0001437749-22-004346 | 10-K | XBRL Viewer

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Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2018	8,640,583
Balance at Dec. 31, 2018	$ 86	$ 518,027	$ 0	$ (429,326)	$ 88,787
Issuance of common stock, net of issue costs (in shares)	3,965,688
Issuance of common stock, net of issue costs	$ 40	11,317	0	0	11,357
Non-cash stock-based compensation	$ 0	1,221	0	0	1,221
Issuance of common stock under stock plans, net of taxes (in shares)	1,476,961
Issuance of common stock under stock plans, net of taxes	$ 15	(216)	0	0	(201)
Net loss	$ 0	0	0	(28,660)	(28,660)
Balance (in shares) at Dec. 31, 2019	14,083,232
Balance at Dec. 31, 2019	$ 141	530,349	0	(457,986)	72,504
Non-cash stock-based compensation	$ 0	2,101	0	0	2,101
Issuance of common stock under stock plans, net of taxes (in shares)	4,142,061
Issuance of common stock under stock plans, net of taxes	$ 41	(391)	0	0	(350)
Net loss	$ 0	0	0	(40,186)	(40,186)
Issuance of common stock and common stock warrants, net of issue costs (in shares)	46,290,808
Issuance of common stock and common stock warrants, net of issue costs	$ 463	69,614	0	0	$ 70,077
Issuance of common stock upon exercise of warrants (in shares)	53,678,400				53,678,400
Issuance of common stock upon exercise of warrants	$ 537	16,545	0	0	$ 17,082
Issuance of common stock upon conversion of 2020/21 Notes (in shares)	9,842,080
Issuance of common stock upon conversion of 2020/21 Notes	$ 99	24,958	0	0	25,057
Issuance of common stock in exchange for services rendered (in shares)	101,730
Issuance of common stock in exchange for services rendered	$ 1	93	0	0	94
Balance (in shares) at Dec. 31, 2020	128,138,311
Balance at Dec. 31, 2020	$ 1,282	643,269	0	(498,172)	146,379
Issuance of common stock, net of issue costs (in shares)	68,170,579
Issuance of common stock, net of issue costs	$ 682	456,765	0	0	457,447
Non-cash stock-based compensation	$ 0	7,700	0	0	7,700
Issuance of common stock under stock plans, net of taxes (in shares)	3,813,014
Issuance of common stock under stock plans, net of taxes	$ 38	(5,613)	0	0	(5,575)
Net loss	$ 0	0	0	(59,203)	(59,203)
Issuance of common stock upon exercise of warrants (in shares)	1,866,758
Issuance of common stock upon exercise of warrants	$ 18	1,103	0	0	1,121
Other comprehensive loss	$ 0	0	(614)	0	(614)
Balance (in shares) at Dec. 31, 2021	201,988,662
Balance at Dec. 31, 2021	$ 2,020	$ 1,103,224	$ (614)	$ (557,375)	$ 547,255

Note 9 - Leases, Right-of-use Assets and Related Liabilities (Details Textual) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Operating Lease, Lease Income, Total

$ 200

$ 100

$ 0

Finance Lease, Right-of-Use Asset, Amortization

1,400

Finance Lease, Interest Expense

$ 906

^[1]

$ 0

[1]

Interest on lease liabilities of $0.9 million was capitalized as part of "Construction in progress" during the year ended December 31, 2021 (none during the years ended December 31, 2020 and 2019) and included in "Property, plant and equipment, net" in the Consolidated Balance Sheets as the related Gevo RNG facilities are still under construction.

Note 13 - Accounts Payable and Accrued Liabilities - Components Accounts Payable and Accrued Liabilities in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Account payable - trade	$ 4,868	$ 897
Gevo RNG accrued project costs	11,000	0
Accrued employee compensation	4,678	1,960
Net-Zero 1 accrued project costs	5,010	0
Other accrued liabilities	2,732	1,086
Total accounts payable and accrued liabilities	$ 28,288	$ 3,943

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net loss	$ (59,203)	$ (40,186)	$ (28,660)
Unrealized (loss) on available-for-sale securities, net of tax	(524)	0	0
Adjustment for net (loss) realized and included in net income	(90)	0	0
Total change in unrealized (loss) on marketable debt securities	(614)	0	0
Comprehensive loss	$ (59,817)	$ (40,186)	$ (28,660)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Note 14 - Debt - Notes Payable - Other (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Apr. 15, 2021	Dec. 31, 2020
Notes payable, other	$ 66,962		$ 1,254
Less current portion	(158)		(807)
Long-term portion	66,804		447
Notes Payable, Other Payables [Member]
Notes payable, other	$ 66,962
The 2021 Bonds [Member]
Interest rate		1.50%
The 2021 Bonds [Member] \| Notes Payable, Other Payables [Member]
Interest rate	1.50%
Notes payable, other	$ 66,486		0
SBA Loans [Member] \| Notes Payable, Other Payables [Member]
Interest rate	1.00%
Notes payable, other	$ 320		1,006
Notes Payable, Equipment [Member] \| Notes Payable, Other Payables [Member]
Notes payable, other	$ 156		$ 248
Notes Payable, Equipment [Member] \| Notes Payable, Other Payables [Member] \| Minimum [Member]
Interest rate	4.00%
Notes Payable, Equipment [Member] \| Notes Payable, Other Payables [Member] \| Maximum [Member]
Interest rate	5.00%

Note 18 - Employee Benefit Plan

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Employee Benefit Plan [Text Block]

18. Employee Benefit Plan

The Company’s employees participate in the Gevo, Inc. 401(k) Plan (the "401(k) Plan"). Subject to certain eligibility requirements, the 401(k) 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) Plan and may not exceed the maximum statutory contribution amount. The Company may make matching and/or discretionary contributions to the 401(k) Plan. The Company did not provide an employer match during the years ended December 31, 2021, 2020 or 2019.

Note 2 - Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2019 $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		4 years
Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input		130
Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input		0.31
Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input		5
Series A preferred stock of Juhl Clean Energy Assets, Inc. [Member]
Number of Securities Purchased (in shares) \| shares	1.5
Equity Securities, Purchase Price (in dollars per share) \| $ / shares	$ 1.00
Minimum [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input		130
Minimum [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input		0.30
Maximum [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input		141
Maximum [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input		0.31
Computer Software, Intangible Asset [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)		3 years
Computer Software, Intangible Asset [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)		5 years
Trade Accounts Receivable [Member]
Accounts Receivable, after Allowance for Credit Loss, Total		$ 0.1	$ 0.5
Other Accounts Receivable [Member]
Accounts Receivable, after Allowance for Credit Loss, Total		$ 0.9

Note 9 - Leases, Right-to-use Assets and Related Liabilities - Lease Costs (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Amortization of right-of-use assets

^[1]

$ 1,396

$ 5

Interest on lease liabilities

906

^[2]

$ 0

Operating lease cost

240

605

1,554

Short-term lease cost

1,378

307

Variable lease cost

^[3]

260

144

119

Total lease cost

4,180

1,061

1,739

Operating cash flows from finance lease

906

Operating cash flows from operating leases

240

605

1,554

Finance cash flows from finance lease

7,189

Right-of-use asset purchased with financing lease

28,514

Right-of-use asset purchased with operating lease

$ 2,593

$ 192

$ 280

Weighted-average remaining lease term, financing lease (months) (Month)

219 months

224 months

Weighted-average remaining lease term, operating leases (months) (Month)

70 months

7 months

21 months

Weighted-average discount rate - financing lease (4)

^[4]

5.00%

13.00%

Weighted-average discount rate - operating leases

^[5]

5.00%

12.00%

[1]	Amortization of right-of-use assets of $1.4 million was capitalized as part of "Construction in progress" during the year ended December 31, 2021 ($0 during the years ended December 31, 2020 and 2019) and included in "Property, plant and equipment, net" in the Consolidated Balance Sheets as the related Gevo RNG facilities are still under construction.
[2]	Interest on lease liabilities of $0.9 million was capitalized as part of "Construction in progress" during the year ended December 31, 2021 (none during the years ended December 31, 2020 and 2019) and included in "Property, plant and equipment, net" in the Consolidated Balance Sheets as the related Gevo RNG facilities are still under construction.
[3]	Represents amounts incurred in excess of minimum payments, including payments for common area expenses under our office and research facility lease, and additional amounts due under our Gevo RNG leases based on the number of cows maintained by the owners of the respective facilities.
[4]	The discount rate used for the finance lease was based on the Company's incremental borrowing rate at the date the Company entered into the lease. The Company estimated the incremental borrowing rate based on collateralized borrowings for similar terms and payments.
[5]	The discount rate used for operating leases is based on the Company's incremental borrowing rate at the date the Company entered into the lease. The Company estimated the incremental borrowing rate based on collateralized borrowings for similar terms and payments.

