Nevada
|
26-1407544
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification Number)
|
Large accelerated filer
|
o
|
Accelerated filer
o
|
Non-accelerated filer
|
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
þ
|
Page
|
|||
PART I
|
|||
PART II
|
|||
PART III
|
|||
PART IV
|
|||
2015
|
2014
|
% Change
|
||||||||||
Ethanol
|
||||||||||||
Gallons Sold (in 000s)
|
55,787 | 60,197 | -7 | % | ||||||||
Average Sales Price/Gallon
|
$ | 1.74 | $ | 2.54 | -31 | % | ||||||
WDG
|
||||||||||||
Tons Sold (in 000s)
|
360 | 408 | -12 | % | ||||||||
Average Sales Price/Ton
|
$ | 79.68 | $ | 91.81 | -13 | % |
2015
|
2014
|
% Change
|
||||||||||
Biodiesel
|
||||||||||||
Tons sold
(1)
|
19,523 | 9,036 | 116 | % | ||||||||
Average Sales Price/Ton
|
$ | 724 | $ | 985 | -26 | % | ||||||
Refined Glycerin
|
||||||||||||
Tons sold
|
4,653 | 2,236 | 108 | % | ||||||||
Average Sales Price/Ton
|
$ | 668 | $ | 933 | -28 | % |
(1)
|
1 metric ton is equal to 1,000 kilograms (approximately 2,204 pounds).
|
Final Renewable Fuel Volumes
|
2014
|
2015
|
2016
|
2017
|
||||||||||||
Cellulosic Biofuel (million gallons)
|
33 | 123 | 230 | n/a | ||||||||||||
Biomass Based Diesel (billion gallons)
|
1.63 | 1.73 | 1.90 | 2.0 | ||||||||||||
Advanced Biofuels (billion gallons)
|
2.67 | 2.88 | 3.61 | n/a | ||||||||||||
Renewable Fuel (billion gallons)
|
16.28 | 16.93 | 18.11 | n/a |
●
|
incur additional debt;
|
●
|
make certain capital expenditures;
|
●
|
incur or permit liens to exist;
|
●
|
enter into transactions with affiliates;
|
●
|
guarantee the debt of other entities, including joint ventures;
|
●
|
pay dividends;
|
●
|
merge or consolidate or otherwise combine with another company; and
|
●
|
transfer, sell or lease our assets.
|
Ÿ
|
fluctuations in the market prices of ethanol and its co-products including WDG and corn oil;
|
|
Ÿ
|
the cost of key inputs to the production of ethanol, including corn and natural gas;
|
|
Ÿ
|
the volume and timing of the receipt of orders for ethanol from major customers;
|
|
Ÿ
|
competitive pricing pressures;
|
|
Ÿ
|
our ability to produce, sell and deliver ethanol on a cost-effective and timely basis;
|
|
Ÿ
|
the announcement, introduction and market acceptance of one or more alternatives to ethanol;
|
|
Ÿ
|
losses resulting from adjustments to the fair values of our outstanding warrants to purchase our common stock;
|
|
Ÿ
|
changes in market valuations of companies similar to us;
|
|
Ÿ
|
stock market price and volume fluctuations generally;
|
|
Ÿ
|
regulatory developments or increased enforcement;
|
|
Ÿ
|
fluctuations in our quarterly or annual operating results;
|
|
Ÿ
|
additions or departures of key personnel;
|
|
Ÿ
|
our inability to obtain financing; and
|
|
Ÿ
|
our financing activities and future sales of our common stock or other securities.
|
Quarter Ending
|
High
|
Low
|
||||||
2015
|
||||||||
December 31,
|
$ | 3.05 | $ | 1.80 | ||||
September 30,
|
$ | 3.89 | $ | 2.35 | ||||
June 30,
|
$ | 5.05 | $ | 3.60 | ||||
March 31,
|
$ | 6.18 | $ | 3.39 | ||||
2014
|
||||||||
December 31,
|
$ | 8.99 | $ | 3.99 | ||||
September 30,
|
$ | 13.29 | $ | 6.05 | ||||
June 30,
|
$ | 11.20 | $ | 4.30 | ||||
March 31,
|
$ | 7.30 | $ | 1.80 |
|
·
|
Overview. Discussion of our business and overall analysis of financial and other highlights affecting us, to provide context for the remainder of MD&A.
|
|
·
|
Results of Operations. An analysis of our financial results comparing the twelve months ended December 31, 2015 and 2014.
|
|
·
|
Liquidity and Capital Resources. An analysis of changes in our balance sheets and cash flows and discussion of our financial condition.
|
|
·
|
Critical Accounting Estimates. Accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts.
|
2015
|
2014
|
Inc/(dec)
|
% change
|
|||||||||||||
North America
|
$ | 129,408 | $ | 195,416 | $ | (66,008 | ) | -34 | % | |||||||
India
|
17,241 | 12,267 | 4,974 | 41 | % | |||||||||||
Total
|
$ | 146,649 | $ | 207,683 | $ | (61,034 | ) | -29 | % |
2015
|
2014
|
Inc/(dec)
|
% change
|
|||||||||||||
North America
|
$ | 126,290 | $ | 158,719 | $ | (32,429 | ) | -20 | % | |||||||
India
|
16,160 | 11,820 | 4,340 | 37 | % | |||||||||||
Total
|
$ | 142,450 | $ | 170,539 | $ | (28,089 | ) | -16 | % |
2015
|
2014
|
Inc/(dec)
|
% change
|
|||||||||||||
North America
|
$ | 3,118 | $ | 36,697 | $ | (33,579 | ) | -92 | % | |||||||
India
|
1,081 | 447 | 634 | 142 | % | |||||||||||
Total
|
$ | 4,199 | $ | 37,144 | $ | (32,945 | ) | -89 | % |
2015
|
2014
|
Inc/(dec)
|
% change
|
|||||||||||||
North America
|
$ | 447 | $ | 459 | $ | (12 | ) | -3 | % | |||||||
India
|
- | - | - | 0 | % | |||||||||||
Total
|
$ | 447 | $ | 459 | $ | (12 | ) | -3 | % |
2015
|
2014
|
Inc/(dec)
|
% change
|
|||||||||||||
North America
|
$ | 11,162 | $ | 11,619 | $ | (457 | ) | -4 | % | |||||||
India
|
1,199 | 976 | 223 | 23 | % | |||||||||||
Total
|
$ | 12,361 | $ | 12,595 | $ | (234 | ) | -2 | % |
|
2015
|
2014
|
Inc/(dec)
|
% change
|
|||||||||||||
North America
|
|||||||||||||||||
Interest expense
|
$ | 9,308 | $ | 9,018 | $ | 290 | 3 | % | |||||||||
Amortization expense
|
6,715 | 6,038 | 677 | 11 | % | ||||||||||||
Loss on debt extinguishment
|
330 | 1,346 | (1,016 | ) | -75 | % | |||||||||||
Loss on impairment of intangible assets
|
1,044 | - | 1,044 | 100 | % | ||||||||||||
Other (income) expense
|
349 | (471 | ) | 820 | -174 | % | |||||||||||
India
|
|||||||||||||||||
Interest expense
|
856 | 1,034 | (178 | ) | -17 | % | |||||||||||
Other (income)
|
(79 | ) | (14 | ) | (65 | ) | 464 | % | |||||||||
Total
|
$ | 18,523 | $ | 16,951 | $ | 1,572 | 9 | % |
|
December 31, 2015
|
December 31, 2014
|
||||||
Cash and cash equivalents
|
$ | 283 | $ | 332 | ||||
Current assets (including cash, cash equivalents, and deposits)
|
8,002 | 7,933 | ||||||
Current liabilities and long term liabilities (excluding short term debt)
|
17,540 | 14,847 | ||||||
Short & long term debt and other long term liabilities
|
100,895 | 77,301 |
·
|
Report of Independent Registered Public Accounting Firm
|
·
|
Consolidated Balance Sheets
|
·
|
Consolidated Statements of Operations and Comprehensive Income (Loss)
|
·
|
Consolidated Statements of Cash Flows
|
·
|
Consolidated Statements of Stockholders’ Deficit
|
·
|
Notes to Consolidated Financial Statements
|
INDEX TO EXHIBITS
|
|||||||
Incorporated by Reference
|
Filed Herewith
|
||||||
Exhibit No.
|
Description
|
Form
|
File No.
|
Exhibit
|
Filing Date
|
||
1.1 |
At Market Issuance Sales Agreement dated March 23, 2016 with FBR Capital Markets & Co. and MLV & Co. LLC and Aemetis Inc.
