Alto Ingredients (ALTO) 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	May 14, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	Pacific Ethanol, Inc.
Entity Central Index Key	0000778164
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Entity Interactive Data Current	Yes
Entity Reporting Status Current	Yes
Entity Emerging Growth Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,493,235
Entity File Number	000-21467
Entity Incorporation, State or Country Code	DE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	[1]
Current Assets:
Cash and cash equivalents	$ 26,779	$ 18,997
Accounts receivable, net (net of allowance for doubtful accounts of $58 and $39, respectively)	52,264	74,307
Inventories	45,532	60,600
Prepaid inventory	1,709	1,528
Assets held-for-sale	68,140	69,764
Derivative instruments		2,438
Other current assets	4,873	4,430
Total current assets	199,297	232,064
Property and equipment, net	324,814	332,526
Other Assets:
Right of use operating lease assets, net	23,543	24,346
Assets held-for-sale	16,500	16,500
Intangible asset	2,678	2,678
Other assets	4,277	4,381
Total other assets	46,998	47,905
Total Assets	571,109	612,495
Current Liabilities:
Accounts payable - trade	24,658	29,277
Accrued liabilities	23,368	22,331
Current portion - operating leases	3,214	3,457
Current portion - long-term debt	86,682	63,000
Liabilities held-for-sale	43,783	34,413
Derivative instruments		1,860
Other current liabilities	6,470	6,060
Total current liabilities	188,175	160,398
Long-term debt, net of current portion	139,339	180,795
Operating leases, net of current portion	20,675	21,171
Other liabilities	22,200	23,086
Total Liabilities	370,389	385,450
Commitments and Contingencies (Note 6)
Pacific Ethanol, Inc. Stockholders' Equity:
Common stock, $0.001 par value; 300,000 shares authorized; 55,891 and 55,508 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	56	56
Non-voting common stock, $0.001 par value; 3,553 shares authorized; 1 share issued and outstanding as of March 31, 2020 and December 31, 2019
Additional paid-in capital	943,453	942,307
Accumulated other comprehensive loss	(2,370)	(2,370)
Accumulated deficit	(745,629)	(720,214)
Total Pacific Ethanol, Inc. Stockholders' Equity	195,511	219,780
Noncontrolling interests	5,209	7,265
Total Stockholders' Equity	200,720	227,045
Total Liabilities and Stockholders' Equity	571,109	612,495
Series A Preferred Stock
Pacific Ethanol, Inc. Stockholders' Equity:
Preferred stock, value
Series B Preferred Stock
Pacific Ethanol, Inc. Stockholders' Equity:
Preferred stock, value	$ 1	$ 1
[1]	Amounts derived from the audited financial statements for the year ended December 31, 2019.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accounts receivable, net of allowance	$ 58	$ 39
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized	10,000	10,000
Common stock, par value (in dollars per shares)	$ 0.001	$ 0.001
Common stock, authorized	300,000	300,000
Common stock, issued	55,891	55,508
Common stock, outstanding	55,891	55,508
Series A Preferred Stock
Preferred stock, authorized	1,684	1,684
Preferred stock, issued
Preferred stock, outstanding
Series B Preferred Stock
Preferred stock, authorized	1,581	1,581
Preferred stock, issued	927	927
Preferred stock, outstanding	927	927
Liquidation preference	$ 18,710
Non-Voting Common Stock [Member]
Common stock, par value (in dollars per shares)	$ 0.001	$ 0.001
Common stock, authorized	3,553	3,553
Common stock, issued	1	1
Common stock, outstanding	1	1

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net sales	$ 311,404	$ 355,803
Cost of goods sold	324,294	358,092
Gross loss	(12,890)	(2,289)
Selling, general and administrative expenses	10,212	8,235
Loss from operations	(23,102)	(10,524)
Fair value adjustments	673
Interest expense, net	(5,307)	(4,736)
Other income, net	580	1,099
Loss before benefit for income taxes	(27,156)	(14,161)
Benefit for income taxes
Consolidated net loss	(27,156)	(14,161)
Net loss attributed to noncontrolling interests	2,056	1,271
Net loss attributed to Pacific Ethanol, Inc.	(25,100)	(12,890)
Preferred stock dividends	(315)	(312)
Net loss available to common stockholders	$ (25,415)	$ (13,202)
Net loss per share, basic and diluted	$ (0.47)	$ (0.29)
Weighted-average shares outstanding, basic and diluted	53,828	45,517

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020		Mar. 31, 2019
Operating Activities:
Consolidated net loss	$ (27,156)		$ (14,161)
Adjustments to reconcile consolidated net loss to net cash provided by operating activities:
Depreciation	9,759		12,126
Amortization (accretion) of debt discount (premium)	(57)		178
Non-cash compensation	865		800
Amortization of deferred financing fees	305		135
Fair value adjustments	(673)
Inventory valuation	4,223
Interest added to debt	133
Loss on derivatives			86
Bad debt expense	19		26
Changes in operating assets and liabilities:
Accounts receivable	22,024		(9,970)
Inventories	10,845		(4,911)
Prepaid expenses and other assets	(339)		5,117
Prepaid inventory	(181)		(2,050)
Operating leases	(2,348)		(2,676)
Assets held-for-sale	1,624
Liabilities held-for-sale	9,370
Accounts payable and accrued liabilities	(1,512)		273
Net cash provided by (used in) operating activities	26,901		(15,027)
Investing Activities:
Additions to property and equipment	(1,245)		(1,112)
Net cash used in investing activities	(1,245)		(1,112)
Financing Activities:
Net proceeds (payments) from Kinergy's line of credit	(18,156)		13,153
Proceeds from issuance of common stock	282		3,670
Principal payments on borrowings			(5,248)
Preferred stock dividends paid			(312)
Net cash provided by (used in) financing activities	(17,874)		11,263
Net increase (decrease) in cash and cash equivalents	7,782		(4,876)
Cash and cash equivalents at beginning of period	18,997	[1]	26,627
Cash and cash equivalents at end of period	26,779		21,751
Supplemental Information:
Interest paid	1,968		4,260
Accrued preferred stock dividends	315
Initial right of use assets and liabilities recorded under ASC 842			$ 43,753
[1]	Amounts derived from the audited financial statements for the year ended December 31, 2019.

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accum. Other Comprehensive Income (Loss)	Non-Controlling Interests	Total
Balance at Beginning at Dec. 31, 2018	$ 1	$ 46	$ 932,179	$ (630,000)	$ (2,459)	$ 19,598	$ 319,365
Balance at Beginning (in shares) at Dec. 31, 2018	927	45,771
Stock-based compensation expense - restricted stock issued to employees and directors, net of cancellations and tax			797				797
Stock-based compensation expense - restricted stock issued to employees and directors, net of cancellations and tax (in shares)		(24)
Issuances of common stock		$ 3	3,667				3,670
Issuances of common stock (in shares)		3,137
Preferred stock dividends				(312)			(312)
Net loss				(12,890)		(1,271)	(14,161)
Balance at End at Mar. 31, 2019	$ 1	$ 49	936,643	(643,202)	(2,459)	18,327	309,359
Balance at End (in shares) at Mar. 31, 2019	927	48,884
Balance at Beginning at Dec. 31, 2019	$ 1	$ 56	942,307	(720,214)	(2,370)	7,265	227,045	[1]
Balance at Beginning (in shares) at Dec. 31, 2019	927	55,508
Stock-based compensation expense - restricted stock issued to employees and directors, net of cancellations and tax		$ (4)	868				864
Stock-based compensation expense - restricted stock issued to employees and directors, net of cancellations and tax (in shares)		(38)
Issuances of common stock		$ 4	278				282
Issuances of common stock (in shares)		421
Preferred stock dividends				(315)			(315)
Net loss				(25,100)		(2,056)	(27,156)
Balance at End at Mar. 31, 2020	$ 1	$ 56	$ 943,453	$ (745,629)	$ (2,370)	$ 5,209	$ 200,720
Balance at End (in shares) at Mar. 31, 2020	927	55,891
[1]	Amounts derived from the audited financial statements for the year ended December 31, 2019.

