Aemetis (AMTX) 10-K 15 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 28, 2019	Jun. 30, 2018
Document And Entity Information
Entity Registrant Name	AEMETIS, INC.
Entity Central Index Key	0000738214
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Public Float			$ 19,782,803
Entity Common Stock, Shares Outstanding		20,375,437
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2018

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 1,188	$ 428
Accounts receivable	1,096	2,219
Inventories	6,129	5,737
Prepaid expenses	942	2,435
Other current assets	956	643
Total current assets	10,311	11,462
Property, plant and equipment, net	78,492	78,837
Other assets	3,018	4,032
Total assets	91,821	94,331
Current liabilities:
Accounts payable	13,500	10,457
Current portion of long term debt	2,396	2,039
Short term borrowings	14,902	13,586
Mandatorily redeemable Series B convertible preferred stock	3,048	2,946
Accrued property taxes	3,337	3,677
Other current liabilities	5,396	3,311
Total current liabilities	42,579	36,016
Long term liabilities:
Senior secured notes	89,884	73,986
EB-5 notes	36,500	34,000
GAFI secured and revolving notes	25,461	24,351
Long term subordinated debt	5,974	5,824
Series A preferred units	7,005	0
Other long term liabilities	0	15
Total long term liabilities	164,824	138,176
Stockholders' deficit:
Series B convertible preferred stock, $0.001 par value; 7,235 authorized; 1,323 shares issued and outstanding each period, respectively (aggregate liquidation preference of $3,969 for each period respectively)	1	1
Common stock, $0.001 par value; 40,000 authorized; 20,345 and 20,088 shares issued and outstanding each period, respectively	20	20
Additional paid-in capital	85,917	84,679
Accumulated deficit	(193,204)	(160,188)
Accumulated other comprehensive loss	(3,576)	(2,904)
Total stockholders' deficit attributable to Aemetis, Inc.	(110,842)	(78,392)
Non-controlling interest - GAFI	(4,740)	(1,469)
Total stockholders' deficit	(115,582)	(79,861)
Total liabilities and stockholders' deficit	$ 91,821	$ 94,331

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Series B Preferred stock, par value	$ .001	$ 0.001
Series B Preferred stock, authorized	7,235	7,235
Series B Preferred stock, shares issued	1,323	1,323
Series B Preferred stock, shares outstanding	1,323	1,323
Aggregate liquidation preference	$ 3,969	$ 3,969
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	40,000	40,000
Common stock, shares issued	20,345	20,088
Common stock, shares outstanding	20,345	20,088

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Revenues	$ 171,526	$ 150,157
Cost of goods sold	166,121	146,782
Gross profit	5,405	3,375
Research and development expenses	246	2,367
Selling, general and administrative expenses	16,085	13,191
Operating loss	(10,926)	(12,183)
Other income (expense)
Interest rate expense	18,170	13,906
Debt related fees and amortization expense	7,520	5,398
Accretion of Series A preferred units	44	0
Loss on impairment of intangibles	865	0
Other (income) expense	(1,245)	277
Loss before income taxes	(36,280)	(31,764)
Income tax expense	7	6
Net loss	(36,287)	(31,770)
Less: Net loss attributable to non-controlling interest	(3,271)	(1,469)
Net loss attributable to Aemetis, Inc.	(33,016)	(30,301)
Other comprehensive income (loss)
Foreign currency translation gain (loss)	(672)	484
Comprehensive loss	$ (36,959)	$ (31,286)
Net loss per common share attributable to Aemetis, Inc.
Basic	$ (1.63)	$ (1.53)
Diluted	$ (1.63)	$ (1.53)
Weighted average shares outstanding
Basic	20,252	19,833
Diluted	20,252	19,833

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Operating activities:
Net loss	$ (36,287)	$ (31,770)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	981	1,101
Stock issued for services	22	118
Depreciation	4,580	4,622
Debt related fees and amortization expense	7,520	5,399
Intangibles and other amortization expense	140	392
Accretion of Series A preferred units	44	0
Loss on sale/disposal of assets	9	0
Impairment loss on intangible assets	865	0
Change in fair value of SARs	(145)	0
Changes in operating assets and liabilities:
Accounts receivable	1,079	(1,015)
Inventories	(721)	(2,370)
Prepaid expenses	1,692	371
Other current assets and other assets	(380)	(425)
Accounts payable	2,207	2,580
Accrued interest expense and fees, net of payments	12,463	10,812
Other liabilities	425	1,497
Net cash used in operating activities	(5,506)	(8,688)
Investing activities:
Capital expenditures	(4,074)	(1,116)
Net cash used in investing activities	(4,074)	(1,116)
Financing activities:
Proceeds from borrowings	20,071	14,798
Repayments of borrowings	(18,010)	(10,037)
GAFI proceeds from borrowings	3,144	3,614
GAFI repayments of borrowings	(1,775)	0
Proceeds from Series A preferred units financing	6,961	0
Net cash provided by financing activities	10,391	8,375
Effect of exchange rate changes on cash and cash equivalents	(51)	371
Net cash and cash equivalents increase (decrease) for period	760	(1,058)
Cash and cash equivalents at beginning of period	428	1,486
Cash and cash equivalents at end of period	1,188	428
Supplemental disclosures of cash flow information, cash paid:
Cash paid for interest, net of capitalized interest of $135 thousand and $0 for years ended December 31, 2018 and 2017, respectively	5,590	3,092
Income taxes paid	6	6
Supplemental disclosures of cash flow information, non-cash transactions:
Subordinated debt extension fees added to debt	680	680
Fair value of warrants issued to subordinated debt holders	235	321
Repurchase of common stock added to TEC promissory note	0	451
TEC debt extension, waiver fees, promissory notes fees added to debt	4,255	5,615
GAFI plant, property & equipment acquired with debt	0	15,431
Payment of TEC bridge loan added to GAFI Revolving loan	0	3,669
Debt exchanged for prepaid interest on GAFI Term loan	200	2,250
Stock Appreciation Rights issued for GAFI Amendment No. 1	1,277	0
GAFI Amendment No. 1 & 2 fees added to debt	250	0
Capital expenditures not paid yet	905	0
Settlement of subordinated debt through issuing stock	$ 0	$ 132

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands	Series B Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Non-Controlling Interest	Total
Beginning Balance - Shares at Dec. 31, 2016	1,328	19,858
Beginning Balance - Amount at Dec. 31, 2016	$ 1	$ 20	$ 83,441	$ (129,887)	$ (3,388)	$ 0	$ (49,813)
Conversion of Series B preferred to common stock, Shares	(5)
Conversion of Series B preferred to common stock, Amount	$ 0						0
Stock-based compensation, Amount			1,101				1,101
Shares issued to consultants and other services, Shares		100
Shares issued to consultants and other services, Amount			118				118
Issuance and exercise of warrants, Shares		240
Issuance and exercise of warrants, Amount			338				338
Repurchase of common stock, Shares		(275)
Repurchase of common stock, Amount			(451)				(451)
Issuance of shares for interest and note extinguishment, Shares		165
Issuance of shares for interest and note extinguishment, Amount			132				132
Other comprehensive income					484		484
Net loss				(30,301)		(1,469)	(31,770)
Ending Balance, Shares at Dec. 31, 2017	1,323	20,088
Ending Balance, Amount at Dec. 31, 2017	$ 1	$ 20	84,679	(160,188)	(2,904)	(1,469)	(79,861)
Stock-based compensation, Shares		2
Stock-based compensation, Amount			981				981
Shares issued to consultants and other services, Shares		30
Shares issued to consultants and other services, Amount			22				22
Issuance and exercise of warrants, Shares		225
Issuance and exercise of warrants, Amount			235				235
Other comprehensive income					(672)		(672)
Net loss				(33,016)		(3,271)	(36,287)
Ending Balance, Shares at Dec. 31, 2018	1,323	20,345
Ending Balance, Amount at Dec. 31, 2018	$ 1	$ 20	$ 85,917	$ (193,204)	$ (3,576)	$ (4,740)	$ (115,582)

1. Nature of Activities and Sum

1. Nature of Activities and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Nature of Activities and Summary of Significant Accounting Policies	Nature of Activities ● Aemetis Americas, Inc., a Nevada corporation, and its subsidiary AE Biofuels, Inc., a Delaware corporation; ● Biofuels Marketing, Inc., a Delaware corporation; ● Aemetis International, Inc., a Nevada corporation, and its subsidiary International Biofuels, Ltd., a Mauritius corporation, and its subsidiary Universal Biofuels Private, Ltd., an India company; ● Aemetis Technologies, Inc., a Delaware corporation; ● Aemetis Biochemicals, Inc., a Nevada corporation; ● Aemetis Biofuels, Inc., a Delaware corporation, and its subsidiary Energy Enzymes, Inc., a Delaware corporation; ● AE Advanced Fuels, Inc., a Delaware corporation, and its subsidiaries Aemetis Advanced Fuels Keyes, Inc., a Delaware corporation, and Aemetis Facility Keyes, Inc., a Delaware corporation; ● Aemetis Advanced Fuels, Inc., a Nevada corporation; ● Aemetis Advanced Products Keyes, Inc., a Delaware corporation; ● Aemetis Property Keyes, Inc., a Delaware corporation; ● Aemetis Advanced Biorefinery Keyes, Inc., a Delaware corporation; and ● Aemetis Biogas LLC, a Delaware limited liability company. Nature of Activities Basis of Presentation and Consolidation In July 2017, Goodland Advanced Fuels, Inc. (“GAFI”) acquired a partially completed ethanol plant in Goodland, Kansas, and as part of the transaction, GAFI entered into a note purchase agreement (the “GAFI Note Purchase Agreement”) for a revolving loan (“GAFI Revolving Loan”) and term loan (“GAFI Term Loan”, and together with the GAFI Revolving Loan, the “GAFI Loans”) with Third Eye Capital Corporation (“Third Eye Capital”). The transaction provided Aemetis with both an option agreement (“GAFI Option Agreement”) to acquire all of the outstanding stock from GAFI at $0.01 per share, as well as the ability for Aemetis, and its subsidiary Aemetis Advanced Products Keyes, Inc. (“AAPK”), to borrow portions of the GAFI Revolving Loan. In exchange, Aemetis and AAPK each provided a limited guaranty (“GAFI Limited Guaranty”). GAFI is thinly capitalized by its sole shareholders, and dependent on the terms of the agreements with Third Eye Capital and Aemetis to support its own activities. Additionally, the combination of the GAFI Limited Guaranty and the GAFI Option Agreement provide sufficient basis for Aemetis to direct the activities of GAFI. Upon application of the consolidation guidance in ASC 810 Consolidation All intercompany balances and transactions have been eliminated in consolidation including any transactions between GAFI and Aemetis, Inc. Use of Estimates Revenue Recognition We derive revenue primarily from sales of ethanol and related co-products in North America, and biodiesel and refined glycerin in India based on the supply agreements and purchase order contracts. We assessed the following criteria under the guidance: (i) identify the contracts with customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations, and (v) recognize revenue when the entity satisfies the performance obligations. In North America, we sell the majority of our production to one customer under a supply contract, with individual sales transactions occurring under this contract. Given the similarity of these transactions, we have assessed them as a portfolio of similar contracts. The performance obligation is satisfied by delivery of the physical product to the tank of J.D. Heiskell or to one of their contracted trucking companies. At this point in time, the customer has the ability to direct the use of the product and receive substantially all of its benefits. The transaction price is determined based on daily market prices negotiated by Kinergy for ethanol and by A.L. Gilbert on WDG and DCO. There is no transaction price allocation needed. The below table shows our sales in North America by product category: North America For the year ended December 31, 2018 2017 Ethanol sales $ 113,855 $ 106,419 Wet distiller's grains sales 32,362 26,422 Other sales 3,828 3,898 $ 150,045 $ 136,739 In India where we sell products on purchase orders (written or verbal) or by contract with governmental or international parties, the performance obligation is satisfied by delivery and acceptance of the physical product. When the contracts are sufficiently similar in nature, we have assessed these contracts as a portfolio of similar contracts as allowed under the practical expedient. Doing so does not result in a materially different outcome compared to individually accounting for each contract. All domestic and international deliveries are subject to certain specifications as identified in contracts. The transaction price is determined based on reference market prices for biodiesel and refined glycerin every day net of taxes. There is no transaction price allocation needed. The below table shows our sales in India by product category: India For the year ended December 31, 2018 2017 Biodiesel sales $ 17,009 $ 10,365 Refined Glycerin sales 4,467 3,053 Other sales 5 - $ 21,481 $ 13,418 We also assessed principal versus agent criteria as we buy our feedstock from our customers and process and sell finished goods to those customers in some contractual agreements. In North America, we buy corn as feedstock in producing ethanol from our working capital partner J.D. Heiskell and we sell all ethanol, WDG, and corn oil produced in this process to J.D. Heiskell. Our finished goods tank is leased by J.D. Heiskell and they require us to transfer legal title to the product upon transfer of our finished ethanol to this location. We consider the purchase of corn as a cost of goods sold and the sale of ethanol upon transfer to the finished goods tank as revenue on the basis that (i) we control and bear the risk of gain or loss on the processing of corn which is purchased at market prices into ethanol and (ii) we have legal title to the goods during the processing time. Revenues from sales of ethanol and its co-products are billed net of the related transportation and marketing charges. The transportation component is accounted for in cost of goods sold and the marketing component is accounted for in sales, general and administrative expense. Transportation and marketing charges are known within days of the transaction and are recorded at the actual amounts. The Company has elected an accounting policy under which these charges have been treated as fulfillment activities provided after control has transferred. As a result, these charges are recognized in cost of goods sold and selling, general, & administrative expenses, respectively, when revenue is recognized. Revenues are recorded at the gross invoiced amount. In India, we occasionally enter into contracts where we purchase feedstock from the customer, process the feedstock into biodiesel, and sell to the same customer. In those cases, we receive the legal title to feedstock from our customers once it is on our premises. We control the processing and production of biodiesel based on contract terms and specifications. The pricing for both feedstock and biodiesel is set independently. We hold the title and risk to biodiesel as long as it resides on our premises. Hence, we are the principal in both North America and India sales scenarios where our customer and vendor may be the same. Based upon the timing of the transfer of control of our products to our customers, there are no contract assets or liabilities as of December 31, 2018. We have elected to adopt the practical expedient that allows for ignoring the significant financing component of a contract when estimating the transaction price when the transfer of promised goods to the customer and customer payment for such goods are expected to be within one year of contract inception. Further, we have elected to adopt the practical expedient in which incremental costs of obtaining a contract are expensed when the amortization period would otherwise be less than one year. Cost of Goods Sold Shipping and Handling Costs Research and Development. Cash and Cash Equivalents Accounts Receivable. The Company maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process is based on the age of the invoice and it requires attempted contacts with the customer at specified intervals. If, after a specified number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question. Delinquent accounts receivable are charged against the allowance for doubtful accounts once un-collectability has been determined. The factors considered in reaching this determination are the apparent financial condition of the customer and the Company’s success in contacting and negotiating with the customer. If the financial conditions of the Company’s customers were to deteriorate, additional allowances may be required. We did not reserve any balance for allowance for doubtful accounts in the years ended December 31, 2018 and 2017. Inventories Property, Plant and Equipment The Company evaluates the recoverability of long-lived assets with finite lives in accordance with ASC Subtopic 360-10-35 Property Plant and Equipment –Subsequent Measurements, Intangibles: Income Taxes. Income Taxes ASC 740 provides for recognition of deferred tax assets if the realization of such assets is more likely than not to occur. Otherwise, a valuation allowance is established for the deferred tax assets, which may not be realized. As of December 31, 2018 and 2017, the Company recorded a full valuation allowance against its net deferred tax assets due to operating losses incurred since inception. Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Accordingly, the net deferred tax assets were fully offset by a valuation allowance. The Company is subject to income tax audits by the respective tax authorities in all of the jurisdictions in which it operates. The determination of tax liabilities in each of these jurisdictions requires the interpretation and application of complex and sometimes uncertain tax laws and regulations. The recognition and measurement of current taxes payable or refundable and deferred tax assets and liabilities requires that the Company make certain estimates and judgments. Changes to these estimates or a change in judgment may have a material impact on the Company’s tax provision in a future period. 2017 U.S. Tax Cuts and Jobs Act On December 22, 2017, the United States enacted tax reform legislation through the Tax Cuts and Jobs Act (the “Tax Act”), which significantly changed the existing U.S. tax laws by, but not limited to, (i) reducing the corporate federal tax rate from 35% to 21%, (ii) requiring companies to pay a one-time transition tax on certain un-repatriated earnings of foreign subsidiaries, (iii) moving from a worldwide tax system to a territorial tax system, (iv) eliminating the corporate alternative minimum tax (AMT) and changing how existing AMT credits can be realized, (v) providing that bonus depreciation will allow for full expensing of qualified property, (vi) creating a new limitation on deductible interest expense, and (vii) changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017. The SEC staff issued Staff Accounting Bulletin 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax law that were in effect immediately before the enactment of the Tax Act. In connection with our initial provisional analysis of the impact of the Tax Act, the Company revalued its tax-effected deferred tax assets, resulting in a $19.6 million reduction in the Company’s tax-effected deferred tax assets, with a corresponding reduction in the Company’s valuation allowance. There was no material change to the Company’s provisional analysis of the impact of the Tax Act in 2018. In 2018, the Company adopted certain tax accounting policies related to the new global intangible low-taxed income (“GILTI”) provisions under the Tax Act such that the Company will: (1) account for all GILTI related book-tax differences as period costs and (2) use the Incremental Cash Tax Savings approach in evaluating its valuation allowance assessment related to the GILTI inclusion. Basic and Diluted Net Income (Loss) per Share. The following table shows the number of potentially dilutive shares excluded from the diluted net loss per share calculation as of December 31, 2018 and 2017: As of December 31, 2018 December 31, 2017 Series B preferred (post split basis) 132 132 Common stock options and warrants 2,984 2,519 Debt with conversion feature at $30 per share of common stock 1,236 1,201 SARs conversion if stock issued at $0.71 per share to cover $2.1 million 2,964 - Total number of potentially dilutive shares excluded from the diluted net loss per share calculation 7,316 3,852 Comprehensive Loss. Comprehensive Income Foreign Currency Translation/Transactions. Operating Segments. The “North America” operating segment includes the Company’s 60 million gallons per year capacity Keyes Plant in California, the cellulosic ethanol facility in Riverbank, ther cluster of biogas digesters on dairies near Keyes, California, the Goodland Plant, Kansas and the research and development facility in Minnesota. The “India” operating segment encompasses the Company’s 50 million gallon per year capacity Kakinada Plant in India, the administrative offices in Hyderabad, India, and the holding companies in Nevada and Mauritius. Fair Value of Financial Instruments. Share-Based Compensation. Stock Compensation Commitments and Contingencies. Contingencies Convertible Instruments Debt Modification Accounting Debt – Modification and Extinguishments Recently Issued Accounting Pronouncements In February 2016, the FASB issued guidance that amends the existing accounting standards for leases. Consistent with existing guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification. Under the new guidance, a lessee will be required to recognize right-of-use assets and lease liabilities on the balance sheet. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new guidance is effective for us beginning January 1, 2019, and for interim periods within that year. We will be required to recognize and measure leases existing at, or entered into after, the beginning of the earliest comparative period presented using a modified retrospective approach, with certain practical expedients available. On July 30, 2018, the FASB issued ASU 2018-11 amendments to ASC 842 as Optional transition relief approach in which entities may elect not to recast the comparative periods presented when transitioning to ASC 842 and lessors may not select to separate lease and non-lease components when certain conditions are met. We plan to adopt the standard as of January 1, 2019 using the optional transition relief approach. We will elect the practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carryforward the historical lease classification. We will make an accounting policy election to keep leases with a term of 12 months or less off of the balance sheet. We will recognize those lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term. We estimate adoption of the standard will result in recognition of additional net lease assets and lease liabilities of approximately $1.2 million, respectively, as of January 1, 2019. We do not believe the standard will materially affect our consolidated net earnings. We do not believe the new standard will have a notable impact on our liquidity. The standard will have no impact on our debt-covenant compliance under our current agreements In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”), which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees, with certain exceptions. ASU 2018-07 supersedes the guidance in ASC 505-50, Equity-Based Payments to Non-Employees, which previously included the accounting for non-employee awards. The standard is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. We plan to adopt the standard as of January 1, 2019 and we do not believe the standard will materially affect our measurement and recognition of nonemployee share-based compensation.