Note 22 - Subsequent Events (Details Textual)	Feb. 07, 2022 USD ($)	Jan. 27, 2022 shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Common Stock, Shares Authorized (in shares)			250,000,000	250,000,000
Subsequent Event [Member]
Common Stock, Shares Authorized (in shares)		500,000,000
Subsequent Event [Member] \| Accidental Discharge [Member]
Site Contingency, Number of Sites	1
Site Contingency, Loss Exposure Not Accrued, Best Estimate \| $	$ 300,000

Note 20 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) $ in Thousands	Dec. 31, 2020 USD ($)
Debt Securities, Available-for-sale, Total	$ 0

Note 14 - Debt - Future Payments for Notes Payable - Other (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Long-term Debt, Total	$ 66,962	$ 1,254
Notes Payable, Other Payables [Member]
2022	158
2023	159
2024	66,616
2025	29
Long-term Debt, Total	$ 66,962

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Note 21 - Segments

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

21. Segments

The Company's chief operating decision maker is provided with and reviews a monthly executive package which separately identifies its business segments based on the nature of the products and services offered through each of its consolidated legal entities. In January 2021, the Company began to separately identify the Renewal Natural Gas segment and Net-Zero segment in the monthly executive package. As such, the Company has determined that it has four operating segments: (i) Gevo segment; (ii) Agri-Energy segment; (iii) Renewable Natural Gas segment; and (iv) Net-Zero segment. Transactions between segments are eliminated in consolidation.

Gevo Segment. The Gevo segment is responsible for all research and development activities related to the future production of renewable hydrocarbons, including the development of our proprietary biocatalysts, the production and sale of SAF and the next generation of chemicals and biofuels that will be based on the Company’s isobutanol technology. The Gevo segment also develops, maintains and protects its intellectual property portfolio, develops future markets for its renewable hydrocarbons and provides corporate oversight services.

Agri-Energy Segment. The Agri-Energy segment is currently responsible for the operation of the Company's Luverne Facility and the current production of isobutanol, ethanol and related products. Isobutanol production will be used as a feedstock for us to produce SAF and renewable premium gasoline to fulfill existing sales contracts.

Renewable Natural Gas Segment. The Renewable Natural Gas segment is nearing completion of its construction and commissioning and is expected to produce low-carbon methane from the manure of cows and pigs for the production of energy.

Net-Zero Segment. The Net-Zero segment will be responsible for the production of energy dense liquid hydrocarbons using renewable energy and proprietary technology at Gevo's Net Zero Projects.

The Company’s chief operating decision maker is provided with and reviews the financial results of each of the Company’s consolidated legal entities, Gevo, Inc., Gevo Asset, LLC, Gevo RNG Holdco, LLC, Gevo NW Iowa RNG, LLC, Gevo Net-Zero Holdco, LLC, Gevo Net-Zero 1, LLC and Agri-Energy, LLC. The Company organizes its business segments based on the nature of the products and services offered through each of its consolidated legal entities. All revenue is earned and all assets are held in the U.S.

	Year Ended December 31,
	2021			2020			2019
	(In thousands)
Revenues from external customers
Gevo	$	483		$	1,650		$	2,338
Agri-Energy		228			3,886			22,149
Renewable Natural Gas		—			—			—
Net-Zero		—			—			—

Consolidated	$	711		$	5,536		$	24,487

Loss from operations
Gevo	$	(33,080	)	$	(13,215	)	$	(12,360	)
Agri-Energy		(16,605	)		(12,047	)		(13,995	)
Renewable Natural Gas		(1,153	)		(1,294	)		—
Net-Zero		(9,252	)		(405	)		—

Consolidated	$	(60,090	)	$	(26,961	)	$	(26,355	)

Interest expense
Gevo	$	67		$	2,075		$	2,738
Agri-Energy		17			19			—
Renewable Natural Gas		167			—			—
Net-Zero		—			—			—

Consolidated	$	251		$	2,094		$	2,738

Depreciation and amortization expense
Gevo	$	650		$	214		$	210
Agri-Energy		4,475			5,690			6,446
Renewable Natural Gas		3			—			—
Net-Zero		—			—			—

Consolidated	$	5,128		$	5,904		$	6,656

Acquisitions of licenses, patents, plant, property and equipment
Gevo	$	10,799		$	4,501		$	130
Agri-Energy		5,716			1,716			6,367
Renewable Natural Gas		52,470			—			—
Net-Zero		25,796			—			—

Consolidated	$	94,781		$	6,217		$	6,497

Revenue by geographic area
United States	$	322		$	4,082		$	22,149
Other		389			1,454			2,338

Consolidated	$	711		$	5,536		$	24,487

	December 31,
	2021		2020
Construction in Process
Gevo	$	442	$	8
Agri-Energy		9,122		8,645
Renewable Natural Gas		56,879		4,479
Net-Zero		22,546		—

Consolidated	$	88,989	$	13,132

	December 31,
	2021			2020
Total assets
Gevo	$	555,877		$	152,177
Agri-Energy		153,494			131,893
Renewable Natural Gas		116,644			—
Net-Zero		44,763			—
Intercompany eliminations (1)		(204,302	)		(131,971	)

Consolidated (2)	$	666,476		$	152,099

	(1)	Includes intercompany sales of nil and $0.1 million during the years ended December 31, 2021 and 2020, respectively, for hydrocarbon sales.
	(2)	All other significant non-cash items relate to the activities of Gevo.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 11 - Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Property, Plant and Equipment [Table Text Block]

	Useful Life			December 31,
	(in years)			2021			2020

Luverne Facility retrofit asset		20		$	70,820		$	70,820
Plant machinery and equipment		10			17,949			17,374
Site improvements		10			7,157			7,157
Lab equipment, furniture and fixtures and vehicles		5			6,811			6,396
Demonstration plant		2			3,597			3,597
Leasehold improvements, pilot plant, land and support equipment	2	to	7		2,802			2,523
Buildings		10			2,543			2,543
Computer, office equipment and software	3	to	6		2,332			1,983
Construction in progress		—			88,989			13,132

Total Property, plant and equipment					203,000			125,525
Less accumulated depreciation and amortization					(63,859	)		(59,117	)

Property, plant and equipment, net				$	139,141		$	66,408

Schedule of Depreciation and Amortization Expense [Table Text Block]

	Year Ended December 31,
	2021		2020		2019

Cost of goods sold	$	4,457	$	5,669	$	6,282

Operating expenses
Research and development expense		250		160		152
Selling, general and administrative expense		75		54		57

		325		214		209

Total	$	4,782	$	5,883	$	6,491

Note 8 - Revenues From Contracts With Customers and Other Revenue - Disaggregated Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer, Including Assessed Tax	$ 533	$ 5,463	$ 24,453
Other revenues	178	73	34
Total revenues	711	5,536	24,487
Transferred at Point in Time [Member]
Revenue from Contract with Customer, Including Assessed Tax	533	5,310	24,453
Other revenues	0	0	0
Total revenues	533	5,310	24,453
Transferred over Time [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	153	0
Other revenues	178	73	34
Total revenues	178	226	34
Ethanol Sales and Related Products [Member]
Revenue from Contract with Customer, Including Assessed Tax	50	3,809	22,115
Other revenues	0	0	0
Total revenues	50	3,809	22,115
Hydrocarbon [Member]
Revenue from Contract with Customer, Including Assessed Tax	483	1,501	2,338
Other revenues	0	0	0
Total revenues	483	1,501	2,338
Grant and Other [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	153	0
Other revenues	178	73	34
Total revenues	$ 178	$ 226	$ 34

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Note 12 - Embedded Derivatives - Schedule of Shares Issued Upon Exercise of Warrants (Details) - $ / shares

Dec. 31, 2021

Jul. 31, 2020

Dec. 31, 2019

Shares Underlying Warrants (in shares)

97,734

30,315,986

Shares Issued (in shares)

30,218,252

Series K Warrants [Member]

Warrant Exercise Price (in dollars per share)

$ 2.00

Shares Underlying Warrants (in shares)

7,126

315,986

Shares Issued (in shares)

308,860

The Series 2020 A Warrants [Member]

Warrant Exercise Price (in dollars per share)

^[1]

$ 0.60

Shares Underlying Warrants (in shares)

90,608

^[1]

30,000,000

^[1]

Shares Issued (in shares)

^[1]

29,909,392

[1]	The Series 2020-A Warrants are equity-classified warrants.

Note 17 - Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Net operating loss carryforwards	$ 29,277	$ 15,406
Operating lease assets	(7,881)	(82)
Operating lease liabilities	8,086	88
Depreciation, deferred tax assets	3,840	3,427
Restricted stock	1,146	992
Business interest expense	1,165	1,441
Other temporary differences	886	321
Deferred tax assets	36,519	21,593
Valuation allowance	(36,519)	(21,593)
Net deferred tax assets	$ 0	$ 0

Note 16 - Stock-based Compensation

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

16. Stock-Based Compensation

Stock-Based Compensation Expense. The Company records stock-based compensation expense during the requisite service period for share-based payment awards granted to employees and non-employees.