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION.	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION.	1. ORGANIZATION AND BASIS OF PRESENTATION. Organization and Business The Company is a leading producer and marketer of low-carbon renewable fuels in the United States. The Company's four ethanol plants in California, Oregon and Idaho (together with their respective holding companies, the "Pacific Ethanol West Plants") are located in close proximity to both feed and ethanol customers and thus enjoy unique advantages in efficiency, logistics and product pricing. The Company's ethanol plants in Illinois and Nebraska (together with their respective holding companies, the "Pacific Ethanol Central Plants") are located in the heart of the Corn Belt, benefit from low-cost and abundant feedstock production and allow for access to many additional domestic markets. In addition, the Company's ability to load unit trains from these facilities in the Midwest allows for greater access to international markets. On April 15, 2020, the Company sold its interests in the Nebraska facilities. Following the Company's sale of its interest in Pacific Aurora, the Company has a combined production capacity of 450 million gallons per year, markets, on an annualized basis, nearly 1.0 billion gallons of ethanol and specialty alcohols, based on historical volumes, and produces, on an annualized basis, nearly 3.0 million tons of co-products on a dry matter basis, such as wet and dry distillers grains, wet and dry corn gluten feed, condensed distillers solubles, corn gluten meal, corn germ, dried yeast and CO 2 As of March 31, 2020, the Company was operating at approximately 40% of production capacity. As market conditions change, the Company may increase, decrease or idle production at one or more operating facilities or resume operations at any idled facility. Basis of Presentation – Interim Financial Statements Liquidity The Company, as previously agreed with its lenders, has presented and continues to negotiate a comprehensive plan to restructure its assets and liabilities. The Company has appointed a chief restructuring officer to facilitate the development of such a plan and to assist in the Company's present strategic initiatives. The Company expects the negotiated plan will include additional assets sales, soliciting new investments in the Company or its assets, further debt payment deferrals and reductions, cutting overhead expenses and other cash preserving initiatives. The Company intends that the plan will provide the means to maintain sufficient liquidity for the next twelve months. Accounts Receivable and Allowance for Doubtful Accounts 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 receivable are charged against the allowance for doubtful accounts once uncollectibility 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, resulting in an impairment of ability to make payments, additional allowances may be required. Of the accounts receivable balance, approximately $41,237,000 and $63,736,000 at March 31, 2020 and December 31, 2019, respectively, were used as collateral under Kinergy's operating line of credit. The allowance for doubtful accounts was $58,000 and $39,000 as of March 31, 2020 and December 31, 2019, respectively. The Company recorded a bad debt expense of $19,000 and $26,000 for the three months ended March 31, 2020 and 2019, respectively. The Company does not have any off-balance sheet credit exposure related to its customers. Financial Instruments Estimates and Assumptions

PACIFIC AURORA.

PACIFIC AURORA.	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
PACIFIC AURORA.	2. PACIFIC AURORA. On December 19, 2019, Pacific Ethanol Central, LLC ("PE Central") entered into a term sheet covering the proposed sale of its 73.93% ownership interest in Pacific Aurora to Aurora Cooperative Elevator Company ("ACEC") for $52.8 million, and as a result, the Company determined that as of December 31, 2019, the long-lived assets of Pacific Aurora should be classified as held-for-sale. The Company has the following assets and liabilities of Pacific Aurora that will be derecognized upon sale of PE Central's interest in Pacific Aurora and as to which the Company will no longer consolidate any portion of Pacific Aurora (in thousands): March 31, 2020 December 31, Cash and equivalents $ 50 $ 103 Inventories 1,328 2,079 Other current assets 314 341 Property and equipment 70,400 70,400 Other assets 12,548 13,341 Total Assets Held-for-Sale $ 84,640 $ 86,264 Accounts payable and accrued expenses $ 30,688 $ 20,711 Other current liabilities 5,380 5,497 Other noncurrent liabilities 7,715 8,205 Total Liabilities Held-for-Sale $ 43,783 $ 34,413 In addition to the above accounts, upon the sale, the Company will no longer have noncontrolling interests on its balance sheet and no longer record income (loss) of noncontrolling interests for the future periods. For the three months ended March 31, 2020 and 2019, Pacific Aurora contributed $39.6 million and $36.5 million in net sales, $7.9 million and $4.9 million in pre-tax loss, and $2.1 million and $1.3 million in net loss attributed to noncontrolling interests, respectively. On April 15, 2020, the Company closed the sale of its ownership interest in Pacific Aurora and preliminarily received total consideration of $52.8 million, subject to certain working capital adjustments, resulting in cash proceeds of $20.2 million and the balance of $16.5 million in long-term ACEC promissory notes. Approximately $14.5 million of the cash proceeds were used to pay principal on the Company's term debt.

SEGMENTS.

SEGMENTS.	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
SEGMENTS.	3. SEGMENTS. The Company reports its financial and operating performance in two segments: (1) ethanol production, which includes the production and sale of ethanol, specialty alcohols and co-products, with all of the Company's production facilities aggregated, and (2) marketing and distribution, which includes marketing and merchant trading for Company-produced ethanol, specialty alcohols and co-products and third-party ethanol. The following tables set forth certain financial data for the Company's operating segments (in thousands): Three Months Ended Net Sales 2020 2019 Production, recorded as gross: Ethanol/alcohol sales $ 186,696 $ 179,388 Co-product sales 68,802 68,806 Intersegment sales 594 364 Total production sales 256,092 248,558 Marketing and distribution: Ethanol/alcohol sales, gross $ 55,477 $ 107,154 Ethanol/alcohol sales, net 429 455 Intersegment sales 1,892 1,818 Total marketing and distribution sales 57,798 109,427 Intersegment eliminations (2,486 ) (2,182 ) Net sales as reported $ 311,404 $ 355,803 Cost of goods sold: Production $ 271,690 $ 258,594 Marketing and distribution 57,119 101,829 Intersegment eliminations (4,515 ) (2,331 ) Cost of goods sold, as reported $ 324,294 $ 358,092 Income (loss) before benefit for income taxes: Production $ (24,593 ) $ (17,566 ) Marketing and distribution 941 6,119 Corporate activities (3,504 ) (2,714 ) $ (27,156 ) $ (14,161 ) Depreciation and amortization: Production $ 9,614 $ 12,005 Corporate activities 99 121 $ 9,713 $ 12,126 Interest expense: Production $ 2,116 $ 1,706 Marketing and distribution 627 588 Corporate activities 2,564 2,442 $ 5,307 $ 4,736 The following table sets forth the Company's total assets by operating segment (in thousands): March 31, 2020 December 31, 2019 Total assets: Production $ 471,891 $ 492,060 Marketing and distribution 82,288 106,863 Corporate assets 16,930 13,572 $ 571,109 $ 612,495

INVENTORIES.

