Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | GEVO | |
Entity Registrant Name | GEVO, INC. | |
Entity Central Index Key | 1,392,380 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 15,074,966 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 20,393 | $ 27,888 |
Accounts receivable | 1,204 | 1,122 |
Inventories | 4,178 | 3,458 |
Prepaid expenses and other current assets | 860 | 850 |
Total current assets | 26,635 | 33,318 |
Property, plant and equipment, net | 74,538 | 75,592 |
Restricted deposits | 2,611 | 2,611 |
Deposits and other assets | 803 | 803 |
Total assets | 104,587 | 112,324 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 4,998 | 6,193 |
2017 Notes recorded at fair value | 16,492 | 25,769 |
Derivative warrant liability | 4,942 | 2,698 |
Total current liabilities | 26,432 | 34,660 |
2022 Notes, net | 1,088 | 8,221 |
Other long-term liabilities | 167 | 179 |
Total liabilities | 27,687 | 43,060 |
Commitments and Contingencies (see Note 11) | ||
Stockholders' Equity | ||
Common stock, $0.01 par value per share; 250,000,000 authorized; 15,065,551 and 7,074,246 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 151 | 71 |
Additional paid-in capital | 459,403 | 445,913 |
Accumulated Deficit | (382,654) | (376,720) |
Total stockholders' equity | 76,900 | 69,264 |
Total liabilities and stockholders' equity | $ 104,587 | $ 112,324 |
Consolidated Balance Sheets (u3
Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock shares issued | 15,065,551 | 7,074,246 |
Common stock, shares outstanding | 15,065,551 | 7,074,246 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue and cost of goods sold | ||
Hydrocarbon revenue | $ 90 | $ 298 |
Grant and other revenue | 32 | 265 |
Total revenues | 5,616 | 6,320 |
Cost of goods sold | 9,408 | 9,223 |
Gross loss | (3,792) | (2,903) |
Operating expenses | ||
Research and development expense | 1,217 | 1,044 |
Selling, general and administrative expense | 2,173 | 1,919 |
Total operating expenses | 3,390 | 2,963 |
Loss from operations | (7,182) | (5,866) |
Other (expense) income | ||
Interest expense | (714) | (2,151) |
(Loss) on exchange or conversion of debt | (964) | |
(Loss) from change in fair value of the 2017 Notes | (339) | (836) |
Gain from change in fair value of derivative warrant liability | 3,259 | 5,248 |
Other income | 6 | |
Total other expense, net | 1,248 | 2,261 |
Net loss | $ (5,934) | $ (3,605) |
Net loss per share - basic and diluted | $ (0.51) | $ (3.13) |
Weighted-average number of common shares outstanding - basic and diluted | 11,584,595 | 1,150,817 |
Ethanol | ||
Revenue and cost of goods sold | ||
Sales | $ 5,494 | $ 5,757 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Activities | ||
Net loss | $ (5,934) | $ (3,605) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
(Gain) from change in fair value of derivative warrant liability | (3,226) | (5,248) |
Loss from change in fair value of the 2017 Notes | 339 | 836 |
Loss on exchange or conversion of debt | 964 | |
(Gain) on extinguishment of warrant liability | (33) | |
Stock-based compensation | 128 | 358 |
Depreciation and amortization | 1,676 | 1,621 |
Non-cash interest expense | 80 | 1,057 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (82) | 523 |
Inventories | (720) | 500 |
Prepaid expenses and other current assets | (11) | (278) |
Accounts payable, accrued expenses, and long-term liabilities | (1,228) | (1,268) |
Net cash used in operating activities | (8,047) | (5,504) |
Investing Activities | ||
Acquisitions of property, plant and equipment | (673) | (2,247) |
Net cash used in investing activities | (673) | (2,247) |
Financing Activities | ||
Payments on secured debt | (9,616) | (84) |
Debt and equity offering costs | (205) | (589) |
Proceeds from issuance of common stock and common stock warrants | 11,044 | |
Proceeds from the exercise of warrants | 2 | 65 |
Net cash provided (used) by financing activities | 1,225 | (608) |
Net decrease in cash and cash equivalents | (7,495) | (8,359) |
Cash and cash equivalents | ||
Beginning of period | 27,888 | 17,031 |
End of period | 20,393 | 8,672 |
Supplemental disclosures of cash and non-cash investing and financing transactions | ||
Cash paid for interest, net of interest capitalized | 1,616 | 1,503 |
Non-cash purchase of property, plant and equipment | 461 | 2,049 |
Exchange of convertible debt into common stock | 8,177 | |
Accrued offering costs | 73 | $ 59 |
Fair value of warrants at issuance and upon exercise, net | $ 5,503 |
Nature of Business, Financial C
Nature of Business, Financial Condition and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Nature of Business, Financial Condition and Basis of Presentation | 1. Nature of Business, Financial Condition and Basis of Presentation 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 12 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, was engaged in the business of producing and selling ethanol and related products produced at its plant located in Luverne, Minnesota (the “Luverne Facility”). The Company commenced the retrofit of the Luverne 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 Luverne Facility to focus on optimizing specific parts of the process to further enhance isobutanol production rates. In 2013, the Company modified the Luverne Facility in order to (i) verify that the modifications had significantly reduced the previously identified infections, (ii) demonstrate that its biocatalyst performs in the one million liter fermenters at the Luverne Facility, and (iii) confirm GIFT ® efficacy at commercial scale at the Luverne Facility. In 2014, the Company reconfigured the Luverne Facility to enable the co-production of both isobutanol and ethanol, leveraging the flexibility of its GIFT ® technology, with one fermenter utilized for isobutanol production and three fermenters utilized for ethanol production. In line with the Company’s strategy to maximize asset utilization and site cash flows, the Company believes that this configuration of the plant should allow it to continue to optimize its isobutanol technology at a commercial scale, while taking advantage of potentially superior ethanol contribution margins As of March 31, 2017, the Company continues to engage in research and development, business development, business and financial planning, optimize operations for isobutanol, hydrocarbon and ethanol production and raise capital to fund future expansion of our Luverne Facility for increased isobutanol and hydrocarbon production. 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 Luverne 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. The Company is beginning to achieve more consistent production and revenue from the sale of isobutanol, therefore, the historical operating results of the Company may not be indicative of future operating results for Agri-Energy or Gevo. Financial Condition . For the three months ended March 31, 2017 and 2016, the Company incurred a consolidated net loss of $5.9 million and $3.6 million, respectively, and had an accumulated deficit of $382.6 million at March 31, 2017.The Company’s cash and cash equivalents at March 31, 2017 totaled $20.4 million which will be used for the following purposes: (i) operating activities of the Luverne Facility; (ii) operating activities at the Company’s corporate headquarters in Colorado, including research and development work; (iii) capital improvements primarily associated with the Luverne Facility; (iv) costs associated with optimizing isobutanol production technology; (v) exploration of restructuring, strategic alternatives and new financings; and (vi) debt service and repayment obligations. The Company expects to incur future net losses as it continues to fund the development and commercialization of its product candidates. To date, the Company has financed its operations primarily with proceeds from multiple sales of equity and debt securities, borrowings under debt facilities and product sales. The Company expects to incur future net losses as it continues to fund the development and commercialization of its product candidates. The Company’s transition to profitability is dependent upon, among other things, the successful development and commercialization of its product candidates and the achievement of a level of revenues adequate to support the Company’s cost structure. The Company may 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 fund 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 current operating plan, existing working capital at March 31, 2017 is not sufficient to meet the cash requirements to fund planned operations through the period that is one year after the date the Company’s 2017 year-end financial statements were issued unless the Company is able to restructure and extend its debt obligations and/or raise additional capital to fund operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern at March 31, 2017. The Company’s inability to continue as a going concern may potentially affect the Company’s rights and obligations under its Senior 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. Basis of Presentation. The unaudited consolidated financial statements of the Company (which include the accounts of its wholly-owned subsidiaries Gevo Development and Agri-Energy) have been prepared, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company at March 31, 2017 and are not necessarily indicative of the results to be expected for the full year. These statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included under the heading “Financial Statements and Supplementary Data” in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “Annual Report”). Reverse Stock Splits. On December 21, 2016, the Board of Directors approved an amendment to its Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company’s common stock, par value $0.01 at a ratio of one-for-twenty. The reverse stock split became effective January 5, 2017. 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. Recent Accounting Pronouncements Revenue from Contracts with Customers (“ASU 2014-09”) . In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers . The objective of ASU 2014-09 is to outline a new, single comprehensive model to use in accounting for revenue arising from contracts with customers. The new revenue recognition model provides a five-step analysis for determining when and how revenue is recognized, depicting the transfer of promised goods or services to customers in an amount that reflects the consideration that is expected to be received in exchange for those goods or services. ASU 2014-09 is effective for fiscal years and interim periods within those years beginning after December 15, 2016. Early adoption is permitted. On July 9, 2015, the FASB Board voted to delay the implementation of ASU 2014-09 by one year to December 15, 2017. In April 2016, the FASB issued Accounting Standards Update No. 2016-10 Revenue from Contracts with Customers, Identifying Performance Obligations and Licensing (“ASU 2016-10”) which provides additional clarification regarding Identifying Performance Obligations and Licensing . The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Company has not yet selected a transition method. The Company does not anticipate the new standard to materially impact how it accounts for its (a) ethanol and related products revenue and (b) hydrocarbon revenue. However, we are currently evaluating the impact to our grant revenue as there could be a potential for changes to the nature and timing of revenue recognized under our various grant agreements. Leases (“ASU 2016-02”) . In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Topic 842 Leases . ASU-2016-02 requires leases to be reported on the financial statements. The objective is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Future minimum lease obligations for leases accounted for as operating leases at March 31, 2017 totaled $4.1 million. The Company is currently in the process of evaluating the impact of adoption of ASU 2016-02 on its consolidated financial statements. Statement of Cash Flows, Classification of Certain Cash Receivable and Cash Payments (“ASU 2016-15). In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments which clarifies cash flow statement classification of eight specific cash flow issues. The purpose of ASU 2016-15 is to provide clarification and consistency for classifying the eight specific cash flow issues because current GAAP either is unclear or does not include specific guidance. The amendments in the update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently in the process of evaluating the impact of adoption of ASU 2016-15 on its consolidated statements of cash flows. Adoption of New Accounting Pronouncements . Simplifying the Measurement of Inventory (“ASU 2015-11”) . In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory which requires an entity to measure in scope inventory at the lower of cost and net realizable value. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company adopted this standard for the year-ending December 31, 2017. Adoption of this standard does not materially impact the measurement of the Company’s inventory. Derivatives and Hedging (Topic 815) Contingent Put and Call Options in Debt Instruments (“ASU 2016-06”). In March 2016, the FASB issued Accounting Standards Update No. 2016-06, Derivatives and Hedging (Topic 815) Contingent Put and Call Options in Debt Instruments . Topic 815 requires that embedded derivatives be separated from the host contract and accounted for separately as derivatives if certain criteria are met. There are two approaches for determining if the criteria are met. The objective of ASU 2016-06 is intended to resolve the diversity in practice resulting from those two approaches. We adopted this standard in the first quarter of 2017. The adoption of this new standard does not impact the Company’s consolidated financial statements. Compensation—Stock Compensation (‘ASU 2016-09”). In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation—Stock Compensation . This standard was issued as part of its Simplification Initiative. The objective of the Simplification Initiative is to identify, evaluate, and improve areas of GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The areas for simplification in ASU 2016-09 involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in ASU 2016-09 are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company adopted ASU 2016-09 effective as of January 1, 2017, and the adoption of this standard does not materially impact the Company’s accounting for stock compensation. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 2. Earnings per Share Basic net loss per share is computed by dividing the net loss attributable to Gevo common stockholders for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share (“EPS”) includes the dilutive effect of common stock equivalents and is computed using the weighted-average number of common stock and common stock equivalents outstanding during the reporting period. Diluted EPS for the three months ended March 31, 2017 and 2016 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 outstanding that could potentially dilute the calculation of diluted earnings per share. March 31, 2017 2016 Warrants to purchase common stock - liability classified (see Note 5) 14,017,373 698,056 Warrant to purchase common stock - equity classified 1,393 4,200 2017 Notes 47,827 75,192 2022 Notes 688 13,117 Outstanding options to purchase common stock 76,915 23,756 Unvested restricted common stock 7,536 13,448 Total 14,151,732 827,769 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories The following table sets forth the components of the Company’s inventory balances (in thousands). March 31, December 31, 2017 2016 Raw materials Corn $ 212 $ 108 Enzymes and other inputs 217 309 Nutrients 14 10 Finished goods Ethanol 190 72 Isobutanol 994 755 Jet Fuels, Isooctane and Isooctene 726 519 Distiller's grains 18 - Work in process - Agri-Energy 245 274 Work in process - Gevo 161 62 Spare parts 1,401 1,349 Total inventories $ 4,178 $ 3,458 Work in process inventory includes unfinished jet fuel, isooctane, isooctene and isobutanol inventory. During 2016, the Company chose to classify isobutanol as a component of finished goods due to the increased production of isobutanol at our Luverne Facility and the positive market development and customer demand for isobutanol being sold directly into the market as a gasoline blendstock. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2017 | |
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). Useful March 31, December 31, Life 2017 2016 Construction in progress $ 574 $ 293 Plant machinery and equipment (1) 10 years 15,574 15,397 Site improvements 10 years 7,050 7,050 Luverne retrofit asset (1) 20 years 70,842 70,791 Lab equipment, furniture and fixtures and vehicles 5 years 6,508 6,431 Demonstration plant 2 years 3,597 3,597 Buildings 10 years 2,543 2,543 Computer, office equipment and software 3 years 1,621 1,594 Leasehold improvements, pilot plant, land and support equipment 2 - 5 years 2,535 2,526 Total property, plant and equipment 110,844 110,222 Less accumulated depreciation and amortization (36,306 ) (34,630 ) Property, plant and equipment, net $ 74,538 $ 75,592 (1) In May 2016, certain assets of the Luverne retrofit asset were reclassified from plant, machinery and equipment to the Luverne retrofit asset. Included in cost of goods sold is depreciation of $1.5 million and $1.4 million during the three months ended March 31, 2017 and 2016, respectively. Included in operating expenses is depreciation of $0.1 million and $0.2 million during the three months ended March 31, 2017 and 2016, respectively. |
Embedded Derivatives and Deriva
Embedded Derivatives and Derivative Warrant Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Embedded Derivatives and Derivative Warrant Liabilities | 5. Embedded Derivatives and Derivative Warrant Liabilities Convertible 2022 Notes In July 2012, the Company issued 7.5% convertible senior notes due July 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 as one embedded derivative 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 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; or (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 the embedded derivative 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. As of March 31, 2017 and December 31, 2016, the estimated fair value of the embedded derivatives was 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 The following warrants were sold by the Company: • In December 2013, the Company sold warrants to purchase 71,013 shares of the Company’s common stock (the “2013 Warrants”). • In August 2014, the Company sold warrants to purchase 50,000 shares of the Company’s common stock (the “2014 Warrants”). • In February 2015, the Company sold Series A warrants to purchase 110,833 shares of the Company’s common stock (the “Series A Warrants”) and Series B warrants to purchase 110,883 shares of the Company’s common stock (the “Series B Warrants”). • In May 2015, the Company sold Series C warrants to purchase 21,500 shares of the Company’s common stock (the “Series C Warrants”). • In December 2015, the Company sold Series D warrants to purchase 502,500 shares of the Company’s common stock (the “Series D Warrants”) and Series E warrants to purchase 400,000 shares of the Company’s common stock (the “Series E Warrants”). • In April 2016, the Company sold 514,644 Series F warrants to purchase one share of common stock (each a “Series F Warrant”) and 1,029,286 Series H warrants, each to purchase one share of common stock (each, a “Series H Warrant”), and 328,571 pre-funded Series G warrants (“Series G Warrants”) to purchase one share of common stock, pursuant to an underwritten public offering. • In September 2016, the Company sold 712,503 Series I warrants to purchase one share of common stock (each a “Series I Warrant”) and 185,000 pre-funded Series J warrants (“Series J Warrants”) to purchase one share of common stock, pursuant to an underwritten public offering. • In February 2017, the Company sold 6,250,000 Series K warrants to purchase one share of common stock (each a “Series K Warrant”), 570,000 pre-funded Series L warrants (“Series L Warrants”) to purchase one share of common stock, and 6,250,000 Series M warrants (“Series M Warrants”) each to purchase one share of common stock, pursuant to an underwritten public offering. The following table sets forth information pertaining to shares issued upon the exercise of such warrants as of March 31, 2017: Issuance Date Expiration Date Exercise Price as of March 31, 2017 Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of March 31, 2017 Shares Underlying Warrants Outstanding as of March 31, 2017 2013 Warrants 12/16/2013 12/16/2018 $ 15.84 71,013 (15,239 ) 55,774 2014 Warrants 8/5/2014 8/5/2019 $ 11.98 50,000 (30,538 ) 19,462 Series A Warrants 2/3/2015 2/3/2020 $ 1.90 110,833 (99,416 ) 11,417 Series B Warrants 2/3/2015 8/3/2015 - (1) 110,833 (96,795 ) - Series C Warrants 5/19/2015 5/19/2020 $ 9.59 21,500 - 21,500 Series D Warrants 12/11/2015 12/11/2020 $ 2.00 502,500 (501,570 ) 930 Series E Warrants 12/11/2015 12/11/2016 - (1) 400,000 (400,000 ) - Series F Warrants 4/1/2016 4/1/2021 $ 2.00 514,644 (233,857 ) 280,787 Series G Warrants 4/1/2016 4/1/2017 - (1) 328,571 (328,571 ) - Series H Warrants 4/1/2016 10/1/2016 - (1) 1,029,286 (900,436 ) - Series I Warrants 9/13/2016 9/13/2021 $ 11.00 712,503 - 712,503 Series J Warrants 9/13/2016 9/13/2017 - (1) 185,000 (185,000 ) - Series K Warrants 2/17/2017 2/17/2022 $ 2.35 6,250,000 - 6,250,000 Series L Warrants 2/17/2017 2/17/2018 $ 0.01 (2) 570,000 (155,000 ) 415,000 Series M Warrants 2/17/2017 11/17/2017 $ 2.35 6,250,000 - 6,250,000 17,106,683 (2,946,422 ) 14,017,373 (1) Warrants have either been fully exercised and/or expired as of March 31, 2017. (2) The exercise price is $1.90 but $1.89 of the exercise price was pre-funded upon issuance of the Series L Warrants. The agreements governing the above warrants include the following terms: • certain warrants have exercise prices which are subject to adjustment for certain events, including the issuance of stock dividends on the Company’s common stock and, in certain instances, the issuance of the Company’s common stock or instruments convertible into the Company’s common stock at a price per share less than the exercise price of the respective warrants; • warrant holders may 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” or a “fundamental transaction” (as such terms are defined in the respective warrant agreements), generally including any merger with or into another entity, sale of all or substantially all of the Company’s assets, tender offer or exchange offer, or reclassification of its common stock, in which the successor entity (as defined in the respective warrant agreements) that assumes the successor entity is not 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 or fundamental 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. In some circumstances, the Company or successor entity may be obligated to make such payments regardless of whether the successor entity that assumes the warrants is a publicly traded company. Based on these terms, the Company has determined that the 2013 Warrants, the 2014 Warrants, the Series A Warrants, the Series C Warrants, the Series D Warrants, the Series F Warrants, the Series H Warrants, the Series I Warrants, the Series K Warrants, the Series L Warrants, and the Series M Warrants (together, the “Warrants”) qualify as derivatives and, as such, are presented as 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 $4.9 million and $2.7 million as of March 31, 2017 and December 31, 2016, respectively. The increase in the derivative warrant liability is the result of the issuance of new warrants during the period offset by warrants exercised during the period. During the three months ended March 31, 2017, the Company issued 155,000 shares of common stock as a result of the exercise of Series L Warrants. The Company received proceeds of approximately $2,000 from such exercises. In May 2016, as permitted by Section 2(a) of the Series H Warrant agreement, the board of directors of the Company approved a voluntary reduction of the exercise price of Series H Warrants exercisable into 375,000 shares of the Company’s common stock, from an exercise price of $15.00 per share of common stock to $6.00 per share of common stock, for the remaining term of these warrants. Except for the reduction in exercise price, the terms of these Series H Warrants remain unchanged. In June 2016, as permitted by Section 2(a) of the Series H Warrant agreement, the Board of Directors of the Company approved a voluntary reduction of the exercise price of Series H Warrants exercisable into 150,000 shares of the Company’s common stock, from an exercise price of $15.00 per share of common stock to $8.40 per share of common stock, for the remaining term of these warrants. The board of directors of the Company also approved a voluntary reduction of the exercise price of Series H Warrants exercisable into 100,000 shares of the Company’s common stock, from an exercise price of $15.00 per share of common stock to $10.40 per share of common stock, for the remaining term of these warrants. Ultimately, the Company adjusted the exercise price to $10.40 per share of common stock for Series H Warrants exercisable into 50,000 shares of the Company’s common stock. Except for the reduction in exercise price, the terms of these Series H Warrants remain unchanged. In June 2016, as permitted by Section 9 of the Series D Warrant agreement, the Company agreed with certain holders of the Series D Warrants to the amend the exercise price and accelerate the initial exercise date for Series D Warrants exercisable into 208,370 shares of the Company’s common stock held by such holders. Pursuant to that amendment, with respect to these Series D Warrants held by those holders, the exercise price was increased from an exercise price of $2.00 per share of common stock to $3.50 per share of common stock, for the remaining term of these warrants and the initial exercise date was changed from June 11, 2016 to June 8, 2016. Except for the change in exercise price and the initial exercise date, the terms of these Series D Warrants remained unchanged. As of March 31, 2017, all of the Series H Warrants and Series D Warrants for which the exercise price had been adjusted were fully exercised. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | 6. Accounts Payable and Accrued Liabilities The following table sets forth the components of the Company’s accounts payable and accrued liabilities in the consolidated balance sheets (in thousands). March 31 December 31, 2017 2016 Accounts payable - trade $ 2,118 $ 2,611 Accrued legal-related fees 282 626 Accrued employee compensation 867 1,385 Accrued interest 22 359 Accrued taxes payable 163 136 Short-term capital lease 147 147 Other accrued liabilities * 1,399 929 Total accounts payable and accrued liabilities $ 4,998 $ 6,193 * Other accrued liabilities consist of franchise taxes, property taxes, audit fees, and a variety of other expenses, none of which individually represent greater than five percent of total current liabilities. |