2. Inventories

2. Inventories	12 Months Ended
	Dec. 31, 2018
Inventory Disclosure [Abstract]
Inventories	Inventories consist of the following: December 31, 2018 December 31, 2017 Raw materials $ 3,647 $ 2,829 Work-in-progress 1,327 1,605 Finished goods 1,155 1,303 Total inventories $ 6,129 $ 5,737 As of December 31, 2018 and December 31, 2017, the Company recognized a lower of cost or market reserve of $0.2 million each, respectively, related to inventory.

3. Property, Plant and Equipmen

3. Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment consist of the following: December 31, 2018 December 31, 2017 Land $ 4,116 $ 2,747 Plant and buildings 82,445 82,652 Furniture and fixtures 1,056 1,003 Machinery and equipment 3,928 3,972 Construction in progress 3,581 941 GAFI property, plant & equipment 15,408 15,408 Total gross property, plant & equipment 110,534 106,723 Less accumulated depreciation (32,042 ) (27,886 ) Total net property, plant & equipment $ 78,492 $ 78,837 Interest capitalized in property, plant, and equipment was $135 thousand and none for the years ended December 31, 2018 and 2017, respectively. Depreciation on the components of the property, plant and equipment is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives as follows: Years Plant and buildings 20 - 30 Machinery and equipment 5 - 7 Furniture and fixtures 3 - 5 The Company recorded depreciation expense of approximately $4.6 million each for the years ended December 31, 2018 and 2017. The Company evaluates the recoverability of long-lived assets with finite lives in accordance with ASC Subtopic 360-10-35 Property Plant and Equipment –Subsequent Measurements,

4. Debt

4. Debt	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt consists of the notes from the Company’s senior lender, Third Eye Capital, acting as Agent for the Purchasers (Third Eye Capital), other working capital lenders and subordinated lenders as follows: December 31, 2018 December 31, 2017 Third Eye Capital term notes $ 7,024 $ 6,931 Third Eye Capital revolving credit facility 47,225 35,371 Third Eye Capital revenue participation term notes 11,794 11,636 Third Eye Capital acquisition term notes 23,841 20,048 Cilion shareholder seller notes payable 5,974 5,824 Subordinated notes 10,080 8,725 EB-5 promissory notes 38,536 36,039 Unsecured working capital loans 4,822 4,861 GAFI Term and Revolving loans 25,821 24,351 Total debt 175,117 153,786 Less current portion of debt 17,298 15,625 Total long term debt $ 157,819 $ 138,161 Third Eye Capital Note Purchase Agreement On July 6, 2012, Aemetis, Inc. and Aemetis Advanced Fuels Keyes, Inc. (“AAFK”), entered into an Amended and Restated Note Purchase Agreement with Third Eye Capital (the “Note Purchase Agreement”). Pursuant to the Note Purchase Agreement, Third Eye Capital extended credit in the form of (i) senior secured term loans in an aggregate principal amount of approximately $7.2 million to replace existing notes held by Third Eye Capital (the “Term Notes”); (ii) senior secured revolving loans in an aggregate principal amount of $18.0 million (“Revolving Credit Facility”); (iii) senior secured term loans in the principal amount of $10.0 million to convert the prior revenue participation agreement to a note (“Revenue Participation Term Notes”); and (iv) senior secured term loans in an aggregate principal amount of $15.0 million (“Acquisition Term Notes”) used to fund the cash portion of the acquisition of Cilion, Inc. (the Term Notes, Revolving Credit Facility, Revenue Participation Term Notes and Acquisition Term Notes are referred to herein collectively as the “Original Third Eye Capital Notes”). On January 31, 2017, a Promissory Note (the “January 2017 Note”, together with the Original Third Eye Capital Notes, the “Third Eye Capital Notes”) for $2.1 million was advanced by Third Eye Capital to Aemetis, Inc., as a short-term credit facility for working capital and other general corporate purposes with an interest rate of 14% per annum maturing on the earlier of (a) receipt of proceeds from any financing, refinancing, or other similar transaction, (b) extension of credit by payee, as lender or as agent on behalf of certain lenders, to the Company or its affiliates, or (c) May 30, 2017. In addition, as part of the January 2017 Note agreement, Aemetis used $0.5 million of the total proceeds to buy back 275 thousand common shares that were held by Third Eye Capital. In consideration of the January 2017 Note, $133 thousand of the total proceeds were paid to Third Eye Capital as financing charges. On July 10, 2017, the January 2017 Note was paid in full. On March 1, 2017, Third Eye Capital agreed to Amendment No. 13 to the Note Purchase Agreement to: (i) extend the maturity date of the Third Eye Capital Notes to April 1, 2018 in exchange for a 5% extension fee consisting of adding $3.1 million to the outstanding principal balance of the Note Purchase Agreement and allowing for the further extension of the maturity date of the Third Eye Capital Notes to April 1, 2019, at the Company’s election, for an additional extension fee of 5% of the then outstanding Third Eye Capital Notes outstanding balance, (ii) waive the free cash flow financial covenant under the Note Purchase Agreement for the three months ended December 31, 2016, (iii) provide that such covenant will be deleted prospectively from the Note Purchase Agreement, (iv) waive the default under the Note Purchase Agreement relating to indebtedness outstanding to Laird Cagan and (v) waive the covenant under the Note Purchase Agreement to permit the Company to pay off the defaulted Laird Cagan subordinated note by issuing stock. The borrowers agreed to use their best efforts to close the transaction to purchase assets in Goodland, Kansas from Third Eye Capital as described in a non-binding offer to purchase letter between an affiliate of the Company and Third Eye Capital, which closed on July 10, 2017. As consideration for such amendment and waiver, the borrowers agreed to pay Third Eye Capital an amendment and waiver fee of $750 thousand to be added to the outstanding principal balance of the Revolving Credit Facility. We evaluated the Amendment of the Notes and applied modification accounting treatment in accordance with ASC 470-50 Debt – Modification and Extinguishment On April 28, 2017, a Promissory Note (the “April 2017 Note”, and together with the Original Third Eye Capital Notes, the “Third Eye Capital Notes”) for $1.5 million was advanced by Third Eye Capital to Aemetis, Inc., as a short-term credit facility for working capital and other general corporate purposes with an interest rate of 14% per annum maturing on the earliest of (a) closing of the Financing, (b) receipt of proceeds from any financing, refinancing or other similar transaction, (c) extension of credit by the Lender, or Agent on behalf of certain lenders or the Noteholders, to the Debtors or their affiliates, and (d) June 15, 2017. In addition, $1.0 million of this note represents fees payable by GAFI upon the closing of the Goodland transaction. On July 10, 2017, the April 2017 Note was paid in full and the fees payable by GAFI were paid. On January 4, 2018, a Promissory Note (the January 2018 Note) for $160 thousand was advanced by Third Eye Capital to Aemetis, Inc., as a short-term credit facility for working capital and other general corporate purposes with an interest rate of 14% per annum maturing on the earlier of (a) receipt of proceeds from any financing, refinancing, or other similar transaction, (b) extension of credit by payee, as lender or as agent on behalf of certain lenders, to the Company or its affiliates, or (c) April 1, 2018. In consideration of the January 2018 Note, $10 thousand of the total proceeds were paid to Third Eye Capital as financing charges. On April 1, 2018, the January 2018 Note was paid in full. On February 27, 2018, a Promissory Note (the “February 2018 Note”, and together with the Original Third Eye Capital Notes, the “Third Eye Capital Notes”) for $2.1 million was advanced by Third Eye Capital to Aemetis, Inc., as a short-term credit facility for working capital and other general corporate purposes with an interest rate of 14% per annum maturing on the earlier of (a) receipt of proceeds from any financing, refinancing, or other similar transaction, (b) extension of credit by payee, as lender or as agent on behalf of certain lenders, to the Company or its affiliates, or (c) April 30, 2018. In consideration of the February 2018 Note, $0.1 million of the total proceeds were paid to Third Eye Capital as financing charges. The maturity date of the note was December 31, 2018 with $183 thousand in fees due and payable at the time of the redemption of the Note. On December 20, 2018, the February 2018 Note was paid in full. On March 27, 2018, Third Eye Capital agreed to Limited Waiver and Amendment No. 14 to the Note Purchase Agreement (“Amendment No. 14”) to: (i) extend the maturity date of the Third Eye Capital Notes two years to April 1, 2020 in exchange for an amendment fee consisting of 6% (3% per year) of the outstanding note balance in the form of an increase in the fee payable in the event of a redemption of the Third Eye Capital Notes (as defined in the Note Purchase Agreement); (ii) provide that the maturity date may be further extended at our election to April 1, 2021 in exchange for an extension fee of 5%; (iii) provide for an optional quarterly waiver of the ratio of note indebtedness covenant until January 1, 2019 with the payment of a waiver fee of $0.25 million; and (iv) remove the redemption fee described in (i) above from the calculation of the ratio of note indebtedness covenant. In addition to the fee discussed in (i), as consideration for such amendment and waiver, the borrowers also agreed to pay Third Eye Capital an amendment and waiver fee of $0.5 million to be added to the outstanding principal balance of the Revolving Credit Facility. We evaluated Amendment No. 14 in accordance with ASC 470-60 Troubled Debt Restructuring. Troubled Debt Restructuring On March 27, 2018, Third Eye agreed to a one-year reserve liquidity facility governed by a promissory note, payable in the principal amount of up to $6 million. Borrowings under the facility are available from March 27, 2018 until maturity on April 1, 2019. Interest on borrowed amounts accrues at a rate of 30% per annum, paid monthly in arrears, or 40% if an event of default has occurred and continues. The outstanding principal balance of the indebtedness evidenced by the promissory note, plus any accrued but unpaid interest and any other sums due thereunder, shall be due and payable in full at the earlier to occur of (a) the closing of any new debt or equity financing, refinancing or other similar transaction between Third Eye Capital or any fund or entity arranged by them and the Company or its affiliates, (b) receipt by the Company or its affiliates of proceeds from any sale, merger, equity or debt financing, refinancing or other similar transaction from any third party and (c) April 1, 2019. The promissory note is secured by liens and security interests upon the property and assets of the Company. If any amounts are drawn under the facility, the Company will pay a non-refundable fee in the amount of $200,000, payable from the proceeds of the first drawing under the facility. We did not draw any amounts under the facility and no balance was outstanding as of December 31, 2018 under this facility. On March 11, 2019, Third Eye agreed to increase the amount available under the reserve liquidity facility up to $8.0 million and extend the maturity date to April 1, 2020 with the same terms as above. On March 11, 2019, Third Eye Capital agreed to Limited Waiver and Amendment No. 15 to the Note Purchase Agreement ("Amendment No. 15"), to waive the ratio of note indebtedness covenant until January 1, 2020. As a consideration for this amendment, the Company also agreed to pay Third Eye Capital an amendment fee of $1.0 million to be added to the redemption fee. Based on the Amendment No.15, the ratio of note indebtedness covenant is waived for the quarters ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019. According to ASC 470-10-45 debt covenant classification guidance, if it is probable that the Company will not be able to cure the default at measurement dates within the next 12 months, the related debt needs to be classified as current. As the Amendment No.15 waived the ratio of the note indebtedness covenant over the next 12 months, the notes are classified as long-term debt. Terms of Third Eye Capital Notes A. Term Notes B. Revolving Credit Facility C. Revenue Participation Term Notes D. Acquisition Term Notes The Third Eye Capital Notes contain various covenants, including but not limited to, debt to plant value ratio, minimum production requirements, and restrictions on capital expenditures. The terms of the Notes allow the lender to accelerate the maturity in the occurrence of any event that could reasonably be expected to have a material adverse effect, such as any change in the business, operations, or financial condition. We have no remaining availability on the Revolving Credit Facility. The Third Eye Capital Notes are secured by first priority liens on all real and personal property of, and assignment of proceeds from all government grants and guarantees from Aemetis, Inc. The Third Eye Capital Notes all contain cross-collateral and cross-default provisions. McAfee Capital, LLC (“McAfee Capital”), owned by Eric McAfee, the Company’s Chairman and CEO, provided a guaranty of payment and performance secured by all of its Company shares. In addition, Eric McAfee provided a blanket lien on substantially all of his personal assets, and McAfee Capital provided a guarantee in the amount of $8.0 million. Cilion shareholder seller notes payable Subordinated Notes The Subordinated Notes were amended to extend the maturity date on January 1, 2018 and again on July 1, 2018 with six months extension for maturity until December 31, 2018. We evaluated these amendments and the refinancing terms of the notes and applied modification accounting treatment in accordance with ASC 470-50 Debt – Modification and Extinguishment On January 1, 2019, the Subordinated Notes were amended to extend the maturity date until the earlier of (i) June 30, 2019; (ii) completion of an equity financing by AAFK or Aemetis, Inc. in an amount of not less than $25.0 million; or (iii) after the occurrence of an Event of Default, including failure to pay interest or principal when due and breaches of note covenants. A 10% cash extension fee was paid by adding the fee to the balance of the new note and warrants to purchase 113 thousand shares of common stock were granted with a term of two years and an exercise price of $0.01 per share. We will evaluate the January 1, 2019 amendment and the refinancing terms of the notes and apply accounting treatment in accordance with ASC 470-50 Debt – Modification and Extinguishment At December 31, 2018 and December 31, 2017, the Company had, in aggregate, the amount of $10.1 million and $8.7 million in principal and interest outstanding, respectively, under the Subordinated Notes. EB-5 promissory notes Advanced BioEnergy, LP arranges investments with foreign investors, who each make loans to the Keyes Plant in increments of $0.5 million. The Company has sold an aggregate principal amount of $36.0 million of EB-5 Notes under the EB-5 Phase I funding since 2012 to the date of this filing. As of December 31, 2018, $35.0 million released from the escrow amount to the Company, with $0.5 million remaining in escrow and $0.5 million to be funded to escrow. As of December 31, 2018, $35.0 million in principal and $2.0 million in accrued interest was outstanding on the EB-5 Phase I Notes. On October 16, 2016, the Company launched its EB-5 Phase II funding, with plans to issue $50.0 million in additional EB-5 Notes on substantially similar terms and conditions as those issued under the Company’s EB-5 Phase I funding to refinance indebtedness and capital expenditures of Aemetis, Inc. and GAFI. The Company entered into a Note Purchase Agreement dated with Advanced BioEnergy II, LP, a California limited partnership authorized as a Regional Center to receive EB-5 Phase II investments, for the issuance of up to 100 EB-5 Notes bearing interest at 3%. Each note will be issued in the principal amount of $0.5 million and due and payable five years from the date of each note, for a total aggregate principal amount of up to $50.0 million (the “EB-5 Phase II funding”). Advanced BioEnergy II, LP arranges investments with foreign investors, who each make loans to the Riverbank Cellulosic Ethanol Facility in increments of $0.5 million. The Company has sold an aggregate principal amount of $1.5 million of EB-5 Notes under the EB-5 Phase II funding since 2016 to the date of this filing. As of December 31, 2018, $1.5 million was released from escrow to the Company and $48.5 million remains to be funded to escrow. As of December 31, 2018, $1.5 million in principal was outstanding on the EB-5 Phase II Notes. Unsecured working capital loans In November 2008, the Company entered into an operating agreement with Secunderabad Oils Limited (“Secunderabad Oils”). The 2008 agreement provided the working capital and had the first priority lien on assets in return for 30% of the plant’s monthly net operating profit. These expenses were recognized as operational support charges by the Company in the financials. All terms of the 2008 agreement with Secunderabad Oils were terminated to amend the agreement as below. On July 15, 2017, the agreement with Secunderabad Oils was amended to provide the working capital funds for British Petroleum business operations only in the form of inter-corporate deposit for an amount of approximately $2.3 million over a 95 days period at the rate of 14.75% per annum interest rate. The term of the agreement continues until the either party terminates it. Secunderabad Oils has a second priority lien on the assets of the Company’s Kakinada Plant after this agreement. On April 15, 2018, the agreement was amended to purchase the raw material for business operations at 12% per annum interest rate. During the years ended December 31, 2018 and 2017, the Company made principal and interest payments to Secunderabad Oils of approximately $3.7 million and $2.4 million, respectively. As of December 31, 2018 and 2017, the Company had $0.3 million and $1.3 million outstanding under this agreement, respectively. Variable Interest Entity (GAFI) Term loan and Revolving loan On July 10, 2017, GAFI entered into a Note Purchase Agreement (“Note Purchase Agreement”) with Third Eye Capital (Noteholders). See further discussion regarding GAFI in Note 6. Pursuant to the Note Purchase Agreement, the Noteholders agreed, subject to the terms and conditions of the Note Purchase Agreement and relying on each of the representations and warranties set forth therein, to make (i) a single term loan to GAFI in an aggregate amount of $15 million (“Term Loan”) and (ii) revolving advances not to exceed ten million dollars in the aggregate (“Revolving Loan”). The interest rate per annum applicable to the Term Loan is equal to ten percent (10%). The interest rate per annum applicable to the Revolving Loans is the greater of Prime Rate plus seven and three quarters percent (7.75%) and twelve percent (12.00%). The applicable interest rates as of December 31, 2018 was 13.25%. The maturity date of the Loans (“Maturity Date”) is July 10, 2019, provided that the Maturity Date may be extended at the option of GAFI for up to two additional one-year periods upon prior written notice and upon satisfaction of certain conditions and the payment of a renewal fee for such extension. An initial advance under the Revolving Loan was made for $2.2 million as a prepayment of interest on the Term Loan for the first eighteen months of interest payments. In addition, a fee of $1.0 million was paid in consideration to Noteholders. On June 28, 2018, GAFI entered into Amendment No.1 to the GAFI Term Loan with Third Eye Capital for an additional amount of $1.5 million with a fee of $75 thousand added to the loan from Third Eye Capital at a 10% interest rate. The fee of $75 thousand was recognized as expense on the Amendment date. Pursuant to Amendment No.1, Aemetis, Inc. entered into a Stock Appreciation Rights Agreement to issue 1,050,000 Stock Appreciation Rights (SARs) to Third Eye Capital on August 23, 2018, with an exercise date of one year from the issuance date with a call option for the Company at $2.00 per share during the first 11 months of the agreement either to pay $2.1 million in cash or issue common stock worth of $2.1 million based on 30-day weighted average price of the stock on the call date, and a put option for Third Eye Capital at $1.00 per share during the 11th month of the agreement where the Company can redeem the SARs for $1.1 million in cash. In the event that none of the above options is exercised, the SARs will be automatically exercised one year from the issuance date based upon the 30-day weighted average stock price and paid in cash and cash equivalents. We used an outside valuation expert to value the SARs using the Monte Carlo method, and recorded the fair value of the SARs of $1.3 million as fees on Amendment No. 1 and will be amortized over the term of the loan according to ASC 470-50 Debt – Modification and Extinguishment. On December 3, 2018, GAFI entered into Amendment No. 2 to the GAFI Term Loan with Third Eye Capital for an additional amount of $3.5 million from Third Eye Capital at a 10% interest rate. GAFI borrowed $1.8 million against this Amendment No. 2 with a $175 thousand fee added to the loan and $0.2 million was withheld from the $1.8 million for interest payments. $1.5 million is available to draw under GAFI Amendment No. 2 for the CO 2 2 2 As of December 31, 2018 and 2017, GAFI had $15.7 million net of discounts issuance costs of $1.3 million outstanding on the Term Loan and $10.1 million on the Revolving Loan respectively. Debt repayments for the Company’s loan obligations follow: Twelve months ended December 31, Debt Repayments 2019 $ 17,298 2020 132,081 2021 25,500 2022 1,473 2023 1,500 Total debt 177,852 Debt issuance costs (2,735 ) Total debt, net of discount issuance costs $ 175,117

