<SEC-DOCUMENT>0001437749-22-029816.txt : 20230221
<SEC-HEADER>0001437749-22-029816.hdr.sgml : 20230221
<ACCEPTANCE-DATETIME>20221227192219
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001437749-22-029816
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20221227

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
<TEXT>
<html><head>
	<title>amtx20221227_corresp.htm</title>
	<!-- Generated by ThunderDome Portal - 12/28/2022 12:17:54 AM --><meta charset="utf-8"><meta name="format-detection" content="telephone=no">
</head>
<body style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; padding: 0in 0.1in; cursor: auto;">
<div contenteditable="false" data-hf-endpoint="start" data-hf-html="%3Cdiv%20style%3D%22width%3A%20100%25%3B%22%3E%3Cdiv%20class%3D%22hf-row%22%3E%3Cdiv%20class%3D%22hf-cell%22%20style%3D%22font-family%3A%20Arial%2C%20Helvetica%2C%20sans-serif%3B%20font-size%3A%2012pt%3B%20text-align%3A%20center%3B%20margin%3A%200pt%3B%20width%3A%2099.9%25%3B%20display%3A%20inline-block%3B%22%3E%20Shearman%20%26amp%3B%20Sterling%20LLP%20%3C%2Fdiv%3E%3C%2Fdiv%3E%3Cdiv%20class%3D%22hf-row%22%3E%3Cdiv%20class%3D%22hf-cell%22%20style%3D%22font-family%3A%20%26quot%3BTimes%20New%20Roman%26quot%3B%2C%20Times%2C%20serif%3B%20font-size%3A%208pt%3B%20text-align%3A%20center%3B%20margin%3A%200pt%3B%20width%3A%2099.9%25%3B%20display%3A%20inline-block%3B%22%3E1460%20El%20Camino%20Real%20%20%20%3C%2Fdiv%3E%3C%2Fdiv%3E%3Cdiv%20class%3D%22hf-row%22%3E%3Cdiv%20class%3D%22hf-cell%22%20style%3D%22font-family%3A%20%26quot%3BTimes%20New%20Roman%26quot%3B%2C%20Times%2C%20serif%3B%20font-size%3A%208pt%3B%20text-align%3A%20center%3B%20margin%3A%200pt%3B%20width%3A%2099.9%25%3B%20display%3A%20inline-block%3B%22%3EMenlo%20Park%2C%20CA%2094025%3C%2Fdiv%3E%3C%2Fdiv%3E%3Cdiv%20class%3D%22hf-row%22%3E%3Cdiv%20class%3D%22hf-cell%22%20style%3D%22font-family%3A%20%26quot%3BTimes%20New%20Roman%26quot%3B%2C%20Times%2C%20serif%3B%20font-size%3A%208pt%3B%20text-align%3A%20center%3B%20margin%3A%200pt%3B%20width%3A%2099.9%25%3B%20display%3A%20inline-block%3B%22%3E%2B1.650.838.3600%3C%2Fdiv%3E%3C%2Fdiv%3E%3Cdiv%20class%3D%22hf-row%22%3E%3Cdiv%20class%3D%22hf-cell%20TOCLink%22%20style%3D%22text-align%3A%20left%3B%20margin%3A%200pt%3B%20width%3A%2099.9%25%3B%20display%3A%20inline-block%3B%22%3E%3C%2Fdiv%3E%3C%2Fdiv%3E%3C%2Fdiv%3E" data-hf-type="header">&nbsp;</div>

<div>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; width: 100%; margin-left: auto; margin-right: auto;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt;">
			<td style="vertical-align: top; width: auto; font-family: Arial, Helvetica, sans-serif; font-size: 12pt; text-align: center;"><b><font style="text-transform: uppercase; font-family: Arial, Helvetica, sans-serif; font-size: 12pt;"><i>S h e a r m a n&nbsp; &amp;&nbsp; S t e r l i n g&nbsp; L L P</i></font></b></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt;">
			<td style="vertical-align: top; width: auto; font-family: Arial, Helvetica, sans-serif; font-size: 12pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; font-variant: normal; margin: 0pt; text-align: center;">&nbsp;</p>

			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; font-variant: normal; margin: 0pt; text-align: center;">1460 El Camino Real<br>
			Menlo Park, CA 94025</p>

			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; font-variant: normal; margin: 0pt; text-align: center;">+1.650.838.3600</p>
			</td>
		</tr>

</table>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>
</div>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">December 27, 2022</p>

