$GEVO
Gevo, Inc.

2014 Q2 Form 10-Q Financial Statement

#000156459014003815 Filed on August 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $7.721M $1.859M
YoY Change 315.33% -73.54%
Cost Of Revenue $8.269M $2.696M
YoY Change 206.71% -68.32%
Gross Profit -$548.0K -$1.757M
YoY Change -68.81% 18.48%
Gross Profit Margin -7.1% -94.51%
Selling, General & Admin $4.898M $6.279M
YoY Change -21.99% -34.18%
% of Gross Profit
Research & Development $3.586M $5.828M
YoY Change -38.47% 23.4%
% of Gross Profit
Depreciation & Amortization $770.0K $840.0K
YoY Change -8.33% -1.18%
% of Gross Profit
Operating Expenses $8.484M $12.11M
YoY Change -29.92% -15.12%
Operating Profit -$9.032M -$13.86M
YoY Change -34.85% -11.95%
Interest Expense $2.609M $2.312M
YoY Change 12.85% -637.67%
% of Operating Profit
Other Income/Expense, Net -$8.124M -$1.358M
YoY Change 498.23%
Pretax Income -$17.16M -$15.22M
YoY Change 12.75% -5.93%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$17.16M -$15.22M
YoY Change 12.71% -5.92%
Net Earnings / Revenue -222.2% -818.83%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.716B -$1.522B
COMMON SHARES
Basic Shares Outstanding 44.08M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.900M $40.60M
YoY Change -85.47% 3.57%
Cash & Equivalents $5.908M $40.59M
Short-Term Investments
Other Short-Term Assets $900.0K $1.600M
YoY Change -43.75% 33.33%
Inventory $4.200M $3.431M
Prepaid Expenses
Receivables $3.100M $498.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $14.20M $46.05M
YoY Change -69.16% 3.94%
LONG-TERM ASSETS
Property, Plant & Equipment $83.70M $77.99M
YoY Change 7.32% 11.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.100M $1.402M
YoY Change 192.44% -59.94%
Total Long-Term Assets $87.80M $80.43M
YoY Change 9.16% 9.88%
TOTAL ASSETS
Total Short-Term Assets $14.20M $46.05M
Total Long-Term Assets $87.80M $80.43M
Total Assets $102.0M $126.5M
YoY Change -19.35% 7.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.200M $2.600M
YoY Change 23.08% 4.0%
Accrued Expenses $5.000M $6.400M
YoY Change -21.88% -63.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $300.0K $10.10M
YoY Change -97.03% -17.21%
Total Short-Term Liabilities $13.20M $20.28M
YoY Change -34.91% -38.16%
LONG-TERM LIABILITIES
Long-Term Debt $44.80M $26.10M
YoY Change 71.65% 28.57%
Other Long-Term Liabilities $400.0K $413.0K
YoY Change -3.15% -72.47%
Total Long-Term Liabilities $45.20M $413.0K
YoY Change 10844.31% -98.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.20M $20.28M
Total Long-Term Liabilities $45.20M $413.0K
Total Liabilities $58.30M $46.84M
YoY Change 24.47% -14.22%
SHAREHOLDERS EQUITY
Retained Earnings -$228.9M
YoY Change
Common Stock $469.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $43.60M $79.64M
YoY Change
Total Liabilities & Shareholders Equity $102.0M $126.5M
YoY Change -19.35% 7.64%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$17.16M -$15.22M
YoY Change 12.71% -5.92%
Depreciation, Depletion And Amortization $770.0K $840.0K
YoY Change -8.33% -1.18%
Cash From Operating Activities -$12.23M -$10.18M
YoY Change 20.14% 35.19%
INVESTING ACTIVITIES
Capital Expenditures $968.0K $761.0K
YoY Change 27.2% -97.12%
Acquisitions
YoY Change
Other Investing Activities -$2.610M $0.00
YoY Change -100.0%
Cash From Investing Activities -$3.580M -$760.0K
YoY Change 371.05% -97.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.30M -2.570M
YoY Change -617.51% 484.09%
NET CHANGE
Cash From Operating Activities -12.23M -10.18M
Cash From Investing Activities -3.580M -760.0K
Cash From Financing Activities 13.30M -2.570M
Net Change In Cash -2.510M -13.51M
YoY Change -81.42% -61.43%
FREE CASH FLOW
Cash From Operating Activities -$12.23M -$10.18M
Capital Expenditures $968.0K $761.0K
Free Cash Flow -$13.20M -$10.94M
YoY Change 20.63% -67.81%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2013Q4 gevo Derivative Warrant Liability
DerivativeWarrantLiability
7243000
CY2014Q2 us-gaap Interest Expense
InterestExpense
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CY2013Q2 us-gaap Interest Expense
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us-gaap Interest Expense
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us-gaap Interest Expense