5. Commitments and Contingencie

5. Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Operating Leases As of December 31, 2018, the Company, through its subsidiaries, has non-cancelable future minimum operating lease payments for various office space locations. Future minimum operating lease payments are as follows: Twelve months ended December 31, Future Rent Payments 2019 $ 712 2020 430 2021 210 2022 35 Total $ 1,387 The Company recognized rent expense of $0.6 million for each of the years ended December 31, 2018 and 2017. The Company entered into a payment plan with Stanislaus County for unpaid property taxes on June 28, 2018 by paying $1.5 million as a first payment. Under the annual payment plan, the Company is set to pay 20% of the outstanding redemption amount, in addition to the current year property taxes and any interest incurred on the unpaid balance to date annually, on or before April 10 starting in 2019. As of December 31, 2018, the balance in property tax accrual was $3.3 million. Legal Proceedings On August 31, 2016, the Company filed a lawsuit in Santa Clara County Superior Court against defendants EdenIQ, Inc. (EdenIQ). The lawsuit was based on EdenIQ’s wrongful termination of a merger agreement that would have effectuated the merger of EdenIQ into a new entity established and owned primarily by Aemetis. The lawsuit asserted that EdenIQ fraudulently induced the Company into assisting EdenIQ to obtain EPA approval for a new technology that the Company would not have done but for the Company’s belief that the merger would occur. The relief sought included EdenIQ’s specific performance of the merger and monetary damages, as well as punitive damages, attorneys’ fees, and costs. In response to the lawsuit, EdenIQ filed a cross-complaint asserting causes of action relating to the Company’s alleged inability to consummate the merger, the Company’s interactions with EdenIQ’s business partners, and the Company’s publicity of the status of the merger. EdenIQ named Third Eye Capital Corporation (TEC) as a defendant in a second amended cross-complaint that alleged TEC made a financial commitment to fund the merger contingent on the EPA’s approval of EdenIQ’s technology without disclosing that the financing commitment was tied to the EPA approval. EdenIQ claimed that TEC and the Company participated in the fraudulent concealment of material information surrounding the financing of the merger. By way of its cross-complaint, EdenIQ sought monetary damages, punitive damages, injunctive relief, attorneys’ fees and costs. All of the claims asserted by both the Company and EdenIQ have been denied or dismissed. The Company and EdenIQ have filed motions for attorney’s fees and costs, which motions are currently pending. The Company seeks $1,775,043 by its motion and EdenIQ seeks $8,481,600.40 on its motion. The Company vigorously disputes EdenIQ’s position and supports its own position.

6. Variable Interest Entity

6. Variable Interest Entity	12 Months Ended
	Dec. 31, 2018
Variable Interest Entity
Variable Interest Entity	GAFI was formed to acquire the partially completed Goodland Plant. GAFI entered into a Note Purchase Agreement with Third Eye Capital to acquire the plant. GAFI, the Company and its subsidiary AAPK also entered into separate Intercompany Revolving Notes, pursuant to which GAFI may, from time to time, lend a portion of the proceeds of the Revolving Loan incurred under the Note Purchase Agreement. Aemetis, Inc. and AAPK (Guarantors) also agreed to enter into certain Limited Guaranty. Pursuant to the Limited Guaranty, the Guarantors guarantee the prompt payment and performance of all unpaid principal and interest on the Loans and all other obligations and liabilities of GAFI to Noteholders in connection with the Note Purchase Agreement. The obligations of the Guarantors pursuant to the Limited Guaranty are secured by a first priority lien over all assets of the Guarantors pursuant to separate general security agreements entered into by each Guarantor. The aggregate obligations and liabilities of each Guarantor is limited to the sum of (i) the aggregate amount advanced by GAFI to such Guarantor under and in accordance with the Intercompany Revolving Notes and (ii) the obligation of the Guarantor pursuant to its indemnity and expense obligations under the Limited Guaranty prior to the date on which the Option is exercised. Additionally, on July 10, 2017, the Company entered into an Option Agreement by and between GAFI and the sole shareholder of GAFI, pursuant to which Aemetis was granted an irrevocable option to purchase all, but not less than all, of the capital stock of GAFI for an aggregate purchase price equal to $0.01 per share (total purchase price of $10.00). This Option provides for automatic triggering in the event of certain default circumstances. After the automatic exercise upon default, the Limited Guaranty no longer applies and the Guarantors are responsible for the outstanding balances of the GAFI term and revolving loan. Additionally, Third Eye Capital was granted a warrant for the purchase of 250 shares, representing 20% of the outstanding shares of GAFI, for a period of 10 years at an exercise price of $0.01 per share. In consideration for signing the Option, the sole shareholder of GAFI subscribed to the 100,000 common stock of the Aemetis, Inc. On July 10, 2017, the Company issued the 100,000 shares and recognized $0.1 million related stock compensation during the year ended December 31, 2017. After consideration of the above agreements, we concluded that GAFI did not have enough equity to finance its activities without additional subordinated financial support. Additionally, GAFI’s shareholder did not have a controlling financial interest in the entity. Hence, we concluded that GAFI is a VIE. The primary beneficiary of a VIE is the party that has both the power to direct the activities that most significantly affect the economic performance of the VIE and the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. In determining whether Aemetis is the primary beneficiary, a number of factors are considered, including the structure of the entity, contractual provisions that grant any additional rights to influence or control the economic performance of the VIE, and obligation to absorb significant losses. Through providing Limited Guaranty and signing the Option Agreement, the Company took the risks related to operations, financing the Goodland Plant, and agreed to meet the financial covenants for GAFI to be in existence. Based upon this assessment, Aemetis has the power to direct the activities of GAFI and has been determined to be the primary beneficiary of GAFI and accordingly, the assets, liabilities, and operations of GAFI are consolidated into those of the Company. The assets and liabilities were initially recognized at fair value. The following are the Balance Sheets and Statements of Operations of GAFI: Goodland Advanced Fuels, Inc. Balance Sheets As of December 31, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 17 $ 184 Prepaid expenses 215 1,581 Other assets 103 - Total current assets 335 1,765 Property, plant and equipment 15,408 15,408 Promissory note receivable from Aemetis 6,182 5,709 Total assets $ 21,925 $ 22,882 Liabilities and stockholder deficit Other accrued liabilities $ 44 $ - Secured and revolving notes 26,621 24,351 Total liabilities 26,665 24,351 Accumulated deficit (4,740 ) (1,469 ) Total liabilities and stockholder deficit $ 21,925 $ 22,882 Goodland Advanced Fuels, Inc. Statements of Operations For the year ended For the period from July 1, 2017 to December 31, 2018 December 31, 2017 Selling, general and administrative expenses $ 455 $ 260 Operating loss (455 ) (260 ) Interest expense Interest rate expense 2,865 1,249 Debt related fees and amortization expense 690 250 Other income (739 ) (290 ) Net loss $ (3,271 ) $ (1,469 ) GAFI, the Company and its subsidiaries Aemetis Advanced Products Keyes, Inc. (“AAPK”) and Aemetis Property Keyes, Inc. (“APK”) also entered into separate intercompany revolving promissory notes (the “GAFI Intercompany Notes”), dated July 10, 2017, pursuant to which GAFI may, from time to time, lend a portion of the proceeds of the GAFI Revolving Loan borrowed under the Amended GAFI Note Purchase Agreement to the Company. Aemetis paid GAFI fees of $1.0 million associated with entry into the Note purchase agreement with TEC, and accordingly holds an account receivable from GAFI. The Company borrowed $1.5 million on June 28, 2018 and it was paid back on December 20, 2018. On December 3, 2018, APK borrowed $1.6 million from GAFI to purchase the land for CO2 project. As of December 31, 2018 and 2017, the Company, AAPK, APK had $6.2 million and $5.7 million outstanding on the GAFI Intercompany Notes. The outstanding balances are eliminated upon consolidation.