<div contenteditable="false" data-hf-endpoint="end" data-hf-type="header">&nbsp;</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><u>VIA EDGAR</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Securities and Exchange Commission</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Division of Corporation Finance</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Office of Industrial Applications and Services</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">100 F Street, N.E.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Washington, D.C. 20549</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Attention: Jeanne Baker and Terrence O&#8217;Brien</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;"><b>Re:</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Aemetis, Inc.</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:36pt;"><b>Form 10-K for the Year Ended December 31, 2021</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:36pt;"><b>Filed March 10, 2022</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:36pt;"><b>Form 8-K filed November 3, 2022</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:36pt;"><b>File No. 001-36475</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Ladies and Gentlemen:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">On behalf of Aemetis, Inc. (the &#8220;<u>Company</u>&#8221;), we are submitting this letter in response to the written comment of the staff (the &#8220;<u>Staff</u>&#8221;) of the Securities and Exchange Commission (the &#8220;<u>SEC</u>&#8221;), as contained in your letter, dated November 28, 2022 (the &#8220;<u>Comment Letter</u>&#8221;), to the Company regarding the Company&#8217;s above-referenced Form 8-K filed November 3, 2022.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">To facilitate your review of the Company&#8217;s response, we have repeated your comment in italics followed immediately by the response of the Company.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Form 8-K filed November 3, 2022</u></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Exhibit 99.1, page 1</u></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>1.</i></p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>In the heading to your press release, you disclose EPS was $(.46), Excluding Unitholder Redemption Charge related to Biogas Series A Preferred Unit Investor. Please revise your disclosures to:</i></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:-27pt;"><i>&#8226; Prominently present your GAAP earnings per share and present it before your non-GAAP EPS measure</i></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:-27pt;"><i>&#8226; Appropriately label the adjusted EPS measure; and</i></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:-27pt;"><i>&#8226; Present a reconciliation of your GAAP EPS to your Non GAAP EPS.</i></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;"><i>Refer to the guidance in Item 10(e)(1)(i)(A) and (B) of Regulation S-K, Regulation G and Question 102.10 of the non-GAAP C&amp;DIs.</i></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company respectfully acknowledges the Staff&#8217;s comments and confirms that it will revise its disclosures in future earnings releases to appropriately label and present any non-GAAP financial measures, including adjusted earnings per share, along with the most directly comparable GAAP measures with equal or greater prominence in headlines and in the related discussion of the earnings release as required, consistent with Item 10(e)(1)(i)(A) and (B) of Regulation S-K and Question 102.10 of the Staff&#8217;s Compliance and Disclosure Interpretation on Non-GAAP Financial Measures. Additionally, the Company will present a reconciliation of any non-GAAP financial measures, including adjusted earnings per share, to the most directly comparable GAAP measure, in the form similar to the disclosures attached as Exhibit A to this letter, with appropriate adjustment for events applicable to the periods covered by the earnings release.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>2.</i></p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>Please explain why the cash receipt of a grant of $14.2 million from the United States Department of Agriculture (</i>&#8220;<i>USDA</i>&#8221;<i>) Biofuel Producer Program is highlighted in a footnote to your reconciliation of net loss to Adjusted EBITDA rather than as an adjustment. Refer to Question 100.03 of the non-GAAP C&amp;DIs.</i></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company respectfully advises the Staff that the cash receipt of a grant of $14.2 million from the United States Department of Agriculture (&#8220;USDA&#8221;) Biofuel Produce Program was highlighted in a footnote rather than as an adjustment to its reconciliation of net loss to Adjusted EBITDA because it uses and communicates Adjusted EBITDA to investors as a proxy for the Company&#8217;s source or use of cash during the period. This grant was paid in cash, and accordingly excluded from adjustments reconciling Net Loss to Adjusted EBITDA. The Company confirms that it will also revise its disclosures in future filings to clarify the use of Adjusted EBITDA by management as a proxy for the Company&#8217;s source or use of cash during the period.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">*****</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;">We thank the Staff for its consideration of the Company&#8217;s Form 8-K filed on November 3, 2022, and hope the Staff finds that the foregoing answer is responsive to its comment. If you should have any questions or further comments with respect to the Company&#8217;s Form 8-K, please do not hesitate to contact me at (650) 838-3720.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 9pt; text-align: right;">Yours very truly,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 9pt; text-align: right;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt; text-indent: 9pt; text-align: right;"><u>/s/ Yian Huang</u></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt; text-indent: 9pt; text-align: right;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt; text-indent: 9pt; text-align: right;">Yian Huang</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">
<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">cc: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Todd Waltz, <i>Aemetis, Inc.</i></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">Chris Forrester, <i>Shearman &amp; Sterling LLP</i></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; width: 100%; margin-left: auto; margin-right: auto;">

