$GEVO
Gevo, Inc.

2013 Q1 Form 10-K Financial Statement

#000119312513124921 Filed on March 26, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q4 2012
Revenue $3.543M $1.920M $24.39M
YoY Change -76.18% -88.86% -62.22%
Cost Of Revenue $2.048M $2.810M $31.49M
YoY Change -86.36% -81.91% -48.02%
Gross Profit -$4.325M -$890.0K -$8.025M
YoY Change 3034.06% -152.35% -302.6%
Gross Profit Margin -122.07% -46.35% -32.91%
Selling, General & Admin $6.950M $7.810M $43.98M
YoY Change -47.06% -12.15% 52.24%
% of Gross Profit
Research & Development $4.976M $4.350M $19.43M
YoY Change 0.42% -26.77% -1.63%
% of Gross Profit
Depreciation & Amortization $849.0K $770.0K $3.313M
YoY Change 7.74% -37.4% -27.98%
% of Gross Profit
Operating Expenses $11.93M $12.16M $63.41M
YoY Change -34.04% -17.95% 30.33%
Operating Profit -$12.89M -$13.05M -$71.44M
YoY Change -29.28% -0.53% 59.84%
Interest Expense $3.276M -$180.0K $6.338M
YoY Change 201.38% -82.69% 77.19%
% of Operating Profit
Other Income/Expense, Net -$5.484M $50.00K $10.73M
YoY Change 404.51% -404.6%
Pretax Income -$18.37M -$13.18M -$60.71M
YoY Change -4.87% -6.92% 25.93%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$18.37M -$13.18M -$60.71M
YoY Change -4.85% -6.92% 25.92%
Net Earnings / Revenue -518.49% -686.46% -248.97%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.837B -$1.318B -$6.071B
COMMON SHARES
Basic Shares Outstanding 41.06M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q1 2012 Q4 2012
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.10M $66.70M $66.70M
YoY Change -26.89% -29.19% -29.19%
Cash & Equivalents $54.10M $66.74M $66.70M
Short-Term Investments
Other Short-Term Assets $1.700M $1.800M $1.800M
YoY Change 0.0% 0.0% 0.0%
Inventory $4.432M $6.659M $6.700M
Prepaid Expenses
Receivables $1.036M $698.0K $700.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $61.28M $75.88M $75.90M
YoY Change -27.22% -26.14% -26.1%
LONG-TERM ASSETS
Property, Plant & Equipment $78.13M $77.09M $77.10M
YoY Change 85.59% 167.9% 167.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.402M $1.402M $3.100M
YoY Change -12.38% 179.28% 106.67%
Total Long-Term Assets $55.07M $80.23M $80.20M
YoY Change 25.74% 164.82% 164.69%
TOTAL ASSETS
Total Short-Term Assets $61.28M $75.88M $75.90M
Total Long-Term Assets $55.07M $80.23M $80.20M
Total Assets $116.4M $156.1M $156.1M
YoY Change -9.1% 17.35% 17.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.400M $1.200M $1.200M
YoY Change -50.0% -80.65% -80.65%
Accrued Expenses $6.400M $99.00K $6.000M
YoY Change -57.62% -93.94% -3.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.700M $8.500M $8.500M
YoY Change 51.56% 142.86% 142.86%
Total Short-Term Liabilities $18.66M $16.77M $16.80M
YoY Change -22.89% 4.05% 4.35%
LONG-TERM LIABILITIES
Long-Term Debt $12.88M $15.45M $41.00M
YoY Change -51.39% -37.72% 65.32%
Other Long-Term Liabilities $512.0K $512.0K $500.0K
YoY Change 2033.33%
Total Long-Term Liabilities $13.39M $15.96M $41.50M
YoY Change -49.46% 66387.5% 67.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.66M $16.77M $16.80M
Total Long-Term Liabilities $13.39M $15.96M $41.50M
Total Liabilities $54.52M $58.28M $58.30M
YoY Change 7.33% 42.52% 42.54%
SHAREHOLDERS EQUITY
Retained Earnings -$213.7M -$195.3M
YoY Change 45.09%
Common Stock $441.0K $396.0K
YoY Change 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $87.70M $97.83M $97.80M
YoY Change
Total Liabilities & Shareholders Equity $142.2M $156.1M $156.1M
YoY Change 11.11% 17.35% 17.37%

Cashflow Statement

Concept 2013 Q1 2012 Q4 2012
OPERATING ACTIVITIES
Net Income -$18.37M -$13.18M -$60.71M
YoY Change -4.85% -6.92% 25.92%
Depreciation, Depletion And Amortization $849.0K $770.0K $3.313M
YoY Change 7.74% -37.4% -27.98%
Cash From Operating Activities -$9.006M -$20.75M -$68.06M
YoY Change -46.7% 164.33% 102.49%
INVESTING ACTIVITIES
Capital Expenditures $1.997M -$1.490M $52.43M
YoY Change -75.18% -66.44% 554.17%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $647.0K
YoY Change -100.0% -100.0% 1015.52%
Cash From Investing Activities -$1.997M -$1.500M -$53.04M
YoY Change -75.33% -66.59% 560.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $61.88M
YoY Change -46.06%
Debt Paid & Issued, Net $1.639M $10.41M
YoY Change 220.74% 448.55%
Cash From Financing Activities -1.639M -3.010M 93.62M
YoY Change -137.35% -133.56% -22.37%
NET CHANGE
Cash From Operating Activities -9.006M -20.75M -68.06M
Cash From Investing Activities -1.997M -1.500M -53.04M
Cash From Financing Activities -1.639M -3.010M 93.62M
Net Change In Cash -12.64M -25.26M -27.48M
YoY Change -38.64% 649.55% -134.81%
FREE CASH FLOW
Cash From Operating Activities -$9.006M -$20.75M -$68.06M
Capital Expenditures $1.997M -$1.490M $52.43M
Free Cash Flow -$11.00M -$19.26M -$120.5M
YoY Change -55.89% 464.81% 189.46%

Facts In Submission

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DeferredTaxAssetsTaxCredits
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CY2012Q4 gevo Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term3
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3
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CY2012Q4 gevo Outstanding Loan And Security Agreement
OutstandingLoanAndSecurityAgreement
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CY2012Q4 gevo License Fees
LicenseFees
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CY2012Q4 gevo Accrued Legal Related Expenses
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2757000
CY2012Q4 gevo Conversion Price
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CY2012Q4 gevo Discount On Convertible Debt
DiscountOnConvertibleDebt
2446000
CY2012Q4 gevo Estimated Credit Spread
EstimatedCreditSpread
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CY2012Q4 gevo Fair Value Expected Volatility Rate Assumptions
FairValueExpectedVolatilityRateAssumptions
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CY2012Q4 gevo Fair Value Of Convertible Notes With Embedded Derivative