7. Biogas LLC - Series A Prefer

7. Biogas LLC - Series A Preferred Financing	12 Months Ended
	Dec. 31, 2018
Stockholders' deficit:
Biogas LLC - Series A Preferred Financing	On December 20, 2018, Aemetis Biogas LLC (the “ABGL”) entered into a Series A Preferred Unit Purchase Agreement (“Preferred Unit Agreement”) by selling Series A preferred units to Protair-X Americas, Inc. (the “Purchaser”), with Third Eye Capital Corporation acting as an agent for the purchaser (the “Agent”). ABGL plans to construct and collect biogas from about eleven dairy located near the Keyes Plant (the “Project”). Biogas is a blend of methane along with CO 2 ABGL is authorized to issue 11,000,000 Common Units, and up to 6,000,000 convertible, redeemable, secured, preferred membership units (the “Series A Preferred Units”). ABGL issued 6,000,000 Common Units to the Company. ABGL also issued 1,660,000 Series A Preferred Units to the Purchaser for $8,300,000 with the ability to issue an additional 4,340,000 Series A Preferred Units at $5.00 per Unit for a total of up to $30,000,000 in funding. Additionally, 5,000,000 common units are held in reserve as potential conversion units issuable to the Purchaser upon certain triggering events discussed below. The Preferred Unit Agreement include i) preference payments of $0.50 per unit on the outstanding Series A preferred units commencing on the second anniversary, ii) conversion rights for up to 1,200,000 common units or up to maximum number of 5,000,000 common units (also at a one Series A Preferred unit to one Common Unit basis) if certain triggering events occur, iv) one Board seat of the three available to be elected by Preferred Unit holders, iii) mandatory redemption value at $15 per unit payable at an amount equal to 75% of free cash flow generated by ABGL, up to $90 million in the aggregate (if all units are issued), iv) full redemption of the units on the sixth anniversary, v) minimum cash flow requirements from each digester, and vi) $0.9 million paid as fees to the Agent from the proceeds. Triggering events occur upon ABGL’s failure to redeem units, comply with covenants, any other defaults or cross defaults, or to perform representations or warranties. Upon a triggering event; i) the obligation of the Purchaser to purchase additional Series A preferred units is terminated, ii) cash flow payments for redemption payments increased from 75% to 100% of free cash flows, iii) total number of common units into which preferred units may be converted increases from 1,200,000 common units to 5,000,000 common units on a one for one basis. Pursuant to signing the agreement with the Purchaser, the ABGL issued 1,660,000 Series A preferred units for an amount of $8.3 million in first tranche of investment. ABGL paid $6.0 million of this amount to Aemetis, Inc. in the form of management fees for managing and executing the Project. We assessed the above terms and concluded that the minority shareholders lacks substantive participating rights, principally based on the ownership percentage, manager representation, and expertise in the industry. Therefore, ABGL is controlled by Aemetis, Inc. and accordingly consolidated into the Company. The Series A Preferred Units are recorded as mandatorily redeemable and treated as a liability as the conversion option was deemed to be non-substantive. The Company is accreting up to the redemption value of $24.9 million over the estimated future cash flow periods of six years using the effective interest method. In addition, the Company identified freestanding future tranche rights and the accelerated redemption feature related to a change in control provision as derivatives which required bifurcation. These derivative features were assessed to have minimal value as of the original issuance date and December 31, 2018 based on the evaluation of the other conditions included in the agreement. .

8. Stockholders' Equity

8. Stockholders' Equity	12 Months Ended
	Dec. 31, 2018
Stockholders' deficit:
Stockholders' Equity	The Company is authorized to issue up to 40 million shares of common stock, $0.001 par value per share and 65 million shares of preferred stock, $0.001 par value per share. Convertible Preferred Stock The following is a summary of the authorized, issued and outstanding convertible preferred stock: Shares Issued and Authorized Outstanding December 31, Shares 2018 2017 Series B preferred stock 7,235 1,323 1,323 Undesignated 57,765 — — 65,000 1,323 1,323 Our Articles of Incorporation authorize the Company’s board to issue up to 65 million shares of preferred stock, $0.001 par value, in one or more classes or series within a class upon authority of the board without further stockholder approval. Significant terms of the designated preferred stock are as follows: Voting. ● Increase or decrease (other than by redemption or conversion) the total number of authorized shares of Series B preferred stock; ● Effect an exchange, reclassification, or cancellation of all or a part of the Series B preferred stock, including a reverse stock split, but excluding a stock split; ● Effect an exchange, or create a right of exchange, of all or part of the shares of another class of shares into shares of Series B preferred stock; or ● Alter or change the rights, preferences or privileges of the shares of Series B preferred stock so as to affect adversely the shares of such series. Dividends Liquidation Preference. Conversion. Mandatorily Redeemable Series B preferred stock.

9. Outstanding Warrants

9. Outstanding Warrants	12 Months Ended
	Dec. 31, 2018
Stockholders' deficit:
Outstanding Warrants	During the years ended December 31, 2018 and 2017, the Company granted 227 thousand common stock warrants, for the extension of certain Notes for each period, respectively. The accredited investors received 2-year warrants exercisable at $0.01 per share as part of note agreements. The weighted average fair value calculations for warrants granted are based on the following weighted average assumptions: Description For the year ended December 31 2018 2017 Dividend-yield 0 % 0 % Risk-free interest rate 2.25 % 1.32 % Expected volatility 92.2 % 68.5 % Expected life (years) 2 2 Market value per share on grant date $ 1.05 $ 1.43 Exercise price per share $ 0.01 $ 0.01 Fair value per share on grant date $ 1.04 $ 1.42 For the years ended December 31, 2018 and 2017, Note investors exercised 227 thousand and 241 thousand warrant shares at exercise prices of $0.01 per share, respectively. A summary of historical warrant activity for the years ended December 31, 2018 and 2017 follows: Warrants Outstanding & Exercisable Weighted - Average Exercise Price Average Remaining Term in Years Outstanding December 31, 2016 344 $ 3.33 3.88 Granted 227 0.01 Exercised (241 ) 0.01 Expired - - Outstanding December 31, 2017 330 $ 3.47 3.02 Granted 227 0.01 Exercised (227 ) 0.01 Expired (235 ) 3.82 Outstanding December 31, 2018 95 $ 2.59 6.95 All of the above outstanding warrants are vested and exercisable as of December 31, 2018. As of December 31, 2018, the Company had $37 thousand of total compensation expense related to warrants recognized.

10. Stock-Based Compensation

10. Stock-Based Compensation	12 Months Ended
	Dec. 31, 2018
Share-based Compensation [Abstract]
Stock-Based Compensation	Plan Stock Options Aemetis authorized the issuance of 3.2 million shares of common stock under its Zymetis 2006 Stock Plan and Amended and Restated 2007 Stock Plan (together, the “Company Stock Plans”), which include both incentive and non-statutory stock options. These options generally expire five to ten years from the date of grant with a general vesting term of 1/12th every three months and are exercisable at any time after vesting subject to continuation of employment. On January 18, 2018 and May 17, 2018, 725 and 423 thousand stock option grants were issued to employees and directors under the Company Stock Plans respectively. As of December 31, 2018, 2.9 million options are outstanding under the Company Stock Plans. Inducement Equity Plan Options In March 2015, the Directors of the Company approved an Inducement Equity Plan authorizing the issuance of 100,000 non-statutory options to purchase common stock. As of December 31, 2018, 12 thousand options were outstanding. Common Stock Reserved for Issuance The following is a summary of awards granted under the above Plans: Shares Available for Grant Number of Shares Outstanding Weighted-Average Exercise Price Balance as of December 31, 2016 98 1,632 $ 4.37 Authorized 655 - - Granted (899 ) 899 1.41 Forfeited/expired 342 (342 ) 7.32 Balance as of December 31, 2017 196 2,189 $ 2.70 Authorized 655 - - Granted (1,148 ) 1,148 1.07 Exercised - (2 ) 0.67 Forfeited/expired 446 (446 ) 4.35 Balance as of December 31, 2018 149 2,889 $ 1.80 Vested and unvested awards outstanding as of December 31, 2018 and 2017 follow: Number of Shares Weighted Average Exercise Price Remaining Contractual Term (In Years) Average Intrinsic Value1 2018 Vested and Exercisable 1,923 $ 2.01 7.34 $ - Unvested 966 1.38 8.81 - Total 2,889 $ 1.80 7.80 $ - 2017 Vested and Exercisable 1,515 $ 2.94 5.83 $ - Unvested 674 2.16 8.62 - Total 2,189 $ 2.70 6.68 $ - ——————— (1) Intrinsic value based on the $0.61 and $0.55 closing price of Aemetis stock on December 31, 2018 and 2017 respectively, as reported on the NASDAQ Exchange. Stock-based compensation for employees Stock-based compensation is accounted for in accordance with the provisions of ASC 718, Compensation-Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. We estimate the fair value of stock-based awards on the date of grant using the Black-Scholes option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. For the years ended December 31, 2018 and 2017 the Company recorded option expense in the amount of $1.0 million and $1.1 million, respectively. Valuation and Expense Information All issuances of stock options or other issuances of equity instruments to employees as the consideration for services received by us are accounted for based on the fair value of the equity instrument issued. The fair value of options granted to employees is estimated on the grant date using the Black-Scholes option valuation model. This valuation model for stock based compensation expense requires us to make assumptions and judgments about the variables used in the calculation, including the fair value of our common stock, the expected term (the period of time that the options granted are expected to be outstanding), the volatility of our common stock, a risk-free interest rate, and expected dividends. We also estimate forfeitures of unvested stock options. To the extent actual forfeitures differ from the estimates, the difference will be recorded as a cumulative adjustment in the period estimates are revised. No compensation cost is recorded for options that do not vest. We use the simplified calculation of expected life described in the SEC’s Staff Accounting Bulletin No. 107, Share-Based Payment, and volatility is based on an average of the historical volatilities of the common stock of four entities with characteristics similar to those of the Company. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. We use an expected dividend yield of zero, as we do not anticipate paying any dividends in the foreseeable future. Expected forfeitures are assumed zero due to the small number of plan participants. The weighted average fair value calculations for options granted during years ended December 31, 2018 and 2017 are based on the following assumptions: Description For the year ended December 31, 2018 2017 Dividend-yield 0 % 0 % Risk-free interest rate 2.71 % 2.22 % Expected volatility 82.99 % 76.96 % Expected life (years) 6.48 6.42 Market value per share on grant date $ 1.07 $ 1.41 Fair value per share on grant date $ 0.79 $ 0.99 As of December 31, 2018, the Company had $0.8 million of total unrecognized compensation expense for employees which the Company will amortize over the weighted remaining term of 1.7 years. In addition, the Company issued 100 thousand shares of the Company’s restricted common stock on July 10, 2017 to the GAFI sole shareholder in consideration for option agreement at the subscription grant price of $1.18. In addition, the Company issued 165 thousand shares of the Company’s restricted common stock to promissory note holder on December 12, 2017 at the subscription grant price of $0.80 per share to pay off a promissory note. Stock-based compensation awards issued to non-employees are recorded in expense and additional paid-in capital in stockholders’ deficit over the applicable service periods based on the fair value of the awards or consideration received at the vesting date. The Company entered into a Stock Appreciation Rights Agreement to issue 1,050,000 Stock Appreciation Rights (SARs) to Third Eye Capital on August 23, 2018 as part of Amendment No.1 to GAFI Note Purchase Agreement with an exercise date of one year from the issuance date. The SARs Agreement contains a call option for the Company at $2.00 per share during the first 11 months of the agreement either pay $2.1 million in cash or issue common stock worth of $2.1 million based on 30-day weighted average price of the stock on the call date, and a put option for the Third Eye Capital at $1.00 per share during the 11th month of the agreement where Third Eye Capital can redeem the SARs for $1.1 million in cash and cash equivalents. If none of the above options is exercised, SARs are automatically exercised and paid for in cash and cash equivalents one year from the date of the issuance date based upon the 30-day weighted average price of the Company’s stock price. We used an outside valuation expert to value the SARs using the Monte Carlo method. This valuation model requires us to make assumptions and judgments about the variables used in the calculation, such assumptions include the following: the fair value of our common stock, which was at $1.28. On August 23, 2018, the volatility of our common stock for a year at 127%, and a risk-free interest rate for one year at 2.43%. Based on this valuation, we recorded a fair value of the SARs of $1.28 million as fees on Amendment No. 1 to the GAFI term loan and these fees are amortized over the term of the loan according to ASC 470-50 Debt – Modification and Extinguishment. The SARs were re-measured at December 31, 2018 using the following assumptions: Description At December 31, 2018 Risk-free interest rate 2.60 % Expected volatility 125 % Market value per share on grant date $ 0.61 Fair value per share on grant date $ 1.08 The Company considers the stock appreciation rights to be level 3 of the fair value hierarchy based upon the applicable guidance. Total Level 1 Level 2 Level 3 2018 SARs liability $ 1,132 $ - $ - $ 1,132 The following table reflects the activity for liabilities measured at fair value using Level 3 inputs from August 23, 2018 to December 31, 2018: SARs Liability Balance Balance on August 23, 2018 $ 1,277 Related change in fair value (145 ) Balance as of December 31, 2018 $ 1,132

11. Agreements

11. Agreements	12 Months Ended
	Dec. 31, 2018
Agreements
Agreements	Working Capital Arrangement. The J.D. Heiskell sales activity associated with the Purchasing Agreement, Corn Procurement and Working Capital Agreements during the years ended December 31, 2018 and 2017 were as follows: As of and for the year ended December 31, 2018 2017 Ethanol sales $ 113,855 $ 106,419 Wet distiller's grains sales 32,362 26,422 Corn oil sales 3,393 3,707 Corn purchases 112,687 101,768 Accounts receivable 433 1,171 Accounts payable 1,882 2,449 Ethanol and Wet Distillers Grains Marketing Arrangement.

12. Segment Information

12. Segment Information	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Segment Information	Aemetis recognizes two reportable geographic segments: “North America” and “India.” The “North America” operating segment includes the Keyes Plant in Keyes, the cellulosic ethanol facility in Riverbank, the cluster of biogas digesters on dairies near Keyes, California, the Goodland Plant, Kansas and the research and development facility in Minnesota. The “India” operating segment includes the Company’s 50 million gallon per year nameplate capacity biodiesel manufacturing Kakinada Plant, the administrative offices in Hyderabad, India, and the holding companies in Nevada and Mauritius. The Company’s biodiesel is marketed and sold primarily to customers in India through brokers and by the Company directly. Summarized financial information by reportable segment for the years ended December 31, 2018 and 2017 follow: For the year ended December 31, 2018 For the year ended December 31, 2017 North America India Total Consolidation North America India Total Consolidated Revenues $ 150,045 $ 21,481 $ 171,526 $ 136,739 $ 13,418 $ 150,157 Cost of goods sold 145,947 20,174 166,121 133,606 13,176 146,782 Gross profit 4,098 1,307 5,405 3,133 242 3,375 Other Expenses Research and development expenses 246 - 246 2,367 - 2,367 Selling, general and administrative expenses 15,204 881 16,085 12,134 1,057 13,191 Interest expense 25,076 614 25,690 18,991 313 19,304 Accretion of Series A preferred units 44 - 44 - - - Loss on impairment of intangibles 865 - 865 - - - Other expense (income) (1,208 ) (37 ) (1,245 ) 328 (51 ) 277 Loss before income taxes $ (36,129 ) (151 ) (36,280 ) $ (30,687 ) (1,077 ) (31,764 ) Capital expenditures $ 2,746 $ 1,328 $ 4,074 $ 802 $ 314 $ 1,116 Depreciation 3,968 612 4,580 4,001 621 4,622 Total Assets $ 78,149 $ 13,672 $ 91,821 $ 80,479 $ 13,852 $ 94,331 North America: India:

13. Related Party Transactions

13. Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	The Company owes Eric McAfee, the Company’s Chairman and CEO, and McAfee Capital, owned by Eric McAfee, $0.4 million in connection with employment agreements and expense reimbursements previously accrued as salaries expense and currently held as an accrued liability. The balance accrued related to these employment agreements was $0.4 million as of December 31, 2018 and 2017. For the years ended December 31, 2018 and 2017, the Company expensed $39 thousand and $49 thousand, respectively, to reimburse actual expenses incurred by McAfee Capital and related entities. The Company previously prepaid $0.2 million to Redwood Capital, a company controlled by Eric McAfee, for the Company’s use of flight time on a corporate jet. As of December 31, 2018, $0.1 million remained as a prepaid expense. As consideration for the reaffirmation of guaranties required by Amendment's No. 13 and 14 to the Note Purchase Agreement which the Company entered into with Third Eye Capital on March 1, 2017 and March 27, 2018 respectively, the Company also agreed to pay $0.2 million for each year in consideration to McAfee Capital in exchange for its willingness to provide the guaranties. The balance of $400 thousand and $342 thousand for guaranty fee remained as an accrued liability as of December 31, 2018 and December 31, 2017 respectively. The Company owes various board members amounts totaling $1.1 million and $1.7 million as of December 31, 2018 and 2017, respectively, in connection with board compensation fees, which are included in accounts payable on the balance sheet. For each of the years ended December 31, 2018 and 2017, the Company expensed $0.4 million each year, in connection with board compensation fees.

