | ||||||||||
Debt instrument, interest rate | 7.50% | ||||||||||
Conversion Price | $ / shares | $ 5.69 | ||||||||||
Conversion Rate | 175.6697 | ||||||||||
Debt instrument, convertible, conversion price | $ 1,000 | ||||||||||
Interest expense | $ 1,800,000 | $ 2,000,000 | 2,300,000 | ||||||||
Amortization period of interest expense | 5 years | ||||||||||
Aggregate principal amount on sale of convertible notes | $ 45,000,000 | ||||||||||
Proceeds from issuance of convertible debt, net | 40,900,000 | ||||||||||
Discount on sale of convertible notes | $ 2,700,000 | ||||||||||
Non-cash interest expense | $ 3,700,000 | 2,800,000 | $ 3,400,000 | ||||||||
Debt discounts and debt issue costs amortization rate | 40.00% | ||||||||||
Amortization period of debt discount | 5 years | ||||||||||
2022 notes, conversion date | Jul. 1, 2017 | Jul. 1, 2017 | |||||||||
Discount rate used in computation of interest payment | 2.00% | ||||||||||
Convertible senior secured note, percentage of stock price | 90.00% | ||||||||||
Number of trading days for valuation | 10 days | ||||||||||
Number of bonds redeemed | Bond | 2,500 | 2,000 | |||||||||
Face value of each bond redeemed | $ 1,000 | $ 1,000 | |||||||||
Reduction in the value of debt instrument | 2,500,000 | 2,000,000 | |||||||||
Net gain (loss) on extinguishment of debt instrument | $ (52,865) | $ 300,000 | |||||||||
Required principal amount in percentage | 25.00% | ||||||||||
First Installment | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding principal amount of term loan | $ 25,900,000 | ||||||||||
Change In Accounting Method Accounted For As Change In Estimate | Convertible 2017 Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage repurchase price | 100.00% | ||||||||||
Make-Whole Fundamental Change | 2022 Notes | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Conversion Rate | 202.0202 | ||||||||||
Provisional Redemption | 2022 Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of consecutive trading days required for redemption | 30 days | ||||||||||
Excess to percentage of conversion price | 150.00% | ||||||||||
Number of trading days required for redemption | 20 or more trading days | ||||||||||
Term Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, interest rate | 15.00% | 10.00% | |||||||||
Term Loans | Interest Payable In Cash | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, interest rate | 5.00% | 5.00% | |||||||||
Term Loans | Interest Payable In Kind | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, interest rate | 10.00% | 5.00% | |||||||||
Term Loans | First Installment | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Accrued paid in kind interest | $ 200,000 | ||||||||||
Amended Agri-Energy Loan Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, additional term loan | $ 15,000,000 | ||||||||||
Loan Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Mar. 15, 2017 | ||||||||||
Loan Agreement | Term Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit, maximum borrowing capacity | $ 31,100,000 | ||||||||||
Loan Agreement | Term Loans | First Installment | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line Of Credit Facility Current Borrowing Capacity | 22,800,000 | ||||||||||
Debt, discount | 1,600,000 | ||||||||||
Debt issuance cost | $ 1,500,000 | ||||||||||
2014 Amendments | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | May 31, 2017 | ||||||||||
Secured debt | $ 800,000 |
Schedule of Estimated Fair Valu
Schedule of Estimated Fair Value Assumption of 2017 Notes (Detail) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Aug. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2012 | |
Debt Instrument [Line Items] | |||||
Stock price | $ 0.60 | $ 1.35 | $ 4.95 | ||
Convertible 2017 Notes | |||||
Debt Instrument [Line Items] | |||||
Stock price | $ 0.62 | $ 4.80 | |||
Conversion Rate | 57.55 | 57.55 | |||
Conversion Price | $ 17.38 | $ 17.38 | |||
Maturity date | Mar. 15, 2017 | Mar. 15, 2017 | |||
Risk-free interest rate | 0.74% | 0.80% | |||
Estimated stock volatility | 140.00% | 85.00% | |||
Estimated credit spread | 30.00% | 15.00% |
Information Pertaining to 2017
Information Pertaining to 2017 Notes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Beginning Balance | $ 25,460 | |
Ending Balance | 21,565 | $ 25,460 |
Change in Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Beginning Balance | (648) | |
Gain from change in fair value of debt | (3,895) | (648) |
Ending Balance | (4,543) | (648) |
2017 Notes | ||
Debt Instrument [Line Items] | ||
Ending Balance | 21,600 | |
2017 Notes | Principal Amount | ||
Debt Instrument [Line Items] | ||
Beginning Balance | 26,108 | |
Exchange of Term Loan for 2017 Notes | 25,907 | |
Accrued paid in kind interest | 201 | |
Ending Balance | 26,108 | 26,108 |
Term Loan And 2017 Notes | ||