|
10-K | 000-51354 | 1.1 | Mar. 28, 2016 | ||
3.1.1
|
Articles of Incorporation
|
10-Q
|
000-51354
|
3.1
|
Nov. 14, 2008
|
||
3.1.2
|
Certificate of Amendment to Articles of Incorporation
|
10-Q
|
000-51354
|
3.1.1
|
Nov. 14, 2008
|
||
3.1.3
|
Certificate of Designation of Series B Preferred Stock
|
8-K
|
000-51354
|
3.2
|
Dec. 13, 2007
|
||
3.1.4
|
Certificate of Amendment to Articles of Incorporation
|
8-K
|
000-51354
|
3.3
|
Dec. 13, 2007
|
||
3.1.5
|
Certificate of Amendment to Articles of Incorporation
|
Pre14C
|
111136140
|
Oct. 11, 2011
|
|||
3.1.6
|
Certificate of Change in Articles of Incorporation are a result of 1 for 10 reverse split to Authorized Shares and Common Shares Outstanding on May 5, 2014
|
10-Q
|
000-51354
|
3.1
|
May 31, 2014
|
||
3.2.1
|
Bylaws
|
8-K
|
000-51354
|
3.4
|
Dec. 13, 2007
|
||
4.1
|
Specimen Common Stock Certificate
|
8-K
|
000-51354
|
4.1
|
Dec. 13, 2007
|
||
4.2
|
Specimen Series B Preferred Stock Certificate
|
8-K
|
000-51354
|
4.2
|
Dec. 13, 2007
|
||
4.3
|
Form of Common Stock Warrant
|
8-K
|
000-51354
|
4.3
|
Dec. 13, 2007
|
||
4.4
|
Form of Series B Preferred Stock Warrant
|
8-K
|
000-51354
|
4.4
|
Dec. 13, 2007
|
||
10.1
|
Amended and Restated 2007 Stock Plan
|
14A
|
000-51354
|
Apr. 3, 2015
|
|||
10.2
|
Amended and Restated 2007 Stock Plan form of Stock Option Award Agreement
|
14A
|
000-51354
|
Apr. 15, 2008
|
|||
10.3
|
Eric McAfee Executive Employment Agreement dated September 1, 2011
|
8-K
|
000-51354
|
10.2
|
Sep. 8, 2011
|
||
10.4
|
Andrew Foster Executive Employment Agreement, dated May 22, 2007
|
8-K
|
000-51354
|
10.7
|
Dec. 13, 2007
|
||
10.5
|
Todd Waltz Executive Employment Agreement, dated March 15, 2010
|
8-K
|
000-51354
|
May 20, 2009
|
|||
10.6
|
Sanjeev Gupta Executive Employment Agreement, dated September 1, 2007
|
10-K
|
000-51354
|
10.11
|
May 20, 2009
|
||
10.7
|
Agreement of Loan for Overall Limit dated June 26, 2008 between Universal Biofuels Private Limited and State Bank of India
|
10-Q
|
000-51354
|
10.12
|
Aug. 14, 2008
|
||
10.8
|
Ethanol Marketing Agreement, dated October 29, 2010 between AE Advanced Fuels Keyes, Inc. and Kinergy Marketing, LLC
|
10-Q
|
000-51354
|
10.6
|
Dec. 1, 2010
|
||
10.9
|
Zymetis, Inc. 2006 Stock Incentive Plan
|
10-K
|
000-51354
|
10.31
|
Oct. 31, 2012
|
10.10
|
Zymetis Inc. Incentive Stock Option Agreement
|
10-K
|
000-51354
|
10.32
|
Oct. 31, 2012
|
||
10.11
|
Zymetis Inc. Non-Incentive Stock Option Agreement
|
10-K
|
000-51354
|
10.33
|
Oct. 31, 2012
|
||
10.12
|
First Amendment to Ethanol Marketing Agreement dated September 6, 2011, between AE Advanced Fuels Keyes, Inc. and Kinergy Energy Marketing
|
8-K
|
000-51354
|
10.1
|
Sept. 8, 2011
|
||
10.13
|
Form of Note and Warrant Purchase Agreement
|
8-K
|
000-51354
|
10.1
|
Jan. 1, 2012
|
||
10.14
|
Form of 5% Subordinated Note
|
8-K
|
000-51354
|
10.2
|
Jan. 1, 2012
|
||
10.15
|
Form of Common Stock Warrant
|
8-K
|
000-51354
|
10.3
|
Jan. 1, 2012
|
||
10.16
|
Amendment No. 6 to Note Purchase Agreement dated April 13, 2012 among Aemetis Advanced Fuels Keyes, Inc., Third Eye Capital Corporation, as agent, and the Purchasers
|
8-K
|
000-51354
|
10.1
|
Apr. 19, 2012
|
||
10.17
|
Limited Waiver to Note Purchase Agreement dated March 31, 2012 among Aemetis Advanced Fuels Keyes, Inc., and Third Eye Capital Corporation, an Ontario corporation, as agent
|
8-K
|
000-51354
|
10.1
|
Apr. 19, 2012
|
||
10.18
|
Limited Waiver to Note and Warrant Purchase Agreement dated March 31, 2012 among Aemetis, Inc., Third Eye Capital Corporation, an Ontario corporation, as agent, and the Purchasers
|
8-K
|
000-51354
|
10.1
|
Apr. 19, 2012
|
||
10.19
|
Amendment No. 7 to Note Purchase Agreement dated May 15, 2012 among Aemetis Advanced Fuels Keyes, Inc., Third Eye Capital Corporation, as agent, and the Purchasers
|
8-K
|
000-51354
|
10.1
|
May 22, 2012
|
||
10.20
|
Form of Note and Warrant Purchase Agreement
|
8-K
|
000-51354
|
10.1
|
Jun. 6, 2012
|
||
10.21
|
Form of 5% Subordinated Note
|
8-K
|
000-51354
|
10.1
|
Jun. 6, 2012
|
||
10.22
|
Form of Common Stock Warrant
|
8-K
|
000-51354
|
10.1
|
Jun. 6, 2012
|
10.23
|
Note and Warrant Purchase Agreement dated June 21, 2012 among Third Eye Capital Corporation, Aemetis Advanced Fuels Keyes, Inc., and Aemetis, Inc.
|
8-K
|
000-51354
|
10.1
|
Jun. 28, 2012
|
||
10.24
|
5% Subordinated Promissory Note dated June 21, 2012 among Third Eye Capital Corporation, Aemetis Advanced Fuels Keyes, Inc., and Aemetis, Inc.
|
8-K
|
000-51354
|
10.2
|
Jun. 28, 2012
|
||
10.25
|
Form of Warrant to Purchase Common Stock
|
8-K
|
000-51354
|
10.3
|
Jun. 28, 2012
|
||
10.26
|
Note Purchase Agreement dated June 27, 2012 among Third Eye Capital Corporation, Aemetis Advanced Fuels Keyes, Inc., and Aemetis, Inc.
|
8-K
|
000-51354
|
10.1
|
July 3, 2012
|
||
10.27
|
15% Subordinated Promissory Note dated June 27, 2012 among Third Eye Capital Corporation, Aemetis Advanced Fuels Keyes, Inc., and Aemetis, Inc.
|
8-K
|
000-51354
|
10.2
|
July 3, 2012
|
||
10.28
|
Agreement and Plan of Merger, dated July 6, 2012, among Aemetis, Inc., AE Advanced Fuels, Inc., Keyes Facility Acquisition Corp., and Cilion, Inc.
|
8-K
|
000-51354
|
2.1
|
July 10, 2012
|
||
10.29
|
Stockholders’ Agreement dated July 6, 2012, among Aemetis, Inc., and Western Milling Investors, LLC, as Security holders’ Representative.
|
8-K
|
000-51354
|
10.1
|
July 10, 2012
|
||
10.30
|
Amended and Restated Note Purchase Agreement, dated July 6, 2012 among Aemetis Advanced Fuels Keyes, Inc., Keyes Facility Acquisition Corp., Aemetis, Inc., Third Eye Capital Corporation, as Administrative Agent, and the Note holders
|
8-K
|
000-51354
|
10.2
|
July 10, 2012
|
||
10.31
|
Amended and Restated Guaranty, dated July 6, 2012 among Aemetis, Inc., certain subsidiaries of Aemetis and Third Eye Capital Corporation, as Agent.
|
8-K
|
000-51354
|
10.3
|
July 10, 2012
|
10.32
|
Amended and Restated Security Agreement, dated July 6, 2012 among Aemetis, Inc., certain subsidiaries of Aemetis and Third Eye Capital Corporation, as Agent.
|
8-K
|
000-51354
|
10.4
|
July 10, 2012
|
||
10.33
|
Investors’ Rights Agreement dated July 6, 2012, by and among Aemetis, Inc., and the investors listed on Schedule A thereto.
|
8-K
|
000-51354
|
10.5
|
July 10, 2012
|
||
10.34
|
Technology License Agreement dated August 9, 2012 between Chevron Lummus Global LLC and Aemetis Advanced Fuels, Inc.
|
8-K
|
000-51354
|
10.1
|
Aug. 22, 2012
|
||
10.35
|
Corn Procurement and Working Capital Agreement dated March 9, 2011 between J.D. Heiskell Holdings LLC and Aemetis Advanced Fuels Keyes, Inc.*
|
10-K
|
000-51354
|
10.64
|
Oct. 31, 2012
|
||
10.36
|
Purchasing Agreement dated March 9, 2011 between J.D. Heiskell Holdings LLC and Aemetis Advanced Fuels Keyes, Inc.*
|
10-K
|
000-51354
|
10.65
|
Oct. 31, 2012
|
||
10.37
|
WDG Purchase and Sale Agreement dated March 23, 2011 between A.L. Gilbert Company and Aemetis Advanced Fuels Keyes, Inc.