INVENTORIES.	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
INVENTORIES.	4. INVENTORIES. Inventories consisted primarily of bulk ethanol, specialty alcohols, corn, co-products, low-carbon and Renewable Identification Number ("RIN") credits and unleaded fuel, and are valued at the lower-of-cost-or-net realizable value, with cost determined on a first-in, first-out basis. Inventory is net of a $5,514,000 and $1,290,000 valuation adjustment as of March 31, 2020 and December 31, 2019, respectively. Inventory balances consisted of the following (in thousands): March 31, 2020 December 31, 2019 Finished goods $ 29,892 $ 38,194 Work in progress 3,509 7,426 Raw materials 6,457 7,890 Low-carbon and RIN credits 4,274 5,690 Other 1,400 1,400 Total $ 45,532 $ 60,600

DEBT.

DEBT.	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
DEBT.	5. DEBT. Long-term borrowings are summarized as follows (in thousands): March 31, 2020 December 31, 2019 Kinergy line of credit $ 60,182 $ 78,338 Pekin term loan 39,500 39,500 Pekin revolving loan 32,000 32,000 ICP term loan 12,000 12,000 ICP revolving loan 18,000 18,000 Parent notes payable 65,782 65,649 227,464 245,487 Less unamortized debt premium 404 461 Less unamortized debt financing costs (1,847 ) (2,153 ) Less short-term portion (86,682 ) (63,000 ) Long-term debt $ 139,339 $ 180,795 PE Pekin Credit Facilities ICP Credit Facilities CARES Act Loans Restrictions

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES.	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES.	6. COMMITMENTS AND CONTINGENCIES. Sales Commitments Purchase Commitments Litigation – General

PENSION PLANS.

PENSION PLANS.	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
PENSION PLANS	7. PENSION PLANS. The Company sponsors a defined benefit pension plan (the "Retirement Plan") and a health care and life insurance plan (the "Postretirement Plan"). The Company assumed the Retirement Plan and the Postretirement Plan as part of its acquisition of PE Central on July 1, 2015. The Retirement Plan is noncontributory, and covers only "grandfathered" unionized employees at the Company's Pekin, Illinois facility who fulfill minimum age and service requirements. Benefits are based on a prescribed formula based upon the employee's years of service. The Retirement Plan, which is part of a collective bargaining agreement, covers only union employees hired prior to November 1, 2010. The Company uses a December 31 measurement date for its Retirement Plan. The Company's funding policy is to make the minimum annual contribution required by applicable regulations. As of December 31, 2019, the Retirement Plan's accumulated projected benefit obligation was $21.6 million, with a fair value of plan assets of $15.7 million. The underfunded amount of $5.9 million is recorded on the Company's consolidated balance sheet in other liabilities. For the three months ended March 31, 2020, the Retirement Plan's net periodic expense was $48,000, comprised of $173,000 in interest cost and $101,000 in service cost, partially offset by $226,000 of expected return on plan assets. For the three months ended March 31, 2019, the Retirement Plan's net periodic expense was $94,000, comprised of $190,000 in interest cost and $94,000 in service cost, partially offset by $190,000 of expected return on plan assets. The Postretirement Plan provides postretirement medical benefits and life insurance to certain "grandfathered" unionized employees. Employees hired after December 31, 2000 are not eligible to participate in the Postretirement Plan. The Postretirement Plan is contributory, with contributions required at the same rate as active employees. Benefit eligibility under the plan reduces at age 65 from a defined benefit to a defined dollar cap based upon years of service. As of December 31, 2019, the Postretirement Plan's accumulated projected benefit obligation was $5.3 million and is recorded on the Company's consolidated balance sheet in other liabilities. The Company's funding policy is to make the minimum annual contribution required by applicable regulations. For the three months ended March 31, 2020, the Postretirement Plan's net periodic expense was $59,000, comprised of $38,000 of interest cost, $14,000 of service cost and $7,000 of amortization expense. For the three months ended March 31, 2019, the Postretirement Plan's net periodic expense was $102,000, comprised of $55,000 of interest cost, $17,000 of service cost and $30,000 of amortization expense.

FAIR VALUE MEASUREMENTS.

FAIR VALUE MEASUREMENTS.	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS.	8. FAIR VALUE MEASUREMENTS. The fair value hierarchy prioritizes the inputs used in valuation techniques into three levels, as follows: ● Level 1 – Observable inputs – unadjusted quoted prices in active markets for identical assets and liabilities; ● Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data; and ● Level 3 – Unobservable inputs – includes amounts derived from valuation models where one or more significant inputs are unobservable. For fair value measurements using significant unobservable inputs, a description of the inputs and the information used to develop the inputs is required along with a reconciliation of Level 3 values from the prior reporting period. Pooled separate accounts Warrants Significant assumptions used and related fair value for the warrants as of March 31, 2020 were as follows: Original Issuance Exercise Price Volatility Risk Free Interest Rate Term (years) Warrants Outstanding Fair Value 12/22/19 $ 1.00 106.0 % 0.21 % 2.75 5,500,000 $ 304,000 Significant assumptions used and related fair value for the warrants as of December 31, 2019 were as follows: Original Issuance Exercise Price Volatility Risk Free Interest Rate Term (years) Warrants Outstanding Fair Value 12/22/19 $ 1.00 76.0 % 1.66 % 3.00 5,500,000 $ 977,000 The fair values of the warrants are based on unobservable inputs and are designated as Level 3 inputs. Other Derivative Instruments The following table summarizes recurring and nonrecurring fair value measurements by level at March 31, 2020 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets: Long-lived assets held-for-sale $ 70,400 $ — $ — $ 70,400 $ 70,400 $ — $ — $ 70,400 Liabilities: Warrants $ (304 ) $ — $ — $ (304 ) $ (304 ) $ — $ — $ (304 ) The following table summarizes recurring and nonrecurring fair value measurements by level at December 31, 2019 (in thousands): Benefit Plan Percentage Fair Value Level 1 Level 2 Level 3 Allocation Assets: D erivative financial instruments $ 2,438 $ 2,438 $ — $ — Long-lived assets held-for-sale 70,400 — — 70,400 Defined benefit plan assets(1) (pooled separate accounts): Large U.S. Equity(2) 4,654 — 4,654 — 30 % Small/Mid U.S. Equity(3) 2,348 — 2,348 — 15 % International Equity(4) 2,596 — 2,596 — 17 % Fixed Income(5) 6,056 — 6,056 — 38 % $ 88,492 $ 2,438 $ 15,654 $ 70,400 Liabilities: Derivative financial instruments $ (1,860 ) $ (1,860 ) $ — $ — Warrants (977 ) — — (977 ) $ (2,837 ) $ (1,860 ) $ — $ (977 ) (1) Included in derivative instruments in the consolidated balance sheets. (2) This category includes investments in funds comprised of equity securities of large U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (3) This category includes investments in funds comprised of equity securities of small- and medium-sized U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (4) This category includes investments in funds comprised of equity securities of foreign companies including emerging markets. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (5) This category includes investments in funds comprised of U.S. and foreign investment-grade fixed income securities, high-yield fixed income securities that are rated below investment-grade, U.S. treasury securities, mortgage-backed securities, and other asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

EARNINGS PER SHARE.