Debt Instrument [Line Items] | ||
Beginning Balance | 25,460 | |
Issuance of Term Loan | 25,907 | |
Accrued paid in kind interest | 201 | |
Gain from change in fair value of debt | (3,895) | (648) |
Ending Balance | $ 21,565 | 25,460 |
Term Loans | Principal Amount | ||
Debt Instrument [Line Items] | ||
Issuance of Term Loan | 25,907 | |
Exchange of Term Loan for 2017 Notes | $ (25,907) |
Secured Debt Included in Consol
Secured Debt Included in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Secured debt | $ 504 | $ 822 |
Less: Unamortized debt discounts | (19) | (49) |
Secured debt, net | 485 | 773 |
Less current portion of debt | (332) | (288) |
Long-term portion of debt | 153 | 485 |
TriplePoint Capital LLC | TriplePoint - May 2014 Advance | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 504 | $ 822 |
Information Pertaining to 2022
Information Pertaining to 2022 Notes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Beginning balance | $ 13,679 | $ 14,501 | |
Amortization of debt discount | 3,557 | 2,648 | |
Gain from change in fair value of embedded derivatives | (3,470) | $ (3,114) | |
Write-off of debt discount associated with extingishment of debt | 1,900 | ||
Conversion of debt to stock | (2,000) | ||
3(a)9 exchange | (2,500) | ||
Ending balance | 14,636 | 13,679 | 14,501 |
Embedded Derivatives | |||
Debt Instrument [Line Items] | |||
Beginning balance | 3,470 | ||
Gain from change in fair value of embedded derivatives | (3,470) | ||
Ending balance | 3,470 | ||
Principal Amount of Convertible Notes | |||
Debt Instrument [Line Items] | |||
Beginning balance | 26,900 | 26,900 | |
Conversion of debt to stock | (2,000) | ||
3(a)9 exchange | (2,500) | ||
Ending balance | 22,400 | 26,900 | 26,900 |
Debt Discount | |||
Debt Instrument [Line Items] | |||
Beginning balance | (13,221) | (15,869) | |
Amortization of debt discount | 3,557 | 2,648 | |
Write-off of debt discount associated with extingishment of debt | 1,900 | ||
Ending balance | $ (7,764) | $ (13,221) | $ (15,869) |
Obligations by Year Relating to
Obligations by Year Relating to Secured Debt and Convertible Notes (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Disclosure Obligations By Year Relating To Secured Debt And Convertible Notes [Abstract] | |
2,016 | $ 349 |
2,017 | 26,263 |
2020 and thereafter | 22,400 |
Total | $ 49,012 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) $ / shares in Units, $ in Thousands | Apr. 15, 2015$ / shares | Dec. 31, 2015USD ($)$ / sharesshares | May. 31, 2015USD ($)$ / sharesshares | Feb. 28, 2015USD ($)$ / sharesshares | Aug. 31, 2014USD ($)$ / sharesshares | Jul. 31, 2012USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares |
Stockholders Equity [Line Items] | |||||||||
Common stock, shares authorized | 250,000,000 | 250,000,000 | 250,000,000 | ||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |||||||
Common stock, voting rights | The holders of the Company’s common stock have one vote per share. | ||||||||
Voting power required for amendment or repeal of any provisions | 66.67% | ||||||||
Common Stock Units Issued | 10,050,000 | 4,300,000 | 2,216,667 | ||||||
Purchase price | $ / shares | $ 4 | $ 3 | $ 17.70 | ||||||
Proceeds from issuance of common stock and common stock warrants | $ | $ 9,970 | $ 17,200 | $ 6,700 | $ 2,400 | $ 57,400 | $ 33,820 | $ 18,000 | $ 28,761 | |
Additional purchase of common stock shares | 25,333,584 | ||||||||
Common stock shares issued and sold | 2,000,000 | 12,500,000 | 1,420,250 | ||||||
Stock price | $ / shares | $ 0.60 | $ 4.95 | $ 1.35 | ||||||
Net proceed from common stock issued | $ | $ 16,400 | $ 26,400 | |||||||
Number of shares of common stock exercisable for warrants | 0.5 | ||||||||
Warrant issuance | $ | 4,048 | ||||||||
Fair value Adjustment | $ | $ 200 | ||||||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Reverse split of common stock | one-for-fifteen | ||||||||
Reverse stock split ratio | 0.067 | ||||||||
Series D Warrant | |||||||||
Stockholders Equity [Line Items] | |||||||||
Common Stock Units Issued | 10,050,000 | ||||||||
Warrants, exercise price | $ / shares | $ 1.40 | $ 1.40 | |||||||
Warrants, Expiration date | Dec. 11, 2020 | ||||||||
Series E Warrant | |||||||||
Stockholders Equity [Line Items] | |||||||||
Common Stock Units Issued | 8,000,000 | ||||||||
Warrants, exercise price | $ / shares | $ 0.01 | $ 0.01 | |||||||
Warrants, Expiration date | Dec. 11, 2016 | ||||||||
Series C Warrant | |||||||||
Stockholders Equity [Line Items] | |||||||||
Warrants, exercise price | $ / shares | $ 3.60 | ||||||||
Warrants, Expiration date | May 19, 2020 | ||||||||
Additional purchase of common stock shares | 430,000 | ||||||||
Series A Warrant | |||||||||
Stockholders Equity [Line Items] | |||||||||
Warrants, exercise price | $ / shares | $ 1 | ||||||||
