Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 14, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | Alto Ingredients, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 72,707,703 | |
Amendment Flag | false | |
Entity Central Index Key | 0000778164 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 000-21467 | |
Entity Incorporation, State or Country Code | DE | |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Current Assets: | |||
Cash and cash equivalents | $ 44,146 | $ 47,667 | [1] |
Accounts receivable (net of allowance for doubtful accounts of $351 and $260, respectively) | 56,458 | 43,491 | [1] |
Inventories | 55,216 | 37,925 | [1] |
Prepaid inventory | 1,021 | 891 | [1] |
Derivative instruments | 22,355 | 17,149 | [1] |
Assets held-for-sale | 57,053 | 58,295 | [1] |
Other current assets | 5,339 | 8,628 | [1] |
Total current assets | 241,588 | 214,046 | [1] |
Property and equipment, net | 226,183 | 229,486 | [1] |
Other Assets: | |||
Right of use operating lease assets, net | 11,704 | 11,046 | [1] |
Notes receivable | 13,556 | 14,337 | [1] |
Intangible asset | 2,678 | 2,678 | [1] |
Other assets | 5,407 | 5,225 | [1] |
Total other assets | 33,345 | 33,286 | [1] |
Total Assets | 501,116 | 476,818 | [1] |
Current Liabilities: | |||
Accounts payable – trade | 23,171 | 13,047 | [1] |
Accrued liabilities | 13,623 | 11,101 | [1] |
Current portion – operating leases | 2,581 | 2,180 | [1] |
Current portion – long-term debt | 37,581 | 25,533 | [1] |
Derivative instruments | 4,741 | [1] | |
Liabilities held-for-sale | 19,231 | 19,542 | [1] |
Other current liabilities | 11,822 | 15,524 | [1] |
Total current liabilities | 112,750 | 86,927 | [1] |
Long-term debt, net of current portion | 64,396 | 71,807 | [1] |
Operating leases, net of current portion | 8,956 | 8,715 | [1] |
Other liabilities | 13,332 | 13,134 | [1] |
Total Liabilities | 199,434 | 180,583 | [1] |
Commitments and Contingencies (Note 6) | [1] | ||
Stockholders’ Equity: | |||
Preferred stock, value | [1] | ||
Common stock, value | 73 | 72 | [1] |
Total Stockholders’ Equity | 301,682 | 296,235 | |
Series B Preferred Stock | |||
Stockholders’ Equity: | |||
Preferred stock, value | 1 | 1 | [1] |
Non-Voting Common Stock | |||
Stockholders’ Equity: | |||
Common stock, value | [1] | ||
Additional paid-in capital | 1,037,718 | 1,036,638 | [1] |
Accumulated other comprehensive loss | (3,878) | (3,878) | [1] |
Accumulated deficit | (732,232) | (736,598) | [1] |
Total Stockholders’ Equity | 301,682 | 296,235 | [1] |
Total Liabilities and Stockholders’ Equity | $ 501,116 | $ 476,818 | [1] |
[1] | Amounts derived from the audited financial statements for the year ended December 31, 2020. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | [1] |
Accounts receivable, net of allowance (in Dollars) | $ 351 | $ 260 | |
Preferred stock par value (in Dollars per share) | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 10,000 | 10,000 | |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, authorized | 300,000 | 300,000 | |
Common stock, issued | 73,161 | 72,487 | |
Common stock, outstanding | 73,161 | 72,487 | |
Series A Preferred Stock | |||
Preferred stock, shares authorized | 1,684 | 1,684 | |
Preferred stock, shares issued | |||
Preferred stock, outstanding | |||
Series B Preferred Stock | |||
Preferred stock, shares authorized | 1,581 | 1,581 | |
Preferred stock, shares issued | 927 | 927 | |
Preferred stock, outstanding | 927 | 927 | |
Liquidation preference (in Dollars) | $ 19,975 | ||
Non-Voting Common Stock | |||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, authorized | 3,553 | 3,553 | |
Common stock, issued | 1 | 1 | |
Common stock, outstanding | 1 | 1 | |
[1] | Amounts derived from the audited financial statements for the year ended December 31, 2020. |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 218,734 | $ 311,404 |
Cost of goods sold | 204,897 | 324,294 |
Gross profit (loss) | 13,837 | (12,890) |
Selling, general and administrative expenses | 7,014 | 10,212 |
Asset impairment | 1,200 | |
Income (loss) from operations | 5,623 | (23,102) |
Fair value adjustments | 673 | |
Interest expense, net | (1,885) | (5,307) |
Other income, net | 940 | 580 |
Income (loss) before benefit for income taxes | 4,678 | (27,156) |
Benefit for income taxes | ||
Consolidated net income (loss) | 4,678 | (27,156) |
Net loss attributed to noncontrolling interests | 2,056 | |
Net income (loss) attributed to Alto Ingredients, Inc. | 4,678 | (25,100) |
Preferred stock dividends | (312) | (315) |
Net income (loss) available to common stockholders | $ 4,366 | $ (25,415) |
Net income (loss) per share, basic (in Dollars per share) | $ 0.06 | $ (0.47) |
Net income (loss) per share, diluted (in Dollars per share) | $ 0.06 | $ (0.47) |
Weighted-average shares outstanding, basic (in Shares) | 70,351 | 53,828 |
Weighted-average shares outstanding, diluted (in Shares) | 72,464 | 53,828 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Operating Activities: | |||
Consolidated net income (loss) | $ 4,678,000 | $ (27,156,000) | |
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation | 5,860,000 | 9,759,000 | |
Asset impairment | 1,200,000 | ||
Gains (losses) on derivative instruments | (10,543,000) | ||
Non-cash compensation | 804,000 | 865,000 | |
Amortization of deferred financing fees | 190,000 | 305,000 | |
Fair value adjustments | (673,000) | ||
Inventory valuation | 4,223,000 | ||
Interest added to debt | 133,000 | ||
Bad debt expense | 91,000 | 19,000 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (13,057,000) | 22,024,000 | |
Inventories | (17,291,000) | 10,845,000 | |
Prepaid expenses and other assets | 3,832,000 | (396,000) | |
Prepaid inventory | (129,000) | (181,000) | |
Operating leases | (1,037,000) | (2,348,000) | |
Assets held-for-sale | 1,241,000 | 1,624,000 | |
Liabilities held-for-sale | (312,000) | 9,370,000 | |
Accounts payable and accrued liabilities | 20,391,000 | (1,512,000) | |
Net cash provided by (used in) operating activities | (4,082,000) | 26,901,000 | |
Investing Activities: | |||
Additions to property and equipment | (4,411,000) | (1,245,000) | |
Net cash used in investing activities | (4,411,000) | (1,245,000) | |
Financing Activities: | |||
Net proceeds (payments) from Kinergy’s line of credit | 13,042,000 | (18,156,000) | |
Proceeds from stock option exercises | 462,000 | ||
Proceeds from issuance of common stock | 282,000 | ||
Principal payments on borrowings | (8,532,000) | ||
Net cash provided by (used in) financing activities | 4,972,000 | (17,874,000) | |
Net increase (decrease) in cash and cash equivalents | (3,521,000) | 7,782,000 | |
Cash and cash equivalents at beginning of period | 47,667,000 | [1] | 18,997,000 |
Cash and cash equivalents at end of period | 44,146,000 | 26,779,000 | |
Supplemental Information: | |||
Interest paid | 1,825,000 | 1,968,000 | |
Accrued preferred stock dividends | $ 312,000 | $ 315,000 | |
[1] | Amounts derived from the audited financial statements for the year ended December 31, 2020. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accum. Other Comprehensive (Loss) | Non-Controlling Interests | Total |
Balances at Dec. 31, 2019 | $ 1 | $ 56 | $ 942,307 | $ (720,214) | $ (2,370) | $ 7,265 | $ 227,045 |
Balances (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) | ||||
Balances at Mar. 31, 2020 | $ 1 | $ 56 | 943,453 | (745,629) | (2,370) | 5,209 | 200,720 |
Balances (in Shares) at Mar. 31, 2020 | 927 | 55,891 | |||||
Balances at Dec. 31, 2020 | $ 1 | $ 72 | 1,036,638 | (736,598) | (3,878) | 296,235 | |
Balances (in Shares) at Dec. 31, 2020 | 927 | 72,487 | |||||
