Aemetis (AMTX) 10-Q 14 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Document And Entity Information
Entity Registrant Name	AEMETIS, INC.
Entity Central Index Key	0000738214
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
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 Interactive Data Current	Yes
Entity Incorporation, State or Country Code	NV
Entity File Number	001-36475
Entity Common Stock, Shares Outstanding		20,683,562
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 303	$ 656
Accounts receivable	1,584	2,036
Inventories	5,246	6,518
Prepaid expenses	910	794
Other current assets	1,810	2,572
Total current assets	9,853	12,576
Property, plant and equipment, net	90,628	84,226
Operating lease right-of-use assets	397	557
Other assets	2,937	2,537
Total assets	103,815	99,896
Current liabilities:
Accounts payable	16,904	15,968
Current portion of long term debt	6,036	5,792
Short term borrowings	17,327	16,948
Mandatorily redeemable Series B convertible preferred stock	3,175	3,149
Accrued property taxes	4,378	4,095
Accrued contingent litigation fees	6,200	6,200
Other current liabilities	6,935	5,667
Total current liabilities	60,955	57,819
Long term liabilities:
Senior secured notes	112,177	107,205
EB-5 notes	36,500	36,500
GAFI secured and revolving notes	30,847	29,856
Long term subordinated debt	6,161	6,124
Series A preferred units	16,322	14,077
Other long term liabilities	7,542	2,687
Total long term liabilities	209,549	196,449
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; 20,683 and 20,570 shares issued and outstanding each period, respectively	21	21
Additional paid-in capital	87,255	86,852
Accumulated deficit	(249,473)	(237,421)
Accumulated other comprehensive loss	(4,493)	(3,825)
Total stockholders' deficit	(166,689)	(154,372)
Total liabilities and stockholders' deficit	$ 103,815	$ 99,896

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Series B preferred stock, par value	$ .001	$ .001
Series B preferred stock, authorized (in thousands)	7,235	7,235
Series B preferred stock, shares issued (in thousands)	1,323	1,323
Series B preferred stock, shares outstanding (in thousands)	1,323	1,323
Aggregate liquidation preference	$ 3,969	$ 3,969
Common stock, par value	$ .001	$ 0.001
Common stock, shares authorized (in thousands)	40,000	40,000
Common stock, shares issued (in thousands)	20,570	20,570
Common stock, shares outstanding (in thousands)	20,570	20,570

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenues	$ 39,480	$ 41,888
Cost of goods sold	39,913	42,239
Gross loss	(433)	(351)
Research and development expenses	117	33
Selling, general and administrative expenses	3,936	4,241
Operating loss	(4,486)	(4,625)
Interest expense
Interest rate expense	5,586	4,986
Debt related fees and amortization expense	1,290	1,223
Accretion of Series A preferred units	960	449
Other (income) expense	(63)	(623)
Loss before income taxes	(12,259)	(10,660)
Income tax expense (benefit)	(207)	7
Net loss	(12,052)	(10,667)
Less: net loss attributable to non-controlling interest	0	(938)
Net loss attributable to Aemetis, Inc.	(12,052)	(9,729)
Other comprehensive loss
Foreign currency translation gain (loss)	(668)	58
Comprehensive loss	$ (12,720)	$ (10,609)
Net loss per common share attributable to Aemetis, Inc.
Basic	$ (0.58)	$ (0.48)
Diluted	$ (0.58)	$ (0.48)
Weighted average shares outstanding
Basic (in thousands)	20,651	20,367
Diluted (in thousands)	20,651	20,367

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities:
Net loss	$ (12,052)	$ (10,667)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Share-based compensation	310	290
Depreciation	1,090	1,138
Debt related fees and amortization expense	1,290	1,223
Intangibles and other amortization expense	12	12
Accretion of Series A preferred units	960	449
Deferred tax benefit	(215)	0
Change in fair value of stock appreciation rights	0	35
Changes in operating assets and liabilities:
Accounts receivable	384	(973)
Inventories	1,075	(173)
Prepaid expenses	(117)	373
Other assets	428	(220)
Accounts payable	1,074	2,755
Accrued interest expense and fees	5,440	4,201
Other liabilities	931	(550)
Net cash provided by (used in) operating activities	610	(2,107)
Investing activities:
Capital expenditures	(2,372)	(598)
Net cash used in investing activities	(2,372)	(598)
Financing activities:
Proceeds from borrowings	3,780	7,349
Repayments of borrowings	(3,645)	(5,759)
GAFI proceeds from borrowings	0	24
GAFI repayments of borrowings	0	(55)
Proceeds from Series A preferred units financing	1,285	0
Net cash provided by financing activities	1,420	1,559
Effect of exchange rate changes on cash and cash equivalents	(11)	1
Net cash and cash equivalents for period	(353)	(1,145)
Cash and cash equivalents at beginning of period	656	1,188
Cash and cash equivalents at end of period	303	43
Supplemental disclosures of cash flow information, cash paid:
Cash paid for interest, net of capitalized interest of $88 and $64 for the three months ended March 31, 2020 and 2019, respectively	54	721
Income taxes paid	8	0
Supplemental disclosures of cash flow information, non-cash transactions:
Subordinated debt extension fees added to debt	340	340
Fair value of warrants issued to subordinated debt holders	93	67
TEC debt extension, waiver fees, promissory notes fees added to debt	29	1,102
Capital expenditures in accounts payable	2,289	839
Operating lease liabilities arising from obtaining right-of-use assets	0	1,181
Capital expenditures purchased on financing	$ 5,652	$ 0

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Cash Flows [Abstract]
Capitalized interest	$ 88	$ 64

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 Income/(Loss)	Noncontrolling Interest	Total
Beginning balance, shares (in thousands) at Dec. 31, 2018	1,323	20,345
Beginning balance, amount at Dec. 31, 2018	$ 1	$ 20	$ 85,917	$ (193,204)	$ (3,576)	$ (4,740)	$ 115,582
Stock-based compensation			290				290
Issuance and exercise of warrants, shares (in thousands)		30
Issuance and exercise of warrants, amount			67				67
Foreign currency translation (loss) gain					58		58
Net loss				(9,729)		(938)	(10,667)
Ending balance, shares (in thousands) at Mar. 31, 2019	1,323	20,375
Ending balance, amount at Mar. 31, 2019	$ 1	$ 20	86,274	(202,933)	(3,518)	(5,678)	(125,834)
Beginning balance, shares (in thousands) at Dec. 31, 2019	1,323	20,570
Beginning balance, amount at Dec. 31, 2019	$ 1	$ 21	86,852	(237,421)	(3,825)	0	(154,372)
Stock-based compensation			310				310
Issuance and exercise of warrants, shares (in thousands)		113
Issuance and exercise of warrants, amount			93				93
Foreign currency translation (loss) gain					(668)		(668)
Net loss				(12,052)			(12,052)
Ending balance, shares (in thousands) at Mar. 31, 2020	1,323	20,683
Ending balance, amount at Mar. 31, 2020	$ 1	$ 21	$ 87,255	$ (249,473)	$ (4,493)	$ 0	$ (166,689)