Warrants, Expiration date | Feb. 3, 2020 | ||||||||
Additional purchase of common stock shares | 2,216,667 | ||||||||
Series B Warrant | |||||||||
Stockholders Equity [Line Items] | |||||||||
Warrants, exercise price | $ / shares | $ 3 | ||||||||
Warrants, Expiration date | Aug. 3, 2015 | ||||||||
Additional purchase of common stock shares | 2,216,667 | ||||||||
Series A | |||||||||
Stockholders Equity [Line Items] | |||||||||
Purchase price | $ / shares | $ 1 | $ 1 | |||||||
Additional purchase of common stock shares | 2,216,667 | ||||||||
Series A | Common Stock | |||||||||
Stockholders Equity [Line Items] | |||||||||
Common Stock Units Issued | 2,050,000 | ||||||||
Series A | Series D Warrant | |||||||||
Stockholders Equity [Line Items] | |||||||||
Common Stock Units Issued | 2,050,000 | ||||||||
Series B | |||||||||
Stockholders Equity [Line Items] | |||||||||
Purchase price | $ / shares | $ 0.99 | 0.99 | |||||||
Warrants, exercise price | $ / shares | $ 3 | $ 3 | |||||||
Warrants, Expiration date | Aug. 3, 2015 | ||||||||
Additional purchase of common stock shares | 2,216,667 | ||||||||
Series B | Series D Warrant | |||||||||
Stockholders Equity [Line Items] | |||||||||
Common stock units issued | 8,000,000 | ||||||||
Series B | Series E Warrant | |||||||||
Stockholders Equity [Line Items] | |||||||||
Common stock units issued | 8,000,000 |
Warrants to Purchase Shares of
Warrants to Purchase Shares of Common Stock Outstanding (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | May. 31, 2015 | |
Class Of Warrant Or Right [Line Items] | ||
Warrants, Outstanding | 20,492,704 | |
2013 Warrants | ||
Class Of Warrant Or Right [Line Items] | ||
Warrant, Issuance Date | Dec. 16, 2013 | |
Warrants, Expiration Date | Dec. 16, 2018 | |
Warrants, Outstanding | 1,115,476 | |
Warrant , Exercise Price | $ 7.53 | $ 15.30 |
2014 Warrants | ||
Class Of Warrant Or Right [Line Items] | ||
Warrant, Issuance Date | Aug. 5, 2014 | |
Warrants, Expiration Date | Aug. 5, 2019 | |
Warrants, Outstanding | 389,229 | |
Warrant , Exercise Price | $ 5.13 | $ 9.60 |
2015 Warrants | Series A | ||
Class Of Warrant Or Right [Line Items] | ||
Warrant, Issuance Date | Feb. 3, 2015 | |
Warrants, Expiration Date | Feb. 3, 2020 | |
Warrants, Outstanding | 1,894,997 | |
Warrant , Exercise Price | $ 1 | |
2015 Warrants | Series C | ||
Class Of Warrant Or Right [Line Items] | ||
Warrant, Issuance Date | May 19, 2015 | |
Warrants, Expiration Date | May 19, 2020 | |
Warrants, Outstanding | 430,000 | |
Warrant , Exercise Price | $ 3.60 | |
2015 Warrants | Series D | ||
Class Of Warrant Or Right [Line Items] | ||
Warrant, Issuance Date | Dec. 11, 2015 | |
Warrants, Expiration Date | Dec. 11, 2020 | |
Warrants, Outstanding | 10,050,000 | |
Warrant , Exercise Price | $ 1.40 | |
2015 Warrants | Series E | ||
Class Of Warrant Or Right [Line Items] | ||
Warrant, Issuance Date | Dec. 11, 2015 | |
Warrants, Expiration Date | Dec. 31, 2016 | |
Warrants, Outstanding | 6,529,000 | |
Warrant , Exercise Price | $ 0.01 | |
Virgin Green Fund I, L.P. | ||
Class Of Warrant Or Right [Line Items] | ||
Warrant, Issuance Date | Jan. 31, 2008 | |
Warrants, Expiration Date | Feb. 29, 2016 | |
Warrants, Outstanding | 1,920 | |
Warrant , Exercise Price | $ 82.20 | |
CDP Gevo, LLC | ||
Class Of Warrant Or Right [Line Items] | ||
Warrant, Issuance Date | Sep. 30, 2009 | |
Warrants, Expiration Date | Sep. 30, 2016 | |
Warrants, Outstanding | 54,185 | |
Warrant , Exercise Price | $ 40.50 | |
TriplePoint Capital LLC | Warrant 1 | ||
Class Of Warrant Or Right [Line Items] | ||
Warrant, Issuance Date | Aug. 31, 2010 | |
Warrants, Expiration Date | Aug. 31, 2017 | |
Warrants, Outstanding | 13,334 | |
Warrant , Exercise Price | $ 17.70 | |
TriplePoint Capital LLC | Warrant 2 | ||
Class Of Warrant Or Right [Line Items] | ||
Warrant, Issuance Date | Oct. 31, 2011 | |
Warrants, Expiration Date | Oct. 31, 2018 | |
Warrants, Outstanding | 10,469 | |
Warrant , Exercise Price | $ 17.70 | |
TriplePoint Capital LLC | Warrant 3 | ||
Class Of Warrant Or Right [Line Items] | ||
Warrant, Issuance Date | Jan. 31, 2012 | |
Warrants, Expiration Date | Oct. 31, 2018 | |
Warrants, Outstanding | 2,094 | |
Warrant , Exercise Price | $ 17.70 | |
Genesis Select | ||
Class Of Warrant Or Right [Line Items] | ||
Warrant, Issuance Date | Jun. 30, 2013 | |
Warrants, Expiration Date | Jun. 30, 2018 | |
Warrants, Outstanding | 2,000 | |
Warrant , Exercise Price | $ 24.45 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) - shares | 1 Months Ended | 12 Months Ended |
Feb. 28, 2011 | Dec. 31, 2015 | |
Omnibus Securities and Incentive Plan 2006 | ||
Equity Incentive Plan [Line Items] | ||
Common stock reserved for issuance | 102,987 | |
Stock Incentive Plan 2010 | ||
Equity Incentive Plan [Line Items] | ||