The following table sets forth the Company’s stock-based compensation expense (in thousands):

	Year Ended December 31,
	2021		2020			2019
Equity Classified Awards
Stock options
Cost of goods sold	$	16	$	—		$	—
Research and development		681		—			—
Selling, general and administrative		1,990		—			—

Restricted stock awards
Cost of goods sold		27		—			—
Research and development		1,345		481			228
Selling, general and administrative		3,641		1,620			993

Total equity classified awards		7,700		2,101			1,221

Liability Classified Awards
Restricted stock
Selling, general and administrative		2,165		—			—

Stock appreciation rights
Research and Development		9		137			66
Selling, general and administrative		—		(113	)		62

Total liability classified awards		2,174		24			128

Total stock-based compensation	$	9,874	$	2,125		$	1,349

Stock Option Award Activity. Stock option activity under the Company’s option plans at December 31, 2021 and changes during the year ended December 31, 2021 were as follows.

						Weighted-
						Average
				*Weighted-*		*Remaining*
				*Average*		*Contractual*		*Aggregate*
	*Number of*			*Exercise*		*Term*		*Intrinsic*
	*Options*			*Price (1)*		*(years)*		*Value*

Options outstanding at December 31, 2020		1,552		$	556.13		5.6	$	—
Granted		4,762,004		$	4.63
Canceled or forfeited		(17,188	)	$	5,693.43
Exercised		—		$	—

Options outstanding at December 31, 2021		4,746,368		$	5.11		9.6	$	—

Options exercisable at December 31, 2021		1,515		$	429.54		4.6	$	—

Options vested and expected to vest at December 31, 2021		4,746,368		$	5.11		9.6	$	—

(1)

Exercise price of options outstanding range from $4 to $56,460 as of December 31, 2021.

The aggregate intrinsic values in the table above represent the total pretax intrinsic values (the difference between the closing price of Gevo’s common stock on the last trading day of the 2021 calendar year and the exercise price, multiplied by the number of in-the-money stock option shares) that would have been received by the option holders had all in-the-money outstanding stock options been exercised on December 31, 2021.

No stock options vested during the year ended December 31, 2021. As of December 31, 2021, the total unrecognized compensation expense, net of estimated forfeitures, relating to stock options was $19.1 million, which is expected to be recognized over the remaining weighted-average period of approximately 2.6 years.

The following table sets forth the minimum and maximum Black-Scholes option pricing model assumptions and resulting grant date fair value for the stock options granted during the year ended December 31, 2021:

	Grant Date (1)

Exercise price	$	4.42		to	$	5.38
Risk-free interest rate		0.87	%	to		1.36	%
Expected dividend yield		—		to		—
Expected volatility factor		141	%	to		142	%
Expected option life (years)		5.75		to		6.0
Weighted-average fair value	$	4.06			$	4.95

(1)

There were no grants of stock options during the years ended December 31, 2020 and 2019.

There is a maximum contractual term of ten years for the share options. The Company settles stock option exercises with newly issued common shares. No tax benefits were realized by the Company in connection with these exercises as the Company maintains net operating loss carryforwards and has established a valuation allowance against the entire tax benefit.

Restricted Stock. The Company periodically grants restricted stock awards to employees and directors. The vesting period for restricted stock awards granted may be based upon a service period or based upon the attainment of performance objectives. The Company recognizes stock-based compensation over the vesting period, generally two to three years, for awards that vest based upon a service period.

Non-vested restricted stock awards at December 31, 2021 and changes during the year ended December 31, 2021 were as follows.

				Weighted-
				Average
	*Number of*			*Grant-Date*
	*Shares*			*Fair Value*

Non-vested at December 31, 2020		4,701,556		$	0.79
Granted		4,955,693		$	5.08
Vested		(2,625,259	)	$	1.04
Canceled or forfeited		(149,488	)	$	1.31

Non-vested at December 31, 2021		6,882,502		$	3.77

The total fair value of restricted stock that vested during the years ended December 31, 2021, 2020 and 2019 was $2.8 million, $1.5 million and $0.7 million, respectively. As of December 31, 2021, the total unrecognized compensation expense, net of estimated forfeitures, relating to restricted stock awards was $22.5 million, which is expected to be recognized over the remaining weighted-average period of approximately 2.4 years.

Stock Appreciation Rights. The Company granted 67,739 stock appreciation rights valued at an aggregate of $0.6 million on the respective dates of grant during the year ended December 31, 2018. The vesting period for stock appreciation rights granted are based upon a service period. The stock appreciation rights have the potential to be cash settled in the event there are insufficient shares available from the 2010 Plan and are therefore classified as a liability and remeasured at each reporting period based on the price of the Company's common stock.

Note 9 - Leases, Right-of-use Assets and Related Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Lessee, Operating Lease and Financing Lease, Disclosure [Table Text Block]

	December 31,
	2021		2020

Right-of-Use Assets
Operating leases	$	2,414	$	133
Financing leases		27,297		176

Total	$	29,711	$	309

Operating Lease Liabilities
Current	$	772	$	172
Long-term		1,902		—

Total	$	2,674	$	172

Financing Lease Liabilities
Current	$	3,413	$	10
Long-term		17,797		162

Total	$	21,210	$	172

Lease, Cost [Table Text Block]

	Years Ended December 31,
	2021		2020		2019
Lease cost
Financing lease cost
Amortization of right-of-use assets (1)	$	1,396	$	5	$	—
Interest on lease liabilities (2)		906		—		—
Operating lease cost		240		605		1,554
Short-term lease cost		1,378		307		66
Variable lease cost (3)		260		144		119

Total lease cost	$	4,180	$	1,061	$	1,739

	Years Ended December 31,
	2021			2020			2019
Other Information
Cash paid for the measurement of lease liabilities
Operating cash flows from finance lease	$	906		$	6		$	—
Operating cash flows from operating leases		240			605			1,554
Finance cash flows from finance lease		7,189			2			—
Right-of-use asset obtained in exchange for new finance lease liabilities		28,514			—			—
Right-to-use assets obtained in exchange for new operating lease liabilities		2,593			192			280
Weighted-average remaining lease term, financing lease (months)		219			224			—
Weighted-average remaining lease term, operating leases (months)		70			7			21
Weighted-average discount rate - financing lease (4)		5	%		13	%		—	%
Weighted-average discount rate - operating leases (5)		5	%		12	%		12	%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Year Ending December 31,	Financing Leases			Operating Leases			Total

2022	$	4,397		$	881		$	5,278
2023		1,713			528			2,241
2024		1,729			305			2,034
2025		1,743			315			2,058
2026		1,759			324			2,083
Thereafter		19,814			706			20,520

Total		31,155			3,059			34,214
Less: Amounts representing present value discounts		(9,945	)		(385	)		(10,330	)

Total lease liabilities		21,210			2,674			23,884
Less: current portion		(3,413	)		(772	)		(4,185	)

Long-term portion	$	17,797		$	1,902		$	19,699

Note 5 - Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Realized Gain (Loss) [Table Text Block]

Sales proceeds	$	79,574
Amortized cost		(79,664	)

Realized (loss)	$	(90	)

Note 20 - Fair Value Measurements and Fair Value of Financial Instruments - Investments, Marketable Securities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Available-for-sale securities, amortized costs, current	$ 275,754
Available-for-sale securities, gross unrealized loss, current	(414)
Available-for-sale securities, fair value, current	275,340
US Treasury Securities [Member]
Available-for-sale securities, amortized costs, current	226,136
Available-for-sale securities, gross unrealized loss, current	(344)
Available-for-sale securities, fair value, current	225,792
US Government-sponsored Enterprises Debt Securities [Member]
Available-for-sale securities, amortized costs, current	49,618
Available-for-sale securities, gross unrealized loss, current	(70)
Available-for-sale securities, fair value, current	49,548
Available-for-sale securities, amortized costs, noncurrent	64,596
Available-for-sale securities, gross unrealized loss, noncurrent	(200)
Available-for-sale securities, fair value, noncurrent	$ 64,396

