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11. Subsequent Events
9 Months Ended
Sep. 30, 2012
Subsequent Events [Abstract]  
11. Subsequent Events

  

Third Eye Capital Debt Agreements

 

On October 18, 2012, Third Eye Capital agreed to (i) extend the maturity date of the Existing Notes to July 6, 2014; (ii) to increase the amount of the Revolving Loan Facility by $6 million, to a total of $24 million; (iii) to modify the redemption waterfall so that any payments would be applied first to the increase in the Revolving notes; (iv) granted waivers to the Borrowers’ obligation to pay or comply, and any event of default which has occurred or may occur as a result of such failures of the Borrowers to pay or comply with certain financial covenants and principal payments, including financial covenants for the quarter ended September 30 and December 31, 2012; and (v) agreed to defer interest payments until the earlier of certain events described in the Limited Waiver or February 1, 2013. In consideration for the Limited Waiver and Amendment, the Borrowers, among other things, agreed to pay the Lenders a waiver fee in the amount of $4 million; and (ii) cash in the amount of $28,377 for certain unreimbursed costs. After paying the $4 million waiver fee, $2 million remained available for draw on the Revolving Loan Facility.

  

Related Party Revolving Line of Credit Agreement

 

On October 16, 2012, Aemetis International, Inc. (AII), a subsidiary of Aemetis, Inc. entered into an amendment to the Revolving Line of Credit Agreement with Laird Q. Cagan and co-owners in the financing arrangement, pursuant to which AII extended the maturity date of the loan until July 1, 2014 and placed an average trailing daily closing price minimum of $0.05 per share for conversion of fees and accrued interest. In exchange for the extension, the Company agreed to pay a $262,919 fee reflecting 5% of the outstanding balance of the Revolving Line of Credit, payable in cash or stock, at the same conversion price and terms as the accrued interest conversion terms.

 

Stock Option Awards

 

On November 5, 2012, the Company awarded 3,532,500 shares of common stock options to employees, consultants and Board members.  All grants were awarded at $0.55 per share.

 

Note Purchase Agreements

 

On October 17, 2012, AE Advanced Fuels, Inc., a subsidiary of Aemetis, Inc. entered into and received initial funding of $1,000,000 pursuant to a Note Purchase Agreement with Advanced BioEnergy, LP, a California limited partnership.  AE Advanced Fuels, Inc. may issue up to $36 million 3% subordinated convertible promissory notes each in the amount of $500,000 due and payable four years from the date of the Note and convertible during the last year of the note at a conversion rate of $3.00 per share.