Common stock reserved for issuance | 685,271 | |
Stock option grant, expiry period from grant date | 10 years | |
Common stock, available for grant | 59,316 | |
Employee Stock Purchase Plan | ||
Equity Incentive Plan [Line Items] | ||
Common stock reserved for issuance | 85,709 | |
Common stock, available for grant | 76,629 | |
Share price as percentage of fair market value | 85.00% |
Stock-Based Compensation Expens
Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 2,647 | $ 2,860 | $ 3,911 |
Stock-based compensation | 2,647 | 2,860 | 3,911 |
Restricted stock units | Research and Development Expense | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 10 | ||
Restricted stock units | Selling, General and Administrative Expense | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 62 | ||
Non-cash | Stock options and ESPP awards | Research and Development Expense | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 131 | 303 | 640 |
Non-cash | Stock options and ESPP awards | Selling, General and Administrative Expense | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 401 | 837 | 1,837 |
Non-cash | Unvested restricted common stock | Research and Development Expense | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 576 | 487 | 14 |
Non-cash | Unvested restricted common stock | Selling, General and Administrative Expense | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 1,467 | $ 1,233 | 1,381 |
Warrants Issued | Non-cash | Selling, General and Administrative Expense | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 39 |
Weighted-Average Assumptions Us
Weighted-Average Assumptions Used to Estimate Fair Values for Stock Options Granted Using Black-Scholes Option Pricing Model (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Risk-free interest rate | 1.62% | 1.74% | 1.26% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility factor | 106.89% | 71.13% | 71.96% |
Expected option life (in years) | 5 years 9 months 7 days | 5 years 9 months | 5 years 9 months 18 days |
Weighted average grant date fair value | $ 1.77 | $ 13.35 | $ 17.70 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock option, estimated forfeiture rate | 0.00% | ||
Stock option, estimated forfeiture rate | 5.00% | ||
Total intrinsic value of options exercised | $ 0 | $ 0 | $ 0.2 |
Unrecognized compensation cost | $ 0.7 | ||
Unrecognized compensation cost, recognition period | 1 year | ||
Unvested restricted common stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 0.8 | ||
Unrecognized compensation cost, recognition period | 2 years | ||
Fair Value of Restricted Stock Vested | $ 1.4 | $ 1.5 | $ 1.5 |
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock awards vesting period | 3 years | ||
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock awards vesting period | 6 years |
Stock Option Award Activity (De
Stock Option Award Activity (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Number of options | ||
Options outstanding at beginning of year | 234,961 | |
Granted | 267,664 | |
Canceled or forfeited | (20,839) | |
Options outstanding at end of year | 481,786 | 234,961 |
Options exercisable | 231,346 | |
Options vested and expected to vest | 481,763 | |
Weighted Average Exercise Price | ||
Options outstanding at beginning of year | $ 55.80 | |
Granted | 2.19 | |
Canceled or forfeited | 40.58 | |
Options outstanding at end of year | 26.79 | $ 55.80 |
Options exercisable | 51.48 | |
Options vested and expected to vest | $ 26.79 | |
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM | ||
Options outstanding | 7 years 3 months 11 days | 5 years 7 months 10 days |
Options exercisable | 4 years 11 months 1 day | |
Options vested and expected to vest | 7 years 3 months 11 days |
Summary of Information Associat
Summary of Information Associated with Outstanding and Exercisable Stock Options (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Options Outstanding, Number of Options | 481,786 | 234,961 |
Options Outstanding, Weighted- Average Exercise Price | $ 26.79 | $ 55.80 |
Options Outstanding, Weighted- Average Remaining Contractual Life in Years | 7 years 3 months 11 days | 5 years 7 months 10 days |
Options Exercisable, Number of Options | 231,346 | |
Options Exercisable, Weighted- Average Exercise Price | $ 51.48 | |
Options Exercisable, Weighted- Average Remaining Contractual Life in Years | 4 years 11 months 1 day | |
Range One | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Lower Range | $ 2.19 | |
Range of Exercise Prices, Upper Range | $ 2.55 | |
Options Outstanding, Number of Options | 264,015 | |
Options Outstanding, Weighted- Average Exercise Price | $ 2.19 | |
Options Outstanding, Weighted- Average Remaining Contractual Life in Years | 9 years 6 months 26 days | |
Options Exercisable, Number of Options | 36,981 | |
