Alto Ingredients (ALTO) 10-Q 13 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 12, 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	Jun. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
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		56,985,217
Entity File Number	000-21467
Entity Incorporation, State or Country Code	DE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	[1]
Current Assets:
Cash and cash equivalents	$ 29,783	$ 18,997
Accounts receivable, net (net of allowance for doubtful accounts of $16 and $39, respectively)	48,871	74,307
Inventories	46,326	60,600
Prepaid inventory	3,180	1,528
Assets held-for-sale		69,764
Derivative instruments		2,438
Other current assets	3,630	4,430
Total current assets	131,790	232,064
Property and equipment, net	317,950	332,526
Other Assets:
Right of use operating lease assets, net	22,625	24,346
Notes receivable	16,500
Assets held-for-sale		16,500
Intangible assets	2,678	2,678
Other assets	5,586	4,381
Total other assets	47,389	47,905
Total Assets	497,129	612,495
Current Liabilities:
Accounts payable - trade	27,721	29,277
Accrued liabilities	13,628	22,331
Current portion - operating leases	2,898	3,457
Current portion - long-term debt	96,000	63,000
Liabilities held-for-sale		34,413
Derivative instruments		1,860
Other current liabilities	6,707	6,060
Total current liabilities	146,954	160,398
Long-term debt, net of current portion	95,888	180,795
Operating leases, net of current portion	20,164	21,171
Other liabilities	23,382	23,086
Total Liabilities	286,388	385,450
Commitments and Contingencies (Note 6)
Pacific Ethanol, Inc. Stockholders' Equity:
Common stock, $0.001 par value; 300,000 shares authorized; 55,482 and 55,508 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	55	56
Non-voting common stock, $0.001 par value; 3,553 shares authorized; 1 share issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
Additional paid-in capital	944,035	942,307
Accumulated other comprehensive loss	(2,370)	(2,370)
Accumulated deficit	(730,980)	(720,214)
Total Pacific Ethanol, Inc. Stockholders' Equity	210,741	219,780
Noncontrolling interests		7,265
Total Stockholders' Equity	210,741	227,045
Total Liabilities and Stockholders' Equity	497,129	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 consolidated financial statements for the year ended December 31, 2019.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounts receivable, net of allowance	$ 16	$ 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	55,482	55,508
Common stock, outstanding	55,482	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	$ 19,025
Non-Voting Common Stock
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Net sales	$ 212,074	$ 346,301	$ 523,478	$ 702,104
Cost of goods sold	180,892	342,330	505,186	700,422
Gross profit	31,182	3,971	18,292	1,682
Selling, general and administrative expenses	8,629	6,708	18,841	14,943
Income (loss) from operations	22,553	(2,737)	(549)	(13,261)
Interest expense, net	(4,647)	(5,115)	(9,954)	(9,851)
Fair value adjustments	(1,314)		(641)
Other income (expense), net	(1,738)	(438)	(1,158)	661
Income (loss) before benefit for income taxes	14,854	(8,290)	(12,302)	(22,451)
Benefit for income taxes
Consolidated net income (loss)	14,854	(8,290)	(12,302)	(22,451)
Net loss attributed to noncontrolling interests	110	644	2,166	1,915
Net income (loss) attributed to Pacific Ethanol, Inc.	14,964	(7,646)	(10,136)	(20,536)
Preferred stock dividends	(315)	(315)	(630)	(627)
Net income (loss) available to common stockholders	$ 14,649	$ (7,961)	$ (10,766)	$ (21,163)
Net income (loss) per share, basic and diluted	$ 0.27	$ (0.17)	$ (0.2)	$ (0.45)
Weighted-average shares outstanding, basic and diluted	54,498	47,771	54,163	46,651

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020		Jun. 30, 2019
Operating Activities:
Consolidated net (loss)	$ (12,302)		$ (22,451)
Adjustments to reconcile consolidated net loss to net cash provided by (used in) operating activities:
Depreciation and amortization of intangibles	18,806		23,915
Amortization of deferred financing fees	497		629
Fair value adjustments	641
Interest added to debt	133
Non-cash compensation	1,441		1,518
(Gain) loss on derivative instruments			(4,885)
Bad debt expense	1		27
Changes in operating assets and liabilities:
Accounts receivable	25,435		913
Inventories	14,274		(19,670)
Prepaid expenses and other assets	(403)		7,994
Prepaid inventory	(1,652)		(172)
Operating leases	(2,348)		(5,169)
Assets held-for-sale	1,012
Liabilities held-for-sale	9,345
Accounts payable and accrued expenses	(9,225)		(8,403)
Net cash provided by (used in) operating activities	45,655		(25,754)
Investing Activities:
Proceeds from PAL Sale	19,896
Additions to property and equipment	(2,510)		(1,536)
Net cash provided by (used in) investing activities	17,386		(1,536)
Financing Activities:
Net (payments on) proceeds from Kinergy's line of credit	(36,897)		20,881
Proceeds from issuance of common stock	282		3,670
Proceeds from borrowings	9,860
Principal payments on borrowings	(25,500)		(6,748)
Preferred stock dividends paid			(627)
Net cash (used in) provided by financing activities	(52,255)		17,176
Net change in cash and cash equivalents	10,786		(10,114)
Cash and cash equivalents at beginning of period	18,997	[1]	26,627
Cash and cash equivalents at end of period	29,783		16,513
Supplemental Information:
Interest paid	9,733		9,088
Accrued preferred stock dividends	630
Initial right of use assets and liabilities recorded under ASC 842			$ 43,753
[1]	Amounts derived from the audited consolidated 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, 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
Preferred stock dividends							(627)
Net loss							(22,451)
Balance at End at Jun. 30, 2019	$ 1	$ 50	937,208	(651,163)	(2,459)	17,683	301,320
Balance at End (in shares) at Jun. 30, 2019	927	49,838
Balance at Beginning at Mar. 31, 2019	$ 1	$ 49	936,643	(643,202)	(2,459)	18,327	309,359
Balance at Beginning (in shares) at Mar. 31, 2019	927	48,884
Stock-based compensation expense - restricted stock issued to employees and directors, net of cancellations and tax		$ 1	565				566
Stock-based compensation expense - restricted stock issued to employees and directors, net of cancellations and tax (in shares)		954
Preferred stock dividends				(315)			(315)
Net loss				(7,646)		(644)	(8,290)
Balance at End at Jun. 30, 2019	$ 1	$ 50	937,208	(651,163)	(2,459)	17,683	301,320
Balance at End (in shares) at Jun. 30, 2019	927	49,838
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
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
Preferred stock dividends							(630)
Net loss							(12,302)
Balance at End at Jun. 30, 2020	$ 1	$ 55	944,035	(730,980)	(2,370)		210,741
Balance at End (in shares) at Jun. 30, 2020	927	55,482
Balance at Beginning at Mar. 31, 2020	$ 1	$ 56	943,453	(745,629)	(2,370)	5,209	200,720
Balance at Beginning (in shares) at Mar. 31, 2020	927	55,891
Stock-based compensation expense - restricted stock issued to employees and directors, net of cancellations and tax		$ (1)	582				581
Stock-based compensation expense - restricted stock issued to employees and directors, net of cancellations and tax (in shares)		(409)
Preferred stock dividends				(315)			(315)
Sale of interests in PAL						(5,099)	(5,099)
Net loss				14,964		(110)	14,854
Balance at End at Jun. 30, 2020	$ 1	$ 55	$ 944,035	$ (730,980)	$ (2,370)		$ 210,741
Balance at End (in shares) at Jun. 30, 2020	927	55,482
[1]	Amounts derived from the audited consolidated financial statements for the year ended December 31, 2019.