EARNINGS PER SHARE.	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE.	9. EARNINGS PER SHARE. The following tables compute basic and diluted earnings per share (in thousands, except per share data): Three Months Ended March 31, 2020 Loss Shares Denominator Per-Share Amount Net loss attributed to Pacific Ethanol, Inc. $ (25,100 ) Less: Preferred stock dividends (315 ) Basic and diluted loss per share: Net loss available to common stockholders $ (25,415 ) 53,828 $ (0.47 ) Three Months Ended March 31, 2019 Loss Shares Denominator Per-Share Amount Net loss attributed to Pacific Ethanol, Inc. $ (12,890 ) Less: Preferred stock dividends (312 ) Basic and diluted loss per share: Net loss available to common stockholders $ (13,202 ) 45,517 $ (0.29 ) There were an aggregate of 635,000 potentially dilutive weighted-average shares from convertible securities outstanding for the three months ended March 31, 2020 and 2019. These convertible securities were not considered in calculating diluted net loss per share for the three months ended March 31, 2020 and 2019, as their effect would have been anti-dilutive.

PARENT COMPANY FINANCIALS.

PARENT COMPANY FINANCIALS.	3 Months Ended
	Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract]
PARENT COMPANY FINANCIALS.	10. PARENT COMPANY FINANCIALS. Restricted Net Assets Parent company financial statements for the periods covered in this report are set forth below (in thousands): March 31, December 31, ASSETS 2020 2019 Current Assets: Cash and cash equivalents $ 9,721 $ 4,985 Receivables from subsidiaries 12,934 13,057 Other current assets 2,336 2,349 Total current assets 24,991 20,391 Property and equipment, net 235 269 Other Assets: Investments in subsidiaries 195,597 218,464 Pacific Ethanol West plant receivable 49,937 55,750 Right of use operating lease assets, net 3,187 3,253 Other assets 1,451 1,452 Total other assets 250,172 278,919 Total Assets $ 275,398 $ 299,579 Current Liabilities: Accounts payable and accrued liabilities $ 4,721 $ 5,907 Accrued PE Op Co. purchase 3,829 3,829 Current portion of long-term debt 10,000 10,000 Other current liabilities 3,128 659 Total current liabilities 21,678 20,395 Long-term debt, net of current portion 54,931 56,110 Other liabilities 3,278 3,294 Total Liabilities 79,887 79,799 Stockholders' Equity: Preferred stock 1 1 Common and non-voting common stock 56 56 Additional paid-in capital 943,453 942,307 Accumulated other comprehensive loss (2,370 ) (2,370 ) Accumulated deficit (745,629 ) (720,214 ) Total Pacific Ethanol, Inc. stockholders' equity 195,511 219,780 Total Liabilities and Stockholders' Equity $ 275,398 $ 299,579 Three Months Ended 2020 2019 Management fees from subsidiaries $ 3,253 $ 3,330 Selling, general and administrative expenses 5,377 4,729 Loss from operations (2,124 ) (1,399 ) Fair value adjustments 673 — Interest income 1,042 1,159 Interest expense (2,640 ) (2,456 ) Loss before benefit for income taxes (3,049 ) (2,696 ) Benefit for income taxes — — Loss before equity in losses of subsidiaries (3,049 ) (2,696 ) Equity in losses of subsidiaries (22,051 ) (10,194 ) Consolidated net loss $ (25,100 ) $ (12,890 ) For the Three Months Ended March 31, 2020 2019 Operating Activities: Net loss $ (25,100 ) $ (12,890 ) Adjustments to reconcile net loss to cash used in operating activities: E quity in losses of subsidiaries 22,051 10,194 Fair value adjustments (673 ) — Depreciation 33 75 Amortization (accretion) of debt discount (premium) (57 ) 178 Changes in operating assets and liabilities: Receivables from subsidiaries 123 1,778 Other assets 29 (264 ) Accounts payable and accrued expenses — 45 Accounts payable with subsidiaries 2,235 797 Net cash used in operating activities $ (1,359 ) $ (87 ) Investing Activities: Additions to property and equipment $ — $ — Net cash used in investing activities $ — $ — Financing Activities: Proceeds from issuances of common stock $ 282 $ 3,670 Proceeds from plant receivable 5,813 — Payments on senior notes — (3,748 ) Preferred stock dividend payments — (312 ) Net cash provided by (used in) financing activities $ 6,095 $ (390 ) Net increase (decrease) in cash and cash equivalents 4,736 (477 ) Cash and cash equivalents at beginning of period 4,985 6,759 Cash and cash equivalents at end of period $ 9,721 $ 6,282

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION. (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business The Company is a leading producer and marketer of low-carbon renewable fuels in the United States. The Company's four ethanol plants in California, Oregon and Idaho (together with their respective holding companies, the "Pacific Ethanol West Plants") are located in close proximity to both feed and ethanol customers and thus enjoy unique advantages in efficiency, logistics and product pricing. The Company's ethanol plants in Illinois and Nebraska (together with their respective holding companies, the "Pacific Ethanol Central Plants") are located in the heart of the Corn Belt, benefit from low-cost and abundant feedstock production and allow for access to many additional domestic markets. In addition, the Company's ability to load unit trains from these facilities in the Midwest allows for greater access to international markets. On April 15, 2020, the Company sold its interests in the Nebraska facilities. Following the Company's sale of its interest in Pacific Aurora, the Company has a combined production capacity of 450 million gallons per year, markets, on an annualized basis, nearly 1.0 billion gallons of ethanol and specialty alcohols, and produces, on an annualized basis, over 3.0 million tons of co-products on a dry matter basis, such as wet and dry distillers grains, wet and dry corn gluten feed, condensed distillers solubles, corn gluten meal, corn germ, dried yeast and CO 2 As of March 31, 2020, the Company was operating at approximately 40% of production capacity. As market conditions change, the Company may increase, decrease or idle production at one or more operating facilities or resume operations at any idled facility.
Basis of Presentation-Interim Financial Statements	Basis of Presentation – Interim Financial Statements
Liquidity	Liquidity The Company, as previously agreed with its lenders, has presented and continues to negotiate a comprehensive plan to restructure its assets and liabilities. The Company has appointed a chief restructuring officer to facilitate the development of such a plan and to assist in the Company's present strategic initiatives. The Company expects the negotiated plan will include additional assets sales, soliciting new investments in the Company or its assets, further debt payment deferrals and reductions, cutting overhead expenses and other cash preserving initiatives. The Company intends that the plan will provide the means to maintain sufficient liquidity for the next twelve months.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts 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 receivable are charged against the allowance for doubtful accounts once uncollectibility 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, resulting in an impairment of ability to make payments, additional allowances may be required. Of the accounts receivable balance, approximately $41,237,000 and $63,736,000 at March 31, 2020 and December 31, 2019, respectively, were used as collateral under Kinergy's operating line of credit. The allowance for doubtful accounts was $58,000 and $39,000 as of March 31, 2020 and December 31, 2019, respectively. The Company recorded a bad debt expense of $19,000 and $26,000 for the three months ended March 31, 2020 and 2019, respectively. The Company does not have any off-balance sheet credit exposure related to its customers.
Financial Instruments	Financial Instruments
Employment-related Financial Instruments	Employment-related Financial Instruments
Estimates and Assumptions	Estimates and Assumptions

PACIFIC AURORA. (Tables)

PACIFIC AURORA. (Tables)	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Schedule of assets and liabilities of Pacific Aurora	March 31, 2020 December 31, Cash and equivalents $ 50 $ 103 Inventories 1,328 2,079 Other current assets 314 341 Property and equipment 70,400 70,400 Other assets 12,548 13,341 Total Assets Held-for-Sale $ 84,640 $ 86,264 Accounts payable and accrued expenses $ 30,688 $ 20,711 Other current liabilities 5,380 5,497 Other noncurrent liabilities 7,715 8,205 Total Liabilities Held-for-Sale $ 43,783 $ 34,413

SEGMENTS. (Tables)