1. Nature of Activities and Sum

1. Nature of Activities and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
1. Nature of Activities and Summary of Significant Accounting Policies	Nature of Activities We also lease a site in Riverbank, California, near the Keyes Plant, where we plan to utilize biomass-to-fuel technology that we have licensed from LanzaTech Technology (“LanzaTech”) and InEnTec Technology (“InEnTec”) to build a cellulosic ethanol production facility in Riverbank, California (the “Riverbank Cellulosic Ethanol Facility”) capable of converting local California surplus biomass – principally agricultural waste – into ultra-low carbon renewable cellulosic ethanol (the “Riverbank Project”). By producing ultra-low carbon renewable cellulosic ethanol, we expect to capture higher value D3 cellulosic renewable identification numbers (“RINs”) and California’s Low Carbon Fuel Standard (“LCFS”) credits. In December 2018, we acquired a 5.2-acre parcel of land for the construction of a facility by Messer to sell carbon dioxide (“CO2”) produced at the Keyes Plant (the “CO2 Project”). The Aemetis section of the CO2 Project construction was completed in January 2020 and Messer completed construction on their section in April 2020. We commenced operations and expect revenue from this project in the second quarter of 2020. In 2018, we formed Aemetis Biogas, LLC (“ABGL”) to construct biogas digesters at local dairies near the Keyes Plant (the “Biogas Project”), many of whom are already customers of the distillers’ grain produced at the Keyes Plant. Construction has been underway on the first two digesters, which will connect by pipeline to a gas cleanup and compression facility to produce Renewable Natural Gas (“RNG”). ABGL currently has signed participation agreements with over a dozen local dairies and three fully executed leases with dairies near the Keyes Plant in order to capture methane from such dairies, which would otherwise be released into the atmosphere, primarily from manure wastewater lagoons. We plan to capture biogas from multiple dairies and pipe the gas to a centralized location at our Keyes Plant where we will remove the impurities of the methane and clean it into bio-methane for injection into the local utility pipeline or to a renewable compressed natural gas (“RCNG”) truck loading station that will service local trucking fleets to displace diesel fuel. The biogas can also be used in our Keyes Plant to displace petroleum-based natural gas. We believe the environmental benefits of the Biogas Project are potentially significant because dairy biogas has a negative carbon intensity (“CI”) under the California LCFS. The biogas produced by ABGL is expected to also receive D3 RINs under the federal Renewable Fuel Standard (“RFS”). Basis of Presentation and Consolidation The accompanying consolidated condensed balance sheet as of March 31, 2020, the consolidated condensed statements of operations and comprehensive loss for the three months ended March 31, 2020 and 2019, the consolidated condensed statements of cash flows for the three months ended March 31, 2020 and 2019, and the consolidated condensed statements of stockholders’ deficit for the three months ended March 31, 2020 and 2019 are unaudited. The consolidated condensed balance sheet as of December 31, 2019 was derived from the 2019 audited consolidated financial statements and notes thereto. The consolidated condensed financial statements in this report should be read in conjunction with the 2019 audited consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2019. The accompanying consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of Company’s management, the unaudited interim consolidated condensed financial statements for the three months ended March 31, 2020 and 2019 have been prepared on the same basis as the audited consolidated statements as of December 31, 2019 and reflect all adjustments, consisting primarily of normal recurring adjustments, necessary for the fair presentation of its statement of financial position, results of operations and cash flows. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results for any subsequent quarter, for the full fiscal year or any future periods. Use of Estimates Revenue Recognition North America: During the first quarter of 2020, certain Tobacco and Alcohol Tax and Trade Bureau (“TTB”) prohibitions were lifted, allowing for the sale of high proof alcohol by ethanol producers. Accordingly, during the last week of March 2020, Aemetis obtained the necessary permits and began selling high proof alcohol for industrial and commercial applications directly to customers in the West Coast on prepayment terms. The agreements and terms were evaluated according to ASC 606 guidance and revenue was recognized upon satisfaction of the performance obligation by delivery of the product based on the terms of the agreement. Sales of high proof alcohol represented less than 3% of quarterly revenue, and as such aggregated with ethanol sales. The below table shows our sales in North America by product category: North America (in thousands) For the three months ended March 31, 2020 2019 Ethanol sales $ 25,322 $ 27,189 Wet distillers' grains sales 8,374 8,603 Other sales 2,176 844 $ 35,872 $ 36,636 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. 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 certain contractual agreements. In North America, we assessed principal versus agent criteria as we buy corn as feedstock in producing ethanol from our working capital partner J.D. Heiskell and 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. The pricing for both corn and ethanol is set independently. Revenues from sales of ethanol and its co-products are billed net of the related transportation and marketing charges. Transportation charges are accounted for in cost of goods sold and marketing charges are 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 to adopt 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 and administrative expenses, respectively, when revenue is recognized. Revenues are recorded at the gross invoiced amount. Hence, we are the principal in North America sales scenarios where our customer and vendor may be the same. We have a contract liability of $0.3 million as of March 31, 2020, in connection with a contract with a customer to sell LCFS credits. However, the control of the LCFS credits was not transferred to the customer until April 2, 2020 while we received cash in advance. We have a contract liability of $1.9 million as of March 31, 2020, in connection with shipments to several customers for which we received cash in advance while shipments were fulfilled in April 2020. India: The below table shows our sales in India by product category: India (in thousands) For the three months ended March 31, 2020 2019 Biodiesel sales $ 2,793 $ 4,347 Refined Glycerin sales 90 899 PFAD sales 712 - Other sales 13 6 $ 3,608 $ 5,252 In India, we also assessed principal versus agent criteria as we buy our feedstock from our customers and process and sell finished goods to those same customers in certain contractual agreements. 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 according to agreements we enter into in these situations. Hence, we are the principal in India sales scenarios where our customer and vendor may be the same. Cost of Goods Sold 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 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 receivables 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 condition of the Company’s customers were to deteriorate, additional allowances may be required. We did not reserve any balance for allowances for doubtful accounts as of March 31, 2020 and December 31, 2019. 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, California Energy Commission Technology Demonstration Grant California Department of Food and Agriculture Dairy Digester Research and Development Grant California Energy Commission Low Carbon Advanced Ethanol Grant Program Basic and Diluted Net Loss per Share. The following table shows the number of potentially dilutive shares excluded from the diluted net loss per share calculation as of March 31, 2020 and 2019: As of March 31, 2020 March 31, 2019 Series B preferred (post split basis) 132 132 Common stock options and warrants 5,688 3,640 Debt with conversion feature at $30 per share of common stock 1,269 1,242 SARs conversion if stock issued at $0.91 per share to cover $2.1 million - 2,298 Total number of potentially dilutive shares excluded from the diluted net loss per share calculation 7,089 7,312 Comprehensive Loss. Comprehensive Income Foreign Currency Translation/Transactions. Operating Segments. The “North America” operating segment includes the Keyes Plant, the Riverbank Cellulosic Ethanol Facility, the Biogas Project, the Goodland Plant and the research and development facility in Minnesota. The “India” operating segment includes 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 Debt Modification Accounting Debt–Modification and Extinguishments Convertible Instruments Recently Issued Accounting Pronouncements For a complete summary of the Company’s significant accounting policies, please refer to the Company’s audited financial statements and notes thereto for the years ended December 31, 2019 and 2018 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2020. There were no new accounting pronouncements issued applicable to the Company during the three months ended March 31, 2020.

2. Inventories

2. Inventories	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
2. Inventories	Inventories consist of the following: As of March 31, 2020 December 31, 2019 Raw materials $ 2,394 $ 2,566 Work-in-progress 1,367 1,455 Finished goods 1,485 2,497 Total inventories $ 5,246 $ 6,518 As of March 31, 2020 and December 31, 2019, the Company recognized a lower of cost or market impairment of $0.2 million and $0.1 million respectively, related to inventory.

3. Property, Plant and Equipmen

3. Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
3. Property, Plant and Equipment	Property, plant and equipment consist of the following: As of March 31, 2020 December 31, 2019 Land $ 4,077 $ 4,104 Plant and buildings 83,799 83,139 Furniture and fixtures 1,095 1,094 Machinery and equipment 4,169 4,252 Construction in progress 19,206 12,571 Property held for development 15,408 15,408 Total gross property, plant & equipment 127,754 120,568 Less accumulated depreciation (37,126 ) (36,342 ) Total net property, plant & equipment $ 90,628 $ 84,226 Construction in progress contains incurred costs for the Biogas Project, CO2 Project, Riverbank Project, and Zebrex equipment installed at the Keyes Plant. In the second quarter of 2020, CO2 Project commenced operations and was placed in service at that time. Depreciation on the components of property, plant and equipment is calculated using the straight-line method over their estimated useful lives as follows: Years Plant and buildings 20 - 30 Machinery & equipment 5 - 7 Furniture & fixtures 3 - 5 For the three months ended March 31, 2020 and 2019, the Company recorded depreciation expense of $1.1 million for each period. Management is required to evaluate these long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Management determined there was no impairment on the long-lived assets during the three months ended March 31, 2020 and 2019.

