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Aemetis (AMTX)

Cover

Cover - shares9 Months Ended
Sep. 30, 2021Jul. 31, 2021
Cover [Abstract]
Entity Registrant NameAEMETIS, INC.
Entity Central Index Key0000738214
Document Type10-Q
Amendment Flagfalse
Current Fiscal Year End Date--12-31
Entity Small Businesstrue
Entity Shell Companyfalse
Entity Emerging Growth Companyfalse
Entity Current Reporting StatusYes
Document Period End DateSep. 30,
2021
Entity Filer CategoryNon-accelerated Filer
Document Fiscal Period FocusQ3
Document Fiscal Year Focus2021
Entity Common Stock Shares Outstanding33,250,807
Document Quarterly Reporttrue
Document Transition Reportfalse
Entity Interactive Data CurrentYes
Entity File Number001-36475
Entity Incorporation State Country CodeDE
Entity Tax Identification Number26-1407544
Entity Address Address Line 120400 Stevens Creek Blvd
Entity Address Address Line 2Suite 700
Entity Address City Or TownCupertino
Entity Address State Or ProvinceCA
Entity Address Postal Zip Code95014
City Area Code408
Local Phone Number213-0940
Security 12b TitleCommon Stock, $0.001 par value
Trading SymbolAMTX
Security Exchange NameNASDAQ

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in ThousandsSep. 30, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents ($45 and $235 respectively from VIE) $ 6,389 $ 592
Accounts receivable, net of allowance for doubtful accounts of $1,404 and $1,260 as of September 30, 2021 and December 31, 20201,621 1,821
Inventories4,862 3,969
Prepaid expenses ($153 and $192 respectively from VIE)3,596 750
Other current assets ($0 and $741 respectively from VIE)545 1,551
Total current assets17,013 8,683
Property, plant and equipment, net ($33,402 and $22,628 respectively from VIE)124,915 109,880
Operating lease right-of-use assets ($14 and $28 respectively from VIE)2,572 2,889
Other assets ($24 and $24 respectively from VIE)2,479 3,687
Total assets146,979 125,139
Current liabilities:
Accounts payable ($4,829 and $6,271 respectively from VIE)13,887 20,739
Current portion of long term debt9,962 44,974
Short term borrowings13,901 14,541
Mandatorily redeemable Series B convertible preferred stock3,328 3,252
Accrued property taxes6,801 5,674
Accrued contingent litigation fees6,200 6,200
Current portion of operating lease liability ($13 and $10 respectively from VIE)286 316
Current portion of Series A preferred units ($8,660 and $2,015 respectively from VIE)8,660 2,015
Other current liabilities ($393 and $129 respectively from VIE)11,580 4,524
Total current liabilities74,605 102,235
Long term liabilities:
Senior secured notes and revolving notes117,197 125,624
EB-5 notes32,500 32,500
Other long term debt ($42 and $0 respectively from VIE)11,418 11,980
Series A preferred units ($38,257 and $32,022 respectively from VIE)38,257 32,022
Operating lease liability ($0 and $11 respectively from VIE)2,381 2,578
Other long term liabilities ($0 and $74 respectively from VIE)2,714 2,944
Total long term liabilities204,467 207,648
Stockholders' deficit:
Series B convertible preferred stock, $0.001 par value; 7,235 authorized; 1,285 and 1,323 shares issued and outstanding each period, respectively (aggregate liquidation preference of $3,855 and $3,969 respectively)1 1
Common stock, $0.001 par value; 40,000 authorized; 32,564 and 22,830 shares issued and outstanding each period, respectively33 23
Additional paid-in capital192,520 93,426
Accumulated deficit(320,346)(274,080)
Accumulated other comprehensive loss(4,301)(4,114)
Total stockholders' deficit(132,093)(184,744)
Total liabilities and stockholders' deficit $ 146,979 $ 125,139

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)Sep. 30, 2021Dec. 31, 2020
Allowance for doubtful accounts $ 140,400,000 $ 1,260,000
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized (in thousands)40,000,000 40,000
Common stock, shares issued (in thousands)32,564,000 22,830
Common stock, shares outstanding (in thousands)32,564 22,830,000
Series B Convertible Preferred Stock
Series B preferred stock, par value $ 0.001 $ 0.001
Series B preferred stock, authorized (in thousands)7,235,000 7,235
Series B preferred stock, shares issued (in thousands)1,285,000 1,323
Series B preferred stock, shares outstanding (in thousands)1,285 1,323
Aggregate liquidation preference $ 3,855,000 $ 3,969
Variable Interest Entity, Primary Beneficiary [Member]
Cash and cash equivalents, VIE45,000 235,000
Prepaid expenses, VIE153,000 192,000
Other current assets, VIE0 741,000
Property, plant and equipment, VIE33,402,000 22,628,000
Operating lease right-of-use assets, VIE14,000 28,000
Other assets, VIE24,000 24,000
Accounts payable, VIE4,829,000 6,271,000
Current portion of operating lease liability, VIE13,000 10,000
Other current liabilities, VIE393,000 129,000
Other long term debt, VIE42,000 0
Series A preferred units, VIE38,257,000 32,022,000
Operating lease liability, VIE0 11,000
Other long term liabilities, VIE0 74,000
Current portion of Series A preferred units, VIE $ 8,660,000 $ 2,015,000

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)
Revenues $ 49,895,000 $ 40,923,000 $ 147,586,000 $ 128,227,000
Cost of goods sold54,680,000 40,152,000 152,333,000 113,830,000
Gross profit (loss)(4,785,000)771,000 (4,747,000)14,397,000
Research and development expenses22,000 37,000 66,000 175,000
Selling, general and administrative expenses5,087,000 4,563,000 16,222,000 12,548,000
Operating income (loss)(9,894,000)(3,829,000)(21,035,000)1,674,000
Interest expense
Interest rate expense4,408,000 5,796,000 14,902,000 16,956,000
Debt related fees and amortization expense1,140,000 674,000 3,045,000 2,578,000
Accretion and other expenses of Series A preferred units2,185,000 1,765,000 7,928,000 4,087,000
Gain on debt extinguishment0 0 (1,134,000)0
Other expense (income)(30,000)153,000 483,000 393,000
Loss before income taxes(17,597,000)(12,217,000)(46,259,000)(22,340,000)
Income tax expense (benefit)0 0 7,000 (263,000)
Net loss(17,597,000)(12,217,000)(46,266,000)(22,077,000)
Other comprehensive (loss)
Foreign currency translation gain (loss)22,000 314,000 (187,000)(381,000)
Comprehensive loss $ (17,575,000) $ (11,903,000) $ (46,453,000) $ (22,458,000)
Net loss per common share
Basic $ (0.55) $ (0.59) $ (1.55) $ (1.06)
Diluted $ (0.55) $ (0.59) $ (1.55) $ (1.06)
Weighted average shares outstanding
Basic31,857 20,861 29,818 20,732
Diluted31,857 20,861 29,818 20,732

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)9 Months Ended
Sep. 30, 2021Sep. 30, 2020
Operating activities:
Net loss $ (46,266,000) $ (22,077,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Share-based compensation1,401,000 826,000
Depreciation4,106,000 3,515,000
Debt related fees and amortization expense3,045,000 2,578,000
Intangibles and other amortization expense35,000 36,000
Accretion and other expenses of Series A preferred units7,928,000 4,087,000
Gain on debt extinguishment(1,134,000)0
Deferred tax benefit0 (263,000)
Provision for bad debts144,000 647,000
Changes in operating assets and liabilities:
Accounts receivable50,000 (1,902,000)
Inventories(902,000)1,542,000
Prepaid expenses(2,847,000)66,000
Other assets2,475,000 1,684,000
Accounts payable(4,624,000)330,000
Accrued interest expense and fees9,256,000 16,011,000
Other liabilities7,340,000 (24,000)
Net cash (used in) provided by operating activities(19,993,000)7,056,000
Investing activities:
Capital expenditures(18,771,000)(14,921,000)
Grant proceeds received for capital expenditures1,224,000 0
Note receivable0 (3,687,000)
Net cash used in investing activities(17,547,000)(18,608,000)
Financing activities:
Proceeds from borrowings0 12,135,000
Repayments of borrowings(53,523,000)(11,792,000)
TEC debt renewal and waiver fee payments(1,008,000)(300,000)
Grant proceeds received for capital expenditures115 256
Payments on finance leases(373,000)(1,137,000)
Proceeds from issuance of common stock in equity offering94,203,000 0
Proceeds from the exercise of stock options1,104,000 260,000
Proceeds from Series A preferred units financing3,130,000 11,564,000
Series A preferred financing redemption(300,000)0
Net cash provided by financing activities43,348,000 10,986,000
Effect of exchange rate changes on cash and cash equivalents(11,000)(11,000)
Net change in cash and cash equivalents for period5,797,000 (577,000)
Cash and cash equivalents at beginning of period592,000 656,000
Cash and cash equivalents at end of period6,389,000 79,000
Supplemental disclosures of cash flow information, cash paid:
Cash paid for interest5,646,000 702,000
Income taxes paid7,000 8,000
Supplemental disclosures of cash flow information, non-cash transactions:
Subordinated debt extension fees added to debt680,000 680,000
Fair value of warrants issued to subordinated debt holders1,546,000 181,000
TEC debt extension, waiver fees, promissory notes fees added to debt608,000 1,793,000
Capital expenditures in accounts payable4,695,000 1,182,000
Operating lease liabilities arising from obtaining right of use assets0 2,688,000
Financing lease liabilities arising from obtaining right of use assets113,000 2,988,000
Capital expenditures purchased on financing55,000 5,652,000
Issuance of equity to pay off accounts payable $ 893,000 $ 0

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS DEFICIT (Unaudited) - USD ($)TotalSeries B Preferred StockCommon StockAdditional Paid-In CapitalAccumulated DeficitAccumulated Other Comprehensive Loss
Balance, shares at Dec. 31, 20191,323,000 20,570,000
Balance, amount at Dec. 31, 2019 $ (154,372,000) $ 1,000 $ 21,000 $ 86,852,000 $ (237,421,000) $ (3,825,000)
Stock-based compensation310,000 0 $ 0 310,000 0 0
Issuance and exercise of warrants, shares113,000
Issuance and exercise of warrants, amount93,000 0 $ 0 93,000 0 0
Foreign currency translation loss(668,000)0 0 0 0 (668,000)
Net loss(12,052,000) $ 0 $ 0 0 (12,052,000)0
Balance, shares at Mar. 31, 20201,323,000 20,683,000
Balance, amount at Mar. 31, 2020(166,689,000) $ 1,000 $ 21,000 87,255,000 (249,473,000)(4,493,000)
Balance, shares at Dec. 31, 20191,323,000 20,570,000
Balance, amount at Dec. 31, 2019(154,372,000) $ 1,000 $ 21,000 86,852,000 (237,421,000)(3,825,000)
Stock-based compensation826,000
Net loss(22,077,000)
Foreign currency translation gain(381,000)
Balance, shares at Sep. 30, 20201,323,000 21,027,000
Balance, amount at Sep. 30, 2020(175,563,000) $ 1,000 $ 21,000 88,119,000 (259,498,000)(4,206,000)
Balance, shares at Mar. 31, 20201,323,000 20,683,000
Balance, amount at Mar. 31, 2020(166,689,000) $ 1,000 $ 21,000 87,255,000 (249,473,000)(4,493,000)
Stock-based compensation325,000 0 0 325,000 0 0
Issuance and exercise of warrants, amount0 0 0 0 0 0
Foreign currency translation loss(27,000)0 0 0 0 (27,000)
Net income2,192,000 $ 0 $ 0 0 2,192,000 0
Balance, shares at Jun. 30, 20201,323,000 20,683,000
Balance, amount at Jun. 30, 2020(164,199,000) $ 1,000 $ 21,000 87,580,000 (247,281,000)(4,520,000)
Stock-based compensation191,000 0 $ 0 191,000 0 0
Issuance and exercise of warrants, shares112,000
Issuance and exercise of warrants, amount88,000 0 $ 0 88,000 0 0
Net loss(12,217,000)0 $ 0 0 (12,217,000)0
Stock options exercised, shares232,000
Stock options exercised, amount260,000 0 $ 0 260,000 0 0
Foreign currency translation gain314,000 $ 0 $ 0 0 0 314,000
Balance, shares at Sep. 30, 20201,323,000 21,027,000
Balance, amount at Sep. 30, 2020(175,563,000) $ 1,000 $ 21,000 88,119,000 (259,498,000)(4,206,000)
Balance, shares at Dec. 31, 20201,323,000 22,830,000
Balance, amount at Dec. 31, 2020(184,744,000) $ 1,000 $ 23,000 93,426,000 (274,080,000)(4,114,000)
Stock-based compensation835,000 0 $ 0 835,000 0 0
Issuance and exercise of warrants, shares113,000
Issuance and exercise of warrants, amount281,000 0 $ 0 281,000 0 0
Foreign currency translation loss(25,000)0 0 0 0 (25,000)
Net loss(18,112,000)0 $ 0 0 (18,112,000)0
Stock options exercised, shares1,226,000
Stock options exercised, amount1,003,000 0 $ 1,000 1,002,000 0 0
Issuance of common stock, shares5,682,000
Issuance of common stock, amount62,395,000 $ 0 $ 6,000 62,389,000 0 0
Balance, shares at Mar. 31, 20211,323,000 29,851,000
Balance, amount at Mar. 31, 2021(138,367,000) $ 1,000 $ 30,000 157,933,000 (292,192,000)(4,139,000)
Balance, shares at Dec. 31, 20201,323,000 22,830,000
Balance, amount at Dec. 31, 2020(184,744,000) $ 1,000 $ 23,000 93,426,000 (274,080,000)(4,114,000)
Stock-based compensation1,400,000
Net loss $ (46,266,000)
Stock options exercised, shares0
Foreign currency translation gain $ (187,000)
Balance, shares at Sep. 30, 20211,285,000 32,564,000
Balance, amount at Sep. 30, 2021(132,093,000) $ 1,000 $ 33,000 192,520,000 (320,346,000)(4,301,000)
Balance, shares at Mar. 31, 20211,323,000 29,851,000
Balance, amount at Mar. 31, 2021(138,367,000) $ 1,000 $ 30,000 157,933,000 (292,192,000)(4,139,000)
Stock-based compensation281,000 0 0 281,000 0 0
Foreign currency translation loss(184,000)0 0 0 0 (184,000)
Net loss(10,557,000)0 $ 0 0 (10,557,000)0
Stock options exercised, shares745,000
Stock options exercised, amount29,000 0 $ 1,000 28,000 0 0
Issuance of common stock, shares976,000
Issuance of common stock, amount24,774,000 $ 0 $ 1,000 24,773,000 0 0
Balance, shares at Jun. 30, 20211,323,000 31,572,000
Balance, amount at Jun. 30, 2021(124,024,000) $ 1,000 $ 32,000 183,015,000 (302,749,000)(4,323,000)
Stock-based compensation285,000 $ 0 285,000 0 0
Issuance and exercise of warrants, shares113,000
Issuance and exercise of warrants, amount1,265,000 $ 0 1,265,000 0 0
Net loss(17,597,000)0 (17,597,000)0
Stock options exercised, shares299,000
Stock options exercised, amount72,000 $ 0 72,000 0 0
Foreign currency translation gain22,000 0 0 22,000
Issuance of common stock, shares576,000
Issuance of common stock, amount7,884,000 $ 1,000 7,883,000 0 0
Series B conversion to common stock, shares(38)4
Sereis B conversion to common stock, amount0 $ 0 $ 0 0 0 0
Balance, shares at Sep. 30, 20211,285,000 32,564,000
Balance, amount at Sep. 30, 2021 $ (132,093,000) $ 1,000 $ 33,000 $ 192,520,000 $ (320,346,000) $ (4,301,000)