SEGMENTS. (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of financial data for operating segments	Three Months Ended Net Sales 2020 2019 Production, recorded as gross: Ethanol/alcohol sales $ 186,696 $ 179,388 Co-product sales 68,802 68,806 Intersegment sales 594 364 Total production sales 256,092 248,558 Marketing and distribution: Ethanol/alcohol sales, gross $ 55,477 $ 107,154 Ethanol/alcohol sales, net 429 455 Intersegment sales 1,892 1,818 Total marketing and distribution sales 57,798 109,427 Intersegment eliminations (2,486 ) (2,182 ) Net sales as reported $ 311,404 $ 355,803 Cost of goods sold: Production $ 271,690 $ 258,594 Marketing and distribution 57,119 101,829 Intersegment eliminations (4,515 ) (2,331 ) Cost of goods sold, as reported $ 324,294 $ 358,092 Income (loss) before benefit for income taxes: Production $ (24,593 ) $ (17,566 ) Marketing and distribution 941 6,119 Corporate activities (3,504 ) (2,714 ) $ (27,156 ) $ (14,161 ) Depreciation and amortization: Production $ 9,614 $ 12,005 Corporate activities 99 121 $ 9,713 $ 12,126 Interest expense: Production $ 2,116 $ 1,706 Marketing and distribution 627 588 Corporate activities 2,564 2,442 $ 5,307 $ 4,736
Schedule of assets by operating segments	March 31, 2020 December 31, 2019 Total assets: Production $ 471,891 $ 492,060 Marketing and distribution 82,288 106,863 Corporate assets 16,930 13,572 $ 571,109 $ 612,495

INVENTORIES. (Tables)

INVENTORIES. (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Schedule of inventories	March 31, 2020 December 31, 2019 Finished goods $ 29,892 $ 38,194 Work in progress 3,509 7,426 Raw materials 6,457 7,890 Low-carbon and RIN credits 4,274 5,690 Other 1,400 1,400 Total $ 45,532 $ 60,600

DEBT. (Tables)

DEBT. (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of long term debt	March 31, 2020 December 31, 2019 Kinergy line of credit $ 60,182 $ 78,338 Pekin term loan 39,500 39,500 Pekin revolving loan 32,000 32,000 ICP term loan 12,000 12,000 ICP revolving loan 18,000 18,000 Parent notes payable 65,782 65,649 227,464 245,487 Less unamortized debt premium 404 461 Less unamortized debt financing costs (1,847 ) (2,153 ) Less short-term portion (86,682 ) (63,000 ) Long-term debt $ 139,339 $ 180,795

FAIR VALUE MEASUREMENTS. (Table

FAIR VALUE MEASUREMENTS. (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of used and related fair value for the warrants	Original Issuance Exercise Price Volatility Risk Free Interest Rate Term (years) Warrants Outstanding Fair Value 12/22/19 $ 1.00 106.0 % 0.21 % 2.75 5,500,000 $ 304,000 Original Issuance Exercise Price Volatility Risk Free Interest Rate Term (years) Warrants Outstanding Fair Value 12/22/19 $ 1.00 76.0 % 1.66 % 3.00 5,500,000 $ 977,000
Schedule of recurring and nonrecurring fair value measurements	Fair Value Level 1 Level 2 Level 3 Assets: Long-lived assets held-for-sale $ 70,400 $ — $ — $ 70,400 $ 70,400 $ — $ — $ 70,400 Liabilities: Warrants $ (304 ) $ — $ — $ (304 ) $ (304 ) $ — $ — $ (304 ) Benefit Plan Percentage Fair Value Level 1 Level 2 Level 3 Allocation Assets: D erivative financial instruments $ 2,438 $ 2,438 $ — $ — Long-lived assets held-for-sale 70,400 — — 70,400 Defined benefit plan assets(1) (pooled separate accounts): Large U.S. Equity(2) 4,654 — 4,654 — 30 % Small/Mid U.S. Equity(3) 2,348 — 2,348 — 15 % International Equity(4) 2,596 — 2,596 — 17 % Fixed Income(5) 6,056 — 6,056 — 38 % $ 88,492 $ 2,438 $ 15,654 $ 70,400 Liabilities: Derivative financial instruments $ (1,860 ) $ (1,860 ) $ — $ — Warrants (977 ) — — (977 ) $ (2,837 ) $ (1,860 ) $ — $ (977 ) (1) Included in derivative instruments in the consolidated balance sheets. (2) This category includes investments in funds comprised of equity securities of large U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (3) This category includes investments in funds comprised of equity securities of small- and medium-sized U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (4) This category includes investments in funds comprised of equity securities of foreign companies including emerging markets. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (5) This category includes investments in funds comprised of U.S. and foreign investment-grade fixed income securities, high-yield fixed income securities that are rated below investment-grade, U.S. treasury securities, mortgage-backed securities, and other asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

EARNINGS PER SHARE. (Tables)

EARNINGS PER SHARE. (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per share	Three Months Ended March 31, 2020 Loss Shares Denominator Per-Share Amount Net loss attributed to Pacific Ethanol, Inc. $ (25,100 ) Less: Preferred stock dividends (315 ) Basic and diluted loss per share: Net loss available to common stockholders $ (25,415 ) 53,828 $ (0.47 ) Three Months Ended March 31, 2019 Loss Shares Denominator Per-Share Amount Net loss attributed to Pacific Ethanol, Inc. $ (12,890 ) Less: Preferred stock dividends (312 ) Basic and diluted loss per share: Net loss available to common stockholders $ (13,202 ) 45,517 $ (0.29 )

PARENT COMPANY FINANCIALS. (Tab

PARENT COMPANY FINANCIALS. (Tables)	3 Months Ended
	Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Schedule of balance sheets - parent company	March 31, December 31, ASSETS 2020 2019 Current Assets: Cash and cash equivalents $ 9,721 $ 4,985 Receivables from subsidiaries 12,934 13,057 Other current assets 2,336 2,349 Total current assets 24,991 20,391 Property and equipment, net 235 269 Other Assets: Investments in subsidiaries 195,597 218,464 Pacific Ethanol West plant receivable 49,937 55,750 Right of use operating lease assets, net 3,187 3,253 Other assets 1,451 1,452 Total other assets 250,172 278,919 Total Assets $ 275,398 $ 299,579 Current Liabilities: Accounts payable and accrued liabilities $ 4,721 $ 5,907 Accrued PE Op Co. purchase 3,829 3,829 Current portion of long-term debt 10,000 10,000 Other current liabilities 3,128 659 Total current liabilities 21,678 20,395 Long-term debt, net of current portion 54,931 56,110 Other liabilities 3,278 3,294 Total Liabilities 79,887 79,799 Stockholders' Equity: Preferred stock 1 1 Common and non-voting common stock 56 56 Additional paid-in capital 943,453 942,307 Accumulated other comprehensive loss (2,370 ) (2,370 ) Accumulated deficit (745,629 ) (720,214 ) Total Pacific Ethanol, Inc. stockholders' equity 195,511 219,780 Total Liabilities and Stockholders' Equity $ 275,398 $ 299,579
Schedule of statement of operations parent company	Three Months Ended March 31, 2020 2019 Management fees from subsidiaries $ 3,253 $ 3,330 Selling, general and administrative expenses 5,377 4,729 Loss from operations (2,124 ) (1,399 ) Fair value adjustments 673 — Interest income 1,042 1,159 Interest expense (2,640 ) (2,456 ) Loss before benefit for income taxes (3,049 ) (2,696 ) Benefit for income taxes — — Loss before equity in losses of subsidiaries (3,049 ) (2,696 ) Equity in losses of subsidiaries (22,051 ) (10,194 ) Consolidated net loss $ (25,100 ) $ (12,890 )
Schedule of statement of cash flows parent company	For the Three Months Ended March 31, 2020 2019 Operating Activities: Net loss $ (25,100 ) $ (12,890 ) Adjustments to reconcile net loss to cash used in operating activities: E quity in losses of subsidiaries 22,051 10,194 Fair value adjustments (673 ) — Depreciation 33 75 Amortization (accretion) of debt discount (premium) (57 ) 178 Changes in operating assets and liabilities: Receivables from subsidiaries 123 1,778 Other assets 29 (264 ) Accounts payable and accrued expenses — 45 Accounts payable with subsidiaries 2,235 797 Net cash used in operating activities $ (1,359 ) $ (87 ) Investing Activities: Additions to property and equipment $ — $ — Net cash used in investing activities $ — $ — Financing Activities: Proceeds from issuances of common stock $ 282 $ 3,670 Proceeds from plant receivable 5,813 — Payments on senior notes — (3,748 ) Preferred stock dividend payments — (312 ) Net cash provided by (used in) financing activities $ 6,095 $ (390 ) Net increase (decrease) in cash and cash equivalents 4,736 (477 ) Cash and cash equivalents at beginning of period 4,985 6,759 Cash and cash equivalents at end of period $ 9,721 $ 6,282

