PARENT COMPANY FINANCIALS.

3 Months Ended

Mar. 31, 2020

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY FINANCIALS.

10. PARENT COMPANY FINANCIALS.

Restricted Net Assets – At March 31, 2020, the Company had approximately $174,900,000 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 (in thousands):

	March 31,			December 31,
ASSETS	2020			2019
Current Assets:
Cash and cash equivalents	$	9,721		$	4,985
Receivables from subsidiaries		12,934			13,057
Other current assets		2,336			2,349
Total current assets		24,991			20,391
Property and equipment, net		235			269
Other Assets:
Investments in subsidiaries		195,597			218,464
Pacific Ethanol West plant receivable		49,937			55,750
Right of use operating lease assets, net		3,187			3,253
Other assets		1,451			1,452
Total other assets		250,172			278,919
Total Assets	$	275,398		$	299,579
Current Liabilities:
Accounts payable and accrued liabilities	$	4,721		$	5,907
Accrued PE Op Co. purchase		3,829			3,829
Current portion of long-term debt		10,000			10,000
Other current liabilities		3,128			659
Total current liabilities		21,678			20,395
Long-term debt, net of current portion		54,931			56,110
Other liabilities		3,278			3,294
Total Liabilities		79,887			79,799
Stockholders' Equity:
Preferred stock		1			1
Common and non-voting common stock		56			56
Additional paid-in capital		943,453			942,307
Accumulated other comprehensive loss		(2,370	)		(2,370	)
Accumulated deficit		(745,629	)		(720,214	)
Total Pacific Ethanol, Inc. stockholders' equity		195,511			219,780
Total Liabilities and Stockholders' Equity	$	275,398		$	299,579

	Three Months Ended March 31,
	2020			2019
Management fees from subsidiaries	$	3,253		$	3,330
Selling, general and administrative expenses		5,377			4,729
Loss from operations		(2,124	)		(1,399	)
Fair value adjustments		673			—
Interest income		1,042			1,159
Interest expense		(2,640	)		(2,456	)
Loss before benefit for income taxes		(3,049	)		(2,696	)
Benefit for income taxes		—			—
Loss before equity in losses of subsidiaries		(3,049	)		(2,696	)
Equity in losses of subsidiaries		(22,051	)		(10,194	)
Consolidated net loss	$	(25,100	)	$	(12,890	)

	For the Three Months Ended March 31,
	2020			2019
Operating Activities:
Net loss	$	(25,100	)	$	(12,890	)
Adjustments to reconcile net loss to cash used in operating activities:
Equity in losses of subsidiaries		22,051			10,194
Fair value adjustments		(673	)		—
Depreciation		33			75
Amortization (accretion) of debt discount (premium)		(57	)		178
Changes in operating assets and liabilities:
Receivables from subsidiaries		123			1,778
Other assets		29			(264	)
Accounts payable and accrued expenses		—			45
Accounts payable with subsidiaries		2,235			797
Net cash used in operating activities	$	(1,359	)	$	(87	)
Investing Activities:
Additions to property and equipment	$	—		$	—
Net cash used in investing activities	$	—		$	—
Financing Activities:
Proceeds from issuances of common stock	$	282		$	3,670
Proceeds from plant receivable		5,813			—
Payments on senior notes		—			(3,748	)
Preferred stock dividend payments		—			(312	)
Net cash provided by (used in) financing activities	$	6,095		$	(390	)
Net increase (decrease) in cash and cash equivalents		4,736			(477	)
Cash and cash equivalents at beginning of period		4,985			6,759
Cash and cash equivalents at end of period	$	9,721		$	6,282