|
10-K
|
000-51354
|
10.66
|
Oct. 31, 2012
|
||
10.38
|
Keyes Corn Handling Agreement dated March 23, 2011 among A. L. Gilbert Company, AE Advanced Fuels Keyes, Inc., and J.D. Heiskell Holdings, LLC**
|
10-K
|
000-51354
|
10.67
|
Oct. 31, 2012
|
10.39
|
Limited Waiver and Amendment No. 1 to Amended and Restated Note Purchase Agreement dated as of October 18, 2012 by and among Aemetis Advanced Fuels Keyes, Inc., a Delaware corporation, Aemetis Facility Keyes, Inc., a Delaware corporation, Third Eye Capital Corporation, an Ontario corporation as agent, Third Eye Capital Credit Opportunities Fund – Insight Fund, and Sprott PC Trust.
|
8-K
|
000-51354
|
10.1
|
Oct. 23, 2012
|
||
10.40
|
Amendment No. 1 to Revolving Line of Credit Agreement dated October 16, 2012 by and among Aemetis International, Inc., a Nevada corporation, and Laird Q. Cagan
|
8-K
|
000-51354
|
10.2
|
Oct. 23, 2012
|
||
10.41
|
Note Purchase Agreement effective as of March 4, 2011, amended January 19, 2012 and July 24, 2012 by and among AE Advanced Fuels, Inc., a Delaware corporation, and Advanced BioEnergy, LP a California limited partnership and Advanced BioEnergy GP, LLC, a California limited liability company.
|
8-K
|
000-51354
|
10.3
|
Oct. 23, 2012
|
||
10.42
|
Form of Convertible Subordinated Promissory Note by and among AE Advanced Fuels, Inc., a Delaware corporation and Advanced BioEnergy, LP, a California limited partnership.
|
8-K
|
000-51354
|
10.4
|
Oct. 23, 2012
|
||
10.43
|
Amendment to the Purchasing Agreement dated March 9, 2011 between J.D. Heiskell Holdings LLC and Aemetis Advanced Fuels Keyes, Inc. dated September 29, 2012
|
10-K
|
000-51354
|
10.72
|
Apr. 4, 2013
|
10.44
|
Agreement for Repayment of Note by Share Issuance dated as of December 31, 2012 by and among Aemetis, Inc., Aemetis International, Inc., (formerly known as “International Biodiesel, Inc.”), a Nevada corporation and wholly-owned subsidiary of the Company, and Laird Q. Cagan for himself and on behalf of all other holders of interests in the Revolving Line of Credit (as defined in the Agreement).
|
8-K
|
000-51354
|
10.1
|
Jan. 7, 2013
|
||
10.45
|
Agreement for Repayment of Note by Share Issuance dated as of December 31, 2012 by and among Aemetis, Inc., Aemetis International, Inc., (formerly known as “International Biodiesel, Inc.”), a Nevada corporation and wholly-owned subsidiary of the Company, and Laird Q. Cagan for himself and on behalf of all other holders of interests in the Revolving Line of Credit (as defined in the Agreement).
|
8-K/A
|
000-51354
|
10.1
|
Feb. 27, 2013
|
||
10.46
|
Limited Waiver and Amendment No. 2 to Amended and Restated Note Purchase Agreement dated as of February 27, 2013 by and among Aemetis Advanced Fuels Keyes, Inc., a Delaware corporation, Aemetis Facility Keyes, Inc., a Delaware corporation, Third Eye Capital Corporation, an Ontario corporation as agent, Third Eye Capital Credit Opportunities Fund – Insight Fund, and Sprott PC Trust.
|
8-K
|
000-51354
|
10.1
|
Mar. 11, 2013
|
||
10.47
|
Amendment No. 1 to Agreement for Repayment of Note by Share Issuance dated as of April 10, 2013 by and among Aemetis, Inc., Aemetis International, Inc., a Nevada corporation and wholly-owned subsidiary of the Company, and Laird Q. Cagan for himself and on behalf of all other holders of interests in the Revolving Line of Credit (as defined in the Agreement).
|
10-K
|
000-51354
|
10.77
|
Apr. 4, 2013
|
10.48
|
Amendment to the Purchasing Agreement dated March 9, 2011 between J.D. Heiskell Holdings LLC and Aemetis Advanced Fuels Keyes, Inc. dated January 2, 2013.
|
10-K
|
000-51354
|
10.76
|
Apr. 4, 2013
|
||
10.49
|
Limited Waiver and Amendment No.3 to Amended and Restated Note Purchase Agreement dated as of April 15, 2013 by and among Aemetis Advanced Fuels Keyes, Inc., a Delaware corporation, Aemetis Facility Keyes, Inc., a Delaware corporation, Third Eye Capital Corporation, an Ontario corporation as agent, Third Eye Capital Credit Opportunities Fund – Insight Fund, and Sprott PC Trust.
|
8-K
|
000-51354
|
10.1
|
Apr. 16, 2013
|
||
10.505
|
Amendment No. 4 to Amended and Restated Note Purchase Agreement dated as of April 19, 2013 by and among Aemetis Advanced Fuels Keyes, Inc., a Delaware corporation, Aemetis Facility Keyes, Inc., a Delaware corporation, Aemetis, Inc., a Nevada corporation, and Third Eye Capital Corporation, an Ontario corporation, as agent for Third Eye Capital Insight Fund
|
8-K/A
|
000-51354
|
10.2
|
May 14, 2013
|
||
10.5
|
Special Bridge Advance dated as of March 29, 2013 by and among Aemetis Advanced Fuels Keyes, Inc., a Delaware corporation, Aemetis, Inc., a Nevada corporation, Third Eye Capital Corporation, an Ontario corporation, as agent for Third Eye Capital Insight Fund
|
8-K
|
000-51354
|
10.2
|
Apr. 16, 2013
|
||
10.51
|
Agreement For Satisfaction of Note by Share and Note Issuance dated as of April 18, 2013 between Aemetis, Inc., Aemetis International, Inc. and Laird Q. Cagan for himself and on behalf of all other holders of interests in the Revolving Line of Credit dated August 17, 2009 as amended.
|
8-K
|
000-51354
|
10.1
|
Apr. 24, 2013
|
10.52
|
Amended and Restated Heiskell Purchasing Agreement dated May 16, 2013, by and between Aemetis Advanced Fuels Keyes, Inc., a Delaware corporation and a wholly-owned subsidiary of Aemetis, Inc. and J.D. Heiskell Holdings, LLC, a California limited liability company doing business as J.D. Heiskell & Co.*
|
8-K
|
000-51354
|
10.1
|
May 23, 2013
|
||
10.53
|
Amended and Restated Aemetis Keyes Corn Procurement and Working Capital Agreement, dated May 2, 2013, by and between Aemetis Advanced Fuels Keyes, Inc., and J.D. Heiskell Holdings, LLC
|
8-K
|
000-51354
|
10.2
|
May 23, 2013
|
||
10.54
|
Limited Waiver and Amendment No.5 to Amended and Restated Note Purchase Agreement, dated as of July 26, 2013 by and among Aemetis, Inc., Aemetis Advanced Fuels Keyes, Inc. Aemetis Facility Keyes, Inc., Third Eye Capital Corporation, an Ontario corporation, as agent, Third Eye Capital Credit Opportunities Fund - Insight Fund, and Sprott PC Trust
|
8-K
|
000-51354
|
10.1
|
July 31, 2013
|
||
10.55
|
Limited Waiver and Amendment No.6 to Amended and Restated Note Purchase Agreement, dated as of October 28, 2013 by and among Aemetis, Inc.; Aemetis Advanced Fuels Keyes, Inc.; Aemetis Facility Keyes, Inc.; Third Eye Capital Corporation, an Ontario corporation, as agent for Third Eye Capital Credit Opportunities Fund - Insight Fund, and Sprott PC Trust.
|
8-K
|
000-51354
|
10.1
|
Nov. 1, 2013
|
||
10.62
|
Limited Waiver and Amendment No.7 to Amended and Restated Note Purchase Agreement, dated as of May 14, 2014 by and among Aemetis, Inc.; Aemetis Advanced Fuels Keyes, Inc.; Aemetis Facility Keyes, Inc.; Third Eye Capital Corporation, an Ontario corporation, as agent for Third Eye Capital Credit Opportunities Fund - Insight Fund, and Sprott PC Trust.
|
10-Q
|
000-51354
|
10.1
|
Mar. 31, 2014
|
10.64
|
Limited Waiver and Amendment No. 8 to Amended and Restated Note Purchase Agreement, dated as of November 7, 2014 by and among Aemetis, Inc.; Aemetis Advanced Fuels Keyes, Inc.; Aemetis Facility Keyes, Inc.; Third Eye Capital Corporation, an Ontario corporation, as agent for Third Eye Capital Credit Opportunities Fund - Insight Fund, and Sprott PC Trust.
|
10-Q/A
|
000-51354
|
10.1
|
Nov. 13, 2014
|
||
10.65
|
Limited Waiver and Amendment No. 9 to Amended and Restated Note Purchase Agreement, dated as of March 12, 2015 by and among Aemetis, Inc.; Aemetis Advanced Fuels Keyes, Inc.; Aemetis Facility Keyes, Inc.; Third Eye Capital Corporation, an Ontario corporation, as agent for Third Eye Capital Credit Opportunities Fund - Insight Fund, and Sprott PC Trust.