Nature of Activities and Summar

Nature of Activities and Summary of Significant Accounting Policies9 Months Ended
Sep. 30, 2021
Nature of Activities and Summary of Significant Accounting Policies
1. Nature of Activities and Summary of Significant Accounting Policies1. Nature of Activities and Summary of Significant Accounting Policies Nature of Activities Founded in 2006, we have completed Phase 1 and are expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas (RNG). We own and operate a 65 million gallon per year ethanol production facility located in Keyes, California (the “Keyes Plant”). In addition to low carbon renewable fuel ethanol, the Keyes Plant produces Wet Distillers Grains (“WDG”), Distillers Corn Oil (“DCO”), and Condensed Distillers Solubles (“CDS”), all of which are sold to local dairies and feedlots as animal feed. In the fourth quarter of 2021, an ethanol membrane dehydration system was commissioned at the Keyes Plant, a key part of increasing the electrification and decreasing natural gas usage at the facility. This project reduces greenhouse gas (“GHG”) emissions and decreases the carbon intensity of fuel produced at the Keyes Plant, allowing us to realize a higher price for the ethanol produced and sold. We also own and operate a 50 million gallon per year renewable chemical and advanced fuel production facility (“Kakinada Plant”) on the East Coast of India that produces high quality distilled biodiesel and refined glycerin for customers in India and Europe. We are developing the Carbon Zero sustainable aviation fuel (SAF) and renewable diesel fuel biorefineries in California to utilize distillers corn oil and other renewable oils to produce low carbon intensity renewable jet and diesel fuel using cellulosic hydrogen from waste orchard and forest wood, while pre-extracting cellulosic sugars from the waste wood to be processed into high value cellulosic ethanol at the Keyes plant. Additionally, we operate a research and development laboratory to develop efficient conversion technologies using waste feedstocks to produce biofuels and biochemicals. We hold a portfolio of patents and exclusive technology licenses to produce renewable fuels and biochemicals. We own a partially completed plant in Goodland, Kansas (the “Goodland Plant”) through our subsidiary Goodland Advanced Fuels, Inc., (“GAFI”), which was formed to acquire the Goodland Plant. During 2018, Aemetis Biogas, LLC (“ABGL”) was formed to construct bio-methane anaerobic digesters at local dairies near the Keyes Plant, many of whom also purchase WDG produced at the Keyes Plant. The digesters are connected via a pipeline owned by ABGL to a gas cleanup and compression unit being built at the Keyes Plant to produce Renewable Natural Gas (“RNG”). During the third quarter of 2020, ABGL completed construction on the first two dairy digesters along with the pipeline that carries bio-methane from these dairies to the Keyes Plant. Upon receiving the bio-methane from the dairies, impurities are removed, and the bio-methane is converted to RNG where it will be either injected into the local gas utility pipeline, supplied as renewable compressed natural gas (“RCNG”) that will service local trucking fleets, or used as renewable energy at the Keyes Plant. During the first quarter of 2021, we announced our “Carbon Zero” biofuels production plants designed to produce biofuels, including renewable jet and diesel fuel utilizing cellulosic hydrogen and non-edible renewable oils sourced from our existing biofuels plants and other sources. The first plant, in Riverbank, California, “Carbon Zero 1”, is expected to utilize hydroelectric and other renewable power available onsite to produce 45 million gallons per year of jet fuel, renewable diesel, and other byproducts. The plant is expected to supply the aviation and truck markets with ultra-low carbon renewable fuels to reduce greenhouse gas (“GHG”) emissions and other pollutants associated with conventional petroleum-based fuels. The Company is continuing to develop a biomass-to-fuel technology to build a carbon zero production facility. By producing ultra-low carbon renewable fuels, the Company expects to capture higher value D3 RINs and California’s LCFS credits. D3 RINs have a higher value in the marketplace than D6 RINs due to D3 RINs’ relative scarcity and mandated pricing formula from the United States EPA. On April 1, 2021, we established Aemetis Carbon Capture, Inc. to build carbon sequestration projects to generate LCFS and IRS 45Q credits by injecting CO₂ into wells which are monitored for emissions to ensure the long-term sequestration of carbon underground. California’s Central Valley is well established as a major region for large-scale natural gas production and CO₂ injection projects due to the subsurface geologic formation that retains gases. We also own and operate the Kakinada Plant with a nameplate capacity of 150 thousand metric tons per year, or about 50 million gallons per year, producing high quality distilled biodiesel and refined glycerin for customers in India and Europe. We believe the Kakinada Plant is one of the largest biodiesel production facilities in India on a nameplate capacity basis. The Kakinada Plant is capable of processing a variety of vegetable oils and animal fat waste feedstocks into biodiesel that meet international product standards. The Kakinada Plant also distills the crude glycerin byproduct from the biodiesel refining process into refined glycerin, which is sold to the pharmaceutical, personal care, paint, adhesive and other industries. Basis of Presentation and Consolidation The accompanying consolidated condensed balance sheet as of September 30, 2021, the consolidated condensed statements of operations and comprehensive (loss) for the three and nine months ended September 30, 2021 and 2020, the consolidated condensed statements of cash flows for the nine months ended September 30, 2021 and 2020, and the consolidated condensed statements of stockholders’ deficit for the three and nine months ended September 30, 2021 and 2020 are unaudited. The consolidated condensed balance sheet as of December 31, 2020 was derived from the 2020 audited consolidated financial statements and notes thereto. The consolidated condensed financial statements in this report should be read in conjunction with the 2020 audited consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2020. The accompanying consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of Company’s management, the unaudited interim consolidated condensed financial statements for the three and nine months ended September 30, 2021 and 2020 have been prepared on the same basis as the audited consolidated statements as of December 31, 2020 and reflect all adjustments, consisting primarily of normal recurring adjustments, necessary for the fair presentation of its statement of financial position, results of operations and cash flows. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the operating results for any subsequent quarter, for the full fiscal year or any future periods. Use of Estimates Revenue Recognition North America: During the first quarter of 2020, Aemetis began selling high-grade alcohol for consumer applications directly to customers on the West Coast and Midwest using a variety of payment terms. These agreements and terms were evaluated according to ASC 606 guidance and such revenue is recognized upon satisfaction of the performance obligation by delivery of the product based on the terms of the agreement. Sales of high-grade alcohol were minimal for the third quarter and year to date revenue for 2021 and were aggregated with ethanol sales for the three and nine months ended September 30, 2021. Sales of high-grade alcohol represented 2% and 18% of revenue for the three and nine months ended September 30, 2020, respectively. The below table shows our sales in North America by product category: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Ethanol and high-grade alcohol sales $ 39,131 $ 24,825 $ 111,220 $ 86,387 Wet distiller's grains sales 8,919 7,143 30,584 22,983 Other sales 1,782 1,163 5,086 4,856 $ 49,832 $ 33,131 $ 146,890 $ 114,226 We have elected to adopt the practical expedient that allows for ignoring the significant financing component of a contract when estimating the transaction price when the transfer of promised goods to the customer and customer payment for such goods are expected to be within one year of contract inception. Further, we have elected to adopt the practical expedient in which incremental costs of obtaining a contract are expensed when the amortization period would otherwise be less than one year. We also assessed principal versus agent criteria as we buy our feedstock from our customers and process and sell finished goods to those customers in certain contractual agreements. In North America, we buy corn as feedstock for the production of ethanol, from our working capital partner J.D. Heiskell. Prior to May 13, 2020, we sold all our ethanol, WDG, and corn oil to J.D. Heiskell. Subsequent to May 13, 2020, we sold most of our fuel ethanol to one customer, Kinergy, and sold all WDG and corn oil to J.D. Heiskell. During the second quarter, the Company signed a biofuels offtake agreement with Murex, LLC, and beginning on October 1, 2021 the Company will sell all of our fuel ethanol to that customer. We consider the purchase of corn as a cost of goods sold and the sale of ethanol, upon transfer to the common carrier, as revenue on the basis that (i) we control and bear the risk of gain or loss on the processing of corn which is purchased at market prices into ethanol and (ii) we have legal title to the goods during the processing time. The pricing for both corn and ethanol is set independently. Revenues from sales of ethanol and its co-products are billed net of the related transportation and marketing charges. The transportation component is accounted for in cost of goods sold and the marketing component is accounted for in sales, general and administrative expense. Transportation and marketing charges are known within days of the transaction and are recorded at the actual amounts. The Company has elected an accounting policy under which these charges have been treated as fulfillment activities provided after control has transferred. As a result, these charges are recognized in cost of goods sold and selling, general and administrative expenses, respectively, when revenue is recognized. Revenues are recorded at the gross invoiced amount. Hence, we are the principal in North America sales scenarios where our customer and vendor may be the same. India: The below table shows our sales in India by product category: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Biodiesel sales $ - $ 7,325 $ 465 $ 12,267 Refined glycerin sales - 449 125 909 PFAD sales - - - 774 Other sales 63 18 106 51 $ 63 $ 7,792 $ 696 $ 14,001 In India, we also assessed principal versus agent criteria as we buy our feedstock from our customers and process and sell finished goods to those same customers in certain contractual agreements. In those cases, we receive the legal title to feedstock from our customers once it is on our premises. We control the processing and production of biodiesel based on contract terms and specifications. The pricing for both feedstock and biodiesel is set independently. We hold the title and risk to biodiesel according to agreements when we enter into in these situations. Hence, we are the principal in India sales scenarios where our customer and vendor may be the same. Cost of Goods Sold Accounts Receivable. The Company maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process is based on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question. Delinquent accounts receivables are charged against the allowance for doubtful accounts once un-collectability has been determined. The factors considered in reaching this determination are the apparent financial condition of the customer and the Company’s success in contacting and negotiating with the customer. If the financial condition of the Company’s customers were to deteriorate, additional allowances may be required. We reserved $1.4 million and $1.3 million in the allowances for doubtful accounts as of September 30, 2021 and December 31, 2020, respectively. Inventories Investments. Cost Method Investments Variable Interest Entities. Property, Plant and Equipment The Company evaluates the recoverability of long-lived assets with finite lives in accordance with ASC Subtopic 360-10-35 Property Plant and Equipment—Subsequent Measurements, California Energy Commission Low-Carbon Fuel Production Program California Department of Food and Agriculture Dairy Digester Research and Development Grant In October 2020, the Company was awarded $7.8 million in matching grants from the CDFA Dairy Digester Research and Development program. The CDFA grant reimburses the Company for costs required to permit and construct six of the Company’s biogas capture systems under contract with central California dairies. The Company has received $33 thousand from the CDFA 2020 grant program as of September 30, 2021 as reimbursement for actual costs incurred. Due to the uncertainty associated with the approval process under the grant program, the Company recognizes the grant as a reduction of the costs in the period when approval is received. California Energy Commission Low Carbon Advanced Ethanol Grant Program. Basic and Diluted Net Loss per Share. The following table shows the number of potentially dilutive shares excluded from the diluted net loss per share calculation as of September 30, 2021 and 2020: As of September 30, 2021 September 30, 2020 Series B preferred (post split basis) 129 132 Common stock options and warrants 3,929 5,846 Debt with conversion feature at $30 per share of common stock 1,280 1,294 Total number of potentially dilutive shares excluded from the diluted net (loss) per share calculation 5,338 7,272 Comprehensive Income (Loss). Comprehensive Income (Loss) Foreign Currency Translation/Transactions. Operating Segments. The “North America” operating segment includes the Company’s 65 million gallons per year capacity Keyes Plant in California, the ultra-low carbon renewable fuel project in Riverbank, the biogas digesters on dairies near Keyes, California, the Goodland Plant in Kansas and the research and development facility in Minnesota. The “India” operating segment includes the Company’s 50 million gallon per year capacity Kakinada Plant in India, the administrative offices in Hyderabad, India, and the holding companies in Nevada and Mauritius. Fair Value of Financial Instruments. Share-Based Compensation. Commitments and Contingencies. Contingencies Convertible Instruments Debt Modification Accounting Debt–Modification and Extinguishments Recently Issued Accounting Pronouncements ASU 2016-13: Measurement of Credit Losses on Financial Instruments. For a complete summary of the Company’s significant accounting policies, please refer to the Company’s audited financial statements and notes thereto for the years ended December 31, 2020 and 2019 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2021.

Inventories

Inventories9 Months Ended
Sep. 30, 2021
Inventories
2. Inventories2. Inventories Inventories consist of the following: September 30, 2021 December 31, 2020 Raw materials $ 1,363 $ 1,382 Work-in-progress 1,274 1,266 Finished goods 2,225 1,321 Total inventories $ 4,862 $ 3,969 As of September 30, 2021, and December 31, 2020, the Company recognized a lower of cost or net realizable value impairment of none and $0.7 million respectively, related to inventory.

Property Plant and Equipment

Property Plant and Equipment9 Months Ended
Sep. 30, 2021
Property Plant and Equipment
3. Property, Plant and Equipment3. Property, Plant and Equipment Property, plant and equipment consist of the following: As of September 30, 2021 December 31, 2020 Land $ 4,084 $ 4,092 Plant and buildings 97,168 97,398 Furniture and fixtures 1,305 1,195 Machinery and equipment 5,298 5,188 Construction in progress 44,322 25,397 Property held for development 15,414 15,408 Finance lease right of use assets 2,317 2,308 Total gross property, plant & equipment 169,908 150,986 Less accumulated depreciation (44,993 ) (41,106 ) Total net property, plant & equipment $ 124,915 $ 109,880 For the three months ended September 30, 2021 and 2020, interest capitalized in property, plant, and equipment was $1.4 million and $0.1 million, respectively. For the nine months ended September 30, 2021 and 2020, interest capitalized in property, plant, and equipment was $2.9 million and $0.3 million, respectively. Construction in progress contains incurred costs for the ABGL biogas project, Riverbank project, and energy efficient upgrades at the Keyes Plant. In the second quarter of 2020, the CO₂ Project commenced operations and was placed in service at that time. In the third quarter of 2020, two dairy digesters commenced operations and were placed in service at that time. Spending for ongoing capital projects is accumulated in construction in progress and will be capitalized with subsequent depreciation once the capital projects are finished and are in service. Depreciation on the components of property, plant and equipment is calculated using the straight-line method over their estimated useful lives as follows: Years Plant and buildings 20 - 30 Machinery and equipment 5 - 15 Furniture and fixtures 3 - 5 For the three months ended September 30, 2021 and 2020, the Company recorded depreciation expense of $1.3 million for each period. For the nine months ended September 30, 2021 and 2020, the Company recorded depreciation expense of $4.1 and $3.5 million, respectively. Management is required to evaluate these long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Management determined there was no impairment on the long-lived assets during the three and nine months ended September 30, 2021 and 2020.

