2020 Q4 Form 10-Q Financial Statement

#000143774920023414 Filed on November 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $530.0K $192.0K $6.110M
YoY Change -92.31% -96.86% -28.75%
Cost Of Revenue $1.960M $2.260M $9.893M
YoY Change -79.22% -77.16% -6.92%
Gross Profit -$1.430M -$2.068M -$3.783M
YoY Change -43.7% -45.33% 84.27%
Gross Profit Margin -269.81% -1077.08% -61.91%
Selling, General & Admin $3.610M $2.892M $2.431M
YoY Change 6.8% 18.96% 11.0%
% of Gross Profit
Research & Development $1.960M $870.0K $1.789M
YoY Change 532.26% -51.37% -4.08%
% of Gross Profit
Depreciation & Amortization $1.160M $1.470M $1.608M
YoY Change -35.91% -8.58% -0.12%
% of Gross Profit
Operating Expenses $5.570M $4.035M $4.220M
YoY Change 50.95% -4.38% 4.07%
Operating Profit -$7.000M -$6.103M -$8.003M
YoY Change 12.36% -23.74% 31.02%
Interest Expense -$9.140M $500.0K -$610.0K
YoY Change 1449.15% -181.97% -20.78%
% of Operating Profit
Other Income/Expense, Net -$530.0K -$733.0K -$616.0K
YoY Change 18.99% -20.21%
Pretax Income -$18.05M -$6.840M -$8.620M
YoY Change 164.66% -20.65% 25.29%
Income Tax
% Of Pretax Income
Net Earnings -$18.05M -$6.836M -$8.619M
YoY Change 164.66% -20.69% 25.28%
Net Earnings / Revenue -3405.66% -3560.42% -141.06%
Basic Earnings Per Share
Diluted Earnings Per Share -$149.8K -$88.77K -$664.6K
COMMON SHARES
Basic Shares Outstanding 119.6M 53.84M 13.42M
Diluted Shares Outstanding 8.658M 1.187M