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION.	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION.	1. ORGANIZATION Organization and Business The Company is a leading producer and marketer of high quality alcohol products and low-carbon renewable fuels in the United States. The Company's 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. 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. 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 combined of high quality alcohol and ethanol, 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 June 30, 2020, the Company was operating at approximately 50% of its 450 million gallon annual 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 At June 30, 2020, the Company had $29.8 million in cash and $10.0 million available under Kinergy's operating line of credit. During the first half of 2020, the Company generated $45.7 million in cash from its operations and realized $19.9 million in net cash proceeds from the sale of its interest in Pacific Aurora. These positive cash flows have allowed the Company to make net payments totaling $52.3 million on its debt. Further, subsequent to June 30, 2020, the Company made an additional $9.2 million in payments on its term debt. 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 current strategic initiatives. The Company expects the negotiated plan may include additional assets sales, soliciting new investments in its assets, further debt payments and further reductions to overhead expenses. The Company believes that as of the date of this report, it is in compliance with all debt covenants contained in its credit facilities, except the Company's obligation to obtain lender approval of a comprehensive plan to restructure its assets and liabilities with respect to its Pekin and ICP lenders. The Company has appointed a chief restructuring officer to facilitate the development of such a plan and has presented and continues to negotiate the plan with its lenders. As a result, the Company is not in compliance with its obligations to its lenders, which could result in their acceleration of the Company's debt. Although the Company does not expect such an outcome, especially in light of its financial performance and debt prepayments during the second quarter and thereafter, the Company does not have sufficient liquidity or capital resources to immediately repay its debt if accelerated. Even though the Company doesn't believe acceleration is probable, it has classified its related debt as current on the Company's consolidated balance sheets. Given the above noted projected cash flows from operations and debt repayments, the Company believes it has alleviated substantial doubt about its ability to continue as a going concern. Therefore, the Company believes it has sufficient liquidity to meet its anticipated working capital, debt service and other liquidity needs 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 $40,772,000 and $63,736,000 at June 30, 2020 and December 31, 2019, respectively, were used as collateral under Kinergy's operating line of credit. The allowance for doubtful accounts was $16,000 and $39,000 as of June 30, 2020 and December 31, 2019, respectively. The Company recorded a bad debt recovery of $18,000 and a bad debt expense of $1,000 for the three months ended June 30, 2020 and 2019, respectively. The Company recorded a bad debt expense of $1,000 and $27,000 for the six months ended June 30, 2020 and 2019, respectively. Financial Instruments Estimates and Assumptions

PACIFIC AURORA.

PACIFIC AURORA.	6 Months Ended
	Jun. 30, 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. 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 working capital adjustments of approximately $35.3 million, resulting in cash proceeds of $19.9 million and the balance of $16.5 million in long-term ACEC promissory notes, resulting in a net loss on sale of approximately $1.4 million, recorded as other income (expense) in the Company's consolidated statements of operations. Approximately $14.5 million of the cash proceeds were used to repay a portion of the Company's term debt. The Company received two promissory notes in the amounts of $8.6 million and $7.9 million as part consideration for the sale, both maturing on April 15, 2025. The $8.6 million note accrues interest at an annual rate of 5.00%. Interest payments are due quarterly beginning July 1, 2020 and principal payments of $0.4 million are due quarterly beginning July 1, 2021. The $7.9 million note accrues interest at an annual rate of 4.50%. Interest payments are due quarterly beginning July 1, 2020 and principal payments of $0.4 million are due quarterly beginning January 3, 2022. In addition, upon the sale, the Company no longer has noncontrolling interests on its balance sheet and no longer records income (loss) of noncontrolling interests for future periods. For the three months ended June 30, 2020 and 2019, Pacific Aurora contributed less than $0.1 million and $45.4 million in net sales, $0.5 million and $2.5 million in pre-tax loss, and $0.1 million and $0.6 million in net loss attributed to noncontrolling interests, respectively. For the six months ended June 30, 2020 and 2019, Pacific Aurora contributed $39.6 million and $81.9 million in net sales, $8.4 million and $7.4 million in pre-tax loss, and $2.2 million and $1.9 million in net loss attributed to noncontrolling interests, respectively.

SEGMENTS.