4. Debt

4. Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
4. Debt	Debt consists of the following: March 31, 2020 December 31, 2019 Third Eye Capital term notes $ 7,024 $ 7,024 Third Eye Capital revolving credit facility 67,077 62,869 Third Eye Capital revenue participation term notes 11,794 11,794 Third Eye Capital acquisition term notes 26,282 25,518 Third Eye Capital promissory note 3,434 2,815 Cilion shareholder seller notes payable 6,161 6,124 Subordinated notes 11,816 11,502 EB-5 promissory notes 42,176 41,932 Unsecured working capital loans 2,077 2,631 GAFI Term and Revolving loans 31,207 30,216 Total debt 209,048 202,425 Less current portion of debt 23,363 22,740 Total long term debt $ 185,685 $ 179,685 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 (the “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 (the “Revenue Participation Term Notes”); and (iv) senior secured term loans in an aggregate principal amount of $15.0 million (the “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 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 by 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 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. Based on the terms of Amendment No. 14, on April 1, 2020, the Company exercised option to extend the maturity to April 1, 2021 for a reduced fee of 1% on the outstanding debt which will be added to the outstanding balance of the notes on April 1, 2020. 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 through December 31, 2019. 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 which is due upon redemption of the Notes. On November 11, 2019, Third Eye Capital agreed to Limited Waiver and Amendment No. 16 to the Note Purchase Agreement (“Amendment No. 16”), to waive the ratio of note indebtedness covenant for the quarters ended March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020. As a consideration for this amendment, the Company also agreed to pay Third Eye Capital an amendment fee of $0.5 million to be added to the redemption fee which is due upon redemption of the Notes. According to ASC 470-10-45 Debt–Other Presentation Matters On February 27, 2019, a Promissory Note (the “February 2019 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) April 30, 2019. In consideration of the February 2019 Note, $0.1 million of the total proceeds were paid to Third Eye Capital as financing charges. On April 30, 2019, the February 2019 Note was modified to remove the stated maturity date and instead will be due on demand by Third Eye Capital. In third quarter of 2019, the February 2019 Note was modified to include additional borrowings of $0.7 million. In first quarter of 2020, the February 2019 Note was modified to include additional borrowings of $0.6 million. As of March 31, 2020, the outstanding balance of principal and interest on the February 2019 Note was $3.4 million. As of March 31, 2020, there was a covenant violation that was subsequently waived by Third Eye Capital in the 8th amendment to the February 2019 Note. Terms of Third Eye Capital Notes A. Term Notes B Revolving Credit Facility C. Revenue Participation Term Notes D. Acquisition Term Notes E. Reserve Liquidity 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 Third Eye Capital 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. The terms of the notes allow interest to be capitalized. 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 On January 1, 2020, the Subordinated Notes were amended to extend the maturity date until the earliest of (i) June 30, 2020; (ii) completion of an equity financing by AAFK or Aemetis 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 evaluated the January 1, 2020 amendment and the refinancing terms of the Subordinated Notes and applied modification accounting treatment in accordance with ASC 470-50 Debt – Modification and Extinguishment At March 31, 2020 and December 31, 2019, the Company had, in aggregate, $11.8 million and $11.5 million in principal and interest outstanding net of discount issuance costs of $0.2 million and none, 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 March 31, 2020, $35.0 million has been 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 March 31, 2020, $35.0 million in principal and $3.1 million in accrued interest was outstanding on the EB-5 Notes sold under the EB-5 Phase I funding. 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 “EB-5 Phase II funding”). On November 21, 2019, the minimum investment was raised from $500,000 per investor to $900,000 per investor. 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 $0.9 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. Advanced BioEnergy II, LP arranges investments with foreign investors, who each make loans to the Riverbank Cellulosic Ethanol Facility in increments of $0.9 million after November 21, 2019. The Company has sold an aggregate principal amount of $4.0 million of EB-5 Notes under the EB-5 Phase II funding since 2016 to the date of this filing. As of March 31, 2020, $4.0 million was released from escrow to the Company and $46.0 million remains to be funded to escrow. As of March 31, 2020, $4.1 million in principal and interest was outstanding on the EB-5 Notes under the EB-5 Phase II funding. Unsecured working capital loans In November 2008, the Company entered into an operating agreement with Secunderabad Oils Limited (“Secunderabad Oils”). 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 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 three months ended March 31, 2020 and 2019, the Company made principal and interest payments to Secunderabad Oils of approximately $34 thousand and $0.3 million, respectively. As of March 31, 2020 and December 31, 2019, the Company had $0.6 million for each period outstanding under this agreement. GAFI Term loan and Revolving loan. 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. On December 20, 2018, $1.6 million from Amendment No. 1 was repaid. 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 $2.1 million based on the 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. On July 22, 2019, Third Eye Capital exercised the put option at $1.00 per share for $1.1 million. The exercise value of the SARs of $1.1 million was added to the GAFI Term Loan and the SARs fair value liability was released. 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 CO2 Project (“CO2 Term Loan”). Among other requirements, the Company is also required to make the following mandatory repayments of the CO2 Term Loan: (i) on a monthly basis, an amount equal to 75% of any payments received by the Company for CO2 produced by Linde LLC, (ii) an amount equal to 100% of each monthly payment received by the Company for land use by Linde for CO2 plant, (iii) on a monthly basis, an amount equal to the product of: $0.01 multiplied by the number of bushels of corn grain used in the ethanol production at the Keyes Plant. Based on the mandatory payments, an amount of $0.4 million is estimated to be paid in the next 12 months and is classified as current debt as of March 31, 2020. As of March 31, 2020, GAFI had $20.4 million net of debt issuance costs of $0.2 million outstanding on the GAFI Term Loan and $10.8 million on the GAFI Revolving Loan respectively. Scheduled debt repayments for the Company’s loan obligations follow: Twelve months ended March 31, Debt Repayments 2021 $ 23,363 2022 152,436 2023 27,500 2024 3,411 2025 2,500 Total debt 209,210 Debt issuance costs (162 ) Total debt, net of debt issuance costs $ 209,048