Note 14 - Debt (Details Textual)						1 Months Ended		12 Months Ended
Note 14 - Debt (Details Textual)	Jun. 05, 2021 USD ($)	Apr. 15, 2021 USD ($)	Jul. 10, 2020 USD ($) shares	Jan. 10, 2020 USD ($) $ / shares	Apr. 19, 2017 $ / shares	Dec. 31, 2020 USD ($) shares	Apr. 30, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Long-term Debt, Total						$ 1,254,000		$ 66,962,000	$ 1,254,000
Interest Costs Incurred, Total								2,400,000	2,100,000	$ 2,700,000
Interest Costs Capitalized								1,200,000	0
Finance Lease, Interest Costs Capitalized								900,000	0
Gain (Loss) on Conversion of Notes to Common Stock								0	(1,916,000)	$ 0
Conversion from Convertible 2020/21 Notes to Common Stock [Member]
Debt Conversion, Original Debt, Amount			$ 2,000,000.0			$ 12,700,000
Debt Conversion, Converted Instrument, Shares Issued (in shares) \| shares			4,169,426			5,672,654
Gain (Loss) on Conversion of Notes to Common Stock									$ (1,900,000)
Conversion from Convertible 2020/21 Notes to Common Stock [Member] \| Coupon Make Whole Payments [Member]
Debt Conversion, Original Debt, Amount			$ 300,000			$ 1,200,000
Letter of Credit [Member]
Debt Instrument, Face Amount		$ 71,200,000
The 2021 Bonds [Member]
Debt Instrument, Face Amount		$ 68,155,000
Debt Instrument, Interest Rate, Stated Percentage		1.50%
Debt Instrument, Unamortized Premium, Total		$ 800,000						600,000
Debt Issuance Costs, Net, Total		3,000,000.0						$ 2,300,000
SBA Loans [Member]
Proceeds from Issuance of Long-term Debt, Total							$ 1,000,000.0
Debt Instrument, Decrease, Forgiveness		500,000
SBA Loans [Member] \| Agri-Energy [Member]
Debt Instrument, Decrease, Forgiveness		100,000
Long-term Debt, Total		$ 300,000
Debt Instrument, Periodic Payment, Total	$ 8,000
Convertible 2017 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage					12.00%
Convertible 2020 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage					12.00%
Long-term Debt, Total				$ 14,100,000
Debt Instrument, Interest Rate, Paid In Kind Percentage					2.00%
Debt Instrument, Convertible, Conversion Price (in dollars per share) \| $ / shares					$ 14.72
Debt Instrument, Convertible, Conversion Ratio					0.0679
Beneficial Ownership Limitation, Percentage					4.99%
Beneficial Ownership Limitation Percentage, Notice (Day)					61 days
Beneficial Ownership Limitation After Notice, Percentage					9.99%
Convertible 2020/21 Notes [Member]
Debt Instrument, Face Amount				$ 14,400,000
Debt Instrument, Interest Rate, Stated Percentage				12.00%
Debt Instrument, Convertible, Conversion Price (in dollars per share) \| $ / shares				$ 2.442
Debt Instrument, Convertible, Conversion Ratio				0.4095
Debt Instrument, PIK Interest				4.00%
Debt Instrument, Conversion Price Reduction, Discount Rate				10.00%

Note 2 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Significant Accounting Policies [Text Block]

2. Summary of Significant Accounting Policies

Principles of Consolidation. The Consolidated Financial Statements of Gevo include the accounts of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation. The Consolidated Financial Statements of the Company (which include the accounts of its wholly-owned subsidiaries Gevo Asset, LLC, Gevo RNG Holdco, LLC, Gevo NW Iowa RNG, LLC ("Gevo RNG"), Gevo Net-Zero HoldCo, LLC, Gevo Net-Zero 1, LLC ("Net-Zero 1") and Agri-Energy, LLC ("Agri-Energy")) have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") and accounting principles generally accepted in the U.S. ("U.S. GAAP") for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company at December 31, 2021.

Reclassifications. The Company reclassified certain prior period amounts to conform to the current period presentation, including the categorization of preliminary stage project costs and depreciation and amortization on the Consolidated Statements of Operations. These reclassifications had no impact on total revenues, total cost of goods sold, total operating expenses, net loss or stockholders' equity for any period.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP 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.

Concentrations of Credit Risk. The Company’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’s cash and cash equivalents are deposited with high credit-quality financial institutions and are primarily in demand deposit accounts.

Cash and Cash Equivalents. The Company maintains its cash and cash equivalents in highly liquid interest-bearing money market accounts or non-interest-bearing demand accounts. The Company considers all highly liquid investments purchased with a maturity of three months or less at the date of acquisition to be cash equivalents.

Marketable Securities. The Company’s marketable securities consist of marketable debt securities and have been classified and accounted for as available-for-sale. Management determines the appropriate classification of its investments at the time of purchase and reevaluates the classifications at each balance sheet date. The Company classifies its marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable securities with maturities of 12 months or less are classified as short-term and marketable securities with maturities greater than 12 months are classified as long-term. The Company’s marketable securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive income in shareholders’ equity, with the exception of unrealized losses believed to be other-than-temporary, which are reported in earnings in the current period.

Accounts Receivable. The Company records receivables for products shipped and services provided but for which payment has not yet been received. As of December 31, 2021, trade accounts receivable totaled $0.1 million, while other accounts receivable totaled $0.9 million. As of December 31, 2020, trade accounts receivable totaled $0.5 million. Th Company currently has limited production of SAF and other renewable hydrocarbons at our development scale plants, and as such, we are not dependent on any specific customers at this time.

Inventories. Inventory is recorded at net realizable value. Cost of goods sold is determined by the average cost method. Isobutanol and ethanol inventory cost consists of the applicable share of raw material, direct labor and manufacturing overhead. Work in process inventory includes unfinished SAF, isooctane and isooctene inventory. Spare Parts inventory consists of the parts required to maintain and operate the Company’s Luverne Facility and is recorded at cost. For each reporting period, the Company reviews the value of inventories on hand to estimate the recoverability through future sales. The Company reduces its inventories with adjustments for lower of cost or market valuation.

Property, Plant and Equipment. Property, plant and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the assets’ estimated useful lives. Leasehold improvements are amortized over the term of the lease agreement or the service lives of the improvements, whichever is shorter. Assets under construction are depreciated when they are placed into service. Maintenance and repairs are charged to expense as incurred and expenditures for major improvements are capitalized.

Construction in Progress. Construction in progress represents expenditures necessary to bring an asset, project, new facilities or equipment to the condition and location necessary for its intended use are capitalized and recorded at cost. Once completed and ready for its intended use, the asset is transferred to property, plant and equipment to be depreciated or amortized.

Depreciation and Amortization. Capitalized costs are depreciated or amortized using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such assets or the useful life of the individual assets. The estimates of productive lives may change, possibly in the near term, resulting in changes to depreciation and amortization rates in future reporting periods.

Capitalized Internal-Use Software Costs. Software development costs are capitalized when module development begins, it is probable that the project will be completed, and the software will be used as intended. Costs associated with preliminary project stage activities, training, maintenance and all other post implementation stage activities are expensed as incurred. Internal-use software is amortized on a straight-line basis, generally over three to five years. We evaluate the useful lives of these assets on an annual basis and test for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

Impairment of Long-Lived Assets. The Company evaluates the recoverability of the recorded amount of long-lived assets, including property, plant and equipment, licenses, patents, operating lease right-of-use assets, finance lease right-of-use assets and capitalized internal use software when events or changes in circumstances indicate that their carrying amount may not be recoverable. The carrying amount of a long-lived asset is considered to be impaired if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets. If the Company determines that an asset is impaired, it measures the impairment to be recognized as the amount by which the recorded amount of the asset exceeds its fair value. We report assets to be disposed of at the lower of the recorded amount or fair value less cost to sell. The Company determines fair value using a discounted future cash flow analysis.

Investment in Juhl. In September 2019, Agri-Energy purchased 1.5 million shares of Series A preferred stock of Juhl Clean Energy Assets, Inc. ("Juhl") for a purchase price of $1.00 per share in connection with the development of wind electrical energy generating facility project near the Luverne Facility. An affiliate of Juhl constructed, owns and operates the wind project, and Agri-Energy purchases the electricity directly from the City of Luverne. The investment in Juhl is accounted for under the cost method.

Leases, Right-of-Use Assets and Related Liabilities. The Company enters into various arrangements which constitute a lease as defined by Accounting Standards Codification ("ASC") 842, Leases, as part of its ongoing business activities and operations. Leases represent a contract or part of a contract that conveys the right to control the use of identified property, plant or equipment (an identified asset) for a period of time in exchange for consideration. Such contracts result in both (a) right-of-use assets, which represent the Company’s right to use an underlying asset for the term of the contract; and (b) a corresponding lease liability which represents the Company’s obligation to make the lease payments arising from the contract. The Company has elected not to recognize a right-of-use asset and lease liability for any lease with an original lease term of 12 months or less. Lease expense for such leases is recognized on a straight-line basis over the lease term.

A lease is classified as a finance lease when one or more of the following criteria are met: (i) the lease transfers ownership of the asset by the end of the lease term, (ii the lease contains an option to purchase the asset that is reasonably certain to be exercised, (iii) the lease term is for a major part of the remaining useful life of the asset, (iv) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset, and (v) the asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. If a lease does not meet any of these criteria, the lease is classified as an operating lease.

Lease liabilities are initially measured at the lease commencement date based on the present value of lease payments over the lease term, discounted using an estimate of the Company’s incremental borrowing rate for a collateralized loan with the same term and payment as the lease. Right-of-use assets are measured based on the amount of the lease liability adjusted for any lease payments made to the lessor at or before the lease commencement date less any lease incentives received. All right-of-use assets are evaluated for impairment in accordance with accounting standards applicable to long-lived assets.

Renewal options are included in the calculation of our right-of-use assets and lease liabilities when the Company determines that the option is reasonably certain of exercise based on an analysis of the relevant facts and circumstances. Certain of the Company’s leases require variable lease payments that do not depend on an index or rate and such payments are excluded from the calculation of the right-of-use asset and lease liability and are recognized as variable lease cost when incurred.