|
10K
|
000-51354
|
10.1
|
Mar. 12,2015
|
10.65
|
|
10.66
|
Limited Waiver and Amendment No. 10 to Amended and Restated Note Purchase Agreement, dated as of April 30, 2015 by and among Aemetis, Inc.; Aemetis Advanced Fuels Keyes, Inc.; Aemetis Facility Keyes, Inc.; Third Eye Capital
Corporation, an Ontario corporation, as agent for Third Eye Capital Credit Opportunities Fund - Insight Fund, and Sprott PC Trust.
|
10-Q
|
000-51354
|
10.1
|
May 7, 2015
|
||
10.67
|
Limited Waiver and Amendment No. 11 to Amended and Restated Note Purchase Agreement, dated as of August 6, 2015 by and among Aemetis,
Inc.; Aemetis Advanced Fuels Keyes, Inc.; Aemetis Facility Keyes, Inc.; Third Eye Capital Corporation, an Ontario corporation, as agent for Third Eye Capital Credit Opportunities Fund - Insight Fund, and Sprott PC Trust (incorporated by reference to Exhibit 10.2 of the Quarterly Report on Form 10-Q filed on August 7, 2015).
|
10-Q
|
000-51354
|
10.1
|
Nov. 5, 2015
|
Limited Waiver and Amendment No. 12 to Amended and Restated Note Purchase Agreement, dated as of March 21, 2016 by and among Aemetis, Inc.; Aemetis Advanced Fuels Keyes, Inc.; Aemetis Facility Keyes, Inc.; Third Eye Capital Corporation, an Ontario corporation, as agent for Third Eye Capital Credit Opportunities Fund - Insight Fund, and Sprott PC Trust.
|
10-K
|
000-51354
|
10.68
|
Mar. 28, 2016
|
|||
10.69 |
Binding letter of intent for the purchase of certain property, plant and equipment in Goodland, Kansas by Aemetis Advanced Fuels Goodland, Inc., or such other subsidiary of Aemetis Inc., dated March 22, 2016 from Third Eye Capital Corporation, in its capacity as attorney-in-fact for New Goodland Energy Center, LLC.
|
10-K
|
000-51354
|
10.69
|
Mar. 28, 2016 | ||
14
|
Code of Ethics
|
10-K
|
000-51354
|
14
|
May 20, 2009
|
||
Subsidiaries of the Registrant
|
X
|
||||||
Consent of Independent Registered Public Accounting Firm
|
X
|
||||||
24
|
Power of Attorney (see signature page)
|
X
|
|||||
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Section 302 of the Sarbanes-Oxley Act of 2002
|
X
|
||||||
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Section 302 of the Sarbanes-Oxley Act of 2002
|
X
|
||||||
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
X
|
||||||
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
X
|
Page
Number
|
||
Report of Independent Registered Public Accounting Firm
|
||
Consolidated Financial Statements
|
||
Consolidated Balance Sheets
|
||
Consolidated Statements of Operations and Comprehensive Income (Loss
)
|
||
Consolidated Statements of Cash Flows
|
||
Consolidated Statements of Stockholders' Deficit
|
||
Notes to Consolidated Financial Statements
|
December 31, 2015
|
December 31, 2014
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 283 | $ | 332 | ||||
Accounts receivable
|
1,166 | 1,262 | ||||||
Inventories
|
4,804 | 4,491 | ||||||
Prepaid expenses
|
527 | 1,392 | ||||||
Other current assets
|
1,222 | 456 | ||||||
Total current assets
|
8,002 | 7,933 | ||||||
Property, plant and equipment, net
|
70,718 | 75,810 | ||||||
Goodwill
|
- | 968 | ||||||
Intangible assets, net of accumulated amortization of $344 and $264, respectively
|
1,380 | 1,536 | ||||||
Other assets
|
3,041 | 2,929 | ||||||
Total assets
|
$ | 83,141 | $ | 89,176 | ||||
Liabilities and stockholders' deficit
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 10,183 | $ | 8,339 | ||||
Current portion of long term debt
|
5,607 | 6,032 | ||||||
Short term borrowings
|
6,340 | 6,714 | ||||||
Mandatorily redeemable Series B convertible preferred stock
|
2,742 | 2,641 | ||||||
Other current liabilities
|
4,425 | 3,590 | ||||||
Total current liabilities
|
29,297 | 27,316 | ||||||
Long term liabilities:
|
||||||||
Senior secured notes
|
60,925 | 57,648 | ||||||
EB-5 notes
|
22,500 | 1,534 | ||||||
Long term subordinated debt
|
5,523 | 5,373 | ||||||
Other longterm liabilities
|
190 | 277 | ||||||
Total long term liabilities
|
89,138 | 64,832 | ||||||
Stockholders' deficit:
|
||||||||
Series B convertible preferred stock, $0.001 par value; 7,235 authorized; 1,398 and 1,665 shares issued and outstanding each period, respectively (aggregate liquidation preference of $4,194 and $4,995, respectively)
|
1 | 2 | ||||||
Common stock, $0.001 par value; 40,000 authorized; 19,619 and 20,650 shares issued and outstanding, respectively
|
20 | 21 | ||||||
Additional paid-in capital
|
82,115 | 87,080 | ||||||
Accumulated deficit
|
(114,251 | ) | (87,113 | ) | ||||
Accumulated other comprehensive loss
|
(3,179 | ) | (2,962 | ) | ||||
Total stockholders' deficit
|
(35,294 | ) | (2,972 | ) | ||||
Total liabilities and stockholders' deficit
|
$ | 83,141 | $ | 89,176 |
2015
|
2014
|
||||||||
Revenues
|
$ | 146,649 | $ | 207,683 | |||||
Cost of goods sold
|
142,450 | 170,539 | |||||||
Gross profit
|
4,199 | 37,144 | |||||||
Research and development expenses
|
447 | 459 | |||||||
Selling, general and administrative expenses
|
12,361 | 12,595 | |||||||
Operating income (loss)
|
(8,609 | ) | 24,090 | ||||||
Other income (expense)
|
|||||||||
Interest expense
|
|||||||||
Interest rate expense | (10,164 | ) | (10,052 | ) | |||||
Amortization expense | (6,715 | ) | (6,038 | ) | |||||
Loss on debt extinguishment | (330 | ) | (1,346 | ) | |||||
Loss on sale or disposal of assets
|
- | (119 | ) | ||||||
Loss on impairment of goodwill and intangible assets
|
(1,044 | ) | - | ||||||
Other income (expense)
|
(270 | ) | 604 | ||||||
Income (loss) before income taxes
|
(27,132 | ) | 7,139 | ||||||
Income tax expense
|
(6 | ) | (6 | ) | |||||
Net income (loss)
|
$ | (27,138 | ) | $ | 7,133 | ||||
Other comprehensive income (loss)
|
|||||||||
Foreign currency translation adjustment
|
(217 | ) | (46 | ) | |||||
Comprehensive income (loss)
|
$ | (27,355 | ) | $ | 7,087 | ||||
Net income(loss) per common share
|
|||||||||
Basic | $ | (1.37 | ) | $ | 0.35 | ||||
Diluted
|
$ | (1.37 | ) | $ | 0.34 | ||||
Weighted average shares outstanding
|
|||||||||
Basic
|
19,823 | 20,371 | |||||||
Diluted
|
19,823 | 21,047 |
2015
|
2014
|
|||||||
Operating activities:
|
||||||||
Net income (loss)
|
$ | (27,138 | ) | $ | 7,133 | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activitites:
|
||||||||
Share-based compensation
|
938 | 624 | ||||||
Stock issued in connection with consultant services
|
204 | 645 | ||||||
Depreciation
|
4,730 | 4,681 | ||||||
Debt related amortization expense
|
6,715 | 6,038 | ||||||
Intangibles and other amortization expense
|
129 | 126 | ||||||
Change in fair value of warrant liability
|
(54 | ) | 48 | |||||
Loss on extinguishment of debt
|
330 | 1,346 | ||||||
Loss on sale/ Disposal of assets
|
- | 119 | ||||||
Impairment loss on goodwill and intangible assets
|
1,044 | - | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
72 | 1,498 | ||||||
Inventory
|
(450 | ) | (457 | ) | ||||
Prepaid expenses
|
1,109 | (311 | ) | |||||
Other current assets and other assets
|
(979 | ) | (187 | ) | ||||
Accounts payable
|
2,020 | (879 | ) | |||||
Accrued interest expense and fees, net of payments
|
9,800 | 3,124 | ||||||
Other liabilities
|
744 | (2,956 | ) | |||||
Net cash provided by (used in) operating activities
|
(786 | ) | 20,592 | |||||
Investing activities:
|
||||||||
Capital expenditures
|
(71 | ) | (1,965 | ) | ||||
Net cash used in investing activities
|
(71 | ) | (1,965 | ) | ||||
Financing activities:
|
||||||||
Proceeds from borrowings
|
30,331 | 9,884 | ||||||
Repayments of borrowings
|
(29,293 | ) | (32,688 | ) | ||||