Debt

Debt9 Months Ended
Sep. 30, 2021
Debt
4. Debt4. Debt Debt consists of the following: September 30, 2021 December 31, 2020 Third Eye Capital term notes $ 7,093 $ 7,066 Third Eye Capital revolving credit facility 71,732 80,310 Third Eye Capital revenue participation term notes 11,914 11,864 Third Eye Capital acquisition term notes 26,457 26,384 Third Eye Capital promissory note - 1,444 Cilion shareholder seller notes payable 6,386 6,274 Subordinated notes 13,229 12,745 EB-5 promissory notes 42,462 43,120 GAFI Term and Revolving loans - 33,626 Term loans on capital expenditures 5,705 5,652 PPP loans - 1,134 Total debt 184,978 229,619 Less current portion of debt 23,863 59,515 Total long term debt $ 161,115 $ 170,104 Third Eye Capital Note Purchase Agreement On July 6, 2012, Aemetis, Inc. and Aemetis Advanced Fuels Keyes, Inc. (“AAFK”), entered into an Amended and Restated Note Purchase Agreement with Third Eye Capital (the “Note Purchase Agreement”). Pursuant to the Note Purchase Agreement, Third Eye Capital extended credit in the form of (i) senior secured term loans in an aggregate principal amount of approximately $7.2 million to replace existing notes held by Third Eye Capital (the “Term Notes”); (ii) senior secured revolving loans in an aggregate principal amount of $18.0 million (the “Revolving Credit Facility”); (iii) senior secured term loans in the principal amount of $10.0 million to convert the prior revenue participation agreement to a note (the “Revenue Participation Term Notes”); and (iv) senior secured term loans in an aggregate principal amount of $15.0 million (the “Acquisition Term Notes”) used to fund the cash portion of the acquisition of Cilion, Inc. (the Term Notes, Revolving Credit Facility, Revenue Participation Term Notes and Acquisition Term Notes are referred to herein collectively as the “Original Third Eye Capital Notes”). On April 1, 2020, the Company exercised the option to extend the maturity of Third Eye Capital Notes to April 1, 2021 for a fee of 1% of the outstanding note balance instead of agreed fee of 5% in Amendment No.14 to the Note Purchase Agreement. We have evaluated the reduction in extension fee to 1% in accordance with ASC 470-60 Troubled Debt Restructuring. According to the guidance, we considered the 1% extension fee to be a troubled debt restructuring. On August 11, 2020, Third Eye Capital agreed to Limited Waiver and Amendment No. 17 to the Note Purchase Agreement (“Amendment No. 17”), to (i) provide that the maturity date of the Third Eye Capital Notes may be further extended at our election to April 1, 2022 in exchange for an extension fee equal to 1% of the Note Indebtedness in respect to each Note, provided that such fee may be added to the outstanding principal balance of each Note on the effective date of each such extension, (ii) provide for a waiver of the ratio of note indebtedness covenant for the quarters ended March 31, 2021 and June 30, 2021. As consideration for such amendment and waivers, the borrowers also agreed to pay Third Eye Capital an amendment and waiver fee of $0.3 million in cash (the “Amendment No. 17 Fee”). On November 5, 2020, Third Eye Capital agreed to Limited Waiver and Amendment No. 18 to the Note Purchase Agreement (“Amendment No. 18”) to provide for a waiver of the ratio of note indebtedness covenant for the quarter ended September 30, 2021. As consideration for such amendment and waivers, the borrowers also agreed to pay Third Eye Capital an amendment fee of $50 thousand. We have evaluated the $0.3 million waiver fee in Amendment No. 17 and the $50 thousand waiver fee in Amendment No. 18 in accordance with ASC 470-60 Troubled Debt Restructuring According to the guidance, we considered the $0.3 million fee in Amendment No.17 and the $50 thousand waiver fee in Amendment No. 18 to be troubled debt restructurings. In order to assess whether the creditor granted a concession, we calculated the post-restructuring effective interest rate by projecting cash flows on the new terms and calculated a discount rate equal to the carrying amount of pre-restructuring of debt, and by comparing this calculation to the terms of Amendment No. 15, we determined that Third Eye Capital provided a concession in accordance with the provisions of ASC 470-60 and thus applied troubled debt restructuring accounting, resulting in no gain or loss from the application of this accounting. Using the effective interest method of amortization, the Amendment No. 17 waiver fee of $0.3 million is being amortized over the stated remaining life of the Third Eye Capital Notes. On February 27, 2019, a promissory note (the “February 2019 Note”, together with the Original Third Eye Capital Notes, the “Third Eye Capital Notes”) for $2.1 million was advanced by Third Eye Capital to Aemetis, Inc., as a short-term credit facility for working capital and other general corporate purposes with an interest rate of 14% per annum maturing on the earlier of (a) receipt of proceeds from any financing, refinancing, or other similar transaction, (b) extension of credit by payee, as lender or as agent on behalf of certain lenders, to the Company or its affiliates, or (c) April 30, 2019. In consideration of the February 2019 Note, $0.1 million of the total proceeds were paid to Third Eye Capital as financing charges. On April 30, 2019, the February 2019 Note was modified to remove the stated maturity date and instead be due on demand by Third Eye Capital. In third quarter of 2019, the February 2019 Note was modified to include additional borrowings of $0.7 million. In first quarter of 2020, the February 2019 Note was modified to include additional borrowings of $0.6 million. The February 2019 note was fully repaid in the first quarter of 2021. On March 14, 2021, Third Eye Capital agreed to Limited Waiver and Amendment No. 19 to the Note Purchase Agreement (“Amendment No. 19”), to (i) provide for a waiver of the ratio of note indebtedness covenant for the quarter ended December 31, 2021, (ii) provide for a waiver of the consolidated unfunded capital expenditures covenant for the quarters through March 31, 2021. As consideration for such amendment and waivers, the borrowers also agreed to pay Third Eye Capital an amendment and waiver fee of $0.1 million in cash (the “Amendment No. 19 Fee”). We gave the notice to extend the maturity date of the Notes to April 1, 2022 and the extension fee equal to 1% of the Note Indebtedness in respect to each Note, provided that half of such fee may be added to the outstanding principal balance of each Note on the effective date of each such extension and rest of the balance may be payable in cash or common stock within 60 days of the date of such relevant extension. We evaluated the terms of the Amendment No. 19 and the maturity date extension and applied modification accounting treatment in accordance with ASC 470-50 Debt – Modification and Extinguishment. On August 9, 2021, Third Eye Capital agreed to the Limited Waiver and Amendment No. 20 to the Note Purchase Agreement (“Amendment No. 20”) to: (i) provide that, upon written notice to Third Eye Capital, the maturity date may be further extended to April 1, 2023 in exchange for an extension fee equal to 1% of the Note Indebtedness in respect of each Note, where half of such fee may be added to the outstanding principal balance of each Note on the effective date of each such extension; (ii) provide for a waiver of the ratio of note indebtedness covenant for the quarters ended March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022; and (iii) provide for a waiver of the unfunded capital expenditures covenant for the quarter ended June 30, 2021 in which the Company exceeded the $100,000 capital expenditures limit. As consideration for such amendment and waivers, the borrowers also agreed to pay Third Eye Capital an amendment and waiver fee of $0.3 million in cash. We evaluated the terms of the Amendment No.20 and applied modification accounting treatment in accordance with ASC 470-50 Debt – Modification and Extinguishment. On November 5, 2021, Third Eye Capital agreed to the Limited Waiver and Amendment No. 21 to the Note Purchase Agreement (“Amendment No. 21”) to: (i) provide a waiver for the Blocked Account Agreement Violation in which the Borrowers failed to deliver Blocked Account Control Agreements by August 31, 2021 and (ii) provide for a waiver for the Subordinated Debt Violation, in which the Company made a repayment to a Subordinated Debt lender. As consideration for such amendment and waivers, the borrowers also agreed to pay Third Eye Capital an amendment and waiver fee of $0.1 million in cash. We will evaluate the terms of the Amendment No.21 in accordance with ASC 470-50 Debt – Modification and Extinguishment. As Amendments No. 19, No. 20, and No 21 waived certain covenants over the next four quarters, the notes are classified as long-term debt. On March 6, 2020, we and a subsidiary entered into a one-year reserve liquidity facility governed by a promissory note, payable to Third Eye Capital, in the principal amount of $18 million. On March 14, 2021, Third Eye agreed to increase the amount available under the reserve liquidity facility to $70.0 million and extend the maturity date to April 1, 2022. Borrowings under the facility are available from March 14, 2021 until maturity on April 1, 2022. Interest on borrowed amounts accrues at a rate of 30% per annum, paid monthly in arrears and may be capitalized and due upon maturity, or 40% if an event of default has occurred and continues. The outstanding principal balance of the indebtedness evidenced by the promissory note, plus any accrued but unpaid interest and any other sums due thereunder, shall be due and payable in full at the earlier to occur of (a) receipt by the Company or its affiliates of proceeds from any sale, merger, equity or debt financing, refinancing or other similar transaction from any third party and (b) April 1, 2022. Any amounts may be re-borrowed up to repaid amounts up until the maturity date of April 1, 2022. The promissory note is secured by liens and security interests upon the property and assets of the Company. In return, the Company will pay a non-refundable standby fee at 2% per annum of the difference between the aggregate principal amount outstanding and the commitment, payable monthly in cash. In addition, if any initial advances are drawn under the facility, the Company will pay a non-refundable one-time fee in the amount of $0.5 million provided that such fee may be added to the principal amount of the promissory note on the date of such initial advance. On August 9, 2021, Third Eye Capital agreed to decrease the amount available under the reserve liquidity notes governed by a promissory note to $40.0 million. On August 9, 2021, Third Eye Capital agreed to decrease the amount available under the reserve liquidity facility notes governed by a promissory note to $40.0 million. Interest on borrowed amounts accrues at a rate of 30% per annum, paid monthly in arrears and may be capitalized and due upon maturity, or 40% if an event of default has occurred and continues. The outstanding principal balance of the indebtedness evidenced by the promissory note, plus any accrued but unpaid interest and any other sums due thereunder, shall be due and payable in full at the earlier to occur of (a) receipt by the Company or its affiliates of proceeds from any sale, merger, equity or debt financing, refinancing or other similar transaction from any third party and (b) April 1, 2022. Any amounts may be re-borrowed up to repaid amounts up until the maturity date of April 1, 2022. The promissory note is secured by liens and security interests upon the property and assets of the Company. In return, the Company will pay a non-refundable standby fee at 2% per annum of the difference between the aggregate principal amount outstanding and the commitment, payable monthly in cash. In addition, if any initial advances are drawn under the facility, the Company will pay a non-refundable one-time fee in the amount of $0.5 million provided that such fee may be added to the principal amount of the promissory note on the date of such initial advance. Terms of Third Eye Capital Notes A. Term Notes B Revolving Credit Facility C. Revenue Participation Term Notes . D. Acquisition Term Notes E. Reserve Liquidity Notes *The note maturity date can be extended by the Company to April 2023. As a condition to any such extension, the Company would be required to pay a fee of 1% of the carrying value of the debt which can be paid 50% in cash or stock and 50% can be added to the outstanding debt. As a result of this ability to extend the maturity at the Company’s will, the Third Eye Capital Notes are classified as non-current debt. The Third Eye Capital Notes contain various covenants, including but not limited to, debt to plant value ratio, minimum production requirements, and restrictions on capital expenditures. The terms of the Third Eye Capital Notes allow the lender to accelerate the maturity in the occurrence of any event that could reasonably be expected to have a material adverse effect, such as any change in the business, operations, or financial condition. The terms of the notes allow interest to be capitalized. The Third Eye Capital Notes are secured by first priority liens on all real and personal property of, and assignment of proceeds from all government grants and guarantees from the Company’s North American subsidiaries. The Third Eye Capital Notes all contain cross-collateral and cross-default provisions. McAfee Capital, LLC (“McAfee Capital”), owned by Eric McAfee, the Company’s Chairman and CEO, provided a guaranty of payment and performance secured by all of its Company shares. In addition, Eric McAfee provided a blanket lien on substantially all of his personal assets, and McAfee Capital provided a guarantee in the amount of $8.0 million. Cilion shareholder seller notes payable Subordinated Notes On July 1, 2021, the Subordinated Notes were amended to extend the maturity date until the earlier of (i) December 31, 2021; (ii) completion of an equity financing by AAFK or Aemetis, Inc. in an amount of not less than $25.0 million; or (iii) after the occurrence of an Event of Default, including failure to pay interest or principal when due and breaches of note covenants. A 10% cash extension fee was paid by adding the fee to the balance of the new note and warrants to purchase 113 thousand shares of common stock were granted with a term of two years and an exercise price of $0.01 per share. The Company evaluated the July 1, 2021 amendment and the refinancing terms of the Notes and determined in accordance with ASC 470-50 Debt – Modification and Extinguishment that the loans were extinguished, however, the Company was not required to record a gain or loss on the debt extinguishment. At September 30, 2021 and December 31, 2020, the Company had, in aggregate, the amount of $14.1 million and $12.7 million in principal and interest outstanding net of discount issuance costs of $0.8 million and none, respectively, under the Subordinated Notes. EB-5 promissory notes Advanced BioEnergy, LP arranges investments with foreign investors, who each make loans to the Keyes Plant in increments of $0.5 million. The Company has sold an aggregate principal amount of $36.0 million of EB-5 Notes under the EB-5 Phase I funding since 2012 to the date of this filing. As of September 30, 2021, $35.5 million has been released from the escrow amount to the Company, with $0.5 million remaining to be funded to escrow. During the three and nine months ended September 30, 2021 the Company repaid two investors who obtained green card approval under the program, none and $1.0 million, respectively, of the EB-5 Phase I funding. As of September 30, 2021, $34.5 million in principal and $3.9 million in accrued interest was outstanding on the EB-5 Notes sold under the EB-5 Phase I funding. On October 16, 2016, the Company launched its EB-5 Phase II funding, with plans to issue $50.0 million in additional EB-5 Notes on substantially similar terms and conditions as those issued under the Company’s EB-5 Phase I funding, to refinance indebtedness and capital expenditures of Aemetis, Inc. and GAFI (the “EB-5 Phase II funding”). On November 21, 2019, the minimum investment was raised from $0.5 million per investor to $0.9 million per investor. The Company entered into a Note Purchase Agreement dated with Advanced BioEnergy II, LP, a California limited partnership authorized as a Regional Center to receive EB-5 Phase II funding investments, for the issuance of up to 100 EB-5 Notes bearing interest at 3%. On May 1, 2020 Supplement No. 3 amended the offering documents and lowered the total eligible new EB-5 Phase II funding investors to 60. Eight EB-5 investors have funded at the $0.5 million per investor amount, so 52 new EB-5 Phase II funding investors are eligible at the new $0.9 million per investor amount under the current offering. Job creation studies show it may be possible to add additional investors and increase the total offering amount in the future. Each new note will be issued in the principal amount of $0.9 million and due and payable five years from the date of each note, for a total aggregate principal amount of up to $50.8 million. Advanced BioEnergy II, LP arranges investments with foreign investors, who each make loans to the Riverbank Facility in increments of $0.9 million after November 21, 2019. The Company has sold an aggregate principal amount of $4.0 million of EB-5 Notes under the EB-5 Phase II funding since 2016 to the date of this filing. As of September 30, 2021, $4.0 million has been released from escrow to the Company and $46.8 million remains to be funded to escrow. As of September 30, 2021, $4.1 million was outstanding on the EB-5 Notes under the EB-5 Phase II funding. Unsecured working capital loans In November 2008, the Company entered into an operating agreement with Secunderabad Oils Limited (“Secunderabad Oils”). The 2008 agreement provided the working capital and had the first priority lien on assets in return for 30% of the plant’s monthly net operating profit. These expenses were recognized as selling, general, and administrative expenses by the Company in the financials. All terms of the 2008 agreement with Secunderabad Oils were terminated to amend the agreement as below. On July 15, 2017, the agreement with Secunderabad Oils was amended to provide the working capital funds for British Petroleum business operations only in the form of inter-corporate deposit for an amount of approximately $2.3 million over a 95 day period at the rate of 14.75% per annum interest rate. The term of the agreement continues until either party terminates it. Secunderabad Oils has a second priority lien on the assets of the Company’s Kakinada Plant after this agreement. On April 15, 2018, the agreement was amended to purchase the raw material for business operations at 12% per annum interest rate. During the nine months ended September 30, 2021 and 2020, the Company made principal and interest payments to Secunderabad Oils of none and approximately $0.9 million, respectively. As of September 30, 2021, and December 31, 2020 the Company had no outstanding balance under this agreement. GAFI Term loan and Revolving loan. The Company fully repaid the GAFI notes in the first quarter of 2021. As of September 30, 2021, and December 31, 2020, GAFI had none and $22.2 million net of debt issuance costs of none and $0.4 million outstanding on the Term Loan and none and $11.8 million on the Revolving Loan respectively, classified as current portion of long-term debt. Payroll Protection Program. Financing Agreement for capital expenditures. Scheduled debt repayments for the Company’s loan obligations follow: Twelve months ended September 30, Debt Repayments 2022 $ 23,863 2023 147,749 2024 7,445 2025 4,581 2026 945 There after 1,253 Total debt 185,836 Debt issuance costs (858 ) Total debt, net of debt issuance costs $ 184,978

