PARENT COMPANY FINANCIALS.

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY FINANCIALS.

17. PARENT COMPANY FINANCIALS.

Restricted Net Assets – At December 31, 2019, the Company had approximately $180,900,000 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.

	December 31,
ASSETS	2019			2018
Current Assets:
Cash and cash equivalents	$	4,985		$	6,759
Receivables from subsidiaries		13,057			17,156
Other current assets		2,349			1,659
Total current assets		20,391			25,574
Property and equipment, net		269			522
Other Assets:
Investments in subsidiaries		218,464			286,666
Right of use lease assets		3,253			—
Pacific Ethanol West plant receivable		55,750			58,766
Other assets		1,452			1,437
Total other assets		278,919			346,869
Total Assets	$	299,579		$	372,965
Current Liabilities:
Accounts payable and accrued liabilities	$	5,907		$	2,469
Accrued PE Op Co. purchase		3,829			3,829
Current portion of long-term debt		10,000			66,255
Other current liabilities		659			385
Total current liabilities		20,395			72,938
Long-term debt, net		56,110			—
Deferred tax liabilities		253			251
Other liabilities		3,041			9
Total Liabilities		79,799			73,198
Stockholders' Equity:
Preferred stock		1			1
Common and non-voting common stock		56			46
Additional paid-in capital		942,307			932,179
Accumulated other comprehensive loss		(2,370	)		(2,459	)
Accumulated deficit		(720,214	)		(630,000	)
Total Pacific Ethanol, Inc. stockholders' equity		219,780			299,767
Total Liabilities and Stockholders' Equity	$	299,579		$	372,965

	Years Ended December 31,
	2019			2018
Management fees from subsidiaries	$	12,682		$	12,408
Selling, general and administrative expenses		16,007			16,795
Loss from operations		(3,325	)		(4,387	)
Loss on debt extinguishment		(6,517	)		—
Interest income		4,600			4,703
Interest expense		(9,637	)		(8,678	)
Other expense, net		(86	)		(74	)
Loss before provision (benefit) for income taxes		(14,965	)		(8,436	)
Benefit for income taxes		20			562
Loss before equity in earnings of subsidiaries		(14,945	)		(7,874	)
Equity in losses of subsidiaries		(74,004	)		(52,399	)
Consolidated net loss	$	(88,949	)	$	(60,273	)

	For the Years Ended December 31,
	2019			2018
Operating Activities:
Net loss	$	(88,949	)	$	(60,273	)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Equity in losses of subsidiaries		74,004			52,399
Dividends from subsidiaries		—			25,000
Depreciation		267			567
Loss on debt extinguishment		6,517			—
Deferred income taxes		—			27
Amortization of debt discounts		689			720
Changes in operating assets and liabilities:
Accounts receivables		—			(9,018	)
Other assets		3,277			100
Accounts payable and accrued expenses		2,673			740
Accounts receivable with subsidiaries		2,115			—
Accounts payable with subsidiaries		(49	)		2,409
Net cash provided by (used in) operating activities	$	544		$	12,671
Investing Activities:
Additions to property and equipment	$	(14	)	$	(18	)
Investments in subsidiaries		—			(10,000	)
Net cash used in investing activities	$	(14	)	$	(10,018	)
Financing Activities:
Proceeds from issuance of common stock	$	3,670		$	2,057
Debt issuances costs		(1,280	)		—
Payments on senior notes		(3,748	)		(2,000	)
Preferred stock dividend payments		(946	)		(1,265	)
Net cash provided by (used in) financing activities	$	(2,304	)	$	(1,208	)
Net increase (decrease) in cash and cash equivalents		(1,774	)		1,445
Cash and cash equivalents at beginning of period		6,759			5,314
Cash and cash equivalents at end of period	$	4,985		$	6,759