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10. Segment Information

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

10. Segment Information

Aemetis recognizes two reportable geographic segments: “North America” and “India.” The “North America” operating segment includes the Keyes Plant in Keyes, the cellulosic ethanol facility in Riverbank, the cluster of biogas digesters on dairies near the Keyes Plant, the Goodland Plant in Kansas, and the research and development facility in Minnesota.

The “India” operating segment includes the Company’s 50 million gallon per year nameplate capacity biodiesel manufacturing plant (“Kakinada Plant”), 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, 2019 and 2018 follows:

		Three months ended September 30, 2019												Three months ended September 30, 2018
		North America				India				Total Consolidated				North America				India				Total Consolidated

Revenues		$	37,820			$	19,569			$	57,389			$	38,576			$	6,059			$	44,635
Cost of goods sold			37,990				15,417				53,407				36,147				5,820				41,967

Gross profit (loss)			(170	)			4,152				3,982				2,429				239				2,668

Other Expenses
Research and development expenses			37				-				37				74				-				74
Selling, general and administrative expenses			2,716				1,813				4,529				3,645				248				3,893
Interest expense			6,293				49				6,342				5,261				150				5,411
Accretion of Series A preferred units			589				-				589				-				-				-
Other income			(265	)			(24	)			(289	)			(55	)			(6	)			(61	)

Income (loss) before income taxes		$	(9,540	)		$	2,314			$	(7,226	)		$	(6,496	)		$	(153	)		$	(6,649	)

Capital expenditures		$	3,664			$	351			$	4,015			$	703			$	24			$	727
Depreciation			942				161				1,103				992				166				1,158

		For the nine months ended September 30, 2019												For the nine months ended September 30, 2018
		North America				India				Total Consolidated				North America				India				Total Consolidated

Revenues		$	113,942			$	35,954			$	149,896			$	115,380			$	17,301			$	132,681
Cost of goods sold			113,440				29,552				142,992				109,208				16,171				125,379

Gross profit			502				6,402				6,904				6,172				1,130				7,302

Other Expenses
Research and development expenses			160				-				160				191				-				191
Selling, general and administrative expenses			9,972				2,743				12,715				10,580				709				11,289
Interest expense			18,805				332				19,137				19,344				446				19,790
Accretion of Series A preferred units			1,509				-				1,509				-				-				-
Loss contingency on litigation			6,200				-				6,200				-				-				-
Other expense (income)			(228	)			(773	)			(1,001	)			(12	)			14				2

Income (loss) before income taxes		$	(35,916	)		$	4,100			$	(31,816	)		$	(23,931	)		$	(39	)		$	(23,970	)

Capital expenditures		$	4,249			$	804			$	5,053			$	1,760			$	738			$	2,498
Depreciation			2,883				454				3,337				2,976				481				3,457

North America. During the three and nine months ended September 30, 2019, the Company’s revenues from ethanol, WDG, and corn oil were earned pursuant to the Corn 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 98.3% and 99.3% of the Company’s North America segment revenues for the three and nine months ended September 30, 2019, respectively.

During the three and nine months ended September 30, 2018, the Company’s revenues from ethanol, WDG, and corn oil were earned pursuant to the Corn 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 99.8% and 99.6% of the Company’s North America segment revenues for the three and nine months ended September 30, 2018, respectively.

India. During the three months ended September 30, 2019, three biodiesel customers accounted for 41%, 16%, and 15% and no refined glycerin customers accounted for more than 10% of the Company’s consolidated India segment revenues, compared to two biodiesel customers accounting for 57% and 18% and no refined glycerin customers accounting for more than 10% of consolidated India segment revenues during the three months ended September 30, 2018.

During the nine months ended September 30, 2019, three biodiesel customers accounted for 29%, 18%, and 15% and no refined glycerin customers accounted for more than 10% of consolidated India segment revenues, compared to two biodiesel customers accounted for 55% and 13% and no refined glycerin customers accounted for more than 10% of consolidated India segment revenues during the nine months ended September 30, 2018.

Total assets consist of the following:

		As of
		September 30,				December 31,
		2019				2018

North America		$	79,180			$	78,149
India			17,503				13,672
Total Assets		$	96,683			$	91,821