The Company has elected the practical expedient to account for the lease and non-lease components as a single lease component for its dairy lease and fuel supply asset class. This results in a significantly higher right-of-use assets and lease liabilities than if the Company had not elected this practical expedient.

Lease cost for operating leases consists of the fixed lease payments recognized on a straight-line basis over the lease term plus variable lease payments as incurred. Lease cost for finance leases consists of amortization of the right-of-use assets on a straight-line basis over the lease term, interest expense on the lease liability and variable lease payments as incurred.

Axens License. Costs related to licenses, including legal fees, are capitalized and amortized over the estimated useful lives using the straight-line method. The license is included in "Prepaid expenses and other current assets" in the Consolidated Balance Sheets.

Intangible assets. Intangible assets consist of patents. Costs related to patents, including legal fees, are capitalized and amortized over the estimated useful lives using the straight-line method. Amortization expense is recorded in "Depreciation and amortization" in the Operating expenses section of the Consolidated Statements of Operations. For patents purchased in an asset acquisition, the useful life is determined by valuation estimates of remaining economic life. The patents are included in "Intangible assets, net" in the Consolidated Balance Sheets.

The Company periodically evaluates the amortization period and carrying value of its licenses and patents to determine whether any events or circumstances warrant revised estimated useful life or reduction in value.

Borrowing Costs. The borrowing costs that are directly attributable to acquisition and construction of an asset that needs a substantially long period of time for its intended use commence to be capitalized and recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have been incurred, and the activities relating to the acquisition and construction that are necessary to prepare the asset for its intended use have commenced. The capitalization of borrowing costs ceases when the asset under acquisition or construction becomes ready for its intended use and the borrowing costs incurred thereafter are recognized in profit or loss for the current period. Capitalization of borrowing costs is suspended during periods in which the acquisition or construction of an asset is interrupted abnormally and the interruption lasts for more than three months, until the acquisition or construction is resumed.

Debt Issuance Costs and Debt Discounts/Premiums. Debt issuance costs are costs with third parties incurred in connection with the Company’s debt financings that have been capitalized and are being amortized over the stated maturity period or estimated life of the related debt using the effective interest method. Debt issuance costs are presented as a direct reduction of the carrying amount of the related debt. Debt discounts, including fees paid to lenders, and debt premiums are amortized over the life of the related debt using the effective interest method. Debt discounts and premiums are presented as a reduction and increase, respectively, in the carrying amount of the related debt. Amortization of debt issuance costs, discounts and premiums is included in interest expense.

Fair Value of Financial Instruments. We record various financial instruments at fair value. U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market for the asset or liability. U.S. GAAP also classifies the inputs used to measure fair value into the following hierarchy:

Level 1: Quoted market prices in an active market for identical assets or liabilities.

Level 2: Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.

Level 3: Unobservable inputs for the asset or liability.

The Company believes that the carrying value of its cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and loans payable - other approximate fair value due to their short maturities.

Warrants. Warrants are classified as a component of permanent equity when they are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, permit the holders to receive a fixed number of shares of common stock upon exercise and do not provide any guarantee of value or return.

The Series 2020-A Warrants are classified as a component of permanent equity. The Company valued the Series 2020-A Warrants at issuance using the Black-Scholes option pricing model and determined the fair value. The key inputs to the valuation model included a weighted average volatility of 130%, risk free rate of 0.31% and an expected term of five years.

Revenue Recognition. The Company records revenue from the sale of ethanol and related products, hydrocarbon products and funding from government grants and cooperative agreements. The Company recognizes revenue when all of the following criteria are satisfied: (i) it has identified a contract with a customer; (ii) it has identified the performance obligations of the customer; (iii) it has determined the transaction price; (iv) it has allocated the transaction price to the identified performance obligations in the contract with the customer; and (v) it has satisfied each individual performance obligation with the contract with a customer.

Ethanol and related products as well as hydrocarbon products are generally shipped free-on-board shipping point. Collectability of revenue is reasonably assured based on historical evidence of collectability between the Company and its customers. In accordance with the Company’s agreements for the marketing and sale of ethanol and related products, commissions due to marketers are deducted from the gross sales price at the time payment was remitted. Ethanol and related products sales are recorded net of commissions and shipping and handling costs. Sales and other taxes that the Company collects concurrent with revenue-producing activities are excluded from revenue.

Cost of Goods Sold. Cost of goods sold includes costs incurred in conjunction with the operations for the production of isobutanol and costs directly associated with the ethanol and related products production process such as costs for direct materials, direct labor and certain plant overhead costs. Costs associated with the operations for the production of isobutanol includes costs for direct materials, direct labor and plant utilities, including natural gas and wind power. Direct materials consist of dextrose for initial production of isobutanol, corn feedstock, denaturant and process chemicals. Direct labor includes compensation of personnel directly involved in production operations. Costs of direct materials for the production of ethanol and related products consist of corn feedstock, denaturant and process chemicals. Direct labor includes compensation of personnel directly involved in the operation of the Luverne Facility. Plant overhead costs primarily consists of plant utilities. Cost of goods sold is mainly affected by the cost of corn and natural gas. Corn is the most significant raw material cost. The Company purchases natural gas and wind power to power steam generation in the production process and to dry the distillers grains, a by-product of ethanol and related products production.

Research and Development. Research and development costs are expensed as incurred. The Company’s research and development costs consist of expenses incurred to identify, develop, and test its technologies for the production of isobutanol and the development of downstream applications thereof. Research and development expense includes personnel costs (including stock-based compensation), consultants and related contract research, facility costs, supplies, license fees and milestone payments paid to third parties for use of their intellectual property and patent rights and other direct and allocated expenses incurred to support the Company’s overall research and development programs.

Selling, General and Administrative. Selling, general and administrative expense are expensed as incurred. The Company's selling, general and administrative costs consist of personnel costs (including stock-based compensation), consulting and service provider expenses (including patent counsel-related costs), legal fees, marketing costs, insurance costs, occupancy-related costs, travel and relocation expenses and hiring expenses.

Preliminary Stage Project Costs. Preliminary stage project costs consist of consulting, preliminary engineering costs, personnel expenses and research and development expenses to support the business activity for the Company's Gevo RNG and Net-Zero projects.

Stock-Based Compensation. The Company’s stock-based compensation expense includes expenses associated with share-based awards granted to employees and board members, and expenses associated with awards under its employee stock purchase plan ("ESPP"). Our stock-based compensation is classified as either an equity award or a liability award in accordance with U.S. GAAP. The fair value of an equity-classified award is determined at the grant date and is amortized on a straight-line basis over the vesting life of the award. The fair-value of a liability-classified award is determined on a quarterly basis through the final vesting date and is amortized based on the current fair value of the award and the percentage of vesting period incurred to date.

The grant date fair value for stock option awards is estimated using the Black-Scholes option pricing model and the grant date fair value for restricted stock awards is based upon the closing price of the Company’s common stock on the date of grant. The Company recognizes compensation costs for share-based payment awards granted to employees net of actual forfeitures and recognizes stock-based compensation expense for only those awards expected to vest on a straight-line basis over the requisite service period of the award, which is currently the vesting term of up to four years.

The Company accounts for stock-based employee compensation plans under the fair value recognition and measurement provisions in accordance with applicable accounting standards, which require all stock-based payments to employees, including grants of stock options and restricted stock awards, to be measured based on the grant date fair value of the awards, with the resulting expense generally recognized on a straight-line basis over the period during which the employee is required to perform service in exchange for the award.

Stock-based compensation expense related to restricted stock awards and stock options are recorded net of actual forfeitures in our Consolidated Statements of Operations.

Liability awards are subject to variable accounting treatment, such that they are remeasured at fair value each reporting period through the Consolidated Statements of Operations. Any impact of forfeitures are based on actual forfeitures, although not affecting the fair value measurement of the awards, should be reflected at that time as well.

Income Taxes. Deferred tax assets and liabilities are recognized based on the difference between the carrying amounts of assets and liabilities in the financial statements and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates in effect in the years in which those temporary differences are expected to reverse. Deferred tax assets should be reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

In preparing our Consolidated Financial Statements, we estimate the actual amount of taxes currently payable or receivable as well as deferred tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. Changes in deferred tax assets and liabilities generally have a direct impact on earnings in the period of the changes. Mining taxes represent federal and state taxes levied on mining operations. As the mining taxes are calculated as a percentage of mining profits, we classify them as income taxes. Where applicable tax laws and regulations are either unclear or subject to varying interpretations, it is possible that changes in these estimates could occur that materially affect the amounts of deferred income tax assets and liabilities recorded in the Consolidated Financial Statements.