SEGMENTS.	6 Months Ended
	Jun. 30, 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 high quality alcohol, ethanol 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 high quality alcohol, ethanol 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 Six Months Ended 2020 2019 2020 2019 Net Sales Production, recorded as gross: Ethanol/alcohol sales $ 105,321 $ 194,394 $ 289,989 $ 373,783 Co-product sales 35,328 64,679 104,129 133,485 Intersegment sales 503 421 1,097 784 Total production sales 141,152 259,494 395,215 508,052 Marketing and distribution: Ethanol/alcohol sales, gross $ 71,118 $ 86,754 $ 128,624 $ 193,908 Ethanol/alcohol sales, net 307 474 736 928 Intersegment sales 893 1,942 2,785 3,760 Total marketing and distribution sales 72,318 89,170 132,145 198,596 Intersegment eliminations (1,396 ) (2,363 ) (3,882 ) (4,544 ) Net sales as reported $ 212,074 $ 346,301 $ 523,478 $ 702,104 Cost of goods sold: Production $ 113,196 $ 257,187 $ 382,857 $ 515,782 Marketing and distribution 69,092 87,741 126,211 189,569 Intersegment eliminations (1,396 ) (2,598 ) (3,882 ) (4,929 ) Cost of goods sold as reported $ 180,892 $ 342,330 $ 505,186 $ 700,422 Income (loss) before benefit for income taxes: Production $ 17,811 $ (7,117 ) $ (7,219 ) $ (24,683 ) Marketing and distribution 1,664 (129 ) 2,605 5,989 Corporate activities (4,621 ) (1,044 ) (7,688 ) (3,757 ) $ 14,854 $ (8,290 ) $ (12,302 ) $ (22,451 ) Depreciation and amortization: Production $ 9,034 $ 10,199 $ 18,540 $ 23,557 Corporate activities 79 113 266 358 $ 9,113 $ 10,312 $ 18,806 $ 23,915 Interest expense: Production $ 1,623 $ 2,048 $ 3,739 $ 3,755 Marketing and distribution 313 774 940 1,362 Corporate activities 2,711 2,293 5,275 4,734 $ 4,647 $ 5,115 $ 9,954 $ 9,851 The following table sets forth the Company's total assets by operating segment (in thousands): June 30, December 31, Total assets: Production $ 397,331 $ 492,060 Marketing and distribution 82,868 106,863 Corporate assets 16,930 13,572 $ 497,129 $ 612,495

INVENTORIES.

INVENTORIES.	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
INVENTORIES.	4. INVENTORIES. Inventories consisted primarily of bulk high quality alcohol, ethanol, 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 $0 and $1,290,000 valuation adjustment as of June 30, 2020 and December 31, 2019, respectively. Inventory balances consisted of the following (in thousands): June 30, December 31, Finished goods $ 28,810 $ 38,194 Work in progress 3,018 7,426 Raw materials 6,655 7,890 Low-carbon and RIN credits 6,443 5,690 Other 1,400 1,400 Total $ 46,326 $ 60,600

DEBT.

DEBT.	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
DEBT.	5. DEBT. Long-term borrowings are summarized as follows (in thousands): June 30, December 31, Kinergy line of credit $ 41,441 $ 78,338 Pekin term loan 26,000 39,500 Pekin revolving loan 32,000 32,000 ICP term loan — 12,000 ICP revolving loan 18,000 18,000 CARES Act loans 9,860 — Parent notes payable 65,782 65,649 193,083 245,487 Less unamortized debt premium 346 461 Less unamortized debt financing costs (1,541 ) (2,153 ) Less short-term portion (96,000 ) (63,000 ) Long-term debt $ 95,888 $ 180,795 PE Pekin Credit Facilities ICP Credit Facilities CARES Act Loans Restrictions

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES.	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES.	6. COMMITMENTS AND CONTINGENCIES. Sales Commitments Purchase Commitments Litigation – General

PENSION AND RETIREMENT BENEFIT

PENSION AND RETIREMENT BENEFIT PLANS.	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
PENSION AND RETIREMENT BENEFIT PLANS.	7. PENSION AND RETIREMENT BENEFIT 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. 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.

FAIR VALUE MEASUREMENTS.

FAIR VALUE MEASUREMENTS.	6 Months Ended
	Jun. 30, 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 June 30, 2020 were as follows: Original Issuance Exercise Volatility Risk Free Term Warrants Fair 12/22/19 $ 1.00 122.0 % 0.16 % 2.50 5,500,000 $ 1,618,100 Significant assumptions used and related fair value for the warrants as of December 31, 2019 were as follows: Original Issuance Exercise Volatility Risk Free Term Warrants Fair 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 June 30, 2020 (in thousands): Fair Value Level 1 Level 2 Level 3 Liabilities: Warrants $ (1,618 ) $ — $ — $ (1,618 ) $ (1,618 ) $ — $ — $ (1,618 ) The following table summarizes recurring and nonrecurring fair value measurements by level at December 31, 2019 (in thousands): Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative 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.	6 Months Ended
	Jun. 30, 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 June 30, 2020 Income Shares Per-Share Net income attributed to Pacific Ethanol, Inc. $ 14,964 Less: Preferred stock dividends (315 ) Basic and diluted loss per share: Income available to common stockholders $ 14,649 54,498 $ 0.27 Three Months Ended June 30, 2019 Loss Shares Per-Share Net loss attributed to Pacific Ethanol, Inc. $ (7,646 ) Less: Preferred stock dividends (315 ) Basic and diluted loss per share: Loss available to common stockholders $ (7,961 ) 47,771 $ (0.17 ) Six Months Ended June 30, 2020 Loss Shares Per-Share Net loss attributed to Pacific Ethanol, Inc. $ (10,136 ) Less: Preferred stock dividends (630 ) Basic and diluted loss per share: Loss available to common stockholders $ (10,766 ) 54,163 $ (0.20 ) Six Months Ended June 30, 2019 Loss Shares Per-Share Net loss attributed to Pacific Ethanol, Inc. $ (20,536 ) Less: Preferred stock dividends (627 ) Basic and diluted loss per share: Loss available to common stockholders $ (21,163 ) 46,651 $ (0.45 )

PARENT COMPANY FINANCIALS.

