Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000738214 | |
Entity Registrant Name | AEMETIS, INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-36475 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-1407544 | |
Entity Address, Address Line One | 20400 Stevens Creek Blvd., Suite 700 | |
Entity Address, City or Town | Cupertino | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95014 | |
City Area Code | 408 | |
Local Phone Number | 213-0940 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | AMTX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 44,397,833 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 1,629 | $ 2,667 |
Accounts receivable | 8,867 | 8,633 |
Inventories, net of allowance for excess and obsolete inventory of $1,040 as of March 31, 2024 and December 31, 2023, respectively | 16,011 | 18,291 |
Prepaid expenses | 2,418 | 3,347 |
Other current assets | 4,027 | 3,462 |
Total current assets | 32,952 | 36,400 |
Property, plant and equipment, net | 197,737 | 195,108 |
Operating lease right-of-use assets | 1,951 | 2,056 |
Other assets | 9,599 | 9,842 |
Total assets | 242,239 | 243,406 |
Current liabilities: | ||
Accounts payable | 29,789 | 32,132 |
Current portion of long term debt | 48,870 | 13,585 |
Short term borrowings | 23,937 | 23,443 |
Other current liabilities | 15,322 | 15,229 |
Total current liabilities | 117,918 | 84,389 |
Long term liabilities: | ||
Senior secured notes and revolving notes | 150,830 | 176,476 |
EB-5 notes | 29,500 | 29,500 |
Other long term debt | 54,087 | 51,717 |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Noncurrent | 116,900 | 113,200 |
Other long term liabilities | 5,175 | 5,112 |
Total long term liabilities | 356,462 | 375,994 |
Stockholders' deficit: | ||
Common stock, $0.001 par value per share; 80,000 shares authorized; 42,616 and 40,966 shares issued and outstanding each period, respectively | 43 | 41 |
Additional paid-in capital | 273,167 | 264,058 |
Accumulated deficit | (499,636) | (475,405) |
Accumulated other comprehensive loss | (5,715) | (5,671) |
Total stockholders' deficit | (232,141) | (216,977) |
Total liabilities and stockholders' deficit | 242,239 | 243,406 |
Convertible Series A Preferred Stock Subject to Mandatory Redemption [Member] | ||
Long term liabilities: | ||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Noncurrent | $ 116,870 | $ 113,189 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and cash equivalents | $ 1,629 | $ 2,667 |
Accounts receivable | 8,867 | 8,633 |
Inventory Valuation Reserves | 1,040 | 1,040 |
Prepaid expenses | 2,418 | 3,347 |
Other current assets | 4,027 | 3,462 |
Property, plant and equipment, net | 197,737 | 195,108 |
Operating lease right-of-use assets | 1,951 | 2,056 |
Other assets | 9,599 | 9,842 |
Accounts payable | 29,789 | 32,132 |
Current portion of long term debt | 48,870 | 13,585 |
Short term borrowings | 23,937 | 23,443 |
Other current liabilities | 15,322 | 15,229 |
Other long term debt | 54,087 | 51,717 |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Noncurrent | 116,900 | 113,200 |
Other long term liabilities | $ 5,175 | $ 5,112 |
Common Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized (in shares) | 80,000 | 80,000 |
Common Stock, Shares Issued (in shares) | 42,616 | 40,966 |
Common Stock, Shares Outstanding (in shares) | 42,616 | 40,966 |
Convertible Series A Preferred Stock Subject to Mandatory Redemption [Member] | ||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Noncurrent | $ 116,870 | $ 113,189 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and cash equivalents | 10 | 1,093 |
Accounts receivable | 675 | 55 |
Prepaid expenses | 1,034 | 1,438 |
Other current assets | 143 | 289 |
Property, plant and equipment, net | 85,514 | 81,966 |
Operating lease right-of-use assets | 125 | 145 |
Other assets | 4,722 | 4,881 |
Accounts payable | 4,387 | 3,815 |
Current portion of long term debt | 498 | 190 |
Short term borrowings | 9 | 9 |
Other current liabilities | 50 | 48 |
Other long term debt | 43,416 | 40,857 |
Other long term liabilities | 54 | 67 |
Variable Interest Entity, Primary Beneficiary [Member] | Convertible Series A Preferred Stock Subject to Mandatory Redemption [Member] | ||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Noncurrent | $ 116,870 | $ 113,189 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 72,634 | $ 2,151 |
Cost of goods sold | 73,246 | 3,446 |
Gross loss | (612) | (1,295) |
Selling, general and administrative and R&D expenses | 8,850 | 10,828 |
Operating loss | (9,462) | (12,123) |
Other expense (income): | ||
Interest rate expense | 9,092 | 7,078 |
Debt related fees and amortization expense | 1,421 | 1,969 |
Accretion and other expenses of Series A preferred units | 3,311 | 5,564 |
Other (income) expense | 67 | (76) |
Loss before income taxes | (23,353) | (26,658) |
Income tax expense (benefit) | 878 | (248) |
Net loss | (24,231) | (26,410) |
Other comprehensive income (loss) | ||
Foreign currency translation (loss) income | (44) | 117 |
Comprehensive loss | $ (24,275) | $ (26,293) |
Net loss per common share | ||
Basic (in dollars per share) | $ (0.58) | $ (0.73) |
Diluted (in dollars per share) | $ (0.58) | $ (0.73) |
Weighted average shares outstanding | ||
Basic (in shares) | 41,889 | 36,425 |
Diluted (in shares) | 41,889 | 36,425 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities: | ||
Net loss | $ (24,231) | $ (26,410) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation | 2,969 | 2,662 |
Depreciation | 1,798 | 1,790 |
Debt related fees and amortization expense | 1,421 | 1,969 |
Intangibles and other amortization expense | 12 | 12 |
Accretion and other expenses of Series A preferred units | 3,311 | 5,564 |
Deferred tax benefit | 0 | (262) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (245) | 1,005 |
Inventories | 2,259 | (7,942) |
Prepaid expenses | 929 | 2,315 |
Other assets | (544) | 460 |
Accounts payable | (3,236) | 3,002 |
Accrued interest expense and fees | 5,500 | 5,356 |
Other liabilities | (221) | (779) |
Net cash used in operating activities | (10,278) | (11,258) |
Investing activities: | ||
Capital expenditures | (3,583) | (7,616) |
Grant proceeds and other reimbursements received for capital expenditures | 1,900 | 6,757 |
Net cash used in investing activities | (1,683) | (859) |
Financing activities: | ||
Proceeds from borrowings | 6,223 | 11,583 |
Repayments of borrowings | (411) | (2,724) |
Lender debt renewal and waiver fee payments | (750) | 0 |
Payments on finance leases | (8) | (83) |
Proceeds from sales of common stock | 5,513 | 2,617 |
Proceeds from exercise of stock options | 36 | 0 |
Net cash provided by financing activities | 10,603 | 11,393 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 15 | (56) |
Net change in cash, cash equivalents, and restricted cash for period | (1,343) | (780) |
Cash, cash equivalents, and restricted cash at beginning of period | 6,280 | 6,999 |
Cash, cash equivalents and restricted cash at end of period | 4,937 | 6,219 |
Supplemental disclosures of cash flow information, cash paid: | ||
Cash paid for interest | 2,963 | 1,515 |
Income taxes paid | 878 | 14 |
Supplemental disclosures of cash flow information, non-cash transactions: | ||
Subordinated debt extension fees added to debt | 340 | 340 |
Debt fees added to revolving lines | 0 | 423 |
Fair value of warrants issued to subordinated debt holders | 593 | 448 |
Lender debt extension, waiver, and other fees added to debt | 595 | 384 |
Cumulative capital expenditures in accounts payable, including net increase (decrease) of $1,027 and ($511), respectively | $ 8,927 | $ 14,900 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Increase (decrease) in cumulative capital expenditures in accounts payable | $ 1,027 | $ (511) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 1,270 | 35,869 | ||||
Balance at Dec. 31, 2022 | $ 1 | $ 36 | $ 232,546 | $ (428,985) | $ (5,452) | $ (201,854) |
Issuance of common stock (in shares) | 0 | 668 | ||||
Issuance of common stock | $ 0 | $ 1 | 2,616 | 0 | 0 | 2,617 |
Stock options exercised (in shares) | 0 | 40 | ||||
Stock options exercised | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Stock-based compensation | $ 0 | $ 0 | 2,662 | 0 | 0 | 2,662 |
Issuance and exercise of warrants (in shares) | 0 | 113 | ||||
Issuance and exercise of warrants | $ 0 | $ 0 | 448 | 0 | 0 | 448 |
Foreign currency translation gain | 0 | 0 | 0 | 0 | 117 | 117 |
Net loss | $ 0 | $ 0 | 0 | (26,410) | 0 | (26,410) |
Series B conversion to common stock (in shares) | 0 | 0 | ||||
Series B conversion to common stock | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Balance (in shares) at Mar. 31, 2023 | 1,270 | 36,690 | ||||
Balance at Mar. 31, 2023 | $ 1 | $ 37 | 238,272 | (455,395) | (5,335) | (222,420) |
Balance (in shares) at Dec. 31, 2023 | 0 | 40,966 | ||||
Balance at Dec. 31, 2023 | $ 0 | $ 41 | 264,058 | (475,405) | (5,671) | (216,977) |
Issuance of common stock (in shares) | 0 | 1,523 | ||||
Issuance of common stock | $ 0 | $ 2 | 5,511 | 0 | 0 | 5,513 |
Stock options exercised (in shares) | 0 | 14 | ||||
Stock options exercised | $ 0 | $ 0 | 36 | 0 | 0 | 36 |
Stock-based compensation | $ 0 | $ 0 | 2,969 | 0 | 0 | 2,969 |
Issuance and exercise of warrants (in shares) | 0 | 113 | ||||