Stock-based compensation expense – restricted stock issued to employees and directors, net of cancellations and tax | $ 1 | 618 | 619 | ||||
Stock-based compensation expense – restricted stock issued to employees and directors, net of cancellations and tax (in Shares) | 550 | ||||||
Stock option exercises | 462 | 462 | |||||
Stock option exercises (in Shares) | 124 | ||||||
Preferred stock dividends | (312) | (312) | |||||
Net loss | 4,678 | 4,678 | |||||
Balances at Mar. 31, 2021 | $ 1 | $ 73 | $ 1,037,718 | $ (732,232) | $ (3,878) | $ 301,682 | |
Balances (in Shares) at Mar. 31, 2021 | 927 | 73,161 |
Organization and Basis of Prese
Organization and Basis of Presentation. | 3 Months Ended |
Mar. 31, 2021 | |
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 specialty alcohols and essential ingredients. The Company also produces and markets fuel-grade ethanol. The Company’s production facilities in Pekin, Illinois are located in the heart of the Corn Belt, benefit from low-cost and abundant feedstock and allow for access to many additional domestic markets. In addition, the Company’s ability to load unit trains and barges from these facilities allows for greater access to international markets. The Company’s four production facilities in California, Oregon and Idaho, located in close proximity to both feed and fuel-grade ethanol customers, enjoy unique advantages in efficiency, logistics and product pricing. The Company had a combined production capacity of 450 million gallons per year, as of March 31, 2021, markets, on an annualized basis, over 500 million gallons of alcohols, and produces, on an annualized basis, nearly 1.5 million tons of essential ingredients on a dry matter basis, such as dried yeast, corn gluten meal, corn gluten feed, and distillers grains and liquid feed used in commercial animal feed and pet foods. The Company focuses on four key markets: Health, Home & Beauty Food & Beverage Essential Ingredients Renewable Fuels As of March 31, 2021, the Company was operating at approximately 64% of its then-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 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 $51,301,000 and $35,839,000 at March 31, 2021 and December 31, 2020, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for doubtful accounts was $351,000 and $260,000 as of March 31, 2021 and December 31, 2020, respectively. The Company recorded a bad debt expense of $91,000 and $19,000 for the three months ended March 31, 2021 and 2020, respectively. The Company does not have any off-balance sheet credit exposure related to its customers. Financial Instruments Estimates and Assumptions |
Assets and Liabilities Held-For
Assets and Liabilities Held-For-Sale. | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
ASSETS AND LIABILITIES HELD-FOR-SALE. | 2. ASSETS AND LIABILITIES HELD-FOR-SALE. In October 2020, the Company’s Board of Directors approved a plan to sell the Company’s fuel-grade ethanol production facilities located in Madera and Stockton, California. As a result, the Company determined the related long-lived asset groups should be classified as held-for-sale at December 31, 2020. During the three months ended March 31, 2021, the Company provided for an additional impairment charge of $1.2 million based on revised fair value estimates. On April 23, 2021, the Company entered into an asset purchase agreement to sell its Madera facility for total consideration of $28.3 million, comprised of $19.5 million in cash and $8.8 million in assumption of liabilities. On May 14, 2021, the Company closed the sale. The Company classified the following assets and liabilities as held-for-sale as of March 31, 2021 (in thousands): Stockton Madera Property and equipment, net $ 19,535 $ 27,813 Right of use operating lease assets, net 9,705 - Assets held-for-sale $ 29,240 $ 27,813 Stockton Madera Operating lease obligations $ 10,456 $ — Assessment financing — 8,775 Liabilities held-for-sale $ 10,456 $ 8,775 The Company classified the following assets and liabilities as held-for-sale as of December 31, 2020 (in thousands): Stockton Madera Property and equipment, net $ 19,535 $ 29,013 Right of use operating lease assets, net 9,747 - Assets held-for-sale $ 29,282 $ 29,013 Stockton Madera Operating lease obligations $ 10,435 $ — Assessment financing — 9,107 Liabilities held-for-sale $ 10,435 $ 9,107 For the three months ended March 31, 2021, net sales attributed to the results of operations for Stockton and Madera were $0.2 million and less than $0.1 million, respectively. For the three months ended March 31, 2020, net sales attributed to the results of operations for Stockton and Madera were $21.9 million and $21.5 million, respectively. For the three months ended March 31, 2021, pre-tax loss attributed to the results of operations for Stockton and Madera was $0.8 million and $1.6 million, respectively. For the three months ended March 31, 2020, pre-tax loss attributed to the results of operations for Stockton and Madera was $2.3 million and $1.8 million, respectively. |
Segments.
Segments. | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENTS. | 3. SEGMENTS. The Company reports its financial and operating performance in three segments: (1) marketing and distribution, which includes marketing and merchant trading for Company-produced alcohols and essential ingredients on an aggregated basis, and third-party fuel-grade ethanol (2) Pekin production, which includes the production and sale of alcohols and essential ingredients produced at the Company’s Pekin, Illinois campus (“Pekin Campus”), and (3) Other production, which includes the production and sale of fuel-grade ethanol and essential ingredients produced at all of the Company’s other production facilities on an aggregated basis (“Other production”), none of which are individually so significant as to be considered a reportable segment. The following tables set forth certain financial data for the Company’s operating segments (in thousands): Three Months Ended Net Sales 2021 2020 Marketing and distribution: Alcohol sales, gross $ 57,010 $ 57,506 Alcohol sales, net 452 429 Intersegment sales 2,244 4,315 Total marketing and distribution sales 59,706 62,250 Pekin Campus production, recorded as gross: Alcohol sales $ 95,083 $ 84,132 Essential ingredient sales 45,077 39,870 Intersegment sales 9,985 2,332 Total Pekin Campus sales 150,145 126,334 Other production, recorded as gross: Alcohol sales $ 15,969 $ 99,230 Essential ingredient sales 5,143 30,237 Intersegment sales 305 291 Total Other production sales 21,417 129,758 Intersegment eliminations (12,534 ) (6,938 ) Net sales as reported $ 218,734 $ 311,404 Cost of goods sold: Marketing and distribution $ 53,957 $ 57,139 Pekin Campus production 137,376 128,683 Other production 24,118 142,310 Intersegment eliminations (10,554 ) (3,838 ) Cost of goods sold as reported $ 204,897 $ 324,294 Income (loss) before benefit for income taxes: Marketing and distribution $ 3,973 $ 2,930 Pekin Campus production 9,691 (6,849 ) Other production (5,137 ) (16,621 ) Corporate activities (2,904 ) (2,562 ) $ 5,623 $ (23,102 ) Depreciation: Pekin Campus production $ 4,345 $ 5,130 Other production 1,498 4,530 Corporate activities 17 99 $ 5,860 $ 9,759 Interest expense: Marketing and distribution $ 202 $ 627 Pekin Campus production 519 2,084 Other production 136 32 Corporate activities 1,028 2,564 $ 1,885 $ 5,307 The following table sets forth the Company’s total assets by operating segment (in thousands): March 31, December 31, Total assets: 2021 2020 Marketing and distribution $ 119,546 $ 89,337 Pekin Campus production 238,370 234,439 Other production 120,351 102,409 Corporate assets 22,849 50,633 $ 501,116 $ 476,818 |
Inventories.