PARENT COMPANY FINANCIALS.	6 Months Ended
	Jun. 30, 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): June 30, December 31, Current Assets: Cash and cash equivalents $ 8,687 $ 4,985 Receivables from subsidiaries 14,264 13,057 Other current assets 1,756 2,349 Total current assets 24,707 20,391 Property and equipment, net 202 269 Other Assets: Investments in subsidiaries 214,898 218,464 Pacific Ethanol West plant receivable 49,937 55,750 Right of use operating lease assets, net 3,121 3,253 Other assets 1,344 1,452 Total other assets 269,300 278,919 Total Assets $ 294,209 $ 299,579 Current Liabilities: Accounts payable and accrued liabilities $ 3,297 $ 5,907 Accrued PE Op Co. purchase 3,829 3,829 Current portion of long-term debt 20,000 10,000 Other current liabilities 678 659 Total current liabilities 27,804 20,395 Long-term debt, net of current portion 51,140 56,110 Other liabilities 4,524 3,294 Total Liabilities 83,468 79,799 Stockholders' Equity: Preferred stock 1 1 Common and non-voting common stock 55 56 Additional paid-in capital 944,035 942,307 Accumulated other comprehensive loss (2,370 ) (2,370 ) Accumulated deficit (730,980 ) (720,214 ) Total Pacific Ethanol, Inc. stockholders' equity 210,741 219,780 Total Liabilities and Stockholders' Equity $ 294,209 $ 299,579 Three Months Ended Six Months Ended 2020 2019 2020 2019 Management fees from subsidiaries $ 2,873 $ 3,000 $ 6,126 $ 6,330 Selling, general and administrative expenses 4,308 2,818 9,685 7,547 Income (loss) from operations (1,435 ) 182 (3,559 ) (1,217 ) Fair value adjustments (1,314 ) — (641 ) — Interest income 1,004 1,172 2,046 2,331 Interest expense (2,725 ) (2,307 ) (5,343 ) (4,762 ) Other expense (140 ) (83 ) (162 ) (84 ) Loss before benefit for income taxes (4,610 ) (1,036 ) (7,659 ) (3,732 ) Benefit for income taxes — — — — Loss before benefit for income taxes (4,610 ) (1,036 ) (7,659 ) (3,732 ) Equity in income (losses) of subsidiaries 19,574 (6,610 ) (2,477 ) (16,804 ) Consolidated net income (loss) $ 14,964 $ (7,646 ) $ (10,136 ) $ (20,536 ) For the Six Months Ended 2020 2019 Operating Activities: Net loss $ (10,136 ) $ (20,536 ) Adjustments to reconcile net loss to cash used in operating activities: Equity in losses of subsidiaries 2,477 16,804 Fair value adjustments (641 ) — Depreciation 67 142 Amortization of debt (premiums) discounts (115 ) 357 Changes in operating assets and liabilities: Accounts receivable (1,207 ) 1,871 Other assets 714 (281 ) Accounts payable and accrued expenses — 1,363 Accounts payable with subsidiaries 475 (600 ) Net cash used in operating activities $ (8,366 ) $ (880 ) Investing Activities: Additions to property and equipment $ — $ (11 ) Net cash used in investing activities $ — $ (11 ) Financing Activities: Proceeds from issuances of common stock $ 282 $ 3,670 Proceeds from plant receivables 5,813 — Proceeds from long-term debt 5,973 — Payments on senior notes — (3,748 ) Preferred stock dividend payments — (627 ) Net cash provided by (used in) financing activities $ 12,068 $ (705 ) Net change in cash and cash equivalents 3,702 (1,596 ) Cash and cash equivalents at beginning of period 4,985 6,759 Cash and cash equivalents at end of period $ 8,687 $ 5,163

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION. (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	1. ORGANIZATION Organization and Business The Company is a leading producer and marketer of high quality alcohol products and low-carbon renewable fuels in the United States. The Company's 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. 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. 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 combined of high quality alcohol and ethanol, 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 June 30, 2020, the Company was operating at approximately 50% of its 450 million gallon annual 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 At June 30, 2020, the Company had $29.8 million in cash and $10.0 million available under Kinergy's operating line of credit. During the first half of 2020, the Company generated $45.7 million in cash from its operations and realized $19.9 million in net cash proceeds from the sale of its interest in Pacific Aurora. These positive cash flows have allowed the Company to make net payments totaling $52.3 million on its debt. Further, subsequent to June 30, 2020, the Company made an additional $9.2 million in payments on its term debt. The Company believes that as of the date of this report, it is in compliance with all debt covenants contained in its credit facilities, except the Company's obligation to obtain lender approval of 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 has presented and continues to negotiate the plan with its lenders. As a result, the Company is not in compliance with its obligations to its lenders, which could result in their acceleration of the Company's debt. Although the Company does not expect such an outcome, especially in light of its financial performance and debt prepayments during the second quarter and thereafter, the Company does not have sufficient liquidity or capital resources to immediately repay our debt if accelerated. Even though the Company doesn't believe acceleration is probable, it has classified its related debt as current on the Company's consolidated balance sheets. Given the above noted projected cash flows from operations and debt repayments, the Company believes it has overcome any doubt about its ability to continue as a going concern. Therefore, the Company believes it has sufficient liquidity to meet its anticipated working capital, debt service and other liquidity needs 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 $40,772,000 and $63,736,000 at June 30, 2020 and December 31, 2019, respectively, were used as collateral under Kinergy's operating line of credit. The allowance for doubtful accounts was $16,000 and $39,000 as of June 30, 2020 and December 31, 2019, respectively. The Company recorded a bad debt recovery of $18,000 and a bad debt expense of $1,000 for the three months ended June 30, 2020 and 2019, respectively. The Company recorded a bad debt expense of $1,000 and $27,000 for the six months ended June 30, 2020 and 2019, respectively.
Financial Instruments	Financial Instruments
Estimates and Assumptions	Estimates and Assumptions

SEGMENTS. (Tables)