Each period, we evaluate the likelihood of whether or not some portion or all of each deferred tax asset will be realized and provide a valuation allowance for those deferred tax assets for which it is more likely than not that the related benefits will not be realized. When evaluating our valuation allowance, we consider historic and future expected levels of taxable income, the pattern and timing of reversals of taxable temporary timing differences that give rise to deferred tax liabilities, and tax planning initiatives. Levels of future taxable income are affected by, among other things, market gold and silver prices, production costs, quantities of proven and probable reserves, interest rates, federal and local legislation, and foreign currency exchange rates. If we determine that all or a portion of the deferred tax assets will not be realized, a valuation allowance will be recorded with a charge to income tax expense. Conversely, if we determine that we will ultimately be able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced with a credit to income tax expense.

In addition, the calculation of income tax expense involves significant management estimation and judgment involving a number of assumptions. In determining these amounts, management interprets tax legislation in each of the jurisdictions in which we operate and makes estimates of the expected timing of the reversal of future tax assets and liabilities. We also make assumptions about future earnings, tax planning strategies and the extent to which potential future tax benefits will be used. We are also subject to assessments by various taxation authorities which may interpret tax legislation differently, which could affect the final amount or the timing of tax payments.

The Company may from time to time be assessed interest or penalties by major tax jurisdictions, although there have been no such assessments historically with any material impact to its financial results. The Company would recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statements of Operations. Accrued interest and penalties would be included within the related tax liability line in the Consolidated Balance Sheets.

Net Loss Per Share. Basic net loss per share is computed by dividing the net loss attributable to Gevo's common stockholders for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings per share ("EPS") includes the dilutive effect of common stock equivalents and is computed using the weighted-average number of common stock and common stock equivalents outstanding during the reporting period. Diluted EPS for the years ending December 31, 2021, 2020 and 2019 excluded common stock equivalents because the effect of their inclusion would be anti-dilutive or would decrease the reported loss per share.

The following table sets forth securities that could potentially dilute the calculation of diluted earnings per share:

Year Ended December 31,

2021 2020
2019

Warrants to purchase common stock - liability classified
7,126 56,735 54,989

Warrants to purchase common stock - equity classified
90,608 1,957,166 —

Convertible 2020 Notes — — 974,139

Outstanding options to purchase common stock
4,746,368 1,552 1,561

Stock appreciation rights
67,739 67,739 67,739

Total
4,911,841 2,083,192 1,098,428

Recently Adopted Accounting Pronouncements

Financial Instruments - Credit Losses. Measurement of Credit Losses on Financial Instruments. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses. Measurement of Credits Losses on Financial Instruments ("ASU 2016-13"), which replaces accounting for credit losses for most financial assets, including trade accounts receivable, and certain other instruments that are not measured at fair value through income. ASU 2016-13 replaces the current “incurred loss” model, in which losses are recognized when a loss is incurred as of the date of the balance sheet, to an “expected credit loss” model, which includes a broader range of information to estimate expected credit losses over the lifetime of the financial asset. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022 for smaller reporting companies, however the Company adopted this ASU as of Q4 2021 since the Company lost its smaller reporting company status. The adoption of this standard primarily applies to the valuation of the Company’s trade accounts receivables. The Company sells primarily to a small quantity of large customers with significant balance sheets and those financial assets are often settled within two - to - three months after the completion of the corresponding sales transaction. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements.

Government Assistance Disclosures. In November 2021, the FASB issued ASU No. 2021-10 Government Assistance (Topic 832) Disclosures by Business Entities about Government Assistance ("ASU 2021-10"), which increase the transparency of government assistance including the disclosure of (i) the types of assistance, (ii) an entity’s accounting for the assistance, and (iii) the effect of the assistance on an entity’s financial statements. ASU 2021-10 is effective for fiscal years beginning after December 15, 2021. Early application of the ASU is permitted. See Note 14, Debt, for additional disclosures related to the Small Business Administration’s Paycheck Protection Program ("SBA PPP").

Note 16 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock-based compensation	$ 9,874	$ 2,125	$ 1,349
Equity Classified Awards [Member]
Stock-based compensation	7,700	2,101	1,221
Liability Classified Awards [Member]
Stock-based compensation	2,174	24	128
Cost of Goods Sold [Member]
Stock-based compensation	40	0	0
Cost of Goods Sold [Member] \| Share-based Payment Arrangement, Option [Member]
Stock-based compensation	16	0	0
Cost of Goods Sold [Member] \| Restricted Stock [Member]
Stock-based compensation	27	0	0
Research and Development Expense [Member]
Stock-based compensation	2,000	600	300
Research and Development Expense [Member] \| Share-based Payment Arrangement, Option [Member]
Stock-based compensation	681	0	0
Research and Development Expense [Member] \| Restricted Stock [Member]
Stock-based compensation	1,345	481	228
Research and Development Expense [Member] \| Stock Appreciation Rights (SARs) [Member]
Stock-based compensation	9	137	66
Selling, General and Administrative Expenses [Member]
Stock-based compensation	7,800	1,500	1,100
Selling, General and Administrative Expenses [Member] \| Share-based Payment Arrangement, Option [Member]
Stock-based compensation	1,990	0	0
Selling, General and Administrative Expenses [Member] \| Restricted Stock [Member]
Stock-based compensation	3,641	1,620	993
Selling, General and Administrative Expenses [Member] \| Restricted Stock, Liability Classified Awards [Member]
Stock-based compensation	2,165	0	0
Selling, General and Administrative Expenses [Member] \| Stock Appreciation Rights (SARs) [Member]
Stock-based compensation	$ 0	$ (113)	$ 62

Note 19 - Commitments and Contingencies (Details Textual) $ in Thousands	Dec. 31, 2021 USD ($)
Indemnification Agreement [Member]
Loss Contingency Accrual, Ending Balance	$ 0

Note 20 - Fair Value Measurements and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

			Fair Value Measurements at December 31, 2021
	Fair Value at December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring
Marketable securities
U.S. Treasury notes	$	225,792	$	225,792	$	—	$	—
U.S. Government sponsored enterprise securities		113,944		113,944		—		—

Other
Liability-classified restricted stock awards		702		702		—		—

Total recurring	$	340,438	$	340,438	$	—	$	—

Nonrecurring
Corn and palladium inventory	$	566	$	566	$	—	$	—

			Fair Value Measurements at December 31, 2020
	Fair Value at December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Nonrecurring
Finished goods inventory	$	866	$	235	$	631	$	—

Schedule of Available-for-sale Securities Reconciliation [Table Text Block]

	Maturity	Amortized Cost Basis		Gross Unrealized Losses			Fair Value
Short-term marketable securities
U.S. Treasury notes	Within one year	$	226,136	$	(344	)	$	225,792
U.S. Government-sponsored enterprise securities	Within one year		49,618		(70	)		49,548

Total		$	275,754	$	(414	)	$	275,340

Long-term marketable securities
U.S. Government-sponsored enterprise securities	Within two years	$	64,596	$	(200	)	$	64,396

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

	Carrying Value		Estimated Fair Value

2021 Bonds	$	68,155	$	68,380

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Note 16 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share)		$ 4
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share)		$ 56,460
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in shares)		0
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 19,100
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)		4,762,004	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)		10 years
Share-based Payment Arrangement, Exercise of Option, Tax Benefit		$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		4 years
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		2 years 7 months 6 days
Restricted Stock [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		2 years 4 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value		$ 2,800	$ 1,500	$ 700
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 22,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		4,955,693
Restricted Stock [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	0 years	2 years
Restricted Stock [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	4 years	3 years
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					67,739
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture, Total					$ 600

Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Noncash compensation expense	$ 9,874	$ 2,125	$ 1,349
Cost of Goods Sold [Member]
Noncash compensation expense	40	0	0
Research and Development Expense [Member]
Noncash compensation expense	2,000	600	300
Selling, General and Administrative Expenses [Member]
Noncash compensation expense	$ 7,800	$ 1,500	$ 1,100

Note 4 - Restricted Cash and Restricted Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2021

The 2021 Bonds [Member]

Notes Tables

Restrictions on Cash and Cash Equivalents [Table Text Block]

Restricted Cash Held by Bond Trustee
Bond proceeds	$	68,995
Disbursement of funds		(44,780	)
Interest paid on bonds		(216	)
Interest income		11

Total restricted cash held by bond trustee		24,010
Total restricted collateral		71,190

Total restricted cash and restricted cash equivalents		95,200
Current portion		(25,032	)

Long-term restricted cash and restricted cash equivalents	$	70,168

Note 4 - Restricted Cash and Restricted Cash Equivalents (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Restricted Cash, Total	$ 95,200
Receivable from Bond Trustee [Member]
Restricted Cash, Total	24,010
Cash Pledged and Assigned to Citibank, N.A. [Member]
Restricted Cash, Total	71,190
Restricted Cash, Current	$ 1,000
Restricted Cash, Interest Rate	0.10%

Note 19 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

19. Commitments and Contingencies

Legal Matters. From time to time, the Company has been and may again become involved in legal proceedings arising in the ordinary course of its business. The Company is not aware of any pending or threatened litigation against the Company that it believes could have a material adverse effect on its business, operating results, financial condition or cash flows.