Inventories. | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES. | 4. INVENTORIES. Inventories consisted primarily of bulk ethanol, specialty alcohols, corn, essential ingredients 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 $1,033,000 valuation adjustment as of December 31, 2020. Inventory balances consisted of the following (in thousands): March 31, 2021 December 31, Finished goods $ 39,654 $ 25,154 Work in progress 4,965 4,333 Raw materials 9,233 7,074 Other 1,364 1,364 Total $ 55,216 $ 37,925 |
Derivatives.
Derivatives. | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES. | 5. DERIVATIVES. The business and activities of the Company expose it to a variety of market risks, including risks related to changes in commodity prices. The Company monitors and manages these financial exposures as an integral part of its risk management program. This program recognizes the unpredictability of financial markets and seeks to reduce the potentially adverse effects that market volatility could have on operating results. Commodity Risk – Cash Flow Hedges Commodity Risk – Non-Designated Hedges Non Designated Derivative Instruments As of March 31, 2021 Assets Liabilities Type of Instrument Balance Sheet Location Fair Balance Sheet Location Fair Commodity contracts Derivative assets $ 22,355 Derivative liabilities $ 4,741 As of December 31, 2020 Assets Liabilities Type of Instrument Balance Sheet Location Fair Balance Sheet Location Fair Cash collateral balance Other current assets $ 520 Commodity contracts Derivative assets $ 17,149 Derivative liabilities $ — The classification and amounts of the Company’s recognized gains for its derivatives not designated as hedging instruments are as follows (in thousands): Realized Gains For the three months Ended March 31, Type of Instrument Statements of Operations Location 2021 2020 Commodity contracts Cost of goods sold $ 6,185 $ — $ 6,185 $ — Unrealized Gains For the three months Ended Type of Instrument Statements of Operations Location 2021 2020 Commodity contracts Cost of goods sold $ 4,358 $ — $ 4,358 $ — |
Debt.
Debt. | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
DEBT. | 6. DEBT. Long-term borrowings are summarized as follows (in thousands): March 31, December 31, Kinergy line of credit $ 45,554 $ 32,512 Pekin revolving loan 17,580 20,580 ICP revolving loan 9,384 9,384 Parent notes payable 20,001 25,533 CARES Act loans 9,860 9,860 102,379 97,869 Less unamortized debt premium 174 230 Less unamortized debt financing costs (576 ) (759 ) Less short-term portion (37,581 ) (25,533 ) Long-term debt $ 64,396 $ 71,807 Parent Notes Payable Maturities of Long-term Debt December 31: 2021 $ 20,001 2022 82,378 $ 102,379 Restrictions |
Commitments and Contingencies.
Commitments and Contingencies. | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES. | 7. COMMITMENTS AND CONTINGENCIES. Sales Commitments Purchase Commitments Litigation – General |
Pension Plans.
Pension Plans. | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
PENSION PLANS. | 8. 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, 2020, the Retirement Plan’s accumulated projected benefit obligation was $24.6 million, with a fair value of plan assets of $17.6 million. The underfunded amount of $7.0 million is recorded on the Company’s consolidated balance sheet in other liabilities. For the three months ended March 31, 2021, the Retirement Plan’s net periodic expense was $22,000, comprised of $151,000 in interest cost and $109,000 in service cost, partially offset by $238,000 of expected return on plan assets. 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. 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, 2020, 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, 2021, the Postretirement Plan’s net periodic expense was $42,000, comprised of $10,000 of interest cost, $26,000 of service cost and $6,000 of amortization expense. 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. |
Fair Value Measurements.
Fair Value Measurements. | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS. | 9. 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 Long-Lived Assets Held-for-Sale Other Derivative Instruments The following table summarizes recurring and nonrecurring fair value measurements by level at March 31, 2021 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 22,355 $ 22,355 $ — $ — Long-lived assets held-for-sale 57,053 — — 57,053 $ 79,408 $ 22,355 $ — $ 57,053 Liabilities: Derivative financial instruments $ (4,741 ) $ (4,741 ) $ — $ — $ (4,741 ) $ (4,741 ) $ — $ — The following table summarizes recurring and nonrecurring fair value measurements by level at December 31, 2020 (in thousands): Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative financial instruments $ 17,149 $ 17,149 $ — $ — Long-lived assets held-for-sale 58,295 — — 58,295 Defined benefit plan assets(1) (pooled separate accounts): Large U.S. Equity(2) 5,470 — 5,470 — 31 % Small/Mid U.S. Equity(3) 2,605 — 2,605 — 15 % International Equity(4) 2,921 — 2,921 — 17 % Fixed Income(5) 6,592 — 6,592 — 37 % $ 93,032 $ 17,149 $ 17,588 $ 58,295 Liabilities: $ — $ — $ — $ — (1) Included in other assets 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, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE. | 10. EARNINGS PER SHARE. The following tables compute basic and diluted earnings per share (in thousands, except per share data): Three Months Ended Income Numerator Shares Denominator Per-Share Amount Net income attributed to Alto Ingredients, Inc. $ 4,678 Less: Preferred stock dividends (312 ) Basic income per share: Income available to common stockholders $ 4,366 70,351 $ 0.06 Add: Dilutive securities — 2,113 Diluted income per share: Income available to common stockholders $ 4,366 72,464 $ 0.06 Three Months Ended Loss Shares Denominator Per-Share Amount Net loss attributed to Alto Ingredients, 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 ) There were an additional aggregate potentially dilutive weighted-average shares of 3,265,000 and 964,000 from convertible securities outstanding for the three months ended March 31, 2021 and 2020. These securities were not considered in calculating diluted net income (loss) per share for the three months ended March 31, 2021 and 2020, as their effect would have been anti-dilutive. |
Parent Company Financials.