5. Commitments and Contingencie

5. Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
5. Commitments and Contingencies	Leases We adopted the ASC 842 Lease After assessment of this standard on our company-wide agreements and arrangements, we have identified assets as the corporate office, warehouse, monitoring equipment and laboratory facilities over which we have control and obtain economic benefits fully. We classified these identified assets as operating leases after assessing the terms under classification guidance. Our leases have remaining lease terms of 1 year to 3 years, of which only one lease has option to extend the lease. We have concluded that it is not reasonably certain that we would exercise such option. Therefore, as of the lease commencement date, our lease terms generally did not include options to extend the lease. We include options to extend the lease when it is reasonably certain that we will exercise that option. We have an equipment lease with extension options which the Company is likely to extend; however, the equipment is billed based on the hours it is used in the period. According to the guidance, the variable payments based on other than index or rate, are to be expensed in the period incurred. As such, the equipment cost is recognized as it is incurred. The corporate office had a sublease agreement for seven months in which we were a sub lessor. We did not have any separate lease components in any of the leases and the property taxes and insurance charges are based on a variable rate in our real estate leases, hence we did not include them in the lease payments as in substance fixed payments. When discount rates implicit in leases cannot be readily determined, the Company uses the applicable incremental borrowing rate at lease commencement to perform lease classification tests on lease components and measure lease liabilities and ROU assets. The incremental borrowing rate used by the Company was based on weighted average baseline rates commensurate with the Company’s secured borrowing rate over a similar term. At each reporting period when there is a new lease initiated, the rates established for that quarter will be used. Upon adoption of the standard, we recognized additional operating liabilities of $1.2 million, with corresponding ROU assets of the same amount based on the present value of the remaining minimum lease payments for existing operating leases. The components of lease expense and sublease income was as follows: Three months ended March 31, 2020 2019 Operating lease expense $ 177 $ 181 Short term lease expense 14 41 Variable lease expense 34 32 Sub lease income - (17 ) Total lease cost $ 225 $ 237 Supplemental non-cash flow information related to ROU asset and lease liabilities was as follows for the three months ended March 31, 2020 and March 31, 2019: Three months ended March 31 2020 2019 Accretion of the lease liability $ 17 $ 40 Amortization of right-of-use assets $ 160 $ 141 As of March 31, 2020, our weighted average remaining lease term and discount rate were as follows: Weighted Average Remaining Lease Term Operating Leases 1.5 years Weighted Average Discount Rate Operating Leases 14.8% Supplemental balance sheet information related to leases was as follows: As of March 31, 2020 December 31, 2019 Operating lease right-of-use assets $ 397 $ 557 Operating lease liability: Short term lease liability $ 257 $ 377 Long term lease liability $ 158 $ 200 Maturities of operating lease liabilities were as follows: Twelve months ended March 31, Operating leases 2021 $ 293 2022 167 Total lease payments $ 460 Less imputed interest (45 ) Total operating lease liability $ 415 Other Commitments The Company entered into an agreement with Mitsubishi Chemical America, Inc. We purchased certain equipment to save energy used in the Keyes Plant. We also entered into a financing agreement with the seller for $5.7 million for this equipment. Payments pursuant to the financing transaction will commence after the installation date and interest will be charged based on the certain performance metrics after operation of the equipment. The equipment was delivered in March 2020; however the installation has been delayed due to the COVID-19 pandemic. Hence, we recorded the asset in construction in progress fixed assets and related liability in other liabilities of $5.7 million as of March 31, 2020. Sale Commitments We entered into several agreements with customers to sell approximately 3.1 million gallons of product through April 2021. Property taxes The Company entered into a payment plan with Stanislaus County for unpaid property taxes for the Keyes Plant site on June 28, 2018 by paying $1.5 million as a first payment. Under the annual payment plan, the Company was 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. After making one payment, Company defaulted on the payment plan and as of March 31, 2020 and December 31, 2019, the balance in property tax accrual was $4.4 million and $4.1 million, respectively. Stanislaus County agreed not to enforce collection actions and we are now in discussions with Stanislaus County regarding a payment plan. Legal Proceedings On August 31, 2016, the Company filed a lawsuit in Santa Clara County Superior Court against defendant 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 that would be primarily owned by Aemetis. The lawsuit asserted that EdenIQ had 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, 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 use of EdenIQ’s name and trademark in association with publicity surrounding the merger. Further, EdenIQ named Third Eye Capital Corporation (“TEC”) as a defendant in a second amended cross-complaint alleging that TEC had failed to disclose that its financial commitment to fund the merger included terms that were not disclosed. Finally, EdenIQ claimed that TEC and the Company concealed 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. In November 2018, the claims asserted by the Company were dismissed on summary judgment and the Company filed a motion to amend its claims, which remains pending. In December 2018, EdenIQ dismissed all of its claims prior to trial. In February 2019, the Company and EdenIQ each filed motions seeking reimbursement of attorney fees and costs associated with the litigation. On July 24, 2019, the court awarded EdenIQ a portion of the fees and costs it had sought in the amount of approximately $6.2 million. The Company recorded the $6.2 million as loss contingency on litigation during the year ended December 31, 2019. The Company’s ability to amend its claims and present its claims to the court or a jury could materially affect the court’s decision to award EdenIQ its fees and costs. In addition to further legal motions and a potential appeal of the Court’s summary judgment order, the Company plans to appeal the court’s award of EdenIQ’s fees and costs. The Company intends to continue to vigorously pursue its legal claims and defenses against EdenIQ.

6. Biogas LLC - Series A Prefer

6. Biogas LLC - Series A Preferred Financing	3 Months Ended
	Mar. 31, 2020
Stockholders' deficit:
6. Biogas LLC - Series A Preferred Financing	On December 20, 2018, Aemetis Biogas LLC entered into a Series A Preferred Unit Purchase Agreement (the “Preferred Unit Agreement”) by selling Series A Preferred Units to Protair-X Americas, Inc. (the “Purchaser”), with Third Eye Capital acting as an agent for the purchaser (the “Agent”). ABGL plans to construct and collect biogas from dairies located near the Keyes Plant. Biogas is a blend of methane along with CO2 and other impurities that can be captured from dairies, landfills and other sources. After a gas cleanup and compression process, biogas can be converted into bio-methane, which is a direct replacement of petroleum natural gas and can be transported in existing natural gas pipelines. 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 includes (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 Series A 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 increases from 75% to 100% of free cash flows, and (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. As of March 31, 2020, ABGL has not completed construction within one year from the date of initial investment and generated minimum quarterly operating cash flows. Upon the violation of this covenant, cash flows applied for redemption payments increased to 100% from 75% of free cash flows. From inception of the agreement to date, ABGL issued 2,880,000 Series A Preferred Units on first tranche for a value of $13.1 million. The Company is accreting up this first tranche to the redemption value of $43.2 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 March 31, 2020 and March 31, 2019 based on the evaluation of the other conditions included in the agreement. During the quarter ended March 31, 2020, ABGL issued 257,000 Series A Preferred Units for incremental proceeds of $1.3 million as part of the first tranche of the Preferred Unit Agreement. Consistent with the previous issuances, the units are treated as a liability as the conversion option was deemed to be non-substantive. The Company is accreting up to the redemption value of $3.9 million over the estimated future cash flow periods of six years from the original anniversary date using the effective interest method. As of March 31, 2020 and December 31, 2019, the Company recorded Series A Preferred Unit liabilities of $16.3 million and $14.1 million net of unit issuance costs and inclusive of accretive preferences pursuant to this agreement.

7. Stock-Based Compensation

7. Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
7. Stock Based Compensation	2019 Plan On April 29, 2019, the Aemetis 2019 Stock Plan (the “2019 Stock Plan”) was approved by stockholders of the Company. This plan permits the grant of Incentive Stock Options, Non-Statutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares and other stock or cash awards as the Administrator of the plan may determine in its discretion. The 2019 Stock Plan’s term is 10 years and supersedes all prior plans. The 2019 Stock Plan authorized the issuance of 200,000 shares of common stock for the 2019 calendar year, in addition to permitting the transfer and grant of any available and unissued or expired options under the prior Amended and Restated 2007 Stock Plan in an amount up to 177,246 options. Employee grants have a general vesting term of 1/12th every three months and are exercisable at any time after vesting subject to continuation of employment. Option grants for directors have immediate vesting with a 10-year term expiration. With the approval of the 2019 Stock Plan, the Zymetis 2006 Stock Plan and the Amended and Restated 2007 Stock Plan (the “Prior Plans,” and together with the 2019 Stock Plan, the “Stock Plans”) are terminated for granting any options under either plan. However, any options granted before the 2019 Stock Plan approved will remain outstanding and can be exercised, and any expired options issued pursuant to the Prior Plans can be granted under the 2019 Stock Plan. On January 9, 2020, 771,500 stock option grants were issued for employees and directors under the 2019 Stock Plan. On March 28, 2020, 1,075,500 stock options grant were approved by Board for employees and directors under the 2019 Stock Plan. As of March 31, 2020, 5.6 million options are outstanding under the Stock Plans. Inducement Equity Plan Options In March 2016, the Directors of the Company approved an Inducement Equity Plan (“Inducement Equity Plan,” together with the Stock Plans, the “Plans”) authorizing the issuance of 0.1 million non-statutory options to purchase common stock. As of March 31, 2020, no options are outstanding under the Inducement Equity Plan. Common Stock Reserved for Issuance The following is a summary of awards granted under the Plans: Shares Available for Grant Number of Shares Outstanding Weighted-Average Exercise Price Balance as of December 31, 2019 147 3,746 $ 1.38 Authorized 1,892 - - Granted (1,847 ) 1,847 0.71 Balance as of March 31, 2020 192 5,593 $ 1.16 As of March 31, 2020, there were 3.2 million options vested under the Plans. 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 three months ended March 31, 2020 and 2019, the Company recorded option expense in the amount of $310 thousand and $290 thousand, 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. Under ASU 2016-09 Improvements to Employee Share-Based Payments Accounting There were 1.8 million options granted during the three months ended March 31, 2020. The weighted average fair value calculations for options granted during the three months ended March 31, 2020 and 2019 are based on the following assumptions: Description For the three months ended March 31, 2020 2019 Dividend-yield 0 % 0 % Risk-free interest rate 1.08 % 2.59 % Expected volatility 87.43 % 88.52 % Expected life (years) 6.93 6.41 Market value per share on grant date $ 0.71 $ 0.70 Fair value per share on grant date $ 0.54 $ 0.53 As of March 31, 2020, the Company had $1.3 million of total unrecognized compensation expense for employees, which the Company will amortize over the 2.34 years of weighted average remaining term.

