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17. PARENT COMPANY FINANCIALS | 12 Months Ended
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Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
PARENT COMPANY FINANCIALS | Pacific Ethanol, Inc. Condensed Financial Information of the Registrant Balance Sheets - Parent Company Only (in thousands)
|  | December 31, |
|  | 2015 |  |  | 2014 |
Cash and cash equivalents |  | $ | 20,618 |  |  | $ | 23,915 |
Receivables from consolidated subsidiaries |  |  | 14,505 |  |  |  | 8,547 |
Other current assets |  |  | 11,361 |  |  |  | 8,647 |
Total current assets |  |  | 46,484 |  |  |  | 41,109 |
Property and equipment, net |  |  | 1,695 |  |  |  | 2,572 |
Investments in consolidated subsidiaries |  |  | 301,416 |  |  |  | 154,134 |
Pacific Ethanol West plant term debt |  |  | 41,763 |  |  |  | 41,763 |
Other assets |  |  | 838 |  |  |  | 1,933 |
Total other assets |  |  | 344,017 |  |  |  | 197,830 |
Total Assets |  | $ | 392,196 |  |  | $ | 241,511 |
Accounts payable and accrued liabilities |  | $ | 1,963 |  |  | $ | 2,347 |
Payables to consolidated subsidiaries |  |  | 13,230 |  |  |  | 3,526 |
Accrued PE Op Co. purchase |  |  | 3,828 |  |  |  | – |
Total current liabilities |  |  | 19,021 |  |  |  | 5,873 |
Warrant liabilities at fair value |  |  | 273 |  |  |  | 1,986 |
Deferred tax liabilities |  |  | 1,174 |  |  |  | 15,434 |
Other liabilities |  |  | 184 |  |  |  | 236 |
Total Liabilities |  |  | 20,652 |  |  |  | 23,529 |
Preferred stock |  |  | 1 |  |  |  | 1 |
Non-voting common stock |  |  | 4 |  |  |  | – |
Common stock |  |  | 39 |  |  |  | 25 |
Additional paid-in capital |  |  | 902,843 |  |  |  | 725,813 |
Accumulated other comprehensive income |  |  | 1,040 |  |  |  | – |
Accumulated deficit |  |  | (532,383 | ) |  |  | (512,332 | )
Total Pacific Ethanol, Inc. stockholders' equity |  |  | 371,544 |  |  |  | 213,507 |
Noncontrolling interests |  |  | – |  |  |  | 4,475 |
Total stockholders' equity |  |  | 371,544 |  |  |  | 217,982 |
Total Liabilities and Stockholders' Equity |  | $ | 392,196 |  |  | $ | 241,511 |
Pacific Ethanol, Inc. Condensed Financial Information of the Registrant Statements of Operations - Parent Company Only (in thousands)
|  | Years Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Management fees from subsidiaries |  | $ | 9,857 |  |  | $ | 12,731 |  |  | $ | 9,837 |
Selling, general and administrative expenses |  |  | (14,336 | ) |  |  | (12,779 | ) |  |  | (10,188 | )
Asset impairments |  |  | (1,970 | ) |  |  | – |  |  |  | – |
Loss from operations |  |  | (6,449 | ) |  |  | (48 | ) |  |  | (351 | )
Fair value adjustments and warrant inducements |  |  | 1,641 |  |  |  | (37,532 | ) |  |  | (1,013 | )
Interest income |  |  | 5,739 |  |  |  | 4,753 |  |  |  | 5,088 |
Interest expense |  |  | (27 | ) |  |  | (1,813 | ) |  |  | (3,912 | )
Loss on extinguishments of debt |  |  | – |  |  |  | (2,363 | ) |  |  | (9,481 | )
Income (loss) before provision for income taxes |  |  | 904 |  |  |  | (37,003 | ) |  |  | (9,669 | )
Provision for income taxes |  |  | – |  |  |  | – |  |  |  | – |
Income before equity earnings of subsidiaries |  |  | 904 |  |  |  | (37,003 | ) |  |  | (9,669 | )
