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PARENT COMPANY FINANCIALS. | 9 Months Ended
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Sep. 30, 2019
Condensed Financial Information Disclosure [Abstract] |
PARENT COMPANY FINANCIALS. |
11. | PARENT COMPANY FINANCIALS.
Restricted Net Assets – At September 30, 2019, the Company had approximately $184,763,000 of net assets at its subsidiaries that were not available to be transferred to Pacific Ethanol in the form of dividends, distributions, loans or advances due to restrictions contained in the credit facilities of these subsidiaries. Parent company financial statements for the periods covered in this report are set forth below (in thousands):
|  | September 30, 2019 |  |  | December 31, 2018 |
Current Assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 5,658 |  |  | $ | 6,759 |
Receivables from subsidiaries |  |  | 12,270 |  |  |  | 17,156 |
Other current assets |  |  | 1,183 |  |  |  | 1,659 |
Total current assets |  |  | 19,111 |  |  |  | 25,574 |
Property and equipment, net |  |  | 308 |  |  |  | 522 |
Other Assets: |  |  |  |  |  |  |  |
Investments in subsidiaries |  |  | 249,641 |  |  |  | 286,666 |
Pacific Ethanol West plant receivable |  |  | 55,750 |  |  |  | 58,766 |
Right of use operating lease assets, net |  |  | 3,318 |  |  |  | — |
Other assets |  |  | 1,529 |  |  |  | 1,437 |
Total other assets |  |  | 310,238 |  |  |  | 346,869 |
Total Assets |  | $ | 329,657 |  |  | $ | 372,965 |
Current Liabilities: |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 2,437 |  |  | $ | 2,469 |
Accrued PE Op Co. purchase |  |  | 3,829 |  |  |  | 3,829 |
Current portion of long-term debt |  |  | 62,866 |  |  |  | 66,255 |
Other current liabilities |  |  | 587 |  |  |  | 385 |
Total current liabilities |  |  | 69,719 |  |  |  | 72,938 |
Operating leases, net of current portion |  |  | 3,108 |  |  |  | — |
Deferred tax liabilities |  |  | 251 |  |  |  | 251 |
Other liabilities |  |  | — |  |  |  | 9 |
Total Liabilities |  |  | 73,078 |  |  |  | 73,198 |
Stockholders’ Equity: |  |  |  |  |  |  |  |
Preferred stock |  |  | 1 |  |  |  | 1 |
Common and non-voting common stock |  |  | 50 |  |  |  | 46 |
Additional paid-in capital |  |  | 937,795 |  |  |  | 932,179 |
Accumulated other comprehensive loss |  |  | (2,459 | ) |  |  | (2,459 | )
Accumulated deficit |  |  | (678,808 | ) |  |  | (630,000 | )
Total Pacific Ethanol, Inc. stockholders’ equity |  |  | 256,579 |  |  |  | 299,767 |
Total Liabilities and Stockholders’ Equity |  | $ | 329,657 |  |  | $ | 372,965 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Management fees from subsidiaries |  | $ | 3,330 |  |  | $ | 3,330 |  |  | $ | 9,660 |  |  | $ | 9,738 |
Selling, general and administrative expenses |  |  | 3,827 |  |  |  | 3,181 |  |  |  | 11,374 |  |  |  | 13,069 |
Income (loss) from operations |  |  | (497 | ) |  |  | 149 |  |  |  | (1,714 | ) |  |  | (3,331 | )
Interest income |  |  | 1,145 |  |  |  | 1,185 |  |  |  | 3,486 |  |  |  | 3,518 |
Interest expense |  |  | (2,276 | ) |  |  | (2,171 | ) |  |  | (7,039 | ) |  |  | (6,458 | )
Other expense |  |  | (4 | ) |  |  | (4 | ) |  |  | (86 | ) |  |  | — |
Loss before benefit for income taxes |  |  | (1,632 | ) |  |  | (841 | ) |  |  | (5,353 | ) |  |  | (6,271 | )
Benefit for income taxes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 563 |
Loss before benefit for income taxes |  |  | (1,632 | ) |  |  | (841 | ) |  |  | (5,353 | ) |  |  | (5,708 | )
Equity in losses of subsidiaries |  |  | (25,694 | ) |  |  | (6,673 | ) |  |  | (42,509 | ) |  |  | (22,555 | )
Consolidated net loss |  | $ | (27,326 | ) |  | $ | (7,514 | ) |  | $ | (47,862 | ) |  | $ | (28,263 | )
|  | For the Nine Months Ended September 30, |
|  | 2019 |  |  | 2018 |
Operating Activities: |  |  |  |  |  |
Net loss |  | $ | (47,862 | ) |  | $ | (28,263 | )
Adjustments to reconcile net loss to cash used in operating activities: |  |  |  |  |  |  |  |
Equity in losses of subsidiaries |  |  | 42,509 |  |  |  | 22,555 |
Depreciation |  |  | 227 |  |  |  | 481 |
Deferred income taxes |  |  | — |  |  |  | 563 |
Amortization of debt discounts |  |  | 539 |  |  |  | 357 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |
Accounts receivables |  |  | (114 | ) |  |  | (5,062 | )
Other assets |  |  | 173 |  |  |  | 2,489 |
Accounts payable and accrued expenses |  |  | 1,950 |  |  |  | 5 |
Accounts payable with subsidiaries |  |  | (502 | ) |  |  | (622 | )
Net cash used in operating activities |  | $ | (3,080 | ) |  | $ | (7,497 | )
Investing Activities: |  |  |  |  |  |  |  |
Dividend from subsidiaries |  | $ | — |  |  | $ | 10,000 |
Contributions to subsidiaries |  |  | — |  |  |  | (5,000 | )
Additions to property and equipment |  |  | (13 | ) |  |  | (6 | )
Net cash provided by (used in) investing activities |  | $ | (13 | ) |  | $ | 4,994 |
Financing Activities: |  |  |  |  |  |  |  |
Proceeds from issuances of common stock |  | $ | 3,670 |  |  | $ | — |
Proceeds from Pacific Ethanol West |  |  | 3,016 |  |  |  | — |
Payments on senior notes |  |  | (3,748 | ) |  |  | — |
Preferred stock dividend payments |  |  | (946 | ) |  |  | (946 | )
Net cash provided by (used in) financing activities |  | $ | 1,992 |  |  | $ | (946 | )
Net decrease in cash and cash equivalents |  |  | (1,101 | ) |  |  | (3,449 | )
Cash and cash equivalents at beginning of period |  |  | 6,759 |  |  |  | 5,314 |
Cash and cash equivalents at end of period |  | $ | 5,658 |  |  | $ | 1,865 |

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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/disclosureRef -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 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 + Details
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