8. Agreements

8. Agreements	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
8. Agreements	Working Capital Arrangement. The J.D. Heiskell sales and purchases activity associated with the J.D. Heiskell Purchase Agreement and the J.D. Heiskell Procurement Agreement during the three months ended March 31, 2020, and 2019 were as follows: As of and for the three months ended March 31, 2020 2019 Ethanol sales $ 24,383 $ 27,189 Wet distiller's grains sales 8,374 8,603 Corn oil sales 928 800 Corn purchases 29,214 29,261 Accounts receivable 60 1,340 Accounts payable 1,749 2,766 Ethanol and Wet Distillers Grains Marketing Arrangement.

9. Segment Information

9. Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
9. Segment Information	Aemetis recognizes two reportable geographic segments: “North America” and “India.” The “North America” operating segment includes the Keyes Plant, the Riverbank Cellulosic Ethanol Facility, the Biogas Project, the Goodland Plant and the research and development facility in Minnesota. The “India” operating segment includes the 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 three months ended March 31, 2020 and 2019 follows: Three months ended March 31, 2020 Three months ended March 31, 2019 North America India Total Consolidated North America India Total Consolidated Revenues $ 35,872 3,608 39,480 36,636 5,252 $ 41,888 Cost of goods sold 36,413 3,500 39,913 36,967 5,272 42,239 Gross profit (loss) (541 ) 108 (433 ) (331 ) (20 ) (351 ) Other Expenses Research and development expenses 117 - 117 33 - 33 Selling, general and administrative expenses 3,120 816 3,936 4,066 175 4,241 Interest expense 6,857 19 6,876 6,042 167 6,209 Accretion of Series A preferred units 960 - 960 449 - 449 Other (income) expense (53 ) (10 ) (63 ) 111 (734 ) (623 ) Income (loss) before income taxes $ (11,542 ) $ (717 ) $ (12,259 ) (11,032 ) 372 $ (10,660 ) Capital expenditures $ 1,298 $ 1,074 $ 2,372 351 247 $ 598 Depreciation 933 157 1,090 994 144 1,138 Total Assets $ 89,322 $ 14,493 $ 103,815 82,990 16,906 $ 99,896 North America. India

10. Related Party Transactions

10. Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
10. Related Party Transactions	The Company owes Eric McAfee, the Company’s Chairman and CEO, and McAfee Capital, owned by Eric McAfee, $0.4 million as of March 31, 2020 and December 31, 2019 in connection with employment agreements and expense reimbursements previously accrued as salaries expense and currently held as an accrued liability. For the three months ended March 31, 2020 and 2019, the Company expensed none and $13 thousand, respectively, to reimburse actual expenses incurred for 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 March 31, 2020, $0.1 million remained as a prepaid expense related to Redwood Capital. As consideration for the reaffirmation of guaranties required by Amendment No. 13 and 14 to the Note Purchase Agreement entered into by the Company 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 to McAfee Capital in exchange for their willingness to provide the guaranties. The balance of $292 thousand and $304 thousand for the guaranty fee remained as an accrued liability as of March 31, 2020 and December 31, 2019 respectively. The Company owes various board members amounts totaling $1.2 million as of March 31, 2020 and December 31, 2019, respectively, in connection with board compensation fees, which are included in accounts payable on the balance sheet. For the three months ended March 31, 2020 and 2019, the Company expensed $78 thousand and $101 thousand respectively, in connection with board compensation fees.

11. Subsequent Events

11. Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
11. Subsequent Events	The Company entered into a loan with Bank of America, NA in an aggregate principal amount of $1.1 million (the “BofA Loan”) evidenced by two promissory notes dated April 30, 2020 and May 1, 2020. The BofA Loan matures two years from the funding date and bears interest at a fixed rate of 1.00% per annum, with the first six months of interest deferred. Principal and interest are payable monthly commencing six months after the funding date and may be prepaid by the Company prior to maturity without a prepayment penalty. Subject to the Company’s satisfaction of certain terms and conditions, all or a portion of the BofA Loan may be forgiven. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for covered payment of payroll costs, mortgage interest, rent and utilities. However, no assurance is provided that the Company will be able to satisfy any or all of the conditions necessary for forgiveness for any portion of the BofA Loan. On May 13, 2020, Aemetis entered into the first amendment to the Amended and Restated Heiskell Purchasing Agreement, dated May 16, 2013, between Aemetis and J.D. Heiskell (the “J.D. Heiskell Purchase Agreement”). The amendment, among other things, removes J.D. Heiskell’s obligation under the J.D. Heiskell Purchase Agreement to purchase and market ethanol from Aemetis and grants J.D. Heiskell certain protective rights over its Collateral (as defined therein) held by Aemetis. On May 13, 2020, Aemetis entered into the first amendment to the Amended and Restated Aemetis Keyes Grain Procurement and Working Capital Agreement, dated May 2, 2013, between Aemetis and J.D. Heiskell (the “J.D. Heiskell Procurement Agreement”). The amendment, among other things, modifies certain terms and conditions governing the procurement of Grains (as defined therein), including the calculation of true-up amount and settlement mechanics. Additionally, the amendment requires Aemetis to build up a cash deposit for J.D. Heiskell to cover the costs of Grains purchased over weekends. On May 13, 2020, Aemetis entered into the Eighth Amended and Restated Promissory Note with Third Eye Capital which waived covenant violations that existed as of March 31, 2020.

12. Management's Plan

12. Management's Plan	3 Months Ended
	Mar. 31, 2020
Cilion shareholder Seller note payable
12. 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 required to remit substantially all excess cash from operations to its senior lender and is therefore reliant on senior lender to provide additional funding when required. In order to meet its obligations during the next 12 months, the Company will need to either refinance the Company’s debt or receive the continued cooperation of senior lender. This dependence on the senior lender raises substantial doubt about the Company’s ability to continue as a going concern. The Company plans to pursue the following strategies to improve the course of the business: ● Operate the Keyes Plant and continue to improve operational performance at the plant, including the expansion into new products, new markets for existing products, and adoption of new technologies or process changes that allow for energy efficiency, cost reduction or revenue enhancements. ● Expand the ethanol sold at the Keyes Plant to include the cellulosic ethanol to be generated at the Riverbank Cellulosic Ethanol Facility and to utilize lower cost, non-food advanced feedstocks to significantly increase margins by 2021. ● Monetize the CO2 produced at the Keyes Plant by delivery of gas to Messer facility starting in the second quarter of 2020. ● Construct and operate the Biogas Project to capture and monetize biogas which is expected to begin operations in the third quarter of 2020. ● Raise the funds necessary to construct and operate the Riverbank Cellulosic Ethanol Facility using the licensed technology from LanzaTech and InEnTec Technology to generate federal and state carbon credits available for ultra-low carbon fuels. ● 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 EB-5 Phase II funding, or by vendor financing arrangements. Management believes that through the above actions, the Company will have the ability to generate capital liquidity to carry out the business plan for 2020.