Issuance of common stock for services, option and warrant exercises
|
23 | 5 | ||||||
Payment of debt gaurantee fee
|
(245 | ) | (172 | ) | ||||
Payment of financing costs
|
- | (255 | ) | |||||
Net cash provided by (used in) financing activities
|
816 | (23,226 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents
|
(8 | ) | 5 | |||||
Net cash and cash equivalents decrease for period
|
(49 | ) | (4,594 | ) | ||||
Cash and cash equivalents at beginning of period
|
332 | 4,926 | ||||||
Cash and cash equivalents at end of period
|
$ | 283 | $ | 332 | ||||
Supplemental disclosures of cash flow information, cash paid:
|
||||||||
Interest payments
|
$ | 478 | $ | 6,824 | ||||
Income tax expense
|
6 | 6 | ||||||
- | ||||||||
Supplemental disclosures of cash flow information, non-cash transactions:
|
||||||||
Proceeds from exercise of stock options applied to accounts payable
|
21 | 16 | ||||||
Issuance of warrants to subordinated debt holders
|
1,087 | 1,301 | ||||||
Transfer between debt and other liabilities
|
- | 438 | ||||||
Stock issued for interest on debt
|
229 | - | ||||||
Repurchase of common stock on revolver loan advance
|
7,479 | - | ||||||
Exercise of conversion feature on note to equity
|
- | 47 | ||||||
Settlement of accounts payable through transfer of equipment
|
- | 99 |
Accumulated Other Comprehensive | ||||||||||||||||||||||||||||||||
Series B Preferred Stock
|
Common Stock
|
Additional
|
Accumulated
|
|||||||||||||||||||||||||||||
|
Shares
|
Dollars
|
Shares
|
Dollars
|
Paid-in Capital
|
Deficit
|
loss
|
Total
|
||||||||||||||||||||||||
Balance at December 31, 2013
|
2,401 | 2 | 19,974 | 20 | 84,373 | (94,246 | ) | (2,916 | ) | (12,767 | ) | |||||||||||||||||||||
Conversion of Series B preferred to common stock
|
(736 | ) | - | 74 | - | - | - | - | - | |||||||||||||||||||||||
Options exercised & stock-based compensation
|
- | - | 161 | - | 643 | - | - | 643 | ||||||||||||||||||||||||
Shares issued to consultants and other services
|
- | - | 205 | - | 715 | - | - | 715 | ||||||||||||||||||||||||
Issuance and exercise of warrants
|
- | - | 217 | 1 | 1,302 | - | - | 1,303 | ||||||||||||||||||||||||
Conversion of note by note holder
|
- | - | 19 | - | 47 | - | - | 47 | ||||||||||||||||||||||||
Other comprehensive loss
|
- | - | - | - | - | - | (46 | ) | (46 | ) | ||||||||||||||||||||||
Net income
|
- | - | - | - | - | 7,133 | - | 7,133 | ||||||||||||||||||||||||
Balance at December 31, 2014
|
1,665 | 2 | 20,650 | 21 | 87,080 | (87,113 | ) | (2,962 | ) | (2,972 | ) | |||||||||||||||||||||
Conversion of Series B preferred to common stock
|
(267 | ) | (1 | ) | 26 | - | - | - | - | (1 | ) | |||||||||||||||||||||
Options exercised & stock-based compensation
|
- | - | 146 | - | 981 | - | - | 981 | ||||||||||||||||||||||||
Shares issued to consultants and other services
|
- | - | 50 | - | 204 | - | - | 204 | ||||||||||||||||||||||||
Issuance and exercise of warrants
|
- | - | 270 | 1 | 1,098 | - | - | 1,099 | ||||||||||||||||||||||||
Repurchase of common stock
|
- | - | (1,600 | ) | (3 | ) | (7,476 | ) | - | - | (7,479 | ) | ||||||||||||||||||||
Issuance of shares for Interest and additional consideration
|
- | - | 77 | 1 | 228 | - | - | 229 | ||||||||||||||||||||||||
Other comprehensive loss
|
- | - | - | - | - | - | (217 | ) | (217 | ) | ||||||||||||||||||||||
Net loss
|
- | - | - | - | - | (27,138 | ) | - | (27,138 | ) | ||||||||||||||||||||||
Balance at December 31, 2015
|
1,398 | 1 | 19,619 | 20 | 82,115 | (114,251 | ) | (3,179 | ) | (35,294 | ) |
·
|
Aemetis Americas, Inc., a Nevada corporation, and its subsidiary AE Biofuels, Inc., a Delaware corporation;
|
·
|
Biofuels Marketing, Inc., a Delaware corporation;
|
·
|
Aemetis International, Inc., a Nevada corporation, and its subsidiary International Biofuels, Ltd., a Mauritius corporation, and its subsidiary Universal Biofuels Private, Ltd., an India company;
|
·
|
Aemetis Technologies, Inc., a Delaware corporation;
|
·
|
Aemetis Biochemicals, Inc., a Nevada corporation;
|
·
|
Aemetis Biofuels, Inc., a Delaware corporation, and its subsidiary Energy Enzymes, Inc., a Delaware corporation;
|
·
|
AE Advanced Fuels, Inc., a Delaware corporation, and its subsidiaries Aemetis Advanced Fuels Keyes, Inc., a Delaware corporation, and Aemetis Facility Keyes, Inc., a Delaware corporation;
|
·
|
Aemetis Advanced Fuels, Inc., a Nevada corporation;
|
·
|
Aemetis Advanced Products Keyes, Inc., a Delaware corporation; and,
|
·
|
Aemetis Advanced Fuels Goodland, Inc., a Delaware corporation.
|
Year ended
|
||||||||
December 31, 2015
|
December 31, 2014
|
|||||||
(In thousands, except per share amounts)
|
||||||||
Net income (loss)
|
$ | (27,138 | ) | $ | 7,133 | |||
Shares:
|
||||||||
Weighted average shares outstanding—basic
|
19,823 | 20,371 | ||||||
Weighted average dilutive share equivalents from preferred shares
|
- | 220 | ||||||
Weighted average dilutive share equivalents from stock options
|
- | 269 | ||||||
Weighted average dilutive share equivalents from common warrants
|
- | 187 | ||||||
Weighted average shares outstanding—diluted
|
19,823 | 21,047 | ||||||
Earnings (loss) per share—basic
|
$ | (1.37 | ) | $ | 0.35 | |||
Earnings (loss) per share—diluted
|
$ | (1.37 | ) | $ | 0.34 |
As of
|
||||||||
December 31, 2015
|
December 31, 2014
|
|||||||
Series B preferred (1:10 post split basis)
|
140 | - | ||||||
Common stock options and warrants
|
1,347 | 30 | ||||||
EB-5 debt convertible to Common stock at $30 per share
|
783 | - | ||||||
Total number of potentially dilutive shares excluded from the diluted net income (loss) per share calculation
|
2,270 | 30 |
December 31, 2015
|
December 31, 2014
|
|||||||
Raw materials
|
$ | 1,219 | $ | 1,522 | ||||
Work-in-progress
|
1,807 | 1,453 | ||||||
Finished goods
|
1,778 | 1,516 | ||||||
Total inventory
|
$ | 4,804 | $ | 4,491 |
December 31, 2015
|
December 31, 2014
|
|||||||
Land
|
$ | 2,727 | $ | 2,753 | ||||
Plant and Buildings
|
81,821 | 82,338 | ||||||
Furniture and fixtures
|
494 | 458 | ||||||
Machinery and equipment
|
4,052 | 4,063 | ||||||
Construction in progress
|
147 | 148 | ||||||
Total gross property, plant & equipment
|
89,241 | 89,760 | ||||||
Less accumulated depreciation
|
(18,523 | ) | (13,950 | ) | ||||
Total net property, plant & equipment
|
$ | 70,718 | $ | 75,810 |
Years
|
||||
Plant and Buildings
|
20 - 30 | |||
Machinery & Equipment
|
5 - 7 | |||
Furniture & Fixtures
|
3 - 5 |
2015
|
2014
|
|||||||
Patents
|
$ | 826 | $ | 906 | ||||
In-process research and development
|
554 | 630 | ||||||
$ | 1,380 | $ | 1,536 | |||||
Goodwill
|
$ | - | $ | 968 |
For the twelve months ending December 31,
|
Amortization
|
|||
2016
|
$ | 80 | ||
2017
|
80 | |||
2018
|
108 | |||
2019
|
198 | |||
2020
|
108 | |||
Thereafter
|
806 | |||
Total
|
$ | 1,380 |
December 31, 2015
|
December 31, 2014
|
|||||||
Third Eye Capital term note
|
$ | 6,269 | $ | 7,394 | ||||
Third Eye Capital revolving credit facility
|
25,870 | 22,330 | ||||||
Third Eye Capital revenue participation term note
|
10,526 | 10,195 | ||||||
Third Eye Capital acquisition term note
|
18,260 | 17,728 | ||||||
Cilion shareholder seller note payable
|
5,523 | 5,373 | ||||||
State Bank of India secured term loan
|
4,200 | 6,032 | ||||||
Subordinated notes
|
6,340 | 5,428 | ||||||
EB-5 long term promissory notes
|
23,907 | 1,534 | ||||||
Unsecured working capital loans
|
- | 1,287 | ||||||
Total debt
|
100,895 | 77,301 | ||||||
Less current portion of debt
|
11,947 | 12,746 | ||||||
Total long term debt
|
$ | 88,948 | $ | 64,555 |
A.
|
Term Notes
.