SEGMENTS. (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of financial data for operating segments	Three Months Ended Six Months Ended 2020 2019 2020 2019 Net Sales Production, recorded as gross: Ethanol/alcohol sales $ 105,321 $ 194,394 $ 289,989 $ 373,783 Co-product sales 35,328 64,679 104,129 133,485 Intersegment sales 503 421 1,097 784 Total production sales 141,152 259,494 395,215 508,052 Marketing and distribution: Ethanol/alcohol sales, gross $ 71,118 $ 86,754 $ 128,624 $ 193,908 Ethanol/alcohol sales, net 307 474 736 928 Intersegment sales 893 1,942 2,785 3,760 Total marketing and distribution sales 72,318 89,170 132,145 198,596 Intersegment eliminations (1,396 ) (2,363 ) (3,882 ) (4,544 ) Net sales as reported $ 212,074 $ 346,301 $ 523,478 $ 702,104 Cost of goods sold: Production $ 113,196 $ 257,187 $ 382,857 $ 515,782 Marketing and distribution 69,092 87,741 126,211 189,569 Intersegment eliminations (1,396 ) (2,598 ) (3,882 ) (4,929 ) Cost of goods sold as reported $ 180,892 $ 342,330 $ 505,186 $ 700,422 Income (loss) before benefit for income taxes: Production $ 17,811 $ (7,117 ) $ (7,219 ) $ (24,683 ) Marketing and distribution 1,664 (129 ) 2,605 5,989 Corporate activities (4,621 ) (1,044 ) (7,688 ) (3,757 ) $ 14,854 $ (8,290 ) $ (12,302 ) $ (22,451 ) Depreciation and amortization: Production $ 9,034 $ 10,199 $ 18,540 $ 23,557 Corporate activities 79 113 266 358 $ 9,113 $ 10,312 $ 18,806 $ 23,915 Interest expense: Production $ 1,623 $ 2,048 $ 3,739 $ 3,755 Marketing and distribution 313 774 940 1,362 Corporate activities 2,711 2,293 5,275 4,734 $ 4,647 $ 5,115 $ 9,954 $ 9,851
Schedule of assets by operating segments	June 30, December 31, Total assets: Production $ 397,331 $ 492,060 Marketing and distribution 82,868 106,863 Corporate assets 16,930 13,572 $ 497,129 $ 612,495

INVENTORIES. (Tables)

INVENTORIES. (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Schedule of inventories	June 30, December 31, 2019 Finished goods $ 28,810 $ 38,194 Work in progress 3,018 7,426 Raw materials 6,655 7,890 Low-carbon and RIN credits 6,443 5,690 Other 1,400 1,400 Total $ 46,326 $ 60,600

DEBT. (Tables)

DEBT. (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of long term debt	June 30, December 31, Kinergy line of credit $ 41,441 $ 78,338 Pekin term loan 26,000 39,500 Pekin revolving loan 32,000 32,000 ICP term loan — 12,000 ICP revolving loan 18,000 18,000 CARES Act loans 9,860 — Parent notes payable 65,782 65,649 193,083 245,487 Less unamortized debt premium 346 461 Less unamortized debt financing costs (1,541 ) (2,153 ) Less short-term portion (96,000 ) (63,000 ) Long-term debt $ 95,888 $ 180,795

FAIR VALUE MEASUREMENTS. (Table

FAIR VALUE MEASUREMENTS. (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of used and related fair value for the warrants	Original Issuance Exercise Volatility Risk Free Term Warrants Fair 12/22/19 $ 1.00 122.0 % 0.16 % 2.50 5,500,000 $ 1,618,100 Significant assumptions used and related fair value for the warrants as of December 31, 2019 were as follows: Original Issuance Exercise Volatility Risk Free Term Warrants Fair 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 Liabilities: Warrants $ (1,618 ) $ — $ — $ (1,618 ) $ (1,618 ) $ — $ — $ (1,618 ) Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative 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)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per share	Three Months Ended June 30, 2020 Income Shares Per-Share Net income attributed to Pacific Ethanol, Inc. $ 14,964 Less: Preferred stock dividends (315 ) Basic and diluted loss per share: Income available to common stockholders $ 14,649 54,498 $ 0.27 Three Months Ended June 30, 2019 Loss Shares Per-Share Net loss attributed to Pacific Ethanol, Inc. $ (7,646 ) Less: Preferred stock dividends (315 ) Basic and diluted loss per share: Loss available to common stockholders $ (7,961 ) 47,771 $ (0.17 ) Six Months Ended June 30, 2020 Loss Shares Per-Share Net loss attributed to Pacific Ethanol, Inc. $ (10,136 ) Less: Preferred stock dividends (630 ) Basic and diluted loss per share: Loss available to common stockholders $ (10,766 ) 54,163 $ (0.20 ) Six Months Ended June 30, 2019 Loss Shares Per-Share Net loss attributed to Pacific Ethanol, Inc. $ (20,536 ) Less: Preferred stock dividends (627 ) Basic and diluted loss per share: Loss available to common stockholders $ (21,163 ) 46,651 $ (0.45 )

PARENT COMPANY FINANCIALS. (Tab

PARENT COMPANY FINANCIALS. (Tables)	6 Months Ended
	Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract]
Schedule of balance sheets - parent company	June 30, December 31, Current Assets: Cash and cash equivalents $ 8,687 $ 4,985 Receivables from subsidiaries 14,264 13,057 Other current assets 1,756 2,349 Total current assets 24,707 20,391 Property and equipment, net 202 269 Other Assets: Investments in subsidiaries 214,898 218,464 Pacific Ethanol West plant receivable 49,937 55,750 Right of use operating lease assets, net 3,121 3,253 Other assets 1,344 1,452 Total other assets 269,300 278,919 Total Assets $ 294,209 $ 299,579 Current Liabilities: Accounts payable and accrued liabilities $ 3,297 $ 5,907 Accrued PE Op Co. purchase 3,829 3,829 Current portion of long-term debt 20,000 10,000 Other current liabilities 678 659 Total current liabilities 27,804 20,395 Long-term debt, net of current portion 51,140 56,110 Other liabilities 4,524 3,294 Total Liabilities 83,468 79,799 Stockholders' Equity: Preferred stock 1 1 Common and non-voting common stock 55 56 Additional paid-in capital 944,035 942,307 Accumulated other comprehensive loss (2,370 ) (2,370 ) Accumulated deficit (730,980 ) (720,214 ) Total Pacific Ethanol, Inc. stockholders' equity 210,741 219,780 Total Liabilities and Stockholders' Equity $ 294,209 $ 299,579
Schedule of statement of operations parent company	Three Months Ended Six Months Ended 2020 2019 2020 2019 Management fees from subsidiaries $ 2,873 $ 3,000 $ 6,126 $ 6,330 Selling, general and administrative expenses 4,308 2,818 9,685 7,547 Income (loss) from operations (1,435 ) 182 (3,559 ) (1,217 ) Fair value adjustments (1,314 ) — (641 ) — Interest income 1,004 1,172 2,046 2,331 Interest expense (2,725 ) (2,307 ) (5,343 ) (4,762 ) Other expense (140 ) (83 ) (162 ) (84 ) Loss before benefit for income taxes (4,610 ) (1,036 ) (7,659 ) (3,732 ) Benefit for income taxes — — — — Loss before benefit for income taxes (4,610 ) (1,036 ) (7,659 ) (3,732 ) Equity in income (losses) of subsidiaries 19,574 (6,610 ) (2,477 ) (16,804 ) Consolidated net income (loss) $ 14,964 $ (7,646 ) $ (10,136 ) $ (20,536 )
Schedule of statement of cash flows parent company	For the Six Months Ended 2020 2019 Operating Activities: Net loss $ (10,136 ) $ (20,536 ) Adjustments to reconcile net loss to cash used in operating activities: Equity in losses of subsidiaries 2,477 16,804 Fair value adjustments (641 ) — Depreciation 67 142 Amortization of debt (premiums) discounts (115 ) 357 Changes in operating assets and liabilities: Accounts receivable (1,207 ) 1,871 Other assets 714 (281 ) Accounts payable and accrued expenses — 1,363 Accounts payable with subsidiaries 475 (600 ) Net cash used in operating activities $ (8,366 ) $ (880 ) Investing Activities: Additions to property and equipment $ — $ (11 ) Net cash used in investing activities $ — $ (11 ) Financing Activities: Proceeds from issuances of common stock $ 282 $ 3,670 Proceeds from plant receivables 5,813 — Proceeds from long-term debt 5,973 — Payments on senior notes — (3,748 ) Preferred stock dividend payments — (627 ) Net cash provided by (used in) financing activities $ 12,068 $ (705 ) Net change in cash and cash equivalents 3,702 (1,596 ) Cash and cash equivalents at beginning of period 4,985 6,759 Cash and cash equivalents at end of period $ 8,687 $ 5,163