Issuance and exercise of warrants | $ 0 | $ 0 | 593 | 0 | 0 | 593 |
Foreign currency translation gain | 0 | 0 | 0 | 0 | (44) | (44) |
Net loss | $ 0 | $ 0 | 0 | (24,231) | 0 | (24,231) |
Balance (in shares) at Mar. 31, 2024 | 0 | 42,616 | ||||
Balance at Mar. 31, 2024 | $ 0 | $ 43 | $ 273,167 | $ (499,636) | $ (5,715) | $ (232,141) |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies Nature of Activities Founded in 2006 ► California Ethanol 65 ► California Dairy Renewable Natural Gas eight 36 43 24 2024. ► India Biodiesel 60 one In addition, we are actively growing our business by seeking to develop or acquire new facilities, including the following key projects: ► Sustainable Aviation Fuel and Renewable Diesel 90 2023, March 2024, ► Carbon Capture and Underground Sequestration May 2023, 2024 The Company’s current and planned businesses produce renewable fuels and reduce carbon emissions, while generating valuable Renewable Fuel Standard credits, California Low Carbon Fuel Standard credits, and federal tax credits. Basis of Presentation and Consolidation These consolidated financial statements include the accounts of Aemetis, Inc. and its subsidiaries. We consolidate all entities in which we have a controlling financial interest. A controlling financial interest is usually obtained through ownership of a majority of the voting interests. However, an enterprise must consolidate a variable interest entity (“VIE”) if the enterprise is the primary beneficiary of the VIE, even if the enterprise does not All intercompany balances and transactions have been eliminated in consolidation. The accompanying consolidated condensed balance sheet as of March 31, 2024 three March 31, 2024 2023 three March 31, 2024 2023 three March 31, 2024 2023 December 31, 2023 2023 2023 10 December 31, 2023 In the opinion of Company’s management, the unaudited interim consolidated condensed financial statements as of and for the three March 31, 2024 2023 December 31, 2023 three March 31, 2024 not There have been no 1 10 December 31, 2023. |
Note 2 - Revenue
Note 2 - Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. We derive revenue primarily from sales of ethanol and related co-products in California, renewable natural gas ("RNG") and related environmental attributes in California, and biodiesel and refined glycerin in India. California Ethanol Revenues: second 2023, not Given the similarity of the individual sales transactions with J.D. Heiskell, we have assessed them as a portfolio of similar contracts. Prior to May 25, 2023, May 25, 2023, one During the last two December 2022, first second 2023 May 2023, March 31, 2023. The following table shows sales in our California Ethanol segment by product category: For the three months ended March 31, 2024 2023 Ethanol sales $ 25,385 $ 368 Wet distiller's grains sales 9,213 - Other sales 1,491 107 Total $ 36,089 $ 475 California Dairy Renewable Natural Gas Revenues: March 31, 2024 eight 36 "D3 D3 third 2023 first 2024. D3 For the three months ended March 31, 2024 2023 RNG, LCFS and D3 RIN sales $ 3,792 $ 206 India Biodiesel Revenues: The following table shows our sales in our India Biodiesel segment by product category: For the three months ended March 31, 2024 2023 Biodiesel sales $ 30,992 $ 1,190 Other sales 1,761 280 Total $ 32,753 $ 1,470 |
Note 3 - Cash and Cash Equivale
Note 3 - Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 3. The following table reconciles cash, cash equivalents, and restricted cash reported in the Consolidated Balance Sheet to the statement of cash flows: As of March 31, 2024 December 31, 2023 Cash and cash equivalents $ 1,629 $ 2,667 Restricted cash included in other current assets 143 289 Restricted cash included in other assets 3,165 3,324 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 4,937 $ 6,280 Restricted cash shown in the table above includes amounts required to be set aside by the Construction and Term Loan Agreement arranged by Greater Commercial Lending ("GCL") for financing reserves and construction contingencies. |
Note 4 - Basic and Diluted Net
Note 4 - Basic and Diluted Net Loss Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. Basic net loss per share is computed by dividing income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share reflects the dilution of common stock equivalents such as options, convertible preferred stock, debt and warrants to the extent the impact is dilutive. The following table shows the number of potentially dilutive shares excluded from the diluted net loss per share calculation as of March 31, 2024 2023 As of March 31, 2024 March 31, 2023 Series B preferred (post split basis) - 127 Common stock options and warrants 7,743 6,125 Debt with conversion feature at $ 30 1,270 1,246 Total number of potentially dilutive shares 9,013 7,498 |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories Inventories consist of the following: As of March 31, 2024 December 31, 2023 Raw materials $ 9,564 $ 9,907 Work-in-progress 1,657 1,682 Finished goods 4,790 6,702 Total inventories $ 16,011 $ 18,291 As of March 31, 2024 , and December 31, 2023 , the Company recognized a lower of cost or net realizable value adjustment of $109 thousand and $ 58 thousand, respectively, related to inventory. |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property, Plant and Equipment Property, plant and equipment consist of the following: As of March 31, 2024 December 31, 2023 Land $ 7,344 $ 7,345 Plant and buildings 136,750 136,318 Furniture and fixtures 2,529 2,266 Machinery and equipment 15,150 14,982 Construction in progress 76,609 73,057 Property held for development 15,431 15,431 Finance lease right of use assets 2,889 2,889 Total gross property, plant & equipment 256,702 252,288 Less accumulated depreciation (58,965 ) (57,180 ) Total net property, plant & equipment $ 197,737 $ 195,108 For the three March 31, 2024 2023 Construction in progress includes costs for the biogas construction projects (dairy digesters and pipeline), Riverbank projects (sustainable aviation fuel and renewable diesel plant as well as carbon capture characterization well), and energy efficiency projects at the Keyes Plant. Property held for development is the partially completed Goodland Plant which is not Years Plant and buildings 20 - 30 Machinery and equipment 5 - 15 Furniture and fixtures 3 - 5 For the three March 31, 2024 2023, |
Note 7 - Debt
Note 7 - Debt | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Debt Debt consists of the following: March 31, 2024 December 31, 2023 Third Eye Capital term notes $ 7,172 $ 7,159 Third Eye Capital revolving credit facility 23,800 20,922 Third Eye Capital revolving notes Series B 57,694 54,412 Third Eye Capital revenue participation term notes 12,046 12,011 Third Eye Capital acquisition term notes 26,709 26,655 Third Eye Capital Fuels Revolving Line 35,168 32,511 Third Eye Capital Carbon Revolving Line 23,673 23,486 Construction and term loans 43,894 41,024 Cilion shareholder purchase obligation 7,081 7,028 Subordinated notes 17,747 17,625 EB-5 promissory notes 42,439 42,211 Working capital loans 3,954 3,827 Term loans on capital expenditures 5,847 5,850 Total debt 307,224 294,721 Less current portion of debt 72,807 37,028 Total long term debt $ 234,417 $ 257,693 Third Eye Capital Note Purchase Agreement On July 6, 2012, The Original Third Eye Capital Notes have been amended several times. Most recently, on March 25, 2024, No. 28 No. 28” 120%. No. 28, No. 28 470 50 470 60 Terms of Original Third Eye Capital Notes: A. Term Notes. As of March 31, 2024 , the Company had $7.3 million in principal and interest outstanding under the Term Notes and $104 thousand unamortized debt issuance costs. The Term Notes accrue interest at 14% per annum. The Term Notes mature on April 1, 2025. B. Revolving Credit Facility . The Revolving Credit Facility accrues interest at the prime rate plus 13.75% (22.25% as of March 31, 2024 ) payable monthly in arrears. The Revolving Credit Facility matures on April 1, 2025. March 31, 2024 , AAFK had $24.8 million in principal and interest and waiver fees outstanding and $1.0 million unamortized debt issuance costs under the Revolving Credit Facility. C. Revolving Notes Series B . The Revolving Notes Series B accrues interest at the prime rate plus 13.75% (22.25% as of March 31, 2024 ) payable monthly in arrears. The Revolving Notes Series B matures on April 1, 2025. March 31, 2024 , AAFK had $58.5 million in principal and interest and waiver fees outstanding and $0.8 million unamortized debt issuance costs under the Revolving Notes Series B. D. Revenue Participation Term Notes . The Revenue Participation Term Notes bear interest at 5% per annum and mature on April 1, 2025. March 31, 2024 , AAFK had $12.2 million in principal and interest outstanding under the Revenue Participation Term Notes and $168 thousand unamortized debt issuance costs. E. Acquisition Term Notes . The Acquisition Term Notes accrue interest at the prime rate plus 10.75% (19.25% per annum as of March 31, 2024 ) and mature on April 1, 2025. March 31, 2024 , Aemetis Facility Keyes, Inc. had $27.0 million in principal and interest and redemption fees outstanding under the Acquisition Term Notes and $325 thousand unamortized debt issuance costs. The