As of December 31, 2015, AAFK had $6.3 million in principal and interest outstanding under the Term Notes, net of unamortized fair value discounts of $0.1 million. The Term Notes mature on April 1, 2017*. Interest on the Term Notes accrues at 14% per annum.
|
B.
|
Revolving Credit Facility
.
The Revolving Credit Facility accrues interest at the prime rate plus 13.75% (17% as of December 31, 2015) payable monthly in arrears. The Revolving Credit Facility matures on April 1, 2017*. As of December 31, 2015, AAFK had $25.9 million in principal and interest outstanding, net of unamortized debt issuance costs of $0.4 million on the Revolving Credit Facility.
|
C.
|
Revenue Participation Term Notes
.
The Revenue Participation Term Note bears interest at 5% per annum and matures on April 1, 2017*. As of December 31, 2015, AAFK had $10.5 million in principal and interest outstanding, net of unamortized discounts of $0.2 million, on the Revenue Participation Term Note.
|
D.
|
Acquisition Term Notes
.
The Acquisition Term Notes accrue interest at prime rate plus 10.75% (14% per annum as of December 31, 2015) and mature on April 1, 2017*. As of December 31, 2015, Aemetis Facility Keyes, Inc. had $18.3 million in principal and interest outstanding, net of unamortized discounts of $0.3 million, on the Acquisition Term Notes.
|
|
The Notes contain various covenants, including but not limited to, minimum free cash flow and production requirements and restrictions on capital expenditures.
|
Year ended December 31,
|
Debt Repayments
|
|||
2016
|
$ | 11,947 | ||
2017
|
63,833 | |||
2018
|
3,500 | |||
2019
|
22,523 | |||
2020
|
- | |||
Total debt
|
101,803 | |||
Discounts
|
(908 | ) | ||
Total debt, net of discounts
|
$ | 100,895 |
Twelve months ended December 31,
|
Future Rent Payments
|
|||
2016
|
$
|
447
|
||
2017
|
462
|
|||
2018
|
479
|
|||
2019
|
495
|
|||
2020
|
209
|
|||
Total
|
$
|
2,092
|
|
Shares Issued and
|
|||||||||||
Authorized
|
Outstanding December 31,
|
|||||||||||
Shares |
2015
|
2014
|
||||||||||
Series B preferred stock
|
7,235 | 1398 | 1665 | |||||||||
Undesignated
|
57,765 | — | — | |||||||||
|
65,000 | 1398 | 1665 |
·
|
Increase or decrease (other than by redemption or conversion) the total number of authorized shares of Series B preferred stock;
|
·
|
Effect an exchange, reclassification, or cancellation of all or a part of the Series B preferred stock, including a reverse stock split, but excluding a stock split;
|
·
|
Effect an exchange, or create a right of exchange, of all or part of the shares of another class of shares into shares of Series B preferred stock; or
|
·
|
Alter or change the rights, preferences or privileges of the shares of Series B preferred stock so as to affect adversely the shares of such series.
|
Description
|
For the years ended December 31
|
|||||||
2015
|
2014
|
|||||||
Dividend-yield
|
0 | % | 0 | % | ||||
Risk-free interest rate
|
1.10 | % | 0.49 | % | ||||
Expected volatility
|
80.02 | % | 72.26 | % | ||||
Expected life (years)
|
3.62 | 2 | ||||||
Market value per share on grant date
|
$ | 4.06 | $ | 8.78 | ||||
Fair value per share on grant date
|
$ | 3.85 | $ | 8.77 |
Warrants Outstanding
|
Weighted - Average Exercise Price
|
Average Remaining Term in Years
|
||||||||||
Outstanding December 31, 2013
|
470 | $ | 3.40 | 4.85 | ||||||||
Granted
|
148 | 0.01 | ||||||||||
Exercised
|
(217 | ) | 1.32 | |||||||||
Expired
|
(50 | ) | 4.97 | |||||||||
Outstanding December 31, 2014
|
351 | $ | 3.05 | 2.69 | ||||||||
Granted
|
339 | 0.85 | ||||||||||
Exercised
|
(272 | ) | 0.21 | |||||||||
Expired
|
(50 | ) | 1.30 | |||||||||
Outstanding December 31, 2015
|
368 | $ | 3.36 | 4.61 |
Expected dividend yield
|
0 | % | ||
Risk-free interest rate
|
0.95 | % | ||
Expected volatility
|
66.37 | % | ||
Expected Life (years)
|
1.63 | |||
Exercise price
|
$ | 0.01 | ||
Company stock price
|
$ | 2.90 | ||
Fair value of stock
|
$ | 2.89 |
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
2015
|
||||||||||||||||
Warrant liability
|
$ | 54 | $ | - | $ | - | $ | 54 | ||||||||
2014
|
||||||||||||||||
Warrant liability
|
$ | 108 | $ | - | $ | - | $ | 108 |
Balance as of December 31, 2013
|
$ | 60 | ||
Related change in fair value
|
48 | |||
Balance as of December 31, 2014
|
$ | 108 | ||
Related change in fair value
|
(54 | ) | ||
Balance as of December 31, 2015
|
$ | 54 |
Shares Available for Grant
|
Number of Shares Outstanding
|
Weighted-Average Exercise Price
|
||||||||||
Balance as of December 31, 2014
|
5 | 1,015 | $ | 5.52 | ||||||||
Authorized
|
200 | — | — | |||||||||
Granted
|
(235 | ) | 235 | 3.83 | ||||||||
Exercised
|
- | (145 | ) | 2.72 | ||||||||
Forfeited/expired
|
125 | (125 | ) | 3.64 | ||||||||
Balance as of December 31, 2015
|
95 | 980 | $ | 5.76 |
Number of Shares
|
Weighted Average Exercise Price
|
Remaining Contractual Term (In Years)
|
Average Intrinsic Value
1
|
|||||||||||||
2015
|
||||||||||||||||
Vested
and exercisable
|
687 | $ | 6.49 | 2.32 | $ | - | ||||||||||
Unvested
|
293 | 4.06 | 5.59 | - | ||||||||||||
Total O
utstanding
|
980 | $ | 5.76 | 3.30 | $ | - | ||||||||||
2014
|
||||||||||||||||
Vested and exercisable
|
648 | $ | 5.84 | 2.47 | $ | 670 | ||||||||||
Unvested
|
367 | 4.95 | 3.87 | 356 | ||||||||||||
Total O
utstanding
|
1,015 | $ | 5.52 | 2.98 | $ | 1,026 |
Description
|
For the years ended December 31
|
|||||||
2015
|
2014
|
|||||||
Dividend-yield
|
0 | % | 0 | % | ||||
Risk-free interest rate
|
1.61 | % | 0.88 | % | ||||
Expected volatility
|
76.55 | % | 77.86 | % | ||||
Expected life (years)
|
5.40 | 3 | ||||||
Market value per share on grant date
|
$ | 3.69 | $ | 4.38 | ||||
Fair value per share on grant date
|
$ | 2.27 | $ | 2.22 |
For the year ended December 31,
|
||||||||
2015
|
2014
|
|||||||
Ethanol sales
|
$ | 92,729 | $ | 148,408 | ||||
Wet distiller's grains sales
|
24,556 | 32,689 | ||||||
Corn oil sales
|
3,485 | 4,501 | ||||||
Corn purchases
|
97,179 | 120,915 | ||||||
Accounts receivable
|
305 | 368 | ||||||
Accounts payable
|
1,455 | 1,965 |
For the year ended December 31,
|
||||||||
2015
|
2014
|
|||||||
Revenues
|
||||||||
North America
|
$ | 129,408 | $ | 195,416 | ||||
India
|
17,241 | 12,267 | ||||||
Total revenues
|
$ | 146,649 | $ | 207,683 | ||||
Cost of goods sold
|
||||||||
North America
|
$ | 126,290 | $ | 158,719 | ||||
India
|
16,160 | 11,820 | ||||||
Total cost of goods sold
|
$ | 142,450 | $ | 170,539 | ||||
Gross profit
|
||||||||
North America
|
$ | 3,118 | $ | 36,697 | ||||
India
|
1,081 | 447 | ||||||
Total gross profit
|
$ | 4,199 | $ | 37,144 |
As of
|
||||||||
December 31,
|
December 31,
|
|||||||
2015
|
2014
|
|||||||
North America
|
$ | 69,165 | $ | 76,066 | ||||
India
|
13,976 | 13,110 | ||||||
Total Assets
|
$ | 83,141 | $ | 89,176 | ||||
2015
|