Parent Company Financials. | 3 Months Ended |
Mar. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
PARENT COMPANY FINANCIALS. | 11. PARENT COMPANY FINANCIALS. Restricted Net Assets Parent company financial statements for the periods covered in this report are set forth below (in thousands): ASSETS March 31, 2021 December 31, Current Assets: Cash and cash equivalents $ 16,534 $ 25,632 Receivables from subsidiaries 16,412 15,548 Other current assets 2,188 1,836 Total current assets 35,134 43,016 Property and equipment, net 125 142 Other Assets: Investments in subsidiaries 257,547 246,518 Alto West, LLC receivable 42,649 42,649 Right of use operating lease assets, net 2,915 2,985 Other assets 1,087 1,088 Total other assets 304,198 293,240 Total Assets $ 339,457 $ 336,398 Current Liabilities: Accounts payable and accrued liabilities $ 4,961 $ 2,001 Accrued Alto Op Co. purchase 3,829 3,829 Current portion of long-term debt 20,001 25,533 Other current liabilities 394 473 Total current liabilities 29,185 31,836 Long-term debt, net of current portion 5,665 5,564 Other liabilities 2,925 2,763 Total Liabilities 37,775 40,163 Stockholders’ Equity: Preferred stock 1 1 Common and non-voting common stock 73 72 Additional paid-in capital 1,037,718 1,036,638 Accumulated other comprehensive loss (3,878 ) (3,878 ) Accumulated deficit (732,232 ) (736,598 ) Total Alto Ingredients, Inc. stockholders’ equity 301,682 296,235 Total Liabilities and Stockholders’ Equity $ 339,457 $ 336,398 Three Months Ended 2021 2020 Management fees from subsidiaries $ 2,526 $ 3,253 Selling, general and administrative expenses 4,651 5,377 Loss from operations (2,125 ) (2,124 ) Fair value adjustments — 673 Interest expense, net (1,028 ) (1,598 ) Other income 807 — Loss before benefit for income taxes (2,346 ) (3,049 ) Benefit for income taxes — — Loss before equity in losses of subsidiaries (2,346 ) (3,049 ) Equity in income (losses) of subsidiaries 7,024 (24,107 ) Consolidated net income (loss) $ 4,678 $ (27,156 ) For the Three Months Ended 2021 2020 Operating Activities: Consolidated net income (loss) $ 4,678 $ (27,156 ) Adjustments to reconcile net income (loss) to cash used in operating activities: Equity in (income) losses of subsidiaries (7,024 ) 24,107 Fair value adjustments — (673 ) Depreciation 17 33 Amortization (accretion) of debt discount (premium) 101 (57 ) Changes in operating assets and liabilities: Receivables from subsidiaries (864 ) 123 Other assets (281 ) 29 Accounts payable and accrued expenses (765 ) — Accounts payable with subsidiaries 110 2,235 Net cash used in operating activities $ (4,028 ) $ (1,359 ) Investing Activities: Additions to property and equipment $ — $ — Net cash used in investing activities $ — $ — Financing Activities: Proceeds from issuances of common stock $ 462 $ 282 Proceeds from plant receivable — 5,813 Payments on senior notes (5,532 ) — Preferred stock dividend payments — — Net cash provided by (used in) financing activities $ (5,070 ) $ 6,095 Net increase (decrease) in cash and cash equivalents (9,098 ) 4,736 Cash and cash equivalents at beginning of period 25,632 4,985 Cash and cash equivalents at end of period $ 16,534 $ 9,721 |
Subsequent Event.
Subsequent Event. | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT. | 12. SUBSEQUENT EVENT. Agreement to sell Madera facility On April 23, 2021, the Company entered into an asset purchase agreement with Seaboard Energy California, LLC, for the purchase and sale of the Company’s Madera, California production facility for total consideration of $28.3 million, comprised of $19.5 million in cash and $8.8 million in assumption of liabilities. The Company closed the sale on May 14, 2021, and using net cash proceeds, repaid $19.3 million on its parent notes payable. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization and Business | Organization and Business The Company is a leading producer and marketer of specialty alcohols and essential ingredients. The Company also produces and markets fuel-grade ethanol. The Company’s production facilities in Pekin, Illinois are located in the heart of the Corn Belt, benefit from low-cost and abundant feedstock and allow for access to many additional domestic markets. In addition, the Company’s ability to load unit trains and barges from these facilities allows for greater access to international markets. The Company’s four production facilities in California, Oregon and Idaho, located in close proximity to both feed and fuel-grade ethanol customers, enjoy unique advantages in efficiency, logistics and product pricing. The Company had a combined production capacity of 450 million gallons per year, as of March 31, 2021, markets, on an annualized basis, over 500 million gallons of alcohols, and produces, on an annualized basis, nearly 1.5 million tons of essential ingredients on a dry matter basis, such as dried yeast, corn gluten meal, corn gluten feed, and distillers grains and liquid feed used in commercial animal feed and pet foods. The Company focuses on four key markets: Health, Home & Beauty Food & Beverage Essential Ingredients Renewable Fuels As of March 31, 2021, the Company was operating at approximately 64% of its then-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 | Basis of Presentation – Interim Financial Statements |
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 $51,301,000 and $35,839,000 at March 31, 2021 and December 31, 2020, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for doubtful accounts was $351,000 and $260,000 as of March 31, 2021 and December 31, 2020, respectively. The Company recorded a bad debt expense of $91,000 and $19,000 for the three months ended March 31, 2021 and 2020, respectively. The Company does not have any off-balance sheet credit exposure related to its customers. |
Financial Instruments | Financial Instruments |
Estimates and Assumptions | Estimates and Assumptions |
Assets and Liabilities Held-F_2
Assets and Liabilities Held-For-Sale. (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of assets and liabilities as held-for-sale | Stockton Madera Property and equipment, net $ 19,535 $ 27,813 Right of use operating lease assets, net 9,705 - Assets held-for-sale $ 29,240 $ 27,813 Stockton Madera Operating lease obligations $ 10,456 $ — Assessment financing — 8,775 Liabilities held-for-sale $ 10,456 $ 8,775 Stockton Madera Property and equipment, net $ 19,535 $ 29,013 Right of use operating lease assets, net 9,747 - Assets held-for-sale $ 29,282 $ 29,013 Stockton Madera Operating lease obligations $ 10,435 $ — Assessment financing — 9,107 Liabilities held-for-sale $ 10,435 $ 9,107 |
Segments. (Tables)