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CY2012Q4 gevo Fair Value Of Convertible Notes Without Embedded Derivative
FairValueOfConvertibleNotesWithoutEmbeddedDerivative
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CY2012Q4 gevo Unamortized Debt Discount
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CY2012Q4 gevo Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Remaining Contractual Term2
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm2
P6Y4M24D
CY2012Q4 gevo Number Of Membership Interests Outstanding
NumberOfMembershipInterestsOutstanding
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us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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us-gaap Net Income Loss
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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us-gaap Revenue From Grants
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us-gaap Interest And Other Income
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784000
us-gaap Research And Development Expense
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us-gaap Cost Of Goods Sold
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us-gaap Revenues
Revenues
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Repayments Of Long Term Debt
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us-gaap Income Loss From Continuing Operations
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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us-gaap Share Based Compensation
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Payments To Acquire Restricted Certificates Of Deposit
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us-gaap Debt Conversion Converted Instrument Amount1
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us-gaap Depreciation And Amortization
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Derivative Gain Loss On Derivative Net
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us-gaap Proceeds From Issuance Of Convertible Preferred Stock
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Proceeds From Warrant Exercises
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Allocated Share Based Compensation Expense Net Of Tax
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us-gaap Operating Expenses
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us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
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us-gaap Increase Decrease In Inventories
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us-gaap Proceeds From Issuance Of Secured Debt
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us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Interest Paid
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CY2007 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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us-gaap Net Income Loss
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us-gaap Selling General And Administrative Expense
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us-gaap Proceeds From Convertible Debt
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42300000
us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Proceeds From Repayments Of Debt
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us-gaap Interest Expense
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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gevo Conversion Of Preferred Stock Warrants To Common Stock Warrants And Reclassification Of Related Liability To Additional Paid In Capital
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gevo Depreciation Expense Included In Cost Of Goods Sold
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gevo Gain Loss From Change In Fair Value Of Warrant Liabilities
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gevo Issuance Of Preferred Stock To Affiliate In Exchange For Credit Against Future Services
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gevo Proceeds From Issuance Of Convertible Promissory Notes With Warrant
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gevo Reclassification Of Deferred Offering Costs To Additional Paid In Capital Upon Initial Public Offering
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CY2011Q3 us-gaap Production Barrels Of Oil Equivalents
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CY2011Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2011Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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CY2011Q1 gevo Percentage Of Voting Power Required For Amendment
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CY2012Q3 us-gaap Proceeds From Issuance Of Common Stock
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CY2012Q3 us-gaap Stock Issued During Period Shares New Issues
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CY2006 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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CY2006 us-gaap Net Income Loss
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CY2006 gevo Issuance Of Warrants With Secured Long Term Debt
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10000
CY2007 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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55000
CY2007 us-gaap Stock Issued During Period Value New Issues
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CY2007 us-gaap Net Income Loss
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CY2007 gevo Issuance Of Warrants With Secured Long Term Debt
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33000
CY2009 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
945000
CY2009 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
1346000
CY2009 us-gaap Net Income Loss
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CY2009 gevo Cumulative Effect Of Reclassification Of Preferred Stock Warrants From Equity To Liabilities