For the three months ended
|
For the year ended
|
||||||||||||||||||
March 31,
|
June 30,
|
September 30,
|
December 31,
|
December 31,
|
||||||||||||||||
2015
|
2015
|
2015
|
2015
|
2015
|
||||||||||||||||
Revenues
|
$ | 34,726 | $ | 38,067 | $ | 38,510 | $ | 35,346 | $ | 146,649 | ||||||||||
Cost of goods sold
|
34,954 | 36,118 | 37,476 | 33,902 | 142,450 | |||||||||||||||
Gross profit (loss)
|
(228 | ) | 1,949 | 1,034 | 1,444 | 4,199 | ||||||||||||||
Research and development expenses
|
109 | 104 | 117 | 117 | 447 | |||||||||||||||
Selling, general and administrative expenses
|
3,634 | 3,148 | 2,774 | 2,805 | 12,361 | |||||||||||||||
Operating loss
|
(3,971 | ) | (1,303 | ) | (1,857 | ) | (1,478 | ) | (8,609 | ) | ||||||||||
Other expense
|
||||||||||||||||||||
Interest expense
|
||||||||||||||||||||
Interest rate expense
|
(2,546 | ) | (2,485 | ) | (2,610 | ) | (2,523 | ) | (10,164 | ) | ||||||||||
Amortization expense
|
(1,723 | ) | (2,405 | ) | (1,258 | ) | (1,329 | ) | (6,715 | ) | ||||||||||
Loss on debt extinguishment
|
(330 | ) | - | - | - | (330 | ) | |||||||||||||
Loss on impairment of goodwill and intangible assets
|
- | - | - | (1,044 | ) | (1,044 | ) | |||||||||||||
Other expense
|
(67 | ) | (94 | ) | (30 | ) | (79 | ) | (270 | ) | ||||||||||
Loss before income taxes
|
(8,637 | ) | (6,287 | ) | (5,755 | ) | (6,453 | ) | (27,132 | ) | ||||||||||
Income tax expense
|
(6 | ) | - | - | - | (6 | ) | |||||||||||||
Net loss
|
(8,643 | ) | (6,287 | ) | (5,755 | ) | (6,453 | ) | (27,138 | ) | ||||||||||
Other comprehensive loss
|
||||||||||||||||||||
Foreign currency translation adjustment
|
38 | (84 | ) | (104 | ) | (67 | ) | (217 | ) | |||||||||||
Comprehensive loss
|
$ | (8,605 | ) | $ | (6,371 | ) | $ | (5,859 | ) | $ | (6,520 | ) | $ | (27,355 | ) | |||||
Net loss per common share
|
||||||||||||||||||||
Basic
|
$ | (0.42 | ) | $ | (0.32 | ) | $ | (0.29 | ) | $ | (0.33 | ) | $ | (1.37 | ) | |||||
Diluted
|
$ | (0.42 | ) | $ | (0.32 | ) | $ | (0.29 | ) | $ | (0.33 | ) | $ | (1.37 | ) | |||||
Weighted average shares outstanding
|
||||||||||||||||||||
Basic
|
20,595 | 19,590 | 19,521 | 19,598 | 19,823 | |||||||||||||||
Diluted
|
20,595 | 19,590 | 19,521 | 19,598 | 19,823 |
For the three months ended
|
For the year ended
|
|||||||||||||||||||
2014
|
March 31,
|
June 30,
|
September 30,
|
December 31,
|
December 31,
|
|||||||||||||||
2014
|
2014
|
2014
|
2014
|
2014
|
||||||||||||||||
Revenues
|
$ | 60,665 | $ | 57,195 | $ | 48,348 | $ | 41,475 | $ | 207,683 | ||||||||||
Cost of goods sold
|
45,041 | 45,842 | 40,633 | 39,023 | 170,539 | |||||||||||||||
Gross profit
|
15,624 | 11,353 | 7,715 | 2,452 | 37,144 | |||||||||||||||
Research and development expenses
|
100 | 141 | 101 | 117 | 459 | |||||||||||||||
Selling, general and administrative expenses
|
2,842 | 3,449 | 2,972 | 3,332 | 12,595 | |||||||||||||||
Operating income/(loss)
|
12,682 | 7,763 | 4,642 | (997 | ) | 24,090 | ||||||||||||||
Other income/(expense)
|
||||||||||||||||||||
Interest expense
|
||||||||||||||||||||
Interest rate expense
|
(2,920 | ) | (2,530 | ) | (2,287 | ) | (2,315 | ) | (10,052 | ) | ||||||||||
Amortization expense
|
(2,118 | ) | (2,502 | ) | (741 | ) | (677 | ) | (6,038 | ) | ||||||||||
Loss on debt extinguishment
|
(115 | ) | - | (1,231 | ) | - | (1,346 | ) | ||||||||||||
Gain on sale of assets
|
- | (119 | ) | - | - | (119 | ) | |||||||||||||
Other income/(expense)
|
164 | 110 | 81 | 249 | 604 | |||||||||||||||
Income /(Loss) before income taxes
|
7,693 | 2,722 | 464 | (3,740 | ) | 7,139 | ||||||||||||||
Income tax expense
|
(6 | ) | - | - | - | (6 | ) | |||||||||||||
Net income /(loss)
|
7,687 | 2,722 | 464 | (3,740 | ) | 7,133 | ||||||||||||||
Other comprehensive income (loss)
|
||||||||||||||||||||
Foreign currency translation adjustment
|
108 | - | (98 | ) | (56 | ) | (46 | ) | ||||||||||||
Comprehensive income (loss)
|
$ | 7,795 | $ | 2,722 | $ | 366 | $ | (3,796 | ) | $ | 7,087 | |||||||||
Net income (loss) per common share
|
||||||||||||||||||||
Basic
|
$ | 0.38 | $ | 0.13 | $ | 0.02 | $ | (0.18 | ) | $ | 0.35 | |||||||||
Diluted
|
$ | 0.34 | $ | 0.13 | $ | 0.02 | $ | (0.18 | ) | $ | 0.34 | |||||||||
Weighted average shares outstanding
|
||||||||||||||||||||
Basic
|
20,007 | 20,284 | 20,555 | 20,630 | 20,371 | |||||||||||||||
Diluted
|
22,657 | 20,948 | 21,476 | 20,630 | 21,047 |
Year Ended December 31,
|
||||||||
2015
|
2014
|
|||||||
Income tax expense (benefit) at the federal statutory rate
|
(9,225 | ) | 2,427 | |||||
State tax expense (benefit)
|
(760 | ) | 1,089 | |||||
Foreign tax rate differential
|
180 | 302 | ||||||
Stock-based compensation
|
253 | 204 | ||||||
Interest Expense
|
16 | 53 | ||||||
Goodwill impairment
|
329 | - | ||||||
Other
|
113 | (147 | ) | |||||
Credits
|
(17 | ) | (25 | ) | ||||
Valuation Allowance
|
9,117 | (3,897 | ) | |||||
Income Tax Expense
|
6 | 6 | ||||||
Effective Tax Rate
|
-0.02 | % | 0.08 | % |
Year Ended December 31,
|
||||||||
2015
|
2014
|
|||||||
Org, Start-up and Intangible Assets
|
8,067 | 8,750 | ||||||
Stock Based Comp
|
67 | 86 | ||||||
Prop., Plant, and Equip.
|
(22,717 | ) | (22,015 | ) | ||||
NOLs and Credits
|
60,603 | 49,645 | ||||||
Convertible Debt
|
(5 | ) | (5 | ) | ||||
Ethanol Credits
|
1,500 | 1,500 | ||||||
Debt Extinguishment
|
1,361 | 2,239 | ||||||
Other, net
|
536 | 592 | ||||||
Subtotal
|
49,412 | 40,792 | ||||||
Valuation Allowance
|
(49,412 | ) | (40,792 | ) | ||||
Deferred tax assets (liabilities)
|
- | - |
United States — Federal
|
2005 – present
|
||
United States — State
|
2005– present
|
||
India
|
2006 – present
|
||
Mauritius
|
2006 – present
|
Assets
|
2015
|
2014
|
||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | - | $ | 65 | ||||
Intercompany receivables
|
15,609 | 24,578 | ||||||
Prepaid expenses
|
315 | 609 | ||||||
Total current assets
|
15,924 | 25,252 | ||||||
Investment in Aemetis International, Inc.
|
- | 1,082 | ||||||
Total investments in Subsidiaries, net of advances
|
- | 1,082 | ||||||
Other assets
|
54 | 23 | ||||||
Total Assets
|
$ | 15,978 | $ | 26,357 | ||||
Liabilities & stockholders' deficit
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$ | 2,746 | $ | 2,869 | ||||
Mandatorily redeemable Series B convertibe preferred
|
2,742 | 2,641 | ||||||
Other current liabilities
|
1,158 | 996 | ||||||
Total current liabilities
|
6,646 | 6,506 | ||||||
Subsidiary obligation in excess of investment
|
||||||||
Investment in AE Advanced Fuels, Inc.
|
39,019 | 18,497 | ||||||
Investment in Aemetis Americas, Inc
|
205 | 205 | ||||||
Investment in Aemetis Biofuels, Inc.
|
2,741 | 2,741 | ||||||
Investment in Aemetis Technologies, Inc.
|
2,285 | 1,031 | ||||||
Investment in Biofuels Marketing, Inc.
|
349 | 349 | ||||||
Investment in Aemetis International, Inc.