Commitments and Contingencies

Commitments and Contingencies9 Months Ended
Sep. 30, 2021
Commitments and Contingencies
5. Commitments and Contingencies5. Commitments and Contingencies Leases We have identified assets as the corporate office, warehouse, monitoring equipment and laboratory facilities over which we have control and obtain economic benefits fully. We classified these identified assets as operating leases after assessing the terms under classification guidance. We have entered into several leases for trailers and carbon units with purchase option at the end of the term. We have concluded that it is reasonably certain that we would exercise the purchase option at the end of the term, hence the leases were classified as finance leases. All of our leases have remaining term of less than a year to 7 years. When discount rates implicit in leases cannot be readily determined, the Company uses the applicable incremental borrowing rate at lease commencement to perform lease classification tests on lease components and measure lease liabilities and right-of-use (“ROU”) assets. The incremental borrowing rate used by the Company was based on weighted average baseline rates commensurate with the Company’s secured borrowing rate over a similar term. At each reporting period, when there is a new lease initiated, the rates established for that quarter will be used. The components of lease expense and sublease income was as follows: Three Months ended September 30, Nine Months ended September 30, 2021 2020 2021 2020 Operating lease cost Operating lease expense $ 204 $ 201 $ 612 $ 561 Short term lease expense 28 75 138 104 Variable lease expense 30 29 84 89 Total operating lease cost $ 262 $ 305 $ 834 $ 754 Finance lease cost Amortization of right-of-use assets $ 58 $ 94 $ 168 $ 155 Interest on lease liabilities 20 26 61 44 Total finance lease cost $ 78 $ 120 $ 229 $ 199 Cash paid for amounts included in the measurement of lease liabilities: Three Months ended September 30, Nine Months ended September 30, 2021 2020 2021 2020 Operating cash flows used in operating leases $ 179 $ 131 $ 519 $ 448 Operating cash flows used in finance leases 20 26 61 44 Financing cash flows used in finance leases $ 126 435 $ 374 1,137 Supplemental non-cash flow information related to ROU asset and lease liabilities was as follows for the three and nine months ended September 30, 2021 and 2020: Three Months ended September 30, Nine Months ended September 30, 2021 2020 2021 2020 Operating leases Accretion of the lease liability $ 93 $ 101 $ 288 $ 160 Amortization of right-of-use assets 111 100 324 402 Weighted Average Remaining Lease Term Operating leases 6.4 years Finance leases 2.6 years Weighted Average Discount Rate Operating leases 14.0 % Finance leases 5.9 % Supplemental balance sheet information related to leases was as follows: September 30, 2021 December 31, 2020 Operating leases Operating lease right-of-use assets $ 2,572 $ 2,889 Current portion of operating lease liability 286 316 Long term operating lease liability 2,381 2,578 Total operating lease liabilities 2,667 2,894 Finance leases Property and equipment, at cost $ 2,317 $ 2,308 Accumulated depreciation (313 ) (249 ) Property and equipment, net 2,004 2,059 Other current liability 541 417 Other long term liabilities 840 1,164 Total finance lease liabilities 1,381 1,581 Maturities of operating lease liabilities were as follows: Twelve Months ended September 30, Operating leases Finance leases 2021 $ 632 $ 611 2022 572 528 2023 586 324 2024 603 31 2025 622 - There after 1,076 - Total lease payments 4,091 1,494 Less imputed interest (1,424 ) (113 ) Total lease liability $ 2,667 $ 1,381 Property taxes The Company entered into a payment plan with Stanislaus County for unpaid property taxes for the Keyes Plant site on June 28, 2018 by paying $1.5 million as a first payment. Under the annual payment plan, the Company was set to pay 20% of the outstanding redemption amount, in addition to the current year property taxes and any interest incurred on the unpaid balance to date annually, on or before April 10 starting in 2019. After making one payment, the Company defaulted on the payment plan and as of September 30, 2021 and December 31, 2020, the balance in property tax accrual was $6.8 million and $5.7 million, respectively. Stanislaus County agreed not to enforce collection actions and we are now in discussions with Stanislaus County regarding a payment plan. Legal Proceedings On August 31, 2016, the Company filed a lawsuit in Santa Clara County Superior Court against defendant EdenIQ, Inc. (“EdenIQ”). The lawsuit was based on EdenIQ’s wrongful termination of a merger agreement that would have effectuated the merger of EdenIQ into a new entity that would be primarily owned by Aemetis. The lawsuit asserted that EdenIQ had fraudulently induced the Company into assisting EdenIQ to obtain EPA approval for a new technology that the Company would not have done but for the Company’s belief that the merger would occur. The relief sought included EdenIQ’s specific performance of the merger, monetary damages, as well as punitive damages, attorneys’ fees, and costs. In response to the lawsuit, EdenIQ filed a cross-complaint asserting causes of action relating to the Company’s alleged inability to consummate the merger, the Company’s interactions with EdenIQ’s business partners, and the Company’s use of EdenIQ’s name and trademark in association with publicity surrounding the merger. Further, EdenIQ named Third Eye Capital Corporation (“TEC”) as a defendant in a second amended cross-complaint alleging that TEC had failed to disclose that its financial commitment to fund the merger included terms that were not disclosed. Finally, EdenIQ claimed that TEC and the Company concealed material information surrounding the financing of the merger. By way of its cross-complaint, EdenIQ sought monetary damages, punitive damages, injunctive relief, attorneys’ fees and costs. In November 2018, the claims asserted by the Company were dismissed on summary judgment and the Company filed a motion to amend its claims, which remains pending. In December 2018, EdenIQ dismissed all of its claims prior to trial. In February 2019, the Company and EdenIQ each filed motions seeking reimbursement of attorney fees and costs associated with the litigation. On July 24, 2019, the court awarded EdenIQ a portion of the fees and costs it had sought in the amount of approximately $6.2 million. The Company recorded the $6.2 million as loss contingency on litigation during the year ended December 31, 2019. The Company’s ability to amend its claims and present its claims to the court or a jury could materially affect the court’s decision to award EdenIQ its fees and costs. In addition to further legal motions and a potential appeal of the Court’s summary judgment order, the Company plans to appeal the court’s award of EdenIQ’s fees and costs. The Company intends to continue to vigorously pursue its legal claims and defenses against EdenIQ.

Biogas LLC Series A Preferred F

Biogas LLC Series A Preferred Financing9 Months Ended
Sep. 30, 2021
Biogas LLC Series A Preferred Financing
6. Biogas LLC - Series A Preferred Financing6. Biogas LLC – Series A Preferred Financing and Variable Interest Entity On December 20, 2018, ABGL entered into a Series A Preferred Unit Purchase Agreement for the sale of Series A Preferred Units to Protair-X Americas, Inc., with Third Eye Capital acting as an agent. ABGL is authorized to issue 11,000,000 common units, and up to 6,000,000 convertible, redeemable, secured, preferred membership units (the “Series A Preferred Units”). ABGL issued 6,000,000 common units to the Company at $5.00 per common unit for a total of $30,000,000 in funding. Additionally, 5,000,000 common units of ABGL are held in reserve as potential conversion units issuable to the Purchaser upon certain triggering events discussed below. The Preferred Unit Agreement includes (i) preference payments of $0.50 per unit on the outstanding Series A Preferred Units commencing on the second anniversary, with any outstanding preference payments shall have an interest per annum rate equal to ten percent (ii) conversion rights for up to 1,200,000 common units or up to maximum number of 5,000,000 common units (also at a one Series A Preferred Unit to one common unit basis) if certain triggering events occur, (iv) one board seat of the three available to be elected by Series A Preferred Unit holders, (iii) mandatory redemption value at $15 per unit payable at an amount equal to 75% of free cash flow generated by ABGL, up to $90 million in the aggregate (if all units are issued), (iv) full redemption of the units on the sixth anniversary, (v) minimum cash flow requirements from each digester, and (vi) $0.9 million paid as fees to the Agent from the proceeds. Until paid, the obligations of ABGL under the Preferred Unit Agreement are secured by the assets of ABGL in an amount not to exceed the sum of (i) $30,000,000, plus (ii) all interest, fees, charges, expenses, reimbursement obligations and indemnification obligations of ABGL. Triggering events occur upon ABGL’s failure to redeem units, comply with covenants, any other defaults or cross defaults, or to perform representations or warranties. Upon a triggering event: (i) the obligation of the Purchaser to purchase additional Series A Preferred Units is terminated, (ii) cash flow payments for redemption payments increases from 75% to 100% of free cash flows, and (iii) total number of common units into which preferred units may be converted increases from 1,200,000 common units to 5,000,000 common units on a one for one basis. As of September 30, 2021, ABGL has not generated minimum quarterly operating cash flows by operating the dairies. As a result of the violation of this covenant, free cash flows, when they occur, may be applied for redemption payments at the increased rate of 100% instead of the initial rate of 75% of free cash flows. From inception of the agreement to date, ABGL issued 3,200,000 Series A Preferred Units on first tranche for a value of $16.0 million and also issued 2,800,000 of Series A Preferred Units on second tranche for a value of $14.0 million, reduced by a redemption of 20,000 Series A Preferred Units for $0.3 million. The Company is accreting these two tranches to the redemption value of $89.7 million over the estimated future cash flow periods of six years using the effective interest method. In addition, the Company identified freestanding future tranche rights and the accelerated redemption feature related to a change in control provision as derivatives which required bifurcation. These derivative features were assessed to have minimal value as of September 30, 2021 and December 31, 2020 based on the evaluation of the other conditions included in the agreement. During the three months ended September 30, 2021, ABGL issued no Series A Preferred Units. During the nine months ended September 30, 2021, ABGL issued 626,000 of Series A Preferred Units for incremental proceeds of $3.1 million as part of the second tranche of the Preferred Unit Agreement and redeemed 20,000 of Series A Preferred Units for $0.3 million. Consistent with the previous issuances which were treated as a liability as the conversion option was deemed to be non-substantive, the current issuances are treated as a liability as the conversion option was still deemed to be non-substantive. The Company recorded Series A Preferred Unit liabilities, net of unit issuance costs and inclusive of accretive preference pursuant to this agreement, and accrued preference payments, classified as current portion of Series A Preferred Units, of $8.7 million and $2.0 million, and long-term liabilities of $38.3 million and $32.0 million as of September 30, 2021 and December 31, 2020, respectively. For the three months ended September 30, 2021 and 2020 the Company recorded Series A Preferred Units accretion expense of $2.3 million and $1.8 million and accrued preference payments expense of $0.8 million and none. This was partially offset by capitalized interest of $1.0 million. For the nine months ended September 30, 2021 and 2020 the Company recorded Series A Preferred Units accretion expense of $7.7 million and $4.1 million and accrued preference payments expense of $2.4 million and none. This was partially offset by capitalized interest of $2.1 million. Variable interest entity assessment After consideration of ABGL’s operations and the above agreement, we concluded that ABGL did not have enough equity to finance its activities without additional subordinated financial support. ABGL is capitalized with Series A Preferred Units that are recorded as liabilities under U.S. GAAP. Hence, we concluded that ABGL is a VIE. Through the Company's ownership interest in all of the outstanding common stock, its current ability to control the board of directors, the management fee paid to Aemetis and control of subordinated financing decisions, Aemetis has been determined to be the primary beneficiary and accordingly, the assets, liabilities, and operations of ABGL are consolidated into those of the Company. Total assets, before intercompany eliminations, of ABGL were $34.8 million primarily related to biodigesters at two dairies and a pipeline which serve as collateral for the Series A Preferred Unit totaling $46.9 million. The Series A Preferred Units are not collateralized by any other assets or guarantees from Aemetis or its subsidiaries.

StockBased Compensation

StockBased Compensation9 Months Ended
Sep. 30, 2021
StockBased Compensation
7. Stock Based Compensation7. Stock-Based Compensation 2019 Stock Plan On April 29, 2019, the Aemetis 2019 Stock Plan (the “2019 Stock Plan”) was approved by stockholders of the Company. This plan permits the grant of Incentive Stock Options, Non-Statutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares and other stock or cash awards as the administrator of 2019 Stock plan may determine in its discretion. The 2019 Stock Plan’s term is 10 years and supersedes all prior plans. The 2019 Stock Plan authorized the issuance of 200,000 shares of common stock for the 2019 calendar year, in addition to permitting the transfer and grant of any available and unissued or expired options under the prior Amended and Restated 2007 Stock Plan in an amount up to 177,246 options. With the approval of the 2019 Stock Plan, the Zymetis 2006 Stock Plan and the Amended and Restated 2007 Stock Plan (the “Prior Plans,” and together with the 2019 Stock Plan, the “Stock Plans”) are terminated for granting any options under either plan. However, any options granted before the 2019 Stock Plan was approved will remain outstanding and can be exercised, and any expired options issued pursuant to the Prior Plans can be granted under the 2019 Stock Plan. During the year ended December 31, 2020, 2,320,000 stock option grants were issued and approved by the Board for employees and directors under the 2019 Stock Plan with 10-year terms and vesting terms from immediately to 3 years. On January 7, 2021, 945,000 incentive stock option grants were issued for employees and directors under the 2019 Stock Plan. In addition, 5,200 restricted stock award grants, with a fair value of $3.09 per award, were issued to the Company’s board of directors (“Board”) with the restriction that this grant would satisfy board compensation fees. On April 8, 2021, 34,114 restricted stock award grants, with a fair value of $26.19 per award, were issued to the Board with the restriction that this grant would pay off outstanding accounts payable owed to the Board members and was included in the summary of awards granted. On June 3, 2021, 30,000 stock option grants were approved by the Board for new employees under the 2019 Stock Plan with 10-year term and 3-year vesting. As of September 30, 2021, 3.9 million options are outstanding under the Stock Plans. Common Stock Reserved for Issuance The following is a summary of awards granted under the Stock Plans: Shares Available for Grant Number of Shares Outstanding Weighted- Average Exercise Price Balance as of December 31, 2020 380 5,327 $ 1.14 Authorized 816 - - Options Granted (975 ) 975 3.40 RSAs Granted (39 ) - - Exercised - (2,228 ) 1.42 Forfeited/expired 200 (200 ) 1.78 Balance as of September 30, 2021 382 3,874 $ 1.49 As of September 30, 2021, there were 2.4 million options vested under the Stock Plans. Stock-based compensation for employees Stock-based compensation is accounted for in accordance with the provisions of ASC 718 Compensation-Stock Compensation For the three months ended September 30, 2021 and 2020, the Company recorded stock compensation expense in the amount of $285 thousand and $191 thousand, respectively. For the nine months ended September 30, 2021 and 2020, the Company recorded stock compensation expense in the amount of $1.4 million and $826 thousand, respectively. Valuation and Expense Information All issuances of stock options or other issuances of equity instruments to employees as the consideration for services received by us are accounted for based on the fair value of the equity instrument issued. The fair value of options granted to employees is estimated on the grant date using the Black-Scholes option valuation model. This valuation model for stock based compensation expense requires us to make assumptions and judgments about the variables used in the calculation, including the fair value of our common stock, the expected term (the period of time that the options granted are expected to be outstanding), the volatility of our common stock, a risk-free interest rate, and expected dividends. Under ASU 2016-09 Improvements to Employee Share-Based Payments Accounting During the three months ended September 30, 2021 and 2020, none and 13,000 options were granted respectively. The weighted average fair value calculations for the options granted during the nine months ended September 30, 2021 and 2020 are based on the following assumptions: For the nine months ended September 30, Description 2021 2020 Dividend-yield 0 % 0 % Risk-free interest rate 0.68 % 0.94 % Expected volatility 98.23 % 88.15 % Expected life (years) 6.53 6.55 Market value per share on grant date $ 3.40 $ 0.69 Fair value per share on grant date $ 2.72 $ 0.52 As of September 30, 2021, the Company had $2.1 million of total unrecognized compensation expense for employees, which the Company will amortize over the 2.1 years of weighted average remaining term.