Senior Secured Debt and 2022 No
Senior Secured Debt and 2022 Notes | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Senior Secured Debt and 2022 Notes | 7. Senior Secured Debt and 2022 Notes Senior Secured In June 2014, certain of the Company’s lenders exchanged an aggregate of $25.9 million of outstanding principal amount of a term loan 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 were originally set to mature on March 15, 2017. In February 2017, WB Gevo Ltd. (“Whitebox”), the holder of the 2017 Notes and the Company agreed to extend the maturity date to June 23, 2017 (the “2017 Note Extension Transaction”). The 2017 Notes have a conversion price (the “Conversion Price”) equal to $344.83 per share or 0.0029 shares per $1 principal amount of 2017 Notes. Optional prepayment of the 2017 Notes is not permitted. In addition, the February 2017 Note Extension Transaction amended the interest rate applicable to the 2017 Notes. The 2017 Notes now bear interest at a rate equal to 12% per annum, which is payable 6% in cash and, under certain circumstances, 6% 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 original outstanding principal amount of $26.1 million, to be adjusted on an annual basis. As of March 31, 2017 and December 31, 2016, there was a balance of $2.6 million in the interest reserve account. This amount is classified as restricted deposits. On April 19, 2017, Whitebox and the Company agreed, among other things, to eliminate the requirement to maintain an interest reserve account, and the balance of the interest reserve account was transferred to an unrestricted account of the Company. 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. For the three months ended March 31, 2017 and the year ended December 31, 2016, the Company was in compliance with the covenants. 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 0.0029 shares of common stock per $1.00 principal amount of the 2017 Notes (equivalent to a conversion price of approximately $344.83 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, 2015 or 2016. 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. On July 31, 2014, January 28, 2015, May 13, 2015, November 12, 2015, December 7, 2015, March 28, 2016, September 7, 2016 and February 13, 2017, we entered into amendments to the 2017 Notes Indenture 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 12, 2015 amendments, we did not issue any warrants or incur any indebtedness. 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, (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 patent cross-license and settlement agreements with Butamax Advanced Biofuels LLC 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 60,000 shares of the Company’s common stock which are issuable under the 2017 Notes. This registration statement was declared effective on July 25, 2014. As part of the February 2017 Note Extension, the Company paid down approximately $9.6 million in principal outstanding on the 2017 Notes, leaving the remaining principal balance of the 2017 Notes at approximately $16.5 million. 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 March 31, 2017 and December 31, 2016 of $16.5 million and $26.1 million, respectively, has been recorded at its estimated fair value of $16.5 million and $25.8 million respectively, and is included in the 2017 Notes recorded at fair value on the consolidated balance sheets at March 31, 2017 and December 31, 2016 respectively. Debt issuance costs of $1.5 million were expensed at issuance and a gain of $4.2 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 loss 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 three months ended March 31, 2017 and 2016, the Company incurred cash interest expense of $0.6 million and $0.7 million related to the 2017 Notes, respectively. 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. March 31 December 31, 2017 2016 Stock price $ 1.14 $ 3.40 Conversion Rate per $1,000 2.90 2.90 Conversion Price $ 344.83 $ 344.83 Maturity date June 23, 2017 March 15, 2017 Risk-free interest rate 0.76 % 0.49 % Estimated stock volatility 100.0 % 80.0 % Estimated credit spread 20.0 % 20.0 % 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 2017 Notes Change in Estimated Fair Value Total Balance - December 31, 2016 $ 26,108 $ (339 ) $ 25,769 Loss from change in fair value of debt - 339 339 Paydown of principal balance (9,616 ) - (9,616 ) Balance - March 31, 2017 $ 16,492 $ - $ 16,492 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 three months ended March 31, 2017, represents an unrealized loss which has been recorded as a loss from change in fair value of 2017 Notes in the consolidated statements of operations. See Note 13 – Subsequent Events, 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). Principal Amount of 2022 Notes Debt Discount Debt Issue Costs Total Balance - December 31, 2016 $ 9,575 $ (1,307 ) $ (47 ) $ 8,221 Amortization of debt discount - 77 $ - 77 Amortization of debt issue costs - - $ 3 3 Exchange of 2022 Notes (8,400 ) - $ - (8,400 ) Write-off of debt discount and debt issue costs associated with extinguishment of debt - 1,146 $ 41 1,187 Balance - March 31, 2017 $ 1,175 $ (84 ) $ (3 ) $ 1,088 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 on July 1, 2022, unless earlier repurchased, redeemed or converted. During the three months ended March 31, 2017 and 2016, respectively, the Company recorded $0.08 million and $1.1 million of expense related to the amortization of debt discounts and issue costs, $1.2 million and nil million of expense related to the exchange of debt; and $0.02 million and $0.4 million of interest expense related to the 2022 Notes. The amortization of debt issue costs, 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 1, 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 a conversion rate of 0.5856 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 a conversion price of approximately $1,707.65 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. 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. In November 2015, we issued 55,392 shares of common stock to redeem 2,500 bonds at a face value of $1,000 per bond and reduce the liability of the 2022 Notes by $2.5 million. The net loss on the extinguishment of the 2022 Notes was $0.05 million. In February 2015, the Company issued 8,502 shares of common stock to convert 2,000 bonds at a face value of $1,000 per bond to reduce the liability of the 2022 Notes by $2.0 million. The net gain on the extinguishment of the 2022 Notes was $0.3 million. In September 2016, the Company issued 699,968 shares of common stock in exchange for the redemption of $11.4 million of the 2022 Notes. The net loss on the extinguishment of the 2022 Notes was $0.9 million. In December 2016, the Company issued 251,832 shares of common stock in exchange for the redemption of $1.4 million of the 2022 Notes. The net gain on the extinguishment of the 2022 Notes was $0.1 million. In January 2017, the Company issued 2,155,382 shares of common stock in exchange for the redemption of $8.4 million. The net loss on extinguishment was $1.0 million. 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 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 0.6734 per $1,000 principal amount of 2022 Notes. The Company has 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 for the 2022 Notes 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 the outstanding notes 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 March 31, 2017. |
Gevo Development
Gevo Development | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Gevo Development | 8. Gevo Development Gevo made capital contributions to Gevo Development of $1.8 million and $12.3 million, respectively, during the three months ended March 31, 2017 and the year ended December 31, 2016. 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). Three 2017 2016 Gevo Development Net Loss $ (4,173 ) $ (3,576 ) The accounts of Agri-Energy are consolidated within Gevo Development as a wholly-owned subsidiary which is then consolidated into Gevo. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Share Based Compensation [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation The Company records stock-based compensation expense during the requisite service period for share-based payment awards granted to employees and non-employees. The following table sets forth the Company’s stock-based compensation expense (in thousands) for the periods indicated. Three Months Ended March 31, 2017 2016 Stock options and employee stock purchase plan awards Research and development $ 9 $ 25 Selling, general and administrative 30 103 Restricted stock awards Research and development 12 50 Selling, general and administrative 17 68 Restricted stock units Research and development 18 13 Selling, general and administrative 42 99 Total stock-based compensation $ 128 $ 358 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Legal Matters . From time to time, we have been and may again become involved in legal proceedings arising in the ordinary course of our business. We are not presently a party to any litigation that we believe to be material and we are not aware of any pending or threatened litigation against us that we believe could have a material adverse effect on our business, operating results, financial condition or cash flows. 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 qualified as a capital lease. Accordingly, at March 31, 2017 and December 31, 2016, the Company had capital lease liabilities of $0.2 million and $0.1 million, respectively, included in accounts payable and accrued liabilities and other long-term liabilities on its consolidated balance sheets. The Company has an operating lease for its office, research, and production facility in Englewood, Colorado 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. The Company has an operating lease for the rail cars used by Agri-Energy in Luverne, Minnesota. Rent expense for the three months ended March 31, 2017 and 2016 was $0.4 million $0.4 million, respectively. The table below shows the future minimum payments under non-cancelable operating leases and capital leases at March 31, 2017 (in thousands): Operating Leases Capital Lease Total Lease Obligations 2017 (remaining) 1,152 167 1,319 2018 1,421 - 1,421 2019 907 - 907 2020 394 - 394 2021 200 - 200 Total $ 4,074 $ 167 $ 4,241 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 March 31, 2017 and December 31, 2016, 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 March 31, 2017 or December 31, 2016. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 11. Fair Value Measurements Accounting standards define fair value, outline a framework for measuring fair value, and detail the required disclosures about fair value measurements. Under these standards, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. Standards establish a hierarchy in determining the fair market value of an asset or liability. The fair value hierarchy has three 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. These tables present the carrying value and fair value, by fair value hierarchy, of our financial instruments, excluding cash and cash equivalents, accounts receivable and accounts payable at March 31, 2017 and December 31, 2016, respectively (in thousands). Fair Value Measurements at March 31, 2017 (In Fair Value at 3/31/2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Derivative Warrant Liability $ 4,942 $ - $ - $ 4,942 2017 Notes $ 16,492 $ - $ - $ 16,492 Total Recurring Fair Value Measurements $ 21,434 $ - $ - $ 21,434 Nonrecurring Corn and finished goods inventory $ 2,092 $ 223 $ 1,869 $ - $ 2,092 $ 223 $ 1,869 $ - Fair Value Measurements at December 31, 2016 (In thousands) Fair Value at 12/31/2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Derivative Warrant Liability $ 2,698 $ - $ 1,884 $ 814 2017 Notes $ 25,769 $ - $ - $ 25,769 Total Recurring Fair Value Measurements $ 28,467 $ - $ 1,884 $ 26,583 Nonrecurring Corn and finished goods inventory $ 1,327 $ 108 $ 1,219 $ - $ 1,327 $ 108 $ 1,219 $ - The following table provides changes to those fair value measurements using Level 3 inputs for the three months ended March 31, 2017. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Derivative Warrant Liability 2017 Notes Opening Balance $ 814 $ 25,769 Transfers into Level 3 1,884 - Transfers out of Level 3 - - Total (gains) or losses for the period Included in earnings (3,259 ) 339 Included in other comprehensive income - - Purchases, issues, sales and settlements Purchases - - Issues 5,670 - Sales - - Settlements (167 ) (9,616 ) Closing balance $ 4,942 $ 16,492 Inventories. The Company records its corn inventory at fair value only when the Company’s cost of corn purchased exceeds the market value for corn. The Company determines the market value of corn and dry distiller’s grain based upon Level 1 inputs using quoted market prices. The Company records its ethanol, isobutanol and hydrocarbon inventory at market using Level 2 inputs. 2017 Notes. The Company has estimated the fair value of the 2017 Notes to be $16.5 million and $25.8 million at March 31, 2017 and December 31, 2016, respectively, utilizing a binomial lattice model. See Note 7 for the fair value inputs used to estimate the fair value of the 2017 Notes. 2022 Notes Embedded Derivative . The Company had estimated the fair value of the embedded derivative on a stand-alone basis to be $0.0 million at March 31, 2017 and December 31, 2016, respectively, based upon Level 3 inputs. See Note 5 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 . Prior to 2017, the Company estimated the fair value of the Series A, Series F and Series K warrants using a Monte-Carlo model (Level 3). For all other warrants the Company valued these using a standard Black-Scholes model (Level 2). However, in the first quarter 2017, the Company valued the Series F and K using a Monte-Carlo model (Level 3) and other warrants using Black-Scholes models comprised of some inputs requiring the use of Monte-Carlo models (Level 3). 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 | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segments | 12. Segments We have determined that we have two operating segments: (i) Gevo segment; and (ii) Gevo Development/Agri-Energy segment. We organize our business segments based on the nature of the products and services offered through each of our consolidated legal entities. Transactions between segments are eliminated in consolidation. Gevo Segment . Our Gevo segment is responsible for all research and development activities related to the future production of isobutanol, including the development of our proprietary biocatalysts, the production and sale of biojet fuel, our retrofit process and the next generation of chemicals and biofuels that will be based on our isobutanol technology. Our Gevo segment also develops, maintains and protects our intellectual property portfolio, develops future markets for our isobutanol and provides corporate oversight services. Gevo Development/Agri-Energy Segment . Our Gevo Development/Agri-Energy segment is currently responsible for the operation of our Luverne Facility and the production of ethanol, isobutanol and related products. Three 2017 2016 Revenues: Gevo $ 90 $ 505 Gevo Development / Agri-Energy 5,526 5,815 Consolidated $ 5,616 $ 6,320 Loss from operations: Gevo $ (3,065 ) $ (2,307 ) Gevo Development / Agri-Energy (4,117 ) (3,559 ) Consolidated $ (7,182 ) $ (5,866 ) Interest expense: Gevo $ 714 $ 2,134 Gevo Development / Agri-Energy - 17 Consolidated $ 714 $ 2,151 Depreciation expense: Gevo $ 137 $ 168 Gevo Development / Agri-Energy 1,539 1,453 Consolidated $ 1,676 $ 1,621 Acquisitions of plant, property and equipment: Gevo $ 56 $ 3 Gevo Development / Agri-Energy 617 2,244 Consolidated $ 673 $ 2,247 March 31, December 2017 2016 Total assets: Gevo $ 102,331 $ 110,072 Gevo Development / Agri-Energy 155,275 156,749 Intercompany eliminations (153,019 ) (154,497 ) Consolidated $ 104,587 $ 112,324 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events On April 19, 2017, the Company entered into an Exchange and Purchase Agreement (the “Exchange Agreement”) with the holders of the 2017 Notes, and Whitebox Advisors LLC, in its capacity as representative of the holders (“Whitebox”), pursuant to which the holders, subject to certain conditions, agreed to exchange all of the outstanding principal amount of the 2017 Notes for an equal principal amount of the Company’s newly created 12% Convertible Senior Secured Notes due 2020 (the “2020 Notes”), plus an amount in cash equal to the accrued and unpaid interest (other than interest paid in kind) on the 2017 Notes (the “Exchange”). Pursuant to the Exchange Agreement, the Company also granted the Holders an option (the “Purchase Option”) to purchase up to an additional aggregate principal amount of $5.0 million of 2020 Notes (the “Option Notes”), at a purchase price equal to the aggregate principal amount of such Option Notes purchased, having identical terms (other than with respect to the issue date and restrictions on transfer relating to compliance with applicable securities law) to the 2020 Notes issued, at any time on or within ninety (90) days of the closing of the exchange contemplated by the Exchange Agreement. The exchange contemplated in the Exchange Agreement and the ultimate issuance of the 2020 Notes is conditioned on the approval by the Company’s stockholders of the potential issuance of 19.99% or more of the Company’s outstanding common stock upon the conversion of, or otherwise issuable in relation to, the 2020 Notes. The terms of the 2020 Notes will be set forth in an indenture to be entered into prior to the initial issuance of 2020 Notes by and among the Company, certain subsidiary guarantors, and Wilmington Savings Fund Society, FSB, as trustee (the “2020 Notes Indenture”). • Maturity Date : The 2020 Notes will mature on March 15, 2020. • Interest : The 2020 Notes will accrue interest at 12% per annum, with 10% payable in cash and 2% payable as Payment in Kind (“PIK”) interest. The PIK interest is paid by increasing the principal amount of the 2020 Notes by the amount of PIK interest due. Interest will be payable on March 31, June 30, September 30, and December 31of each year. • Conversion and Conversion Price : The 2020 Notes are convertible, at the option of the holders, into shares of the Company’s common stock. The 2020 Notes will have an initial conversion price (the “Conversion Price”) equal to the lesser of (i) $1.196 per share, or 0.8361 shares of common stock per $1.00 principal amount of the 2020 Notes, or (ii) a premium of 15% to the closing price of the Company’s common stock on the date of the Exchange. • Conversion Price Reset and Adjustments : The holders will have a one-time right to reset the conversion price (the “Reset Provision”) upon any equity financing that occurs within 180 days following the Exchange (the “Reset Period”) in accordance with the following reset calculations: (i) in the first 90 days following the Exchange, at a 25% premium to the common stock price in the equity financing and (ii) after 90 and within and including 180 days following the Exchange, at a 35% premium to the common stock share price in the equity financing. Following exercise of the Reset Provision, the Holders will also have a right to consent to certain equity financings by the Company during the Reset Period. • Make-Whole Payments : The 2020 Notes will provide for certain make-whole payments (the “Make-Whole Payments”) to be made by the Company to the holders as follows: (a) each holder who exercises its option to voluntarily convert any of its 2020 Notes will receive a make-whole payment for the converted 2020 Notes in an amount equal to any unpaid interest that would otherwise have been payable on such 2020 Notes through the applicable maturity date; (b) each holder whose 2020 Notes are converted in a mandatory conversion will receive a make-whole payment for the converted 2020 Notes in an amount equal to any unpaid interest that would have otherwise been payable on such 2020 Notes through the applicable maturity date; and (c) each holder who exercises its option to require the Company to repurchase any or all of such holder’s 2020 Notes upon the occurrence of a Fundamental Change (as defined in the 2020 Notes Indenture) will receive a cash make-whole payment for the repurchased 2020 Notes in an amount equal to any unpaid interest that would otherwise have been payable on such 2020 Notes through the applicable maturity date. A fundamental change includes, among other things, the Company’s common stock ceasing to be listed on a national securities exchange. As noted above, the Exchange and the issuance of the 2020 Notes requires stockholder approval and will be voted on at the Company’s Annual Meeting of Stockholders scheduled for June 15, 2017. A Current Report on Form 8-K was filed on April 20, 2017 with the U.S. Securities and Exchange Commission that includes a copy of the Exchange Agreement and 2020 Notes Indenture pursuant to which the 2020 Notes would be issued. In addition, on April 19, 2017, the Company and its subsidiaries entered into an Eleventh Supplemental Indenture (the “Eleventh Supplemental Indenture”) with Wilmington Savings Fund Society, FSB, as trustee and collateral trustee, and WB Gevo, Ltd., as Requisite and Sole Holder, relating to the 2017 Notes. The Eleventh Supplemental Indenture amends the 2017 Notes to, among other things, (i) extend the maturity date of the 2017 Notes to provide that if the stockholder meeting of the Company to approve the potential issuance of 19.99% or more of the Company’s outstanding common stock upon the conversion of or otherwise issuable in relation to the 2020 Notes (the “Stockholder Meeting”) is adjourned or postponed pursuant to and in accordance with the Exchange Agreement, the maturity date shall be automatically extended to three (3) Business Days following the date of such adjourned or postponed Stockholder Meeting, but in no event beyond fourteen (14) days after June 23, 2017; (ii) upon consent of the Sole Holder, allow for the payoff of the 2022 Notes or exchange of the 2022 Notes for shares of Company common stock, and (iii) to eliminate the interest reserve account for the 2017 Notes. |
Nature of Business, Financial19
Nature of Business, Financial Condition and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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 12 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, was engaged in the business of producing and selling ethanol and related products produced at its plant located in Luverne, Minnesota (the “Luverne Facility”). The Company commenced the retrofit of the Luverne 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 Luverne Facility to focus on optimizing specific parts of the process to further enhance isobutanol production rates. In 2013, the Company modified the Luverne Facility in order to (i) verify that the modifications had significantly reduced the previously identified infections, (ii) demonstrate that its biocatalyst performs in the one million liter fermenters at the Luverne Facility, and (iii) confirm GIFT ® efficacy at commercial scale at the Luverne Facility. In 2014, the Company reconfigured the Luverne Facility to enable the co-production of both isobutanol and ethanol, leveraging the flexibility of its GIFT ® technology, with one fermenter utilized for isobutanol production and three fermenters utilized for ethanol production. In line with the Company’s strategy to maximize asset utilization and site cash flows, the Company believes that this configuration of the plant should allow it to continue to optimize its isobutanol technology at a commercial scale, while taking advantage of potentially superior ethanol contribution margins As of March 31, 2017, the Company continues to engage in research and development, business development, business and financial planning, optimize operations for isobutanol, hydrocarbon and ethanol production and raise capital to fund future expansion of our Luverne Facility for increased isobutanol and hydrocarbon production. 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 Luverne 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. The Company is beginning to achieve more consistent production and revenue from the sale of isobutanol, therefore, the historical operating results of the Company may not be indicative of future operating results for Agri-Energy or Gevo. |