Indemnifications. In the ordinary course of its business, the Company makes certain indemnities under which it may be required to make payments in relation to certain transactions. As of December 31, 2021 and 2020, the Company did not have any liabilities associated with indemnities.

In addition, the Company, as permitted under Delaware law and in accordance with its certificate of incorporation and bylaws, in each case, as amended to date, indemnifies its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at the Company’s request in such capacity. The duration of these indemnifications, commitments, and guarantees varies and, in certain cases, is indefinite. The maximum amount of potential future indemnification is unlimited; however, the Company has a director and officer insurance policy that may enable it to recover a portion of any future amounts paid. The Company accrues for losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is probable. No such losses have been recorded to date.

Environmental Liabilities. The Company’s operations are subject to environmental laws and regulations adopted by various governmental authorities in the jurisdictions in which it operates. These laws require the Company to investigate and remediate the effects of the release or disposal of materials at its locations. Accordingly, the Company has adopted policies, practices and procedures in the areas of pollution control, occupational health and the production, handling, storage and use of hazardous materials to prevent material environmental or other damage, and to limit the financial liability which could result from such events. Environmental liabilities are recorded when the Company’s liability is probable, and the costs can be reasonably estimated. No environmental liabilities have been recorded as of December 31, 2021.

Note 15 - Equity Incentive Plans

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Stock Incentive Plans Disclosure [Text Block]

15. Equity Incentive Plans

2010 Stock Incentive Plan. In February 2011, the Company’s stockholders approved the Gevo, Inc. 2010 Stock Incentive Plan (as amended and restated, the "2010 Plan"). The 2010 Plan provides for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units and other equity awards to employees and directors of the Company. On June 9, 2021, with the approval of the shareholders, the 2010 Plan was amended and restated, which increased the number of shares of common stock reserved for issuance to a total of 22,980,074 shares. At December 31, 2021, 8,672,529 shares were available for future issuance under the 2010 Plan.

Restricted common stock activity during the year ended December 31, 2021 consisted of the following:

Period	Total Number of Restricted Shares Issued			Total Number of Non-Qualified Stock Options Granted		Vesting Periods Years

January 1, 2021 to March 31, 2021	(121,499	)	(1)	—			N/A
April 1, 2021 to June 30, 2021	(89,673	)	(2)(3)	—		0	to	4
July 1, 2021 to September 30, 2021	3,915,502		(2)(4)(6)	4,668,727	(5)(7)	2	to	3
October 1, 2021 to December 31, 2021	108,685		(2)(6)(8)	76,089	(7)(9)	2	to	4

Total	3,813,015			4,744,816

(1)												Includes shares of common stock cancelled related to unvested restricted stock awards of a director and an employee who resigned.
(2)												Includes shares withheld from employees to cover tax withholding obligations upon the vesting of restricted stock awards.
(3)												Includes restricted stock awards granted to employees April 7, 2021, May 3, 2021 and June 7, 2021.
(4)												Includes restricted stock awards granted to employees and directors on August 20, 2021.
(5)												Includes non-qualified stock options granted to employees and directors on August 20, 2021.
(6)												Includes shares of common stock cancelled related to the unvested restricted stock awards of certain employees.
(7)												Includes non-qualified stock options canceled related to unvested stock option awards granted to employees.
(8)												Includes restricted stock awards granted to employees on December 10, 2021, December 13, 2021, December 16, 2021 and December 30, 2021.
(9)												Includes non-qualified stock options granted to employees on December 10, 2021, December 13, 2021, December 16, 2021 and December 30,2021.

Employee Stock Purchase Plan. In February 2011, the Company’s stockholders approved the ESPP. The offering periods for the ESPP are from January 1 to June 30 and from July 1 to December 31 of each calendar year. The Company has reserved 190 shares of common stock for issuance under the ESPP, of which 190 shares as of December 31, 2021 are available for future issuance. The purchase price of the common stock under the ESPP is 85% of the lower of the fair market value of a share of common stock on the first or last day of the purchase period. There were no purchases of common stock under the ESPP during 2021.

Note 15 - Equity Incentive Plans - Restricted Common Stock and Non-qualified Stock Option Activity (Details) - shares

3 Months Ended

12 Months Ended

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Vesting Period (Year)

4 years

Number of awards issued/granted (in shares)

4,762,004

Number of awards issued/granted (in shares)

4,762,004

Restricted Stock [Member]

Number of shares issued/granted (in shares)

108,685

^[1],[2],[3]

3,915,502

^[2],[3],[4]

(89,673)

^[3],[5]

(121,499)

^[6]

3,813,015

Restricted Stock [Member] | Minimum [Member]

Vesting Period (Year)

0 years

2 years

Restricted Stock [Member] | Maximum [Member]

Vesting Period (Year)

4 years

3 years

Non-qualified Stock Options [Member]

Number of shares issued/granted (in shares)

Number of awards issued/granted (in shares)

76,089

^[7],[8]

4,668,727

^[7],[9]

4,744,816

Number of awards issued/granted (in shares)

76,089

^[7],[8]

4,668,727

^[7],[9]

4,744,816

Restricted Stock and Non-qualified Stock Options [Member] | Minimum [Member]

Vesting Period (Year)

2 years

Restricted Stock and Non-qualified Stock Options [Member] | Maximum [Member]

Vesting Period (Year)

4 years

3 years

[1]	Includes restricted stock awards granted to employees on December 10, 2021, December 13, 2021, December 16, 2021 and December 30, 2021.
[2]	Includes shares of common stock cancelled related to the unvested restricted stock awards of certain employees.
[3]	Includes shares withheld from employees to cover tax withholding obligations upon the vesting of restricted stock awards.
[4]	Includes restricted stock awards granted to employees and directors on August 20, 2021.
[5]	Includes restricted stock awards granted to employees April 7, 2021, May 3, 2021 and June 7, 2021.
[6]	Includes shares of common stock cancelled related to unvested restricted stock awards of a director and an employee who resigned.
[7]	Includes non-qualified stock options canceled related to unvested stock option awards granted to employees.
[8]	Includes non-qualified stock options granted to employees on December 10, 2021, December 13, 2021, December 16, 2021 and December 30,2021.
[9]	Includes non-qualified stock options granted to employees and directors on August 20, 2021.

Note 15 - Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2021

Stock Incentive Plan 2010 [Member]

Notes Tables

Nonvested Restricted Stock Shares Activity [Table Text Block]

Period	Total Number of Restricted Shares Issued			Total Number of Non-Qualified Stock Options Granted		Vesting Periods Years

January 1, 2021 to March 31, 2021	(121,499	)	(1)	—			N/A
April 1, 2021 to June 30, 2021	(89,673	)	(2)(3)	—		0	to	4
July 1, 2021 to September 30, 2021	3,915,502		(2)(4)(6)	4,668,727	(5)(7)	2	to	3
October 1, 2021 to December 31, 2021	108,685		(2)(6)(8)	76,089	(7)(9)	2	to	4

Total	3,813,015			4,744,816

Note 8 - Revenues From Contracts With Customers and Other Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Year Ended December 31, 2021
Major Goods/Service Line	Revenues from Contracts with Customers		Other Revenues		Total

Ethanol sales and related products, net	$	50	$	—	$	50
Hydrocarbon revenue		483		—		483
Other revenue		—		178		178

	$	533	$	178	$	711
Timing of Revenue Recognition

Goods transferred at a point in time	$	533	$	—	$	533
Services transferred over time		—		178		178

	$	533	$	178	$	711

	Year Ended December 31, 2020
Major Goods/Service Line	Revenues from Contracts with Customers		Other Revenues		Total

Ethanol sales and related products, net	$	3,809	$	—	$	3,809
Hydrocarbon revenue		1,501		—		1,501
Other revenue		153		73		226

	$	5,463	$	73	$	5,536
Timing of Revenue Recognition

Goods transferred at a point in time	$	5,310	$	—	$	5,310
Services transferred over time		153		73		226

	$	5,463	$	73	$	5,536

	Year Ended December 31, 2019
Major Goods/Service Line	Revenues from Contracts with Customers		Other Revenues		Total

Ethanol sales and related products, net	$	22,115	$	—	$	22,115
Hydrocarbon revenue		2,338		—		2,338
Other revenue		—		34		34

	$	24,453	$	34	$	24,487
Timing of Revenue Recognition

Goods transferred at a point in time	$	24,453	$	—	$	24,453
Services transferred over time		—		34		34

	$	24,453	$	34	$	24,487

Note 16 - Stock-based Compensation - Stock Option Award Activity (Details) - USD ($)

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Options outstanding (in shares)

1,552

Options outstanding, weighted average exercise price (in dollars per share)

^[1]

$ 556.13

Options outstanding, weighted average remaining contractual term (Year)

9 years 7 months 6 days

5 years 7 months 6 days

Number of awards issued/granted (in shares)

4,762,004

Granted, weighted average exercise price (in dollars per share)

^[1]

$ 4.63

Canceled or forfeited (in shares)

(17,188)

Canceled or forfeited, weighted average exercise price (in dollars per share)

^[1]

$ 5,693.43

Exercised (in shares)

Exercised, weighted average exercise price (in dollars per share)

^[1]

$ 0

Options outstanding (in shares)

4,746,368

1,552

Options outstanding, weighted average exercise price (in dollars per share)

^[1]

$ 5.11

$ 556.13

Options outstanding, aggregate intrinsic value

$ 0

Options exercisable (in shares)

1,515

Options exercisable, weighted average exercise price (in dollars per share)

^[1]

$ 429.54

Options exercisable, weighted average remaining contractual term (Year)

4 years 7 months 6 days

Options exercisable, aggregate intrinsic value

$ 0

Options vested and expected to vest (in shares)

4,746,368

Options vested and expected to vest, weighted average exercise price (in dollars per share)

^[1]

$ 5.11

Options vested and expected to vest, weighted average remaining contractual term (Year)

9 years 7 months 6 days

Options vested and expected to vest, aggregate intrinsic value

$ 0

[1]	Exercise price of options outstanding range from $4 to $56,460 as of December 31, 2021.