Agreements

Agreements9 Months Ended
Sep. 30, 2021
Agreements
8. Agreements8. Agreements Working Capital Arrangement. The J.D. Heiskell sales and purchases activity associated with the J.D. Heiskell Purchase Agreement and J.D. Heiskell Procurement Agreement during the three and nine months ended September 30, 2021 and 2020 were as follows: As of and for the three months ended September 30, As of and for the nine months ended September 30, 2021 2020 2021 2020 Ethanol sales $ - $ - $ - $ 26,049 Wet distiller's grains sales 8,919 7,143 30,584 22,983 Corn oil sales 1,515 827 4,252 2,806 Corn purchases 39,058 25,513 119,217 77,268 Accounts receivable 88 161 88 161 Accounts payable 307 1,978 307 1,978 Ethanol and Wet Distillers Grains Marketing Arrangement. As of September 30, 2021, the Company has no forward sales commitments.

Segment Information

Segment Information9 Months Ended
Sep. 30, 2021
Segment Information
9. Segment Information9. Segment Information Aemetis recognizes two reportable geographic segments: “North America” and “India.” The “North America” operating segment includes the Company’s 65 million gallons per year capacity Keyes Plant in California, the ultra-low carbon renewable fuel project in Riverbank, the biogas digesters on dairies near Keyes, California, the Goodland Plant in Kansas and the research and development facility in Minnesota. The “India” operating segment includes the Company’s 50 million gallon per year capacity Kakinada Plant in India, the administrative offices in Hyderabad, India, and the holding companies in Nevada and Mauritius. The Company’s biodiesel is marketed and sold primarily to customers in India through brokers and by the Company directly. Summarized financial information by reportable segment for the three and nine months ended September 30, 2021 and 2020 follows: For the three months ended September 30, 2021 For the three months ended September 30, 2020 North America India Total Consolidated North America India Total Consolidated Revenues $ 49,832 $ 63 $ 49,895 $ 33,131 $ 7,792 $ 40,923 Cost of goods sold 54,664 16 54,680 33,534 6,618 40,152 Gross profit (loss) (4,832 ) 47 (4,785 ) (403 ) 1,174 771 Other expenses (income) Research and development expenses 22 - 22 37 - 37 Selling, general and administrative expenses 4,637 450 5,087 4,340 223 4,563 Interest expense 5,548 - 5,548 6,461 9 6,470 Accretion and other expenses of Series A preferred units 2,185 - 2,185 1,765 - 1,765 Gain on debt extinguishment - - - - - - Other expense (income) (1 ) (29 ) (30 ) 155 (2 ) 153 Income (loss) before income taxes $ (17,223 ) $ (374 ) $ (17,597 ) $ (13,161 ) $ 944 $ (12,217 ) Capital expenditures $ 5,815 $ 21 $ 5,836 $ 6,187 $ 113 $ 6,300 Depreciation 1,187 155 1,342 1,085 168 1,253 For the nine months ended September 30, 2021 For the nine months ended September 30, 2020 North America India Total Consolidated North America India Total Consolidated Revenues $ 146,890 $ 696 $ 147,586 $ 114,226 $ 14,001 $ 128,227 Cost of goods sold 151,614 719 152,333 101,231 12,599 113,830 Gross profit (loss) (4,724 ) (23 ) (4,747 ) 12,995 1,402 14,397 Other expenses (income) Research and development expenses 66 - 66 175 - 175 Selling, general and administrative expenses 15,016 1,206 16,222 11,206 1,342 12,548 Interest expense 17,947 - 17,947 19,490 44 19,534 Accretion and other expenses of Series A preferred units 7,928 - 7,928 4,087 - 4,087 Gain on debt extinguishment (1,134 ) - (1,134 ) - - - Other (income) expense 561 (78 ) 483 416 (23 ) 393 Income (loss) before income taxes $ (45,108 ) $ (1,151 ) $ (46,259 ) $ (22,379 ) $ 39 $ (22,340 ) Capital expenditures $ 18,632 139 18,771 $ 13,571 $ 1,350 $ 14,921 Depreciation 3,593 513 4,106 3,030 485 3,515 North America. Sales of ethanol, WDG, corn oil, and high-grade alcohol to two customers accounted for 72% and 24% of the Company’s North America segment revenues for the three months ended September 30, 2020. Sales to three customers accounted for 45%, 32% and 11% of the Company’s North America segment revenues for the nine months ended September 30, 2020. India Two biodiesel customers accounted for 56% and 26% of the Company’s consolidated India segment revenues for the three months ended September 30, 2020, while none of the refined glycerin customers accounted for more than 10% of such revenues for the three months ended September 30, 2020. Two biodiesel customers accounted for 51% and 33% of the Company’s consolidated India segment revenues while none of the refined glycerin customers accounted for more than 10% of such revenues for the nine months ended September 30, 2020. Total assets by segment consist of the following: As of September 30, December 31, 2021 2020 North America $ 135,720 $ 112,312 India 11,259 12,827 Total Assets $ 146,979 $ 125,139

Related Party Transactions

Related Party Transactions9 Months Ended
Sep. 30, 2021
Related Party Transactions
10. Related Party Transactions10. Related Party Transactions The Company owes Eric McAfee, the Company’s Chairman and CEO, and McAfee Capital LLC (“McAfee Capital”), owned by Eric McAfee, $0.5 million in connection with employment agreements and expense reimbursements previously accrued as salaries expense and accrued liabilities. The Company previously prepaid $0.2 million to Redwood Capital, a company controlled by Eric McAfee, for the Company’s use of flight time on a corporate jet. As of September 30, 2021, $0.1 million remained as a prepaid expense. On May 7, 2020, the Audit Committee of the Company approved a guaranty fee to Eric McAfee of 0.1% quarterly on the outstanding balance of Third Eye Capital Notes for 2020 annual fee. The balance of $0.2 million and $0.8 million, for guaranty fees, remained as an accrued liability as of September 30, 2021 and December 31, 2020, respectively. The Company owes various members of the Board amounts totaling $0.1 million and $1.2 million as of September 30, 2021 and December 31, 2020, for each period, in connection with board compensation fees, which are included in accounts payable on the balance sheet. For the three months ended September 30, 2021 and 2020, the Company expensed $0.1 million, in connection with board compensation fees during each period. For the nine months ended September 30, 2021 and 2020, the Company expensed $0.3 million during each period, in connection with board compensation fees. During the nine months ended September 30, 2021 the company issued $0.9 million of restricted stock awards to pay off outstanding accounts payable owed to members of the Board.

Subsequent Events

Subsequent Events9 Months Ended
Sep. 30, 2021
Subsequent Events
11. Subsequent Events11. Subsequent Events Third Eye Capital Limited Waiver and Amendment No. 21 On November 5, 2021, Third Eye Capital agreed to the Limited Waiver and Amendment No. 21 to the Note Purchase Agreement (“Amendment No. 21”) to: (i) provide a waiver for the Blocked Account Agreement Violation in which the Borrowers failed to deliver Blocked Account Control Agreements by August 31, 2021 and (ii) provide for a waiver for the Subordinated Debt Violation, in which the Company made a repayment to a Subordinated Debt lender. As consideration for such amendment and waivers, the borrowers also agreed to pay Third Eye Capital an amendment and waiver fee of $0.1 million in cash.

Managements Plan

Managements Plan9 Months Ended
Sep. 30, 2021
Managements Plan
12. Management's Plan12. Management’s Plans The accompanying financial statements have been prepared contemplating the realization of assets and satisfaction of liabilities in the normal course of business. As a result of negative capital and negative operating results, and collateralization of substantially all of the company assets, the Company has been reliant on its senior secured lender to provide additional funding and has been required to remit substantially all excess cash from operations to the senior secured lender. In order to meet its obligations during the next twelve months, the Company will need to either refinance the Company’s debt or receive the continued cooperation of its senior lender. This dependence on the senior lender raises substantial doubt about the Company’s ability to continue as a going concern. The Company plans to pursue the following strategies to improve the course of the business. For the Keyes plant, we plan to operate the plant and continue to improve financial performance by adopting new technologies or process changes that allow for energy efficiency, cost reduction or revenue enhancements, execute upon awarded grants that improve energy and operational efficiencies resulting in lower cost, lower carbon demands and overall margin improvement. For the ABGL biogas project, we plan to operate the biogas digesters to capture and monetize biogas as well as continue to build new dairy digesters and extend the existing pipeline in order to capture the higher carbon credits available in California. Funding for continued construction is based upon extending the existing Preferred Unit Purchase Agreement, obtaining government guaranteed loans and executing on existing and new state grant programs. For the Riverbank project, we plan to raise the funds necessary to construct and operate the Carbon Zero 1 plant and the Riverbank Cellulosic Ethanol Facility using loan guarantees and public financings based upon the licensed technology that generate federal and state carbon credits available for ultra-low carbon fuels utilizing lower cost, non-food advanced feedstocks to significantly increase margins. For the India plant, we plan to secure higher volumes of shipments of fuels at the India plant by developing the sales channels and expanding the existing domestic markets or exporting to North America markets. In addition to the above we plan to continue to locate funding for existing and new business opportunities through a combination of working with our senior lender, restructuring existing loan agreements, selling equity through the ATM and otherwise, selling the current EB-5 Phase II offering, or by vendor financing arrangements.