outstanding principal balance includes $7.5 million in redemption fee on which interest is not The Original Third Eye Capital Notes contain various covenants, including but not not twelve first Third Eye Capital Reserve Facility. March 6, 2020, March 25, 2024, April 1, 2025. may may As of March 31, 2024 , we have no borrowings outstanding under the Reserve Liquidity Note. Third Eye Capital Revolving Credit Facility for Fuels and Carbon Lines. March 2, 2022, two March 1, 2025, ten March 1, 2026 eight poses and loans made under the Carbon Revolving Line are available for projects that reduce, capture, use, or sequester carbon with the objective of reducing carbon dioxide emissions. As of March 31, 2024 , GAFI had principal and interest outstanding of $35.1 million classified as current debt and $1.8 million unamortized debt issuance costs. As of March 31, 2024 , ACCI had principal and interest outstanding of $0.3 million classified as current debt, $23.4 million classified as long-term debt, and $1.5 million in unamortized debt issuance costs. Cilion Shareholder Purchase Obligation . In connection with the Company’s merger with Cilion, Inc. (“Cilion”), on July 6, 2012, $5.0 million payment obligation o Cilion shareholders as merger compensation subordinated to the senior secured Third Eye Capital Notes. The liability bears interest at 3% per annum and is due and payable after the Third Eye Capital Notes have been paid in full. As of March 31, 2024 , Aemetis Facility Keyes, Inc. had $7.0 million in Subordinated Notes January 6 January 9, 2012, two six six two may January 1, 2024, June 30, 2024. two January 1, 2024, 470 50 March 31, 2024 December 31, 2023 $17.7 million and $17.6 million in principal and interes EB- 5 5 March 4, 2011 ( January 19, 2012 July 24, 2012) 5 72 5 2 3%. Advanced BioEnergy, LP arranged equity investments by foreign investors, and then Advanced BioEnergy used the invested equity to make loans to the Keyes Plant. 5 February 27, 2019, 5 six 19 not 829 5 As of March 31, 2024 , $35.5 million has been released from the escrow amount to the Company, with $0.5 million remaining to be funded to escrow. As of March 31, 2024 and December 31, 2023 , $38.0 million and $37.9 million was outstanding, respectively, on the EB- 5 On October 16, 2016, 5 5 5 5 5 March 2024, 5 5 first 5 As of March 31, 2024 , and December 31, 2023 , $4.4 million and $4.3 million were outstanding on the EB- 5 5 India Biodiesel Secure and Unsecured Loans. November 13, 2023, not November 6, 2023, not one March 31, 2024 December 31, 2023, Aemetis Biogas 1 October 4, 2022, “AB1 AB1 1 AB1 December 22, 2023, AB1 "AB1 AB1 1 five five January 22, 2024, ( January 22, 2025, December 22, 2042, AB1 2025, AB1 March 31, 2024 December 31, 2023, AB1 Aemetis Biogas 2 July 28, 2023, second “AB2 AB2 not 2 five five AB2 August 15, 2023, ( August 15, 2025, July 28, 2043, AB2 2025, AB2 March 31, 2024, December 31, 2023, AB2 Financing Agreement for Capital Expenditures. TM bility of in other long-term debt, r March 31, 2024 Maturity Date Schedule Scheduled debt repayments for the Company’s loan obligations by year are as follows: Twelve Months ended March 31, Debt Repayments 2025 $ 72,807 2026 180,279 2027 13,211 2028 4,375 2029 2,085 Thereafter 39,220 Total debt 311,977 Debt issuance costs (4,753 ) Total debt, net of debt issuance costs $ 307,224 |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Operating and Finance Leases [Text Block] | 8. The Company is a party to operating leases for the Company's corporate office in Cupertino, modular offices, and laboratory facilities. We have also entered into several finance leases for mobile equipment and for the Riverbank Industrial Complex. These finance leases have a purchase option at the end of the term that we are reasonably certain we will exercise, so the leases are classified as finance leases. Our leases have remaining terms of one 12 The Company evaluates leases in accordance with ASC 842 Lease Accounting The components of lease expense are as follows: Three months ended March 31, 2024 2023 Operating lease cost Operating lease expense $ 181 $ 181 Short term lease expense 21 21 Variable lease expense 32 22 Total operating lease cost $ 234 $ 224 Finance lease cost Amortization of right-of-use assets $ 30 $ 31 Interest on lease liabilities 86 91 Total finance lease cost $ 116 $ 122 Cash paid for amounts included in the measurement of lease liabilities: Three months ended March 31, 2024 2023 Operating cash flows used in operating leases $ 169 $ 164 Operating cash flows used in finance leases 86 91 Financing cash flows used in finance leases $ 8 $ 83 Supplemental non-cash flow information related to ROU asset and lease liabilities was as follows for the three March 31, 2024 2023 Three months ended March 31, 2024 2023 Operating leases Accretion of the lease liability $ 74 $ 87 Amortization of right-of-use assets 105 94 The weighted average remaining lease term and weighted average discount rate as of March 31, 2024 are as follows: Weighted Average Remaining Lease Term Operating leases (in years) 4.0 4.9 Finance leases (in years) 12.8 13.7 Weighted Average Discount Rate Operating leases 14.1 % 14.1 % Finance leases 13.3 % 13.2 % Supplemental balance sheet information related to leases is as follows: March 31, 2024 December 31, 2023 Operating leases Operating lease right-of-use assets $ 1,951 $ 2,056 Other current liability 417 406 Other long term liabilities 1,677 1,783 Total operating lease liabilities 2,094 2,189 Finance leases Property and equipment, at cost $ 2,889 $ 2,889 Accumulated depreciation (258 ) (228 ) Property and equipment, net 2,631 2,661 Other current liability 31 30 Other long term liabilities 2,763 2,687 Total finance lease liabilities 2,794 2,717 Maturities of operating lease liabilities are as follows: Twelve months ended March 31, Operating leases Finance leases 2025 $ 678 $ 179 2026 670 159 2027 631 145 2028 650 145 2029 109 145 Thereafter - 10,105 Total lease payments 2,738 10,878 Less imputed interest (644 ) (8,084 ) Total lease liability $ 2,094 $ 2,794 The Company acts as sublessor in certain leasing arrangements, primarily related to land and buildings. Fixed sublease payments received are recognized on a straight-line basis over the sublease term. Sublease income and head lease expense for these transactions are recognized on net basis on the consolidated financial statements. Sublease income is recorded in the other operating income section of the Consolidated Statements of Operations and Comprehensive Loss. The components of lease income are as follows: Three months ended March 31, 2024 2023 Lease income $ 491 $ 471 Future lease commitments to be received by the Company as of March 31, 2024 Twelve months ended March 31, 2025 $ 845 2026 825 2027 670 2028 615 2029 613 Thereafter 631 Total future lease commitments $ 4,199 |
Note 9 - Aemetis Biogas LLC - S
Note 9 - Aemetis Biogas LLC - Series A Preferred Financing | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 9. Series A Preferred Financing On December 20, 2018, X 2022, On February 8, 2024, not December 31, 2023 April 30, 2024, not X May 1, 2024 April 30, 2025, ASC 470 60 no 10Q, not 470 60, April 30, 2025. March 31, 2024. The Company recorded Series A Preferred Unit liabilities as long-term liabilities of $116.9 million and $113.2 million as of March 31, 2024 , and December 31, 2023 , respectively. |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 10. 2019 On August 26, 2021, 2019 “2019 2019 April 25, 2019, 2019 2019 July 1, 2021, 2019 January 1 January 1 The following table summarizes activity under the 2019 three March 31, 2024 Shares Available for Grant Number of Shares Outstanding Weighted-Average Exercise Price Balance as of December 31, 2023 456 5,526 $ 4.42 Authorized 1,740 - - Options Granted (1,761 ) 1,761 3.10 RSAs Granted (364 ) - - Exercised - (14 ) 2.54 Forfeited/expired 61 (61 ) 6.97 Balance as of March 31, 2024 132 7,212 $ 4.08 The number of outstanding option shares as of March 31, 2024 vested. Inducement Equity Plan In March 2016, not March 31, 2024 no Stock-based Compensation Expense Stock-based compensation is accounted for in accordance with ASC 718, 14, Share-Based Payment not zero The weighted average fair value calculations for the options granted during the three March 31, 2024 2023 For the three months ended March 31, Description 2024 2023 Dividend-yield - - Risk-free interest rate 4.08 % 3.82 % Expected volatility 115.42 % 125.32 % Expected life (years) 5.81 7.00 Market value per share on grant date $ 3.10 $ 3.75 Fair value per option on grant date $ 2.65 $ 3.43 During the three March 31, 2024 2023 36 3,500 an $3.10 and $3.75, As of March 31, 2024 ha March 31, 2024 |
Note 11 - Warrants
Note 11 - Warrants | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Outstanding Warrants [Text Block] | 11. During the three March 31, 2024 two $0.01 two three March 31, 2024 The fair value calculations for issued warrants are based on the following weighted average factors: For the three months ended March 31, Description 2024 2023 Dividend-yield - % - % Risk-free interest rate 4.23 % 4.41 % Expected volatility 101.36 % 125.32 % Expected life (years) 2.00 2.00 Exercise price per share $ 0.01 $ 0.01 Market value per share on grant date $ 5.24 $ 3.96 Fair value per share on grant date $ 5.23 $ 3.95 The following table summarizes warrant activity during the three March 31, 2024 Warrants Outstanding & Exercisable Weighted - Average Exercise Price Average Remaining Term in Years Outstanding December 31, 2023 530 $ 11.70 5.77 Granted 113 0.01 Exercised (113 ) 0.01 Outstanding March 31, 2024 530 $ 11.70 5.54 All of the above outstanding warrants are vested and exercisable as of March 31, 2024 |
