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11. Related Party Transactions
12 Months Ended
Dec. 31, 2016
Related Party Transactions [Abstract]  
11. Related Party Transactions

The Company owes Eric McAfee and McAfee Capital, solely owned by Eric McAfee, amounts of $0.4 million each period 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, 2016 and 2015.  For the years ended December 31, 2016 and 2015, the Company expensed $0.1 million for each period, respectively, to reimburse actual expenses incurred for McAfee Capital and related entities. The Company prepaid $0.2 million to Redwood Capital, a company controlled by Eric McAfee, for the Company’s use of flight time on a corporate jet. As of December 31, 2016, $0.1 million remained as a prepaid expense.

 

As consideration for the reaffirmation of guaranties required by Amendment No.12 to the Notes which we entered with Third Eye Capital on March 21, 2016, the Company also agreed to pay $0.2 million in consideration to Mr. McAfee and McAfee Capital in exchange for their willingness to provide the guaranties. As part of the Guarantee fee agreement, $0.2 million is accrued as of December 31, 2016.

 

The Company owes various Board Members amounts totaling $1.5 million at both December 31, 2016 and 2015, respectively, in connection with board compensation fees, which are included in accounts payable on the balance sheet.  For each of the years ended December 31, 2016 and 2015, the Company expensed $0.4 million each year, 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 $18.0 million (“Revolving Credit Facility”); (ii) senior secured term loans in the principal amount of $10.0 million 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 $15.0 million (“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. Please refer to Debt - Note 4 for more information on the transactions with Third Eye Capital.