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us-gaap Interest Expense
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us-gaap Debt Issuance Costs
DebtIssuanceCosts
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us-gaap Debt Issuance Costs
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us-gaap Gross Profit
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us-gaap Research And Development Expense
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us-gaap Research And Development Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Operating Expenses
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us-gaap Operating Expenses
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gevo Depreciation Expense Included In Cost Of Goods Sold
DepreciationExpenseIncludedInCostOfGoodsSold
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Accounts Receivable
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CY2014Q2 us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
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CY2013Q2 us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
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us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
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us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
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us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
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CY2014Q2 gevo Gain Loss From Change In Fair Value Of Warrant Liabilities
GainLossFromChangeInFairValueOfWarrantLiabilities
1321000
gevo Gain Loss From Change In Fair Value Of Warrant Liabilities
GainLossFromChangeInFairValueOfWarrantLiabilities
2599000
gevo Gain Loss From Change In Fair Value Of Warrant Liabilities
GainLossFromChangeInFairValueOfWarrantLiabilities
-3448000
CY2014Q2 gevo Gain Loss From Change In Fair Value Of Senior Secured Convertible Debt
GainLossFromChangeInFairValueOfSeniorSecuredConvertibleDebt
-5129000
gevo Gain Loss From Change In Fair Value Of Senior Secured Convertible Debt
GainLossFromChangeInFairValueOfSeniorSecuredConvertibleDebt
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gevo Gain Loss From Change In Fair Value Of Senior Secured Convertible Debt
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us-gaap Interest And Other Income
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91000
us-gaap Interest And Other Income
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920000
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us-gaap Nonoperating Income Expense
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Derivative Gain Loss On Derivative Net
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Deposit Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Proceeds From Issuance Of Secured Debt
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gevo Proceeds From Issuance Of Convertible Promissory Notes With Warrant
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us-gaap Proceeds From Repayments Of Debt
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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gevo Issuance Of Preferred Stock To Affiliate In Exchange For Credit Against Future Services
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gevo Reclassification Of Deferred Offering Costs To Additional Paid In Capital Upon Initial Public Offering
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us-gaap Interest Costs Incurred Capitalized
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CY2012Q3 gevo Percentage Of Convertible Senior Notes Embedded Derivatives
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2013Q2 gevo Depreciation Expense Included In Cost Of Goods Sold
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gevo Depreciation Expense Included In Cost Of Goods Sold
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CY2013Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2014Q2 us-gaap Construction In Progress Gross
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CY2013 invest Investment Warrants Expiration Date
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2018-12-16
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CY2013Q1 us-gaap Interest Costs Incurred Capitalized