Options Exercisable, Weighted- Average Exercise Price | $ 2.19 | |
Options Exercisable, Weighted- Average Remaining Contractual Life in Years | 9 years 5 months 27 days | |
Range Two | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Lower Range | $ 5.25 | |
Range of Exercise Prices, Upper Range | $ 7.35 | |
Options Outstanding, Number of Options | 25,138 | |
Options Outstanding, Weighted- Average Exercise Price | $ 6.92 | |
Options Outstanding, Weighted- Average Remaining Contractual Life in Years | 1 year 3 months 22 days | |
Options Exercisable, Number of Options | 25,138 | |
Options Exercisable, Weighted- Average Exercise Price | $ 6.92 | |
Options Exercisable, Weighted- Average Remaining Contractual Life in Years | 1 year 3 months 22 days | |
Range Three | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Lower Range | $ 13.20 | |
Range of Exercise Prices, Upper Range | $ 21.90 | |
Options Outstanding, Number of Options | 81,826 | |
Options Outstanding, Weighted- Average Exercise Price | $ 19.69 | |
Options Outstanding, Weighted- Average Remaining Contractual Life in Years | 5 years 10 months 13 days | |
Options Exercisable, Number of Options | 61,079 | |
Options Exercisable, Weighted- Average Exercise Price | $ 19.42 | |
Options Exercisable, Weighted- Average Remaining Contractual Life in Years | 5 years 22 days | |
Range Four | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Lower Range | $ 23.10 | |
Range of Exercise Prices, Upper Range | $ 92.25 | |
Options Outstanding, Number of Options | 65,387 | |
Options Outstanding, Weighted- Average Exercise Price | $ 34.95 | |
Options Outstanding, Weighted- Average Remaining Contractual Life in Years | 4 years 8 months 16 days | |
Options Exercisable, Number of Options | 62,728 | |
Options Exercisable, Weighted- Average Exercise Price | $ 35.24 | |
Options Exercisable, Weighted- Average Remaining Contractual Life in Years | 4 years 7 months 2 days | |
Range Five | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Lower Range | $ 116.55 | |
Range of Exercise Prices, Upper Range | $ 171.30 | |
Options Outstanding, Number of Options | 29,459 | |
Options Outstanding, Weighted- Average Exercise Price | $ 146.88 | |
Options Outstanding, Weighted- Average Remaining Contractual Life in Years | 3 years 1 month 10 days | |
Options Exercisable, Number of Options | 29,459 | |
Options Exercisable, Weighted- Average Exercise Price | $ 146.88 | |
Options Exercisable, Weighted- Average Remaining Contractual Life in Years | 3 years 1 month 6 days | |
Range Six | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Lower Range | $ 190.05 | |
Range of Exercise Prices, Upper Range | $ 287.10 | |
Options Outstanding, Number of Options | 15,961 | |
Options Outstanding, Weighted- Average Exercise Price | $ 246.25 | |
Options Outstanding, Weighted- Average Remaining Contractual Life in Years | 4 years 2 months 5 days | |
Options Exercisable, Number of Options | 15,961 | |
Options Exercisable, Weighted- Average Exercise Price | $ 246.25 | |
Options Exercisable, Weighted- Average Remaining Contractual Life in Years | 4 years 2 months 5 days |
Non-Vested Restricted Stock Awa
Non-Vested Restricted Stock Awards and Changes Period (Detail) - Unvested restricted common stock | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Number of shares | |
Non-vested at December 31, 2014 | shares | 58,351 |
Granted | shares | 784,741 |
Vested | shares | (504,476) |
Canceled or forfeited | shares | (10,353) |
Non-vested at December 31, 2015 | shares | 328,263 |
Weighted-Average Grant-Date Fair Value | |
Non-vested at December 31, 2014 | $ / shares | $ 22.05 |
Granted | $ / shares | 2.05 |
Vested | $ / shares | 3.65 |
Canceled or forfeited | $ / shares | 15 |
Non-vested at December 31, 2015 | $ / shares | $ 2.74 |
Significant Agreements - Additi
Significant Agreements - Additional Information (Detail) | Aug. 22, 2015Boe | Feb. 29, 2016Boe | Jan. 31, 2016BoePlant | Jun. 30, 2015USD ($)bu | Sep. 30, 2013Boe | May. 31, 2013Boe | Mar. 31, 2013Boe | Sep. 30, 2012Boe | Sep. 30, 2011Boe | Aug. 31, 2011 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | May. 31, 2014USD ($) |
Parties To Contract [Line Items] | |||||||||||||||
Production, barrels of oil equivalents | Boe | 20,000 | 3,650 | |||||||||||||
Hydrocarbon revenue | $ 1,694,000 | $ 3,949,000 | $ 2,157,000 | ||||||||||||
Increase decrease in production barrels of oil equivalents | Boe | 12,500 | ||||||||||||||
Maximum | |||||||||||||||
Parties To Contract [Line Items] | |||||||||||||||
Production, barrels of oil equivalents | Boe | 45,000 | 11,000 | |||||||||||||
Minimum | BCD Chemie | |||||||||||||||
Parties To Contract [Line Items] | |||||||||||||||
Value of purchase orders | $ 1,000,000 | ||||||||||||||