ORGANIZATION AND BASIS OF PRE_3

ORGANIZATION AND BASIS OF PRESENTATION. (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)Number	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)Number	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ethanol production capacity per year			450 million gallons per year
Ethanol market capacity per year			Markets, on an annualized basis, nearly 1.0 billion gallons of ethanol
Other products produced per year			Produces, on an annualized basis, nearly 3.0 million tons of co-products
Accounts receivable used as collateral	$ 40,772		$ 40,772		$ 63,736
Allowance for doubtful accounts	16		16		$ 39
Bad debt expense	$ 18	$ 1	$ 1	$ 27
Number of ethanol plants | Number	9		9
Operating production capacity			50.00%
Line of credit, Description			The Company had $29.8 million in cash and $10.0 million available under Kinergy's operating line of credit. During the first half of 2020, the Company generated $45.7 million in cash from its operations and realized $19.9 million in net cash proceeds from the sale of its interest in Pacific Aurora. These positive cash flows have allowed the Company to make net payments totaling $52.3 million on its debt. Further, subsequent to June 30, 2020, the Company made an additional $9.2 million in payments on its term debt.

PACIFIC AURORA. (Details)

PACIFIC AURORA. (Details) - USD ($) $ in Thousands	Apr. 15, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 19, 2019
Net sales		$ 212,074		$ 346,301		$ 523,478	$ 702,104
Pre-tax loss		500		2,500		8,400	7,400
Net loss		$ 14,854	$ (27,156)	$ (8,290)	$ (14,161)	$ (12,302)	$ (22,451)
Promissory notes, Description						The Company received two promissory notes in the amounts of $8.6 million and $7.9 million as part consideration for the sale, both maturing on April 15, 2025. The $8.6 million note accrues interest at an annual rate of 5.00%. Interest payments are due quarterly beginning July 1, 2020 and principal payments of $0.4 million are due quarterly beginning July 1, 2021. The $7.9 million note accrues interest at an annual rate of 4.50%. Interest payments are due quarterly beginning July 1, 2020 and principal payments of $0.4 million are due quarterly beginning January 3, 2022.
PE Central [Member]
Equity interest owned								73.93%
Equity ownership interest								$ 52,800
Pacific Aurora [Member] | Aurora Cooperative Elevator Company [Member]
Total consideration	$ 52,800
Cash proceeds	19,900
Working capital	35,300
Promissory notes	16,500
Principal debt payments	14,500
Net loss on sale	$ 1,400

SEGMENTS. (Details)

SEGMENTS. (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Sales	$ 212,074	$ 346,301	$ 523,478	$ 702,104
Cost of goods sold	180,892	342,330	505,186	700,422
Income (loss) before benefit for income taxes:	14,854	(8,290)	(12,302)	(22,451)
Depreciation and amortization	9,113	10,312	18,806	23,915
Interest expense	4,647	5,115	9,954	9,851
Intersegment eliminations [Member]
Net Sales	(1,396)	(2,363)	(3,882)	(4,544)
Cost of goods sold	(1,396)	(2,598)	(3,882)	(4,929)
Ethanol Production [Member]
Net Sales	141,152	259,494	395,215	508,052
Cost of goods sold	113,196	257,187	382,857	515,782
Income (loss) before benefit for income taxes:	17,811	(7,117)	(7,219)	(24,683)
Depreciation and amortization	9,034	10,199	18,540	23,557
Interest expense	1,623	2,048	3,739	3,755
Ethanol Production [Member] | Ethanol/alcohol sales [Member]
Net Sales	105,321	194,394	289,989	373,783
Ethanol Production [Member] | Co-product sales [Member]
Net Sales	35,328	64,679	104,129	133,485
Ethanol Production [Member] | Intersegment sales [Member]
Net Sales	503	421	1,097	784
Marketing and distribution [Member]
Net Sales	72,318	89,170	132,145	198,596
Cost of goods sold	69,092	87,741	126,211	189,569
Income (loss) before benefit for income taxes:	1,664	(129)	2,605	5,989
Interest expense	313	774	940	1,362
Marketing and distribution [Member] | Intersegment sales [Member]
Net Sales	893	1,942	2,785	3,760
Marketing and distribution [Member] | Ethanol/alcohol sales, gross [Member]
Net Sales	71,118	86,754	128,624	193,908
Marketing and distribution [Member] | Ethanol/alcohol sales, net [Member]
Net Sales	307	474	736	928
Corporate activities [Member]
Income (loss) before benefit for income taxes:	(4,621)	(1,044)	(7,688)	(3,757)
Depreciation and amortization	79	113	266	358
Interest expense	$ 2,711	$ 2,293	$ 5,275	$ 4,734

SEGMENTS. (Details 1)

SEGMENTS. (Details 1) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Total Assets	$ 497,129	$ 612,495	[1]
Production [Member]
Total Assets	397,331	492,060
Marketing and distribution [Member]
Total Assets	82,868	106,863
Corporate assets [Member]
Total Assets	$ 16,930	$ 13,572
[1]	Amounts derived from the audited consolidated financial statements for the year ended December 31, 2019.

