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Note 11 - Segment Information
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

11. Segment Information

 

Aemetis recognizes three reportable segments “California Ethanol”, “California 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 “California 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 facility in Riverbank, and the Carbon Capture project in California.  Additionally, the corporate offices, Goodland Plant in Kansas and the research and development facility in Minnesota are included in the “All Other” category.

 

Summarized financial information by reportable segment for the years ended December 31, 2022 and 2021 follow:

 

   

For the year ended December 31, 2022

  
   

California Ethanol

    

California Dairy Renewable Natural Gas

    

India Biodiesel

    

All other

    

Total

  
                                         

Revenues from external customers

   $ 228,194     $ 208     $ 28,111     $ -     $ 256,513  

Intersegment revenues

     -       1,002       -       -       1,002  

Gross profit (loss)

     (13,017 )     (778 )     8,273       (13 )     (5,535 )
                                         

Interest expense, including amortization of debt fees

     20,637       742       119       7,272       28,770  

Accretion and other expenses of Series A preferred units

     -       9,888       -       -       9,888  

Loss on debt extinguishment

     -       49,386       -       -       49,386  

Capital expenditures

     8,399       22,884       129       7,745       39,157  

Depreciation

     4,148       615       650       122       5,535  

Total Assets

     66,794       77,714       16,120       46,486       207,114  

 

   

For the year ended December 31, 2021

  
   

California Ethanol

    

California 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, including amortization of debt fees

     21,625       13       -       2,419       24,057  

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       34,116       160,831  

 

A reconciliation of reportable segment revenues to consolidated totals for the years 2022 and 2021 follow:

 

Revenues

                
   

2022

    

2021

  

Total revenues for reportable segments

   $ 257,515     $ 213,394  

Elimination of intersegment revenues

     (1,002 )     (1,445 )

Total consolidated revenues

   $ 256,513     $ 211,949  

 

California Ethanol: During the year ended December 31, 2022 and 2021, 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 one customer accounted for 73% of the California Ethanol segment’s revenue for the year ended December 31, 2022.  Sales of WDG, and corn oil to one customer accounted for 26% of the Company’s California Ethanol segment revenues for the year ended December 31, 2022. 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.

 

California Dairy Renewable Natural Gas: Substantially all of our California Dairy Renewable Natural Gas segment revenues during the years ended December 31, 2022 and 2021 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. During the fourth quarter of 2022, we began to sell the dairy renewable natural gas to an external party.

 

India Biodiesel: During the year ended  December 31, 2022, three biodiesel customers accounted for 48%, 29% and 12% of the Company’s India Biodiesel segment revenues. During the year ended  December 31, 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.