Financial Condition | Financial Condition . For the three months ended March 31, 2017 and 2016, the Company incurred a consolidated net loss of $5.9 million and $3.6 million, respectively, and had an accumulated deficit of $382.6 million at March 31, 2017.The Company’s cash and cash equivalents at March 31, 2017 totaled $20.4 million which will be used for the following purposes: (i) operating activities of the Luverne Facility; (ii) operating activities at the Company’s corporate headquarters in Colorado, including research and development work; (iii) capital improvements primarily associated with the Luverne Facility; (iv) costs associated with optimizing isobutanol production technology; (v) exploration of restructuring, strategic alternatives and new financings; and (vi) debt service and repayment obligations. The Company expects to incur future net losses as it continues to fund the development and commercialization of its product candidates. To date, the Company has financed its operations primarily with proceeds from multiple sales of equity and debt securities, borrowings under debt facilities and product sales. The Company expects to incur future net losses as it continues to fund the development and commercialization of its product candidates. The Company’s transition to profitability is dependent upon, among other things, the successful development and commercialization of its product candidates and the achievement of a level of revenues adequate to support the Company’s cost structure. The Company may 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 fund 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 current operating plan, existing working capital at March 31, 2017 is not sufficient to meet the cash requirements to fund planned operations through the period that is one year after the date the Company’s 2017 year-end financial statements were issued unless the Company is able to restructure and extend its debt obligations and/or raise additional capital to fund operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern at March 31, 2017. The Company’s inability to continue as a going concern may potentially affect the Company’s rights and obligations under its Senior 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. |
Basis of Presentation | Basis of Presentation. The unaudited consolidated financial statements of the Company (which include the accounts of its wholly-owned subsidiaries Gevo Development and Agri-Energy) have been prepared, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company at March 31, 2017 and are not necessarily indicative of the results to be expected for the full year. These statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included under the heading “Financial Statements and Supplementary Data” in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “Annual Report”). |
Reverse Stock Split | Reverse Stock Splits. On December 21, 2016, the Board of Directors approved an amendment to its Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company’s common stock, par value $0.01 at a ratio of one-for-twenty. The reverse stock split became effective January 5, 2017. 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Revenue from Contracts with Customers (“ASU 2014-09”) . In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers . The objective of ASU 2014-09 is to outline a new, single comprehensive model to use in accounting for revenue arising from contracts with customers. The new revenue recognition model provides a five-step analysis for determining when and how revenue is recognized, depicting the transfer of promised goods or services to customers in an amount that reflects the consideration that is expected to be received in exchange for those goods or services. ASU 2014-09 is effective for fiscal years and interim periods within those years beginning after December 15, 2016. Early adoption is permitted. On July 9, 2015, the FASB Board voted to delay the implementation of ASU 2014-09 by one year to December 15, 2017. In April 2016, the FASB issued Accounting Standards Update No. 2016-10 Revenue from Contracts with Customers, Identifying Performance Obligations and Licensing (“ASU 2016-10”) which provides additional clarification regarding Identifying Performance Obligations and Licensing . The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Company has not yet selected a transition method. The Company does not anticipate the new standard to materially impact how it accounts for its (a) ethanol and related products revenue and (b) hydrocarbon revenue. However, we are currently evaluating the impact to our grant revenue as there could be a potential for changes to the nature and timing of revenue recognized under our various grant agreements. Leases (“ASU 2016-02”) . In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Topic 842 Leases . ASU-2016-02 requires leases to be reported on the financial statements. The objective is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Future minimum lease obligations for leases accounted for as operating leases at March 31, 2017 totaled $4.1 million. The Company is currently in the process of evaluating the impact of adoption of ASU 2016-02 on its consolidated financial statements. Statement of Cash Flows, Classification of Certain Cash Receivable and Cash Payments (“ASU 2016-15). In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments which clarifies cash flow statement classification of eight specific cash flow issues. The purpose of ASU 2016-15 is to provide clarification and consistency for classifying the eight specific cash flow issues because current GAAP either is unclear or does not include specific guidance. The amendments in the update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently in the process of evaluating the impact of adoption of ASU 2016-15 on its consolidated statements of cash flows. |
Adoption of New Accounting Pronouncements | Adoption of New Accounting Pronouncements . Simplifying the Measurement of Inventory (“ASU 2015-11”) . In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory which requires an entity to measure in scope inventory at the lower of cost and net realizable value. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company adopted this standard for the year-ending December 31, 2017. Adoption of this standard does not materially impact the measurement of the Company’s inventory. Derivatives and Hedging (Topic 815) Contingent Put and Call Options in Debt Instruments (“ASU 2016-06”). In March 2016, the FASB issued Accounting Standards Update No. 2016-06, Derivatives and Hedging (Topic 815) Contingent Put and Call Options in Debt Instruments . Topic 815 requires that embedded derivatives be separated from the host contract and accounted for separately as derivatives if certain criteria are met. There are two approaches for determining if the criteria are met. The objective of ASU 2016-06 is intended to resolve the diversity in practice resulting from those two approaches. We adopted this standard in the first quarter of 2017. The adoption of this new standard does not impact the Company’s consolidated financial statements. Compensation—Stock Compensation (‘ASU 2016-09”). In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation—Stock Compensation . This standard was issued as part of its Simplification Initiative. The objective of the Simplification Initiative is to identify, evaluate, and improve areas of GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The areas for simplification in ASU 2016-09 involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in ASU 2016-09 are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company adopted ASU 2016-09 effective as of January 1, 2017, and the adoption of this standard does not materially impact the Company’s accounting for stock compensation. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Securities that Potentially Dilute Calculation of Diluted Earnings Per Share | The following table sets forth securities outstanding that could potentially dilute the calculation of diluted earnings per share. March 31, 2017 2016 Warrants to purchase common stock - liability classified (see Note 5) 14,017,373 698,056 Warrant to purchase common stock - equity classified 1,393 4,200 2017 Notes 47,827 75,192 2022 Notes 688 13,117 Outstanding options to purchase common stock 76,915 23,756 Unvested restricted common stock 7,536 13,448 Total 14,151,732 827,769 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventory Balances | The following table sets forth the components of the Company’s inventory balances (in thousands). March 31, December 31, 2017 2016 Raw materials Corn $ 212 $ 108 Enzymes and other inputs 217 309 Nutrients 14 10 Finished goods Ethanol 190 72 Isobutanol 994 755 Jet Fuels, Isooctane and Isooctene 726 519 Distiller's grains 18 - Work in process - Agri-Energy 245 274 Work in process - Gevo 161 62 Spare parts 1,401 1,349 Total inventories $ 4,178 $ 3,458 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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). Useful March 31, December 31, Life 2017 2016 Construction in progress $ 574 $ 293 Plant machinery and equipment (1) 10 years 15,574 15,397 Site improvements 10 years 7,050 7,050 Luverne retrofit asset (1) 20 years 70,842 70,791 Lab equipment, furniture and fixtures and vehicles 5 years 6,508 6,431 Demonstration plant 2 years 3,597 3,597 Buildings 10 years 2,543 2,543 Computer, office equipment and software 3 years 1,621 1,594 Leasehold improvements, pilot plant, land and support equipment 2 - 5 years 2,535 2,526 Total property, plant and equipment 110,844 110,222 Less accumulated depreciation and amortization (36,306 ) (34,630 ) Property, plant and equipment, net $ 74,538 $ 75,592 (1) In May 2016, certain assets of the Luverne retrofit asset were reclassified from plant, machinery and equipment to the Luverne retrofit asset. |
Embedded Derivatives and Deri23
Embedded Derivatives and Derivative Warrant Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Shares Issued Upon Exercise of Warrants | The following table sets forth information pertaining to shares issued upon the exercise of such warrants as of March 31, 2017: Issuance Date Expiration Date Exercise Price as of March 31, 2017 Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of March 31, 2017 Shares Underlying Warrants Outstanding as of March 31, 2017 2013 Warrants 12/16/2013 12/16/2018 $ 15.84 71,013 (15,239 ) 55,774 2014 Warrants 8/5/2014 8/5/2019 $ 11.98 50,000 (30,538 ) 19,462 Series A Warrants 2/3/2015 2/3/2020 $ 1.90 110,833 (99,416 ) 11,417 Series B Warrants 2/3/2015 8/3/2015 - (1) 110,833 (96,795 ) - Series C Warrants 5/19/2015 5/19/2020 $ 9.59 21,500 - 21,500 Series D Warrants 12/11/2015 12/11/2020 $ 2.00 502,500 (501,570 ) 930 Series E Warrants 12/11/2015 12/11/2016 - (1) 400,000 (400,000 ) - Series F Warrants 4/1/2016 4/1/2021 $ 2.00 514,644 (233,857 ) 280,787 Series G Warrants 4/1/2016 4/1/2017 - (1) 328,571 (328,571 ) - Series H Warrants 4/1/2016 10/1/2016 - (1) 1,029,286 (900,436 ) - Series I Warrants 9/13/2016 9/13/2021 $ 11.00 712,503 - 712,503 Series J Warrants 9/13/2016 9/13/2017 - (1) 185,000 (185,000 ) - Series K Warrants 2/17/2017 2/17/2022 $ 2.35 6,250,000 - 6,250,000 Series L Warrants 2/17/2017 2/17/2018 $ 0.01 (2) 570,000 (155,000 ) 415,000 Series M Warrants 2/17/2017 11/17/2017 $ 2.35 6,250,000 - 6,250,000 17,106,683 (2,946,422 ) 14,017,373 (1) Warrants have either been fully exercised and/or expired as of March 31, 2017. (2) The exercise price is $1.90 but $1.89 of the exercise price was pre-funded upon issuance of the Series L Warrants. |
Accounts Payable and Accrued 24