Ethanol Marketing Agreement with Subsidiary of Mansfield Oil Company | |||||||||||||||
Parties To Contract [Line Items] | |||||||||||||||
Terms of agreement | The ethanol purchase and marketing agreement with C&N was entered into in April 2009 and automatically renews for subsequent one-year terms unless either party terminates the agreement 60 days before the end of term. | ||||||||||||||
Biojet Fuel | |||||||||||||||
Parties To Contract [Line Items] | |||||||||||||||
Hydrocarbon revenue | $ 1,000,000 | 2,000,000 | 1,900,000 | $ 600,000 | |||||||||||
Alaska Airlines | Subsequent Event | |||||||||||||||
Parties To Contract [Line Items] | |||||||||||||||
Production, barrels of oil equivalents | Boe | 20,000 | ||||||||||||||
Development and Commercialization Agreements with ICM Inc | |||||||||||||||
Parties To Contract [Line Items] | |||||||||||||||
Terms of agreement | In December 2011, the development agreement was amended to extend the term indefinitely. The development agreement, as amended, may be cancelled by either party with 30 days’ prior written notice. | ||||||||||||||
Commercialization Agreement end date | 2018-10 | ||||||||||||||
Joint Research Development License and Commercialization Agreement with Coca-Cola Company | |||||||||||||||
Parties To Contract [Line Items] | |||||||||||||||
Revenue recognized under agreement | $ 0 | $ 0 | 1,400,000 | ||||||||||||
Licensing Agreement with Porta | Subsequent Event | |||||||||||||||
Parties To Contract [Line Items] | |||||||||||||||
Number of additional isobutanol plants | Plant | 3 | ||||||||||||||
Licensing Agreement with Porta | Maximum | Subsequent Event | |||||||||||||||
Parties To Contract [Line Items] | |||||||||||||||
Expected production capacity | Boe | 5,000,000 | ||||||||||||||
Patent Cross-License Agreement with Butamax Advanced Biofuels, LLC | |||||||||||||||
Parties To Contract [Line Items] | |||||||||||||||
Production and sale, barrels of oil equivalents | Boe | 30,000,000 | ||||||||||||||
Negotiation to sell, barrels of oil equivalents | Boe | 15,000,000 | ||||||||||||||
Toray Industries | |||||||||||||||
Parties To Contract [Line Items] | |||||||||||||||
Amount received for Pilot Plant | $ 1,000,000 | ||||||||||||||
Amount refund from Pilot Plant | $ 1,000,000 | ||||||||||||||
Refund amount as component of other long term liabilities | $ 1,000,000 | ||||||||||||||
Origination Agreement | |||||||||||||||
Parties To Contract [Line Items] | |||||||||||||||
Storage bins to store corn grains, bu | bu | 700,000 | ||||||||||||||
Agreement term | 1 year | ||||||||||||||
Automatic renewal term | 18 months | ||||||||||||||
Agreement to pay to agri energy, per year | $ 175,000 |
Gevo Development - Additional I
Gevo Development - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2014 | |
Class Of Stock [Line Items] | ||||
Number of shares of common stock exercisable for warrants | 0.5 | |||
Intercompany loans, description | However, as of December 31, 2015, under the terms of the Amended Agri-Energy Loan Agreement with TriplePoint, as amended, subject to certain limited exceptions, Agri-Energy is only permitted to pay dividends if all principal balances due to TriplePoint have been paid | |||
CDP Gevo, LLC | ||||
Class Of Stock [Line Items] | ||||
Number of shares of common stock exercisable for warrants | 57,200 | |||
Warrant , Exercise Price | $ 40.50 | |||
Warrants, Expiration date | Sep. 30, 2016 | |||
Gevo Development | ||||
Class Of Stock [Line Items] | ||||
Equity ownership of wholly owned subsidiary | 100.00% | |||
Capital contribution to subsidiaries | $ 7.9 | $ 26.5 | $ 29.6 |
Net Loss Incurred by Gevo Devel
Net Loss Incurred by Gevo Development (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gevo Development | |||
Related Party Transaction [Line Items] | |||
Gevo Development Net Loss | $ (12,294) | $ (14,778) | $ (19,243) |
Redfield Energy, LLC - Addition
Redfield Energy, LLC - Additional Information (Detail) - Redfield Boe in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)BoePersonshares | |
Related Party Transaction [Line Items] | |
Redfield ethanol production facility | Boe | 50 |
Limited partners capital account units issued | shares | 100 |
Members in board of managers | Person | 11 |
Cost for retrofit of Redfield Facilities | $ | $ 0.4 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Income Taxes [Line Items] | |
Net operating loss carry forwards expiration | 2,035 |
Uncertain tax positions recognized | $ 0 |
Federal And State | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | 307,900 |
Federal Research And Development | Federal Tax | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | $ 5,600 |
Tax Effects of Temporary Differ
Tax Effects of Temporary Differences that Give Rise to Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 123,647 | $ 115,870 |