14. Income Tax

14. Income Tax	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Tax	The Company files a consolidated federal income tax return including all its domestic subsidiaries. State tax returns are filed on a consolidated, combined or separate basis depending on the applicable laws relating to the Company and its subsidiaries. Income tax expense for each of the years ended December 31, 2018 and 2017 consisted of $7 thousand and $6 thousand of state and local taxes. During the years ended December 31, 2018 and 2017, there is minimal tax expense recognized. The deferred tax liability resulted in a reduction in the valuation allowance of the Company, as the Company believes the reversal of the deferred tax liability will occur prior to the expiration of the NOL carryforward. U.S. loss and foreign loss before income taxes are as follows: Year Ended December 31, 2018 2017 United States $ (36,131 ) $ (30,687 ) Foreign (149 ) (1,077 ) Pretax Income $ (36,280 ) $ (31,764 ) Income tax benefit differs from the amounts computed by applying the statutory U.S. federal income tax rate (21%) to loss before income taxes as a result of the following: Year Ended December 31, 2018 2017 Income tax expense (benefit) at the federal statutory rate $ (7,619 ) $ (10,799 ) Tax Rate Re-measurement - 2017 Tax Cut - 19,600 State tax expense (benefit) (632 ) (1,689 ) Foreign tax differential 450 1,154 Stock-based compensation 150 299 Interest expense - 33 GILTI Inclusion 97 - Other (47 ) (24 ) Credits - (24 ) Valuation allowance 7,608 (8,544 ) Income Tax Expense $ 7 $ 6 Effective Tax Rate -0.02 % -0.02 % The components of the net deferred tax asset or (liability) are as follows: Year Ended December 31, 2018 2017 Org, Start-up and Intangible Assets $ 4,723 $ 5,045 Stock Based Comp 301 223 Prop., Plant, and Equip. (13,631 ) (14,551 ) NOLs and R&D Credits 56,270 53,874 Interest Expense Carryover 4,722 - Ethanol Credits 1,500 1,500 Debt Extinguishment - 91 Other, net 450 545 Subtotal 54,335 46,727 Valuation Allowance (54,335 ) (46,727 ) Deferred tax assets (liabilities) $ - $ - Based on the Company’s evaluation of current and anticipated future taxable income, the Company believes it is more likely than not that insufficient taxable income will be generated to realize the net deferred tax assets, and accordingly, a valuation allowance has been set against these net deferred tax assets. The Company does not provide for U.S. income taxes for any undistributed earnings of the Company’s foreign subsidiaries, as the Company considers these permanently reinvested in the operations of such subsidiaries and have a cumulative foreign loss. At December 31, 2018 and 2017, these undistributed losses totaled $12.1 million, and $12.0 million, respectively. If any earnings were distributed, some countries may impose withholding taxes. Following the passage of the 2017 U.S. Tax Cuts and Jobs Act, the U.S. imposed a transition tax on the accumulated earnings of the Company’s foreign subsidiaries through December 31, 2017. Since the foreign subsidiaries have a cumulative loss, there was no U.S. federal tax impact related to the transition tax. Not all future earnings of the foreign subsidiaries will be subject to U.S. income taxes as the U.S. has moved to a modified territorial system for tax years beginning after December 31, 2017. Finally, due to the Company’s overall deficit in foreign cumulative earnings and its U.S. loss position, the Company does not believe a material net unrecognized U.S. state deferred tax liability exists. ASC 740 Income Taxes We conduct business globally and, as a result, one or more of the Company’s subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as India, Mauritius, and the United States. The Company files a U.S. federal income tax return and tax returns in three U.S. states, as well as in two foreign jurisdictions. Penalties and interest are classified as general and administrative expenses. The following describes the open tax years, by major tax jurisdiction, as of December 31, 2018: United States — Federal 2007 – present United States — State 2008– present India 2010 – present Mauritius 2006 – present As of December 31, 2018, the Company had federal net operating loss carryforwards of approximately $188.0 million and state net operating loss carryforwards of approximately $195.0 million. The Company also has approximately $1.5 million of alcohol and cellulosic biofuel credit carryforwards. These federal and state net operating loss and other tax credit carryforwards expire on various dates between 2027 and 2037. Under the tax law of 2017, net operating loss and credit carryforwards available to offset future income in any given year may be limited by U.S. or India statute regarding net operating loss carryforwards and timing of expirations or upon the occurrence of certain events, including significant changes in ownership interests. Due to 2017 U.S. Tax Reform, U.S. Federal NOLS created after 2017 no longer expire. Federal NOLS carry forwards of $11.0 million as of December 31, 2018 which have no expiration date. The Company’s India subsidiary also will have net operating loss carryforwards as of March 31, 2019, its tax fiscal year end, of approximately $8.0 million in U.S. dollars, which expire from March 31, 2019 to March 31, 2026.

15. Parent Company Financial St

15. Parent Company Financial Statements (Unaudited)	12 Months Ended
	Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]
Parent Company Financial Statements (Unaudited)	The following is a summary of the Parent Company financial statements for the years ended December 31, 2018 and 2017: Aemetis, Inc. (Parent Company) Balance Sheets As of December 31, 2018 and 2017 Assets 2018 2017 Current assets Cash and cash equivalents $ - $ 29 Receivables due from subsidiaries 5,057 6,946 Prepaid expenses 364 251 Total current assets 5,421 7,226 Investment in AE Advanced Products Keyes , Inc. 1,057 1,617 Total investments in Subsidiaries, net of advances 1,057 1,617 Property, plant and equipment, net 12 15 Other assets 54 54 Total Assets $ 6,544 $ 8,912 Liabilities & stockholders' deficit Current liabilities Accounts payable $ 5,026 $ 3,568 Mandatorily redeemable Series B convertible preferred 3,048 2,946 GAFI- payables, net of SARs discount issuance costs 1,090 3,357 SARs liability 1,132 - Other current liabilities 2,215 1,679 Total current liabilities 12,511 11,550 Subsidiary obligation in excess of investment Investment in AE Advanced Fuels, Inc. 89,854 69,273 Investment in Aemetis Americas, Inc 205 205 Investment in Aemetis Biofuels, Inc. 2,738 2,738 Investment in Aemetis Technologies, Inc. 4,030 2,947 Investment in Aemetis Property Keyes, Inc. 432 100 Investment in Biofuels Marketing, Inc. 349 349 Investment in Aemetis International, Inc. 963 142 Investment in Aemetis Biogas LLC 6,304 - Total subsidiary obligation in excess of investment 104,875 75,754 Stockholders' deficit Series B Preferred convertible stock 1 1 Common stock 20 20 Additional paid-in capital 85,917 84,679 Accumulated deficit (193,204 ) (160,188 ) Accumulated other comprehensive loss (3,576 ) (2,904 ) Total stockholders' deficit (110,842 ) (78,392 ) Total liabilities & stockholders' deficit $ 6,544 $ 8,912 Aemetis, Inc. (Parent Company) Statements of Operations and Comprehensive Loss For the Years Ended December 31, 2018 and 2017 2018 2017 Equity in subsidiary losses $ (29,009 ) $ (22,341 ) Selling, general and administrative expenses 8,742 7,317 Operating loss (37,751 ) (29,658 ) Other expense Interest expense 1,281 503 Other (income) expense (6,023 ) 134 Loss before income taxes (33,009 ) (30,295 ) Income tax expense 7 6 Net loss (33,016 ) (30,301 ) Other comprehensive loss Foreign currency translation adjustment (672 ) 484 Comprehensive loss $ (33,688 ) $ (29,817 ) Aemetis, Inc. (Parent Company) Statements of Cash Flows For the years ended December 31, 2018 and 2017 2018 2017 Operating activities: Net loss (33,016 ) (30,301 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 981 1,101 Stock issued for services 22 118 SARs Amortization 477 - Depreciation 8 6 Subsidiary portion of net losses 29,009 22,341 Change in fair value of SARs liability (145 ) Changes in assets and liabilities: Prepaid expenses (113 ) 19 Accounts payable 1,459 529 Accrued interest expense 209 503 Other liabilities 275 64 Net cash used in operating activities (834 ) (5,620 ) Investing activities: Subsidiary advances, net 2,119 5,149 Net cash provided by investing activities 2,119 5,149 Financing activities: Proceeds from borrowings under secured debt facilities 1,500 500 Repayments of borrowings under secured debt facilities (2,814 ) - Net cash (used)/provided by financing activities (1,314 ) 500 Net increase (decrease) in cash and cash equivalents (29 ) 29 Cash and cash equivalents at beginning of period 29 - Cash and cash equivalents at end of period $ - $ 29 Supplemental disclosures of cash flow information, cash paid: Interest payments - - Income tax expense 7 6 Supplemental disclosures of cash flow information, non-cash transactions: Fair value of warrants issued to subordinated debt holders 235 321 Repurchase of common stock added to TEC promissory note - 451 Payment of TEC bridge loan added to GAFI Revolving loan - 3,669 Stock Appreciation Rights issued for GAFI Amendment No. 1 1,277 - Settlement of subordinated debt through issuing stock - 132

16. Subsequent Events

16. Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subordinated Notes On January 1, 2019, the maturity on two accredited investor's Subordinated Notes was extended until the earlier of (i) June 30, 2019; (ii) completion of an equity financing by AAFK or Aemetis in an amount of not less than $25 million; (iii) the completion of an Initial Public Offering by AAFK or Aemetis; or (iv) after the occurrence of an Event of Default, including failure to pay interest or principal when due and breaches of note covenants. A 10 percent cash extension fee was paid by adding the fee to the balance of the new Note and 113 thousand in common stock warrants were granted with a term of two years and an exercise price of $0.01 per share. Third Eye Amendment On March 11, 2019, Third Eye Capital agreed to a Limited Waiver and Amendment No. 15 to the Note Purchase Agreement, to waive the ratio of note indebtedness covenant until January 1, 2020. As consideration for such amendment and waiver, the Company agreed to pay Third Eye Capital an amendment and waiver fee of $1.0 million to be added to the redemption fee on the note. Third Eye Reserve Liquidity Facility On March 11, 2019, Third Eye agreed to increase the amount available under a one-year reserve liquidity facility governed by a promissory note for eight million dollars and extend the maturity date to April 1, 2020. Borrowings under the facility are available from March 11, 2019 until maturity on April 1, 2020. Interest on borrowed amounts accrues at a rate of 30% per annum, paid monthly in arrears, or 40% if an event of default has occurred and continues. The outstanding principal balance of the indebtedness evidenced by the promissory note, plus any accrued but unpaid interest and any other sums due thereunder, shall be due and payable in full at the earlier to occur of (a) the closing of any new debt or equity financing, refinancing or other similar transaction between Third Eye Capital or any fund or entity arranged by them and the Company or its affiliates, (b) receipt by the Company or its affiliates of proceeds from any sale, merger, equity or debt financing, refinancing or other similar transaction from any third party and (c) April 1, 2020. The promissory note is secured by liens and security interests upon the property and assets of the Company. If any amounts are drawn under the facility, the Company will pay a non-refundable fee in the amount of $200,000, payable from the proceeds of the first drawing under the facility.

17. Management's Plan

17. Management's Plan	12 Months Ended
	Dec. 31, 2018
Managements Plan
Management's Plan	The accompanying financial statements have been prepared contemplating the realization of assets and satisfaction of liabilities in the normal course of business. The Company has been reliant on their senior secured lender to provide additional funding and has been required to remit substantially all excess cash from operations to the senior secured lender. There is a $1.5 million available under the GAFI Amendment No.2 to use for the CO2 project. As of December 31, 2018, the Company has $6.0 million available to draw on Reserve Liquidity Facility to fund future cash flow requirements. On March 11, 2019, the maturity of the Reserve Liquidity facility was extended to April 1, 2020 and the available amount under the facility was increased to $8.0 million. Management believes that through the following actions, the Company will have the ability to generate capital liquidity to carry out the business plan for 2019: ● Operate the Keyes Plant and continue to improve operational performance, including the adoption of new technologies or process changes that allow for energy efficiency, cost reduction or revenue enhancements to the current operations. ● Expand the ethanol sold at the Keyes Plant to include the cellulosic ethanol to be generated at the Riverbank Cellulosic Ethanol Facility a cellulosic ethanol production facility in nearby Riverbank, California, and to utilize lower cost, non-food advanced feedstocks to significantly increase margins by 2020. ● Monetize the CO2 produced at the Keyes Plant by executing on the agreement with Linde for the delivery of gas to their neighboring facility to be built during 2019. ● Construct and operate biogas digesters to capture and monetize biogas by 2020. ● Rely on the approval of a $125M U.S. Department of Agriculture loan guarantee to raise the funds necessary to construct and operate the Riverbank Cellulosic Ethanol Facility using the licensed LanzaTech Tech and InEnTec Technology. ● Secure higher volumes of shipments of fuels at the India plant by developing the sales channels and expanding the existing domestic markets. ● Continue to locate funding for existing and new business opportunities through a combination of working with our senior lender, restructuring existing loan agreements, selling the current offering for $50 million from the Phase II EB-5 program, or by vendor financing arrangements. Management believes that a combination of the above-mentioned actions as well as the subsequent debt financing described in Note 16, will provide the funding necessary to alleviate substantial doubt about the Company’s ability to continue as a going concern.