1. Nature of Activities and S_2

1. Nature of Activities and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Nature of Activities	Nature of Activities We also lease a site in Riverbank, California, near the Keyes Plant, where we plan to utilize biomass-to-fuel technology that we have licensed from LanzaTech Technology (“LanzaTech”) and InEnTec Technology (“InEnTec”) to build a cellulosic ethanol production facility in Riverbank, California (the “Riverbank Cellulosic Ethanol Facility”) capable of converting local California surplus biomass – principally agricultural waste – into ultra-low carbon renewable cellulosic ethanol (the “Riverbank Project”). By producing ultra-low carbon renewable cellulosic ethanol, we expect to capture higher value D3 cellulosic renewable identification numbers (“RINs”) and California’s Low Carbon Fuel Standard (“LCFS”) credits. In December 2018, we acquired a 5.2-acre parcel of land for the construction of a facility by Messer to sell carbon dioxide (“CO2”) produced at the Keyes Plant (the “CO2 Project”). The Aemetis section of the CO2 Project construction was completed in January 2020 and Messer completed construction on their section in April 2020. We commenced operations and expect revenue from this project in the second quarter of 2020. In 2018, we formed Aemetis Biogas, LLC (“ABGL”) to construct biogas digesters at local dairies near the Keyes Plant (the “Biogas Project”), many of whom are already customers of the distillers’ grain produced at the Keyes Plant. Construction has been underway on the first two digesters, which will connect by pipeline to a gas cleanup and compression facility to produce Renewable Natural Gas (“RNG”). ABGL currently has signed participation agreements with over a dozen local dairies and three fully executed leases with dairies near the Keyes Plant in order to capture methane from such dairies, which would otherwise be released into the atmosphere, primarily from manure wastewater lagoons. We plan to capture biogas from multiple dairies and pipe the gas to a centralized location at our Keyes Plant where we will remove the impurities of the methane and clean it into bio-methane for injection into the local utility pipeline or to a renewable compressed natural gas (“RCNG”) truck loading station that will service local trucking fleets to displace diesel fuel. The biogas can also be used in our Keyes Plant to displace petroleum-based natural gas. We believe the environmental benefits of the Biogas Project are potentially significant because dairy biogas has a negative carbon intensity (“CI”) under the California LCFS. The biogas produced by ABGL is expected to also receive D3 RINs under the federal Renewable Fuel Standard (“RFS”).
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying consolidated condensed balance sheet as of March 31, 2020, the consolidated condensed statements of operations and comprehensive loss for the three months ended March 31, 2020 and 2019, the consolidated condensed statements of cash flows for the three months ended March 31, 2020 and 2019, and the consolidated condensed statements of stockholders’ deficit for the three months ended March 31, 2020 and 2019 are unaudited. The consolidated condensed balance sheet as of December 31, 2019 was derived from the 2019 audited consolidated financial statements and notes thereto. The consolidated condensed financial statements in this report should be read in conjunction with the 2019 audited consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2019. The accompanying consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of Company’s management, the unaudited interim consolidated condensed financial statements for the three months ended March 31, 2020 and 2019 have been prepared on the same basis as the audited consolidated statements as of December 31, 2019 and reflect all adjustments, consisting primarily of normal recurring adjustments, necessary for the fair presentation of its statement of financial position, results of operations and cash flows. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results for any subsequent quarter, for the full fiscal year or any future periods.
Use of Estimates	Use of Estimates
Revenue Recognition	Revenue Recognition North America: During the first quarter of 2020, certain Tobacco and Alcohol Tax and Trade Bureau (“TTB”) prohibitions were lifted, allowing for the sale of high proof alcohol by ethanol producers. Accordingly, during the last week of March 2020, Aemetis obtained the necessary permits and began selling high proof alcohol for industrial and commercial applications directly to customers in the West Coast on prepayment terms. The agreements and terms were evaluated according to ASC 606 guidance and revenue was recognized upon satisfaction of the performance obligation by delivery of the product based on the terms of the agreement. Sales of high proof alcohol represented less than 3% of quarterly revenue, and as such aggregated with ethanol sales. The below table shows our sales in North America by product category: North America (in thousands) For the three months ended March 31, 2020 2019 Ethanol sales $ 25,322 $ 27,189 Wet distillers' grains sales 8,374 8,603 Other sales 2,176 844 $ 35,872 $ 36,636 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. 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 certain contractual agreements. In North America, we assessed principal versus agent criteria as we buy corn as feedstock in producing ethanol from our working capital partner J.D. Heiskell and 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. The pricing for both corn and ethanol is set independently. Revenues from sales of ethanol and its co-products are billed net of the related transportation and marketing charges. Transportation charges are accounted for in cost of goods sold and marketing charges are 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 to adopt 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 and administrative expenses, respectively, when revenue is recognized. Revenues are recorded at the gross invoiced amount. Hence, we are the principal in North America sales scenarios where our customer and vendor may be the same. We have a contract liability of $0.3 million as of March 31, 2020, in connection with a contract with a customer to sell LCFS credits. However, the control of the LCFS credits was not transferred to the customer until April 2, 2020 while we received cash in advance. We have a contract liability of $1.9 million as of March 31, 2020, in connection with shipments to several customers for which we received cash in advance while shipments were fulfilled in April 2020. India: The below table shows our sales in India by product category: India (in thousands) For the three months ended March 31, 2020 2019 Biodiesel sales $ 2,793 $ 4,347 Refined Glycerin sales 90 899 PFAD sales 712 - Other sales 13 6 $ 3,608 $ 5,252 In India, we also assessed principal versus agent criteria as we buy our feedstock from our customers and process and sell finished goods to those same customers in certain contractual agreements. 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 according to agreements we enter into in these situations. Hence, we are the principal in India sales scenarios where our customer and vendor may be the same.
Cost of Goods Sold	Cost of Goods Sold
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 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 receivables 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 condition of the Company’s customers were to deteriorate, additional allowances may be required. We did not reserve any balance for allowances for doubtful accounts as of March 31, 2020 and December 31, 2019.
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,
California Energy Commission Technology Demonstration Grant	California Energy Commission Technology Demonstration Grant
California Department of Food and Agriculture Dairy Digester Research and Development Grant	California Department of Food and Agriculture Dairy Digester Research and Development Grant
California Energy Commission Low Carbon Advanced Ethanol Grant Program	California Energy Commission Low Carbon Advanced Ethanol Grant Program
Basic and Diluted Net Loss per Share	Basic and Diluted Net Loss per Share. The following table shows the number of potentially dilutive shares excluded from the diluted net loss per share calculation as of March 31, 2020 and 2019: As of March 31, 2020 March 31, 2019 Series B preferred (post split basis) 132 132 Common stock options and warrants 5,688 3,640 Debt with conversion feature at $30 per share of common stock 1,269 1,242 SARs conversion if stock issued at $0.91 per share to cover $2.1 million - 2,298 Total number of potentially dilutive shares excluded from the diluted net loss per share calculation 7,089 7,312
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 Keyes Plant, the Riverbank Cellulosic Ethanol Facility, the Biogas Project, the Goodland Plant and the research and development facility in Minnesota. The “India” operating segment includes 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
Debt Modification Accounting	Debt Modification Accounting Debt–Modification and Extinguishments
Convertible Instruments	Convertible Instruments
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements For a complete summary of the Company’s significant accounting policies, please refer to the Company’s audited financial statements and notes thereto for the years ended December 31, 2019 and 2018 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2020. There were no new accounting pronouncements issued applicable to the Company during the three months ended March 31, 2020.

