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14. Subsequent Events | 6 Months Ended
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Jun. 30, 2013
Subsequent Events [Abstract] |
14. Subsequent Events | Third Eye Capital Debt Agreement On July 26, 2013 with an effective date of June 30, 2013, Third Eye Capital agreed to the Limited Waiver and Amendment No. 5 to waive the following covenants of the Company in their entirety: (i) obligation to achieve the Milo Conversion by May 31, 2013; (ii) obligation to make principal-reduction payments on weekly and quarter-end basis for the months of May 2013 and June 2013, and all such future payments; (iii) accrued interest of $1,369,630 since April 1, 2013; (iv) requirement to maintain trailing free cash flow covenants for fiscal quarters ending June 30, 2013, September 30, 2013 and December 31, 2013 and (v) obligation not to exceed the amount of its debts in a given proportion of the value its Keyes Plant for the September 2013 semi-annual testing date. In addition, Third Eye Capital agreed to extend the maturity date of the notes to July 6, 2014. In addition, the Company agreed to (i) make daily interest payments equal to 20% of daily cash deposits from its operations (ii) remit cash deposits from Program subscriptions to be applied as principal-reduction payments (ii) use net proceeds of any equity offering of the capital stock to make principal reduction payments (iii) pay accrued interest by issuing additional notes (iv) maintain minimum quarterly production of ethanol at the Keyes Plant of 10 million gallons per fiscal quarter; and (v) modify the waterfall payment schedule to provide priority repayment of the advances (principal and interests) provided by Third Eye Capital in February 2013 and April 2013. As consideration, the Company agreed to pay Third Eye Capital: (i) a waiver fee of $750,000 in shares of common stock; (ii) an amendment fee of $3,000,000 payable in the form of additional notes; (iii) an extension fee on July 6, 2013 of $1,500,000 payable in the form of additional notes; (iv) an extension fee on August 22, 2013 of $400,000 payable in cash or shares of common stock of the Company; and (v) an extension fee on September 30, 2013 of $300,000 payable in cash or shares of common stock of the Company. The Company will record a loss on extinguishment of approximately $2,521,000 during the three months ended September 30, 2013 as a result of this amendment. Sale of Ethanol Plant Equipment Held for Sale On July 18, 2013 we sold Ethanol plant equipment held for sale with an approximate carrying value of $540,000, resulting in a gain on sale of $116,532.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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