|
27 | - | ||||||
Total subsidiary obligation in excess of investment
|
44,626 | 22,823 | ||||||
Total long term liabilities
|
44,626 | 22,823 | ||||||
Stockholders' deficit
|
||||||||
Series B Preferred convertible stock
|
1 | 2 | ||||||
Common stock
|
20 | 21 | ||||||
Additional paid-in capital
|
82,115 | 87,080 | ||||||
Accumulated deficit
|
(114,251 | ) | (87,113 | ) | ||||
Accumulated other comprehensive loss
|
(3,179 | ) | (2,962 | ) | ||||
Total stockholders' deficit
|
(35,294 | ) | (2,972 | ) | ||||
Total liabilities & stockholders' deficit
|
$ | 15,978 | $ | 26,357 |
2015
|
2014
|
|||||||
Equity in subsidiary gains (losses)
|
(22,669 | ) | 11,123 | |||||
Selling, general and administrative expenses
|
3,910 | 3,942 | ||||||
Operating income (loss)
|
(26,579 | ) | 7,181 | |||||
Other income (expense)
|
||||||||
Interest expense
|
(179 | ) | (277 | ) | ||||
Other income (expense)
|
(374 | ) | 235 | |||||
Income (loss) before income taxes
|
(27,132 | ) | 7,139 | |||||
Income tax expense
|
(6 | ) | (6 | ) | ||||
Net income (loss)
|
(27,138 | ) | 7,133 | |||||
Other comprehensive income (loss)
|
||||||||
Foreign currency translation adjustment
|
(217 | ) | (46 | ) | ||||
Comprehensive income (loss)
|
(27,355 | ) | 7,087 |
●
|
Operating the Keyes plant;
|
●
|
Continuing to incorporate lower-cost, non-food advanced biofuels feedstock at the Keyes plant when economical;
|
●
|
Attracting investors to financing arrangements including working with Advanced BioEnergy LP to issue up to $12.5 million of additional EB-5 notes at 3% interest rate;
|
●
|
Refinancing the senior debt with a lender who is able to offer terms conducive to the long term financing of the Keyes plant;
|
●
|
Restructuring or refinancing the State Bank of India note to allow for additional working capital and reduce current financing costs; and
|
●
|
Securing higher volumes of shipments from the Kakinada, India biodiesel and refined glycerin facility; and
|
●
|
Offering our common stock by the ATM Registration Statement
|
Aemetis, Inc.
|
|
/s/ E
RIC
A. M
C
A
FEE
|
|
Eric A. McAfee
|
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
Name
|
Title
|
Date
|
||
/s/ E
RIC
A. M
C
A
FEE
|
Chairman/Chief Executive Officer
|
March 28, 2016
|
||
Eric A. McAfee
|
(Principal Executive Officer and Director)
|
|||
/s/
Todd Waltz
|
Chief Financial Officer
|
March 28, 2016
|
||
Todd Waltz
|
(Principal Financial and Accounting Officer)
|
|
||
/s/
Francis Barton
|
Director
|
March 28, 2016
|
||
Fran Barton
|
||||
/s/
John R. Block
|
Director
|
March 28, 2016
|
||
John R. Block
|
||||
/s/
Dr. Steven Hutcheson
|
Director
|
March 28, 2016
|
||
Dr. Steven Hutcheson
|
||||
/s/
Harold Sorgenti
|
Director
|
March 28, 2016
|
||
Harold Sorgenti
|
AEMETIS, INC.
|
|||
|
By:
|
/s/ Eric A. McAfee | |
Name: Eric A. McAfee
|
|||
Title: Chief Executive Officer
|
|||
ACCEPTED as of the date first-above written: |
FBR CAPITAL MARKETS & CO.
|
|||
|
By:
|
/s/ Patrice McNicoll | |
Name: Patrice McNicoll
|
|||
Title: Co-Head of Capital Markets
|
|||
MLV & CO. LLC
|
|||
|
By:
|
/s/ Patrice McNicoll | |
Name: Patrice McNicoll
|
|||
Title: Chief Executive Officer
|
|||
BORROWERS
:
|
|||
AEMETIS ADVANCED FUELS KEYES, INC.
|
|||
|
By:
|
/s/ Eric A. McAfee | |
Name: Eric A. McAfee
|
|||
Title: Chief Executive Officer
|
|||
AEMETIS FACILITY KEYES, INC.
|
|||
|
By:
|
/s/ Eric A. McAfee | |
Name: Eric A. McAfee
|
|||
Title: Chief Executive Officer
|
|||
PARENT:
|
|||
AEMETIS, INC.
|
|||
|
By:
|
/s/ Eric A. McAfee | |
Name: Eric A. McAfee
|
|||
Title: Chief Executive Officer
|
|||
Company Name | |||
|
By:
|
/s/ | |
Name | |||
Title | |||
ADMINISTRATIVE AGENT:
|
|||
THIRD EYE CAPITAL CORPORATION
|
|||
|
By:
|
/s/ Arif N. Bhalwani | |
Name: Arif N. Bhalwani
|
|||
Title: Managing Director
|
|||
NOTEHOLDERS:
|
|||
SPROTT ASSET MANAGEMENT GP INC., in its capacity as general partner of SPROTT ASSET MANAGEMENT L.P., in its capacity as Manager of SPROTT PC TRUST
|
|||
|
By:
|
/s/ Kirstin McTaggart | |
Name: Kirstin McTaggart
|
|||
Title: CCO
|
|||
SPROTT ASSET MANAGEMENT GP INC., in its capacity as general partner of SPROTT ASSET MANAGEMENT L.P., in its capacity as Manager of SPROTT PRIVATE CREDIT TRUST
|
|||
|
By:
|
/s/ Kirstin McTaggart | |
Name: Kirstin McTaggart
|
|||
Title: CCO
|
THIRD EYE CAPITAL CREDIT OPPORTUNITIES S.ar.l, it its capacity as Managing General Partner of THIRD EYE CAPITAL CREDIT OPPORTUNITIES FUND – INSIGHT FUND
|
|||
|
By:
|
/s/ Robert L. DeNormandie | |
Name: Robert L. DeNormandie
|
|||
Title: Manager
|
|||
|
By:
|
/s/ Richard Goddard | |
Name: Richard Goddard
|
|||
Title: Manager
|
|||
Re:
|
Letter of intent for the purchase of certain property, plant and equipment situated on approximately 94.8 acres in Goodland, Kansas (the “
Goodland Plant
”) from Third Eye Capital Corporation, in its capacity as attorney-in-fact for New Goodland Energy Center, LLC (the "
Vendor
") by Aemetis Advanced Fuels Goodland, Inc. or such other subsidiary of Aemetis Inc. formed for the purchase of the Goodland Plant (collectively, the "
Purchaser
" or “
AAFG
”)
|
1.
|
Description of Purchased Assets
|
(a)
|
The Purchased Assets consist of the Purchaser’s right, title and interest in, to and under the following:
|
(i)
|
all real property of the Vendor as set out in Schedule “A” hereto, including, without limitation, loading, storage, transportation and other facilities located in Sherman County, Kansas; and
|
(ii)
|
all other assets, property and undertakings of the Vendor in connection with the Goodland Plant, including, without limitation, any and all supplies, parts, leases, licenses, software, contracts, instruments and agreements.
|
(b)
|
The Purchaser will receive all rights, benefits, claims, covenants, obligations, powers, and duties of the Vendor in respect of the Purchased Assets.
|
2.
|
Purchase Price and Assumption of Debt
|
(i)
|
No interest for the first year; thereafter at the rate of 12% per annum, payable monthly in arrears;
|
(ii)
|
Repayment at any time, with final maturity in three years (“
AAFG Maturity
”); and
|
(iii)
|
Mandatory repayment from proceeds of insurance, EB-5 program filed for the benefit of AAFG, any asset sales, any sale of equity in AAFG, and 100% of free cash flow from AAFG.
|
3.
|
Acknowledgement of Financing
|
(i)
|
Aemetis Inc. guarantees all of the debt of AAFG under the Financing;
|
(ii)
|
AAFG repays at least 50% of its outstanding debt to the Agent and the noteholders under the Financing; or
|
(iii)
|
an EB-5 program application is filed for the benefit of AAFG with anticipated proceeds of at least $17,000,000. For greater certainty, the EB-5 program application specified herein shall be separate and distinct from any EB-5 program application filed by Aemetis, Inc. for the benefit of itself or any of its affiliates (other than AAFG).
|
4.
|
Agreement of Purchase and Sale
|
5.
|
Closing
|
6.
|
No-Shop Clause
|
(a)
|
solicit any offers to buy, transfer or assign the Purchased Assets;
|
(b)
|
hold discussions with any party looking toward such an offer or solicitation; or
|
(c)
|
enter into any agreement with any party with respect to the sale of shares or material assets of Borrower, or with respect to any merger, consolidation, or similar transaction.
|
7.
|
Good Faith
|
8.
|
Confidentiality
|
9.
|
Expenses
|
10.
|
Currency
|
11.
|
Governing Law
|
12.
|
No Assignment
|
13.
|
Counterparts
|
Very truly yours,
|
|
THIRD EYE CAPITAL CORPORATION, as Vendor
|
|
Per:
|
/s/ Arif N. Bhalwani
|
Name:
|
Arif N. Bhalwani
|
Title:
|
Managing Director
|
AEMETIS ADVANCED FUELS GOODLAND, INC.,
as Purchaser
|
||
Per:
|
/s/ Eric A. McAfee
|
|
Name:
|
Eric A. McAfee
|
|
Title:
|
Authorized Signatory
|
Date: March 28, 2016
|
By:
|
/s/ Eric A. McAfee | |
Eric A. McAfee
|
|||
Chief Executive Officer
|
|||