CumulativeEffectOfReclassificationOfPreferredStockWarrantsFromEquityToLiabilities
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CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
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CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2010 us-gaap Operating Income Loss
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CY2010 us-gaap Revenue From Grants
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1631000
CY2010 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
14765000
CY2010 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2010 us-gaap Repayments Of Long Term Debt
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CY2010 us-gaap Income Loss From Continuing Operations
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CY2010 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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10511000
CY2010 us-gaap Other Preferred Stock Dividends And Adjustments
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2778000
CY2010 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2010 us-gaap Share Based Compensation
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CY2010 us-gaap Business Acquisitions Pro Forma Revenue
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CY2010 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2010 us-gaap Payments To Acquire Restricted Certificates Of Deposit
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CY2010 us-gaap Earnings Per Share Basic And Diluted
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CY2010 us-gaap Depreciation And Amortization
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CY2010 us-gaap Effective Income Tax Rate Continuing Operations
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CY2010 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P5Y4M2D
CY2010 us-gaap Net Cash Provided By Used In Operating Activities
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CY2010 us-gaap Net Cash Provided By Used In Investing Activities
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CY2010 us-gaap Payments Of Debt Issuance Costs
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CY2010 us-gaap Derivative Gain Loss On Derivative Net
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561000
CY2010 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
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31564000
CY2010 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2010 us-gaap Payments To Acquire Property Plant And Equipment
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CY2010 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2010 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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CY2010 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2010 us-gaap Amortization Of Financing Costs And Discounts
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762000
CY2010 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2010 us-gaap Increase Decrease In Accounts Receivable
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CY2010 us-gaap Proceeds From Warrant Exercises
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CY2010 us-gaap Interest And Other Income
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CY2010 us-gaap Research And Development Expense
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CY2010 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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CY2010 us-gaap Net Cash Provided By Used In Financing Activities
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CY2010 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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CY2010 us-gaap Operating Expenses
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CY2010 us-gaap Increase Decrease In Inventories
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CY2010 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2010 us-gaap Increase Decrease In Deposit Other Assets
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CY2010 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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CY2010 us-gaap Revenues
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CY2010 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2010 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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CY2010 us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2010 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2010 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2010 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2010 us-gaap Interest Expense
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CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2010 gevo Business Acquisition Pro Forma Operating Income Loss
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CY2010 gevo Accrued Deferred Offering Costs
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CY2010 gevo Effective Income Tax Rate Reconciliation Permanent Differences
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CY2010 gevo Defined Contribution Plan Employer Matching Contribution
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CY2010 gevo Beneficial Conversion Feature
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CY2010 gevo Depreciation Expense Included In Cost Of Goods Sold
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CY2010 gevo Gain Loss From Change In Fair Value Of Warrant Liabilities
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CY2010 gevo Issuance Of Preferred Stock To Affiliate In Exchange For Credit Against Future Services
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2011 us-gaap Operating Income Loss
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CY2011 us-gaap Revenue From Grants
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CY2011 us-gaap Sales Revenue Goods Net