ORGANIZATION AND BASIS OF PRE_3

ORGANIZATION AND BASIS OF PRESENTATION. (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Number	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ethanol production capacity per year	605 million gallons per year
Ethanol market capacity per year	Markets nearly 1.0 billion gallons of ethanol
Other products produced per year	Produces, on an annualized basis, over 3.0 million tons of co-products
Accounts receivable used as collateral	$ 41,237		$ 63,736
Allowance for doubtful accounts	58		$ 39
Bad debt expense	$ 19	$ 26
Number of ethanol plants | Number	9
Operating production capacity	40.00%

PACIFIC AURORA. (Details)

PACIFIC AURORA. (Details) - Pacific Aurora [Member] - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Cash and equivalents	$ 50	$ 103
Inventories	1,328	2,079
Other current assets	314	341
Property and equipment	70,400	70,400
Other assets	12,548	13,341
Total Assets Held-for-Sale	84,640	86,264
Accounts payable and accrued expenses	30,688	20,711
Other current liabilities	5,380	5,497
Other noncurrent liabilities	7,715	8,205
Total Liabilities Held-for-Sale	$ 43,783	$ 34,413

PACIFIC AURORA. (Details Narrat

PACIFIC AURORA. (Details Narrative) - USD ($) $ in Thousands	Apr. 15, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 19, 2019
Net sale		$ 311,404	$ 355,803
Pre-tax loss		7,782	(4,876)
Net loss attributed to noncontrolling interests		$ (27,156)	$ (14,161)
PE Central [Member]
Equity interest owned				73.93%
Equity ownership interest				$ 52,800
Pacific Aurora [Member] | Subsequent Event [Member] | Aurora Cooperative Elevator Company [Member]
Total consideration	$ 52,800
Cash proceeds	20,200
Promissory notes	16,500
Principal debt payments	$ 14,500

SEGMENTS. (Details)

SEGMENTS. (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net Sales	$ 311,404	$ 355,803
Cost of goods sold	324,294	358,092
Income (loss) before benefit for income taxes:	(27,156)	(14,161)
Depreciation and amortization	9,713	12,126
Interest expense	5,307	4,736
Intersegment eliminations [Member]
Net Sales	(2,486)	(2,182)
Cost of goods sold	(4,515)	(2,331)
Ethanol Production [Member]
Net Sales	256,092	248,558
Cost of goods sold	271,690	258,594
Income (loss) before benefit for income taxes:	(24,593)	(17,566)
Depreciation and amortization	9,614	12,005
Interest expense	2,116	1,706
Ethanol Production [Member] | Ethanol/alcohol sales [Member]
Net Sales	186,696	179,388
Ethanol Production [Member] | Co-product sales [Member]
Net Sales	68,802	68,806
Ethanol Production [Member] | Intersegment sales [Member]
Net Sales	594	364
Marketing and distribution [Member]
Net Sales	57,798	109,427
Cost of goods sold	57,119	101,829
Income (loss) before benefit for income taxes:	941	6,119
Interest expense	627	588
Marketing and distribution [Member] | Intersegment sales [Member]
Net Sales	1,892	1,818
Marketing and distribution [Member] | Ethanol/alcohol sales, gross [Member]
Net Sales	55,477	107,154
Marketing and distribution [Member] | Ethanol/alcohol sales, net [Member]
Net Sales	429	455
Corporate activities [Member]
Income (loss) before benefit for income taxes:	(3,504)	(2,714)
Depreciation and amortization	99	121
Interest expense	$ 2,564	$ 2,442

SEGMENTS. (Details 1)

SEGMENTS. (Details 1) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Total Assets	$ 571,109	$ 612,495	[1]
Production [Member]
Total Assets	471,891	492,060
Marketing and distribution [Member]
Total Assets	82,288	106,863
Corporate assets [Member]
Total Assets	$ 16,930	$ 13,572
[1]	Amounts derived from the audited financial statements for the year ended December 31, 2019.

SEGMENTS. (Details Narrative)

SEGMENTS. (Details Narrative)	3 Months Ended
	Mar. 31, 2020Number
Segment Reporting [Abstract]
Number of operating segments	2

INVENTORIES. (Details)

INVENTORIES. (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 29,892	$ 38,194
Work in progress	3,509	7,426
Raw materials	6,457	7,890
Low-carbon and RIN credits	4,274	5,690
Other	1,400	1,400
Total	$ 45,532	$ 60,600	[1]
[1]	Amounts derived from the audited financial statements for the year ended December 31, 2019.

INVENTORIES. (Details Narrative

INVENTORIES. (Details Narrative) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventory, net of valuation adjustments	$ 5,514	$ 1,290

DEBT. (Details)

DEBT. (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Long-term borrowings are summarized as follows
Total debt	$ 227,464	$ 245,487
Less unamortized debt premium	404	461
Less unamortized debt financing costs	(1,847)	(2,153)
Less short-term portion	(86,682)	(63,000)	[1]
Long-term debt	139,339	180,795	[1]
ICP term loan [Member] | Illinois Corn Processing, LLC [Member]
Long-term borrowings are summarized as follows
Term debt	12,000	12,000
Parent Notes Payable [Member]
Long-term borrowings are summarized as follows
Notes payable	65,782	65,649
ICP revolving loan [Member] | Illinois Corn Processing, LLC [Member]
Long-term borrowings are summarized as follows
Term debt	18,000	18,000
Kinergy line of credit [Member] | Pekin term loan [Member]
Long-term borrowings are summarized as follows
Line of credit	60,182	78,338
Pacific Ethanol Pekin, Inc [Member] | ICP term loan [Member]
Long-term borrowings are summarized as follows
Term debt	39,500	39,500
Pacific Ethanol Pekin, Inc [Member] | ICP revolving loan [Member]
Long-term borrowings are summarized as follows
Term debt	$ 32,000	$ 32,000
[1]	Amounts derived from the audited financial statements for the year ended December 31, 2019.