1. Nature of Activities and S_3

1. Nature of Activities and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Disaggregation of revenue	North America (in thousands) For the three months ended March 31, 2020 2019 Ethanol sales $ 25,322 $ 27,189 Wet distillers' grains sales 8,374 8,603 Other sales 2,176 844 $ 35,872 $ 36,636 India (in thousands) For the three months ended March 31, 2020 2019 Biodiesel sales $ 2,793 $ 4,347 Refined Glycerin sales 90 899 PFAD sales 712 - Other sales 13 6 $ 3,608 $ 5,252
Schedule of dilutive securities	As of March 31, 2020 March 31, 2019 Series B preferred (post split basis) 132 132 Common stock options and warrants 5,688 3,640 Debt with conversion feature at $30 per share of common stock 1,269 1,242 SARs conversion if stock issued at $0.91 per share to cover $2.1 million - 2,298 Total number of potentially dilutive shares excluded from the diluted net loss per share calculation 7,089 7,312

2. Inventories (Tables)

2. Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Schedule of inventories	As of March 31, 2020 December 31, 2019 Raw materials $ 2,394 $ 2,566 Work-in-progress 1,367 1,455 Finished goods 1,485 2,497 Total inventories $ 5,246 $ 6,518

3. Property, Plant and Equipm_2

3. Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment	As of March 31, 2020 December 31, 2019 Land $ 4,077 $ 4,104 Plant and buildings 83,799 83,139 Furniture and fixtures 1,095 1,094 Machinery and equipment 4,169 4,252 Construction in progress 19,206 12,571 Property held for development 15,408 15,408 Total gross property, plant & equipment 127,754 120,568 Less accumulated depreciation (37,126 ) (36,342 ) Total net property, plant & equipment $ 90,628 $ 84,226
Depreciation of property, plant, and equipment	Years Plant and buildings 20 - 30 Machinery & equipment 5 - 7 Furniture & fixtures 3 - 5

4. Debt (Tables)

4. Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of debt	March 31, 2020 December 31, 2019 Third Eye Capital term notes $ 7,024 $ 7,024 Third Eye Capital revolving credit facility 67,077 62,869 Third Eye Capital revenue participation term notes 11,794 11,794 Third Eye Capital acquisition term notes 26,282 25,518 Third Eye Capital promissory note 3,434 2,815 Cilion shareholder seller notes payable 6,161 6,124 Subordinated notes 11,816 11,502 EB-5 promissory notes 42,176 41,932 Unsecured working capital loans 2,077 2,631 GAFI Term and Revolving loans 31,207 30,216 Total debt 209,048 202,425 Less current portion of debt 23,363 22,740 Total long term debt $ 185,685 $ 179,685
Maturities of long-term debt	Twelve months ended March 31, Debt Repayments 2021 $ 23,363 2022 152,436 2023 27,500 2024 3,411 2025 2,500 Total debt 209,210 Debt issuance costs (162 ) Total debt, net of debt issuance costs $ 209,048

5. Commitments and Contingenc_2

5. Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of lease expense and sublease income	Three months ended March 31, 2020 2019 Operating lease expense $ 177 $ 181 Short term lease expense 14 41 Variable lease expense 34 32 Sub lease income - (17 ) Total lease cost $ 225 $ 237
Supplemental non-cash flow information related to right-of-use asset and lease liabilities	Supplemental non-cash flow information related to ROU asset and lease liabilities was as follows for the three months ended March 31, 2020 and March 31, 2019: Three months ended March 31 2020 2019 Accretion of the lease liability $ 17 $ 40 Amortization of right-of-use assets $ 160 $ 141 As of March 31, 2020, our weighted average remaining lease term and discount rate were as follows: Weighted Average Remaining Lease Term Operating Leases 1.5 years Weighted Average Discount Rate Operating Leases 14.8% Supplemental balance sheet information related to leases was as follows: As of March 31, 2020 December 31, 2019 Operating lease right-of-use assets $ 397 $ 557 Operating lease liability: Short term lease liability $ 257 $ 377 Long term lease liability $ 158 $ 200
Maturities of operating lease liabilities	Twelve months ended March 31, Operating leases 2021 $ 293 2022 167 Total lease payments $ 460 Less imputed interest (45 ) Total operating lease liability $ 415

7. Stock-Based Compensation (Ta

7. Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement, Noncash Expense [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, 2019 147 3,746 $ 1.38 Authorized 1,892 - - Granted (1,847 ) 1,847 0.71 Balance as of March 31, 2020 192 5,593 $ 1.16
Schedule of weighted average fair value calculations for options	Description For the three months ended March 31, 2020 2019 Dividend-yield 0 % 0 % Risk-free interest rate 1.08 % 2.59 % Expected volatility 87.43 % 88.52 % Expected life (years) 6.93 6.41 Market value per share on grant date $ 0.71 $ 0.70 Fair value per share on grant date $ 0.54 $ 0.53

8. Agreements (Tables)

8. Agreements (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of working capital agreement activity	As of and for the three months ended March 31, 2020 2019 Ethanol sales $ 24,383 $ 27,189 Wet distiller's grains sales 8,374 8,603 Corn oil sales 928 800 Corn purchases 29,214 29,261 Accounts receivable 60 1,340 Accounts payable 1,749 2,766

9. Segment Information (Tables)

9. Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of segment information	Three months ended March 31, 2020 Three months ended March 31, 2019 North America India Total Consolidated North America India Total Consolidated Revenues $ 35,872 3,608 39,480 36,636 5,252 $ 41,888 Cost of goods sold 36,413 3,500 39,913 36,967 5,272 42,239 Gross profit (loss) (541 ) 108 (433 ) (331 ) (20 ) (351 ) Other Expenses Research and development expenses 117 - 117 33 - 33 Selling, general and administrative expenses 3,120 816 3,936 4,066 175 4,241 Interest expense 6,857 19 6,876 6,042 167 6,209 Accretion of Series A preferred units 960 - 960 449 - 449 Other (income) expense (53 ) (10 ) (63 ) 111 (734 ) (623 ) Income (loss) before income taxes $ (11,542 ) $ (717 ) $ (12,259 ) (11,032 ) 372 $ (10,660 ) Capital expenditures $ 1,298 $ 1,074 $ 2,372 351 247 $ 598 Depreciation 933 157 1,090 994 144 1,138 Total Assets $ 89,322 $ 14,493 $ 103,815 82,990 16,906 $ 99,896

1. Nature of Activities and S_4

1. Nature of Activities and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Sales	$ 39,480	$ 41,888
North America
Sales	35,872	36,636
North America | Ethanol sales
Sales	25,322	27,189
North America | Wet distiller's grains sales
Sales	8,374	8,603
North America | Other sales
Sales	2,176	844
India
Sales	3,608	5,252
India | Other sales
Sales	13	6
India | Biodiesel sales
Sales	2,793	4,347
India | Refined Glycerin sales
Sales	90	899
India | PFAD sales
Sales	$ 712	$ 0

1. Nature of Activities and S_5

1. Nature of Activities and Summary of Significant Accounting Policies (Details 1) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Total number of potentially dilutive shares excluded from the basic and diluted net loss per share calculation (in thousands)	7,089	7,312
Series B preferred (post split basis)
Total number of potentially dilutive shares excluded from the basic and diluted net loss per share calculation (in thousands)	132	132
Common stock options and warrants
Total number of potentially dilutive shares excluded from the basic and diluted net loss per share calculation (in thousands)	5,688	3,640
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 (in thousands)	1,269	1,242
SARs conversion if stock issued at $0.91 per share to cover $2.1 million
Total number of potentially dilutive shares excluded from the basic and diluted net loss per share calculation (in thousands)	0	2,298

2. Inventories (Details)

2. Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 2,394	$ 2,566
Work-in-progress	1,367	1,455
Finished goods	1,485	2,497
Total inventories	$ 5,246	$ 6,518