Note 12 - Agreements
Note 12 - Agreements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | 12. Working Capital Arrangement May 2023, The J.D. Heiskell sales and purchases activity associated with the J.D. Heiskell Purchase Agreement and J.D. Heiskell Procurement Agreement during the three March 31, 2024 2023 As of and for the three months ended March 31, 2024 2023 Ethanol sales $ 25,385 $ - Wet distiller's grains sales 9,213 - Corn oil sales 1,292 37 CDS sales 21 - Corn purchases 30,913 302 March 31, 2024 December 31, 2023 Accounts receivable 1,540 1,073 Accounts payable 1,580 1,207 Ethanol and Wet Distillers Grains Marketing Arrangement. October 31, 2023, one May 30, 2023, No. 1 October 1, 2023, March 31, 2025. December 31, 2024, one For the three March 31, 2024 2023 ts of $0 .4 under the terms of both the Ethanol Marketing Agreement and the Wet Distillers Grains Marketing Agreement. These marketing costs are presented as part of Selling, General, and Administration expenses. For the three March 31, 2024 2023 For the three March 31, 2023, not Supply Trade Agreement. July 1, 2022, ten 18% one two June 2025. one March 31, 2024 December 31, 2023, As of March 31, 2024, Natural Gas Purchase Agreement. March 31, 2024, 80 April October 2024. |
Note 13 - Segment Information
Note 13 - Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. Segment Information Aemetis recognizes three The “California Ethanol” reportable segment includes the Company’s 65 million gallon per year ethanol plant in Keyes, California, and the adjacent land leased for the production of CO₂. The “California Dairy Renewable Natural Gas” reportable segment includes the production and sale of Renewable Natural Gas ("RNG") and associated environmental attributes, consisting of anaerobic digesters located at diaries, at 36 The “India Biodiesel” reportable segment includes the Company’s 60 million gallon per year nameplate capacity biodiesel manufacturing plant in Kakinada India, and administrative offices in Hyderabad, India. The Company has additional operating segments that have been determined not Summarized financial information by reportable segment for the three March 31, 2024 2023 For the three months ended March 31, 2024 California Ethanol California Dairy Renewable Natural Gas India Biodiesel All Other Total Revenues $ 36,089 $ 3,792 $ 32,753 $ - $ 72,634 Gross profit (loss) (5,658 ) 2,210 2,836 - (612 ) Interest expense including amortization of debt fees 6,753 636 425 2,699 10,513 Accretion and other expenses of Series A preferred units - 3,311 - - 3,311 Income tax expense (benefit) - 35 843 - 878 Capital expenditures 107 2,843 304 329 3,583 Depreciation 966 569 208 55 1,798 For the three months ended March 31, 2023 California Ethanol California Dairy Renewable Natural Gas India Biodiesel All Other Total Revenues $ 475 $ 206 $ 1,470 $ - $ 2,151 Gross loss (12 ) (773 ) (510 ) - (1,295 ) Interest expense including amortization of debt fees 5,518 704 69 2,756 9,047 Accretion and other expenses of Series A preferred units - 5,564 - - 5,564 Capital expenditures 334 6,499 36 747 7,616 Depreciation 1,109 457 155 69 1,790 California Ethanol: 2023, he Company amended the Corn Procurement and Working Capital Agreement and the J.D. Heiskell Purchasing Agreement to procure corn from J.D. Heiskell and sell all ethanol, WDG, and corn oil that the Company produces to J.D. Heiskell. Sales of ethanol, WDG, one three March 31, 2024 . Sales of ethanol, WDG, and corn oil to one customer acc e Company’s California Ethanol segment reven three March 31, 2023 California Dairy Renewable Natural Gas: three March 31, 2024 D3 two three March 31, 2023 India Biodiesel: three March 31, 2024 three March 31, 2024 Total assets by reportable segments as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 California Ethanol $ 68,403 $ 67,991 California Dairy Renewable Natural Gas 100,242 92,794 India Biodiesel 32,820 34,769 All Other 40,774 47,852 Total consolidated assets $ 242,239 $ 243,406 |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 14. Related Party Transactions The Company owes Eric McAfee, the Company’s Chairman and CEO, and McAfee Capital LLC (“McAfee Capital”), owned by Eric McAfee, $0.7 million in connection with employment agreements, bonus, and expense reimbursements previously accrued as salaries expense and accrued liabilities. In the first 2023, one March 31, 2024, The Company owes various members of the Board amounts totaling $0.3 March 31, 2024 , and December 31, 2023 , in connection with board compensation fees, which are included in accounts payable on the balance sheet. For the three March 31, 2024 2023 , the Company expensed $0.1 million and $0.1 million, respectively, in connection with board compensation fees. |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. Subsequent Events None. |
Note 16 - Liquidity
Note 16 - Liquidity | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 16. The accompanying financial statements have been prepared contemplating the realization of assets and satisfaction of liabilities in the normal course of business. As a result of negative capital, negative operating results, and collateralization of substantially all of the Company assets, the Company has been reliant on its senior secured lender to provide extensions to the maturity dates of its debt and loan facilities, and was required in 2023 twelve twelve 2024 Operations and Project Development For the Keyes Plant, we plan to operate the plant and continue to improve its financial performance by adopting new technologies or process changes that allow for energy efficiency, cost reduction, or revenue enhancements, as well as, execute upon awarded grants that support investments in equipment to improve energy and operational efficiencies resulting in lower cost, lower carbon emissions, and overall margin improvement. For Aemetis Biogas, we plan to operate our existing biogas digesters to produce and sell Renewable Natural Gas (RNG) and the associated Federal D3 2023 2024, For the India Plant, we plan to continue to sell our biodiesel to OMCs pursuant to cost-plus contracts. We are also continuing to upgrade the plant to increase feedstock flexibility (and thereby lower feedstock costs), increase production capacity, and produce new products. Additionally, we are in the process of negotiating contractual arrangements for the export of refined animal tallow into international markets. Financing We plan to continue to locate funding for existing and new business opportunities through a combination of working with our senior lender, restructuring existing loan agreements, entering into additional debt agreements for specific projects, obtaining project specific equity and debt for development projects, and obtaining additional debt from the current EB- 5 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. Other Information. Current Reports On May 8, 2024, $350 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Consolidation These consolidated financial statements include the accounts of Aemetis, Inc. and its subsidiaries. We consolidate all entities in which we have a controlling financial interest. A controlling financial interest is usually obtained through ownership of a majority of the voting interests. However, an enterprise must consolidate a variable interest entity (“VIE”) if the enterprise is the primary beneficiary of the VIE, even if the enterprise does not All intercompany balances and transactions have been eliminated in consolidation. The accompanying consolidated condensed balance sheet as of March 31, 2024 three March 31, 2024 2023 three March 31, 2024 2023 three March 31, 2024 2023 December 31, 2023 2023 2023 10 December 31, 2023 In the opinion of Company’s management, the unaudited interim consolidated condensed financial statements as of and for the three March 31, 2024 2023 December 31, 2023 three March 31, 2024 not There have been no 1 10 December 31, 2023. |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the three months ended March 31, 2024 2023 Ethanol sales $ 25,385 $ 368 Wet distiller's grains sales 9,213 - Other sales 1,491 107 Total $ 36,089 $ 475 For the three months ended March 31, 2024 2023 RNG, LCFS and D3 RIN sales $ 3,792 $ 206 For the three months ended March 31, 2024 2023 Biodiesel sales $ 30,992 $ 1,190 Other sales 1,761 280 Total $ 32,753 $ 1,470 |
Note 3 - Cash and Cash Equiva_2
Note 3 - Cash and Cash Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | As of March 31, 2024 December 31, 2023 Cash and cash equivalents $ 1,629 $ 2,667 Restricted cash included in other current assets 143 289 Restricted cash included in other assets 3,165 3,324 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 4,937 $ 6,280 |
Note 4 - Basic and Diluted Ne_2