DEBT (Details Narrative)

DEBT (Details Narrative) - USD ($) $ in Thousands	May 04, 2020	Mar. 20, 2020	Mar. 31, 2020	Dec. 31, 2019	[1]
Pekin Credit Facilities, description	Pacific Ethanol, Inc. and PE Pekin received loan proceeds from Bank of America, NA under the recently enacted Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), through the Paycheck Protection Program administered by the U.S. Small Business Administration. Pacific Ethanol, Inc. received $6.0 million and PE Pekin received $3.9 million in loan proceeds. The loans mature in two years and bear interest at a rate of 1.00% per annum.	Pekin and its lender agreed to defer $1.0 million in aggregate interest payments due March 20, 2020 and April 20, 2020 until May 20, 2020. On that same date, the Company granted to the lender a security interest in all of the Company's equity interests in PE Op Co., which indirectly owns the Company's plants located on the West Coast. The Company and certain subsidiaries also entered into intercreditor agreements with the Pekin and ICP lenders, and the agent for the Company's senior secured noteholders, to address issues of priority and the allocation of proceeds from asset sales. On April 15, 2020, as part of the Company's close of its sale of its interests in Pacific Aurora, the Company paid approximately $11.6 million in principal payments on the Pekin term debt.
ICP Credit Facilities, description		ICP and its lender agreed to defer a $1.5 million principal payment due March 20, 2020 and $0.3 million in aggregate interest payments due March 20, 2020 and April 20, 2020 until May 20, 2020. On that same date, the Company granted to the lender a security interest in all of the Company's equity interests in PE Op Co. The Company and certain of its subsidiaries also entered into intercreditor agreements with the Pekin and ICP lenders, and the agent for the Company's senior secured noteholders, to address issues of priority and the allocation of proceeds from asset sales. On April 15, 2020, as part of the Company's close of its sale of its interests in Pacific Aurora, the Company paid approximately $2.9 million in principal payments on the ICP term debt.
Net assets			$ 571,109	$ 612,495
Pacific Ethanol Pekin, Inc [Member] | Line of Credit [Member]
Net assets			$ 174,900
[1]	Amounts derived from the audited financial statements for the year ended December 31, 2019.

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES. (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Purchase Contracts [Member]
Commitments and Contingencies (Textual)
Indexed-price purchase contracts	23,295,000 gallons
Fixed-price purchase contracts value	$ 9,089
Purchase Contracts [Member] | Suppliers [Member]
Commitments and Contingencies (Textual)
Fixed-price purchase contracts value	$ 11,541
Co-product Sales Contracts [Member]
Commitments and Contingencies (Textual)
Open ethanol indexed-price sales contracts	220,000 tons
Open fixed-price sales contracts valued	$ 16,607
Ethanol Sales Contracts [Member]
Commitments and Contingencies (Textual)
Open fixed-price sales contracts valued	$ 90,554
Indexed-price purchase contracts	174,527,000 gallons

PENSION PLANS. (Details)

PENSION PLANS. (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Postretirement Plan [Member]
Pension Plans (Textual)
Accumulated projected benefit obligation			$ 5,300
Net periodic expense	$ 59,000	$ 102,000
Interest cost	38,000	55,000
Service cost	14,000	17,000
Amortization expense	7,000	30,000
Retirement Plan [Member]
Pension Plans (Textual)
Accumulated projected benefit obligation			21,600
Fair value of plan assets			15,700
Underfunded amount			$ 5,900
Net periodic expense	48,000	94,000
Interest cost	173,000	190,000
Service cost	101,000	94,000
Expected return on plan assets	$ 226,000	$ 190,000

FAIR VALUE MEASUREMENTS. (Detai

FAIR VALUE MEASUREMENTS. (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)Numbershares	Dec. 31, 2019USD ($)Numbershares
Original Issuance	Dec. 22, 2019	Dec. 22, 2019
Term (years)	2 years 9 months	3 years
Warrants Outstanding | shares	5,500,000	5,500,000
Fair Value | $	$ 304,000	$ 977,000
Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input	1	1
Measurement Input, Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	106	76
Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0.21	1.66

FAIR VALUE MEASUREMENTS. (Det_2

FAIR VALUE MEASUREMENTS. (Details 1) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Assets:
Assets		$ 70,400	$ 88,492
Liabilities:
Liabilities		(304)	(2,837)
Warrants [Member]
Liabilities:
Liabilities		(304)	(977)
Level 1 [Member]
Assets:
Assets			2,438
Liabilities:
Liabilities			(1,860)
Level 1 [Member] | Warrants [Member]
Liabilities:
Liabilities
Level 2 [Member]
Assets:
Assets			15,654
Liabilities:
Liabilities
Level 2 [Member] | Warrants [Member]
Liabilities:
Liabilities
Level 3 [Member]
Assets:
Assets		70,400	70,400
Liabilities:
Liabilities		(304)	(977)
Level 3 [Member] | Warrants [Member]
Liabilities:
Liabilities		(304)	(977)
Derivative financial instruments [Member]
Assets:
Assets			2,438
Liabilities:
Liabilities			(1,860)
Derivative financial instruments [Member] | Level 1 [Member]
Assets:
Assets			2,438
Liabilities:
Liabilities			(1,860)
Derivative financial instruments [Member] | Level 2 [Member]
Assets:
Assets
Liabilities:
Liabilities
Derivative financial instruments [Member] | Level 3 [Member]
Assets:
Assets
Liabilities:
Liabilities
Long-lived assets held-for-sale [Member]
Assets:
Assets		70,400	70,400
Long-lived assets held-for-sale [Member] | Level 1 [Member]
Assets:
Assets
Long-lived assets held-for-sale [Member] | Level 2 [Member]
Assets:
Assets
Long-lived assets held-for-sale [Member] | Level 3 [Member]
Assets:
Assets			70,400
Defined Benefit Plan Assets Large U.S. Equity [Member]
Assets:
Assets	[1],[2]		$ 4,654
Benefit plan allocation percentage	[1],[2]		30.00%
Defined Benefit Plan Assets Large U.S. Equity [Member] | Level 1 [Member]
Assets:
Assets	[1],[2]
Defined Benefit Plan Assets Large U.S. Equity [Member] | Level 2 [Member]
Assets:
Assets	[1],[2]		4,654
Defined Benefit Plan Assets Large U.S. Equity [Member] | Level 3 [Member]
Assets:
Assets	[1],[2]
Defined Benefit Plan Assets Small/Mid U.S. Equity [Member]
Assets:
Assets	[1],[3]		$ 2,348
Benefit plan allocation percentage	[1],[3]		15.00%
Defined Benefit Plan Assets Small/Mid U.S. Equity [Member] | Level 1 [Member]
Assets:
Assets	[1],[3]
Defined Benefit Plan Assets Small/Mid U.S. Equity [Member] | Level 2 [Member]
Assets:
Assets	[1],[3]		2,348
Defined Benefit Plan Assets Small/Mid U.S. Equity [Member] | Level 3 [Member]
Assets:
Assets	[1],[3]
Defined Benefit Plan Assets International Equity [Member]
Assets:
Assets	[1],[4]		$ 2,596
Benefit plan allocation percentage	[1],[4]		17.00%
Defined Benefit Plan Assets International Equity [Member] | Level 1 [Member]
Assets:
Assets	[1],[4]
Defined Benefit Plan Assets International Equity [Member] | Level 2 [Member]
Assets:
Assets	[1],[4]		2,596
Defined Benefit Plan Assets International Equity [Member] | Level 3 [Member]
Assets:
Assets	[1],[4]
Defined Benefit Plan Assets Fixed Income [Member]
Assets:
Assets	[1],[5]		$ 6,056
Benefit plan allocation percentage	[1],[5]		38.00%
Defined Benefit Plan Assets Fixed Income [Member] | Level 1 [Member]
Assets:
Assets	[1],[5]
Defined Benefit Plan Assets Fixed Income [Member] | Level 2 [Member]
Assets:
Assets	[1],[5]		6,056
Defined Benefit Plan Assets Fixed Income [Member] | Level 3 [Member]
Assets:
Assets	[1],[5]
[1]	Included in derivative instruments in the consolidated balance sheets.
[2]	This category includes investments in funds comprised of equity securities of large U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.
[3]	This category includes investments in funds comprised of equity securities of small- and medium-sized U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.
[4]	This category includes investments in funds comprised of equity securities of foreign companies including emerging markets. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.
[5]	This category includes investments in funds comprised of U.S. and foreign investment-grade fixed income securities, high-yield fixed income securities that are rated below investment-grade, U.S. treasury securities, mortgage-backed securities, and other asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