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CY2011 us-gaap Proceeds From Issuance Of Common Stock
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CY2011 us-gaap Repayments Of Long Term Debt
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CY2011 us-gaap Income Loss From Continuing Operations
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CY2011 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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6826000
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CY2011 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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218000
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2011 us-gaap Share Based Compensation
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CY2011 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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2605000
CY2011 us-gaap Payments To Acquire Restricted Certificates Of Deposit
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CY2011 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2011 us-gaap Depreciation And Amortization
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CY2011 us-gaap Effective Income Tax Rate Continuing Operations
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CY2011 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2011 us-gaap Net Cash Provided By Used In Operating Activities
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CY2011 us-gaap Net Cash Provided By Used In Investing Activities
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CY2011 us-gaap Payments Of Debt Issuance Costs
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CY2011 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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47000
CY2011 us-gaap Derivative Gain Loss On Derivative Net
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CY2011 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2011 us-gaap Payments To Acquire Property Plant And Equipment
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8015000
CY2011 us-gaap Cash And Cash Equivalents Period Increase Decrease
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78951000
CY2011 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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381000
CY2011 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
928000
CY2011 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
171000
CY2011 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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CY2011 us-gaap Interest And Other Income
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CY2011 us-gaap Research And Development Expense
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CY2011 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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CY2011 us-gaap Net Cash Provided By Used In Financing Activities
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CY2011 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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CY2011 us-gaap Operating Expenses
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CY2011 us-gaap Increase Decrease In Inventories
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CY2011 us-gaap Operating Leases Rent Expense Net
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CY2011 us-gaap Proceeds From Issuance Of Secured Debt
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CY2011 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2011 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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2351000
CY2011 us-gaap Interest Costs Incurred Capitalized
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CY2011 us-gaap Cost Of Goods Sold
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CY2011 us-gaap Revenues
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64549000
CY2011 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2011 us-gaap Depreciation
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4600000
CY2011 us-gaap Payments For Proceeds From Other Investing Activities
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58000
CY2011 us-gaap Allocated Share Based Compensation Expense
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CY2011 us-gaap Gross Profit
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3961000
CY2011 us-gaap Interest Paid
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2461000
CY2011 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2011 us-gaap Other Cost And Expense Operating
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11000
CY2011 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2011 us-gaap Net Income Loss
NetIncomeLoss
-48214000
CY2011 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3521000
CY2011 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
28890000
CY2011 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-49308000
CY2011 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-307000
CY2011 us-gaap Interest Expense
InterestExpense
3577000
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.74
CY2011 gevo Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.018 pure
CY2011 gevo Defined Contribution Plan Employer Matching Contribution
DefinedContributionPlanEmployerMatchingContribution
400000
CY2011 gevo Conversion Of Preferred Stock Warrants To Common Stock Warrants And Reclassification Of Related Liability To Additional Paid In Capital
ConversionOfPreferredStockWarrantsToCommonStockWarrantsAndReclassificationOfRelatedLiabilityToAdditionalPaidInCapital
2063000
CY2008 gevo Issuance Of Warrants With Convertible Promissory Notes
IssuanceOfWarrantsWithConvertiblePromissoryNotes
505000
CY2008 gevo Issuance Of Warrants With Secured Long Term Debt
IssuanceOfWarrantsWithSecuredLongTermDebt
326000
CY2012 dei Trading Symbol
TradingSymbol
GEVO
CY2012 dei Entity Registrant Name
EntityRegistrantName
GEVO, INC.