1. Nature of Activities and S_2

1. Nature of Activities and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Nature of Activities	Nature of Activities ● Aemetis Americas, Inc., a Nevada corporation, and its subsidiary AE Biofuels, Inc., a Delaware corporation; ● Biofuels Marketing, Inc., a Delaware corporation; ● Aemetis International, Inc., a Nevada corporation, and its subsidiary International Biofuels, Ltd., a Mauritius corporation, and its subsidiary Universal Biofuels Private, Ltd., an India company; ● Aemetis Technologies, Inc., a Delaware corporation; ● Aemetis Biochemicals, Inc., a Nevada corporation; ● Aemetis Biofuels, Inc., a Delaware corporation, and its subsidiary Energy Enzymes, Inc., a Delaware corporation; ● AE Advanced Fuels, Inc., a Delaware corporation, and its subsidiaries Aemetis Advanced Fuels Keyes, Inc., a Delaware corporation, and Aemetis Facility Keyes, Inc., a Delaware corporation; ● Aemetis Advanced Fuels, Inc., a Nevada corporation; ● Aemetis Advanced Products Keyes, Inc., a Delaware corporation; ● Aemetis Property Keyes, Inc., a Delaware corporation; ● Aemetis Advanced Biorefinery Keyes, Inc., a Delaware corporation; and ● Aemetis Biogas LLC, a Delaware limited liability company. Nature of Activities
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation In July 2017, Goodland Advanced Fuels, Inc. (“GAFI”) acquired a partially completed ethanol plant in Goodland, Kansas, and as part of the transaction, GAFI entered into a note purchase agreement (the “GAFI Note Purchase Agreement”) for a revolving loan (“GAFI Revolving Loan”) and term loan (“GAFI Term Loan”, and together with the GAFI Revolving Loan, the “GAFI Loans”) with Third Eye Capital Corporation (“Third Eye Capital”). The transaction provided Aemetis with both an option agreement (“GAFI Option Agreement”) to acquire all of the outstanding stock from GAFI at $0.01 per share, as well as the ability for Aemetis, and its subsidiary Aemetis Advanced Products Keyes, Inc. (“AAPK”), to borrow portions of the GAFI Revolving Loan. In exchange, Aemetis and AAPK each provided a limited guaranty (“GAFI Limited Guaranty”). GAFI is thinly capitalized by its sole shareholders, and dependent on the terms of the agreements with Third Eye Capital and Aemetis to support its own activities. Additionally, the combination of the GAFI Limited Guaranty and the GAFI Option Agreement provide sufficient basis for Aemetis to direct the activities of GAFI. Upon application of the consolidation guidance in ASC 810 Consolidation All intercompany balances and transactions have been eliminated in consolidation including any transactions between GAFI and Aemetis, Inc.
Use of Estimates	Use of Estimates
Revenue recognition	Revenue Recognition We derive revenue primarily from sales of ethanol and related co-products in North America, and biodiesel and refined glycerin in India based on the supply agreements and purchase order contracts. We assessed the following criteria under the guidance: (i) identify the contracts with customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations, and (v) recognize revenue when the entity satisfies the performance obligations. In North America, we sell the majority of our production to one customer under a supply contract, with individual sales transactions occurring under this contract. Given the similarity of these transactions, we have assessed them as a portfolio of similar contracts. The performance obligation is satisfied by delivery of the physical product to the tank of J.D. Heiskell or to one of their contracted trucking companies. At this point in time, the customer has the ability to direct the use of the product and receive substantially all of its benefits. The transaction price is determined based on daily market prices negotiated by Kinergy for ethanol and by A.L. Gilbert on WDG and DCO. There is no transaction price allocation needed. The below table shows our sales in North America by product category: North America For the year ended December 31, 2018 2017 Ethanol sales $ 113,855 $ 106,419 Wet distiller's grains sales 32,362 26,422 Other sales 3,828 3,898 $ 150,045 $ 136,739 In India where we sell products on purchase orders (written or verbal) or by contract with governmental or international parties, the performance obligation is satisfied by delivery and acceptance of the physical product. When the contracts are sufficiently similar in nature, we have assessed these contracts as a portfolio of similar contracts as allowed under the practical expedient. Doing so does not result in a materially different outcome compared to individually accounting for each contract. All domestic and international deliveries are subject to certain specifications as identified in contracts. The transaction price is determined based on reference market prices for biodiesel and refined glycerin every day net of taxes. There is no transaction price allocation needed. The below table shows our sales in India by product category: India For the year ended December 31, 2018 2017 Biodiesel sales $ 17,009 $ 10,365 Refined Glycerin sales 4,467 3,053 Other sales 5 - $ 21,481 $ 13,418 We also assessed principal versus agent criteria as we buy our feedstock from our customers and process and sell finished goods to those customers in some contractual agreements. In North America, we buy corn as feedstock in producing ethanol from our working capital partner J.D. Heiskell and we sell all ethanol, WDG, and corn oil produced in this process to J.D. Heiskell. Our finished goods tank is leased by J.D. Heiskell and they require us to transfer legal title to the product upon transfer of our finished ethanol to this location. We consider the purchase of corn as a cost of goods sold and the sale of ethanol upon transfer to the finished goods tank as revenue on the basis that (i) we control and bear the risk of gain or loss on the processing of corn which is purchased at market prices into ethanol and (ii) we have legal title to the goods during the processing time. Revenues from sales of ethanol and its co-products are billed net of the related transportation and marketing charges. The transportation component is accounted for in cost of goods sold and the marketing component is accounted for in sales, general and administrative expense. Transportation and marketing charges are known within days of the transaction and are recorded at the actual amounts. The Company has elected an accounting policy under which these charges have been treated as fulfillment activities provided after control has transferred. As a result, these charges are recognized in cost of goods sold and selling, general, & administrative expenses, respectively, when revenue is recognized. Revenues are recorded at the gross invoiced amount. In India, we occasionally enter into contracts where we purchase feedstock from the customer, process the feedstock into biodiesel, and sell to the same customer. In those cases, we receive the legal title to feedstock from our customers once it is on our premises. We control the processing and production of biodiesel based on contract terms and specifications. The pricing for both feedstock and biodiesel is set independently. We hold the title and risk to biodiesel as long as it resides on our premises. Hence, we are the principal in both North America and India sales scenarios where our customer and vendor may be the same. Based upon the timing of the transfer of control of our products to our customers, there are no contract assets or liabilities as of December 31, 2018. We have elected to adopt the practical expedient that allows for ignoring the significant financing component of a contract when estimating the transaction price when the transfer of promised goods to the customer and customer payment for such goods are expected to be within one year of contract inception. Further, we have elected to adopt the practical expedient in which incremental costs of obtaining a contract are expensed when the amortization period would otherwise be less than one year.
Cost of Goods Sold	Cost of Goods Sold
Shipping and Handling Costs	Shipping and Handling Costs
Research and Development	Research and Development.
Cash and Cash Equivalents	Cash and Cash Equivalents
Accounts Receivable	Accounts Receivable. The Company maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process is based on the age of the invoice and it requires attempted contacts with the customer at specified intervals. If, after a specified number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question. Delinquent accounts receivable are charged against the allowance for doubtful accounts once un-collectability has been determined. The factors considered in reaching this determination are the apparent financial condition of the customer and the Company’s success in contacting and negotiating with the customer. If the financial conditions of the Company’s customers were to deteriorate, additional allowances may be required. We did not reserve any balance for allowance for doubtful accounts in the years ended December 31, 2018 and 2017.
Inventories	Inventories
Property, Plant and Equipment	Property, Plant and Equipment The Company evaluates the recoverability of long-lived assets with finite lives in accordance with ASC Subtopic 360-10-35 Property Plant and Equipment –Subsequent Measurements,
Intangibles	Intangibles:
Income Taxes	Income Taxes. Income Taxes ASC 740 provides for recognition of deferred tax assets if the realization of such assets is more likely than not to occur. Otherwise, a valuation allowance is established for the deferred tax assets, which may not be realized. As of December 31, 2018 and 2017, the Company recorded a full valuation allowance against its net deferred tax assets due to operating losses incurred since inception. Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Accordingly, the net deferred tax assets were fully offset by a valuation allowance. The Company is subject to income tax audits by the respective tax authorities in all of the jurisdictions in which it operates. The determination of tax liabilities in each of these jurisdictions requires the interpretation and application of complex and sometimes uncertain tax laws and regulations. The recognition and measurement of current taxes payable or refundable and deferred tax assets and liabilities requires that the Company make certain estimates and judgments. Changes to these estimates or a change in judgment may have a material impact on the Company’s tax provision in a future period. 2017 U.S. Tax Cuts and Jobs Act On December 22, 2017, the United States enacted tax reform legislation through the Tax Cuts and Jobs Act (the “Tax Act”), which significantly changed the existing U.S. tax laws by, but not limited to, (i) reducing the corporate federal tax rate from 35% to 21%, (ii) requiring companies to pay a one-time transition tax on certain un-repatriated earnings of foreign subsidiaries, (iii) moving from a worldwide tax system to a territorial tax system, (iv) eliminating the corporate alternative minimum tax (AMT) and changing how existing AMT credits can be realized, (v) providing that bonus depreciation will allow for full expensing of qualified property, (vi) creating a new limitation on deductible interest expense, and (vii) changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017. The SEC staff issued Staff Accounting Bulletin 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax law that were in effect immediately before the enactment of the Tax Act. In connection with our initial provisional analysis of the impact of the Tax Act, the Company revalued its tax-effected deferred tax assets, resulting in a $19.6 million reduction in the Company’s tax-effected deferred tax assets, with a corresponding reduction in the Company’s valuation allowance. There was no material change to the Company’s provisional analysis of the impact of the Tax Act in 2018. In 2018, the Company adopted certain tax accounting policies related to the new global intangible low-taxed income (“GILTI”) provisions under the Tax Act such that the Company will: (1) account for all GILTI related book-tax differences as period costs and (2) use the Incremental Cash Tax Savings approach in evaluating its valuation allowance assessment related to the GILTI inclusion.
Basic and Diluted Net Income (Loss) per Share	Basic and Diluted Net Income (Loss) per Share. The following table shows the number of potentially dilutive shares excluded from the diluted net loss per share calculation as of December 31, 2018 and 2017: As of December 31, 2018 December 31, 2017 Series B preferred (post split basis) 132 132 Common stock options and warrants 2,984 2,519 Debt with conversion feature at $30 per share of common stock 1,236 1,201 SARs conversion if stock issued at $0.71 per share to cover $2.1 million 2,964 - Total number of potentially dilutive shares excluded from the diluted net loss per share calculation 7,316 3,852
Comprehensive Loss	Comprehensive Loss. Comprehensive Income
Foreign Currency Translation/Transactions	Foreign Currency Translation/Transactions.
Operating Segments	Operating Segments. The “North America” operating segment includes the Company’s 60 million gallons per year capacity Keyes Plant in California, the cellulosic ethanol facility in Riverbank, ther cluster of biogas digesters on dairies near Keyes, California, the Goodland Plant, Kansas and the research and development facility in Minnesota. The “India” operating segment encompasses the Company’s 50 million gallon per year capacity Kakinada Plant in India, the administrative offices in Hyderabad, India, and the holding companies in Nevada and Mauritius.
Fair Value of Financial Instruments	Fair Value of Financial Instruments.
Share-Based Compensation	Share-Based Compensation. Stock Compensation
Commitments and Contingencies	Commitments and Contingencies. Contingencies
Convertible Instruments	Convertible Instruments
Debt Modification Accounting	Debt Modification Accounting Debt – Modification and Extinguishments
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the FASB issued guidance that amends the existing accounting standards for leases. Consistent with existing guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification. Under the new guidance, a lessee will be required to recognize right-of-use assets and lease liabilities on the balance sheet. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new guidance is effective for us beginning January 1, 2019, and for interim periods within that year. We will be required to recognize and measure leases existing at, or entered into after, the beginning of the earliest comparative period presented using a modified retrospective approach, with certain practical expedients available. On July 30, 2018, the FASB issued ASU 2018-11 amendments to ASC 842 as Optional transition relief approach in which entities may elect not to recast the comparative periods presented when transitioning to ASC 842 and lessors may not select to separate lease and non-lease components when certain conditions are met. We plan to adopt the standard as of January 1, 2019 using the optional transition relief approach. We will elect the practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carryforward the historical lease classification. We will make an accounting policy election to keep leases with a term of 12 months or less off of the balance sheet. We will recognize those lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term. We estimate adoption of the standard will result in recognition of additional net lease assets and lease liabilities of approximately $1.2 million, respectively, as of January 1, 2019. We do not believe the standard will materially affect our consolidated net earnings. We do not believe the new standard will have a notable impact on our liquidity. The standard will have no impact on our debt-covenant compliance under our current agreements In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”), which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees, with certain exceptions. ASU 2018-07 supersedes the guidance in ASC 505-50, Equity-Based Payments to Non-Employees, which previously included the accounting for non-employee awards. The standard is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. We plan to adopt the standard as of January 1, 2019 and we do not believe the standard will materially affect our measurement and recognition of nonemployee share-based compensation.

1. Nature of Activities and S_3

1. Nature of Activities and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Disaggregation of revenue	North America For the year ended December 31, 2018 2017 Ethanol sales $ 113,855 $ 106,419 Wet distiller's grains sales 32,362 26,422 Other sales 3,828 3,898 $ 150,045 $ 136,739 India For the year ended December 31, 2018 2017 Biodiesel sales $ 17,009 $ 10,365 Refined Glycerin sales 4,467 3,053 Other sales 5 - $ 21,481 $ 13,418
Schedule of dilutive securities	As of December 31, 2018 December 31, 2017 Series B preferred (post split basis) 132 132 Common stock options and warrants 2,984 2,519 Debt with conversion feature at $30 per share of common stock 1,236 1,201 SARs conversion if stock issued at $0.71 per share to cover $2.1 million 2,964 - Total number of potentially dilutive shares excluded from the diluted net loss per share calculation 7,316 3,852

2. Inventories (Tables)

2. Inventories (Tables)	12 Months Ended
	Dec. 31, 2018
Inventory Disclosure [Abstract]
Schedule of inventories	December 31, 2018 December 31, 2017 Raw materials $ 3,647 $ 2,829 Work-in-progress 1,327 1,605 Finished goods 1,155 1,303 Total inventories $ 6,129 $ 5,737

3. Property, Plant and Equipm_2

3. Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment	December 31, 2018 December 31, 2017 Land $ 4,116 $ 2,747 Plant and buildings 82,445 82,652 Furniture and fixtures 1,056 1,003 Machinery and equipment 3,928 3,972 Construction in progress 3,581 941 GAFI property, plant & equipment 15,408 15,408 Total gross property, plant & equipment 110,534 106,723 Less accumulated depreciation (32,042 ) (27,886 ) Total net property, plant & equipment $ 78,492 $ 78,837
Depreciation of property, plant, and equipment	Years Plant and buildings 20 - 30 Machinery and equipment 5 - 7 Furniture and fixtures 3 - 5

4. Debt (Tables)

4. Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of long-term debt	December 31, 2018 December 31, 2017 Third Eye Capital term notes $ 7,024 $ 6,931 Third Eye Capital revolving credit facility 47,225 35,371 Third Eye Capital revenue participation term notes 11,794 11,636 Third Eye Capital acquisition term notes 23,841 20,048 Cilion shareholder seller notes payable 5,974 5,824 Subordinated notes 10,080 8,725 EB-5 promissory notes 38,536 36,039 Unsecured working capital loans 4,822 4,861 GAFI Term and Revolving loans 25,821 24,351 Total debt 175,117 153,786 Less current portion of debt 17,298 15,625 Total long term debt $ 157,819 $ 138,161
Maturities of long-term debt	Twelve months ended December 31, Debt Repayments 2019 $ 17,298 2020 132,081 2021 25,500 2022 1,473 2023 1,500 Total debt 177,852 Debt issuance costs (2,735 ) Total debt, net of discount issuance costs $ 175,117

5. Commitments and Contingenc_2

5. Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of minimum operating lease payments	Twelve months ended December 31, Future Rent Payments 2019 $ 712 2020 430 2021 210 2022 35 Total $ 1,387

6. Variable Interest Entity (Ta

6. Variable Interest Entity (Tables)	12 Months Ended
	Dec. 31, 2018
Variable Interest Entity
Variable interest entity, balance sheet and operations	Goodland Advanced Fuels, Inc. Balance Sheets As of December 31, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 17 $ 184 Prepaid expenses 215 1,581 Other assets 103 - Total current assets 335 1,765 Property, plant and equipment 15,408 15,408 Promissory note receivable from Aemetis 6,182 5,709 Total assets $ 21,925 $ 22,882 Liabilities and stockholder deficit Other accrued liabilities $ 44 $ - Secured and revolving notes 26,621 24,351 Total liabilities 26,665 24,351 Accumulated deficit (4,740 ) (1,469 ) Total liabilities and stockholder deficit $ 21,925 $ 22,882 Goodland Advanced Fuels, Inc. Statements of Operations For the year ended For the period from July 1, 2017 to December 31, 2018 December 31, 2017 Selling, general and administrative expenses $ 455 $ 260 Operating loss (455 ) (260 ) Interest expense Interest rate expense 2,865 1,249 Debt related fees and amortization expense 690 250 Other income (739 ) (290 ) Net loss $ (3,271 ) $ (1,469 )

8. Stockholders' Equity (Tables

8. Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Stockholders' deficit:
Convertible preferred stock	Shares Issued and Authorized Outstanding December 31, Shares 2018 2017 Series B preferred stock 7,235 1,323 1,323 Undesignated 57,765 — — 65,000 1,323 1,323

9. Outstanding Warrants (Tables

9. Outstanding Warrants (Tables)	12 Months Ended
	Dec. 31, 2018
Stockholders' deficit:
Weighted average assumptions	Description For the year ended December 31 2018 2017 Dividend-yield 0 % 0 % Risk-free interest rate 2.25 % 1.32 % Expected volatility 92.2 % 68.5 % Expected life (years) 2 2 Market value per share on grant date $ 1.05 $ 1.43 Exercise price per share $ 0.01 $ 0.01 Fair value per share on grant date $ 1.04 $ 1.42
Schedule of warrant activity	Warrants Outstanding & Exercisable Weighted - Average Exercise Price Average Remaining Term in Years Outstanding December 31, 2016 344 $ 3.33 3.88 Granted 227 0.01 Exercised (241 ) 0.01 Expired - - Outstanding December 31, 2017 330 $ 3.47 3.02 Granted 227 0.01 Exercised (227 ) 0.01 Expired (235 ) 3.82 Outstanding December 31, 2018 95 $ 2.59 6.95

