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7. Segment Information
 9 Months Ended
Sep. 30, 2016
Segment Reporting [Abstract]  
7. Segment Information

The Company recognizes two reportable geographic segments: “North America” and “India.” The “North America” operating segment includes the Company’s owned ethanol plant in Keyes, California and its technology lab in College Park, Maryland. As the Company’s technology gains market acceptance, this business segment will include its domestic commercial application of cellulosic ethanol technology, its plant construction projects and any acquisitions of ethanol or ethanol related technology facilities in North America.

 

The “India” operating segment includes the Company’s 50 million gallon per year nameplate capacity biodiesel manufacturing plant in Kakinada, 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, 2016 and 2015 follows:

 

    For the three months ended September 30,       For the nine months ended September 30,  
    2016     2015     2016     2015  
Revenues                        
North America   $ 33,889     $ 32,444     $ 93,979     $ 99,795  
India     5,488       6,066       11,783       11,508  
    Total revenues   $ 39,377     $ 38,510     $ 105,762     $ 111,303  
                                 
Cost of goods sold                                
North America   $ 30,391     $ 31,603     $ 86,174     $ 97,489  
India     5,320       5,873       11,892       11,059  
    Total cost of goods sold   $ 35,711     $ 37,476     $ 98,066     $ 108,548  
                                 
Gross profit (loss)                                
North America   $ 3,498     $ 841     $ 7,805     $ 2,306  
India     168       193       (109 )     449  
                                 
Total gross profit   $ 3,666     $ 1,034     $ 7,696     $ 2,755  

 

North America. During the three and nine months ended September 30, 2016, the Company’s revenues from ethanol, WDG, and corn oil were earned pursuant to the Grain Procurement and Working Capital Agreement established between the Company and J.D. Heiskell.  Sales of ethanol, WDG, and corn oil to J.D. Heiskell accounted for 93% and 94% of the Company’s North America segment revenues for the three and nine months ended September 30, 2016, respectively.

 

During the three and nine months ended September 30, 2015, the Company’s revenues from ethanol, WDG, and corn oil were earned pursuant to the Grain Procurement and Working Capital Agreement established between the Company and J.D. Heiskell.  Sales of ethanol, WDG, and corn oil to J.D. Heiskell accounted for 94% and 93% of the Company’s North America segment revenues for the three and nine months ended September 30, 2015, respectively.

 

India. During the three months ended September 30, 2016, two biodiesel customers accounted for 57% and 17% and no refined glycerin customers accounted for more than 10% of consolidated India segment revenues compared to one biodiesel customer accounting for 72% and no refined glycerin customers accounting for more than 10% of the consolidated India segment revenues during the three months ended September 30, 2015.

 

During the nine months ended September 30, 2016, two biodiesel customers accounted for 55% and 11% and no refined glycerin customers accounted for more than 10% of consolidated India segment revenues, compared to one biodiesel customer accounting for 55% and no refined glycerin customers accounting for more than 10% of consolidated India segment revenues during the nine months ended September 30, 2015.

 

Total assets consist of the following:

 

    As of        
    September 30,     December 31,  
    2016     2015  
             
North America   $ 67,616     $ 69,165  
India     11,728       13,976  
    Total Assets   $ 79,344     $ 83,141