CY2012 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012 dei Amendment Flag
AmendmentFlag
false
CY2012 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2012 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Type
DocumentType
10-K
CY2012 dei Document Period End Date
DocumentPeriodEndDate
2012-12-31
CY2012 dei Entity Central Index Key
EntityCentralIndexKey
0001392380
CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2012 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.7886 pure
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0117 pure
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
52432000
CY2011 gevo Conversion Of Preferred Stock Warrants To Common Stock Warrants Upon Initial Public Offering And Reclassification Of Related Liability To Additional Paid In Capital
ConversionOfPreferredStockWarrantsToCommonStockWarrantsUponInitialPublicOfferingAndReclassificationOfRelatedLiabilityToAdditionalPaidInCapital
-2063000
CY2011 gevo Depreciation Expense Included In Cost Of Goods Sold
DepreciationExpenseIncludedInCostOfGoodsSold
2100000
CY2011 gevo Gain Loss From Change In Fair Value Of Warrant Liabilities
GainLossFromChangeInFairValueOfWarrantLiabilities
-29000
CY2011 gevo Issuance Of Common Stock In Initial Public Offering Net Of Underwriting Discounts And Commissions
IssuanceOfCommonStockInInitialPublicOfferingNetOfUnderwritingDiscountsAndCommissions
110408000
CY2011 gevo Issuance Of Warrants With Secured Long Term Debt
IssuanceOfWarrantsWithSecuredLongTermDebt
877000
CY2011 gevo Reclassification Of Deferred Offering Costs To Additional Paid In Capital Upon Initial Public Offering
ReclassificationOfDeferredOfferingCostsToAdditionalPaidInCapitalUponInitialPublicOffering
4296000
CY2008 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
207000
CY2008 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
3043000
CY2008 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
6000
CY2008 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
210000
CY2008 us-gaap Net Income Loss
NetIncomeLoss
-14542000
CY2008 gevo Beneficial Conversion Featureconvertible Promissory Notes
BeneficialConversionFeatureconvertiblePromissoryNotes
-505000
CY2012 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
877000
CY2012 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2207000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2200000
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
-71437000
CY2012 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
575652 shares
CY2012 us-gaap Revenue From Grants
RevenueFromGrants
4477000
CY2012 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
19908000
CY2012 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
61875000
CY2012 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
10406000
CY2012 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-71437000
CY2012 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
7979000
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y11D
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
7979000
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.00
CY2012 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.000 pure
CY2012 us-gaap Amortization Of Leased Asset
AmortizationOfLeasedAsset
100000
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
8.35
CY2012 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-3343000
CY2012 us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
-40000
CY2012 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.86
CY2012 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Concentrations of Credit Risk</i>. The Company&#x2019;s financial instruments that are exposed to concentrations of credit risk consist of cash and cash equivalents in excess of the federally insured limits. The Company&#x2019;s cash and cash equivalents are deposited with high credit quality financial institutions and are primarily in demand deposit accounts.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">To date, substantially all ethanol sold through Agri-Energy from the date of acquisition was sold to C&amp;N&#xA0;Ethanol Marketing (&#x201C;C&amp;N&#x201D;). As of December&#xA0;31, 2011, the Company had $1.7 million in receivables from C&amp;N. The remaining receivable balance of $1.2 million at December&#xA0;31, 2011, primarily relates to the sale of distiller&#x2019;s grains to other customers or amounts due under grant and research and development programs. The Company&#x2019;s receivable balance at December&#xA0;31, 2012 primarily relates to amounts due under grant and research and development programs. As of December&#xA0;31, 2012, the Company had no receivable balance due from C&amp;N.</font></p> </div>