Research and other credits | 5,610 | 6,047 |
Other temporary differences | 4,804 | (2,478) |
Deferred tax assets - before valuation allowance | 134,061 | 119,439 |
Valuation allowance | $ (134,061) | $ (119,439) |
Reconciling Items from Income T
Reconciling Items from Income Tax Computed at Statutory Federal Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | |||
Federal income tax at statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefits | 5.40% | 4.50% | 5.70% |
Research and other credits | (1.20%) | (1.30%) | (2.20%) |
Permanent deductions | (4.00%) | (2.20%) | (1.50%) |
Valuation allowance | (35.20%) | (36.00%) | (37.00%) |
Effective tax rate | 0.00% | 0.00% | 0.00% |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Line Items] | |
Eligibility requirement service period as per the 401(k) plan | 3 months |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Commitments And Contingencies [Line Items] | |||
Operating lease expiration period | 2021-07 | ||
Corporate apartment lease term expiring period | 12 months | ||
Operating leases rent expense | $ 500,000 | $ 500,000 | $ 600,000 |
Environmental liabilities | 0 | ||
Accounts Payable and Accrued Liabilities | |||
Schedule Of Commitments And Contingencies [Line Items] | |||
Capital lease liabilities | 200,000 | 200,000 | |
Other Long-term Liabilities | |||
Schedule Of Commitments And Contingencies [Line Items] | |||
Capital lease obligation included in other non-current liabilities | $ 200,000 | $ 300,000 | |
Software License Arrangement | |||
Schedule Of Commitments And Contingencies [Line Items] | |||
Capital lease agreement | 6 years |
Future Minimum Payments Under N
Future Minimum Payments Under Non-Cancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Disclosure Future Minimum Payments Under Non Cancelable Operating Leases [Abstract] | |
2,016 | $ 1,530 |
2,017 | 1,475 |
2,018 | 1,483 |
2,019 | 968 |
2020 and Thereafter | 661 |
Total | 6,117 |
2,016 | 162 |
2,017 | 167 |
Total | 329 |
2,016 | 1,692 |
2,017 | 1,642 |
2,018 | 1,483 |
2,019 | 968 |
2020 and Thereafter | 661 |
Total | $ 6,446 |
Fair Value Measurements and F77
Fair Value Measurements and Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | May. 31, 2015 | Feb. 28, 2015 | Aug. 31, 2014 | Jul. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 11, 2015 | May. 19, 2015 | Feb. 03, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Estimated fair value of principal amount | $ 21,565,000 | $ 21,565,000 | $ 25,460,000 | ||||||||
Common stock shares issued and sold | 2,000,000 | 12,500,000 | 1,420,250 | ||||||||
Derivative warrant liability fair value | 10,493,000 | 10,493,000 | 3,114,000 | ||||||||
Estimated fair value of the embedded derivatives | $ 0 | 0 | 0 | ||||||||
Common Stock Units Issued | 10,050,000 | 4,300,000 | 2,216,667 | ||||||||
Series A Warrant | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Common stock shares issued and sold | 2,216,667 | ||||||||||
Series B Warrant | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Common stock shares issued and sold | 2,216,667 | ||||||||||
Series C Warrant | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Common stock shares issued and sold | 430,000 | ||||||||||
Warrants Issued in 2013 | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Common stock shares issued and sold | 1,420,250 | ||||||||||
Warrants Issued In Two Thousand And Fourteen | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Common stock shares issued and sold | 1,000,000 | ||||||||||
Series D Warrant | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Derivative warrant liability fair value | $ 5,200,000 | 5,200,000 | $ 5,700,000 | ||||||||
Common Stock Units Issued | 10,050,000 | ||||||||||
Series E Warrant | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Common Stock Units Issued | 8,000,000 | ||||||||||
2017 Notes | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Estimated fair value of principal amount | $ 21,600,000 | 21,600,000 | |||||||||
Fair Value, Inputs, Level 2 | Warrants Issued in 2013 | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Derivative warrant liability fair value | 1,400,000 | ||||||||||
Fair Value, Inputs, Level 2 | Warrants Issued In Two Thousand And Fourteen | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Derivative warrant liability fair value | 1,700,000 | ||||||||||
Fair Value, Inputs, Level 2 | 2017 Notes | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Estimated fair value of principal amount | 21,600,000 | 21,600,000 | 25,500,000 | ||||||||
Fair Value, Inputs, Level 2 | 2022 Notes | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Estimated fair value of principal amount | 14,600,000 | 14,600,000 | 19,400,000 | ||||||||
Estimated fair value of the embedded derivatives | 0 | 0 | 0 | ||||||||