Note 4 - Basic and Diluted Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | As of March 31, 2024 March 31, 2023 Series B preferred (post split basis) - 127 Common stock options and warrants 7,743 6,125 Debt with conversion feature at $ 30 1,270 1,246 Total number of potentially dilutive shares 9,013 7,498 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of March 31, 2024 December 31, 2023 Raw materials $ 9,564 $ 9,907 Work-in-progress 1,657 1,682 Finished goods 4,790 6,702 Total inventories $ 16,011 $ 18,291 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of March 31, 2024 December 31, 2023 Land $ 7,344 $ 7,345 Plant and buildings 136,750 136,318 Furniture and fixtures 2,529 2,266 Machinery and equipment 15,150 14,982 Construction in progress 76,609 73,057 Property held for development 15,431 15,431 Finance lease right of use assets 2,889 2,889 Total gross property, plant & equipment 256,702 252,288 Less accumulated depreciation (58,965 ) (57,180 ) Total net property, plant & equipment $ 197,737 $ 195,108 |
Depreciation Of Property, Plant, and Equipment [Table Text Block] | Years Plant and buildings 20 - 30 Machinery and equipment 5 - 15 Furniture and fixtures 3 - 5 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, 2024 December 31, 2023 Third Eye Capital term notes $ 7,172 $ 7,159 Third Eye Capital revolving credit facility 23,800 20,922 Third Eye Capital revolving notes Series B 57,694 54,412 Third Eye Capital revenue participation term notes 12,046 12,011 Third Eye Capital acquisition term notes 26,709 26,655 Third Eye Capital Fuels Revolving Line 35,168 32,511 Third Eye Capital Carbon Revolving Line 23,673 23,486 Construction and term loans 43,894 41,024 Cilion shareholder purchase obligation 7,081 7,028 Subordinated notes 17,747 17,625 EB-5 promissory notes 42,439 42,211 Working capital loans 3,954 3,827 Term loans on capital expenditures 5,847 5,850 Total debt 307,224 294,721 Less current portion of debt 72,807 37,028 Total long term debt $ 234,417 $ 257,693 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Twelve Months ended March 31, Debt Repayments 2025 $ 72,807 2026 180,279 2027 13,211 2028 4,375 2029 2,085 Thereafter 39,220 Total debt 311,977 Debt issuance costs (4,753 ) Total debt, net of debt issuance costs $ 307,224 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended March 31, 2024 2023 Operating lease cost Operating lease expense $ 181 $ 181 Short term lease expense 21 21 Variable lease expense 32 22 Total operating lease cost $ 234 $ 224 Finance lease cost Amortization of right-of-use assets $ 30 $ 31 Interest on lease liabilities 86 91 Total finance lease cost $ 116 $ 122 Three months ended March 31, 2024 2023 Operating cash flows used in operating leases $ 169 $ 164 Operating cash flows used in finance leases 86 91 Financing cash flows used in finance leases $ 8 $ 83 |
Supplemental Non-cash Flow Information Related to Leases [Table Text Block] | Three months ended March 31, 2024 2023 Operating leases Accretion of the lease liability $ 74 $ 87 Amortization of right-of-use assets 105 94 The weighted average remaining lease term and weighted average discount rate as of March 31, 2024 are as follows: Weighted Average Remaining Lease Term Operating leases (in years) 4.0 4.9 Finance leases (in years) 12.8 13.7 Weighted Average Discount Rate Operating leases 14.1 % 14.1 % Finance leases 13.3 % 13.2 % |
Supplemental Balance Sheet Information Related to Leases [Table Text Block] | March 31, 2024 December 31, 2023 Operating leases Operating lease right-of-use assets $ 1,951 $ 2,056 Other current liability 417 406 Other long term liabilities 1,677 1,783 Total operating lease liabilities 2,094 2,189 Finance leases Property and equipment, at cost $ 2,889 $ 2,889 Accumulated depreciation (258 ) (228 ) Property and equipment, net 2,631 2,661 Other current liability 31 30 Other long term liabilities 2,763 2,687 Total finance lease liabilities 2,794 2,717 |
Lease Term [Table Text Block] | Twelve months ended March 31, Operating leases Finance leases 2025 $ 678 $ 179 2026 670 159 2027 631 145 2028 650 145 2029 109 145 Thereafter - 10,105 Total lease payments 2,738 10,878 Less imputed interest (644 ) (8,084 ) Total lease liability $ 2,094 $ 2,794 |
Operating Lease, Lease Income [Table Text Block] | Three months ended March 31, 2024 2023 Lease income $ 491 $ 471 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | Twelve months ended March 31, 2025 $ 845 2026 825 2027 670 2028 615 2029 613 Thereafter 631 Total future lease commitments $ 4,199 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Shares Available for Grant Number of Shares Outstanding Weighted-Average Exercise Price Balance as of December 31, 2023 456 5,526 $ 4.42 Authorized 1,740 - - Options Granted (1,761 ) 1,761 3.10 RSAs Granted (364 ) - - Exercised - (14 ) 2.54 Forfeited/expired 61 (61 ) 6.97 Balance as of March 31, 2024 132 7,212 $ 4.08 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the three months ended March 31, Description 2024 2023 Dividend-yield - - Risk-free interest rate 4.08 % 3.82 % Expected volatility 115.42 % 125.32 % Expected life (years) 5.81 7.00 Market value per share on grant date $ 3.10 $ 3.75 Fair value per option on grant date $ 2.65 $ 3.43 |
Note 11 - Warrants (Tables)
Note 11 - Warrants (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Warrants, Valuation Assumptions [Table Text Block] | For the three months ended March 31, Description 2024 2023 Dividend-yield - % - % Risk-free interest rate 4.23 % 4.41 % Expected volatility 101.36 % 125.32 % Expected life (years) 2.00 2.00 Exercise price per share $ 0.01 $ 0.01 Market value per share on grant date $ 5.24 $ 3.96 Fair value per share on grant date $ 5.23 $ 3.95 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrants Outstanding & Exercisable Weighted - Average Exercise Price Average Remaining Term in Years Outstanding December 31, 2023 530 $ 11.70 5.77 Granted 113 0.01 Exercised (113 ) 0.01 Outstanding March 31, 2024 530 $ 11.70 5.54 |
Note 12 - Agreements (Tables)
Note 12 - Agreements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Collaborative Arrangement and Arrangement Other than Collaborative [Table Text Block] | As of and for the three months ended March 31, 2024 2023 Ethanol sales $ 25,385 $ - Wet distiller's grains sales 9,213 - Corn oil sales 1,292 37 CDS sales 21 - Corn purchases 30,913 302 March 31, 2024 December 31, 2023 Accounts receivable 1,540 1,073 Accounts payable 1,580 1,207 |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the three months ended March 31, 2024 California Ethanol California Dairy Renewable Natural Gas India Biodiesel All Other Total Revenues $ 36,089 $ 3,792 $ 32,753 $ - $ 72,634 Gross profit (loss) (5,658 ) 2,210 2,836 - (612 ) Interest expense including amortization of debt fees 6,753 636 425 2,699 10,513 Accretion and other expenses of Series A preferred units - 3,311 - - 3,311 Income tax expense (benefit) - 35 843 - 878 Capital expenditures 107 2,843 304 329 3,583 Depreciation 966 569 208 55 1,798 For the three months ended March 31, 2023 California Ethanol California Dairy Renewable Natural Gas India Biodiesel All Other Total Revenues $ 475 $ 206 $ 1,470 $ - $ 2,151 Gross loss (12 ) (773 ) (510 ) - (1,295 ) Interest expense including amortization of debt fees 5,518 704 69 2,756 9,047 Accretion and other expenses of Series A preferred units - 5,564 - - 5,564 Capital expenditures 334 6,499 36 747 7,616 Depreciation 1,109 457 155 69 1,790 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, 2024 December 31, 2023 California Ethanol $ 68,403 $ 67,991 California Dairy Renewable Natural Gas 100,242 92,794 India Biodiesel 32,820 34,769 All Other 40,774 47,852 Total consolidated assets $ 242,239 $ 243,406 |
Note 2 - Revenue - Schedule of
Note 2 - Revenue - Schedule of America By Product Category (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
California Ethanol [Member] | ||
Sales | $ 36,089 | $ 475 |
India Biodiesel [Member] | ||
Sales | 32,753 | 1,470 |
Alternative Energy, Ethanol [Member] | California Ethanol [Member] | ||
Sales | 25,385 | 368 |
Gas Molecules and RIN Credits [Member] | California Dairy Renewable Natural Gas [Member] | ||
Sales | 3,792 | 206 |
Renewable Energy, Biodiesel [Member] | India Biodiesel [Member] | ||
Sales | 30,992 | 1,190 |
Wet Distillers Grains [Member] | California Ethanol [Member] | ||
Sales | 9,213 | 0 |
Product and Service, Other [Member] | California Ethanol [Member] | ||
Sales | 1,491 | 107 |
Product and Service, Other [Member] | India Biodiesel [Member] | ||
Sales | $ 1,761 | $ 280 |
Note 3 - Cash and Cash Equiva_3
Note 3 - Cash and Cash Equivalents - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and cash equivalents | $ 1,629 | $ 2,667 |
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | 4,937 | 6,280 |
Other Current Assets [Member] | ||
Restricted cash | 143 | 289 |
Other Assets [Member] | ||
Restricted cash | $ 3,165 | $ 3,324 |
Note 4 - Basic and Diluted Ne_3
Note 4 - Basic and Diluted Net Loss Per Share - Schedule of Dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total Number of Potentially Dilutive Shares Excluded from the basic and diluted net loss per share calculation (in shares) | 9,013 | 7,498 |
Series B Convertible Preferred Stock [Member] | ||