CY2012 us-gaap Other Noncash Expense
OtherNoncashExpense
500000
CY2012 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3313000
CY2012 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2022-07-01
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M11D
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-68058000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-53039000
CY2012 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
5876000
CY2012 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
445000
CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-197000
CY2012 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2845000
CY2012 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
600000
CY2012 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
5000000
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350 pure
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.32
CY2012 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.062 pure
CY2012 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
57430000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-27481000
CY2012 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
CY2012 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2240000
CY2012 us-gaap Interest And Other Income
InterestAndOtherIncome
63000
CY2012 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
19431000
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
93616000
CY2012 us-gaap Interest And Debt Expense
InterestAndDebtExpense
1600000
CY2012 us-gaap Stockholders Equity Other
StockholdersEquityOther
-877000
CY2012 us-gaap Embedded Derivative Loss On Embedded Derivative
EmbeddedDerivativeLossOnEmbeddedDerivative
17000000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
296177 shares
CY2012 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
8943000
CY2012 us-gaap Operating Expenses
OperatingExpenses
63412000
CY2012 us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet
17000000
CY2012 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
149000
CY2012 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
390000
CY2012 us-gaap Interest Costs Incurred Capitalized
InterestCostsIncurredCapitalized
1300000
CY2012 us-gaap Cost Of Goods Sold
CostOfGoodsSold
32410000
CY2012 us-gaap Revenues
Revenues
24385000
CY2012 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.387 pure
CY2012 us-gaap Depreciation
Depreciation
3313000
CY2012 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
647000
CY2012 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
964000
CY2012 us-gaap Gross Profit
GrossProfit
-8025000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2012 us-gaap Interest Paid
InterestPaid
4307000
CY2012 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32619091 shares
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12258903 shares
CY2012 us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
14000000
CY2012 us-gaap Net Income Loss
NetIncomeLoss
-60712000
CY2012 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
10725000
CY2012 us-gaap Subsidiary Or Equity Method Investee Cumulative Proceeds Received On All Transactions
SubsidiaryOrEquityMethodInvesteeCumulativeProceedsReceivedOnAllTransactions
1100000
CY2012 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
43981000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
550442 shares
CY2012 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
42300000
CY2012 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-60712000
CY2012 gevo Defined Contribution Plan Service Period For Eligibility
DefinedContributionPlanServicePeriodForEligibility
P3M
CY2012 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Use of Estimates</i>. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#x201C;GAAP&#x201D;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.</font></p> </div>
CY2012 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-154000
CY2012 us-gaap Interest Expense
