<SEC-DOCUMENT>0001654954-17-000040.txt : 20170519
<SEC-HEADER>0001654954-17-000040.hdr.sgml : 20170519
<ACCEPTANCE-DATETIME>20170103201202
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001654954-17-000040
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AEMETIS, INC
		CENTRAL INDEX KEY:			0000738214
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				261407544
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		20400 STEVENS CREEK BLVD
		STREET 2:		SUITE 700
		CITY:			CUPERTINO
		STATE:			CA
		ZIP:			95014
		BUSINESS PHONE:		408-517-3304

	MAIL ADDRESS:	
		STREET 1:		20400 STEVENS CREEK BLVD
		STREET 2:		SUITE 700
		CITY:			CUPERTINO
		STATE:			CA
		ZIP:			95014

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AE BIOFUELS, INC.
		DATE OF NAME CHANGE:	20110714

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AE Biofuels, Inc.
		DATE OF NAME CHANGE:	20071212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARWICH II LTD
		DATE OF NAME CHANGE:	19840123
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<font style="font-family: Times New Roman; font-size: 13px">January
3, 2017</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">United
States Securities and Exchange Commission</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">100 F
Street, N.E., Mail Stop 4631</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Washington,
DC 20549</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Attn:
W. John Cash, Accounting Branch Chief</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#xA0;</font><font style="color: rgb(0, 0, 0);">Re:</font> <font style="font-weight: bold; color: rgb(0, 0, 0);">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
Aemetis, Inc.</font><br></font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Form 10-K for the Fiscal Year Ended December 31, 2015</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Filed March 29, 2016</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Form 10-Q for the Fiscal Quarter Ended September 30,
2016</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Filed November 14, 2016</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
File No. 1-36475</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dear
Mr. Cash:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">This
letter is being submitted by Aemetis, Inc. (the
&#x201C;Company&#x201D;) in response to the comments received from
the Staff (the &#x201C;Staff&#x201D;) of the United States Securities
and Exchange Commission (the &#x201C;Commission&#x201D;) by the
letter dated December 15, 2016 regarding the Company&#x2019;s
filings referenced above.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">For
your convenience, the numbering of the paragraphs below corresponds
to the numbering of the Staff&#x2019;s letter and we have included
each of the Staff's comments in bold before each of the
Company&#x2019;s responses.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Form 10-K for Fiscal Year Ended December 31, 2015</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 1. Business, page 3</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Environmental and Regulatory Matters, page 9</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
We note your disclosure that you incur significant capital costs to
comply with environmental laws. In future filings, please quantify
such costs. See Item 101(h)(4)(xi) of Regulation S-K.</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Response:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company acknowledges the Staff&#x2019;s comments and respectfully
advises that Staff that the disclosures were intended to provide
cautionary recognition that upon certain events the Company could
be subject to significant capital or operating costs associated
with environmental law compliance.</font></div>
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<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">To
date, the costs associated with complying with environmental laws
have been customary and normal for plants of similar capacity in
similar locations, and not material to an understanding of the
Company. Specifically, during the year ended December 31, 2015, our
North America segment spent approximately $357,000 on health,
safety and environmental expenses, of which $205,000 was related to
payroll spending. These costs are principally associated with
ongoing testing and permit fee payments. We have had no capital
costs during the years ending December 31, 2016 and 2015. To the
extent these costs become material to an understanding of the
Company in the future, we will include such disclosure in our
filings.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In our
future Exchange Act filings, we will amend our disclosure to
include the qualifier &#x201C;may&#x201D; prior to the environmental
law compliance costs statement to indicate the cautionary nature of
the comment as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;These laws,
regulations and permits may, from time to time, require us to incur
significant capital and/or operating costs.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We will
also disclose the amount generally related to the costs and effects
of compliance with environmental laws, to the extent material to an
understanding of the Company, in future filings.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 7. Management&#x2019;s Discussion and Analysis of Financial
Condition and Results of Operations, page 24</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="display: table-cell; width: 24px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
2.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
In your future Exchange Act filings, please expand your disclosure
throughout this section to discuss the underlying reasons for any
decreases or increases in the factors you cite as causing the
changes in your results so that investors gain better insight into
your results, particularly for trend purposes and discerning future
prospects. For example, we note your disclosure on page 27 that you
ground 19.5 million bushels of corn in 2015 compared to 21.4
million in 2014. Similarly, we note your disclosure on page 27 that
ethanol volumes decreased by 7%. Regarding your ethanol volumes, we
also note that in your earnings call transcript for the third
quarter of 2015 you stated your production was constrained by