Equity earnings of consolidated subsidiaries |  |  | (19,690 | ) |  |  | 58,292 |  |  |  | 8,888 |
Consolidated net income (loss) |  | $ | (18,786 | ) |  | $ | 21,289 |  |  | $ | (781 | )
Pacific Ethanol, Inc. Condensed Financial Information of the Registrant Statements of Cash Flows - Parent Company Only (in thousands)
|  | Years Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | (18,786 | ) |  | $ | 21,289 |  |  | $ | (781 | )
Adjustments to reconcile net income (loss) to cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity Earnings |  |  | 19,690 |  |  |  | (58,292 | ) |  |  | (8,888 | )
Depreciation and amortization |  |  | 390 |  |  |  | 126 |  |  |  | 104 |
Fair value adjustments |  |  | (1,641 | ) |  |  | 35,260 |  |  |  | (648 | )
Loss on extinguishments of debt |  |  | – |  |  |  | 2,363 |  |  |  | 9,481 |
Asset impairments |  |  | 1,970 |  |  |  | – |  |  |  | – |
Deferred income taxes |  |  | (14,260 | ) |  |  | 5,128 |  |  |  | – |
Amortization of debt discount |  |  | – |  |  |  | 1,674 |  |  |  | (179 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivables |  |  | (5,958 | ) |  |  | (7,001 | ) |  |  | (495 | )
Other assets |  |  | 5,895 |  |  |  | (13,772 | ) |  |  | 828 |
AP and accruals |  |  | 604 |  |  |  | (587 | ) |  |  | (1,358 | )
Accounts payable with subsidiaries |  |  | 11,179 |  |  |  | 5,846 |  |  |  | 1,724 |
Net cash used in operating activities |  | $ | (917 | ) |  | $ | (7,966 | ) |  | $ | (212 | )
Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Additions to property and equipment |  | $ | (1,483 | ) |  | $ | (455 | ) |  | $ | (72 | )
Purchase of PE OP Co. Ownership |  |  | – |  |  |  | (6,000 | ) |  |  | (2,340 | )
Net cash used in Investing activities |  | $ | (1,483 | ) |  | $ | (6,455 | ) |  | $ | (2,412 | )
Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock Dividends |  | $ | (1,265 | ) |  | $ | (3,459 | ) |  | $ | (1,265 | )
Proceeds from Equity Raise |  |  | – |  |  |  | 26,073 |  |  |  | – |
Proceeds from issuance of senior notes |  |  | – |  |  |  | – |  |  |  | 22,192 |
Proceeds from issuance of convertible notes |  |  | – |  |  |  | – |  |  |  | 14,000 |
Payment on related party Note |  |  | – |  |  |  | (750 | ) |  |  | – |
Payments on senior notes |  |  | – |  |  |  | (13,984 | ) |  |  | (6,208 | )
Purchase of PE OP Co. debt |  |  | – |  |  |  | (17,038 | ) |  |  | (27,088 | )
Proceeds from exercise of warrants |  |  | 368 |  |  |  | 43,676 |  |  |  | 2,064 |
Net Cash (used in) provided by financing activities |  | $ | (897 | ) |  | $ | 34,518 |  |  | $ | 3,695 |
Net (decrease) increase in cash and equivalents |  |  | (3,297 | ) |  |  | 20,097 |  |  |  | 1,071 |
Cash and equivalents at beginning of period |  |  | 23,915 |  |  |  | 3,818 |  |  |  | 2,747 |
Cash and equivalents at ending of period |  | $ | 20,618 |  |  | $ | 23,915 |  |  | $ | 3,818 |
Restricted Net Assets – At December 31, 2015, the Company had approximately $164.0 million of net assets at its subsidiaries that were not available to be transferred to the Parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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