Nature of Activities and Summ_2

Nature of Activities and Summary of Significant Accounting Policies (Policies)9 Months Ended
Sep. 30, 2021
Nature of Activities and Summary of Significant Accounting Policies
Nature of ActivitiesNature of Activities Founded in 2006, we have completed Phase 1 and are expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas (RNG). We own and operate a 65 million gallon per year ethanol production facility located in Keyes, California (the “Keyes Plant”). In addition to low carbon renewable fuel ethanol, the Keyes Plant produces Wet Distillers Grains (“WDG”), Distillers Corn Oil (“DCO”), and Condensed Distillers Solubles (“CDS”), all of which are sold to local dairies and feedlots as animal feed. In the fourth quarter of 2021, an ethanol membrane dehydration system was commissioned at the Keyes Plant, a key part of increasing the electrification and decreasing natural gas usage at the facility. This project reduces greenhouse gas (“GHG”) emissions and decreases the carbon intensity of fuel produced at the Keyes Plant, allowing us to realize a higher price for the ethanol produced and sold. We also own and operate a 50 million gallon per year renewable chemical and advanced fuel production facility (“Kakinada Plant”) on the East Coast of India that produces high quality distilled biodiesel and refined glycerin for customers in India and Europe. We are developing the Carbon Zero sustainable aviation fuel (SAF) and renewable diesel fuel biorefineries in California to utilize distillers corn oil and other renewable oils to produce low carbon intensity renewable jet and diesel fuel using cellulosic hydrogen from waste orchard and forest wood, while pre-extracting cellulosic sugars from the waste wood to be processed into high value cellulosic ethanol at the Keyes plant. Additionally, we operate a research and development laboratory to develop efficient conversion technologies using waste feedstocks to produce biofuels and biochemicals. We hold a portfolio of patents and exclusive technology licenses to produce renewable fuels and biochemicals. We own a partially completed plant in Goodland, Kansas (the “Goodland Plant”) through our subsidiary Goodland Advanced Fuels, Inc., (“GAFI”), which was formed to acquire the Goodland Plant. During 2018, Aemetis Biogas, LLC (“ABGL”) was formed to construct bio-methane anaerobic digesters at local dairies near the Keyes Plant, many of whom also purchase WDG produced at the Keyes Plant. The digesters are connected via a pipeline owned by ABGL to a gas cleanup and compression unit being built at the Keyes Plant to produce Renewable Natural Gas (“RNG”). During the third quarter of 2020, ABGL completed construction on the first two dairy digesters along with the pipeline that carries bio-methane from these dairies to the Keyes Plant. Upon receiving the bio-methane from the dairies, impurities are removed, and the bio-methane is converted to RNG where it will be either injected into the local gas utility pipeline, supplied as renewable compressed natural gas (“RCNG”) that will service local trucking fleets, or used as renewable energy at the Keyes Plant. During the first quarter of 2021, we announced our “Carbon Zero” biofuels production plants designed to produce biofuels, including renewable jet and diesel fuel utilizing cellulosic hydrogen and non-edible renewable oils sourced from our existing biofuels plants and other sources. The first plant, in Riverbank, California, “Carbon Zero 1”, is expected to utilize hydroelectric and other renewable power available onsite to produce 45 million gallons per year of jet fuel, renewable diesel, and other byproducts. The plant is expected to supply the aviation and truck markets with ultra-low carbon renewable fuels to reduce greenhouse gas (“GHG”) emissions and other pollutants associated with conventional petroleum-based fuels. The Company is continuing to develop a biomass-to-fuel technology to build a carbon zero production facility. By producing ultra-low carbon renewable fuels, the Company expects to capture higher value D3 RINs and California’s LCFS credits. D3 RINs have a higher value in the marketplace than D6 RINs due to D3 RINs’ relative scarcity and mandated pricing formula from the United States EPA. On April 1, 2021, we established Aemetis Carbon Capture, Inc. to build carbon sequestration projects to generate LCFS and IRS 45Q credits by injecting CO₂ into wells which are monitored for emissions to ensure the long-term sequestration of carbon underground. California’s Central Valley is well established as a major region for large-scale natural gas production and CO₂ injection projects due to the subsurface geologic formation that retains gases. We also own and operate the Kakinada Plant with a nameplate capacity of 150 thousand metric tons per year, or about 50 million gallons per year, producing high quality distilled biodiesel and refined glycerin for customers in India and Europe. We believe the Kakinada Plant is one of the largest biodiesel production facilities in India on a nameplate capacity basis. The Kakinada Plant is capable of processing a variety of vegetable oils and animal fat waste feedstocks into biodiesel that meet international product standards. The Kakinada Plant also distills the crude glycerin byproduct from the biodiesel refining process into refined glycerin, which is sold to the pharmaceutical, personal care, paint, adhesive and other industries.
Basis of Presentation and ConsolidationBasis of Presentation and Consolidation The accompanying consolidated condensed balance sheet as of September 30, 2021, the consolidated condensed statements of operations and comprehensive (loss) for the three and nine months ended September 30, 2021 and 2020, the consolidated condensed statements of cash flows for the nine months ended September 30, 2021 and 2020, and the consolidated condensed statements of stockholders’ deficit for the three and nine months ended September 30, 2021 and 2020 are unaudited. The consolidated condensed balance sheet as of December 31, 2020 was derived from the 2020 audited consolidated financial statements and notes thereto. The consolidated condensed financial statements in this report should be read in conjunction with the 2020 audited consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2020. The accompanying consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of Company’s management, the unaudited interim consolidated condensed financial statements for the three and nine months ended September 30, 2021 and 2020 have been prepared on the same basis as the audited consolidated statements as of December 31, 2020 and reflect all adjustments, consisting primarily of normal recurring adjustments, necessary for the fair presentation of its statement of financial position, results of operations and cash flows. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the operating results for any subsequent quarter, for the full fiscal year or any future periods.
Use of EstimatesUse of Estimates
Revenue RecognitionRevenue Recognition North America: During the first quarter of 2020, Aemetis began selling high-grade alcohol for consumer applications directly to customers on the West Coast and Midwest using a variety of payment terms. These agreements and terms were evaluated according to ASC 606 guidance and such revenue is recognized upon satisfaction of the performance obligation by delivery of the product based on the terms of the agreement. Sales of high-grade alcohol were minimal for the third quarter and year to date revenue for 2021 and were aggregated with ethanol sales for the three and nine months ended September 30, 2021. Sales of high-grade alcohol represented 2% and 18% of revenue for the three and nine months ended September 30, 2020, respectively. The below table shows our sales in North America by product category: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Ethanol and high-grade alcohol sales $ 39,131 $ 24,825 $ 111,220 $ 86,387 Wet distiller's grains sales 8,919 7,143 30,584 22,983 Other sales 1,782 1,163 5,086 4,856 $ 49,832 $ 33,131 $ 146,890 $ 114,226 We have elected to adopt the practical expedient that allows for ignoring the significant financing component of a contract when estimating the transaction price when the transfer of promised goods to the customer and customer payment for such goods are expected to be within one year of contract inception. Further, we have elected to adopt the practical expedient in which incremental costs of obtaining a contract are expensed when the amortization period would otherwise be less than one year. We also assessed principal versus agent criteria as we buy our feedstock from our customers and process and sell finished goods to those customers in certain contractual agreements. In North America, we buy corn as feedstock for the production of ethanol, from our working capital partner J.D. Heiskell. Prior to May 13, 2020, we sold all our ethanol, WDG, and corn oil to J.D. Heiskell. Subsequent to May 13, 2020, we sold most of our fuel ethanol to one customer, Kinergy, and sold all WDG and corn oil to J.D. Heiskell. During the second quarter, the Company signed a biofuels offtake agreement with Murex, LLC, and beginning on October 1, 2021 the Company will sell all of our fuel ethanol to that customer. We consider the purchase of corn as a cost of goods sold and the sale of ethanol, upon transfer to the common carrier, as revenue on the basis that (i) we control and bear the risk of gain or loss on the processing of corn which is purchased at market prices into ethanol and (ii) we have legal title to the goods during the processing time. The pricing for both corn and ethanol is set independently. Revenues from sales of ethanol and its co-products are billed net of the related transportation and marketing charges. The transportation component is accounted for in cost of goods sold and the marketing component is accounted for in sales, general and administrative expense. Transportation and marketing charges are known within days of the transaction and are recorded at the actual amounts. The Company has elected an accounting policy under which these charges have been treated as fulfillment activities provided after control has transferred. As a result, these charges are recognized in cost of goods sold and selling, general and administrative expenses, respectively, when revenue is recognized. Revenues are recorded at the gross invoiced amount. Hence, we are the principal in North America sales scenarios where our customer and vendor may be the same. India: The below table shows our sales in India by product category: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Biodiesel sales $ - $ 7,325 $ 465 $ 12,267 Refined glycerin sales - 449 125 909 PFAD sales - - - 774 Other sales 63 18 106 51 $ 63 $ 7,792 $ 696 $ 14,001 In India, we also assessed principal versus agent criteria as we buy our feedstock from our customers and process and sell finished goods to those same customers in certain contractual agreements. In those cases, we receive the legal title to feedstock from our customers once it is on our premises. We control the processing and production of biodiesel based on contract terms and specifications. The pricing for both feedstock and biodiesel is set independently. We hold the title and risk to biodiesel according to agreements when we enter into in these situations. Hence, we are the principal in India sales scenarios where our customer and vendor may be the same.
Cost of Goods SoldCost of Goods Sold
Accounts ReceivableAccounts Receivable. The Company maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process is based on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question. Delinquent accounts receivables are charged against the allowance for doubtful accounts once un-collectability has been determined. The factors considered in reaching this determination are the apparent financial condition of the customer and the Company’s success in contacting and negotiating with the customer. If the financial condition of the Company’s customers were to deteriorate, additional allowances may be required. We reserved $1.4 million and $1.3 million in the allowances for doubtful accounts as of September 30, 2021 and December 31, 2020, respectively.
InventoriesInventories
InvestmentsInvestments. Cost Method Investments
Variable Interest EntitiesVariable Interest Entities.
Property, Plant and EquipmentProperty, Plant and Equipment The Company evaluates the recoverability of long-lived assets with finite lives in accordance with ASC Subtopic 360-10-35 Property Plant and Equipment—Subsequent Measurements,
California Energy Commission Low-Carbon Fuel Production ProgramCalifornia Energy Commission Low-Carbon Fuel Production Program
California Department of Food and Agriculture Dairy Digester Research and Development GrantCalifornia Department of Food and Agriculture Dairy Digester Research and Development Grant In October 2020, the Company was awarded $7.8 million in matching grants from the CDFA Dairy Digester Research and Development program. The CDFA grant reimburses the Company for costs required to permit and construct six of the Company’s biogas capture systems under contract with central California dairies. The Company has received $33 thousand from the CDFA 2020 grant program as of September 30, 2021 as reimbursement for actual costs incurred. Due to the uncertainty associated with the approval process under the grant program, the Company recognizes the grant as a reduction of the costs in the period when approval is received.
California Energy Commission Low Carbon Advanced Ethanol Grant ProgramCalifornia Energy Commission Low Carbon Advanced Ethanol Grant Program.
Basic and Diluted Net Loss per ShareBasic and Diluted Net Loss per Share. The following table shows the number of potentially dilutive shares excluded from the diluted net loss per share calculation as of September 30, 2021 and 2020: As of September 30, 2021 September 30, 2020 Series B preferred (post split basis) 129 132 Common stock options and warrants 3,929 5,846 Debt with conversion feature at $30 per share of common stock 1,280 1,294 Total number of potentially dilutive shares excluded from the diluted net (loss) per share calculation 5,338 7,272
Comprehensive Income (Loss)Comprehensive Income (Loss). Comprehensive Income (Loss)
Foreign Currency Translation/TransactionsForeign Currency Translation/Transactions.
Operating SegmentsOperating Segments. The “North America” operating segment includes the Company’s 65 million gallons per year capacity Keyes Plant in California, the ultra-low carbon renewable fuel project in Riverbank, the biogas digesters on dairies near Keyes, California, the Goodland Plant in Kansas and the research and development facility in Minnesota. The “India” operating segment includes the Company’s 50 million gallon per year capacity Kakinada Plant in India, the administrative offices in Hyderabad, India, and the holding companies in Nevada and Mauritius.
Fair Value of Financial InstrumentsFair Value of Financial Instruments.
Share-Based CompensationShare-Based Compensation.
Commitments and ContingenciesCommitments and Contingencies. Contingencies
Convertible InstrumentsConvertible Instruments
Debt Modification AccountingDebt Modification Accounting Debt–Modification and Extinguishments
Recently Issued Accounting PronouncementsASU 2016-13: Measurement of Credit Losses on Financial Instruments. For a complete summary of the Company’s significant accounting policies, please refer to the Company’s audited financial statements and notes thereto for the years ended December 31, 2020 and 2019 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2021.

Nature of Activities and Summ_3

Nature of Activities and Summary of Significant Accounting Policies (Tables)9 Months Ended
Sep. 30, 2021
Nature of Activities and Summary of Significant Accounting Policies
Schedule of America by product category As of September 30, 2021 September 30, 2020 Series B preferred (post split basis) 129 132 Common stock options and warrants 3,929 5,846 Debt with conversion feature at $30 per share of common stock 1,280 1,294 Total number of potentially dilutive shares excluded from the diluted net (loss) per share calculation 5,338 7,272
Schedule of dilutive securities For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Ethanol and high-grade alcohol sales $ 39,131 $ 24,825 $ 111,220 $ 86,387 Wet distiller's grains sales 8,919 7,143 30,584 22,983 Other sales 1,782 1,163 5,086 4,856 $ 49,832 $ 33,131 $ 146,890 $ 114,226 For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Biodiesel sales $ - $ 7,325 $ 465 $ 12,267 Refined glycerin sales - 449 125 909 PFAD sales - - - 774 Other sales 63 18 106 51 $ 63 $ 7,792 $ 696 $ 14,001

Inventories (Tables)

Inventories (Tables)9 Months Ended
Sep. 30, 2021
Inventories
Schedule of inventories September 30, 2021 December 31, 2020 Raw materials $ 1,363 $ 1,382 Work-in-progress 1,274 1,266 Finished goods 2,225 1,321 Total inventories $ 4,862 $ 3,969

Property Plant and Equipment (T

Property Plant and Equipment (Tables)9 Months Ended
Sep. 30, 2021
Property Plant and Equipment
Schedule of property, plant and equipment As of September 30, 2021 December 31, 2020 Land $ 4,084 $ 4,092 Plant and buildings 97,168 97,398 Furniture and fixtures 1,305 1,195 Machinery and equipment 5,298 5,188 Construction in progress 44,322 25,397 Property held for development 15,414 15,408 Finance lease right of use assets 2,317 2,308 Total gross property, plant & equipment 169,908 150,986 Less accumulated depreciation (44,993 ) (41,106 ) Total net property, plant & equipment $ 124,915 $ 109,880
Depreciation of property, plant, and equipmentYears Plant and buildings 20 - 30 Machinery and equipment 5 - 15 Furniture and fixtures 3 - 5

Debt (Tables)

Debt (Tables)9 Months Ended
Sep. 30, 2021
Debt
Schedule of debt September 30, 2021 December 31, 2020 Third Eye Capital term notes $ 7,093 $ 7,066 Third Eye Capital revolving credit facility 71,732 80,310 Third Eye Capital revenue participation term notes 11,914 11,864 Third Eye Capital acquisition term notes 26,457 26,384 Third Eye Capital promissory note - 1,444 Cilion shareholder seller notes payable 6,386 6,274 Subordinated notes 13,229 12,745 EB-5 promissory notes 42,462 43,120 GAFI Term and Revolving loans - 33,626 Term loans on capital expenditures 5,705 5,652 PPP loans - 1,134 Total debt 184,978 229,619 Less current portion of debt 23,863 59,515 Total long term debt $ 161,115 $ 170,104
Maturities of long-term debtTwelve months ended September 30, Debt Repayments 2022 $ 23,863 2023 147,749 2024 7,445 2025 4,581 2026 945 There after 1,253 Total debt 185,836 Debt issuance costs (858 ) Total debt, net of debt issuance costs $ 184,978

Commitments and Contingencies (

Commitments and Contingencies (Tables)9 Months Ended
Sep. 30, 2021
Commitments and Contingencies
Schedule of lease expense and sublease income Three Months ended September 30, Nine Months ended September 30, 2021 2020 2021 2020 Operating lease cost Operating lease expense $ 204 $ 201 $ 612 $ 561 Short term lease expense 28 75 138 104 Variable lease expense 30 29 84 89 Total operating lease cost $ 262 $ 305 $ 834 $ 754 Finance lease cost Amortization of right-of-use assets $ 58 $ 94 $ 168 $ 155 Interest on lease liabilities 20 26 61 44 Total finance lease cost $ 78 $ 120 $ 229 $ 199
Cash paid for amounts included in the measurement of lease liabilities Three Months ended September 30, Nine Months ended September 30, 2021 2020 2021 2020 Operating cash flows used in operating leases $ 179 $ 131 $ 519 $ 448 Operating cash flows used in finance leases 20 26 61 44 Financing cash flows used in finance leases $ 126 435 $ 374 1,137
Supplemental non-cash flow information related to right-of-use asset and lease liabilities Three Months ended September 30, Nine Months ended September 30, 2021 2020 2021 2020 Operating leases Accretion of the lease liability $ 93 $ 101 $ 288 $ 160 Amortization of right-of-use assets 111 100 324 402 Weighted Average Remaining Lease Term Operating leases 6.4 years Finance leases 2.6 years Weighted Average Discount Rate Operating leases 14.0 % Finance leases 5.9 %
Supplemental balance sheet information September 30, 2021 December 31, 2020 Operating leases Operating lease right-of-use assets $ 2,572 $ 2,889 Current portion of operating lease liability 286 316 Long term operating lease liability 2,381 2,578 Total operating lease liabilities 2,667 2,894 Finance leases Property and equipment, at cost $ 2,317 $ 2,308 Accumulated depreciation (313 ) (249 ) Property and equipment, net 2,004 2,059 Other current liability 541 417 Other long term liabilities 840 1,164 Total finance lease liabilities 1,381 1,581
Maturities of operating and finance lease liabilitiesTwelve Months ended September 30, Operating leases Finance leases 2021 $ 632 $ 611 2022 572 528 2023 586 324 2024 603 31 2025 622 - There after 1,076 - Total lease payments 4,091 1,494 Less imputed interest (1,424 ) (113 ) Total lease liability $ 2,667 $ 1,381

StockBased Compensation (Tables

StockBased Compensation (Tables)9 Months Ended
Sep. 30, 2021
StockBased Compensation
Schedule of options granted under employee stock plans Shares Available for Grant Number of Shares Outstanding Weighted- Average Exercise Price Balance as of December 31, 2020 380 5,327 $ 1.14 Authorized 816 - - Options Granted (975 ) 975 3.40 RSAs Granted (39 ) - - Exercised - (2,228 ) 1.42 Forfeited/expired 200 (200 ) 1.78 Balance as of September 30, 2021 382 3,874 $ 1.49
Schedule of weighted average fair value calculations for options For the nine months ended September 30, Description 2021 2020 Dividend-yield 0 % 0 % Risk-free interest rate 0.68 % 0.94 % Expected volatility 98.23 % 88.15 % Expected life (years) 6.53 6.55 Market value per share on grant date $ 3.40 $ 0.69 Fair value per share on grant date $ 2.72 $ 0.52

Agreements (Tables)

