PARENT COMPANY FINANCIALS.

6 Months Ended

Jun. 30, 2020

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY FINANCIALS.

10. PARENT COMPANY FINANCIALS.

Restricted Net Assets – At June 30, 2020, the Company had approximately $204,432,000 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):

	June 30, 2020			December 31, 2019
Current Assets:
Cash and cash equivalents	$	8,687		$	4,985
Receivables from subsidiaries		14,264			13,057
Other current assets		1,756			2,349
Total current assets		24,707			20,391
Property and equipment, net		202			269
Other Assets:
Investments in subsidiaries		214,898			218,464
Pacific Ethanol West plant receivable		49,937			55,750
Right of use operating lease assets, net		3,121			3,253
Other assets		1,344			1,452
Total other assets		269,300			278,919
Total Assets	$	294,209		$	299,579
Current Liabilities:
Accounts payable and accrued liabilities	$	3,297		$	5,907
Accrued PE Op Co. purchase		3,829			3,829
Current portion of long-term debt		20,000			10,000
Other current liabilities		678			659
Total current liabilities		27,804			20,395
Long-term debt, net of current portion		51,140			56,110
Other liabilities		4,524			3,294
Total Liabilities		83,468			79,799
Stockholders' Equity:
Preferred stock		1			1
Common and non-voting common stock		55			56
Additional paid-in capital		944,035			942,307
Accumulated other comprehensive loss		(2,370	)		(2,370	)
Accumulated deficit		(730,980	)		(720,214	)
Total Pacific Ethanol, Inc. stockholders' equity		210,741			219,780
Total Liabilities and Stockholders' Equity	$	294,209		$	299,579

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Management fees from subsidiaries	$	2,873		$	3,000		$	6,126		$	6,330
Selling, general and administrative expenses		4,308			2,818			9,685			7,547
Income (loss) from operations		(1,435	)		182			(3,559	)		(1,217	)
Fair value adjustments		(1,314	)		—			(641	)		—
Interest income		1,004			1,172			2,046			2,331
Interest expense		(2,725	)		(2,307	)		(5,343	)		(4,762	)
Other expense		(140	)		(83	)		(162	)		(84	)
Loss before benefit for income taxes		(4,610	)		(1,036	)		(7,659	)		(3,732	)
Benefit for income taxes		—			—			—			—
Loss before benefit for income taxes		(4,610	)		(1,036	)		(7,659	)		(3,732	)
Equity in income (losses) of subsidiaries		19,574			(6,610	)		(2,477	)		(16,804	)
Consolidated net income (loss)	$	14,964		$	(7,646	)	$	(10,136	)	$	(20,536	)

	For the Six Months Ended June 30,
	2020			2019
Operating Activities:
Net loss	$	(10,136	)	$	(20,536	)
Adjustments to reconcile net loss to cash used in operating activities:
Equity in losses of subsidiaries		2,477			16,804
Fair value adjustments		(641	)		—
Depreciation		67			142
Amortization of debt (premiums) discounts		(115	)		357
Changes in operating assets and liabilities:
Accounts receivable		(1,207	)		1,871
Other assets		714			(281	)
Accounts payable and accrued expenses		—			1,363
Accounts payable with subsidiaries		475			(600	)
Net cash used in operating activities	$	(8,366	)	$	(880	)
Investing Activities:
Additions to property and equipment	$	—		$	(11	)
Net cash used in investing activities	$	—		$	(11	)
Financing Activities:
Proceeds from issuances of common stock	$	282		$	3,670
Proceeds from plant receivables		5,813			—
Proceeds from long-term debt		5,973			—
Payments on senior notes		—			(3,748	)
Preferred stock dividend payments		—			(627	)
Net cash provided by (used in) financing activities	$	12,068		$	(705	)
Net change in cash and cash equivalents		3,702			(1,596	)
Cash and cash equivalents at beginning of period		4,985			6,759
Cash and cash equivalents at end of period	$	8,687		$	5,163