Segments. (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of financial data for operating segments | Three Months Ended Net Sales 2021 2020 Marketing and distribution: Alcohol sales, gross $ 57,010 $ 57,506 Alcohol sales, net 452 429 Intersegment sales 2,244 4,315 Total marketing and distribution sales 59,706 62,250 Pekin Campus production, recorded as gross: Alcohol sales $ 95,083 $ 84,132 Essential ingredient sales 45,077 39,870 Intersegment sales 9,985 2,332 Total Pekin Campus sales 150,145 126,334 Other production, recorded as gross: Alcohol sales $ 15,969 $ 99,230 Essential ingredient sales 5,143 30,237 Intersegment sales 305 291 Total Other production sales 21,417 129,758 Intersegment eliminations (12,534 ) (6,938 ) Net sales as reported $ 218,734 $ 311,404 Cost of goods sold: Marketing and distribution $ 53,957 $ 57,139 Pekin Campus production 137,376 128,683 Other production 24,118 142,310 Intersegment eliminations (10,554 ) (3,838 ) Cost of goods sold as reported $ 204,897 $ 324,294 Income (loss) before benefit for income taxes: Marketing and distribution $ 3,973 $ 2,930 Pekin Campus production 9,691 (6,849 ) Other production (5,137 ) (16,621 ) Corporate activities (2,904 ) (2,562 ) $ 5,623 $ (23,102 ) Depreciation: Pekin Campus production $ 4,345 $ 5,130 Other production 1,498 4,530 Corporate activities 17 99 $ 5,860 $ 9,759 Interest expense: Marketing and distribution $ 202 $ 627 Pekin Campus production 519 2,084 Other production 136 32 Corporate activities 1,028 2,564 $ 1,885 $ 5,307 |
Schedule of assets by operating segments | March 31, December 31, Total assets: 2021 2020 Marketing and distribution $ 119,546 $ 89,337 Pekin Campus production 238,370 234,439 Other production 120,351 102,409 Corporate assets 22,849 50,633 $ 501,116 $ 476,818 |
Inventories. (Tables)
Inventories. (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of balances consisted inventory. | March 31, 2021 December 31, Finished goods $ 39,654 $ 25,154 Work in progress 4,965 4,333 Raw materials 9,233 7,074 Other 1,364 1,364 Total $ 55,216 $ 37,925 |
Derivatives. (Tables)
Derivatives. (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivatives not designated as hedging instruments | As of March 31, 2021 Assets Liabilities Type of Instrument Balance Sheet Location Fair Balance Sheet Location Fair Commodity contracts Derivative assets $ 22,355 Derivative liabilities $ 4,741 As of December 31, 2020 Assets Liabilities Type of Instrument Balance Sheet Location Fair Balance Sheet Location Fair Cash collateral balance Other current assets $ 520 Commodity contracts Derivative assets $ 17,149 Derivative liabilities $ — |
Schedule of recognized gains (losses) for derivatives | Realized Gains For the three months Ended March 31, Type of Instrument Statements of Operations Location 2021 2020 Commodity contracts Cost of goods sold $ 6,185 $ — $ 6,185 $ — Unrealized Gains For the three months Ended Type of Instrument Statements of Operations Location 2021 2020 Commodity contracts Cost of goods sold $ 4,358 $ — $ 4,358 $ — |
Debt. (Tables)
Debt. (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of long term debt | March 31, December 31, Kinergy line of credit $ 45,554 $ 32,512 Pekin revolving loan 17,580 20,580 ICP revolving loan 9,384 9,384 Parent notes payable 20,001 25,533 CARES Act loans 9,860 9,860 102,379 97,869 Less unamortized debt premium 174 230 Less unamortized debt financing costs (576 ) (759 ) Less short-term portion (37,581 ) (25,533 ) Long-term debt $ 64,396 $ 71,807 |
Schedule of maturities of long-term debt | December 31: 2021 $ 20,001 2022 82,378 $ 102,379 |
Fair Value Measurements. (Table
Fair Value Measurements. (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of recurring and nonrecurring fair value measurements | Fair Value Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 22,355 $ 22,355 $ — $ — Long-lived assets held-for-sale 57,053 — — 57,053 $ 79,408 $ 22,355 $ — $ 57,053 Liabilities: Derivative financial instruments $ (4,741 ) $ (4,741 ) $ — $ — $ (4,741 ) $ (4,741 ) $ — $ — Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative financial instruments $ 17,149 $ 17,149 $ — $ — Long-lived assets held-for-sale 58,295 — — 58,295 Defined benefit plan assets(1) (pooled separate accounts): Large U.S. Equity(2) 5,470 — 5,470 — 31 % Small/Mid U.S. Equity(3) 2,605 — 2,605 — 15 % International Equity(4) 2,921 — 2,921 — 17 % Fixed Income(5) 6,592 — 6,592 — 37 % $ 93,032 $ 17,149 $ 17,588 $ 58,295 Liabilities: $ — $ — $ — $ — (1) Included in other assets 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, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | Three Months Ended Income Numerator Shares Denominator Per-Share Amount Net income attributed to Alto Ingredients, Inc. $ 4,678 Less: Preferred stock dividends (312 ) Basic income per share: Income available to common stockholders $ 4,366 70,351 $ 0.06 Add: Dilutive securities — 2,113 Diluted income per share: Income available to common stockholders $ 4,366 72,464 $ 0.06 Three Months Ended Loss Shares Denominator Per-Share Amount Net loss attributed to Alto Ingredients, 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 ) |
Parent Company Financials. (Tab
Parent Company Financials. (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of parent company financial statements | ASSETS March 31, 2021 December 31, Current Assets: Cash and cash equivalents $ 16,534 $ 25,632 Receivables from subsidiaries 16,412 15,548 Other current assets 2,188 1,836 Total current assets 35,134 43,016 Property and equipment, net 125 142 Other Assets: Investments in subsidiaries 257,547 246,518 Alto West, LLC receivable 42,649 42,649 Right of use operating lease assets, net 2,915 2,985 Other assets 1,087 1,088 Total other assets 304,198 293,240 Total Assets $ 339,457 $ 336,398 Current Liabilities: Accounts payable and accrued liabilities $ 4,961 $ 2,001 Accrued Alto Op Co. purchase 3,829 3,829 Current portion of long-term debt 20,001 25,533 Other current liabilities 394 473 Total current liabilities 29,185 31,836 Long-term debt, net of current portion 5,665 5,564 Other liabilities 2,925 2,763 Total Liabilities 37,775 40,163 Stockholders’ Equity: Preferred stock 1 1 Common and non-voting common stock 73 72 Additional paid-in capital 1,037,718 1,036,638 Accumulated other comprehensive loss (3,878 ) (3,878 ) Accumulated deficit (732,232 ) (736,598 ) Total Alto Ingredients, Inc. stockholders’ equity 301,682 296,235 Total Liabilities and Stockholders’ Equity $ 339,457 $ 336,398 |
Schedule of statement of operations parent company | Three Months Ended 2021 2020 Management fees from subsidiaries $ 2,526 $ 3,253 Selling, general and administrative expenses 4,651 5,377 Loss from operations (2,125 ) (2,124 ) Fair value adjustments — 673 Interest expense, net (1,028 ) (1,598 ) Other income 807 — Loss before benefit for income taxes (2,346 ) (3,049 ) Benefit for income taxes — — Loss before equity in losses of subsidiaries (2,346 ) (3,049 ) Equity in income (losses) of subsidiaries 7,024 (24,107 ) Consolidated net income (loss) $ 4,678 $ (27,156 ) |
Schedule of statement of cash flows parent company | For the Three Months Ended 2021 2020 Operating Activities: Consolidated net income (loss) $ 4,678 $ (27,156 ) Adjustments to reconcile net income (loss) to cash used in operating activities: Equity in (income) losses of subsidiaries (7,024 ) 24,107 Fair value adjustments — (673 ) Depreciation 17 33 Amortization (accretion) of debt discount (premium) 101 (57 ) Changes in operating assets and liabilities: Receivables from subsidiaries (864 ) 123 Other assets (281 ) 29 Accounts payable and accrued expenses (765 ) — Accounts payable with subsidiaries 110 2,235 Net cash used in operating activities $ (4,028 ) $ (1,359 ) Investing Activities: Additions to property and equipment $ — $ — Net cash used in investing activities $ — $ — Financing Activities: Proceeds from issuances of common stock $ 462 $ 282 Proceeds from plant receivable — 5,813 Payments on senior notes (5,532 ) — Preferred stock dividend payments — — Net cash provided by (used in) financing activities $ (5,070 ) $ 6,095 Net increase (decrease) in cash and cash equivalents (9,098 ) 4,736 Cash and cash equivalents at beginning of period 25,632 4,985 Cash and cash equivalents at end of period $ 16,534 $ 9,721 |