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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). March 31 December 31, 2017 2016 Accounts payable - trade $ 2,118 $ 2,611 Accrued legal-related fees 282 626 Accrued employee compensation 867 1,385 Accrued interest 22 359 Accrued taxes payable 163 136 Short-term capital lease 147 147 Other accrued liabilities * 1,399 929 Total accounts payable and accrued liabilities $ 4,998 $ 6,193 * Other accrued liabilities consist of franchise taxes, property taxes, audit fees, and a variety of other expenses, none of which individually represent greater than five percent of total current liabilities. |
Senior Secured Debt and 2022 25
Senior Secured Debt and 2022 Notes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Instrument [Line Items] | |
Inputs to Lattice Model used to Value Term Loan and 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. March 31 December 31, 2017 2016 Stock price $ 1.14 $ 3.40 Conversion Rate per $1,000 2.90 2.90 Conversion Price $ 344.83 $ 344.83 Maturity date June 23, 2017 March 15, 2017 Risk-free interest rate 0.76 % 0.49 % Estimated stock volatility 100.0 % 80.0 % Estimated credit spread 20.0 % 20.0 % |
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 2017 Notes Change in Estimated Fair Value Total Balance - December 31, 2016 $ 26,108 $ (339 ) $ 25,769 Loss from change in fair value of debt - 339 339 Paydown of principal balance (9,616 ) - (9,616 ) Balance - March 31, 2017 $ 16,492 $ - $ 16,492 |
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). Principal Amount of 2022 Notes Debt Discount Debt Issue Costs Total Balance - December 31, 2016 $ 9,575 $ (1,307 ) $ (47 ) $ 8,221 Amortization of debt discount - 77 $ - 77 Amortization of debt issue costs - - $ 3 3 Exchange of 2022 Notes (8,400 ) - $ - (8,400 ) Write-off of debt discount and debt issue costs associated with extinguishment of debt - 1,146 $ 41 1,187 Balance - March 31, 2017 $ 1,175 $ (84 ) $ (3 ) $ 1,088 |
Gevo Development (Tables)
Gevo Development (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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). Three 2017 2016 Gevo Development Net Loss $ (4,173 ) $ (3,576 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Share Based Compensation [Abstract] | |
Stock-Based Compensation Expense | The following table sets forth the Company’s stock-based compensation expense (in thousands) for the periods indicated. Three Months Ended March 31, 2017 2016 Stock options and employee stock purchase plan awards Research and development $ 9 $ 25 Selling, general and administrative 30 103 Restricted stock awards Research and development 12 50 Selling, general and administrative 17 68 Restricted stock units Research and development 18 13 Selling, general and administrative 42 99 Total stock-based compensation $ 128 $ 358 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 (in thousands): Operating Leases Capital Lease Total Lease Obligations 2017 (remaining) 1,152 167 1,319 2018 1,421 - 1,421 2019 907 - 907 2020 394 - 394 2021 200 - 200 Total $ 4,074 $ 167 $ 4,241 |
Fair Value Measurements (Table
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Value and Fair Value by Fair Value Hierarchy of Financial Instruments | These tables present the carrying value and fair value, by fair value hierarchy, of our financial instruments, excluding cash and cash equivalents, accounts receivable and accounts payable at March 31, 2017 and December 31, 2016, respectively (in thousands). Fair Value Measurements at March 31, 2017 (In Fair Value at 3/31/2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Derivative Warrant Liability $ 4,942 $ - $ - $ 4,942 2017 Notes $ 16,492 $ - $ - $ 16,492 Total Recurring Fair Value Measurements $ 21,434 $ - $ - $ 21,434 Nonrecurring Corn and finished goods inventory $ 2,092 $ 223 $ 1,869 $ - $ 2,092 $ 223 $ 1,869 $ - Fair Value Measurements at December 31, 2016 (In thousands) Fair Value at 12/31/2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Derivative Warrant Liability $ 2,698 $ - $ 1,884 $ 814 2017 Notes $ 25,769 $ - $ - $ 25,769 Total Recurring Fair Value Measurements $ 28,467 $ - $ 1,884 $ 26,583 Nonrecurring Corn and finished goods inventory $ 1,327 $ 108 $ 1,219 $ - $ 1,327 $ 108 $ 1,219 $ - |
Schedule of Fair Value Measurements Using Level 3 Inputs | The following table provides changes to those fair value measurements using Level 3 inputs for the three months ended March 31, 2017. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Derivative Warrant Liability 2017 Notes Opening Balance $ 814 $ 25,769 Transfers into Level 3 1,884 - Transfers out of Level 3 - - Total (gains) or losses for the period Included in earnings (3,259 ) 339 Included in other comprehensive income - - Purchases, issues, sales and settlements Purchases - - Issues 5,670 - Sales - - Settlements (167 ) (9,616 ) Closing balance $ 4,942 $ 16,492 |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | Three 2017 2016 Revenues: Gevo $ 90 $ 505 Gevo Development / Agri-Energy 5,526 5,815 Consolidated $ 5,616 $ 6,320 Loss from operations: Gevo $ (3,065 ) $ (2,307 ) Gevo Development / Agri-Energy (4,117 ) (3,559 ) Consolidated $ (7,182 ) $ (5,866 ) Interest expense: Gevo $ 714 $ 2,134 Gevo Development / Agri-Energy - 17 Consolidated $ 714 $ 2,151 Depreciation expense: Gevo $ 137 $ 168 Gevo Development / Agri-Energy 1,539 1,453 Consolidated $ 1,676 $ 1,621 Acquisitions of plant, property and equipment: Gevo $ 56 $ 3 Gevo Development / Agri-Energy 617 2,244 Consolidated $ 673 $ 2,247 March 31, December 2017 2016 Total assets: Gevo $ 102,331 $ 110,072 Gevo Development / Agri-Energy 155,275 156,749 Intercompany eliminations (153,019 ) (154,497 ) Consolidated $ 104,587 $ 112,324 |
Nature of Business, Financial31
Nature of Business, Financial Condition and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Thousands | Dec. 21, 2016$ / shares | Mar. 31, 2017USD ($)$ / shares | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($) |
Accounting Policies [Abstract] | |||||
Net loss | $ (5,934) | $ (3,605) | |||
Accumulated deficit | (382,654) | $ (376,720) | |||
Cash and cash equivalents | $ 20,393 | $ 8,672 | $ 27,888 | $ 17,031 | |
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||
Reverse split of common stock | one-for-twenty | ||||
Reverse stock split ratio | 0.05 | ||||
Future minimum operating lease obligations | $ 4,074 |
Securities that Potentially Dil
Securities that Potentially Dilute Calculation of Diluted Earnings Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Warrants to purchase common stock | 14,151,732 | 827,769 |
Warrants to purchase common stock - liability classified | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Warrants to purchase common stock | 14,017,373 | 698,056 |
Warrant to purchase common stock - equity classified | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Warrants to purchase common stock | 1,393 | 4,200 |
2017 Notes | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Warrants to purchase common stock | 47,827 | 75,192 |
2022 Notes | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Warrants to purchase common stock | 688 | 13,117 |
Outstanding options to purchase common stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Warrants to purchase common stock | 76,915 | 23,756 |
Unvested restricted common stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Warrants to purchase common stock | 7,536 | 13,448 |
Components of Inventory Balance
Components of Inventory Balances (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory [Line Items] | ||
Spare parts | $ 1,401 | $ 1,349 |
Total inventories | 4,178 | 3,458 |
Corn | ||
Inventory [Line Items] | ||
Raw materials | 212 | 108 |
Enzymes And Other Inputs | ||
Inventory [Line Items] | ||
Raw materials | 217 | 309 |
Nutrients | ||
Inventory [Line Items] | ||
Raw materials | 14 | 10 |
Ethanol | ||
Inventory [Line Items] | ||
Finished goods | 190 | 72 |
Isobutanol | ||
Inventory [Line Items] | ||
Finished goods | 994 | 755 |
Jet Fuels Isooctane And Isooctene | ||
Inventory [Line Items] | ||
Finished goods | 726 | 519 |
Distiller's grains | ||
Inventory [Line Items] | ||
Finished goods | 18 | |
Agri-Energy | ||
Inventory [Line Items] | ||
Work in process | 245 | 274 |
Gevo | ||
Inventory [Line Items] | ||
Work in process | $ 161 | $ 62 |
Property, Plant and Equipment b
Property, Plant and Equipment by Classification (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | $ 110,844 | $ 110,222 |
Less accumulated depreciation and amortization | (36,306) | (34,630) |
Property, plant and equipment, net | 74,538 | 75,592 |
Construction in progress | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | $ 574 | 293 |
Plant machinery and equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Total property, plant and equipment | $ 15,574 | 15,397 |
Site improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Total property, plant and equipment | $ 7,050 | 7,050 |
Luverne retrofit asset | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Total property, plant and equipment | $ 70,842 | 70,791 |
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 | $ 6,508 | 6,431 |
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 | $ 1,621 | 1,594 |
Leasehold improvements, pilot plant, land and support equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | $ 2,535 | $ 2,526 |
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 Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense in cost of goods sold | $ 1.5 | $ 1.4 |
Operating expenses depreciation | $ 0.1 | $ 0.2 |
Embedded Derivatives and Deri36
Embedded Derivatives and Derivative Warrant Liabilities - Additional Information (Detail) - USD ($) | Dec. 11, 2015 | Feb. 28, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Apr. 30, 2016 | Dec. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Aug. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2012 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | May 31, 2016 | Apr. 01, 2016 |
Derivative [Line Items] | ||||||||||||||||
Estimated fair value of the embedded derivatives | $ 0 | $ 0 | ||||||||||||||
Additional purchase of common stock shares | 17,106,683 | |||||||||||||||
Derivative warrant liability fair value | $ 4,942,000 | $ 2,698,000 | ||||||||||||||
Proceeds from the exercise of warrants | $ 2,000 | $ 65,000 | ||||||||||||||
Series A | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Additional purchase of common stock shares | 110,833 | 110,833 | ||||||||||||||
Warrant , exercise price | $ 1.90 | |||||||||||||||
Series B | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Additional purchase of common stock shares | 110,883 | 110,833 | ||||||||||||||
Series C | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Additional purchase of common stock shares | 21,500 | 21,500 | ||||||||||||||
Warrant , exercise price | $ 9.59 | |||||||||||||||
Series D | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Additional purchase of common stock shares | 502,500 | 502,500 | ||||||||||||||
Warrant , exercise price | $ 2 | |||||||||||||||
Series E | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Additional purchase of common stock shares | 400,000 | 400,000 | ||||||||||||||
Series F | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Additional purchase of common stock shares | 514,644 | 514,644 | ||||||||||||||
Number of securities called by each warrant | 1 | |||||||||||||||
Warrant , exercise price | $ 2 | |||||||||||||||
Series H | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Additional purchase of common stock shares | 1,029,286 | 1,029,286 | ||||||||||||||
Number of securities called by each warrant | 1 | |||||||||||||||
Series G | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Additional purchase of common stock shares | 328,571 | 328,571 | ||||||||||||||
Number of securities called by each warrant | 1 | |||||||||||||||
Series I | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Additional purchase of common stock shares | 712,503 | 712,503 | ||||||||||||||
Number of securities called by each warrant | 1 | |||||||||||||||
Warrant , exercise price | $ 11 | |||||||||||||||
Series J | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Additional purchase of common stock shares | 185,000 | 185,000 | ||||||||||||||
Number of securities called by each warrant | 1 | |||||||||||||||
Series K | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Additional purchase of common stock shares | 6,250,000 | 6,250,000 | ||||||||||||||
Number of securities called by each warrant | 1 | |||||||||||||||
Warrant , exercise price | $ 2.35 | |||||||||||||||
Series L | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Additional purchase of common stock shares | 570,000 | 570,000 | ||||||||||||||
Number of securities called by each warrant | 1 | |||||||||||||||
Common Stock Units Issued | 155,000 | |||||||||||||||
Proceeds from the exercise of warrants | $ 2,000 | |||||||||||||||
Warrant , exercise price | $ 0.01 | |||||||||||||||