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us-gaap Interest Costs Incurred Capitalized
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3470000
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CY2013Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights
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us-gaap Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
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CY2014Q2 us-gaap Debt Current
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31237000
CY2010Q3 us-gaap Line Of Credit
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ProceedsFromNotesPayable
5400000
CY2012Q3 us-gaap Debt Conversion Converted Instrument Expiration Or Due Date Year
DebtConversionConvertedInstrumentExpirationOrDueDateYear
2022
CY2012Q3 us-gaap Debt Instrument Convertible Latest Date1
DebtInstrumentConvertibleLatestDate1
2017-07-01
CY2014Q2 us-gaap Share Price
SharePrice
0.86
CY2013Q4 us-gaap Share Price
SharePrice
1.43
us-gaap Debt Instrument Convertible Conversion Ratio1
DebtInstrumentConvertibleConversionRatio1
175.6697
CY2013 us-gaap Debt Instrument Convertible Conversion Ratio1
DebtInstrumentConvertibleConversionRatio1
175.6697
CY2014Q2 gevo Conversion Price
ConversionPrice
5.69
CY2013Q4 gevo Conversion Price
ConversionPrice
5.69
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2022-07-01
CY2013 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2022-07-01
CY2014Q2 gevo Fair Value Risk Free Interest Rate Of Assumptions
FairValueRiskFreeInterestRateOfAssumptions
0.023
CY2013Q4 gevo Fair Value Risk Free Interest Rate Of Assumptions
FairValueRiskFreeInterestRateOfAssumptions
0.028
CY2014Q2 gevo Fair Value Expected Volatility Rate Assumptions
FairValueExpectedVolatilityRateAssumptions
0.80
CY2013Q4 gevo Fair Value Expected Volatility Rate Assumptions
FairValueExpectedVolatilityRateAssumptions
0.65
CY2014Q2 gevo Estimated Credit Spread
EstimatedCreditSpread
0.26
CY2013Q4 gevo Estimated Credit Spread
EstimatedCreditSpread
0.33
CY2014Q2 gevo Fair Value Of Convertible Notes With Embedded Derivative
FairValueOfConvertibleNotesWithEmbeddedDerivative
17243000
CY2013Q4 gevo Fair Value Of Convertible Notes With Embedded Derivative
FairValueOfConvertibleNotesWithEmbeddedDerivative
15925000
CY2014Q2 gevo Fair Value Of Convertible Notes Without Embedded Derivative
FairValueOfConvertibleNotesWithoutEmbeddedDerivative
16517000
CY2013Q4 gevo Fair Value Of Convertible Notes Without Embedded Derivative
FairValueOfConvertibleNotesWithoutEmbeddedDerivative
12455000
CY2013Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
7200000
CY2014Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
3233000
CY2014Q2 gevo Accrued Legal Related Expenses
AccruedLegalRelatedExpenses
2654000
CY2013Q4 gevo Accrued Legal Related Expenses
AccruedLegalRelatedExpenses
2999000
CY2014Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
834000
CY2013Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
818000
CY2014Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1474000
CY2013Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1753000
CY2013Q4 us-gaap Debt Current
DebtCurrent
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
25907000
gevo Exchange Of Term Loan For Two Thousand Seventeen Notes
ExchangeOfTermLoanForTwoThousandSeventeenNotes
us-gaap Paid In Kind Interest
PaidInKindInterest
201000
CY2012Q3 gevo Percentage Of Loan Principal Due Final Payment
PercentageOfLoanPrincipalDueFinalPayment
0.08
CY2011Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
15000000
CY2012Q4 us-gaap Debt Instrument Repurchase Amount
DebtInstrumentRepurchaseAmount
5000000
CY2011Q4 us-gaap Debt Instrument Repurchase Amount
DebtInstrumentRepurchaseAmount
10000000
CY2013Q4 us-gaap Debt Instrument Repurchase Amount
DebtInstrumentRepurchaseAmount
15000000
CY2013Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.11
CY2013Q4 gevo Number Of Warrants Outstanding
NumberOfWarrantsOutstanding
3
CY2013Q4 gevo Number Of Shares Of Common Stock Exercisable For Warrants
NumberOfSharesOfCommonStockExercisableForWarrants
388411
CY2013 gevo Exercise Price Of Common Stock
ExercisePriceOfCommonStock
1.18
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1199000
