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15. Related Party Transactions
12 Months Ended
Dec. 31, 2013
Related Party Transactions [Abstract]  
15. Related Party Transactions

The Company owes Eric McAfee and McAfee Capital, solely owned by Eric McAfee, amounts of $ 966,935 and $1,262,133 in connection with employment agreements and expense reimbursements, which are included in accrued expenses and accounts payable on the balance sheet as of December 31, 2013 and 2012.  For the years ended December 31, 2013 and 2012, the Company expensed $53,594 and $65,343, respectively, to reimburse actual expenses incurred for McAfee Capital and related entities.

 

For the years ending December 31, 2013 and 2012, Eric McAfee received payments from the Company of principal, interest and fees associated with a revolving line of credit co-owned with Laird Cagan, a related party, and other investors, by converting part of the balance due for 1,171,536 and 6,231,159 shares of common stock, respectively. Laird Cagan received 655, 011 and 2,634,376 shares of common stock as part of the same payments-for-stock transactions with the same terms.

 

The Company owes various Board Members amounts totaling $1,651,146 and $1,300,313 as of December 31, 2013 and 2012, respectively, in connection with board compensation fees, which are included in accounts payable on the balance sheet.  For the years ended December 31, 2013 and 2012, the Company expensed $354,833 and $379,500, respectively, in connection with board compensation fees.

 

On July 6, 2012, Aemetis, Inc. and Aemetis Advanced Fuels Keyes, Inc., entered into an Amended and Restated Note Purchase Agreement with Third Eye Capital.  Third Eye Capital extended credit in the form of (i) senior secured revolving loans in an aggregate principal amount of $18,000,000 (“Revolving Credit Facility”); (ii) senior secured term loans in the principal amount of $10,000,000 to convert the Revenue Participation agreement to a Note (“Revenue Participation Term Notes”); and (iii) senior secured term loans in an aggregate principal amount of $15,000,000 (“Acquisition Term Notes”) used to fund the cash portion of the acquisition of Cilion, Inc. After this financing transaction, Third Eye Capital obtained sufficient equity ownership in the Company to be considered a related party. See Note 5 - Notes Payable.