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9. Segment Information
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
9. Segment Information

Aemetis recognizes two reportable geographic segments: “North America” and “India.” The “North America” operating segment includes the Keyes Plant, the Riverbank Cellulosic Ethanol Facility, the Biogas Project, the Goodland Plant and the research and development facility in Minnesota.

 

The “India” operating segment includes the 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, 2020 and 2019 follows:

 

   

Three months ended

September 30, 2020

    

Three months ended

September 30, 2019

  
    North America     India     Total Consolidated     North America     India     Total Consolidated  
                                     
Revenues   $ 33,131     $ 7,792     $ 40,923     $ 37,820     $ 19,569     $ 57,389  
Cost of goods sold     33,534       6,618       40,152       37,990       15,417       53,407  
                                                 
Gross (loss) profit     (403 )     1,174       771       (170 )     4,152       3,982  
                                                 
Other Expenses                                                
        Research and development expenses     37       -       37       37       -       37  
Selling, general and administrative expenses     4,340       223       4,563       2,716       1,813       4,529  
Interest expense     6,461       9       6,470       6,293       49       6,342  
Accretion of Series A preferred units     1,765       -       1,765       589       -       589  
Other (income) expense     155       (2 )     153       (265 )     (24 )     (289 )
                                                 
Income (loss) before income taxes   $ (13,161 )   $ 944     $ (12,217 )   $ (9,540 )   $ 2,314     $ (7,226 )
                                                 
Capital expenditures   $ 6,187     $ 113     $ 6,300     $ 3,664     $ 351     $ 4,015  
Depreciation     1,085       168       1,253       942       161       1,103  

 

   

For the nine months ended

September 30, 2020

    

For the nine months ended

September 30, 2019

  
    North America     India     Total Consolidated     North America     India     Total Consolidated  
                                     
Revenues   $ 114,226     $ 14,001     $ 128,227     $ 113,942     $ 35,954     $ 149,896  
Cost of goods sold     101,231       12,599       113,830       113,440       29,552       142,992  
                                                 
Gross profit     12,995       1,402       14,397       502       6,402       6,904  
                                                 
Other Expenses                                                
Research and development expenses     175       -       175       160       -       160  
Selling, general and administrative expenses     11,206       1,342       12,548       9,972       2,743       12,715  
Interest expense     19,490       44       19,534       18,805       332       19,137  
Accretion of Series A preferred units     4,087       -       4,087       1,509       -       1,509  
Loss contingency on litigation     -       -       -       6,200       -       6,200  
        Other expense (income)     416       (23 )     393       (228 )     (773 )     (1,001 )
                                                 
Income (loss) before income taxes   $ (22,379 )   $ 39     $ (22,340 )   $ (35,916 )   $ 4,100     $ (31,816 )
                                                 
        Capital expenditures    $   13,571     $   1,350     $   14,921     $   4,249     $   804     $   5,053  
        Depreciation       3,030        485        3,515        2,883        454        3,337  

 

North America: During the three and nine months ended September 30, 2020, the Company amended the Corn Procurement and Working Capital Agreement and the J.D. Heiskell Purchasing Agreement to procure corn from J.D. Heiskell and sell all WDG and corn oil the Company produces to J.D. Heiskell. Sales of ethanol, WDG, corn oil, and high-grade alcohol to two customers accounted for 72% and 24% of the Company’s North America segment revenues for the three months ended September 30, 2020. Sales to three customers accounted for 45%, 32% and 11% of the Company’s North America segment revenues for the nine months ended September 30, 2020.

 

During the three and nine months ended September 30, 2019, the Company’s revenues from ethanol, WDG, and corn oil were made pursuant to the Corn Procurement and Working Capital Agreement. 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.

 

India. During the three months ended September 30, 2020, two biodiesel customers accounted for 56% and 26% of the Company’s consolidated India segment revenues while none of the refined glycerin customers accounted for more than 10%, compared to three biodiesel customers accounting for 41%, 16% and 15% of the Company’s consolidated India segment revenues and none of the refined glycerin customers accounting for more than 10% of such revenues during the three months ended September 30, 2019.

 

During the nine months ended September 30, 2020, two biodiesel customers accounted for 51% and 33%, of the Company’s consolidated India segment revenues while none of the refined glycerin customers accounted for more than 10% of such revenues, compared to three biodiesel customers accounted for 29%, 18% and 15% of the Company’s consolidated India segment revenues while none of the refined glycerin customers accounted for more than 10% of such revenues during the nine months ended September 30, 2019.

 

Total assets by segment consist of the following:

 

    As of  
    September 30,     December 31,  
    2020     2019  
             
North America   $ 105,619     $ 82,990  
India     16,551       16,906  
    Total Assets   $ 122,170     $ 99,896