Agreements (Tables)9 Months Ended
Sep. 30, 2021
Agreements
Schedule of working capital agreement activity As of and for the three months ended September 30, As of and for the nine months ended September 30, 2021 2020 2021 2020 Ethanol sales $ - $ - $ - $ 26,049 Wet distiller's grains sales 8,919 7,143 30,584 22,983 Corn oil sales 1,515 827 4,252 2,806 Corn purchases 39,058 25,513 119,217 77,268 Accounts receivable 88 161 88 161 Accounts payable 307 1,978 307 1,978

Segment Information (Tables)

Segment Information (Tables)9 Months Ended
Sep. 30, 2021
Segment Information
Schedule of segment information For the three months ended September 30, 2021 For the three months ended September 30, 2020 North America India Total Consolidated North America India Total Consolidated Revenues $ 49,832 $ 63 $ 49,895 $ 33,131 $ 7,792 $ 40,923 Cost of goods sold 54,664 16 54,680 33,534 6,618 40,152 Gross profit (loss) (4,832 ) 47 (4,785 ) (403 ) 1,174 771 Other expenses (income) Research and development expenses 22 - 22 37 - 37 Selling, general and administrative expenses 4,637 450 5,087 4,340 223 4,563 Interest expense 5,548 - 5,548 6,461 9 6,470 Accretion and other expenses of Series A preferred units 2,185 - 2,185 1,765 - 1,765 Gain on debt extinguishment - - - - - - Other expense (income) (1 ) (29 ) (30 ) 155 (2 ) 153 Income (loss) before income taxes $ (17,223 ) $ (374 ) $ (17,597 ) $ (13,161 ) $ 944 $ (12,217 ) Capital expenditures $ 5,815 $ 21 $ 5,836 $ 6,187 $ 113 $ 6,300 Depreciation 1,187 155 1,342 1,085 168 1,253 For the nine months ended September 30, 2021 For the nine months ended September 30, 2020 North America India Total Consolidated North America India Total Consolidated Revenues $ 146,890 $ 696 $ 147,586 $ 114,226 $ 14,001 $ 128,227 Cost of goods sold 151,614 719 152,333 101,231 12,599 113,830 Gross profit (loss) (4,724 ) (23 ) (4,747 ) 12,995 1,402 14,397 Other expenses (income) Research and development expenses 66 - 66 175 - 175 Selling, general and administrative expenses 15,016 1,206 16,222 11,206 1,342 12,548 Interest expense 17,947 - 17,947 19,490 44 19,534 Accretion and other expenses of Series A preferred units 7,928 - 7,928 4,087 - 4,087 Gain on debt extinguishment (1,134 ) - (1,134 ) - - - Other (income) expense 561 (78 ) 483 416 (23 ) 393 Income (loss) before income taxes $ (45,108 ) $ (1,151 ) $ (46,259 ) $ (22,379 ) $ 39 $ (22,340 ) Capital expenditures $ 18,632 139 18,771 $ 13,571 $ 1,350 $ 14,921 Depreciation 3,593 513 4,106 3,030 485 3,515
Schedule of total assets As of September 30, December 31, 2021 2020 North America $ 135,720 $ 112,312 India 11,259 12,827 Total Assets $ 146,979 $ 125,139

Nature of Activities and Summ_4

Nature of Activities and Summary of Significant Accounting Policies (Details) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Sales $ 49,895,000 $ 40,923,000 $ 147,586,000 $ 128,227,000
North America
Sales49,832,000 33,131,000 146,890,000 114,226,000
North America | Ethanol and high-grade alcohol sales
Sales39,131,000 24,825,000 111,220,000 86,387,000
North America | Wet distiller's grains sales
Sales8,919,000 7,143,000 30,584,000 22,983,000
North America | Other sales
Sales1,782,000 1,163,000 5,086,000 4,856,000
India
Sales63,000 7,792,000 696,000 14,001,000
India | Other sales
Sales63,000 18,000 106,000 51,000
India | Biodiesel sales
Sales0 7,325,000 465,000 12,267,000
India | Refined Glycerin sales
Sales0 449,000 125,000 909,000
India | PFAD sales
Sales $ 0 $ 0 $ 0 $ 774,000

Nature of Activities and Summ_5

Nature of Activities and Summary of Significant Accounting Policies (Details 1) - shares9 Months Ended
Sep. 30, 2021Sep. 30, 2020
Total number of potentially dilutive shares excluded from the basic and diluted net loss per share calculation (in thousands)5,338 7,272
Series B preferred (post split basis)
Total number of potentially dilutive shares excluded from the basic and diluted net loss per share calculation (in thousands)129 132
Common stock options and warrants
Total number of potentially dilutive shares excluded from the basic and diluted net loss per share calculation (in thousands)3,929 5,846
Debt with conversion feature at $30 per share of common stock
Total number of potentially dilutive shares excluded from the basic and diluted net loss per share calculation (in thousands)1,280 1,294

Nature of Activities and Summ_6

Nature of Activities and Summary of Significant Accounting Policies (Details Narrative) - USD ($)1 Months Ended3 Months Ended9 Months Ended
Oct. 31, 2020Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020Jun. 30, 2020
Sales revenue of high-grade alcohol2.00%18.00%
Received $ 1,224,000 $ 0
Other long-term liabilities2,714,000 $ 2,944,000
Allowance for doubtful accounts140,400,000 $ 1,260,000
Accounts Receivable [Member]
Allowance for doubtful accounts1,400,000 $ 1,300,000
North America [Member]
Gallon per year65,000,000
India [Member]
Gallon per year50,000,000
Carbon Zero [Member]
Gallon per year45,000,000
Kakinada Plant One [Member]
Gallon per year50,000,000
Nameplate capacity150,000
Keyes Plant [Member]
Gallon per year65,000,000
Kakinada Plant [Member]
Gallon per year50,000,000
Nevo Motors [Member]
Preferred stock shares489,716
Common stock shares5,000,000
CEC-LCFPP [Member]
Renewable natural gas fuel877,000
Awarded grants4,200,000
CDFA [Member]
Awarded grants $ 7,800,000 3,200,000
Received $ 33,000
CEC-LCAEGP [Member]
Awarded grants5,000,000
Contributions7,900,000
Actual expenses5,000,000
Capital expenditures115,000
Other long-term liabilities $ 1,700,000

Inventories (Details)

Inventories (Details) - USD ($) $ in ThousandsSep. 30, 2021Dec. 31, 2020
Inventories
Raw materials $ 1,363 $ 1,382
Work-in-progress1,274 1,266
Finished goods2,225 1,321
Total inventories $ 4,862 $ 3,969

Inventories (Details Narrative)

Inventories (Details Narrative) - USD ($)9 Months Ended12 Months Ended
Sep. 30, 2021Dec. 31, 2020
Inventories
Lower cost of market impairment $ 700,000 $ 700,000

Property Plant and Equipment (D

Property Plant and Equipment (Details) - USD ($) $ in ThousandsSep. 30, 2021Dec. 31, 2020
Property Plant and Equipment
Land $ 4,084 $ 4,092
Plant and buildings97,168 97,398
Furniture and fixtures1,305 1,195
Machinery and equipment5,298 5,188
Construction in progress44,322 25,397
Property held for development15,414 15,408
Finance lease right of use assets2,317 2,308
Total gross property, plant & equipment169,908 150,986
Less accumulated depreciation(44,993)(41,106)
Total net property, plant & equipment $ 124,915 $ 109,880

Property Plant and Equipment _2

Property Plant and Equipment (Details 1)9 Months Ended
Sep. 30, 2021
Minimum [Member] | Machinery and Equipment [Member]
Depreciation (years)5 years
Minimum [Member] | Furniture and Fixtures [Member]
Depreciation (years)3 years
Maximum [Member] | Machinery and Equipment [Member]
Depreciation (years)15 years
Maximum [Member] | Furniture and Fixtures [Member]
Depreciation (years)5 years
Plant and Buildings [Member] | Minimum [Member]
Depreciation (years)20 years
Plant and Buildings [Member] | Maximum [Member]
Depreciation (years)30 years

Property Plant and Equipment _3

Property Plant and Equipment (Details Narrative) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Property Plant and Equipment
Interest capitalized in property $ 1,400,000 $ 100,000 $ 2,900,000 $ 300,000
Depreciation expense $ 1,300,000 $ 1,300,000 $ 4,100,000 $ 3,500,000

Debt (Details)

Debt (Details) - USD ($)Sep. 30, 2021Dec. 31, 2020
Total debt $ 184,978,000 $ 229,619,000
Less current portion of debt23,863,000 59,515,000
Total long term debt161,115,000 170,104,000
Senior Debt | Promissory Notes [Member]
Total debt0 1,444,000
Senior Debt | Acquisition Participation Term Notes
Total debt26,457,000 26,384,000
Senior Debt | Revenue Participation Term Notes
Total debt11,914,000 11,864,000
Subordinated Notes
Total debt13,229,000 12,745,000
Senior Debt-TEC | Promissory Notes [Member]
Total debt7,093,000 7,066,000
Senior Debt-TEC | Revolving Credit Facility
Total debt71,732,000 80,310,000
Cilion [Member] | Subordinated Debt [Member]
Total debt6,386,000 6,274,000
Term Loan on Equipment Purchase
Total debt5,705,000 5,652,000
EB-5 Promissory Notes
Total debt42,462,000 43,120,000
PPP Loans
Total debt0 1,134,000
GAFI Term and Revolving Loans
Total debt $ 0 $ 33,626,000

Debt (Details 1)

Debt (Details 1) $ in ThousandsSep. 30, 2021USD ($)
Twelve months ended June 30,
2022 $ 23,863
2023147,749
20247,445
20254,581
2026945
Thereafter1,253
Total debt185,836
Debt issuance costs(858)
Total debt, net of debt issuance costs $ 184,978

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ / shares in Units, shares in ThousandsAug. 09, 2021Mar. 14, 2021Aug. 11, 2020Mar. 06, 2020Sep. 30, 2021Sep. 30, 2021Nov. 05, 2021Dec. 31, 2020Mar. 31, 2020Jul. 22, 2019Feb. 27, 2019Oct. 16, 2016
Net of debt issuance $ 184,978,000 $ 184,978,000 $ 229,619,000
Net and the related liability13,901,000 13,901,000 14,541,000
Other long term debt11,418,000 11,418,000 11,980,000
Minimum [Member]
Remaining funded to escrow $ 300,000 $ 300,000
Loan rate7.75%7.75%
Maximum [Member]
Remaining funded to escrow $ 900,000 $ 900,000
Loan rate12.00%12.00%
McAfee [Member]
Net Amount at Risk by Product and Guarantee, Net Amount at Risk $ 8,000,000 $ 8,000,000
Payroll Protection Program [Member]
Debt instrument face amount2,500,000 2,500,000
Received loan1,100,000 1,100,000
Proceeds from issuance of debt1,100,000 1,100,000
Subordinated Notes
Debt instrument face amount $ 900,000 $ 900,000
Debt instrument interest rate10.00%10.00%
Net of debt issuance $ 13,229,000 $ 13,229,000 12,745,000
Fees percentage10.00%10.00%
Exercise price per share $ 0.01 $ 0.01
Warrants exercisable $ 0.01 $ 0.01
Equity financing $ 25,000,000 $ 25,000,000
Debt instrument fee amount percentage10.00%10.00%
Warrants to purchase common stock shares113
Principal and interest outstanding net $ 600,000 $ 600,000
Subordinated Notes | Orsak and Lies [Member]
Discount issuance costs800,000 800,000
Debt instrument face amount500,000 500,000 12,700,000
Debt instrument fair value, loans amount15,000,000 15,000,000
Senior Debt-TEC | Promissory Notes [Member]
Discount issuance costs36,000 36,000
Debt instrument face amount7,200,000 7,200,000
Debt instrument fee amount $ 300,000 $ 100 $ 300,000 300,000 $ 300,000 $ 100,000 $ 2,100,000
Maturity periodApr. 1,
2023
Apr. 1,
2022
Apr. 1,
2021
Net of debt issuance7,093,000 $ 7,093,000 7,066,000
Amendment fee50,000 $ 50,000
Waiver fee $ 50,000
Extension Fee1.00%1.00%1.00%1.00%
Total proceeds $ 100,000
Additional borrowings first $ 700,000 $ 700,000 $ 600,000
Reserve liquidity facility $ 40,000,000 $ 70,000,000
Fees percentage5.00%5.00%14.00%
Reduction in extension fee $ 300,000 $ 300,000 $ 300,000
Additional borrowings second $ 900,000
Exceed capital expenditures100,000
Borrowed interest rate30.00%
Default event40.00%40.00%
Non-refundable fees percentage2.00%
Interest rates14.00%14.00%
Senior Debt-TEC | Revolving Credit Facility
Debt instrument face amount $ 18,000,000 $ 18,000,000
Maturity periodApr. 1,
2022
Net of debt issuance $ 71,732,000 $ 71,732,000 80,310,000
Fees percentage13.75%13.75%
Senior Debt-TEC | Reserve Liquidity Facility
Debt instrument face amount $ 7,100,000 $ 7,100,000
Debt instrument fee amount $ 500,000 $ 500,000 $ 500,000 $ 1,100,000
Fees percentage30.00%
Default event40.00%40.00%
Non-refundable fees percentage2.00%
Debt instrument fee amount percentage1.00%1.00%
Promissory note, payable $ 40,000,000 $ 18,000,000
Senior Debt-TEC | Promissory Notes [Member]
Net of debt issuance $ 0 $ 0 1,444,000
Senior Debt-TEC | Acquisition Participation Term Notes
Discount issuance costs95,000 95,000
Debt instrument face amount $ 4,100,000 $ 4,100,000
Debt instrument interest rate14.00%14.00%
Maturity periodApr. 1,
2022
Net of debt issuance $ 26,457,000 $ 26,457,000 26,384,000
Fees percentage10.75%10.75%
Principal and interest outstanding $ 15,000,000 $ 15,000,000
Principal outstanding $ 26,600,000 26,600,000
Unamortized debt issuance cost138
Redemption fees $ 7,500,000
Fee pay carrying value1.00%1.00%
Senior Debt-TEC | Revenue Participation Term Notes
Debt instrument face amount $ 10,000,000 $ 10,000,000
Maturity periodApr. 1,
2022
Net of debt issuance $ 11,914,000 $ 11,914,000 11,864,000
Fees percentage5.00%5.00%
Principal and interest outstanding net $ 12,000,000 $ 12,000,000
Unamortized debt issuance costs56,000
Outstanding balance60,000 60,000
Senior Debt-TEC | Reserve Liquidity
Debt instrument face amount $ 40,000,000 $ 40,000,000
Debt instrument interest rate30.00%30.00%
Maturity periodApr. 1,
2022
Fees percentage30.00%30.00%
Cilion [Member] | Subordinated Debt [Member]
Debt instrument face amount $ 6,400,000 $ 6,400,000
Net of debt issuance $ 6,386,000 $ 6,386,000 6,274,000
Fees percentage3.00%3.00%
Principal and interest outstanding $ 4,000,000 $ 4,000,000
GAFI Term loan and Revolving loan
Discount issuance costs400,000 400,000
Debt instrument face amount $ 11,800,000 $ 11,800,000
Debt instrument interest rate10.00%10.00%
Debt instrument fee amount $ 500,000 $ 500,000
Aggregate loan amount10,000,000 $ 10,000,000
Maturity periodApr. 1,
2023
Apr. 1,
2022
Jul. 10,
2021
Additional amount $ 1,500,000
Repayment amount500,000 $ 1,000,000
Put option $ 1
Put option amount $ 1,100,000
Net of debt issuance22,200,000 22,200,000
Financing Agreement for capital expenditures [Member]
Net of debt issuance5,700,000 5,700,000
Net and the related liability700,000 700,000
Other long term debt5,000,000 5,000,000
February 2019 Note
Debt instrument face amount14,100 14,100
EB-5 Phase II Notes
Debt instrument face amount $ 6,400,000 $ 6,400,000
Fees percentage3.00%3.00%
Principal and interest outstanding $ 5,000,000 $ 5,000,000
Increased debt insrument face amount900,000
Remaining funded to escrow46,800,000 46,800,000
Investment current offering900,000 900,000
Aggregate principal amount50,800,000 $ 50,800,000
Due and payable term4 years
Escrow amount $ 4,000,000 $ 4,000,000
Unsecured Working Capital Loans
Debt instrument interest rate12.00%12.00%
Repayment amount $ 8,500,000
Monthly net operating profit rate30.00%30.00%
Operational support charges30.00%30.00%
Secunderabad Oils
Debt instrument face amount $ 2,300,000 $ 2,300,000 $ 900,000
Fees percentage14.75%14.75%
Monthly net operating profit rate30.00%30.00%
EB-5 Phase I Notes
Debt instrument face amount $ 500,000 $ 500,000
Repayment amount0 1,000,000
Principal and interest outstanding net36,000,000 36,000,000
Remaining funded to escrow500,000 500,000
Aggregate principal amount36,000,000 36,000,000
Escrow amount35,500,000 35,500,000
Interest outstanding3,100,000 3,100,000
Investment funds $ 500,000 $ 500,000
Conversion price $ 30 $ 30
Accrued interest outstanding $ 3,900,000 $ 3,900,000
Principal funding amount34,500,000 34,500,000
Phase II funding amount $ 50,000,000
GAFI Revolving Loan
Debt instrument face amount $ 72,400,000 $ 72,400,000
Debt instrument interest rate10.00%10.00%
Unamortized debt issuance cost $ 671
GAFI Term Loan
Discount issuance costs $ 35,000 35,000
Debt instrument fee amount $ 71,000 $ 71,000
Maturity periodApr. 1,
2022
Fees percentage13.75%13.75%