Total Number of Potentially Dilutive Shares Excluded from the basic and diluted net loss per share calculation (in shares) | 0 | 127 |
Common Stock Options and Warrants [Member] | ||
Total Number of Potentially Dilutive Shares Excluded from the basic and diluted net loss per share calculation (in shares) | 7,743 | 6,125 |
Debt with Conversion Feature [Member] | ||
Total Number of Potentially Dilutive Shares Excluded from the basic and diluted net loss per share calculation (in shares) | 1,270 | 1,246 |
Note 4 - Basic and Diluted Ne_4
Note 4 - Basic and Diluted Net Loss Per Share - Schedule of Dilutive Securities (Details) (Parentheticals) - $ / shares | Mar. 31, 2024 | Mar. 31, 2023 |
Debt with Conversion Feature [Member] | ||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 30 | $ 30 |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Inventory Write-down | $ 109 | $ 58 |
Note 5 - Inventories - Schedule
Note 5 - Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Raw materials | $ 9,564 | $ 9,907 |
Work-in-progress | 1,657 | 1,682 |
Finished goods | 4,790 | 6,702 |
Total inventories | $ 16,011 | $ 18,291 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | $ 1,700 | $ 1,800 |
Depreciation | $ 1,798 | $ 1,790 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Land | $ 7,344 | $ 7,345 |
Plant and buildings | 136,750 | 136,318 |
Furniture and fixtures | 2,529 | 2,266 |
Machinery and equipment | 15,150 | 14,982 |
Construction in progress | 76,609 | 73,057 |
Property held for development | 15,431 | 15,431 |
Finance lease right of use assets | 2,889 | 2,889 |
Total gross property, plant & equipment | 256,702 | 252,288 |
Less accumulated depreciation | (58,965) | (57,180) |
Total net property, plant & equipment | $ 197,737 | $ 195,108 |
Note 6 - Property, Plant and _5
Note 6 - Property, Plant and Equipment - Depreciation of Property, Plant, and Equipment (Details) | Mar. 31, 2024 |
Minimum [Member] | Building [Member] | |
Useful life (Year) | 20 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Useful life (Year) | 5 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Useful life (Year) | 3 years |
Maximum [Member] | Building [Member] | |
Useful life (Year) | 30 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Useful life (Year) | 15 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Useful life (Year) | 5 years |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 89 Months Ended | |||||||||||||||||
Jul. 28, 2023 | May 16, 2023 | Jan. 01, 2023 | Oct. 04, 2022 | Mar. 02, 2022 | Jul. 06, 2012 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 25, 2024 | Jan. 01, 2024 | Dec. 31, 2023 | Aug. 01, 2022 | Jul. 26, 2022 | May 01, 2020 | Mar. 06, 2020 | Feb. 27, 2019 | Jan. 09, 2012 | Mar. 04, 2011 | |
Long-Term Debt | $ 307,224 | $ 307,224 | |||||||||||||||||
Short-Term Debt | $ 23,937 | $ 23,937 | $ 23,443 | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.7 | $ 11.7 | $ 11.7 | ||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years 6 months 14 days | 5 years 6 months 14 days | 5 years 9 months 7 days | ||||||||||||||||
Proceeds from Issuance of Debt | $ 6,223 | $ 11,583 | |||||||||||||||||
Debt, Long-Term and Short-Term, Combined Amount | 307,224 | $ 307,224 | $ 294,721 | ||||||||||||||||
Other Long-Term Debt, Noncurrent | 54,087 | 54,087 | 51,717 | ||||||||||||||||
AAFK [Member] | Warrants in Connection With Subordinated Notes [Member] | |||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.01 | $ 0.01 | |||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 2 years | 2 years | |||||||||||||||||
Class of Warrant or Right, Issued (in shares) | 113 | ||||||||||||||||||
Capital Revolving Credit Facility Fuels And Carbon Lines [Member] | GAFI and ACCI [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | ||||||||||||||||||
Fuels Revolving Line [Member] | GAFI [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | ||||||||||||||||||
Carbon Revolving Line [Member] | ACCI [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | ||||||||||||||||||
Third Eye Capital [Member] | Mr. McAfee [Member] | |||||||||||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 10,000 | 10,000 | |||||||||||||||||
Third Eye Capital [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 18,000 | ||||||||||||||||||
Long-Term Debt | 24,800 | 24,800 | |||||||||||||||||
Debt Issuance Costs, Net | $ 1,000 | $ 1,000 | |||||||||||||||||
Third Eye Capital [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 22.25% | 22.25% | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 13.75% | ||||||||||||||||||
Third Eye Capital [Member] | Acquisition Term Notes [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 15,000 | ||||||||||||||||||
Third Eye Capital [Member] | Revolving Notes Series B [Member] | |||||||||||||||||||
Long-Term Debt | $ 58,500 | $ 58,500 | |||||||||||||||||
Debt Issuance Costs, Net | $ 800 | $ 800 | |||||||||||||||||
Third Eye Capital [Member] | Revolving Notes Series B [Member] | Prime Rate [Member] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 22.25% | 22.25% | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 13.75% | ||||||||||||||||||
Term Loan [Member] | Third Eye Capital [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | 7,200 | ||||||||||||||||||
Revenue Participation Term Notes [Member] | Third Eye Capital [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 10,000 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5% | 5% | |||||||||||||||||
Revenue Participation Term Notes [Member] | Third Eye Capital [Member] | AAFK [Member] | |||||||||||||||||||
Long-Term Debt | $ 12,200 | $ 12,200 | |||||||||||||||||
Debt Issuance Costs, Net | 168 | 168 | |||||||||||||||||
Amendment No 28 [Member] | Third Eye Capital [Member] | |||||||||||||||||||
Debt Instrument, Fee Amount | $ 100 | ||||||||||||||||||
Term Notes [Member] | Third Eye Capital [Member] | |||||||||||||||||||
Long-Term Debt | 7,300 | 7,300 | |||||||||||||||||
Debt Issuance Costs, Net | $ 104 | $ 104 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 14% | 14% | |||||||||||||||||
Acquisition Term Notes [Member] | Third Eye Capital [Member] | |||||||||||||||||||
Long-Term Debt | $ 27,000 | $ 27,000 | |||||||||||||||||
Debt Issuance Costs, Net | 325 | 325 | |||||||||||||||||
Acquisition Term Notes [Member] | Third Eye Capital [Member] | Aemetis Facility Keyes, Inc. [Member] | |||||||||||||||||||
Debt Instrument, Redemption Fee | $ 7,500 | $ 7,500 | |||||||||||||||||
Acquisition Term Notes [Member] | Third Eye Capital [Member] | Prime Rate [Member] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 19.25% | 19.25% | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 10.75% | ||||||||||||||||||
Reserve Liquidity Facility [Member] | Third Eye Capital [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 18,000 | ||||||||||||||||||
Long-Term Debt | $ 0 | $ 0 | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 85,000 | ||||||||||||||||||
Debt Instrument, Non-refundable Standby Fee, Percent of Difference Between Principal Amount and the Commitment | 2% | ||||||||||||||||||
Dbet Instrument, Non Refundable One Time Fees | $ 500 | ||||||||||||||||||
Reserve Liquidity Facility Paid Monthly in Arrears [Member] | Third Eye Capital [Member] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 30% | ||||||||||||||||||
Reserve Liquidity Facility if Event of Default Occurred and Continues [Member] | Third Eye Capital [Member] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 40% | ||||||||||||||||||
Fuels Revolving Line [Member] | GAFI [Member] | |||||||||||||||||||
Debt Issuance Costs, Net | 1,800 | 1,800 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | ||||||||||||||||||
Short-Term Debt | 35,100 | 35,100 | |||||||||||||||||
Fuels Revolving Line [Member] | Prime Rate [Member] | GAFI [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6% | ||||||||||||||||||
Carbon Revolving Line [Member] | ACCI [Member] | |||||||||||||||||||
Long-Term Debt | 23,400 | 23,400 | |||||||||||||||||
Debt Issuance Costs, Net | 1,500 | 1,500 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | ||||||||||||||||||
Short-Term Debt | 300 | 300 | |||||||||||||||||
Carbon Revolving Line [Member] | Prime Rate [Member] | ACCI [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4% | ||||||||||||||||||
Cilion Shareholder Seller Notes Payable [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 5,000 | ||||||||||||||||||
Long-Term Debt | 7,000 | 7,000 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3% | ||||||||||||||||||
Debt, Long-Term and Short-Term, Combined Amount | 7,081 | 7,081 | 7,028 | ||||||||||||||||
Subordinated Notes [Member] | AAFK [Member] | |||||||||||||||||||
Debt Instrument, Fee Amount | $ 340 | $ 3,400 | |||||||||||||||||
Short-Term Debt | 17,700 | 17,700 | 17,600 | ||||||||||||||||
Debt Instrument Fee Rate | 10% | ||||||||||||||||||
Debt Extension Fee, Percentage | 10% | ||||||||||||||||||
EB5 Phase I Notes [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 500 | ||||||||||||||||||
Long-Term Debt | 38,000 | 38,000 | 37,900 | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 30 | ||||||||||||||||||
Debt Instrument, Amount Released From Escrow | 35,500 | 35,500 | |||||||||||||||||
Debt Instrument, Amount Remaining Funded to Escrow | 500 | 500 | |||||||||||||||||
Proceeds from Issuance of Debt | 4,000 | ||||||||||||||||||
