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Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Information  
Segment Information

12. Segment Information

 

Aemetis recognizes three reportable segments “California Ethanol”, “Dairy Renewable Natural Gas”, and “India Biodiesel.”  

 

The “California Ethanol” reportable segment includes the Company’s 65 million gallon per year ethanol plant in Keyes, California, and the adjacent land leased for the production of CO₂.

 

The “Dairy Renewable Natural Gas” reportable segment includes, the dairy digesters, pipeline and gas condition unit for the production of biogas from dairies near Keyes, California.

 

The “India Biodiesel” reportable segment includes the Company’s 50 million gallon per year nameplate capacity biodiesel manufacturing 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.

 

The Company has additional operating segments that were determined not to be reportable segments, including the Carbon Zero 1 facility in Riverbank, the Goodland Plant, Kansas and the research and development facility in Minnesota.  Refer to the “All Other” category.

 

Summarized financial information by reportable segment for the years ended December 31, 2021, 2020, and 2019 follow:

 

 

 

For the year ended December 31, 2021

 

 

 

California Ethanol

 

 

Dairy Renewable Natural Gas

 

 

India Biodiesel

 

 

All other

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$211,251

 

 

$-

 

 

$696

 

 

$2

 

 

$211,949

 

Intersegment revenues

 

 

-

 

 

 

1,445

 

 

 

-

 

 

 

-

 

 

 

1,445

 

Gross profit (loss)

 

 

9,565

 

 

 

(488)

 

 

(23)

 

 

(1,115)

 

 

7,939

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

18,092

 

 

 

13

 

 

 

-

 

 

 

2,031

 

 

 

20,136

 

Accretion and other expenses of Series A preferred units

 

 

-

 

 

 

7,718

 

 

 

-

 

 

 

-

 

 

 

7,718

 

Gain on debt extinguishment

 

 

(713)

 

 

-

 

 

 

-

 

 

 

(421)

 

 

(1,134)

Capital expenditures

 

 

2,763

 

 

 

17,702

 

 

 

142

 

 

 

6,045

 

 

 

26,652

 

Depreciation

 

 

4,132

 

 

 

577

 

 

 

686

 

 

 

53

 

 

 

5,448

 

Total Assets

 

 

75,909

 

 

 

40,027

 

 

 

10,779

 

 

 

34,115

 

 

 

160,831

 

 

 

For the year ended December 31, 2020

 

 

 

California Ethanol

 

 

Dairy Renewable Natural Gas

 

 

India Biodiesel

 

 

All other

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$149,302

 

 

$-

 

 

$15,795

 

 

$460

 

 

$165,557

 

Intersegment Revenues

 

 

-

 

 

 

40

 

 

 

-

 

 

 

88

 

 

 

128

 

Gross profit (loss)

 

 

9,734

 

 

 

(303)

 

 

1,602

 

 

 

(8)

 

 

11,025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (income)

 

 

18,572

 

 

 

6

 

 

 

38

 

 

 

4,327

 

 

 

22,943

 

Accretion and other expenses of Series A preferred units

 

 

-

 

 

 

4,673

 

 

 

-

 

 

 

-

 

 

 

4,673

 

Capital expenditures

 

 

1,281

 

 

 

15,687

 

 

 

1,371

 

 

 

1,001

 

 

 

19,340

 

Depreciation

 

 

4,044

 

 

 

174

 

 

 

661

 

 

 

15

 

 

 

4,894

 

Total Assets

 

 

61,418

 

 

 

23,847

 

 

 

12,827

 

 

 

27,047

 

 

 

125,139

 

 

 

 

For the year ended December 31, 2019

 

 

 

California Ethanol

 

 

Dairy Renewable Natural Gas

 

 

India Biodiesel

 

 

All other

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$154,148

 

 

$-

 

 

$47,850

 

 

$-

 

 

$201,998

 

Gross profit

 

 

3,951

 

 

 

-

 

 

 

8,747

 

 

 

-

 

 

 

12,698

 

Interest expense (income)

 

 

16,667

 

 

 

-

 

 

 

351

 

 

 

4,071

 

 

 

21,089

 

Accretion and other expenses of Series A preferred units

 

 

-

 

 

 

2,257

 

 

 

-

 

 

 

-

 

 

 

2,257

 

Loss contingency on litigation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,200

 

 

 

6,200

 

Capital expenditures

 

 

2,255

 

 

 

4,214

 

 

 

1,059

 

 

 

1,050

 

 

 

8,578

 

Depreciation

 

 

3,810

 

 

 

1

 

 

 

612

 

 

 

11

 

 

 

4,434

 

Total Assets

 

 

56,561

 

 

 

4,776

 

 

 

16,906

 

 

 

21,652

 

 

 

99,895

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A reconciliation of reportable segment revenues to consolidated totals for the years 2021, 2020, and 2019 follow:

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

 

2019

 

Total revenues for reportable segments

 

$213,392

 

 

$165,137

 

 

$201,998

 

Other revenues

 

 

2

 

 

 

548

 

 

 

-

 

Elimination of intersegment revenues

 

 

(1,445)

 

 

(128)

 

 

-

 

Total consolidated revenues

 

$211,949

 

 

$165,557

 

 

$201,998

 

 

California Ethanol: During the year ended December 31, 2021, 2020, and 2019, 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 to two customers accounted for 52% and 24% of the California Ethanol segment’s revenue for the year ended December 31, 2021.  Sales of WDG, and corn oil to one customer accounted for 23% of the Company’s California Ethanol segment revenues for the year ended December 31, 2021.  Sales of ethanol, WDG, corn oil, and high-grade alcohol to two customers accounted for 42% and 41% of the Company’s California Ethanol segment revenues for the year ended December 31, 2020.  Sales of ethanol, WDG, and corn oil to one customer accounted for 99.1% of the Company’s California Ethanol segment revenues for the year ended December 31, 2019.

 

Dairy Renewable Natural Gas: Substantially all of our Dairy Renewable Natural Gas segment revenues during the years ended December 31, 2021 and 2020 were from sales of biogas to the Keyes Plant for use in boilers, which allowed qualification of carbon credits for the ethanol produced in the Keyes Plant.

 

India Biodiesel: During the year ended 2021, one biodiesel customers accounted for 66% of the Company’s India Biodiesel segment revenues while one of the refined glycerin customers accounted for 16% of the Company’s India Biodiesel segment revenues.  During the year ended December 30, 2020, two biodiesel customers accounted for 42% and 26% of the Company’s consolidated India segment revenues while none of the refined glycerin customers accounted for more than 10%. During the year ended December 31, 2019, three biodiesel customers accounting for 33%, 15% and 13% of the Company’s consolidated India Biodiesel segment revenues and none of the refined glycerin customers accounting for more than 10%.