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Segment Information
 9 Months Ended
Sep. 30, 2021
Segment Information  
9. Segment Information

9. Segment Information

 

Aemetis recognizes two reportable geographic segments: “North America” and “India.” The “North America” operating segment includes the Company’s 65 million gallons per year capacity Keyes Plant in California, the ultra-low carbon renewable fuel project in Riverbank, the biogas digesters on dairies near Keyes, California, 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 capacity Kakinada Plant in India, 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, 2021 and 2020 follows:

 

 

 

For the three months ended September 30, 2021

 

 

For the three months ended September 30, 2020

 

 

 

 

North America

 

 

India

 

 

Total Consolidated

 

 

North America

 

 

India

 

 

Total Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

$49,832

 

 

$63

 

 

$49,895

 

 

$33,131

 

 

$7,792

 

 

$40,923

 

Cost of goods sold

 

 

 

54,664

 

 

 

16

 

 

 

54,680

 

 

 

33,534

 

 

 

6,618

 

 

 

40,152

 

Gross profit (loss)

 

 

 

(4,832)

 

 

47

 

 

 

(4,785)

 

 

(403)

 

 

1,174

 

 

 

771

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses (income)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

 

22

 

 

 

-

 

 

 

22

 

 

 

37

 

 

 

-

 

 

 

37

 

Selling, general and administrative expenses

 

 

 

4,637

 

 

 

450

 

 

 

5,087

 

 

 

4,340

 

 

 

223

 

 

 

4,563

 

Interest expense

 

 

 

5,548

 

 

 

-

 

 

 

5,548

 

 

 

6,461

 

 

 

9

 

 

 

6,470

 

 

Accretion and other expenses of Series A preferred units

 

 

 

2,185

 

 

 

-

 

 

 

2,185

 

 

 

1,765

 

 

 

-

 

1,765

 

Gain on debt extinguishment

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Other expense (income)

 

 

 

(1)

 

 

(29)

 

 

(30)

 

 

155

 

 

 

(2)

 

 

153

 

Income (loss) before income taxes

 

 

$(17,223)

 

$(374)

 

$(17,597)

 

$(13,161)

 

$944

 

 

$(12,217)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

$5,815

 

 

$21

 

 

$5,836

 

 

$6,187

 

 

$113

 

 

$6,300

 

Depreciation

 

 

 

1,187

 

 

 

155

 

 

 

1,342

 

 

 

1,085

 

 

 

168

 

 

 

1,253

 

 

 

 

For the nine months ended September 30, 2021

 

 

For the nine months ended September 30, 2020

 

 

 

North America

 

 

India

 

 

Total Consolidated

 

 

North America

 

 

India

 

 

Total Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$146,890

 

 

$696

 

 

$147,586

 

 

$114,226

 

 

$14,001

 

 

$128,227

 

Cost of goods sold

 

 

151,614

 

 

 

719

 

 

 

152,333

 

 

 

101,231

 

 

 

12,599

 

 

 

113,830

 

Gross profit (loss)

 

 

(4,724)

 

 

(23)

 

 

(4,747)

 

 

12,995

 

 

 

1,402

 

 

 

14,397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses (income)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

66

 

 

 

-

 

 

 

66

 

 

 

175

 

 

 

-

 

 

 

175

 

Selling, general and administrative expenses

 

 

15,016

 

 

 

1,206

 

 

 

16,222

 

 

 

11,206

 

 

 

1,342

 

 

 

12,548

 

Interest expense

 

 

17,947

 

 

 

-

 

 

 

17,947

 

 

 

19,490

 

 

 

44

 

 

 

19,534

 

Accretion and other expenses of Series A preferred units

 

 

7,928

 

 

 

-

 

 

 

7,928

 

 

 

4,087

 

 

 

-

 

 

 

4,087

 

Gain on debt extinguishment

 

 

(1,134)

 

 

-

 

 

 

(1,134)

 

 

-

 

 

 

-

 

 

 

-

 

Other (income) expense

 

 

561

 

 

 

(78)

 

 

483

 

 

 

416

 

 

 

(23)

 

 

393

 

Income (loss) before income taxes

 

$(45,108)

 

$(1,151)

 

$(46,259)

 

$(22,379)

 

$39

 

 

$(22,340)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$18,632

 

 

 

139

 

 

 

18,771

 

 

$13,571

 

 

$1,350

 

 

$14,921

 

Depreciation

 

 

3,593

 

 

 

513

 

 

 

4,106

 

 

 

3,030

 

 

 

485

 

 

 

3,515

 

 

North America. Sales of ethanol, WDG, and corn oil to two customers accounted for 77% and 21% of the Company’s North America segment revenues for the three months ended September 30, 2021. Sales of ethanol, WDG, and corn oil to two customers accounted for 75% and 24% of the Company’s North America segment revenues for the nine months ended September 30, 2021.

 

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.

 

India. Two other sales customers accounted for 71% and 23% of the Company’s consolidated India segment revenues for the three months ended September 30, 2021. One biodiesel customer accounted for 66% of the Company’s consolidated India segment revenues while one refined glycerin customer accounted for 16% of such revenues for the nine months ended September 30, 2021.

Two biodiesel customers accounted for 56% and 26% of the Company’s consolidated India segment revenues for the three months ended September 30, 2020, while none of the refined glycerin customers accounted for more than 10% of such revenues for the three 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 for the nine months ended September 30, 2020.

 

Total assets by segment consist of the following:

 

 

 

As of

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

North America

 

$135,720

 

 

$112,312

 

India

 

 

11,259

 

 

 

12,827

 

Total Assets

 

$146,979

 

 

$125,139