EB5 Phase I Notes [Member] | Maximum [Member] | |||||||||||||||||||
Debt Instrument, Additional Investment Available to Issue | 200,000 | 200,000 | |||||||||||||||||
EB5 Phase I Notes [Member] | Minimum [Member] | |||||||||||||||||||
Debt Instrument, Investment Raised Per Investor | $ 800 | $ 500 | |||||||||||||||||
EB5 Phase I Funding [Member] | Maximum [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 36,000 | ||||||||||||||||||
EB5 Phase II Notes [Member] | |||||||||||||||||||
Debt, Long-Term and Short-Term, Combined Amount | 4,400 | 4,400 | 4,300 | ||||||||||||||||
Secunderabad Oils [Member] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 18% | ||||||||||||||||||
Short-Term Debt | 4,000 | 4,000 | 3,800 | ||||||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 3,600 | ||||||||||||||||||
Leo Edibles & Fats Limited [Member] | |||||||||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 1,270 | ||||||||||||||||||
Construction Loan Agreement [Member] | |||||||||||||||||||
Long-Term Debt | 25,300 | 25,300 | 25,100 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | ||||||||||||||||||
Short-Term Debt | 43,894 | 43,894 | 41,024 | ||||||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 25,000 | ||||||||||||||||||
Construction Loan Agreement [Member] | US Treasury (UST) Interest Rate [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5% | ||||||||||||||||||
Construction Loan Agreement 2 [Member] | |||||||||||||||||||
Long-Term Debt | 19,400 | 19,400 | $ 16,800 | ||||||||||||||||
Debt Issuance Costs, Net | 800 | 800 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | ||||||||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 25,000 | ||||||||||||||||||
Construction Loan Agreement 2 [Member] | US Treasury (UST) Interest Rate [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5% | ||||||||||||||||||
Financing Agreement For Capital Expenditures [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | 5,700 | 5,700 | |||||||||||||||||
Short-Term Debt | 2,200 | 2,200 | |||||||||||||||||
Other Long-Term Debt, Noncurrent | $ 3,600 | $ 3,600 |
Note 7 - Debt- Schedule of Debt
Note 7 - Debt- Schedule of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt, Long-Term and Short-Term, Combined Amount | $ 307,224 | $ 294,721 |
Short-Term Debt | 23,937 | 23,443 |
Less current portion of debt | 72,807 | 37,028 |
Total long term debt | 234,417 | 257,693 |
Third Eye Capital Term Notes [Member] | ||
Debt, Long-Term and Short-Term, Combined Amount | 7,172 | 7,159 |
Third Eye Capital Revolving Credit Facility [Member] | ||
Debt, Long-Term and Short-Term, Combined Amount | 23,800 | 20,922 |
Revolving Notes Series B [Member] | ||
Debt, Long-Term and Short-Term, Combined Amount | 57,694 | 54,412 |
Third Eye Capital Revenue Participation Term Notes [Member] | ||
Debt, Long-Term and Short-Term, Combined Amount | 12,046 | 12,011 |
Third Eye Capital Acquisition Term Notes [Member] | ||
Debt, Long-Term and Short-Term, Combined Amount | 26,709 | 26,655 |
Third Eye Capital Fuels Revolving Line [Member] | ||
Debt, Long-Term and Short-Term, Combined Amount | 35,168 | 32,511 |
Third Eye Capital Carbon Revolving Line [Member] | ||
Debt, Long-Term and Short-Term, Combined Amount | 23,673 | 23,486 |
Construction Loan Agreement [Member] | ||
Short-Term Debt | 43,894 | 41,024 |
Cilion Shareholder Seller Notes Payable [Member] | ||
Debt, Long-Term and Short-Term, Combined Amount | 7,081 | 7,028 |
Subordinated Notes 1 [Member] | ||
Short-Term Debt | 17,747 | 17,625 |
EB-5 Promissory Notes [Member] | ||
Debt, Long-Term and Short-Term, Combined Amount | 42,439 | 42,211 |
Working capital Loan [Member] | ||
Short-Term Debt | 3,954 | 3,827 |
Term Loan On Equipment Purchase [Member] | ||
Debt, Long-Term and Short-Term, Combined Amount | $ 5,847 | $ 5,850 |
Note 7 - Debt - Maturities of L
Note 7 - Debt - Maturities of Long-term Debt (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2025 | $ 72,807 |
2026 | 180,279 |
2027 | 13,211 |
2028 | 4,375 |
2029 | 2,085 |
Thereafter | 39,220 |
Total debt | 311,977 |
Debt issuance costs | (4,753) |
Total debt, net of debt issuance costs | $ 307,224 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Minimum [Member] | |
Lease Term (Year) | 1 year |
Maximum [Member] | |
Lease Term (Year) | 13 years |
Note 8 - Leases - Lease Cost (D
Note 8 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating lease expense | $ 181 | $ 181 |
Short term lease expense | 21 | 21 |
Variable lease expense | 32 | 22 |
Total operating lease cost | 234 | 224 |
Amortization of right-of-use assets | 30 | 31 |
Interest on lease liabilities | 86 | 91 |
Total finance lease cost | 116 | 122 |
Operating cash flows used in operating leases | 169 | 164 |
Operating cash flows used in finance leases | 86 | 91 |
Financing cash flows used in finance leases | $ 8 | $ 83 |
Note 8 - Leases - Non-cash Flow
Note 8 - Leases - Non-cash Flow Information Related to ROU Asset and Lease Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accretion of the lease liability | $ 74 | $ 87 |
Amortization of right-of-use assets | $ 105 | $ 94 |
Operating leases (in years) (Year) | 4 years | 4 years 10 months 24 days |
Finance leases (in years) (Year) | 12 years 9 months 18 days | 13 years 8 months 12 days |
Operating leases | 14.10% | 14.10% |
Finance leases | 13.30% | 13.20% |
Note 8 - Leases - Supplemental
Note 8 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Operating lease right-of-use assets | $ 1,951 | $ 2,056 |
Total operating lease liabilities | 2,094 | 2,189 |
Total finance lease liabilities | 2,794 | 2,717 |
Other Current Liabilities [Member] | ||
Other current liability | 417 | 406 |
Other current liability | 31 | 30 |
Other Noncurrent Liabilities [Member] | ||
Other long term liabilities | 1,677 | 1,783 |
Other long term liabilities | 2,763 | 2,687 |
Property, Plant and Equipment [Member] | ||
Property and equipment, at cost | 2,889 | 2,889 |
Accumulated depreciation | (258) | (228) |
Property and equipment, net | $ 2,631 | $ 2,661 |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
2025, Operating leases | $ 678 | |
2025, Finance leases | 179 | |
2026, Operating leases | 670 | |
2026, Finance leases | 159 | |
2027, Operating leases | 631 | |
2027, Finance leases | 145 | |
2028, Operating leases | 650 | |
2028, Finance leases | 145 | |
2029, Operating leases | 109 | |
2029, Finance leases | 145 | |
Thereafter, Operating leases | 0 | |
Thereafter, Finance leases | 10,105 | |
Total lease payments, Operating leases | 2,738 | |
Total lease payments, Finance leases | 10,878 | |
Less imputed interest, Operating leases | (644) | |
Less imputed interest, Finance leases | (8,084) | |
Total operating lease liability | 2,094 | $ 2,189 |
Total finance lease liability | $ 2,794 | $ 2,717 |
Note 8 - Leases - Lease Income
Note 8 - Leases - Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lease income | $ 491 | $ 471 |
Note 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2025 | $ 845 |
2026 | 825 |
2027 | 670 |
2028 | 615 |
2029 | 613 |
Thereafter | 631 |
Total future lease commitments | $ 4,199 |
Note 9 - Aemetis Biogas LLC -_2
Note 9 - Aemetis Biogas LLC - Series A Preferred Financing (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 44 Months Ended | ||||
Feb. 08, 2024 | Dec. 20, 2018 | Dec. 31, 2022 | Aug. 08, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Noncurrent | $ 116.9 | $ 113.2 | ||||
Common Units [Member] | ||||||
Proceeds from Issuance of Common Units | $ 30 | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 5,000,000 | |||||
Preferred Units Series A [Member] | ||||||
Common Units Authorized (in shares) | 11,000,000 | |||||
Preferred Units, Authorized (in shares) | 6,000,000 | |||||
Preferred Units Series A [Member] | Second Tranche [Member | ||||||
Preferred Units, Issued (in shares) | 6,000,000 | |||||
Preferred Units Issued Value | $ 30 | |||||
Stock Redeemed or Called During Period, Shares (in shares) | 20,000 | |||||
Preferred Units Redeemed, Value | $ 0.3 | |||||
Series A Preferred Stocks [Member] | ||||||
Common Units Issued (in shares) | 6,000,000 | |||||
Common Units Issuance Value (in dollars per share) | $ 5 | |||||
PUPA Fifth Amendment [Member] | ||||||
Preferred Units Issued Value | $ 111 | |||||
Credit Agreement, Interest Rate | 16% | |||||
PUPA Fifth Amendment [Member] | Prime Rate [Member] | ||||||
Credit Agreement, Interest Rate | 10% |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||||
Aug. 26, 2021 | Apr. 25, 2019 | Mar. 31, 2024 | Mar. 31, 2023 | Jul. 01, 2021 | Mar. 31, 2016 | |
The 2019 Stock Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 4,558,621 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage Increase in Shares Available for Issuance Based on Common stock Outstanding | 4% | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Measurement Input, Shares (in shares) | 2,541,823 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares) | 4,300,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 9.9 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 24 days | |||||
The 2019 Stock Plan [Member] | Restricted Stock [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 363,500 | 243,850 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 3.1 | $ 3.75 | ||||