SEGMENTS. (Details Narrative)

SEGMENTS. (Details Narrative)	6 Months Ended
	Jun. 30, 2020Number
Segment Reporting [Abstract]
Number of operating segments	2

INVENTORIES. (Details)

INVENTORIES. (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 28,810	$ 38,194
Work in progress	3,018	7,426
Raw materials	6,655	7,890
Low-carbon and RIN credits	6,443	5,690
Other	1,400	1,400
Total	$ 46,326	$ 60,600	[1]
[1]	Amounts derived from the audited consolidated financial statements for the year ended December 31, 2019.

INVENTORIES. (Details Narrative

INVENTORIES. (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventory, net of valuation adjustments	$ 0	$ 1,290

DEBT. (Details)

DEBT. (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Long-term borrowings are summarized as follows
Total debt	$ 193,083	$ 245,487
Less unamortized debt premium	346	461
Less unamortized debt financing costs	(1,541)	(2,153)
Less short-term portion	(96,000)	(63,000)	[1]
Long-term debt	95,888	180,795	[1]
ICP term loan [Member] | Illinois corn processing, Llc
Long-term borrowings are summarized as follows
Term debt		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
Long-term borrowings are summarized as follows
Term debt	18,000	18,000
CARES Act loans [Member]
Long-term borrowings are summarized as follows
Term debt	9,860
Kinergy line of credit [Member] | Pekin term loan [Member]
Long-term borrowings are summarized as follows
Line of credit	41,441	78,338
Pacific Ethanol Pekin, Inc [Member] | ICP term loan [Member]
Long-term borrowings are summarized as follows
Term debt	26,000	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 consolidated financial statements for the year ended December 31, 2019.

DEBT. (Details Narrative)

DEBT. (Details Narrative) - USD ($) $ in Thousands	May 04, 2020	Mar. 20, 2020	Jun. 30, 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.	Pacific Ethanol Pekin, LLC ("PE 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 PE Pekin and Illinois Corn Processing, LLC ("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. In July 2020, the Company reached a confidential settlement of an outstanding dispute resulting in a gain and cash proceeds of approximately $11.8 million. The Company used a portion of these funds to make approximately $7.4 million in additional principal payments on PE Pekin's 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 PE 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. The Company used a portion of the proceeds from the settlement noted above, in July 2020, to make approximately $1.8 million in additional principal payments on ICP's term debt.
Net assets			$ 497,129	$ 612,495
Pacific Ethanol Pekin, Inc [Member] | Line of Credit [Member]
Net assets			$ 204,400
[1]	Amounts derived from the audited consolidated financial statements for the year ended December 31, 2019.

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES. (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)gal
Commitments and Contingencies (Textual)
Open fixed-price sales contracts valued	$ 9,320,000
Ethanol Sales Contracts [Member]
Commitments and Contingencies (Textual)
Open ethanol indexed-price sales contracts | gal	5,169,000
Open fixed-price sales contracts valued	$ 226,845
Co-products Sales Contracts [Member]
Commitments and Contingencies (Textual)
Open fixed-price sales contracts valued	$ 179,000
Ethanol Purchase Contracts [Member]
Commitments and Contingencies (Textual)
Indexed-price purchase contracts | gal	35,476,000
Fixed-price purchase contracts value	$ 7,766,000
Ethanol Purchase Contracts [Member] | Suppliers [Member]
Commitments and Contingencies (Textual)
Fixed-price purchase contracts value	$ 7,766,000

PENSION AND RETIREMENT BENEFI_2

PENSION AND RETIREMENT BENEFIT PLANS. (Details) - Retirement Plan [Member] $ in Thousands	Dec. 31, 2019USD ($)
Pension and Retirement Benefit Plans (Textual)
Accumulated projected benefit obligation	$ 21,600
Fair value of plan assets	15,700
Underfunded amount	5,900
Accumulated projected benefit obligation value	$ 5,300

FAIR VALUE MEASUREMENTS. (Detai

FAIR VALUE MEASUREMENTS. (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)Numbershares	Dec. 31, 2019USD ($)Numbershares
Original Issuance	Dec. 22, 2019	Dec. 22, 2019
Term (years)	2 years 6 months	3 years
Warrants Outstanding | shares	5,500,000	5,500,000
Fair Value | $	$ 1,618,100	$ 977,000
Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input. Exercise price | Number	1	1
Measurement Input, Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	122.00%	76.00%
Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0.16%	1.66%

FAIR VALUE MEASUREMENTS. (Det_2

FAIR VALUE MEASUREMENTS. (Details 1) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Assets:
Assets			$ 88,492
Liabilities:
Liabilities		$ (1,618)	(2,837)
Warrants [Member]
Liabilities:
Liabilities		(1,618)	(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
Liabilities:
Liabilities		(1,618)	(977)
Level 3 [Member] | Warrants [Member]
Liabilities:
Liabilities		$ (1,618)	(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
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Loss Numerator
Net income (loss) attributed to Pacific Ethanol, Inc.	$ 14,964	$ (7,646)	$ (10,136)	$ (20,536)
Less: Preferred stock dividends	(315)	(315)	(630)	(627)
Basic and diluted loss per share:
Income (loss) available to common stockholders	$ 14,649	$ (7,961)	$ (10,766)	$ (21,163)
Shares Denominator
Shares available to common stockholders - basic and diluted	54,498	47,771	54,163	46,651
Per-Share Amount
Per-Share amount - basic and diluted	$ 0.27	$ (0.17)	$ (0.2)	$ (0.45)

EARNINGS PER SHARE. (Details Na

EARNINGS PER SHARE. (Details Narrative) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share (Textual)
Potentially dilutive shares from convertible securities outstanding	635,000	635,000	635,000	635,000