10. Stock-Based Compensation (T

10. Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2018
Share-based Compensation [Abstract]
Schedule of options granted under employee stock plans	Shares Available for Grant Number of Shares Outstanding Weighted-Average Exercise Price Balance as of December 31, 2016 98 1,632 $ 4.37 Authorized 655 - - Granted (899 ) 899 1.41 Forfeited/expired 342 (342 ) 7.32 Balance as of December 31, 2017 196 2,189 $ 2.70 Authorized 655 - - Granted (1,148 ) 1,148 1.07 Exercised - (2 ) 0.67 Forfeited/expired 446 (446 ) 4.35 Balance as of December 31, 2018 149 2,889 $ 1.80
Schedule of weighted average fair value calculations for options	Number of Shares Weighted Average Exercise Price Remaining Contractual Term (In Years) Average Intrinsic Value1 2018 Vested and Exercisable 1,923 $ 2.01 7.34 $ - Unvested 966 1.38 8.81 - Total 2,889 $ 1.80 7.80 $ - 2017 Vested and Exercisable 1,515 $ 2.94 5.83 $ - Unvested 674 2.16 8.62 - Total 2,189 $ 2.70 6.68 $ - ——————— (1) Intrinsic value based on the $0.61 and $0.55 closing price of Aemetis stock on December 31, 2018 and 2017 respectively, as reported on the NASDAQ Exchange.
Schedule of assumptions for weighted-average fair value calculations for options granted	Description For the year ended December 31, 2018 2017 Dividend-yield 0 % 0 % Risk-free interest rate 2.71 % 2.22 % Expected volatility 82.99 % 76.96 % Expected life (years) 6.48 6.42 Market value per share on grant date $ 1.07 $ 1.41 Fair value per share on grant date $ 0.79 $ 0.99
Schedule of assumptions for remeasurement of SARs	Description At December 31, 2018 Risk-free interest rate 2.60 % Expected volatility 125 % Market value per share on grant date $ 0.61 Fair value per share on grant date $ 1.08
Fair value of warrant liability	Total Level 1 Level 2 Level 3 2018 SARs liability $ 1,132 $ - $ - $ 1,132
Activity of level 3 liabilities	SARs Liability Balance Balance on August 23, 2018 $ 1,277 Related change in fair value (145 ) Balance as of December 31, 2018 $ 1,132

11. Agreements (Tables)

11. Agreements (Tables)	12 Months Ended
	Dec. 31, 2018
Agreements
Schedule of working capital agreement activity	As of and for the year ended December 31, 2018 2017 Ethanol sales $ 113,855 $ 106,419 Wet distiller's grains sales 32,362 26,422 Corn oil sales 3,393 3,707 Corn purchases 112,687 101,768 Accounts receivable 433 1,171 Accounts payable 1,882 2,449

12. Segment Information (Tables

12. Segment Information (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Schedule of segment information	For the year ended December 31, 2018 For the year ended December 31, 2017 North America India Total Consolidation North America India Total Consolidated Revenues $ 150,045 $ 21,481 $ 171,526 $ 136,739 $ 13,418 $ 150,157 Cost of goods sold 145,947 20,174 166,121 133,606 13,176 146,782 Gross profit 4,098 1,307 5,405 3,133 242 3,375 Other Expenses Research and development expenses 246 - 246 2,367 - 2,367 Selling, general and administrative expenses 15,204 881 16,085 12,134 1,057 13,191 Interest expense 25,076 614 25,690 18,991 313 19,304 Accretion of Series A preferred units 44 - 44 - - - Loss on impairment of intangibles 865 - 865 - - - Other expense (income) (1,208 ) (37 ) (1,245 ) 328 (51 ) 277 Loss before income taxes $ (36,129 ) (151 ) (36,280 ) $ (30,687 ) (1,077 ) (31,764 ) Capital expenditures $ 2,746 $ 1,328 $ 4,074 $ 802 $ 314 $ 1,116 Depreciation 3,968 612 4,580 4,001 621 4,622 Total Assets $ 78,149 $ 13,672 $ 91,821 $ 80,479 $ 13,852 $ 94,331

14. Income Tax (Tables)

14. Income Tax (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S. loss and foreign loss before income taxes	Year Ended December 31, 2018 2017 United States $ (36,131 ) $ (30,687 ) Foreign (149 ) (1,077 ) Pretax Income $ (36,280 ) $ (31,764 )
Effective tax rate	Year Ended December 31, 2018 2017 Income tax expense (benefit) at the federal statutory rate $ (7,619 ) $ (10,799 ) Tax Rate Re-measurement - 2017 Tax Cut - 19,600 State tax expense (benefit) (632 ) (1,689 ) Foreign tax differential 450 1,154 Stock-based compensation 150 299 Interest expense - 33 GILTI Inclusion 97 - Other (47 ) (24 ) Credits - (24 ) Valuation allowance 7,608 (8,544 ) Income Tax Expense $ 7 $ 6 Effective Tax Rate -0.02 % -0.02 %
Components of the net deferred tax asset or (liability)	Year Ended December 31, 2018 2017 Org, Start-up and Intangible Assets $ 4,723 $ 5,045 Stock Based Comp 301 223 Prop., Plant, and Equip. (13,631 ) (14,551 ) NOLs and R&D Credits 56,270 53,874 Interest Expense Carryover 4,722 - Ethanol Credits 1,500 1,500 Debt Extinguishment - 91 Other, net 450 545 Subtotal 54,335 46,727 Valuation Allowance (54,335 ) (46,727 ) Deferred tax assets (liabilities) $ - $ -
Open tax years, by major tax jurisdiction	United States — Federal 2007 – present United States — State 2008– present India 2010 – present Mauritius 2006 – present

15. Parent Company Financial _2

15. Parent Company Financial Statements (Tables)	12 Months Ended
	Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]
Parent Balance Sheets	Aemetis, Inc. (Parent Company) Balance Sheets As of December 31, 2018 and 2017 Assets 2018 2017 Current assets Cash and cash equivalents $ - $ 29 Receivables due from subsidiaries 5,057 6,946 Prepaid expenses 364 251 Total current assets 5,421 7,226 Investment in AE Advanced Products Keyes , Inc. 1,057 1,617 Total investments in Subsidiaries, net of advances 1,057 1,617 Property, plant and equipment, net 12 15 Other assets 54 54 Total Assets $ 6,544 $ 8,912 Liabilities & stockholders' deficit Current liabilities Accounts payable $ 5,026 $ 3,568 Mandatorily redeemable Series B convertible preferred 3,048 2,946 GAFI- payables, net of SARs discount issuance costs 1,090 3,357 SARs liability 1,132 - Other current liabilities 2,215 1,679 Total current liabilities 12,511 11,550 Subsidiary obligation in excess of investment Investment in AE Advanced Fuels, Inc. 89,854 69,273 Investment in Aemetis Americas, Inc 205 205 Investment in Aemetis Biofuels, Inc. 2,738 2,738 Investment in Aemetis Technologies, Inc. 4,030 2,947 Investment in Aemetis Property Keyes, Inc. 432 100 Investment in Biofuels Marketing, Inc. 349 349 Investment in Aemetis International, Inc. 963 142 Investment in Aemetis Biogas LLC 6,304 - Total subsidiary obligation in excess of investment 104,875 75,754 Stockholders' deficit Series B Preferred convertible stock 1 1 Common stock 20 20 Additional paid-in capital 85,917 84,679 Accumulated deficit (193,204 ) (160,188 ) Accumulated other comprehensive loss (3,576 ) (2,904 ) Total stockholders' deficit (110,842 ) (78,392 ) Total liabilities & stockholders' deficit $ 6,544 $ 8,912
Parent Statements of Operations and Comprehensive Loss	Aemetis, Inc. (Parent Company) Statements of Operations and Comprehensive Loss For the Years Ended December 31, 2018 and 2017 2018 2017 Equity in subsidiary losses $ (29,009 ) $ (22,341 ) Selling, general and administrative expenses 8,742 7,317 Operating loss (37,751 ) (29,658 ) Other expense Interest expense 1,281 503 Other (income) expense (6,023 ) 134 Loss before income taxes (33,009 ) (30,295 ) Income tax expense 7 6 Net loss (33,016 ) (30,301 ) Other comprehensive loss Foreign currency translation adjustment (672 ) 484 Comprehensive loss $ (33,688 ) $ (29,817 )
Parent Statements of Cash Flows	2018 2017 Operating activities: Net loss (33,016 ) (30,301 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 981 1,101 Stock issued for services 22 118 SARs Amortization 477 - Depreciation 8 6 Subsidiary portion of net losses 29,009 22,341 Change in fair value of SARs liability (145 ) Changes in assets and liabilities: Prepaid expenses (113 ) 19 Accounts payable 1,459 529 Accrued interest expense 209 503 Other liabilities 275 64 Net cash used in operating activities (834 ) (5,620 ) Investing activities: Subsidiary advances, net 2,119 5,149 Net cash provided by investing activities 2,119 5,149 Financing activities: Proceeds from borrowings under secured debt facilities 1,500 500 Repayments of borrowings under secured debt facilities (2,814 ) - Net cash (used)/provided by financing activities (1,314 ) 500 Net increase (decrease) in cash and cash equivalents (29 ) 29 Cash and cash equivalents at beginning of period 29 - Cash and cash equivalents at end of period $ - $ 29 Supplemental disclosures of cash flow information, cash paid: Interest payments - - Income tax expense 7 6 Supplemental disclosures of cash flow information, non-cash transactions: Fair value of warrants issued to subordinated debt holders 235 321 Repurchase of common stock added to TEC promissory note - 451 Payment of TEC bridge loan added to GAFI Revolving loan - 3,669 Stock Appreciation Rights issued for GAFI Amendment No. 1 1,277 - Settlement of subordinated debt through issuing stock - 132

1. Nature of Activities and S_4

1. Nature of Activities and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Sales	$ 171,526	$ 150,157
North America
Sales	150,045	136,739
North America | Ethanol sales
Sales	113,855	106,419
North America | Wet distiller's grains sales
Sales	32,362	26,422
North America | Other sales
Sales	3,828	3,898
India
Sales	21,481	13,418
India | Other sales
Sales	5	0
India | Biodiesel sales
Sales	17,009	10,365
India | Refined Glycerin sales
Sales	$ 4,467	$ 3,053

1. Nature of Activities and S_5

1. Nature of Activities and Summary of Significant Accounting Policies (Details 1) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Total number of potentially dilutive shares excluded from the basic and diluted net loss per share calculation	7,316	3,852
Series B preferred (post split basis)
Total number of potentially dilutive shares excluded from the basic and diluted net loss per share calculation	132	132
Common stock options and warrants
Total number of potentially dilutive shares excluded from the basic and diluted net loss per share calculation	2,984	2,519
Debt with conversion feature at $30 per share of common stock
Total number of potentially dilutive shares excluded from the basic and diluted net loss per share calculation	1,236	1,201
SARs conversion of stock issued at $0.71 per share to cover $2.1 million
Total number of potentially dilutive shares excluded from the basic and diluted net loss per share calculation	2,964	0

2. Inventories (Details)

2. Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 3,647	$ 2,829
Work-in-progress	1,327	1,605
Finished goods	1,155	1,303
Total inventories	$ 6,129	$ 5,737

2. Inventories (Details Narrati

2. Inventories (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Lower cost of market reserve	$ 200	$ 200

3. Property, Plant and Equipm_3

3. Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Land	$ 4,116	$ 2,747
Plant and buildings	82,445	82,652
Furniture and fixtures	1,056	1,003
Machinery and equipment	3,928	3,972
Construction in progress	3,581	941
GAFI property, plant & equipment	15,408	15,408
Total gross property, plant & equipment	110,534	106,723
Less accumulated depreciation	(32,042)	(27,886)
Total net property, plant & equipment	$ 78,492	$ 78,837

3. Property, Plant and Equipm_4

3. Property, Plant and Equipment (Details 1)	12 Months Ended
	Dec. 31, 2018
Plant and buildings | Minimum
Useful life	20 years
Plant and buildings | Maximum
Useful life	30 years
Machinery & Equipment | Minimum
Useful life	5 years
Machinery & Equipment | Maximum
Useful life	7 years
Furniture & Fixtures | Minimum
Useful life	3 years
Furniture & Fixtures | Maximum
Useful life	5 years

3. Property, Plant and Equipm_5

3. Property, Plant and Equipment (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Interest capitalized	$ 135	$ 0
Depreciation expense	$ 4,580	$ 4,622

4. Debt (Details)

4. Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Third Eye Capital term note	$ 7,024	$ 6,931
Third Eye Capital revolving credit facility	47,225	35,371
Third Eye Capital revenue participation term note	11,794	11,636
Third Eye Capital acquisition term note	23,841	20,048
Cilion shareholder seller note payable	5,974	5,824
Subordinated notes	10,080	8,725
EB-5 long term promissory notes	38,536	36,039
Unsecured working capital loans	4,822	4,861
GAFI term and revolving loans	25,821	24,351
Total debt	175,117	153,786
Less current portion of debt	17,298	15,625
Total long term debt	$ 157,819	$ 138,161

4. Debt (Details 1)

4. Debt (Details 1) $ in Thousands	Dec. 31, 2018USD ($)
For the twelve months ending
2019	$ 17,298
2020	132,081
2021	25,500
2022	1,473
2023	1,500
Total debt	177,852
Discounts	(2,735)
Total debt, net of discounts	$ (175,117)

4. Debt (Details Narrative)

4. Debt (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Cilion shareholder Seller note payable
Principal and interest outstanding	$ 6,000	$ 5,800
Third Eye Capital Term Notes
Principal and interest outstanding	7,000	6,900
Third Eye Capital Revolving Credit Facility
Principal and interest outstanding	47,200	35,400
Third Eye Capital Revenue Participation Term Notes
Principal and interest outstanding	11,800	11,600
Third Eye Capital Acquisition Term Notes
Principal and interest outstanding	23,800	20,000
Subordinated Notes
Principal and interest outstanding	10,100	8,700
EB-5 promissory notes
Principal outstanding	35,000	34,500
Interest outstanding	2,000	1,500
Secunderabad Oils
Principal and interest outstanding	$ 300	$ 1,300

5. Commitments and Contingenc_3

5. Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 712
2020	430
2021	210
2022	35
Total	$ 1,387

5. Commitments and Contingenc_4

5. Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 600	$ 600

6. Variable Interest Entity (De

6. Variable Interest Entity (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 428	$ 1,188	$ 428	$ 1,486
Prepaid expenses	2,435	942	2,435
Other assets	643	956	643
Total current assets	11,462	10,311	11,462
Property, plant and equipment, net	78,837	78,492	78,837
Total assets	94,331	91,821	94,331
Liabilities and stockholder's deficit
Accumulated deficit	(160,188)	(193,204)	(160,188)
Total liabilities and stockholder's deficit	94,331	91,821	94,331
Selling, general and administrative expenses		16,085	13,191
Operating loss		(10,926)	(12,183)
Interest expense
Interest rate expense		25,690	19,304
Other income		(1,245)	277
Net loss		(36,287)	(31,770)
GAFI
Current assets:
Cash and cash equivalents	184	17	184
Prepaid expenses	1,581	215	1,581
Other assets	0	103	0
Total current assets	1,765	335	1,765
Property, plant and equipment, net	15,408	15,408	15,408
Promissory note receivable from Aemetis	5,709	6,182	5,709
Total assets	22,882	21,925	22,882
Liabilities and stockholder's deficit
Other accrued liabilities	0	44	0
Secured and Revolving notes	24,351	26,621	24,351
Total liabilities	24,351	26,665	24,351
Accumulated deficit	(1,469)	(4,740)	(1,469)
Total liabilities and stockholder's deficit	22,882	21,925	$ 22,882
Selling, general and administrative expenses	260	455
Operating loss	(260)	(455)
Interest expense
Interest rate expense	1,249	2,865
Debt related fees and amortization expense	250	690
Other income	(290)	(739)
Net loss	$ (1,469)	$ (3,271)