Inducement Equity Plan Options [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 100,000 |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Schedule of Share-based Payment Award (Details) - The 2019 Stock Plan [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance, Shares Available for Grant (in shares) | 456,000 | |
Balance, outstanding (in shares) | 5,526,000 | |
Balance, Weighted-Average Exercise Price (in dollars per share) | $ 4.42 | |
Authorized, shares (in shares) | 1,740,000 | |
Options Granted, shares (in shares) | (1,761,000) | |
Options Granted, shares (in shares) | 1,761,000 | |
Options Granted, Weighted-Average Exercise Price (in dollars per share) | $ 3.1 | |
Exercised, outstanding (in shares) | (14,000) | |
Exercised, Weighted-Average Exercise Price (in dollars per share) | $ 2.54 | |
Forfeited/expired, shares available (in shares) | 61,000 | |
Forfeited/expired, outstanding (in shares) | (61,000) | |
Forfeited/expired, Weighted-Average Exercise Price (in dollars per share) | $ 6.97 | |
Balance, Shares Available for Grant (in shares) | 132,000 | |
Balance, outstanding (in shares) | 7,212,000 | |
Balance, Weighted-Average Exercise Price (in dollars per share) | $ 4.08 | |
Restricted Stock [Member] | ||
RSAs Granted, shares (in shares) | (363,500) | (243,850) |
Note 10 - Stock-based Compens_5
Note 10 - Stock-based Compensation - Fair Value Assumptions (Details) - The 2019 Stock Plan [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Dividend-yield | 0% | 0% |
Risk-free interest rate | 4.08% | 3.82% |
Expected volatility | 115.42% | 125.32% |
Expected life (years) (Year) | 5 years 9 months 21 days | 7 years |
Market value per share on grant date (in dollars per share) | $ 3.1 | $ 3.75 |
Fair value per option on grant date (in dollars per share) | $ 2.65 | $ 3.43 |
Note 11 - Warrants (Details Tex
Note 11 - Warrants (Details Textual) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.7 | $ 11.7 |
Warrants and Rights Outstanding, Term (Year) | 5 years 6 months 14 days | 5 years 9 months 7 days |
Warrants to Purchase Common Stock [Member] | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 113,000 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.01 | |
Warrants and Rights Outstanding, Term (Year) | 2 years |
Note 11 - Warrants - Fair Value
Note 11 - Warrants - Fair Value Assumptions (Details) | Mar. 31, 2024 $ / shares yr | Mar. 31, 2023 $ / shares yr |
Measurement Input, Expected Dividend Rate [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0 | 0 |
Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0.0423 | 0.0441 |
Measurement Input, Price Volatility [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 1.0136 | 1.2532 |
Measurement Input, Expected Term [Member] | ||
Warrants and Rights Outstanding, Measurement Input | yr | 2 | 2 |
Measurement Input, Exercise Price [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0.01 | 0.01 |
Measurement Input, Share Price [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 5.24 | 3.96 |
Fair Value per Warrant on Grant Date [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 5.23 | 3.95 |
Note 11 - Warrants - Schedule o
Note 11 - Warrants - Schedule of Warrants or Rights (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Outstanding, warrants (in shares) | 530 | |
Outstanding, Weighted - Average Exercise Price (in dollars per share) | $ 11.7 | |
Outstanding, Average Remaining Term in Years (Year) | 5 years 6 months 14 days | 5 years 9 months 7 days |
Granted, warrants (in shares) | 113 | |
Granted, Weighted - Average Exercise Price (in dollars per share) | $ 0.01 | |
Exercised, warrants (in shares) | (113) | |
Exercised, Weighted - Average Exercise Price (in dollars per share) | $ 0.01 | |
Outstanding, warrants (in shares) | 530 | |
Outstanding, Weighted - Average Exercise Price (in dollars per share) | $ 11.7 |
Note 12 - Agreements (Details T
Note 12 - Agreements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Jul. 01, 2022 | |
Marketing Expense | $ 200 | $ 400 | ||
Shipping and Handling Costs | 700 | 700 | ||
Oil and Gas, Result of Operation, Transportation Cost | 1,400 | $ 1,400 | ||
Forward Sales Commitments [Member] | ||||
Other Commitment | 0 | |||
Operating Agreement with Gemini Edibles and Fats India Private Limited [Member] | ||||
Debt Agreement, Maximum Borrowing Capacity | $ 12,700 | |||
Debt Instrument, Interest Rate, Stated Percentage | 18% | |||
Accounts Payable | $ 4,300 | $ 7,500 |
Note 12 - Agreements - Schedule
Note 12 - Agreements - Schedule of Working Capital Agreement Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenues | $ 72,634 | $ 2,151 | |
Accounts payable | 29,789 | $ 32,132 | |
J.D. Heiskell [Member] | |||
Accounts receivable | 1,540 | 1,073 | |
Accounts payable | 1,580 | $ 1,207 | |
Ethanol Sales [Member] | J.D. Heiskell [Member] | |||
Revenues | 25,385 | 0 | |
Wet Distiller's Grains Sales [Member] | J.D. Heiskell [Member] | |||
Revenues | 9,213 | 0 | |
Corn Oil Sales [Member] | J.D. Heiskell [Member] | |||
Revenues | 1,292 | 37 | |
CDS Sales [Member] | J.D. Heiskell [Member] | |||
Revenues | 21 | 0 | |
Corn Purchases [Member] | J.D. Heiskell [Member] | |||
Corn purchases | $ 30,913 | $ 302 |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) gal in Millions | 3 Months Ended | |
Mar. 31, 2024 gal | Mar. 31, 2023 | |
Number of Reportable Segments | 3 | |
California Ethanol [Member] | ||
GallonPerYear (Gallon) | 65 | |
California Ethanol [Member] | Customer Concentration Risk [Member] | Revenue, Segment Benchmark [Member] | Ethanol Sales, Wet Distillers Grain and Corn Oil Sales [Member] | ||
Number of Major Customers | 1 | 1 |
California Ethanol [Member] | Customer Concentration Risk [Member] | Revenue, Segment Benchmark [Member] | Ethanol Sales, Wet Distillers Grain and Corn Oil Sales [Member] | Customer One [Member] | ||
Concentration Risk, Percentage | 99.70% | 77% |
India Biodiesel [Member] | ||
GallonPerYear (Gallon) | 60 | |
India Biodiesel [Member] | Customer Concentration Risk [Member] | Revenue, Segment Benchmark [Member] | Biodiesel Sales [Member] | Customer One [Member] | ||
Concentration Risk, Percentage | 40% | 80% |
India Biodiesel [Member] | Customer Concentration Risk [Member] | Revenue, Segment Benchmark [Member] | Biodiesel Sales [Member] | Customer Two [Member] | ||
Concentration Risk, Percentage | 38% | |
India Biodiesel [Member] | Customer Concentration Risk [Member] | Revenue, Segment Benchmark [Member] | Biodiesel Sales [Member] | Customer Three [Member] | ||
Concentration Risk, Percentage | 16% |
Note 13 - Segment Information -
Note 13 - Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 72,634 | $ 2,151 |
Gross profit (loss) | (612) | (1,295) |
Interest expense including amortization of debt fees | 10,513 | 9,047 |
Accretion and other expenses of Series A preferred units | 3,311 | 5,564 |
Income tax expense (benefit) | 878 | (248) |
Capital expenditures | 3,583 | 7,616 |
Depreciation | 1,798 | 1,790 |
California Ethanol [Member] | ||
Revenues | 36,089 | 475 |
Gross profit (loss) | (5,658) | (12) |
Interest expense including amortization of debt fees | 6,753 | 5,518 |
Accretion and other expenses of Series A preferred units | 0 | 0 |
Income tax expense (benefit) | 0 | |
Capital expenditures | 107 | 334 |
Depreciation | 966 | 1,109 |
California Dairy Renewable Natural Gas [Member] | ||
Revenues | 3,792 | 206 |
Gross profit (loss) | 2,210 | (773) |
Interest expense including amortization of debt fees | 636 | 704 |
Accretion and other expenses of Series A preferred units | 3,311 | 5,564 |
Income tax expense (benefit) | 35 | |
Capital expenditures | 2,843 | 6,499 |
Depreciation | 569 | 457 |
India Biodiesel [Member] | ||
Revenues | 32,753 | 1,470 |
Gross profit (loss) | 2,836 | (510) |
Interest expense including amortization of debt fees | 425 | 69 |
Accretion and other expenses of Series A preferred units | 0 | 0 |
Income tax expense (benefit) | 843 | |
Capital expenditures | 304 | 36 |
Depreciation | 208 | 155 |
Other Operating Segment [Member] | ||
Revenues | 0 | 0 |
Gross profit (loss) | 0 | 0 |
Interest expense including amortization of debt fees | 2,699 | 2,756 |
Accretion and other expenses of Series A preferred units | 0 | 0 |
Income tax expense (benefit) | 0 | |
Capital expenditures | 329 | 747 |
Depreciation | $ 55 | $ 69 |
Note 13 - Segment Information_3
Note 13 - Segment Information - Reconciliation of Assets from Segments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | $ 242,239 | $ 243,406 |
California Ethanol [Member] | ||
Assets | 68,403 | 67,991 |
California Dairy Renewable Natural Gas [Member] | ||
Assets | 100,242 | 92,794 |
India Biodiesel [Member] | ||
Assets | 32,820 | 34,769 |
Other Operating Segment [Member] | ||
Assets | $ 40,774 | $ 47,852 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Mr. McAfee [Member] | |||
Accrued Liabilities, Current | $ 0.2 | ||
Various Board Members [Member] | |||
Share-Based Payment Arrangement, Expense | 0.1 | $ 0.1 | |
Employment Agreements and Expense Reimbursements [Member] | Mr. McAfee [Member] | |||
Related Party Transaction, Amounts of Transaction | 0.7 | ||
Share-Based Payment Arrangement, Expense | $ 0.4 | ||
Board Compensation Fees [Member] | Various Board Members [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 0.3 | $ 0.3 |