Organization and Basis of Pre_2
Organization and Basis of Presentation. (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Accounts receivable balance | $ 51,301,000 | $ 35,839,000 | |
Allowance for doubtful accounts | 351,000 | $ 260,000 | |
Bad debt expense | $ 91,000 | $ 19,000 | |
Combined Production Capacity, Description | The Company sells specialty alcohols to large consumer products companies, sells fuel-grade ethanol to gasoline refining and distribution companies, sells essential ingredients to animal feed customers, including distillers grains and other feed co-products to dairy operators and animal feedlots and corn oil to poultry and biodiesel customers generally without requiring collateral. |
Assets and Liabilities Held-F_3
Assets and Liabilities Held-For-Sale. (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Apr. 23, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Assets and Liabilities Held-For-Sale. (Details) [Line Items] | |||
Impairment charge | $ 1,200,000 | ||
Net loss | 4,678,000 | $ (27,156,000) | |
Pre-tax loss | 4,678,000 | (27,156,000) | |
Stockton [Member] | |||
Assets and Liabilities Held-For-Sale. (Details) [Line Items] | |||
Net loss | 200,000 | 21,900,000 | |
Pre-tax loss | 800,000 | 2,300,000 | |
Madera [Member] | |||
Assets and Liabilities Held-For-Sale. (Details) [Line Items] | |||
Net loss | 100,000 | 21,500,000 | |
Pre-tax loss | $ 1,600,000 | $ 1,800,000 | |
Subsequent Event [Member] | |||
Assets and Liabilities Held-For-Sale. (Details) [Line Items] | |||
Total consideration | $ 28,300,000 | ||
Cash proceeds | 19,500,000 | ||
Pacific Aurora [Member] | Subsequent Event [Member] | |||
Assets and Liabilities Held-For-Sale. (Details) [Line Items] | |||
Total consideration | 28,300,000 | ||
Cash proceeds | 19,500,000 | ||
Working capital | $ 8,800,000 |
Assets and Liabilities Held-F_4
Assets and Liabilities Held-For-Sale. (Details) - Schedule of assets and liabilities as held-for-sale - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Stockton [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Property and equipment, net | $ 19,535 | $ 19,535 |
Right of use operating lease assets, net | 9,705 | 9,747 |
Assets held-for-sale | 29,240 | 29,282 |
Operating lease obligations | 10,456 | 10,435 |
Assessment financing | ||
Liabilities held-for-sale | 10,456 | 10,435 |
Madera [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Property and equipment, net | 27,813 | 29,013 |
Right of use operating lease assets, net | ||
Assets held-for-sale | 27,813 | 29,013 |
Operating lease obligations | ||
Assessment financing | 8,775 | 9,107 |
Liabilities held-for-sale | $ 8,775 | $ 9,107 |
Segments. (Details)
Segments. (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segments. (Details) - Schedule
Segments. (Details) - Schedule of financial data for operating segments - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Marketing and distribution: | ||
Net sales as reported | $ 218,734 | $ 311,404 |
Cost of goods sold as reported | 204,897 | 324,294 |
Income (loss) before benefit for income taxes | 4,678 | (27,156) |
Interest expense: | ||
Interest expense | 1,885 | 5,307 |
Total [Member] | ||
Marketing and distribution: | ||
Net sales as reported | 218,734 | 311,404 |
Cost of goods sold as reported | 204,897 | 324,294 |
Income (loss) before benefit for income taxes | 5,623 | (23,102) |
Depreciation: | ||
Depreciation | 5,860 | 9,759 |
Interest expense: | ||
Interest expense | 1,885 | 5,307 |
Marketing and distribution [Member] | ||
Marketing and distribution: | ||
Cost of goods sold as reported | 53,957 | 57,139 |
Income (loss) before benefit for income taxes | 3,973 | 2,930 |
Interest expense: | ||
Interest expense | 202 | 627 |
Marketing and distribution [Member] | Alcohol sales [Member] | ||
Marketing and distribution: | ||
Net sales as reported | 57,010 | 57,506 |
Marketing and distribution [Member] | Alcohol sales, net [Member] | ||
Marketing and distribution: | ||
Net sales as reported | 452 | 429 |
Marketing and distribution [Member] | Intersegment sales [Member] | ||
Marketing and distribution: | ||
Net sales as reported | 2,244 | 4,315 |
Marketing and distribution [Member] | Total marketing and distribution sales [Member] | ||
Marketing and distribution: | ||
Net sales as reported | 59,706 | 62,250 |
Pekin Campus production [Member] | ||
Marketing and distribution: | ||
Cost of goods sold as reported | 137,376 | 128,683 |
Income (loss) before benefit for income taxes | 9,691 | (6,849) |
Depreciation: | ||
Depreciation | 4,345 | 5,130 |
Interest expense: | ||
Interest expense | 519 | 2,084 |
Pekin Campus production [Member] | Alcohol sales [Member] | ||
Marketing and distribution: | ||
Net sales as reported | 95,083 | 84,132 |
Pekin Campus production [Member] | Intersegment sales [Member] | ||
Marketing and distribution: | ||
Net sales as reported | 9,985 | 2,332 |
Pekin Campus production [Member] | Essential ingredient sales [Member] | ||
Marketing and distribution: | ||
Net sales as reported | 45,077 | 39,870 |
Pekin Campus production [Member] | Total Pekin Campus sales [Member] | ||
Marketing and distribution: | ||
Net sales as reported | 150,145 | 126,334 |
Other production [Member] | ||
Marketing and distribution: | ||
Cost of goods sold as reported | 24,118 | 142,310 |
Income (loss) before benefit for income taxes | (5,137) | (16,621) |
Depreciation: | ||
Depreciation | 1,498 | 4,530 |
Interest expense: | ||
Interest expense | 136 | 32 |
Other production [Member] | Alcohol sales [Member] | ||
Marketing and distribution: | ||
Net sales as reported | 15,969 | 99,230 |
Other production [Member] | Intersegment sales [Member] | ||
Marketing and distribution: | ||
Net sales as reported | 305 | 291 |
Other production [Member] | Essential ingredient sales [Member] | ||
Marketing and distribution: | ||
Net sales as reported | 5,143 | 30,237 |
Other production [Member] | Total Other production sales [Member] | ||
Marketing and distribution: | ||
Net sales as reported | 21,417 | 129,758 |
Intersegment eliminations [Member] | ||
Marketing and distribution: | ||
Net sales as reported | (12,534) | (6,938) |
Cost of goods sold as reported | (10,554) | (3,838) |
Corporate activities [Member] | ||
Marketing and distribution: | ||
Income (loss) before benefit for income taxes | (2,904) | (2,562) |
Depreciation: | ||
Depreciation | 17 | 99 |
Interest expense: | ||
Interest expense | $ 1,028 | $ 2,564 |
Segments. (Details) - Schedul_2
Segments. (Details) - Schedule of assets by operating segments - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 501,116 | $ 476,818 | [1] |
Marketing and distribution [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 119,546 | 89,337 | |
Pekin Campus production [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 238,370 | 234,439 | |
Other production [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 120,351 | 102,409 | |