Fair Value, Inputs, Level 3 | Series A Warrant | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Derivative warrant liability fair value | 900,000 | 900,000 | $ 1,400,000 | ||||||||
Fair Value, Inputs, Level 3 | Series B Warrant | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Derivative warrant liability fair value | 0 | 0 | $ 2,500,000 | ||||||||
Fair Value, Inputs, Level 3 | Series C Warrant | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Derivative warrant liability fair value | 100,000 | 100,000 | $ 1,200,000 | ||||||||
Fair Value, Inputs, Level 3 | Warrants Issued in 2013 | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Derivative warrant liability fair value | 200,000 | 200,000 | |||||||||
Fair Value, Inputs, Level 3 | Warrants Issued In Two Thousand And Fourteen | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Derivative warrant liability fair value | 100,000 | 100,000 | |||||||||
Fair Value, Inputs, Level 1 | Series E Warrant | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Derivative warrant liability fair value | $ 4,000,000 | 4,000,000 | $ 5,300,000 | ||||||||
Corn | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Write down of inventory | $ 300,000 | $ 100,000 |
Information on Business Segment
Information on Business Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 30,137 | $ 28,266 | $ 8,224 |
Loss from operations | (31,927) | (39,777) | (55,515) |
Interest expense | 8,243 | 12,024 | 9,301 |
Depreciation expense | 6,573 | 4,880 | 3,393 |
Acquisitions of plant, property and equipment | 1,464 | 4,894 | 9,806 |
Total assets | 103,128 | 98,928 | |
Gevo | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,911 | 4,718 | 4,822 |
Loss from operations | (19,723) | (26,567) | (39,745) |
Interest expense | 8,147 | 10,446 | 5,815 |
Depreciation expense | 856 | 937 | 1,160 |
Acquisitions of plant, property and equipment | 7 | 116 | 591 |
Gevo Development / Agri-Energy | |||
Segment Reporting Information [Line Items] | |||
Revenues | 27,226 | 23,548 | 3,402 |
Loss from operations | (12,204) | (13,210) | (15,770) |
Interest expense | 96 | 1,578 | 3,486 |
Depreciation expense | 5,717 | 3,943 | 2,233 |
Acquisitions of plant, property and equipment | 1,457 | 4,778 | $ 9,215 |
Operating Segments | Gevo | |||
Segment Reporting Information [Line Items] | |||
Total assets | 100,688 | 95,680 | |
Operating Segments | Gevo Development / Agri-Energy | |||
Segment Reporting Information [Line Items] | |||
Total assets | 157,663 | 49,961 | |
Intercompany Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ (155,223) | $ (46,713) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, Boe in Millions, $ in Millions | Jul. 25, 2016USD ($) | Jan. 25, 2016$ / shares | Jan. 31, 2016BoePlant | Dec. 31, 2015 |
Subsequent Event [Line Items] | ||||
NASDAQ listing minimum bid price requirement description | On January 25, 2016, we received a deficiency letter from the Listing Qualifications Department of the NASDAQ Stock Market, notifying us that, for the prior 30 consecutive business days, the closing bid price of our common stock was not maintained at the minimum required closing bid price of at least $1.00 per share as required for continued listing on the NASDAQ Capital Market. In accordance with NASDAQ Listing Rules, we have an initial compliance period of 180 calendar days, or until July 23, 2016, to regain compliance with this requirement. To regain compliance, the closing bid price of our common stock must be $1.00 per share or more for a minimum of 10 consecutive business days at any time before July 25, 2016. If we regain compliance, NASDAQ will have provided written notification and close the matter. | |||
Scenario Forecast | ||||
Subsequent Event [Line Items] | ||||
Additional period allowed to regain compliance with listing qualifications | 180 days | |||
Market value of publicly held shares | $ | $ 1 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Consecutive business period to maintain minimum bid closing price | 30 days | |||
Initial period allowed to regain compliance with listing qualifications | 180 days | |||
Regain compliance with listing qualifications initial period date | Jul. 23, 2016 | |||
Common stock minimum bid price | $ 1 | |||
Regain compliance with listing qualifications minimum number of consecutive business period | 10 days | |||
Regain compliance with listing qualifications common stock minimum bid price | $ 1 | |||
Regain compliance with listing qualifications period end date | Jul. 25, 2016 | |||
Subsequent Event | Licensing Agreement with Porta | ||||
Subsequent Event [Line Items] | ||||
Number of additional isobutanol plants | Plant | 3 | |||
Subsequent Event | Licensing Agreement with Porta | Maximum | ||||
Subsequent Event [Line Items] | ||||
Expected production capacity | Boe | 5 |