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $78.30M $80.60M $20.90M
YoY Change 380.37% 285.65% -45.43%
Cash & Equivalents $78.34M $80.62M $80.60M
Short-Term Investments
Other Short-Term Assets $2.100M $4.600M $1.600M
YoY Change -41.67% 187.5% 60.0%
Inventory $2.491M $2.551M $2.962M
Prepaid Expenses
Receivables $527.0K $370.0K $378.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $83.27M $88.16M $25.84M
YoY Change 243.69% 241.13% -40.18%
LONG-TERM ASSETS
Property, Plant & Equipment $66.41M $63.32M $67.15M
YoY Change -0.43% -5.69% 0.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.500M $1.500M $1.500M
YoY Change 0.0% 0.0%
Other Assets $600.0K $500.0K $600.0K
YoY Change 100.0% -16.67% -53.85%
Total Long-Term Assets $68.83M $65.33M $69.63M
YoY Change -0.44% -6.17% 2.15%
TOTAL ASSETS
Total Short-Term Assets $83.27M $88.16M $25.84M
Total Long-Term Assets $68.83M $65.33M $69.63M
Total Assets $152.1M $153.5M $95.47M
YoY Change 62.92% 60.77% -14.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $900.0K $1.400M $1.500M
YoY Change -40.0% -6.67% -16.67%
Accrued Expenses $3.200M $3.500M $2.800M
YoY Change -23.81% 25.0% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $807.0K $13.20M $13.60M
YoY Change -94.4% -2.94%
Total Short-Term Liabilities $4.932M $18.14M $18.10M
YoY Change -75.46% 0.25% 224.34%
LONG-TERM LIABILITIES
Long-Term Debt $447.0K $600.0K $0.00
YoY Change 123.5% -100.0%
Other Long-Term Liabilities $179.0K $172.0K $450.0K
YoY Change -66.1% -61.78% 10.57%
Total Long-Term Liabilities $626.0K $172.0K $450.0K
YoY Change 18.56% -61.78% 10.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.932M $18.14M $18.10M
Total Long-Term Liabilities $626.0K $172.0K $450.0K
Total Liabilities $5.720M $18.90M $18.55M
YoY Change -72.57% 1.89% 2.24%
SHAREHOLDERS EQUITY
Retained Earnings -$498.2M -$480.1M -$451.2M
YoY Change 8.77% 6.42% 6.86%
Common Stock $1.282M $1.196M $133.0K
YoY Change 809.22% 799.25% 64.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $146.4M $134.6M $76.92M
YoY Change
Total Liabilities & Shareholders Equity $152.1M $153.5M $95.47M
YoY Change 62.92% 60.77% -14.28%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$18.05M -$6.836M -$8.619M
YoY Change 164.66% -20.69% 25.28%
Depreciation, Depletion And Amortization $1.160M $1.470M $1.608M
YoY Change -35.91% -8.58% -0.12%
Cash From Operating Activities -$4.760M -$3.770M -$5.150M
YoY Change -21.19% -26.8% 120.09%
INVESTING ACTIVITIES
Capital Expenditures -$4.150M $106.0K -$1.220M
YoY Change 1876.19% -108.69% 46.99%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$1.480M
YoY Change -100.0%
Cash From Investing Activities -$4.150M -$140.0K -$2.700M
YoY Change 1975.0% -94.81% 225.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.620M 78.20M -360.0K
YoY Change 316.35% -21822.22% -102.49%
NET CHANGE
Cash From Operating Activities -4.760M -3.770M -5.150M
Cash From Investing Activities -4.150M -140.0K -2.700M
Cash From Financing Activities 6.620M 78.20M -360.0K
Net Change In Cash -2.290M 74.29M -8.210M
YoY Change -50.75% -1004.87% -172.65%
FREE CASH FLOW
Cash From Operating Activities -$4.760M -$3.770M -$5.150M
Capital Expenditures -$4.150M $106.0K -$1.220M
Free Cash Flow -$610.0K -$3.876M -$3.930M
YoY Change -89.54% -1.37% 160.26%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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EntityCurrentReportingStatus
Yes
dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Document Fiscal Year Focus
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2020
dei Document Period End Date
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2020-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
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dei Entity Emerging Growth Company
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dei Entity Filer Category
EntityFilerCategory
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dei Entity Interactive Data Current
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dei Entity Registrant Name
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dei Entity Shell Company
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dei Entity Small Business
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dei Security12b Title
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OriginalIssueDiscountPaidWithNotesIssuance
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34000
gevo Payments For Net Settlement Of Common Stock
PaymentsForNetSettlementOfCommonStock
331000
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201000
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us-gaap Concentration Risk Credit Risk
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 27pt;"><div style="display: inline; background-color:null;"><div style="display: inline; font-style: italic;">Concentration of Business Risk.</div>&nbsp;</div>As of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020,&nbsp;</div><div style="display: inline; font-style: italic; font: inherit;">four</div> customers, Coryton Advanced Fuels Ltd ("Coryton"), Total Petrochemicals &amp; Refining USA, Inc. ("Total"), Eco-Energy, LLC ("Eco-Energy") and World Kinect Energy Services&nbsp;(" Kinect"), comprised approximately <div style="display: inline; font-style: italic; font: inherit;">27%,</div> <div style="display: inline; font-style: italic; font: inherit;">20%,</div> <div style="display: inline; font-style: italic; font: inherit;">14%</div>&nbsp;and <div style="display: inline; font-style: italic; font: inherit;">12%</div>&nbsp;of the Company's outstanding trade accounts receivable, respectively.&nbsp;As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div><div style="display: inline; font-style: italic; font: inherit;">three</div> customers, Eco-Energy, Purina Animal Nutrition, LLC ("Purina"),&nbsp;and HCS Group GmbH ("HCS") comprised <div style="display: inline; font-style: italic; font: inherit;">57%,</div> <div style="display: inline; font-style: italic; font: inherit;">13%</div>&nbsp;and <div style="display: inline; font-style: italic; font: inherit;">15%</div>&nbsp;of the Company's outstanding trade accounts receivable, respectively.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 27pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 27pt;">For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020, </div>Coryton and Total accounted for approximately <div style="display: inline; font-style: italic; font: inherit;">52%</div>&nbsp;and <div style="display: inline; font-style: italic; font: inherit;">39%</div>&nbsp;of the Company's consolidated revenue, respectively. For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2019, </div>Eco-Energy and Purina represented approximately <div style="display: inline; font-style: italic; font: inherit;">73%</div> and <div style="display: inline; font-style: italic; font: inherit;">16%</div>&nbsp;of the Company's consolidated revenue, respectively.&nbsp;For the <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020, </div>Eco-Energy,&nbsp;Purina and HCS accounted for approximately <div style="display: inline; font-style: italic; font: inherit;">57%,</div> <div style="display: inline; font-style: italic; font: inherit;">17%</div>&nbsp;and <div style="display: inline; font-style: italic; font: inherit;">15%</div>&nbsp;of the Company's consolidated revenue, respectively. For the <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2019, </div>Eco-Energy and&nbsp;Purina accounted for approximately <div style="display: inline; font-style: italic; font: inherit;">73%</div>&nbsp;and <div style="display: inline; font-style: italic; font: inherit;">16%</div>&nbsp;of the Company's consolidated revenue, respectively. HCS, Coryton and Total Cray Valley are&nbsp;customers of the Company's Gevo segment. Eco-Energy and&nbsp;Purina&nbsp;are customers of the Company's Gevo Development/Agri-Energy segment (see Note <div style="display: inline; font-style: italic; font: inherit;">14</div>).</div></div></div></div></div>
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us-gaap Proceeds From Issuance Of Common Stock
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PropertyPlantAndEquipmentAdditions
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us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
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us-gaap Restructuring Charges
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2020Q3 us-gaap Revenues
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CY2019Q3 us-gaap Revenues
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us-gaap Revenues
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2020Q3 us-gaap Selling General And Administrative Expense
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1552
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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1552
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
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CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y302D
CY2020Q3 us-gaap Short Term Lease Cost
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CY2019Q3 us-gaap Short Term Lease Cost
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us-gaap Short Term Lease Cost
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ShortTermLeaseCost
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CY2020Q3 us-gaap Stock Issued During Period Value Issued For Services
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CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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StockIssuedDuringPeriodValueShareBasedCompensation
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StockIssuedDuringPeriodValueShareBasedCompensation
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CY2019Q3 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2020Q3 us-gaap Stockholders Equity
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CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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35682794
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11679530

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