Series M | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Additional purchase of common stock shares | 6,250,000 | 6,250,000 | ||||||||||||||
Number of securities called by each warrant | 1 | |||||||||||||||
Warrant , exercise price | $ 2.35 | |||||||||||||||
375,000 Exercisable Series H | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Shares warrants exercisable | 375,000 | |||||||||||||||
Warrant , exercise price | $ 15 | $ 6 | ||||||||||||||
150,000 Exercisable Series H | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Shares warrants exercisable | 150,000 | |||||||||||||||
Warrant , exercise price | $ 8.40 | $ 15 | ||||||||||||||
100,000 Exercisable Series H | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Shares warrants exercisable | 100,000 | |||||||||||||||
Warrant , exercise price | $ 10.40 | $ 15 | ||||||||||||||
50,000 Exercisable Series H | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Shares warrants exercisable | 50,000 | |||||||||||||||
Warrant , exercise price | $ 10.40 | |||||||||||||||
Series D Warrant Agreement Amendment | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Shares warrants exercisable | 208,370 | |||||||||||||||
Warrant , exercise price | $ 2 | $ 3.50 | ||||||||||||||
Warrants, exercise date | Jun. 11, 2016 | Jun. 8, 2016 | ||||||||||||||
2013 Warrants | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Additional purchase of common stock shares | 71,013 | 71,013 | ||||||||||||||
Warrant , exercise price | $ 15.84 | |||||||||||||||
2014 Warrants | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Additional purchase of common stock shares | 50,000 | 50,000 | ||||||||||||||
Warrant , exercise price | $ 11.98 | |||||||||||||||
July 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 |
Schedule of Shares Issued Upon
Schedule of Shares Issued Upon Exercise of Warrants (Detail) - $ / shares | 1 Months Ended | 3 Months Ended | |||||||
Feb. 28, 2017 | Sep. 30, 2016 | Apr. 30, 2016 | Dec. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Aug. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2017 | |
Derivative [Line Items] | |||||||||
Additional purchase of common stock shares | 17,106,683 | ||||||||
Shares Issued upon Warrant Exercises | (2,946,422) | ||||||||
Shares Underlying Warrants Outstanding | 14,017,373 | ||||||||
Series A | |||||||||
Derivative [Line Items] | |||||||||
Warrant, Issuance Date | Feb. 3, 2015 | ||||||||
Warrants, Expiration date | Feb. 3, 2020 | ||||||||
Warrant , Exercise Price | $ 1.90 | ||||||||
Additional purchase of common stock shares | 110,833 | 110,833 | |||||||
Shares Issued upon Warrant Exercises | (99,416) | ||||||||
Shares Underlying Warrants Outstanding | 11,417 | ||||||||
Series B | |||||||||
Derivative [Line Items] | |||||||||
Warrant, Issuance Date | Feb. 3, 2015 | ||||||||
Warrants, Expiration date | Aug. 3, 2015 | ||||||||
Additional purchase of common stock shares | 110,883 | 110,833 | |||||||
Shares Issued upon Warrant Exercises | (96,795) | ||||||||
Series C | |||||||||
Derivative [Line Items] | |||||||||
Warrant, Issuance Date | May 19, 2015 | ||||||||
Warrants, Expiration date | May 19, 2020 | ||||||||
Warrant , Exercise Price | $ 9.59 | ||||||||
Additional purchase of common stock shares | 21,500 | 21,500 | |||||||
Shares Underlying Warrants Outstanding | 21,500 | ||||||||
Series D | |||||||||
Derivative [Line Items] | |||||||||
Warrant, Issuance Date | Dec. 11, 2015 | ||||||||
Warrants, Expiration date | Dec. 11, 2020 | ||||||||
Warrant , Exercise Price | $ 2 | ||||||||
Additional purchase of common stock shares | 502,500 | 502,500 | |||||||
Shares Issued upon Warrant Exercises | (501,570) | ||||||||
Shares Underlying Warrants Outstanding | 930 | ||||||||
Series E | |||||||||
Derivative [Line Items] | |||||||||
Warrant, Issuance Date | Dec. 11, 2015 | ||||||||
Warrants, Expiration date | Dec. 11, 2016 | ||||||||
Additional purchase of common stock shares | 400,000 | 400,000 | |||||||
Shares Issued upon Warrant Exercises | (400,000) | ||||||||
Series F | |||||||||
Derivative [Line Items] | |||||||||
Warrant, Issuance Date | Apr. 1, 2016 | ||||||||
Warrants, Expiration date | Apr. 1, 2021 | ||||||||
Warrant , Exercise Price | $ 2 | ||||||||
Additional purchase of common stock shares | 514,644 | 514,644 | |||||||
Shares Issued upon Warrant Exercises | (233,857) | ||||||||
Shares Underlying Warrants Outstanding | 280,787 | ||||||||
Series J | |||||||||
Derivative [Line Items] | |||||||||
Warrant, Issuance Date | Sep. 13, 2016 | ||||||||
Warrants, Expiration date | Sep. 13, 2017 | ||||||||
Additional purchase of common stock shares | 185,000 | 185,000 | |||||||
Shares Issued upon Warrant Exercises | (185,000) | ||||||||
Series G | |||||||||
Derivative [Line Items] | |||||||||
Warrant, Issuance Date | Apr. 1, 2016 | ||||||||
Warrants, Expiration date | Apr. 1, 2017 | ||||||||
Additional purchase of common stock shares | 328,571 | 328,571 | |||||||
Shares Issued upon Warrant Exercises | (328,571) | ||||||||
Series H | |||||||||
Derivative [Line Items] | |||||||||
Warrant, Issuance Date | Apr. 1, 2016 | ||||||||
Warrants, Expiration date | Oct. 1, 2016 | ||||||||
Additional purchase of common stock shares | 1,029,286 | 1,029,286 | |||||||
Shares Issued upon Warrant Exercises | (900,436) | ||||||||
Series I | |||||||||
Derivative [Line Items] | |||||||||
Warrant, Issuance Date | Sep. 13, 2016 | ||||||||
Warrants, Expiration date | Sep. 13, 2021 | ||||||||
Warrant , Exercise Price | $ 11 | ||||||||
Additional purchase of common stock shares | 712,503 | 712,503 | |||||||
Shares Underlying Warrants Outstanding | 712,503 | ||||||||
Series K | |||||||||
Derivative [Line Items] | |||||||||
Warrant, Issuance Date | Feb. 17, 2017 | ||||||||
Warrants, Expiration date | Feb. 17, 2022 | ||||||||
Warrant , Exercise Price | $ 2.35 | ||||||||
Additional purchase of common stock shares | 6,250,000 | 6,250,000 | |||||||
Shares Underlying Warrants Outstanding | 6,250,000 | ||||||||
Series L | |||||||||
Derivative [Line Items] | |||||||||
Warrant, Issuance Date | Feb. 17, 2017 | ||||||||
Warrants, Expiration date | Feb. 17, 2018 | ||||||||
Warrant , Exercise Price | $ 0.01 | ||||||||
Additional purchase of common stock shares | 570,000 | 570,000 | |||||||
Shares Issued upon Warrant Exercises | (155,000) | ||||||||
Shares Underlying Warrants Outstanding | 415,000 | ||||||||
Series M | |||||||||
Derivative [Line Items] | |||||||||
Warrant, Issuance Date | Feb. 17, 2017 | ||||||||
Warrants, Expiration date | Nov. 17, 2017 | ||||||||
Warrant , Exercise Price | $ 2.35 | ||||||||
Additional purchase of common stock shares | 6,250,000 | 6,250,000 | |||||||
Shares Underlying Warrants Outstanding | 6,250,000 | ||||||||
2013 Warrants | |||||||||
Derivative [Line Items] | |||||||||
Warrant, Issuance Date | Dec. 16, 2013 | ||||||||
Warrants, Expiration date | Dec. 16, 2018 | ||||||||
Warrant , Exercise Price | $ 15.84 | ||||||||
Additional purchase of common stock shares | 71,013 | 71,013 | |||||||
Shares Issued upon Warrant Exercises | (15,239) | ||||||||
Shares Underlying Warrants Outstanding | 55,774 | ||||||||
2014 Warrants | |||||||||
Derivative [Line Items] | |||||||||
Warrant, Issuance Date | Aug. 5, 2014 | ||||||||
Warrants, Expiration date | Aug. 5, 2019 | ||||||||
Warrant , Exercise Price | $ 11.98 | ||||||||
Additional purchase of common stock shares | 50,000 | 50,000 | |||||||
Shares Issued upon Warrant Exercises | (30,538) | ||||||||
Shares Underlying Warrants Outstanding | 19,462 |
Schedule of Shares Issued Upo38
Schedule of Shares Issued Upon Exercise of Warrants (Parenthetical) (Detail) - Series L | Mar. 31, 2017$ / shares |
Derivative [Line Items] | |
Warrant , exercise price aggregate | $ 1.90 |
Warrant , exercise price pre-funded | $ 1.89 |
Components Accounts Payable and
Components Accounts Payable and Accrued Liabilities in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Payables And Accruals [Abstract] | ||
Accounts payable - trade | $ 2,118 | $ 2,611 |
Accrued legal-related fees | 282 | 626 |
Accrued employee compensation | 867 | 1,385 |
Accrued interest | 22 | 359 |
Accrued taxes payable | 163 | 136 |
Short-term capital lease | 147 | 147 |
Other accrued liabilities | 1,399 | 929 |
Total accounts payable and accrued liabilities | $ 4,998 | $ 6,193 |
Senior Secured Debt and 2022 40
Senior Secured Debt and 2022 Notes - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Feb. 28, 2017 | Jan. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Sep. 30, 2016USD ($)shares | Nov. 30, 2015USD ($)Bondshares | Feb. 28, 2015USD ($)Bondshares | Jun. 30, 2014USD ($)$ / shares | Jul. 31, 2012USD ($) | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)shares | |
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount outstanding | 10.00% | ||||||||||
Restricted deposits | $ 2,611,000 | $ 2,611,000 | $ 2,611,000 | ||||||||
Common stock, shares authorized | shares | 250,000,000 | 250,000,000 | 250,000,000 | ||||||||
Outstanding principal amount | $ 8,221,000 | $ 1,088,000 | $ 8,221,000 | ||||||||
Interest expense | 714,000 | $ 2,151,000 | |||||||||
Non-cash interest expense | $ 80,000 | 1,057,000 | |||||||||
Common stock shares issued | shares | 7,074,246 | 15,065,551 | 7,074,246 | ||||||||
First Installment | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate outstanding principal amount of term loan | $ 25,900,000 | ||||||||||
Convertible 2017 Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, interest rate | 10.00% | ||||||||||
Debt instrument maturity date | Jun. 23, 2017 | Mar. 15, 2017 | |||||||||
Conversion Price | $ / shares | $ 344.83 | $ 344.83 | |||||||||
Debt Conversion, Description | The 2017 Notes have a conversion price (the “Conversion Price”) equal to $344.83 per share or 0.0029 shares per $1 principal amount of 2017 Notes. | ||||||||||
Conversion Rate | 0.0029 | ||||||||||
Debt instrument, face amount | $ 26,100,000 | $ 16,500,000 | $ 26,100,000 | ||||||||
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 | 60,000 | ||||||||||
Paid down principal outstanding | $ 9,616,000 | ||||||||||
Outstanding principal amount | 16,500,000 | ||||||||||
Estimated fair value of principal amount | 25,769,000 | 16,492,000 | 25,769,000 | ||||||||
Debt Issuance Costs | 4,200,000 | 1,500,000 | 4,200,000 | ||||||||
Interest expense | 600,000 | 700,000 | |||||||||
Aggregate principal amount on sale of convertible notes | 26,108,000 | $ 16,492,000 | 26,108,000 | ||||||||
Convertible 2017 Notes | Change In Accounting Method Accounted For As Change In Estimate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage repurchase price | 100.00% | ||||||||||
Convertible 2017 Notes | Whitebox | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Jun. 23, 2017 | ||||||||||
2022 Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Jul. 1, 2022 | ||||||||||
Conversion Price | $ / shares | $ 1,707.65 | ||||||||||
Conversion Rate | 0.5856 | ||||||||||
Debt instrument, interest rate | 7.50% | ||||||||||
Debt instrument, convertible, conversion price | $ 1,000 | ||||||||||
Outstanding principal amount | $ 8,221,000 | 1,088,000 | $ 8,221,000 | ||||||||
Debt Issuance Costs | $ 1,400,000 | ||||||||||
Interest expense | 20,000 | 400,000 | |||||||||
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 | 80,000 | $ 1,100,000 | |||||||||
Conversion of debt, expense | $ 1,200,000 | ||||||||||
Debt discounts and debt issue costs amortization rate | 40.00% | ||||||||||
Amortization period of debt discount | 5 years | ||||||||||
Amortization period of debt issuance cost | 5 years | ||||||||||
2022 notes, conversion date | 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 | ||||||||||
Common stock shares issued | shares | 2,155,382 | 251,832 | 699,968 | 55,392 | 8,502 | 251,832 | |||||
Number of bonds redeemed | Bond | 2,500 | 2,000 | |||||||||
Face value of each bond redeemed | $ 1,000 | $ 1,000 | |||||||||
Redemption of debt instrument | $ 8,400,000 | $ 1,400,000 | $ 11,400,000 | 2,500,000 | 2,000,000 | ||||||
Net gain (loss) on extinguishment of debt instrument | $ 1,000,000 | $ 100,000 | $ (900,000) | $ (50,000) | $ 300,000 | ||||||
Required principal amount in percentage | 25.00% | ||||||||||
2022 Notes | Make-Whole Fundamental Change | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Conversion Rate | 0.6734 | ||||||||||
2022 Notes | Provisional Redemption | |||||||||||
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 | 12.00% | ||||||||||
Term Loans | Interest Payable In Cash | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, interest rate | 6.00% | ||||||||||
Term Loans | Interest Payable In Kind | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, interest rate | 6.00% | ||||||||||
Term Loans | First Installment | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Accrued paid in kind interest | $ 200,000 |
Schedule of Estimated Fair Valu