Corporate assets [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 22,849 | $ 50,633 | |
[1] | Amounts derived from the audited financial statements for the year ended December 31, 2020. |
Inventories. (Details)
Inventories. (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Inventory Disclosure [Abstract] | |
Inventory net | $ 1,033,000 |
Inventories. (Details) - Schedu
Inventories. (Details) - Schedule of balances consisted inventory. - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Schedule of balances consisted inventory. [Abstract] | |||
Finished goods | $ 39,654 | $ 25,154 | |
Work in progress | 4,965 | 4,333 | |
Raw materials | 9,233 | 7,074 | |
Other | 1,364 | 1,364 | |
Total | $ 55,216 | $ 37,925 | [1] |
[1] | Amounts derived from the audited financial statements for the year ended December 31, 2020. |
Derivatives. (Details)
Derivatives. (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Member] | ||
Derivatives. (Details) [Line Items] | ||
Recognized gains and losses due to change in fair value | $ 10,543,000 | $ 0 |
Derivatives. (Details) - Schedu
Derivatives. (Details) - Schedule of derivatives not designated as hedging instruments - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Commodity contracts [Member] | ||
Derivatives. (Details) - Schedule of derivatives not designated as hedging instruments [Line Items] | ||
Assets, fair value | $ 22,355 | $ 17,149 |
Liabilities, fair value | $ 4,741 | |
Cash collateral balance [Member] | ||
Derivatives. (Details) - Schedule of derivatives not designated as hedging instruments [Line Items] | ||
Assets, fair value | $ 520 |
Derivatives. (Details) - Sche_2
Derivatives. (Details) - Schedule of recognized gains (losses) for derivatives - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized Gains (Losses) | $ 6,185 | |
Unrealized Gains | 4,358 | |
Non Designated Derivative Instruments [Member] | Cost of goods sold [Member] | Commodity Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized Gains (Losses) | 6,185 | |
Unrealized Gains | $ 4,358 |
Debt. (Details)
Debt. (Details) - USD ($) $ in Millions | May 14, 2021 | Mar. 31, 2021 |
Debt [Abstract] | ||
Net assets | $ 231.9 | |
Debt [Member] | ||
Debt [Abstract] | ||
Net assets | $ 231.9 | |
Subsequent Event [Member] | ||
Debt [Abstract] | ||
Repayment of principal on notes payable | $ 19.3 | |
Remaining amount of notes payable | $ 0.7 |
Debt. (Details) - Schedule of l
Debt. (Details) - Schedule of long term debt - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Term debt | $ 102,379 | $ 97,869 | |
Less unamortized debt premium | 174 | 230 | |
Less unamortized debt financing costs | (576) | (759) | |
Less short-term portion | (37,581) | (25,533) | |
Long-term debt | 64,396 | 71,807 | [1] |
Kinergy line of credit [Member] | |||
Debt Instrument [Line Items] | |||
Term debt | 45,554 | 32,512 | |
Pekin revolving loan [Member] | |||
Debt Instrument [Line Items] | |||
Term debt | 17,580 | 20,580 | |
ICP revolving loan [Member] | |||
Debt Instrument [Line Items] | |||
Term debt | 9,384 | 9,384 | |
Parent Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Term debt | 20,001 | 25,533 | |
CARES Act loans [Member] | |||
Debt Instrument [Line Items] | |||
Term debt | $ 9,860 | $ 9,860 | |
[1] | Amounts derived from the audited financial statements for the year ended December 31, 2020. |
Debt. (Details) - Schedule of m
Debt. (Details) - Schedule of maturities of long-term debt $ in Thousands | Mar. 31, 2021USD ($) |
Schedule of maturities of long-term debt [Abstract] | |
2021 | $ 20,001 |
2022 | 82,378 |
Total debt | $ 102,379 |
Commitments and Contingencies.
Commitments and Contingencies. (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Commitments and Contingencies. (Details) [Line Items] | |
Indexed price purchase contracts gallons | 102,526,000 |
Open fixed-price sales contracts valued | $ 18,170,000 |
Ethanol Sales Contracts [Member] | |
Commitments and Contingencies. (Details) [Line Items] | |
Open fixed-price sales contracts valued | 207,687,000 |
Co-products Sales Contracts [Member] | |
Commitments and Contingencies. (Details) [Line Items] | |
open indexed-price sales contracts tons | $ 146,000 |
Ethanol Purchase Contracts [Member] | Suppliers [Member] | |
Commitments and Contingencies. (Details) [Line Items] | |
Indexed price purchase contracts gallons | 15,626,000 |
Ethanol Purchase Contracts [Member] | Fuel-grade from suppliers [Member] | |
Commitments and Contingencies. (Details) [Line Items] | |
Fixed-price purchase contracts value | $ 1,238,000 |
Ethanol Purchase Contracts [Member] | Corn from suppliers [Member] | |
Commitments and Contingencies. (Details) [Line Items] | |
Fixed-price purchase contracts value | $ 33,883,000 |
Pension Plans. (Details)
Pension Plans. (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Retirement Plan [Member] | |||
Pension Plans. (Details) [Line Items] | |||
Accumulated projected benefit obligation | $ 24,600 | ||
Fair value of plan assets | 17,600 | ||
Underfunded amount | 7,000 | ||
Net periodic expense | $ 22,000 | $ 48,000 | |
Interest cost | 151,000 | 173,000 | |
Service cost | 109,000 | 101,000 | |
Expected return on plan assets | 238,000 | 226,000 | |
Post Retirement Plan [Member] | |||
Pension Plans. (Details) [Line Items] | |||
Accumulated projected benefit obligation | $ 5,300 | ||
Net periodic expense | 42,000 | 59,000 | |
Interest cost | 10,000 | 38,000 | |
Service cost | 26,000 | 14,000 | |
Amortization expense | $ 6,000 | $ 7,000 |
Fair Value Measurements. (Detai
Fair Value Measurements. (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Property and equipment held-for-sale at fair value | $ 47,348,000 | $ 48,548,000 |
Fair Value Measurements. (Det_2
Fair Value Measurements. (Details) - Schedule of recurring and nonrecurring fair value measurements - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Assets: | |||
Assets | $ 79,408 | $ 93,032 | |
Liabilities: | |||
Liabilities | (4,741) | ||
Derivative Financial Instrument [Member] | |||
Assets: | |||
Assets | 22,355 | $ 17,149 | |
Benefit Plan Percentage Allocation | |||
Liabilities: | |||
Liabilities | (4,741) | ||
Long-lived assets held-for-sale [Member] | |||
Assets: | |||
Assets | 57,053 | $ 58,295 | |
Benefit Plan Percentage Allocation | |||
Defined Benefit Plan Assets [Member] | |||
Assets: | |||
Assets | [1] | ||
Benefit Plan Percentage Allocation | [1] | ||
Large U,S Equity [Member] | |||
Assets: | |||
Assets | [2] | $ 5,470 | |
Benefit Plan Percentage Allocation | [2] | 31.00% | |
Small/Mid U.S Equity [Member] | |||
Assets: | |||
Assets | [3] | $ 2,605 | |
Benefit Plan Percentage Allocation | [3] | 15.00% | |
International Equity [Member] | |||
Assets: | |||
Assets | [4] | $ 2,921 | |
Benefit Plan Percentage Allocation | [4] | 17.00% | |
Fixed Income [Member] | |||
Assets: | |||
Assets | [5] | $ 6,592 | |
Benefit Plan Percentage Allocation | [5] | 37.00% | |
Level 1 [Member] | |||
Assets: | |||
Assets | 22,355 | $ 17,149 | |
Liabilities: | |||
Liabilities | (4,741) | ||
Level 1 [Member] | Derivative Financial Instrument [Member] | |||
Assets: | |||
Assets | 22,355 | 17,149 | |
Liabilities: | |||
Liabilities | (4,741) | ||
Level 1 [Member] | Long-lived assets held-for-sale [Member] | |||
Assets: | |||
Assets | |||
Level 1 [Member] | Defined Benefit Plan Assets [Member] | |||