2. Inventories (Details Narrati

2. Inventories (Details Narrative) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Lower cost of market impairment	$ 200	$ 100

3. Property, Plant and Equipm_3

3. Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Land	$ 4,077	$ 4,104
Plant and buildings	83,799	83,139
Furniture and fixtures	1,095	1,094
Machinery and equipment	4,169	4,252
Construction in progress	19,206	12,571
Property held for development	15,408	15,408
Total gross property, plant & equipment	127,754	120,568
Less accumulated depreciation	(37,126)	(36,342)
Total net property, plant & equipment	$ 90,628	$ 84,226

3. Property, Plant and Equipm_4

3. Property, Plant and Equipment (Details 1)	3 Months Ended
	Mar. 31, 2020
Plant and Buildings | Minimum
Depreciation (years)	20 years
Plant and Buildings | Maximum
Depreciation (years)	30 years
Machinery and Equipment | Minimum
Depreciation (years)	5 years
Machinery and Equipment | Maximum
Depreciation (years)	7 years
Furniture and Fixtures | Minimum
Depreciation (years)	3 years
Furniture and Fixtures | Maximum
Depreciation (years)	5 years

3. Property, Plant and Equipm_5

3. Property, Plant and Equipment (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,090	$ 1,138

4. Debt (Details)

4. Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Third Eye Capital term notes	$ 7,024	$ 7,024
Third Eye Capital revolving credit facility	67,077	62,869
Third Eye Capital revenue participation term notes	11,794	11,794
Third Eye Capital acquisition term notes	26,282	25,518
Third Eye Capital promissory note	3,434	2,815
Cilion shareholder seller notes payable	6,161	6,124
Subordinated notes	11,816	11,502
EB-5 long term promissory notes	42,176	41,932
Unsecured working capital loans	2,077	2,631
GAFI Term and Revolving loans	31,207	30,216
Total debt	209,048	202,425
Less current portion of debt	23,363	22,740
Total long term debt	$ 185,685	$ 179,685

4. Debt (Details 1)

4. Debt (Details 1) $ in Thousands	Mar. 31, 2020USD ($)
Twelve months ended March 31,
2021	$ 23,363
2022	152,436
2023	27,500
2024	34,100
2025	2,500
Total debt	209,210
Debt issuance costs	(162)
Total debt, net of debt issuance costs	$ 209,048

4. Debt (Details Narrative)

4. Debt (Details Narrative) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
February 2019 Note
Principal and interest outstanding	$ 3,400
Third Eye Capital Term Notes
Principal and interest outstanding	7,000
Third Eye Capital Revolving Credit Facility
Principal and interest outstanding	67,100
Third Eye Capital Revenue Participation Term Note
Principal and interest outstanding	11,800
Third Eye Capital Acquisition Term Notes
Principal and interest outstanding	26,300
Third Eye Capital Reserve Liquidity Notes
Principal and interest outstanding	0
Cilion Shareholder Seller Notes Payable
Principal and interest outstanding	6,200
Subordinated Notes
Principal and interest outstanding	11,800	$ 11,500
EB-5 Phase I Notes
Principal outstanding	35,000
Interest outstanding	3,100
EB-5 Phase II Notes
Principal and interest outstanding	4,100
Unsecured Working Capital Loans
Principal and interest outstanding	1,500	2,000
Secunderabad Oils
Principal and interest outstanding	600	$ 600
GAFI Revolving Loan
Principal and interest outstanding	$ 20,400

5. Commitments and Contingenc_3

5. Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 177	$ 181
Short term lease expense	14	41
Variable lease expense	34	32
Sub lease income	0	(17)
Total lease cost	$ 225	$ 237

5. Commitments and Contingenc_4

5. Commitments and Contingencies (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Accretion of the lease liability	$ 17	$ 40
Amortization of right-of-use assets	$ 160	$ 141
Weighted average remaining lease term operating leases	1 year 6 months
Weighted average discount rate operating leases	14.80%
Operating lease right-of-use assets	$ 397		$ 557
Short term lease liability	257		377
Long term lease liability	$ 158		$ 200

5. Commitments and Contingenc_5

5. Commitments and Contingencies (Details 2) $ in Thousands	Mar. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 293
2022	167
Total payments	460
Less: imputed interest	(45)
Total operating lease liability	$ 415

7. Stock-Based Compensation (De

7. Stock-Based Compensation (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Share-based Payment Arrangement, Noncash Expense [Abstract]
Shares available for grant, beginning (in thousands)	147
Shares available for grant, authorized (in thousands)	1,892
Shares available for grant, granted (in thousands)	(1,847)
Shares available for grant, ending (in thousands)	192
Number of outstanding, beginning (in thousands)	3,746
Number of shares, granted (in thousands)	1,847
Number of outstanding, ending (in thousands)	5,593
Weighted average exercise price outstanding, beginning | $ / shares	$ 1.38
Weighted average exercise price, granted | $ / shares	.71
Weighted average exercise price outstanding, ending | $ / shares	$ 1.16

7. Stock-Based Compensation (_2

7. Stock-Based Compensation (Details 1) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]
Dividend-yield	0.00%	0.00%
Risk-free interest rate	1.08%	2.59%
Expected volatility	87.43%	88.52%
Expected life (years)	6 years 11 months 5 days	6 years 4 months 28 days
Market value per share on grant date	$ .71	$ .70
Weighted average fair value per share of common stock	$ .54	$ .53

7. Stock-Based Compensation (_3

7. Stock-Based Compensation (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]
Options vested	3,200,000
Stock compensation expense	$ 310	$ 290
Options granted	1,800,000
Unrecognized compensation expense	$ 1,300
Unrecognized compensation expense, recognition period	2 years 4 months 2 days

8. Agreements (Details)

8. Agreements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Ethanol sales	$ 24,383	$ 27,189
Wet distiller's grains sales	8,374	8,603
Corn oil sales	928	800
Corn purchases	29,214	9,261
Accounts receivable	60	1,340
Accounts payable	$ 1,749	$ 2,766

8. Agreements (Details Narrativ

8. Agreements (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Marketing costs	$ 600	$ 600

9. Segment Information (Details

9. Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues	$ 39,480	$ 41,888
Cost of goods sold	39,913	42,239
Gross profit (loss)	(433)	(351)
Other Expenses
Research and development expenses	117	33
Selling, general and administrative expenses	3,936	4,241
Interest expense	6,876	6,209
Accretion of Series A preferred units	960	449
Other (income) expense	(63)	(623)
Income (loss) before income taxes	(12,259)	(10,660)
Capital expenditures	2,372	598
Depreciation	1,090	1,138
North America
Revenues	35,872	36,636
Cost of goods sold	36,413	36,967
Gross profit (loss)	(541)	(331)
Other Expenses
Research and development expenses	117	33
Selling, general and administrative expenses	3,120	4,066
Interest expense	6,857	6,042
Accretion of Series A preferred units	960	449
Other (income) expense	(53)	111
Income (loss) before income taxes	(11,542)	(11,032)
Capital expenditures	1,298	351
Depreciation	933	994
India
Revenues	3,608	5,252
Cost of goods sold	3,500	5,272
Gross profit (loss)	108	(20)
Other Expenses
Research and development expenses	0	0
Selling, general and administrative expenses	816	175
Interest expense	19	167
Accretion of Series A preferred units	0	0
Other (income) expense	(10)	(734)
Income (loss) before income taxes	(717)	372
Capital expenditures	1,074	247
Depreciation	$ 157	$ 144

9. Segment Information (Detai_2

9. Segment Information (Details 1) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets	$ 103,815	$ 99,896
North America
Assets	89,322	82,990
India
Assets	$ 14,493	$ 16,906

10. Related Party Transactions

10. Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Eric McAfee and McAfee Capital
Related party debt	$ 400		$ 400
Related party transaction	0	$ 13
Various Board Members
Related party debt	1,200		$ 1,200
Related party transaction	$ 78	$ 101