feedstock supply. See Item 303 of Regulation S-K.</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Response:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company acknowledges the Staff&#x2019;s comments and respectfully
advises that Staff that we will expand the discussion of the
factors underlying any decrease or increase in operating results in
future filings.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Form 10-Q for Fiscal Quarter Ended September 30, 2016</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
General</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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3.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Please tell us what consideration you gave, if any, to including
risk factor disclosure that would discuss the risks associated with
EdenIQ, Inc.&#x2019;s termination of the merger agreement and the
subsequent lawsuit you filed based on such termination in your 10-Q
for the quarterly period ended September 30, 2016. In this regard,
we note the following statement by Eric McAfee on August 11, 2016,
&#x201C;We expect to implement EdenIQ&#x2019;s cellulosic ethanol
technology at our Keyes plant in the first quarter of 2017, which
we believe will substantially improve cash flow by increasing the
number of gallons of ethanol and distillers oil produced at our
plant, as well as generating valuable D3 biofuel RINs when the EPA
approves EdenIQ&#x2019;s company registration.&#x201D; We further
note that you filed a lawsuit against EdenIQ seeking specific
performance.</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Response:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
report on Form 10-K for the year ended December 31, 2015 as filed
with the SEC on March 28, 2016 included two risk factors related to
the potential risk of a termination of the EdenIQ merger agreement.
These risk factors are titled &#x201C;We may be unable to execute
our business plan&#x201D; and &#x201C;We may encounter unanticipated
difficulties in converting the Keyes plant to accommodate
alternative feedstocks, new chemicals used in the fermentation and
distillation process or new mechanical production equipment&#x201D;.
The EdenIQ merger agreement is a component of our short-term
business plan, as outlined in the Company&#x2019;s strategy to
&#x201C;evaluate and pursue technology acquisition
opportunities&#x201D; and to &#x201C;leverage technology for the
development and production of additional advanced biofuels and
renewable chemicals&#x201D;.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In its
future Exchange Act filings, to the extent ongoing, the Company
will include the below risk factor in its public
filings:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Edeniq&#x2019;s
attempt to terminate and failure to close the Edeniq Merger, and
litigation pertaining to the Edeniq Merger, may negatively impact
our business and operations.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">On
August 31, 2016, the Company filed a lawsuit in Santa Clara County
Superior Court against EdenIQ and its CEO, Brian D. Thome. The
lawsuit is based on EdenIQ&#x2019;s wrongful termination of a merger
agreement that would have effectuated the merger of the Company and
EdenIQ (the Edeniq Merger). The relief sought includes specific
performance of the merger agreement and monetary damages, as well
as punitive damages, attorneys&#x2019; fees, and costs. We have
incurred and may continue to incur additional costs in connection
with the prosecution of the currently pending, and any future,
litigation relating to the Edeniq Merger. We believe that our
lawsuit against Edeniq is an enforcement of our rights under the
Merger Agreement. We cannot predict the outcome of such litigation.
Such litigation may also create a distraction for our management
team and board of directors and require time and attention. Any
litigation relating to the Edeniq Merger or Edeniq&#x2019;s wrongful
termination of and failure to close the Edeniq Merger would
adversely affect our ability to leverage Edeniq&#x2019;s
technologies for the development of additional advanced biofuels
and renewable chemicals and could adversely impact our ability to
execute our business plan and our financial condition and results
of operations.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">The
Company acknowledges that:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-family: Times New Roman; font-size: 13px">- the
Company is responsible for the adequacy and accuracy of the
disclosures in its filings;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-family: Times New Roman; font-size: 13px">- Staff
comments or changes to disclosures in response to Staff comments do
not foreclose the Commission from taking any action with respect to
the filing; and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-family: Times New Roman; font-size: 13px">- the
Company may not assert Staff comments as a defense in any
proceeding initiated by the Commission or any authorized person
acting under the federal securities laws of the United
States.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-family: Times New Roman; font-size: 13px"><a name="6. Exchange transactions in whic"><!--anchor--></a>We
trust that you will find the foregoing responsive to the comments
of the Staff. Comments or questions regarding this letter may be
directed to the undersigned at (408) 213-0925 or to Nathan Mee,
Esq., outside counsel to the Company, at (415)
616-1156.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 360px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Sincerely,</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 348px; margin-right: 0px; text-indent: 12px">
<font style="font-family: Times New Roman; font-size: 13px;">/s/
Todd Waltz<br></font></div>
<div style="text-align: left; margin-left: 348px; margin-right: 0px; text-indent: 12px">
<font style="font-family: Times New Roman; font-size: 13px">Todd
Waltz,</font></div>
<div style="text-align: left; margin-left: 348px; margin-right: 0px; text-indent: 12px">
<font style="font-family: Times New Roman; font-size: 13px">Chief
Financial Officer</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">cc:</font></font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Nathan
Mee, Esq.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
Shearman &amp; Sterling LLP</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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