8. Stockholders Equity' (Detail

8. Stockholders Equity' (Details) - shares	Dec. 31, 2018	Dec. 31, 2017
Authorized shares	65,000	65,000
Issued shares	1,323	1,323
Outstanding shares	1,323	1,323
Undesignated
Authorized shares	57,765	57,765
Issued shares	0	0
Outstanding shares	0	0
Series B Preferred Stock
Authorized shares	7,235	7,235
Issued shares	1,323	1,323
Outstanding shares	1,323	1,323

9. Outstanding Warrants (Detail

9. Outstanding Warrants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Stockholders' deficit:
Dividend yield	0.00%	0.00%
Risk-free interest rate	2.25%	1.32%
Expected volatility	92.20%	68.50%
Expected life (years)	2 years	2 years
Market value per share on grant date	$ 1.05	$ 1.43
Exercise price per share	.01	0.01
Fair value per share on grant date	$ 1.04	$ 1.42

9. Outstanding Warrants (Deta_2

9. Outstanding Warrants (Details 1) - Warrants - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Number of outstanding, beginning	330	344
Number of warrants granted	227	227
Number of warrants exercised	(227)	(241)
Number of warrants expired	(235)	0
Number of outstanding, ending	95	330
Weighted average exercise price outstanding, beginning	$ 3.47	$ 3.33
Weighted average exercise price granted	.01	0.01
Weighted average exercise price exercised	.01	0.01
Weighted average exercise price expired	3.82	0.01
Weighted average exercise price outstanding, ending	$ 2.59	$ 3.47
Weighted average remaining contractual life (in years) outstanding, beginning	3 years 7 days	3 years 10 months 17 days
Weighted average remaining contractual life (in years) outstanding, ending	6 years 11 months 12 days	3 years 7 days

10. Stock-Based Compensation (D

10. Stock-Based Compensation (Details) - Options	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Shares available for grant, beginning	196
Shares available for grant authorized	655
Shares available for grant granted	(1,148)
Shares available for grant exercised	0
Shares available for grant forfeited/expired	446
Shares available for grant, ending	149
Number of outstanding, beginning	2,189
Number of shares granted	1,148
Number of shares forfeited/expired	(2)
Number of shares exercised	(446)
Number of outstanding, ending	2,889
Weighted average exercise price outstanding, beginning | $ / shares	$ 2.70
Weighted average exercise price granted | $ / shares	1.07
Weighted average exercise price forfeited/expired | $ / shares	.67
Weighted average exercise price exercised | $ / shares	4.35
Weighted average exercise price outstanding, ending | $ / shares	$ 1.80

10. Stock-Based Compensation _2

10. Stock-Based Compensation (Details 1) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Options
Number of outstanding, ending		2,889	2,189
Weighted average exercise price outstanding, ending		$ 1.80	$ 2.70
Remaining contractual term (in years)		7 years 9 months 18 days	6 years 8 months 5 days
Average intrinsic value	[1]	$ 0	$ 0
Vested Options
Number of outstanding, ending		1,923	1,515
Weighted average exercise price outstanding, ending		$ 2.01	$ 2.94
Remaining contractual term (in years)		7 years 4 months 2 days	5 years 9 months 29 days
Average intrinsic value	[1]	$ 0	$ 0
Unvested Options
Number of outstanding, ending		966	674
Weighted average exercise price outstanding, ending		$ 1.38	$ 2.16
Remaining contractual term (in years)		8 years 9 months 22 days	8 years 7 months 13 days
Average intrinsic value	[1]	$ 0	$ 0
[1]	Intrinsic value based on the $0.61 and $0.55 closing price of Aemetis stock on December 31, 2018 and 2017 respectively, as reported on the NASDAQ Exchange.

10. Stock-Based Compensation _3

10. Stock-Based Compensation (Details 2) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Dividend-yield	0.00%	0.00%
Risk-free interest rate	2.25%	1.32%
Expected volatility	92.20%	68.50%
Expected life (years)	2 years	2 years
Market value per share on grant date	$ 1.05	$ 1.43
Equity Option [Member]
Dividend-yield	0.00%	0.00%
Risk-free interest rate	2.71%	2.22%
Expected volatility	82.99%	76.96%
Expected life (years)	6 years 5 months 23 days	6 years 5 months 1 day
Market value per share on grant date	$ 1.07	$ 1.41
Weighted average fair value per share of common stock	$ .79	$ 0.99

10. Stock-Based Compensation _4

10. Stock-Based Compensation (Details 3) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Risk-free interest rate	2.25%	1.32%
Expected volatility	92.20%	68.50%
Market value per share on grant date	$ 1.05	$ 1.43
Fair value per share on grant date	$ 1.04	$ 1.42
SARs
Risk-free interest rate	2.60%
Expected volatility	125.00%
Market value per share on grant date	$ .61
Fair value per share on grant date	$ 1.08

10. Stock-Based Compensation _5

10. Stock-Based Compensation (Details 4) - USD ($) $ in Thousands	Dec. 31, 2018	Aug. 22, 2018
SARs liability	$ 1,132	$ 1,277
Level 1
SARs liability	0
Level 2
SARs liability	0
Level 3
SARs liability	$ 1,132

10. Stock-Based Compensation _6

10. Stock-Based Compensation (Details 5) $ in Thousands	4 Months Ended
	Dec. 31, 2018USD ($)
Share-based Compensation [Abstract]
Beginning balance	$ 1,277
Related change in fair value	(145)
Ending balance	$ 1,132

11. Agreements (Details)

11. Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Agreements
Ethanol sales	$ 113,855	$ 106,419
Wet distiller's grains sales	32,362	26,422
Corn oil sales	3,393	3,707
Corn purchases	112,687	101,768
Accounts receivable	433	1,171
Accounts payable	$ 1,882	$ 2,449

12. Segment Information (Detail

12. Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenues	$ 171,526	$ 150,157
Cost of goods sold	166,121	146,782
Gross profit	5,405	3,375
Expenses
Research and development expenses	246	2,367
Selling, general and administrative expenses	16,085	13,191
Interest expense	25,690	19,304
Accretion of Series A preferred units	44	0
Loss on impairment of intangibles	865	0
Other expense (income)	(1,245)	277
Loss before income taxes	(36,280)	(31,764)
Capital expenditures	4,074	1,116
Depreciation	4,580	4,622
Total Assets	91,821	94,331
North America
Revenues	150,045	136,739
Cost of goods sold	145,947	133,606
Gross profit	4,098	3,133
Expenses
Research and development expenses	246	2,367
Selling, general and administrative expenses	15,204	12,134
Interest expense	25,076	18,991
Accretion of Series A preferred units	44	0
Loss on impairment of intangibles	865	0
Other expense (income)	(1,208)	328
Loss before income taxes	(36,129)	(30,687)
Capital expenditures	2,746	802
Depreciation	3,968	4,001
Total Assets	78,149	80,479
India
Revenues	21,481	13,418
Cost of goods sold	20,174	13,176
Gross profit	1,307	242
Expenses
Research and development expenses	0	0
Selling, general and administrative expenses	881	1,057
Interest expense	614	313
Accretion of Series A preferred units	0	0
Loss on impairment of intangibles	0	0
Other expense (income)	(37)	(51)
Loss before income taxes	(151)	(1,077)
Capital expenditures	1,328	314
Depreciation	612	621
Total Assets	$ 13,672	$ 13,852

13. Related Party Transactions

13. Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Eric McAfee and McAfee Capital
Related party debt	$ 400	$ 400
Related party transaction	39	49
Board Members
Related party debt	1,100	1,700
Related party transaction	$ 400	$ 400

14. Income Tax (Details)

14. Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
United States	$ (36,131)	$ (30,687)
Foreign	(149)	(1,077)
Pretax income	$ (36,280)	$ (31,764)

14. Income Tax (Details 1)

14. Income Tax (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax expense (benefit) at the federal statutory rate	$ (7,619)	$ (10,799)
Tax Rate Re-measurement - 2017 Tax Cut	0	19,600
State tax expense (benefit)	(632)	(1,689)
Foreign tax rate differential	450	1,154
Stock-based compensation	150	299
Interest Expense	0	33
GILTI Inclusion	97	0
Other	(47)	(24)
Credits	0	(24)
Valuation Allowance	7,608	(8,544)
Income Tax Expense	$ 7	$ 6
Effective Tax Rate	(0.02%)	(0.02%)

14. Income Tax (Details 2)

14. Income Tax (Details 2) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Tax Assets & (Liabilities):
Org, start-up and intangible assets	$ 4,723	$ 5,045
Stock based comp	301	223
Prop., plant, and equip.	(13,631)	(14,551)
NOLs and R&D credits	56,270	53,874
Interest expense carryover	4,722	0
Ethanol Credits	1,500	1,500
Debt extinguishment	0	91
Other, net	450	545
Subtotal	54,335	46,727
Valuation allowance	(54,335)	(46,727)
Deferred tax assets (liabilities)	$ 0	$ 0

14. Income Tax (Details Narrati

14. Income Tax (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Undistributed earnings of the Company's foreign subsidiaries	$ 12,100	$ 12,000
Federal
Operating loss carryforwards	188,000
State
Operating loss carryforwards	$ 195,000

15. Parent Company Financial _3

15. Parent Company Financial Statements (Unaudited) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets
Prepaid expenses	$ 942	$ 2,435
Total current assets	10,311	11,462
Property, plant and equipment, net	78,492	78,837
Other assets	3,018	4,032
Total Assets	91,821	94,331
Liabilities & stockholders' deficit
Accounts payable	13,500	10,457
GAFI- payables, net of SARs discount issuance costs	25,461	24,351
Other current liabilities	5,396	3,311
Total current liabilities	42,579	36,016
Subsidiary obligation in excess of investment
Total long term liabilities	157,819	138,161
Stockholders' deficit
Series B Preferred convertible stock	1	1
Common stock	20	20
Additional paid-in capital	85,917	84,679
Accumulated deficit	(193,204)	(160,188)
Accumulated other comprehensive loss	(3,576)	(2,904)
Total stockholders' deficit	(110,842)	(78,392)
Total liabilities & stockholders' deficit	91,821	94,331
Parent Company Financial Statements
Current assets
Cash and cash equivalents	0	29
Receivables due from subsidiaries	5,057	6,946
Prepaid expenses	364	251
Total current assets	5,421	7,226
Investment in Aemetis Property Keyes, Inc.	1,057	1,617
Total investments in Subsidiaries, net of advances	1,057	1,617
Property, plant and equipment, net	12	15
Other assets	54	54
Total Assets	6,544	8,912
Liabilities & stockholders' deficit
Accounts payable	5,026	3,568
Mandatorily redeemable Series B convertibe preferred	3,048	2,946
GAFI- payables, net of SARs discount issuance costs	1,090	3,357
SARs liability	1,132	0
Other current liabilities	2,215	1,679
Total current liabilities	12,511	11,550
Subsidiary obligation in excess of investment
Investment in AE Advanced Fuels, Inc.	89,854	69,273
Investment in Aemetis Americas, Inc	205	205
Investment in Aemetis Biofuels, Inc.	2,738	2,738
Investment in Aemetis Technologies, Inc.	4,030	2,947
Investment in Aemetis Property Keyes, Inc.	432	100
Investment in Biofuels Marketing, Inc.	349	349
Investment in Aemetis International, Inc.	963	142
Investment in Aemetis Biogas LLC	6,304	0
Total subsidiary obligation in excess of investment	104,875	75,754
Total long term liabilities	104,875	75,754
Stockholders' deficit
Series B Preferred convertible stock	1	1
Common stock	20	20
Additional paid-in capital	85,917	84,679
Accumulated deficit	(193,204)	(160,188)
Accumulated other comprehensive loss	(3,576)	(2,904)
Total stockholders' deficit	(110,842)	(78,392)
Total liabilities & stockholders' deficit	$ 6,544	$ 8,912

15. Parent Company Financial _4

15. Parent Company Financial Statements (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Selling, general and administrative expenses	$ 16,085	$ 13,191
Operating loss	(10,926)	(12,183)
Other expense
Interest expense	25,690	19,304
Other (income) expense	1,245	(277)
Loss before income taxes	(36,280)	(31,764)
Income tax expense	(7)	(6)
Net loss	(36,287)	(31,770)
Other comprehensive loss
Foreign currency translation adjustment	(672)	484
Comprehensive loss	(36,959)	(31,286)
Parent Company Financial Statements
Equity in subsidiary losses	(29,009)	(22,341)
Selling, general and administrative expenses	8,742	7,317
Operating loss	(37,751)	(29,658)
Other expense
Interest expense	1,281	503
Other (income) expense	(6,023)	134
Loss before income taxes	(33,009)	(30,295)
Income tax expense	7	6
Net loss	(330,116)	(30,301)
Other comprehensive loss
Foreign currency translation adjustment	(672)	484
Comprehensive loss	$ (33,688)	$ (29,817)

15. Parent Company Financial _5

15. Parent Company Financial Statements (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Operating activities:
Net loss	$ (36,287)	$ (31,770)
Adjustments to reconcile net loss to net cash provided by (used in) operating activitites:
Stock-based compensation	981	1,101
Stock issued for services	22	118
Depreciation	4,580	4,622
Changes in operating assets and liabilities:
Prepaid expenses	1,692	371
Accounts payable	2,207	2,580
Accrued interest expense	12,463	10,812
Other liabilities	425	1,497
Net cash used in operating activities	(5,506)	(8,688)
Investing activities:
Net cash used in investing activities	(4,074)	(1,116)
Financing activities:
Net cash (used)/provided by financing activities	10,391	8,375
Net increase (decrease) in cash and cash equivalents	760	(1,058)
Cash and cash equivalents at beginning of period	428	1,486
Cash and cash equivalents at end of period	1,188	428
Supplemental disclosures of cash flow information, cash paid:
Interest payments	5,590	3,092
Income tax expense	6	6
Supplemental disclosures of cash flow information, non-cash transactions:
Fair value of warrants issued to subordinated debt holders	235	321
Repurchase of common stock added to TEC promissory note	0	451
Payment of TEC bridge loan added to GAFI Revolving loan	0	3,669
Stock Appreciation Rights issued for GAFI Amendment No. 1	1,277	0
Settlement of subordinated debt through issuing stock	0	132
Parent Company Financial Statements
Operating activities:
Net loss	(330,116)	(30,301)
Adjustments to reconcile net loss to net cash provided by (used in) operating activitites:
Stock-based compensation	981	1,101
Stock issued for services	22	118
SARs Amortization	477	0
Depreciation	8	6
Subsidiary portion of net losses	29,009	22,341
Change in fair value of SARs liability	(145)	0
Changes in operating assets and liabilities:
Prepaid expenses	(113)	19
Accounts payable	1,459	529
Accrued interest expense	209	503
Other liabilities	275	64
Net cash used in operating activities	(834)	(5,620)
Investing activities:
Subsidiary advances, net	2,119	5,149
Net cash used in investing activities	2,119	5,149
Financing activities:
Proceeds from borrowings under secured debt facilities	1,500	500
Repayments of borrowings under secured debt facilities	(2,814)	0
Net cash (used)/provided by financing activities	(1,314)	500
Net increase (decrease) in cash and cash equivalents	(29)	29
Cash and cash equivalents at beginning of period	29	0
Cash and cash equivalents at end of period	0	29
Supplemental disclosures of cash flow information, cash paid:
Interest payments	0	0
Income tax expense	6	6
Supplemental disclosures of cash flow information, non-cash transactions:
Fair value of warrants issued to subordinated debt holders	235	321
Repurchase of common stock added to TEC promissory note	0	451
Payment of TEC bridge loan added to GAFI Revolving loan	0	3,669
Stock Appreciation Rights issued for GAFI Amendment No. 1	1,277	0
Settlement of subordinated debt through issuing stock	$ 0	$ 132