		<tr style="font-size: 8pt;">
			<td style="vertical-align: top; width: auto; font-size: 8pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 8pt;">
			<td style="vertical-align: top; width: auto; font-size: 8pt;">&nbsp;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div contenteditable="false" data-hf-endpoint="start" data-hf-html="%3Cdiv%20style%3D%22width%3A%20100%25%3B%22%3E%3Cdiv%20class%3D%22hf-row%22%3E%3Cdiv%20class%3D%22hf-cell%22%20style%3D%22font-family%3A%20Arial%2C%20Helvetica%2C%20sans-serif%3B%20font-size%3A%2012pt%3B%20text-align%3A%20center%3B%20margin%3A%200pt%3B%20width%3A%2099.9%25%3B%20display%3A%20inline-block%3B%22%3ESHEARMAN.COM%20%3C%2Fdiv%3E%3C%2Fdiv%3E%3Cdiv%20class%3D%22hf-row%22%3E%3Cdiv%20class%3D%22hf-cell%22%20style%3D%22font-family%3A%20%26quot%3BTimes%20New%20Roman%26quot%3B%2C%20Times%2C%20serif%3B%20font-size%3A%208pt%3B%20text-align%3A%20center%3B%20margin%3A%200pt%3B%20width%3A%2099.9%25%3B%20display%3A%20inline-block%3B%22%3EShearman%20%26amp%3B%20Sterling%20LLP%20is%20a%20limited%20liability%20partnership%20organized%20in%20the%20United%20States%20under%20the%20laws%20of%20the%20state%20of%20Delaware%2C%20which%20laws%20limit%20the%20personal%20liability%20of%20partners.%3C%2Fdiv%3E%3C%2Fdiv%3E%3Cdiv%20class%3D%22hf-row%22%3E%3Cdiv%20class%3D%22hf-cell%20PGNUM%22%20style%3D%22margin%3A%200pt%3B%20width%3A%2099.9%25%3B%20display%3A%20inline-block%3B%22%3E%3C%2Fdiv%3E%3C%2Fdiv%3E%3C%2Fdiv%3E" data-hf-type="footer">&nbsp;</div>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="width: 100%;">
<div class="hf-row">
<div class="hf-cell" style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; text-align: center; margin: 0pt; width: 99.9%; display: inline-block;">SHEARMAN.COM</div>
</div>

<div class="hf-row">
<div class="hf-cell" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 8pt; text-align: center; margin: 0pt; width: 99.9%; display: inline-block;">Shearman &amp; Sterling LLP is a limited liability partnership organized in the United States under the laws of the state of Delaware, which laws limit the personal liability of partners.</div>
</div>

<div class="hf-row">
<div class="hf-cell PGNUM" style="margin: 0pt; width: 99.9%; display: inline-block;">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000"></div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>EXHIBIT A</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Proposed Revisions to Current Disclosure Regarding Adjusted Earnings Per Share</u></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">

		<tr>
			<td style="vertical-align:bottom;width:45.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net loss per common share&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:11.5%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:14.2%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:45.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Basic&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:11.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$(2.01)&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$(0.55)&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:14.2%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$ (2.57)&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$ (1.55)&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:45.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Diluted&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:11.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$(2.01)&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$(0.55)&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:14.2%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$ (2.57)&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$ (1.55)&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:45.3%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:11.5%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:14.2%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:bottom;width:45.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Unitholder redemption charge</p>
			</td>
			<td style="vertical-align:bottom;width:11.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$(1.55)&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$(0.00)&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:14.2%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$ (1.57)&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$ (0.00)&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:bottom;width:45.3%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:11.5%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:14.2%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:bottom;width:45.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net loss per common share excluding unitholder redemption charge&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:11.5%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:14.2%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:45.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Basic&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:11.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$(0.46)&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$(0.55)&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:14.2%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$ (1.00)&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$ (1.55)&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:45.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Diluted&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:11.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$(0.46)&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$(0.55)&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:14.2%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$ (1.00)&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$ (1.55)&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:45.3%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:11.5%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:14.2%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:45.3%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:11.5%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:14.2%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:bottom;width:45.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Weighted average shares outstanding&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:11.5%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:14.2%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:45.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Basic&nbsp;&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:11.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">34,769&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">31,857&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:14.2%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">34,344&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">29,818&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:45.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Diluted&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:11.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">34,769&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">31,857&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:14.2%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">34,344&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">29,818&nbsp;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="LAST-PAGE-BREAK">
<div class="PGFTR">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>
</div>


</body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