InterestExpense
6338000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.74
CY2012 gevo Amortization Of Debt Issuance Costs
AmortizationOfDebtIssuanceCosts
400000
CY2012 gevo Tax Credit Carryforward Expiration Year
TaxCreditCarryforwardExpirationYear
2032
CY2012 gevo Defined Contribution Plan Vesting Period
DefinedContributionPlanVestingPeriod
P2Y
CY2012 gevo Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.025 pure
CY2012 gevo Defined Contribution Plan Employer Matching Contribution
DefinedContributionPlanEmployerMatchingContribution
500000
CY2012 gevo Conversion Rate
ConversionRate
175.6697
CY2012 gevo Defined Contribution Plan Employer Matching Percent Of Employee Contribution
DefinedContributionPlanEmployerMatchingPercentOfEmployeeContribution
1.00 pure
CY2012 gevo Agreement Expiration Time
AgreementExpirationTime
2015-12
CY2012 gevo Share Based Compensation Options Estimated Forfeiture Rates Range Upper Limit
ShareBasedCompensationOptionsEstimatedForfeitureRatesRangeUpperLimit
0.05 pure
CY2012 gevo Share Based Compensation Options Estimated Forfeiture Rates Range Lower Limit
ShareBasedCompensationOptionsEstimatedForfeitureRatesRangeLowerLimit
0.00 pure
CY2012 gevo Period Of Amortization Of Debt Discount
PeriodOfAmortizationOfDebtDiscount
P5Y
CY2012 gevo Debt Issuance Costs Amortization Period
DebtIssuanceCostsAmortizationPeriod
P5Y
CY2012 gevo Long Term Debt Interest Rate
LongTermDebtInterestRate
0.090 pure
CY2012 gevo Depreciation Expense Included In Cost Of Goods Sold
DepreciationExpenseIncludedInCostOfGoodsSold
2100000
CY2012 gevo Discount Rate Used In Computation Of Interest Payment
DiscountRateUsedInComputationOfInterestPayment
0.02 pure
CY2012 gevo Employee Benefit Plan Textblock
EmployeeBenefitPlanTextblock
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>16. Employee Benefit Plan</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company&#x2019;s employees participate in the Gevo,&#xA0;Inc. 401(k)&#xA0;Plan (the &#x201C;401(k)&#xA0;Plan&#x201D;). Subject to certain eligibility requirements, the 401(k)&#xA0;Plan covers substantially all employees after three months of service with quarterly entry dates. Employee contributions are deposited by the Company into the 401(k)&#xA0;Plan and may not exceed the maximum statutory contribution amount. The Company may make matching and/or discretionary contributions to the 401(k)&#xA0;Plan. Effective January&#xA0;1, 2008, the Company began providing an employer match of 100% up to a maximum of 5% of compensation per employee, which vests over a period of approximately two&#xA0;years. Effective January&#xA0;1, 2013, the Company elected to cease providing an employer match. During the years ended December&#xA0;31, 2012, 2011 and 2010, and from Inception to December&#xA0;31, 2012, the Company recorded $0.5 million, $0.4 million, $0.3 million and $1.5 million, respectively, in matching contributions.</font></p> </div>
CY2012 gevo Equity Ownership Of Wholly Owned Subsidiary
EquityOwnershipOfWhollyOwnedSubsidiary
1.00 pure
CY2012 gevo Issuance Of Warrants With Secured Long Term Debt
IssuanceOfWarrantsWithSecuredLongTermDebt
120000
CY2012 gevo Minimum Percentage Of Debt Holding For Immediate Payment In Case Of Default
MinimumPercentageOfDebtHoldingForImmediatePaymentInCaseOfDefault
0.25 pure
CY2012 gevo Number Of Consecutive Trading Days Required For Redemption
NumberOfConsecutiveTradingDaysRequiredForRedemption
P30D
CY2012 gevo Number Of Milestone Payment
NumberOfMilestonePayment
5 Installment
CY2012 gevo Number Of Trading Days For Valuation
NumberOfTradingDaysForValuation
P10D
CY2012 gevo Number Of Trading Days Required For Redemption
NumberOfTradingDaysRequiredForRedemption
20 or more trading days
CY2012 gevo Percentage Of Principal Amount And Accrued And Unpaid Interest For Repurchase Of Debt
PercentageOfPrincipalAmountAndAccruedAndUnpaidInterestForRepurchaseOfDebt
1.00 pure
CY2012 gevo Percentage Of Warrant Shares Vested
PercentageOfWarrantSharesVested
0.50 pure
CY2012 gevo Royalty Fee Payable
RoyaltyFeePayable
1000000
CY2012 gevo Valuation Rate Of Shares For Conversion
ValuationRateOfSharesForConversion
0.90 pure
CY2012 gevo Warrant Expiry Period
WarrantExpiryPeriod
2016-09
CY2010Q1 gevo Present Value Of License Fee
PresentValueOfLicenseFee
1600000

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