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On one or more occasions, we may make forward-looking statements in this Quarterly Report on Form 10-Q, including statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this Quarterly Report on Form 10-Q include, without limitation, statements regarding management’s plans; trends in demand for renewable fuels; trends in market conditions with respect to prices for inputs for our products versesversus prices for our products; our ability to leverage approved feedstock pathways; our ability to leverage our location and infrastructure; our ability to incorporate lower-cost, non-food advanced biofuels feedstock at the Keyes plant; our ability to adopt value-add byproductby-product processing systems; our ability to expand into alternative markets for biodiesel and its byproducts,by-products, including continuing to expand our sales into international markets; the impact of changes in regulatory policies on our performance, including the Indian government’s recent changes to tax policies, diesel prices and related subsidies; our ability to continue to develop new, and to maintain and protect new and existing, intellectual property rights; our ability to adopt, develop and commercialize new technologies; our ability to refinance our senior debt on more commercial terms or at all; our ability to continue to fund operations and our future sources of liquidity and capital resources; our ability to sell additional notes under our EB-5 note program and our expectations regarding the release of funds from escrow under our EB-5 note program; our ability to improve margins; and our ability to raise additional capital. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “targets,” ��will“will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, the risks set forth under the caption “Risk Factors” below, which are incorporated herein by reference as well as those business risks and factors described elsewhere in this report and in our other filings with the Securities and Exchange Commission (the “SEC”), including without limitation, our most recent Annual Report on Form 10-K.

The “North America” operating segment includes the Company’s 60 million gallons per year capacity Keyes plant in Keyes, California and its research facilities in College Park, Maryland.

The “India” operating segment encompasses the Company’s 50 million gallon per year capacity biodiesel plant in Kakinada, India, its administrative offices in Hyderabad, India, and the holding companies in Nevada and Mauritius.

On July 6, 2012, Aemetis, Inc. and Aemetis Advanced Fuels Keyes, Inc. (AAFK)(“AAFK”), entered into an Amended and Restated Note Purchase Agreement with Third Eye Capital (the Note“Note Purchase Agreement)Agreement”). Pursuant to the Note Purchase Agreement, Third Eye Capital extended credit in the form of (i) senior secured term loans in an aggregate principal amount of approximately $7.2 million to replace existing notes held by Third Eye Capital (the Term Notes)“Term Notes”); (ii) senior secured revolving loans in an aggregate principal amount of $18.0 million (Revolving(“Revolving Credit Facility)Facility”); (iii) senior secured term loans in the principal amount of $10.0 million to convert the prior revenue participation agreement to a note (Revenue(“Revenue Participation Term Notes)Notes”); and (iv) senior secured term loans in an aggregate principal amount of $15.0 million (Acquisition(“Acquisition Term Notes)Notes”) used to fund the cash portion of the acquisition of Cilion, Inc. (the Term Notes, Revolving Credit Facility, Revenue Participation Term Notes and Acquisition Term Notes are referred to herein collectively as the Original Third Eye Capital Notes). The Third Eye Capital Notes have a maturity date of April 1, 2017, extendable by the Company to April 2018 upon payment of a fee equal to 5% of the carrying value of the debt. After this financing transaction, Third Eye Capital obtained sufficient equity ownership in the Company to be considered a related party.

On April 15, 2016,28, 2017, the Company entered into a short-term credit facility for working capital and other general corporate purposes governed by a Promissory Note for $1.2$1.5 million (April Promissory Note) was advanced bypayable to Third Eye Capital to Aemetis Inc., as a bridge loan with 12%an interest rate of 14% per annum maturing on the earlierearliest of (a) closing of the Financing, (b) receipt of proceeds from any financing, refinancing or other similar transaction, (c) extension of credit by the Lender, or Agent on behalf of certain lenders or the Noteholders, to Aemetis Advanced Fuels Goodland, Inc.,the Debtors or their affiliates, and (b) 60 days from the April Promissory Note date or(d) June 14, 2016. The April Promissory Note was subject to cross default provisions on other Third Eye Capital Notes and the waiver was obtained on July 31, 2016 to extend the maturity date of the April Promissory Note to September 30, 2016 with an increase in interest per annum to 18%. As of September 30, 2016, the Company had repaid all of the principal and interest outstanding on the bridge loan Promissory Note.15, 2017.

On October 16, 2016,April 28, 2017, the Company launchedentered into a new $50.0short-term credit facility for working capital and other general corporate purposes governed by a Promissory Note for $1.5 million EB-5 Phase II funding, issuing EB-5 Notespayable to Third Eye Capital with an interest rate of 14% per annum maturing on the same termsearliest of (a) closing of the Financing, (b) receipt of proceeds from any financing, refinancing or other similar transaction, (c) extension of credit by the Lender, or Agent on behalf of certain lenders or the Noteholders, to the Debtors or their affiliates, and conditions as those issued under the Company’s EB-5 Phase I funding.(d) June 15, 2017.

Management believes that through the above mentioned actions it will be able to fund company operations and continue to operate the secured assets for the foreseeable future.at least a year. There can be no assurance that the existing credit facilities and cash from operations will be sufficient noror that the Company will be successful at maintaining adequate relationships with the senior lenders or significant shareholders. Should the Company require additional financing, there can be no assurances that the additional financing will be available on terms satisfactory to the Company.

WeHeadquartered in Cupertino, California, we are an advanced renewable fuels and biochemicals company focused on the acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products by converting first generation biofuelthrough the conversion of second-generation ethanol and biodiesel plants into advanced biorefineries.  Founded in 2006, we own and operate a 60 million gallon per year ethanol production facility (Keyes plant) in California’sthe California Central Valley near Modesto where we manufacture and produce ethanol, Wet Distiller’s Grain (WDG)wet distillers’ grains (“WDG”), Condensed Distillers Solubles (CDS)condensed distillers solubles (“CDS”), and distillers’ corn oiloil. We also own and operate a 50 million gallon per year renewable chemical and advanced fuel production facility on the East Coast of India (Kakinada plant), where we manufacture and produceproducing high quality distilled biodiesel and refined glycerin.  In addition, weglycerin for customers in India and Europe. We operate a research and development laboratory at the Maryland Biotech Center and hold a portfolio of patents and related technology licenses for the production of renewable fuels and biochemicals.

Our revenues are derived primarily from sales of ethanol and WDG in North America and biodiesel and refined glycerin in India.

The decrease in R&D expensesexpense in our North America segment was consistent for the three months ended September 30, 2016March 31, 2017 compared to the three months ended September 30, 2015 was due to decreases in professional fees of $17 thousand and supplies and other expenses of $13 thousand.March 31, 2016.

SG&A expenses consist primarily of salaries and related expenses for employees, marketing expenses related to sales of ethanol and WDG in North America and biodiesel and other products in India, as well as professional fees, other corporate expenses, and related facilities expenses.

Cash and cash equivalents were $0.7$0.2 million at September 30, 2016,March 31, 2017, of which $0.6 million$57 thousand was held in our North American entities and $0.1 million were$174 thousand was held in our Indian subsidiary. Our current ratio at September 30, 2016March 31, 2017 was 0.250.17, compared to a current ratio of 0.270.26 at December 31, 2015.2016. We expect that our future available capital resources will consist primarily of cash generated from operations, remaining cash balances, EB-5 program borrowings, amounts available for borrowing, if any, under our senior debt facilities and our subordinated debt facilities, and any additional funds raised through sales of equity.

Cash and cash equivalents, current assets, current liabilities and debt at the end of each period were as follows (in thousands):