EARNINGS PER SHARE. (Details)

EARNINGS PER SHARE. (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Loss Numerator
Net loss attributed to Pacific Ethanol, Inc.	$ (25,100)	$ (12,890)
Less: Preferred stock dividends	(315)	(312)
Basic and diluted loss per share:
Loss available to common stockholders	$ (25,415)	$ (13,202)
Shares Denominator
Shares available to common stockholders - basic and diluted	53,828	45,517
Per-Share Amount
Per-Share amount - basic and diluted	$ (0.47)	$ (0.29)

EARNINGS PER SHARE. (Details Na

EARNINGS PER SHARE. (Details Narrative) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share (Textual)
Potentially dilutive shares from convertible securities outstanding	635,000	635,000

PARENT COMPANY FINANCIALS. (Det

PARENT COMPANY FINANCIALS. (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019		Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 26,779	$ 18,997	[1]	$ 21,751	$ 26,627
Other current assets	4,873	4,430	[1]
Total current assets	199,297	232,064	[1]
Property and equipment, net	324,814	332,526	[1]
Other Assets:
Right of use operating lease assets, net	23,543	24,346	[1]
Other assets	4,277	4,381	[1]
Total Assets	571,109	612,495	[1]
Current Liabilities:
Current portion of long-term debt	86,682	63,000	[1]
Total current liabilities	188,175	160,398	[1]
Other liabilities	6,470	6,060	[1]
Total Liabilities	370,389	385,450	[1]
Stockholders' Equity:
Common and non-voting common stock	56	56	[1]
Additional paid-in capital	943,453	942,307	[1]
Accumulated other comprehensive loss	(2,370)	(2,370)	[1]
Accumulated deficit	(745,629)	(720,214)	[1]
Total Pacific Ethanol, Inc. stockholders' equity	195,511	219,780	[1]
Total Liabilities and Stockholders' Equity	571,109	612,495	[1]
Parent Company [Member]
Current Assets:
Cash and cash equivalents	9,721	4,985		$ 6,282	$ 6,759
Receivables from subsidiaries	12,934	13,057
Other current assets	2,336	2,349
Total current assets	24,991	20,391
Property and equipment, net	235	269
Other Assets:
Investments in subsidiaries	195,597	218,464
Pacific Ethanol West plant receivable	49,937	55,750
Right of use operating lease assets, net	3,187	3,253
Other assets	1,451	1,452
Total other assets	250,172	278,919
Total Assets	275,398	299,579
Current Liabilities:
Accounts payable and accrued liabilities	4,721	5,907
Accrued PE Op Co. purchase	3,829	3,829
Current portion of long-term debt	10,000	10,000
Other current liabilities	3,128	659
Total current liabilities	21,678	20,395
Long-term debt, net of current portion	54,931	56,110
Other liabilities	3,278	3,294
Total Liabilities	79,887	79,799
Stockholders' Equity:
Preferred stock	1	1
Common and non-voting common stock	56	56
Additional paid-in capital	943,453	942,307
Accumulated other comprehensive loss	(2,370)	(2,370)
Accumulated deficit	(745,629)	(720,214)
Total Pacific Ethanol, Inc. stockholders' equity	195,511	219,780
Total Liabilities and Stockholders' Equity	$ 275,398	$ 299,579
[1]	Amounts derived from the audited financial statements for the year ended December 31, 2019.

PARENT COMPANY FINANCIALS. (D_2

PARENT COMPANY FINANCIALS. (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Selling, general and administrative expenses	$ 10,212	$ 8,235
Loss from operations	(23,102)	(10,524)
Fair value adjustments	673
Interest expense	(5,307)	(4,736)
Loss before benefit for income taxes	(27,156)	(14,161)
Benefit for income taxes
Consolidated net loss	(27,156)	(14,161)
Parent Company [Member]
Management fees from subsidiaries	3,253	3,330
Selling, general and administrative expenses	5,377	4,729
Loss from operations	(2,124)	(1,399)
Fair value adjustments	673
Interest income	1,042	1,159
Interest expense	(2,640)	(2,456)
Loss before benefit for income taxes	(3,049)	(2,696)
Benefit for income taxes
Loss before equity in losses of subsidiaries	(3,049)	(2,696)
Equity in losses of subsidiaries	(22,051)	(10,194)
Consolidated net loss	$ (25,100)	$ (12,890)

PARENT COMPANY FINANCIALS. (D_3

PARENT COMPANY FINANCIALS. (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020		Mar. 31, 2019
Operating Activities:
Net loss	$ (25,100)		$ (12,890)
Adjustments to reconcile net loss to cash used in operating activities:
Amortization (accretion) of debt discount (premium)	(57)		178
Changes in operating assets and liabilities:
Receivables from subsidiaries	22,024		(9,970)
Accounts payable and accrued expenses	(1,512)		273
Net cash used in operating activities	26,901		(15,027)
Investing Activities:
Additions to property and equipment	(1,245)		(1,112)
Net cash used in investing activities	(1,245)		(1,112)
Financing Activities:
Proceeds from issuances of common stock	282		3,670
Net cash provided by (used in) financing activities	(17,874)		11,263
Net increase (decrease) in cash and cash equivalents	7,782		(4,876)
Cash and cash equivalents at beginning of period	18,997	[1]	26,627
Cash and cash equivalents at end of period	26,779		21,751
Parent Company [Member]
Operating Activities:
Net loss	(25,100)		(12,890)
Adjustments to reconcile net loss to cash used in operating activities:
Equity in losses of subsidiaries	22,051		10,194
Fair value adjustments	(673)
Depreciation	33		75
Amortization (accretion) of debt discount (premium)	(57)		178
Changes in operating assets and liabilities:
Receivables from subsidiaries	123		1,778
Other assets	29		(264)
Accounts payable and accrued expenses			45
Accounts payable with subsidiaries	2,235		797
Net cash used in operating activities	(1,359)		(87)
Investing Activities:
Additions to property and equipment
Net cash used in investing activities
Financing Activities:
Proceeds from issuances of common stock	282		3,670
Proceeds from plant receivable	5,813
Payments on senior notes			(3,748)
Preferred stock dividend payments			(312)
Net cash provided by (used in) financing activities	6,095		(390)
Net increase (decrease) in cash and cash equivalents	4,736		(477)
Cash and cash equivalents at beginning of period	4,985		6,759
Cash and cash equivalents at end of period	$ 9,721		$ 6,282
[1]	Amounts derived from the audited financial statements for the year ended December 31, 2019.

PARENT COMPANY FINANCIALS. (D_4

PARENT COMPANY FINANCIALS. (Details Narrative) $ in Thousands	Mar. 31, 2020USD ($)
Parent Company Financials (Textual)
Net asset	$ 174,900