CY2011Q3 us-gaap Production Barrels Of Oil Equivalents1
ProductionBarrelsOfOilEquivalents1
11000
CY2012Q3 us-gaap Production Barrels Of Oil Equivalents1
ProductionBarrelsOfOilEquivalents1
45000
CY2013Q1 us-gaap Production Barrels Of Oil Equivalents1
ProductionBarrelsOfOilEquivalents1
3650
CY2013Q2 us-gaap Production Barrels Of Oil Equivalents1
ProductionBarrelsOfOilEquivalents1
12500
CY2013Q3 us-gaap Production Barrels Of Oil Equivalents1
ProductionBarrelsOfOilEquivalents1
20000
CY2014Q2 us-gaap Contracts Revenue
ContractsRevenue
400000
us-gaap Contracts Revenue
ContractsRevenue
800000
CY2013Q2 us-gaap Contracts Revenue
ContractsRevenue
300000
us-gaap Contracts Revenue
ContractsRevenue
700000
CY2011Q3 gevo Commercialization Agreement End Date
CommercializationAgreementEndDate
2018-10
CY2014Q2 us-gaap Deferred Revenue Revenue Recognized
DeferredRevenueRevenueRecognized
0
us-gaap Deferred Revenue Revenue Recognized
DeferredRevenueRevenueRecognized
0
CY2013Q2 us-gaap Deferred Revenue Revenue Recognized
DeferredRevenueRevenueRecognized
300000
us-gaap Deferred Revenue Revenue Recognized
DeferredRevenueRevenueRecognized
600000
gevo Number Of Milestone Payment
NumberOfMilestonePayment
5
us-gaap Royalty Expense
RoyaltyExpense
4300000
CY2009 us-gaap Royalty Expense
RoyaltyExpense
900000
CY2010Q1 us-gaap Royalty Expense
RoyaltyExpense
2000000
CY2010Q1 gevo Present Value Of License Fee
PresentValueOfLicenseFee
1600000
gevo Royalty Fee Payable
RoyaltyFeePayable
1000000
gevo Agreement Expiration Time
AgreementExpirationTime
2015-12
CY2014Q2 gevo License Fees
LicenseFees
500000
CY2013Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
250000
CY2014Q2 gevo Amount Received For Pilot Plant
AmountReceivedForPilotPlant
1000000
CY2014Q2 gevo Amount Refund From Pilot Plant
AmountRefundFromPilotPlant
1000000
CY2014Q2 gevo Refund Amount As Component Of Other Long Term Liabilities
RefundAmountAsComponentOfOtherLongTermLiabilities
1000000
gevo Equity Ownership Of Wholly Owned Subsidiary
EquityOwnershipOfWhollyOwnedSubsidiary
1.00
CY2014Q2 gevo Number Of Membership Interests Outstanding
NumberOfMembershipInterestsOutstanding
2
us-gaap Subsidiary Or Equity Method Investee Cumulative Proceeds Received On All Transactions
SubsidiaryOrEquityMethodInvesteeCumulativeProceedsReceivedOnAllTransactions
1100000
CY2014Q2 us-gaap Common Stock Shares Subscribed But Unissued
CommonStockSharesSubscribedButUnissued
858000
CY2014Q2 us-gaap Fair Value Assumptions Exercise Price
FairValueAssumptionsExercisePrice
2.70
gevo Warrant Expiry Period
WarrantExpiryPeriod
2016-09
gevo Percentage Of Warrant Shares Vested
PercentageOfWarrantSharesVested
0.50
gevo Warrant Shares Vested Period
WarrantSharesVestedPeriod
P2Y
us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
14000000
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
638000
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1039000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2644000
CY2014Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
638000
CY2013Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1039000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1503000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
2126000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
34583000
CY2014Q2 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Net
EmbeddedDerivativeFairValueOfEmbeddedDerivativeNet
700000
CY2013Q4 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Net
EmbeddedDerivativeFairValueOfEmbeddedDerivativeNet
3500000
gevo Interest Expense Including Debt Issuance Costs
InterestExpenseIncludingDebtIssuanceCosts
7395000
gevo Interest Expense Including Debt Issuance Costs
InterestExpenseIncludingDebtIssuanceCosts
5588000
CY2014Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
778000
CY2013Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
845000
CY2014Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
968000
CY2013Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
761000
CY2014Q2 us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
9600000
CY2014Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1000000
CY2014Q2 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.09

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