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Note 12 - Subsequent Events | 6 Months Ended
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Jun. 30, 2023
Notes to Financial Statements |
Subsequent Events [Text Block] | 12. Subsequent Events Subordinated Debt Refinancing On July 1, 2023, the maturity date of the Subordinated Notes with two accredited investors was extended to the earlier of (i) December 31, 2023; (ii) completion of an equity financing by AAFK or Aemetis in an amount of not less than $25.0 million; or (iii) after the occurrence of an Event of Default (as defined in the Note and Warrant Purchase Agreements), including failure to pay interest or principal when due and breaches of note covenants. A 10% cash extension fee was paid previously in connection with extending the maturity date of Subordinated Notes by adding the fee to the balance of the new note and granting warrants to purchase 113 thousand shares of common stock were granted with a term of two years and an exercise price of $0.01 per share. Accounting for the July 1, 2023 amendments and the refinancing terms of the Subordinated Notes will be evaluated in accordance with ASC 470-50 Debt–- Modification and Extinguishment. Construction Loan Agreement On July 28, 2023, the Company entered into a Construction and Term Loan Agreement (“AB2 Loan") with Magnolia Bank, Incorporated. Pursuant to the AB2 Loan, the lender has made available an aggregate principal amount not to exceed $25 million. The loan is secured by all personal property collateral and real property collateral of the Aemetis Biogas 2 LLC. The loan bears interest at a rate of 8.75% per annum, to be adjusted every five years thereafter to equal the five-year Treasury Constant Maturity Rate, as published by the Board of Governors of the Federal Reserve System as of the adjustment date, plus 5.00%. Other material terms of the Loan include: (i) payments of interest only to be paid in monthly installments beginning August 15, 2023, (ii) payments of equal combined monthly installments of principal and interest beginning on August 15, 2025, and (iii) a maturity date of July 28, 2043, at which time the entire unpaid principal amount, together with accrued and unpaid interest thereon, shall become due and payable. The AB2 Term Loan contains certain financial covenants to be measured as of the last day of each fiscal year beginning fiscal year end 2024, and annually for the term of the loan. The AB2 Loan Agreement also contains other affirmative and negative covenants, representations and warranties and events of default customary for loan agreements of this nature. Amendment and Waiver No. 2 to Credit Agreement On August 1, 2023, Third Eye Capital agreed to the Amendment and Waiver No. 2 to Credit Agreement ("Amendment No. 2") to: (i) approve a special advance of $2.3 million, which will constitute an overadvance, in order to pay and satisfy outstanding fees and obligations under the Credit Agreement; provided, that, such overadvance and prior outstanding overadvances under the Credit Agreement are repaid by the earlier of August 31, 2023 and an occurrence of certain mandatory repayment event; (ii) waive certain interest payment and fee violations under the Credit Agreement; and (iii) waive certain working capital violations and amend the related financial covenants in the Credit Agreement. As a consideration for such consents and waivers, the borrowers agreed to pay Third Eye Capital an amendment and waiver fee of $0.1 million.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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