Assets: | |||
Assets | [1] | ||
Level 1 [Member] | Large U,S Equity [Member] | |||
Assets: | |||
Assets | [2] | ||
Level 1 [Member] | Small/Mid U.S Equity [Member] | |||
Assets: | |||
Assets | [3] | ||
Level 1 [Member] | International Equity [Member] | |||
Assets: | |||
Assets | [4] | ||
Level 1 [Member] | Fixed Income [Member] | |||
Assets: | |||
Assets | [5] | ||
Level 2 [Member] | |||
Assets: | |||
Assets | 17,588 | ||
Liabilities: | |||
Liabilities | |||
Level 2 [Member] | Derivative Financial Instrument [Member] | |||
Assets: | |||
Assets | |||
Liabilities: | |||
Liabilities | |||
Level 2 [Member] | Long-lived assets held-for-sale [Member] | |||
Assets: | |||
Assets | |||
Level 2 [Member] | Defined Benefit Plan Assets [Member] | |||
Assets: | |||
Assets | [1] | ||
Level 2 [Member] | Large U,S Equity [Member] | |||
Assets: | |||
Assets | [2] | 5,470 | |
Level 2 [Member] | Small/Mid U.S Equity [Member] | |||
Assets: | |||
Assets | [3] | 2,605 | |
Level 2 [Member] | International Equity [Member] | |||
Assets: | |||
Assets | [4] | 2,921 | |
Level 2 [Member] | Fixed Income [Member] | |||
Assets: | |||
Assets | [5] | 6,592 | |
Level 3 [Member] | |||
Assets: | |||
Assets | 57,053 | 58,295 | |
Liabilities: | |||
Liabilities | |||
Level 3 [Member] | Derivative Financial Instrument [Member] | |||
Assets: | |||
Assets | |||
Level 3 [Member] | Long-lived assets held-for-sale [Member] | |||
Assets: | |||
Assets | $ 57,053 | 58,295 | |
Level 3 [Member] | Defined Benefit Plan Assets [Member] | |||
Assets: | |||
Assets | [1] | ||
Level 3 [Member] | Large U,S Equity [Member] | |||
Assets: | |||
Assets | [2] | ||
Level 3 [Member] | Small/Mid U.S Equity [Member] | |||
Assets: | |||
Assets | [3] | ||
Level 3 [Member] | International Equity [Member] | |||
Assets: | |||
Assets | [4] | ||
Level 3 [Member] | Fixed Income [Member] | |||
Assets: | |||
Assets | [5] | ||
[1] | Included in other assets 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) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive shares from convertible securities outstanding | 3,265,000 | 964,000 |
Earnings Per Share. (Details) -
Earnings Per Share. (Details) - Schedule of computation of basic and diluted earnings per share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of computation of basic and diluted earnings per share [Abstract] | ||
Net income attributed to Alto Ingredients, Inc. | $ 4,678 | $ (25,100) |
Less: Preferred stock dividends | (312) | (315) |
Basic income per share: | ||
Income available to common stockholders | $ 4,366 | (25,415) |
Income available to common stockholders (in Shares) | 70,351 | |
Income available to common stockholders (in Dollars per share) | $ 0.06 | |
Add: Dilutive securities | ||
Add: Dilutive securities (in Shares) | 2,113 | |
Diluted income per share: | ||
Income available to common stockholders | $ 4,366 | $ (25,415) |
Income available to common stockholders (in Shares) | 72,464 | 53,828 |
Income available to common stockholders (in Dollars per share) | $ 0.06 | $ (0.47) |
Parent Company Financials. (Det
Parent Company Financials. (Details) $ in Millions | Mar. 31, 2021USD ($) |
Condensed Financial Information Disclosure [Abstract] | |
Net asset | $ 231.9 |
Parent Company Financials. (D_2
Parent Company Financials. (Details) - Schedule of parent company financial statements - Parent Company [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||||
Cash and cash equivalents | $ 16,534 | $ 25,632 | $ 9,721 | $ 4,985 |
Receivables from subsidiaries | 16,412 | 15,548 | ||
Other current assets | 2,188 | 1,836 | ||
Total current assets | 35,134 | 43,016 | ||
Property and equipment, net | 125 | 142 | ||
Other Assets: | ||||
Investments in subsidiaries | 257,547 | 246,518 | ||
Alto West, LLC receivable | 42,649 | 42,649 | ||
Right of use operating lease assets, net | 2,915 | 2,985 | ||
Other assets | 1,087 | 1,088 | ||
Total other assets | 304,198 | 293,240 | ||
Total Assets | 339,457 | 336,398 | ||
Current Liabilities: | ||||
Accounts payable and accrued liabilities | 4,961 | 2,001 | ||
Accrued Alto Op Co. purchase | 3,829 | 3,829 | ||
Current portion of long-term debt | 20,001 | 25,533 | ||
Other current liabilities | 394 | 473 | ||
Total current liabilities | 29,185 | 31,836 | ||
Long-term debt, net of current portion | 5,665 | 5,564 | ||
Other liabilities | 2,925 | 2,763 | ||
Total Liabilities | 37,775 | 40,163 | ||
Preferred stock | 1 | 1 | ||
Common and non-voting common stock | 73 | 72 | ||
Additional paid-in capital | 1,037,718 | 1,036,638 | ||
Accumulated other comprehensive loss | (3,878) | (3,878) | ||
Accumulated deficit | (732,232) | (736,598) | ||
Total Alto Ingredients, Inc. stockholders’ equity | 301,682 | 296,235 | ||
Total Liabilities and Stockholders’ Equity | $ 339,457 | $ 336,398 |
Parent Company Financials. (D_3
Parent Company Financials. (Details) - Schedule of statement of operations parent company - Parent Company [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Parent Company Financials. (Details) - Schedule of statement of operations parent company [Line Items] | ||
Management fees from subsidiaries | $ 2,526 | $ 3,253 |
Selling, general and administrative expenses | 4,651 | 5,377 |
Loss on debt extinguishment | (2,125) | (2,124) |
Fair value adjustments | 673 | |
Other expense, net | (1,028) | (1,598) |
Interest income | 807 | |
Loss before benefit for income taxes | (2,346) | (3,049) |
Benefit for income taxes | ||
Loss before equity in earnings of subsidiaries | (2,346) | (3,049) |
Equity in income (losses) of subsidiaries | 7,024 | (24,107) |
Consolidated net loss | $ 4,678 | $ (27,156) |
Parent Company Financials. (D_4
Parent Company Financials. (Details) - Schedule of statement of cash flows parent company - Parent Company [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities: | ||
Consolidated net income (loss) | $ 4,678 | $ (27,156) |
Adjustments to reconcile net income (loss) to cash used in operating activities: | ||
Equity in (income) losses of subsidiaries | (7,024) | 24,107 |
Fair value adjustments | (673) | |
Depreciation | 17 | 33 |
Amortization of debt discounts | 101 | (57) |
Changes in operating assets and liabilities: | ||
Receivables from subsidiaries | (864) | 123 |
Other assets | (281) | 29 |
Accounts payable and accrued expenses | (765) | |
Accounts receivable with subsidiaries | 110 | 2,235 |
Net cash used in operating activities | (4,028) | (1,359) |
Investing Activities: | ||
Additions to property and equipment | ||
Net cash used in investing activities | ||
Financing Activities: | ||
Proceeds from issuance of common stock | 462 | 282 |
Proceeds from plant receivable | 5,813 | |
Payments on senior notes | (5,532) | |
Preferred stock dividend payments | ||
Net cash provided by (used in) financing activities | (5,070) | 6,095 |
Net increase (decrease) in cash and cash equivalents | (9,098) | 4,736 |
Cash and cash equivalents at beginning of period | 25,632 | 4,985 |
Cash and cash equivalents at end of period | $ 16,534 | $ 9,721 |
Subsequent Event. (Details)
Subsequent Event. (Details) - Subsequent Event [Member] - USD ($) $ in Millions | May 14, 2021 | Apr. 23, 2021 |
Subsequent Event. (Details) [Line Items] | ||
Total consideration | $ 28.3 | |
Cash | 19.5 | |
Assumption of liabilities | $ 8.8 | |
Repayment of notes payable | $ 19.3 |