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16. Parent Company Financial Statements (Unaudited)
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
16. Parent Company Financial Statements (Unaudited)

 

16. Parent Company Financial Statements (Unaudited)

 

The following is a summary of the Parent Company financial statements for the years ended December 31, 2011 and 2010:

 

Aemetis, Inc. (Parent Company)

Consolidated Condensed Balance Sheets

As of December 31, 2011 and 2010

 

Assets   2011     2010  
Current assets            
Cash and cash equivalents   $ 747     $ 17,631  
Intercompany receivables     3,168,587       -  
Prepaid expenses     88,000       5,827  
Total current assets     3,257,334       23,458  
                 
Investments in Subsidiaries, net of advances        
Investment in Aemetis International, Inc.     5,979,020       9,831,430  
Investment in Aemetis Americas, Inc     -       259,473  
Total investments in Subsidiaries, net of advances     5,979,020       10,090,903  
                 
Property, plant and equipment, net     -       2,193  
Other assets     23,095       23,096  
Total Assets   $ 9,259,449     $ 10,139,650  
                 
Liabilities & stockholders' deficit          
Current liabilities                
Accounts payable   $ 3,800,250     $ 3,056,268  
Mandatorily redeemable Series B convertibe preferred     2,320,164       2,221,872  
Secured notes, net of discount for issuance cost     1,075,588       900,000  
Interecompany payables     -       233,717  
Other current liabilities     1,786,962       1,714,229  
Total current liabilities     8,982,964       8,126,086  
                 
                 
Parent Company long term debt portion of secured notes, net of discount for issuance cost     6,016,926       5,915,056  
                 
Subsidiary obligation in excess of investment        
Investment in AE Advanced Fuels, Inc.     440       200  
Investment in Aemetis Advanced  Fuels Keyes, Inc.     13,252,571       2,699,096  
Investment in Aemetis Americas, Inc     118,252       -  
Investment in Aemetis Biofuels, Inc.     2,567,894       2,488,735  
Investment in Aemetis Technologies, Inc.     174,488       -  
Investment in Biofuels Marketing, Inc.     348,996       360,185  
Total subsidiary obligation in excess of investment     16,462,641       5,548,216  
                 
Total long term liabilities     22,479,567       11,463,272  
                 
Stockholders' deficit                
Series B Preferred convertible stock     3,115       3,165  
Common stock     130,747       90,342  
Additional paid-in capital     45,432,447       38,557,376  
Accumulated deficit     (65,526,029 )     (47,229,670 )
Accumulated other comprehensive loss     (2,243,362 )     (870,921 )
Total stockholders' deficit     (22,203,082 )     (9,449,708 )
Total liabilities & stockholders' deficit   $ 9,259,449     $ 10,139,650  

 

 

Aemetis, Inc. (Parent Company)

Consolidated Statements of Operations and Comprehensive Loss

For the Years Ended December 31, 2011 and 2010

 

      2011     2010  
               
Equity in subsidiary earnings (losses)   $ (15,386,811 )   $ (4,970,719 )
                   
Selling, general and administrative expenses     1,003,879       1,673,873  
                   
Operating loss     (16,390,690 )     (6,644,592 )
                   
Other income/(expense)                
  Interest expense     (1,918,750 )     (1,890,304 )
  Other income, net of expenses     16,281       112,843  
                   
Loss before income taxes     (18,293,159 )     (8,422,053 )
                   
  Income taxes benefit/(expense)     (3,200 )     (3,200 )
                   
Net loss    $ (18,296,359 )   $ (8,425,253 )

 

 

Aemetis, Inc. (Parent Company)

Consolidated Statements of Cash Flows

For the years ended December 31, 2011 and 2010

 

    2011     2010  
Operating activities:            
Net loss   $ (18,296,359 )     (8,564,209 )
Adjustments to reconcile net loss to net cash used in operating activities:                
Stock-based compensation     177,278       377,669  
Depreciation and amortization     2,193       11,386  
Amortization of debt issuance discount     1,177,413       717,466  
Loss/(gain) on extinguishment of debt     -       (14,757 )
Changes in assets and liabilities:                
Subsidiary portion of net losses     15,386,811       5,109,675  
Prepaid expenses     1,160       (1,380 )
Other current assets and other assets     1       15,504  
Accounts payable     743,982       1,044,483  
Accrued interest expense     894,475       1,350,501  
Other liabilities     72,733       209,657  
Net cash provided in operating activities     159,687       255,995  
                 
Investing activities:                
Subsidiary advances, net     723,429       598,801  
Net cash used in investing activities     723,429       598,801  
                 
Financing activities:                
Repayments of borrowings under secured debt facilities     (900,000 )     (850,000 )
Net cash provided by financing activities     (900,000 )     (850,000 )
                 
Net increase (decrease) in cash and cash equivalents     (16,884 )     4,796  
                 
Cash and cash equivalents at beginning of period     17,631       12,835  
Cash and cash equivalents at end of period   $ 747     $ 17,631