Schedule of Estimated Fair Value Assumption of 2017 Notes (Detail) - Convertible 2017 Notes - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Stock price | $ 1.14 | $ 3.40 |
Conversion Rate per $1,000 | 2.90 | 2.90 |
Conversion Price | $ 344.83 | $ 344.83 |
Maturity date | Jun. 23, 2017 | Mar. 15, 2017 |
Risk-free interest rate | 0.76% | 0.49% |
Estimated stock volatility | 100.00% | 80.00% |
Estimated credit spread | 20.00% | 20.00% |
Information Pertaining to 2017
Information Pertaining to 2017 Notes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Debt Instrument [Line Items] | ||
Loss from change in fair value of the 2017 Notes | $ 339 | $ 836 |
2017 Notes | ||
Debt Instrument [Line Items] | ||
Principal Amount of Notes, Beginning Balance | 26,108 | |
Paydown of principal balance | (9,616) | |
Principal Amount of Notes, Ending Balance | 16,492 | |
Change in Estimated Fair Value, Beginning Balance | (339) | |
Loss from change in fair value of debt | 339 | |
Beginning Balance | 25,769 | |
Loss from change in fair value of the 2017 Notes | 339 | |
Paydown of principal balance | (9,616) | |
Ending Balance | $ 16,492 |
Information Pertaining to 2022
Information Pertaining to 2022 Notes (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |
Beginning balance | $ 8,221 |
Ending balance | 1,088 |
2022 Notes | |
Debt Instrument [Line Items] | |
Beginning balance | 8,221 |
Amortization of debt discount | 77 |
Amortization of debt issue costs | 3 |
Exchange of 2022 Notes | (8,400) |
Write-off of debt discount and debt issue costs associated with extinguishment of debt | 1,187 |
Ending balance | 1,088 |
2022 Notes | Principal Amount of 2022 Notes | |
Debt Instrument [Line Items] | |
Principal Amount of Notes, Beginning Balance | 9,575 |
Exchange of 2022 Notes | (8,400) |
Principal Amount of Notes, Ending Balance | 1,175 |
2022 Notes | Debt Discount | |
Debt Instrument [Line Items] | |
Beginning balance | (1,307) |
Amortization of debt discount | 77 |
Write-off of debt discount and debt issue costs associated with extinguishment of debt | 1,146 |
Ending balance | (84) |
2022 Notes | Debt Issue Costs | |
Debt Instrument [Line Items] | |
Beginning balance | (47) |
Amortization of debt issue costs | 3 |
Write-off of debt discount and debt issue costs associated with extinguishment of debt | 41 |
Ending balance | $ (3) |
Gevo Development - Additional I
Gevo Development - Additional Information (Detail) - Gevo Development - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Class Of Stock [Line Items] | ||
Capital contribution to subsidiaries | $ 1.8 | $ 12.3 |
Ownership percentage of wholly owned subsidiary | 100.00% |
Net Loss Incurred by Gevo Devel
Net Loss Incurred by Gevo Development (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Gevo Development | ||
Related Party Transaction [Line Items] | ||
Gevo Development Net Loss | $ (4,173) | $ (3,576) |
Stock-Based Compensation Expens
Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $ 128 | $ 358 |
Stock options and employee stock purchase plan awards | Research and Development Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 9 | 25 |
Stock options and employee stock purchase plan awards | Selling, General and Administrative Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 30 | 103 |
Unvested restricted common stock | Research and Development Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 12 | 50 |
Unvested restricted common stock | Selling, General and Administrative Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 17 | 68 |
Restricted stock units | Research and Development Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 18 | 13 |
Restricted stock units | Selling, General and Administrative Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $ 42 | $ 99 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Schedule Of Commitments And Contingencies [Line Items] | |||
Capital lease obligation included in other non-current liabilities | $ 147,000 | $ 147,000 | |
Operating lease expiration period | 2021-07 | ||
Corporate apartment lease term expiring period | 12 months | ||
Operating leases rent expense | $ 400,000 | $ 400,000 | |
Environmental liabilities | 0 | 0 | |
Accounts Payable and Accrued Liabilities | |||
Schedule Of Commitments And Contingencies [Line Items] | |||
Capital lease liabilities | 200,000 | 100,000 | |
Other Long-term Liabilities | |||
Schedule Of Commitments And Contingencies [Line Items] | |||
Capital lease obligation included in other non-current liabilities | $ 200,000 | $ 100,000 | |
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 | Mar. 31, 2017USD ($) |
Disclosure Future Minimum Payments Under Non Cancelable Operating Leases [Abstract] | |
Operating Leases, 2017 (remaining) | $ 1,152 |
Operating Leases, 2018 | 1,421 |
Operating Leases, 2019 | 907 |
Operating Leases, 2020 | 394 |
Operating Leases, 2021 | 200 |
Operating Leases, Total | 4,074 |
Capital Lease, 2017 (remaining) | 167 |
Capital Lease, Total | 167 |
Total Lease Payments, 2017 (remaining) | 1,319 |
Total Lease Payments, 2018 | 1,421 |
Total Lease Payments, 2019 | 907 |
Total Lease Payments, 2020 | 394 |
Total Lease Payments, 2021 | 200 |
Total Lease Payments, Total | $ 4,241 |
Schedule of Carrying Value and
Schedule of Carrying Value and Fair Value by Fair Value Hierarchy of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Measurements, Recurring | ||
Recurring: | ||
Total Recurring Fair Value Measurements | $ 21,434 | $ 28,467 |
Fair Value, Measurements, Recurring | Derivative Warrant Liability | ||
Recurring: | ||
Total Recurring Fair Value Measurements | 4,942 | 2,698 |
Fair Value, Measurements, Recurring | 2017 Notes | ||
Recurring: | ||
Total Recurring Fair Value Measurements | 16,492 | 25,769 |
Fair Value, Measurements, Nonrecurring | ||
Nonrecurring | ||
Total Nonrecurring Fair Value Measurements | 2,092 | 1,327 |
Fair Value, Measurements, Nonrecurring | Corn and Finished Goods Inventory | ||
Nonrecurring | ||
Total Nonrecurring Fair Value Measurements | 2,092 | 1,327 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | ||
Nonrecurring | ||
Total Nonrecurring Fair Value Measurements | 223 | 108 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | Corn and Finished Goods Inventory | ||
Nonrecurring | ||
Total Nonrecurring Fair Value Measurements | 223 | 108 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Recurring: | ||
Total Recurring Fair Value Measurements | 1,884 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Derivative Warrant Liability | ||
Recurring: | ||
Total Recurring Fair Value Measurements | 1,884 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Nonrecurring | ||
Total Nonrecurring Fair Value Measurements | 1,869 | 1,219 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | Corn and Finished Goods Inventory | ||
Nonrecurring | ||
Total Nonrecurring Fair Value Measurements | 1,869 | 1,219 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Recurring: | ||
Total Recurring Fair Value Measurements | 21,434 | 26,583 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Derivative Warrant Liability | ||
Recurring: | ||
Total Recurring Fair Value Measurements | 4,942 | 814 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | 2017 Notes | ||
Recurring: | ||
Total Recurring Fair Value Measurements | $ 16,492 | $ 25,769 |
Schedule of Fair Value Measurem
Schedule of Fair Value Measurements Using Level 3 Inputs (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Derivative Warrant Liability | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Opening Balance | $ 814 |
Transfers into Level 3 | 1,884 |
Included in earnings | (3,259) |
Purchases, issues, sales and settlements | |
Issues | 5,670 |
Settlements | (167) |
Closing balance | 4,942 |
2017 Notes | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Opening Balance | 25,769 |
Included in earnings | 339 |
Purchases, issues, sales and settlements | |
Settlements | (9,616) |
Closing balance | $ 16,492 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Estimated fair value of the embedded derivatives | $ 0 | $ 0 |
2017 Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Estimated fair value of principal amount | 16,492,000 | 25,769,000 |
2022 Notes | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Estimated fair value of the embedded derivatives | $ 0 | $ 0 |
Segments - Additional Informati
Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Information on Business Segment
Information on Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 5,616 | $ 6,320 | |
Loss from operations | (7,182) | (5,866) | |
Interest expense | 714 | 2,151 | |
Depreciation expense | 1,676 | 1,621 | |
Acquisitions of plant, property and equipment | 673 | 2,247 | |
Total assets | 104,587 | $ 112,324 | |
Intercompany Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | (153,019) | (154,497) | |
Gevo | |||
Segment Reporting Information [Line Items] | |||
Revenues | 90 | 505 | |
Loss from operations | (3,065) | (2,307) | |
Interest expense | 714 | 2,134 | |
Depreciation expense | 137 | 168 | |
Acquisitions of plant, property and equipment | 56 | 3 | |
Gevo | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 102,331 | 110,072 | |
Gevo Development / Agri-Energy | |||
Segment Reporting Information [Line Items] | |||
Revenues | 5,526 | 5,815 | |
Loss from operations | (4,117) | (3,559) | |
Interest expense | 17 | ||
Depreciation expense | 1,539 | 1,453 | |
Acquisitions of plant, property and equipment | 617 | $ 2,244 | |
Gevo Development / Agri-Energy | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ 155,275 | $ 156,749 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Millions | Apr. 19, 2017USD ($)$ / shares | Mar. 31, 2017$ / shares | Dec. 31, 2016 | Jun. 30, 2014$ / shares |
Convertible 2020 Notes | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, interest rate | 12.00% | |||
Minimum percentage of outstanding common stock upon conversion require stockholders' approval | 19.99% | |||
Maturity date | Mar. 15, 2020 | |||
Debt instrument, interest rate | 12.00% | |||
Debt instrument, conversion price | $ 1.196 | |||
Debt instrument, conversion rate | 0.8361 | |||
Debt instrument, conversion description | The 2020 Notes will have an initial conversion price (the “Conversion Price”) equal to the lesser of (i) $1.196 per share, or 0.8361 shares of common stock per $1.00 principal amount of the 2020 Notes, or (ii) a premium of 15% to the closing price of the Company’s common stock on the date of the Exchange. | |||
Debt instrument, conversion price, premium percentage on closing price of common stock | 15.00% | |||
Debt instrument, conversion price, reset period | 180 days | |||
Convertible 2020 Notes | Subsequent Event | First 90 Days following Exchange | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, conversion price, reset period | 90 days | |||
Debt instrument, conversion price, premium percentage to common stock share price in equity financing | 25.00% | |||
Convertible 2020 Notes | Subsequent Event | 90-180 Days Following Exchange | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, conversion price, premium percentage to common stock share price in equity financing | 35.00% | |||
Convertible 2020 Notes | Subsequent Event | 90-180 Days Following Exchange | Minimum | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, conversion price, reset period | 90 days | |||
Convertible 2020 Notes | Subsequent Event | 90-180 Days Following Exchange | Maximum | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, conversion price, reset period | 180 days | |||
Convertible 2020 Notes | Subsequent Event | Interest Payable In Cash | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, interest rate | 10.00% | |||
Convertible 2020 Notes | Subsequent Event | Interest Payable In Kind | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, interest rate | 2.00% | |||
2020 Option Notes | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, purchase option, additional aggregate principal amount | $ | $ 5 | |||
Debt instrument, purchase option, maximum number of days from closing of exchange | 90 days | |||
2017 Notes | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, interest rate | 10.00% | |||
Maturity date | Jun. 23, 2017 | Mar. 15, 2017 | ||
Debt instrument, conversion price | $ 344.83 | $ 344.83 | ||
Debt instrument, conversion rate | 0.0029 | |||
Debt instrument, conversion description | The 2017 Notes have a conversion price (the “Conversion Price”) equal to $344.83 per share or 0.0029 shares per $1 principal amount of 2017 Notes. | |||
2017 Notes | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Maturity date | Jun. 23, 2017 | |||
Debt instrument, automatic extension period on maturity date | 3 days | |||
Debt instrument, maximum extension period on maturity date | 14 days |