PARENT COMPANY FINANCIALS. (Det

PARENT COMPANY FINANCIALS. (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019		Jun. 30, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 29,783	$ 18,997	[1]	$ 16,513	$ 26,627
Other current assets	3,630	4,430	[1]
Total current assets	131,790	232,064	[1]
Property and equipment, net	317,950	332,526	[1]
Other Assets:
Right of use operating lease assets, net	22,625	24,346	[1]
Other assets	5,586	4,381	[1]
Current Liabilities:
Current portion of long-term debt	96,000	63,000	[1]
Total current liabilities	146,954	160,398	[1]
Other liabilities	6,707	6,060	[1]
Total Liabilities	286,388	385,450	[1]
Stockholders' Equity:
Common and non-voting common stock	55	56	[1]
Additional paid-in capital	944,035	942,307	[1]
Accumulated other comprehensive loss	(2,370)	(2,370)	[1]
Accumulated deficit	(730,980)	(720,214)	[1]
Total Pacific Ethanol, Inc. stockholders' equity	210,741	219,780	[1]
Total Liabilities and Stockholders' Equity	497,129	612,495	[1]
Parent Company [Member]
Current Assets:
Cash and cash equivalents	8,687	4,985		$ 5,163	$ 6,759
Receivables from subsidiaries	14,264	13,057
Other current assets	1,756	2,349
Total current assets	24,707	20,391
Property and equipment, net	202	269
Other Assets:
Investments in subsidiaries	214,898	218,464
Pacific Ethanol West plant receivable	49,937	55,750
Right of use operating lease assets, net	3,121	3,253
Other assets	1,344	1,452
Total other assets	269,300	278,919
Total Assets	294,209	299,579
Current Liabilities:
Accounts payable and accrued liabilities	3,297	5,907
Accrued PE Op Co. purchase	3,829	3,829
Current portion of long-term debt	20,000	10,000
Other current liabilities	678	659
Total current liabilities	27,804	20,395
Long-term debt, net of current portion	51,140	56,110
Other liabilities	4,524	3,294
Total Liabilities	83,468	79,799
Stockholders' Equity:
Preferred stock	1	1
Common and non-voting common stock	55	56
Additional paid-in capital	944,035	942,307
Accumulated other comprehensive loss	(2,370)	(2,370)
Accumulated deficit	(730,980)	(720,214)
Total Pacific Ethanol, Inc. stockholders' equity	210,741	219,780
Total Liabilities and Stockholders' Equity	$ 294,209	$ 299,579
[1]	Amounts derived from the audited consolidated 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				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Selling, general and administrative expenses	$ 8,629		$ 6,708		$ 18,841	$ 14,943
Income (loss) from operations	22,553		(2,737)		(549)	(13,261)
Fair value adjustments	(1,314)				(641)
Interest expense	(4,647)		(5,115)		(9,954)	(9,851)
Loss before benefit for income taxes	14,854		(8,290)		(12,302)	(22,451)
Benefit for income taxes
Consolidated net income (loss)	14,854	$ (27,156)	(8,290)	$ (14,161)	(12,302)	(22,451)
Parent Company [Member]
Management fees from subsidiaries	2,873		3,000		6,126	6,330
Selling, general and administrative expenses	4,308		2,818		9,685	7,547
Income (loss) from operations	(1,435)		182		(3,559)	(1,217)
Fair value adjustments	(1,314)				(641)
Interest income	1,004		1,172		2,046	2,331
Interest expense	(2,725)		(2,307)		(5,343)	(4,762)
Other expense	(140)		(83)		(162)	(84)
Loss before benefit for income taxes	(4,610)		(1,036)		(7,659)	(3,732)
Benefit for income taxes
Loss before benefit for income taxes	(4,610)		(1,036)		(7,659)	(3,732)
Equity in losses of subsidiaries	19,574		(6,610)		(2,477)	(16,804)
Consolidated net income (loss)	$ 14,964		$ (7,646)		$ (10,136)	$ (20,536)

PARENT COMPANY FINANCIALS. (D_3

PARENT COMPANY FINANCIALS. (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020		Jun. 30, 2019
Operating Activities:
Net loss	$ 14,964	$ (7,646)	$ (10,136)		$ (20,536)
Changes in operating assets and liabilities:
Accounts receivable			25,435		913
Accounts payable and accrued expenses			(9,225)		(8,403)
Net cash used in operating activities			45,655		(25,754)
Investing Activities:
Additions to property and equipment			(2,510)		(1,536)
Net cash used in investing activities			17,386		(1,536)
Financing Activities:
Proceeds from issuances of common stock			282		3,670
Net cash provided by (used in) financing activities			(52,255)		17,176
Net change in cash and cash equivalents	500	2,500	8,400		7,400
Cash and cash equivalents at beginning of period			18,997	[1]	26,627
Cash and cash equivalents at end of period	29,783	16,513	29,783		16,513
Parent Company [Member]
Operating Activities:
Net loss			(10,136)		(20,536)
Adjustments to reconcile net loss to cash used in operating activities:
Equity in losses of subsidiaries			2,477		16,804
Fair value adjustments			(641)
Depreciation			67		142
Amortization of debt (premiums) discounts			(115)		357
Changes in operating assets and liabilities:
Accounts receivable			(1,207)		1,871
Other assets			714		(281)
Accounts payable and accrued expenses					1,363
Accounts payable with subsidiaries			475		(600)
Net cash used in operating activities			(8,366)		(880)
Investing Activities:
Additions to property and equipment					(11)
Net cash used in investing activities					(11)
Financing Activities:
Proceeds from issuances of common stock			282		3,670
Proceeds from plant receivables			5,813
Proceeds from long-term debt			5,973
Payments on senior notes					(3,748)
Preferred stock dividend payments					(627)
Net cash provided by (used in) financing activities			12,068		(705)
Net change in cash and cash equivalents			3,702		(1,596)
Cash and cash equivalents at beginning of period			4,985		6,759
Cash and cash equivalents at end of period	$ 8,687	$ 5,163	$ 8,687		$ 5,163
[1]	Amounts derived from the audited consolidated financial statements for the year ended December 31, 2019.

PARENT COMPANY FINANCIALS. (D_4

PARENT COMPANY FINANCIALS. (Details Narrative) $ in Thousands	Jun. 30, 2020USD ($)
Parent Company Financials (Textual)
Net asset	$ 204,432