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Commitments and Contingencies
Operating lease expense $ 204 $ 201 $ 612 $ 561
Operating Lease Cost
Short term lease expense28 75 138 104
Variable lease expense30 29 84 89
Total operating lease cost262 305 834 754
Finance Lease Cost
Amortization of right-of-use-assets58 94 168 155
Interest on lease liabilities20 26 61 44
Total finance lease cost $ 78 $ 120 $ 229 $ 199

Commitments and Contingencies_3

Commitments and Contingencies (Details 1) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Commitments and Contingencies
Operating cash flows used in operating leases $ 179 $ 131 $ 519 $ 448
Operating cash flows used in finance leases20 26 61 44
Financing cash flows used in finance leases $ 126 $ 435 $ 374 $ 1,137

Commitments and Contingencies_4

Commitments and Contingencies (Details 2) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020
Commitments and Contingencies
Accretion of the lease liability $ 93 $ 101 $ 288 $ 160
Amortization of right-of-use assets $ 111 $ 100 $ 324 $ 402
Weighted Average Remaining Lease Term
Operating leases6 years 4 months 24 days
Finance leases2 years 7 months 6 days
Weighted Average Discount Rate
Operating leases14.00%14.00%
Finance leases5.90%5.90%
Operating Leases
Operating lease right-of-use assets $ 2,572 $ 2,572 $ 2,889
Current portion of operating lease liability286 286 316
Long term operating lease liability2,381 2,381 2,578
Total operating lease liabilities2,667 2,667 2,894
Finance Leases
Property and equipment, at cost2,317 2,317 2,308
Accumulated depreciation(313)(313)(249)
Property and equipment, net2,004 2,004 2,059
Other current liability541 541 417
Long term other liability840 840 1,164
Total finance lease liabilities $ 1,381 $ 1,381 $ 1,581

Commitments and Contingencies_5

Commitments and Contingencies (Details 3) - USD ($) $ in ThousandsSep. 30, 2021Dec. 31, 2020
Commitments and Contingencies
2021 $ 632
2022572
2023586
2024603
2025622
Thereafter1,076
Total lease payments4,091
Less: imputed interest(1,424)
Total operating lease liability2,667 $ 2,894
2021611
2022528
2023324
202431
20250
Thereafter0
Total lease payments1,494
Less: imputed interest(113)
Total finance lease liability $ 1,381 $ 1,581

Commitments and Contingencies_6

Commitments and Contingencies (Details Narrative) - USD ($) $ in Millions1 Months Ended9 Months Ended
Dec. 31, 2019Jul. 24, 2019Jun. 28, 2018Sep. 30, 2021Dec. 31, 2020
StockBased Compensation
Remaining term7 years
First payment $ 1.5
Property tax accrual amount $ 6.8 $ 5.7
Fees and costs $ 6.2 $ 6.2

Biogas LLC - Series A Preferred

Biogas LLC - Series A Preferred Financing and Variable Interest Entity (Details Narrative) - USD ($)1 Months Ended3 Months Ended9 Months Ended
Dec. 20, 2018Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020
Totaling of series A preferred stock unit $ 46,900,000
Total assets of ABGL company34,800,000
Long-term liabilities $ 38,300,000 38,300,000 $ 32,000,000
Accretion Expense2,300,000 $ 1,800,000 7,700,000 $ 4,100,000
Accrued preference payments expense800,000 $ 800,000 2,400,000 $ 2,400,000
Offset capitalized interest $ 1,000,000 $ 2,100,000
Preferred Units Series A [Member] | Second Tranche [Member]
Stock redeemed or called during period shares20,000
Reduced redemption shares20,000
Preferred stock unit626,000 626,000
Preferred stock amunt $ 3,100,000 $ 3,100,000
Redemption unit value300,000
Reduced redemption shares amount14,000,000
Preferred Units Series A [Member] | First Tranche [Member]
Preferred stock amunt16,000,000 $ 16,000,000
Preferred shares issued2,800,000
Series A Preferred Stocks [Member]
Conversion of common stock into shares1,200,000
Common stock shares6,000,000
Per shares $ 5
Proceeds from preferred stock $ 30,000,000
Additional common unit5,000,000
Property tax accrual amount $ 0 $ 0 0
Preferred Units Series A [Member]
Conversion of common stock into shares1,200,000
Preferred stock unit3,200,000 3,200,000
Redemption unit value $ 300,000
Total amount $ 30,000,000
Shares percentage75.00%75.00%75.00%
Increases payment of cash flow100%
Redemption value $ 89,700,000
Accrued preference payments $ 8,700,000 $ 8,700,000 $ 2,000,000
Preferred stock shares authorized11,000,000 11,000,000 11,000,000
Convertible preferred stock6,000,000 6,000,000 6,000,000
Preference payments $ 0.50
Maximum number of shares5,000,000
Redemption per share $ 15
Cash flow amount90,000,000
Paid fees $ 900,000
Increases conversion of common stock units5,000,000
Redemption payments increased rate100.00%100.00%
Initial rate free cash flows75.00%75.00%

StockBased Compensation (Detail

StockBased Compensation (Details) - $ / sharesJun. 03, 2021Apr. 08, 2021Jan. 07, 2021Sep. 30, 2021Mar. 31, 2021Sep. 30, 2021
StockBased Compensation
Shares available for grant, beginning (in thousands)307,000 380,000 380,000 380,000
Shares available for grant, authorized (in thousands)816,000
Shares available for grant, granted (in thousands)30,000 34,114 945,000 915 (975,000)
Shares available for grant, RSAs granted (in thousands)(39,000)
Shares available for grant, exercised (in thousands)0
Shares available for grant, forfeited/expired200,000
Shares available for grant, ending (in thousands)382,000 307,000 382,000
Number of outstanding, beginning (in thousands)5,005,000 5,327,000 5,327,000 5,327,000
Number of shares, granted (in thousands)975,000
number of shares, exercised (in thousands)(2,228,000)
Number of shares, forfeited/expired (in thousands)(200,000)
Number of outstanding, ending (in thousands)3,874,000 5,005,000 3,874,000
Weighted average exercise price outstanding, beginning $ 1.41 $ 1.14 $ 1.14 $ 1.14
Weighted average exercise price, granted3.40
Weighted average exercise price, exercised1.42
Weighted average exercise price, forfeited/expired1.78
Weighted average exercise price outstanding, ending $ 1.49 $ 1.41 $ 1.49

StockBased Compensation (Deta_2

StockBased Compensation (Details 1) - $ / shares9 Months Ended
Sep. 30, 2021Sep. 30, 2020
StockBased Compensation
Dividend-yield0.00%0.00%
Risk-free interest rate0.68%0.94%
Expected volatility98.23%88.15%
Expected life (years)6 years 6 months 10 days6 years 6 months 18 days
Market value per share on grant date $ 3.40 $ 0.69
Weighted average fair value per share of common stock $ 2.72 $ 0.52

StockBased Compensation (Deta_3

StockBased Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in ThousandsJun. 03, 2021Apr. 08, 2021Jan. 07, 2021Apr. 29, 2019Sep. 30, 2021Jun. 30, 2021Mar. 31, 2021Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020
Restricted stock granted5,200
Number of outstanding, beginning (in thousands)3,874,000 5,005,000 3,874,000 5,327,000
Stock compensation expense $ 285 $ 281 $ 835 $ 191 $ 325 $ 310 $ 1,400 $ 826
Options granted shares0 13,000
Price per restricted share $ 3.09
Options outstanding3,900,000 3,900,000
Options granted30,000 34,114 945,000 915 (975,000)
Vesting terms3 years
Stock Plan term10 years
Unrecognized compensation expense $ 2,100 $ 2,100
Unrecognized compensation expense, recognition period2 years 1 month 6 days
Stock option shares177,246
Common stock, shares authorized (in thousands)40,000,000 40,000,000 40,000
2019 Stock Plan [Member]
Price per restricted share $ 26.19
Options granted2,320,000
Unrecognized compensation expense $ 2,400 $ 2,400
Common stock, shares authorized (in thousands)200,000 200,000

Agreements (Details)

Agreements (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Agreements
Ethanol sales $ 0 $ 0 $ 0 $ 26,049
Wet distiller's grains sales8,919 7,143 30,584 22,983
Corn oil sales1,515 827 4,252 2,806
Corn purchases39,058 25,513 119,217 77,268
Accounts receivable88 161 88 161
Accounts payable $ 307 $ 1,978 $ 307 $ 1,978

Agreements (Details Narrative)

Agreements (Details Narrative) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
J.D. Heiskell [Member]
Marketing costs $ 0.7 $ 0.6 $ 2.1 $ 1.7

Segment Information (Details)

Segment Information (Details) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Revenues $ 49,895,000 $ 40,923,000 $ 147,586,000 $ 128,227,000
Cost of goods sold54,680,000 40,152,000 152,333,000 113,830,000
Gross profit(4,785,000)771,000 (4,747,000)14,397,000
Expenses
Research and development expenses22,000 37,000 66,000 175,000
Selling, general and administrative expenses5,087,000 4,563,000 16,222,000 12,548,000
Interest expense5,548,000 6,470,000 17,947,000 19,534,000
Accretion and other expenses of Series A preferred units2,185,000 1,765,000 7,928,000 4,087,000
Gain on debt extinguishment portions0 0 (1,134,000)0
Other (income) expense(30,000)153,000 483,000 393,000
Income (loss) before income taxes(17,597,000)(12,217,000)(46,259,000)(22,340,000)
Capital expenditures5,836,000 6,300,000 18,771,000 14,921,000
Depreciation1,342,000 1,253,000 4,106,000 3,515,000
North America [Member]
Revenues49,832,000 33,131,000 146,890,000 114,226,000
Cost of goods sold54,664,000 33,534,000 151,614,000 101,231,000
Gross profit(4,832,000)(403,000)(4,724,000)12,995,000
Expenses
Research and development expenses22,000 37,000 66,000 175,000
Selling, general and administrative expenses4,637,000 4,340,000 15,016,000 11,206,000
Interest expense5,548,000 6,461,000 17,947,000 19,490,000
Accretion and other expenses of Series A preferred units2,185,000 1,765,000 7,928,000 4,087,000
Gain on debt extinguishment portions0 0 (1,134,000)0
Other (income) expense(1,000)155,000 561,000 416,000
Income (loss) before income taxes(17,223,000)(13,161,000)(45,108,000)(22,379,000)
Capital expenditures5,815,000 6,187,000 18,632,000 13,571,000
Depreciation1,187,000 1,085,000 3,593,000 3,030,000
India [Member]
Revenues63,000 7,792,000 696,000 14,001,000
Cost of goods sold16,000 6,618,000 719,000 12,599,000
Gross profit47,000 1,174,000 (23,000)1,402,000
Expenses
Research and development expenses0 0 0 0
Selling, general and administrative expenses450,000 223,000 1,206,000 1,342,000
Interest expense0 9,000 0 44,000
Accretion and other expenses of Series A preferred units0 0 0 0
Gain on debt extinguishment portions0 0 0 0
Other (income) expense(29,000)(2,000)(78,000)(23,000)
Income (loss) before income taxes(374,000)944,000 (1,151,000)39,000
Capital expenditures21,000 113,000 139,000 1,350,000
Depreciation $ 155,000 $ 168,000 $ 513,000 $ 485,000

Segment Information (Details 1)

Segment Information (Details 1) - USD ($) $ in ThousandsSep. 30, 2021Dec. 31, 2020
Assets $ 146,979 $ 125,139
North America [Member]
Assets135,720 112,312
India [Member]
Assets $ 11,259 $ 12,827

Segment Information (Details Na

Segment Information (Details Narrative) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Kakinada Plant [Member]
Gallon per year $ 50
Customer Two [Member]
Concentration credit risk71.00%33.00%
North America [Member]
Gallon per year $ 65
North America [Member] | Customer One [Member] | Sales of ethanol, WDG, and corn oil
Concentration credit risk77.00%72.00%75.00%45.00%
North America [Member] | Customer Two [Member] | Sales of ethanol, WDG, and corn oil
Concentration credit risk21.00%24.00%24.00%32.00%
North America [Member] | Customer Three [Member] | Sales of ethanol, WDG, and corn oil
Concentration credit risk11.00%
India [Member]
Gallon per year $ 50
India [Member] | Refined glycerin customer
Concentration credit risk10.00%
India [Member] | Customer One [Member]
Concentration credit risk71.00%51.00%
India [Member] | Customer One [Member] | Refined glycerin customer
Concentration credit risk16.00%10.00%
India [Member] | Customer One [Member] | One biodiesel
Concentration credit risk66.00%56.00%
India [Member] | Customer Two [Member]
Concentration credit risk23.00%
India [Member] | Customer Two [Member] | One biodiesel
Concentration credit risk26.00%

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)Jan. 07, 2021Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020
Guaranty fees $ 200,000 $ 800,000
Percentage0.10%
Restricted stock5,200
Eric McAfee and McAfee Capital
Remaining expenses $ 100,000
Various Board Members
Related party transaction100,000 $ 1,200,000
Board compensation fees $ 100,000 $ 100,000 $ 300,000 $ 300,000
Restricted stock900,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) $ in MillionsNov. 05, 2021USD ($)
Third Eye Capital Limited Waiver and Amendment [Member]
Waiver fee $ 0.1