Note 11 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

11. Property, Plant and Equipment

The following table sets forth the Company’s property, plant and equipment by classification (in thousands):

	Useful Life			December 31,
	(in years)			2021			2020

Luverne Facility retrofit asset		20		$	70,820		$	70,820
Plant machinery and equipment		10			17,949			17,374
Site improvements		10			7,157			7,157
Lab equipment, furniture and fixtures and vehicles		5			6,811			6,396
Demonstration plant		2			3,597			3,597
Leasehold improvements, pilot plant, land and support equipment	2	to	7		2,802			2,523
Buildings		10			2,543			2,543
Computer, office equipment and software	3	to	6		2,332			1,983
Construction in progress		—			88,989			13,132

Total Property, plant and equipment					203,000			125,525
Less accumulated depreciation and amortization					(63,859	)		(59,117	)

Property, plant and equipment, net				$	139,141		$	66,408

The Company recorded depreciation and amortization expense related to property, plant and equipment as follows (in thousands):

	Year Ended December 31,
	2021		2020		2019

Cost of goods sold	$	4,457	$	5,669	$	6,282

Operating expenses
Research and development expense		250		160		152
Selling, general and administrative expense		75		54		57

		325		214		209

Total	$	4,782	$	5,883	$	6,491

Note 6 - Axens License (Details Textual) $ in Thousands	12 Months Ended
Note 6 - Axens License (Details Textual) $ in Thousands	Dec. 31, 2021 USD ($)	Sep. 22, 2021
Payments for License Fees	$ 3,250
Axens [Member] \| Minimum [Member]
Technology to Convert Ethanol to Hydrocarbons, Number of Patents Licensed		60

Note 1 - Nature of Business and Financial Condition

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

1. Nature of Business and Financial Condition

Nature of Business. Gevo, Inc. (Nasdaq: GEVO) ("Gevo" or the "Company," which, unless otherwise indicated, refers to Gevo, Inc. and its subsidiaries), a Delaware corporation founded in 2005, is a growth-oriented company with the mission of solving greenhouse gas emissions for those sectors of the transportation industry that are not amenable to electrification or hydrogen.

The Company is focused on transforming renewable energy into energy-dense liquid hydrocarbons that can be used as renewable fuels, such as sustainable aviation fuel ("SAF"), with the potential to achieve a “net-zero” greenhouse gas ("GHG") footprint. The Company uses the Argonne National Laboratory’s GREET (Greenhouse gases, Regulated Emissions, and Energy use in Transportation) model (the "GREET Model") to measure, predict and verify GHG emissions across the life-cycle of its products. The “net-zero” concept means that Gevo expects to produce fuels that consume as much carbon dioxide in their manufacture as the fuels produce when burned.

Gevo's primary market focus, given current demand and growing customer interest, is SAF. The Company believes that it also has commercial opportunities for other renewable hydrocarbon products, such as hydrocarbons for gasoline blendstocks and diesel fuel; ingredients for the chemical industry, such as ethylene and butenes; plastics and materials; and other chemicals.

The Company believes it has the technology and know-how to convert various carbohydrate feeds through a fermentation process into alcohols and then transform the alcohols into renewable fuels and materials. While the Company expects its first major capital deployments to focus on the production of SAF, Gevo recognizes that there are opportunities to operate in several different markets and it will pursue those opportunities when appropriate based on customer interest, access to capital and expected investment returns.

Gevo currently operates two development scale plants: (i) a demonstration facility in Silsbee, Texas that is operated in partnership with South Hampton Resources, Inc. (the "South Hampton Facility") and (ii) a wholly-owned development plant in Luverne, Minnesota (the "Luverne Facility").

The Luverne Facility was originally constructed in 1998 and is located on approximately 55 acres of land, which contains approximately 50,000 square feet of building space. Gevo currently plans to install a 1 million gallon per year alcohol-to-hydrocarbon process pilot unit that is expected to produce olefins and fuel products for market development and testing purposes. This pilot unit is expected to be complete and delivered to the Luverne Facility in late 2022. The pilot unit will also be used in training of employees for Net-Zero 1 and other future projects.

Gevo's initial renewable natural gas ("RNG") project, Gevo RNG, will generate RNG captured from dairy cow manure which will be supplied by three dairies located in Northwest Iowa totaling over 20,000 milking cows.

Ultimately, the Company believes that the attainment of profitable operations is dependent upon future events, including, but not limited to (i) the successful development of the Company's initial Net-Zero Project (the "Net-Zero 1 Project") and future projects for the production of energy dense liquid hydrocarbons using renewable energy and our proprietary technology; and (ii) the achievement of a level of revenues adequate to support its cost structure.

COVID-19. The novel coronavirus ("COVID-19") pandemic has had an adverse impact on global commercial activity, including the global transportation industry and its supply chain, and has contributed to significant volatility in financial markets. It is possible that that the impact of the COVID-19 pandemic on general economic activity could continue to negatively impact the Company's revenue and operating results for 2022 and beyond.

During the first quarter of 2020, the Company suspended the ethanol production at its Luverne Facility due to COVID-19 and an unfavorable commodity environment. The suspension of ethanol production and a reduction in the Company's workforce that occurred during the first quarter of 2020 due to the impact of COVID-19 had an adverse impact on the Company's financial results for the year ended December 31, 2021 reducing revenue by 87% compared to the year ended December 31, 2020. Revenue was reduced by 77% for the year December 31, 2020 compared to the year ended December 31, 2019 as a result of COVID-19. The Luverne Facility re-commenced operations during July 2021.

Financial Condition. The Company has incurred consolidated net losses since inception and had a significant accumulated deficit as of December 31, 2021. The Company’s cash and cash equivalents totaled $40.8 million, short and long-term restricted cash totaled $95.2 million and marketable securities totaled $339.7 million as of December 31, 2021. Gevo expects to use its cash, cash equivalents, restricted cash and marketable securities for the following purposes: (i) identification, development, acquisition and construction of new production facilities and to plan for expanded production to fulfill existing off-take agreements, including the Company's Net-Zero Projects; (ii) investment in RNG projects; (iii) development of the Luverne Facility; (iv) development, acquisition and operation of sustainable ethanol-to-SAF plants to produce SAF alone or with partners; (v) operating activities at the Company’s corporate headquarters in Colorado, including research and development work; (vi) exploration of strategic alternatives and additional financings, including project financing; and (vii) future debt service obligations.

The Company expects to incur future net losses as it continues to fund the development and commercialization of its product candidates. To date, the Company has financed its operations primarily with proceeds from issuance of equity and debt securities, borrowings under debt facilities and product sales. The Company’s transition to profitability is dependent upon, among other things, the successful development and commercialization of its product candidates, the development, acquisition and construction of additional production facilities to support that Company’s off-take agreement, the achievement of a level of revenues adequate to support the Company’s cost structure, and the ability to raise capital to finance the development, acquisition and construction of additional productions facilities. Management intends to fund future operations through additional private and/or public offerings of debt or equity securities. In addition, the Company may seek additional capital through arrangements with strategic partners or from other sources, and it will continue to address its cost structure. Notwithstanding, there can be no assurance that the Company will be able to raise additional funds or achieve or sustain profitability or positive cash flows from operations on acceptable terms, or at all. Management believes it has adequate cash to fund operations for at least one year from the date the financial statements are issued.

Note 17 - Income Taxes

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

17. Income Taxes

As of December 31, 2021, the Company has a federal and state net operating loss (“NOL”) carryover of approximately $122.5 million and $64.3 million, respectively, available to offset future income for income tax reporting purposes. The Company’s ability to use the carryover net operating loss may be substantially limited or eliminated pursuant to Internal Revenue Code Section 382. A limitation may apply to the use of the net operation loss and credit carryforwards, under provisions of the Internal Revenue Code that are applicable if we experience an “ownership change”. That may occur, for example, as a result of trading in our stock by significant investors as well as issuance of new equity. Should these limitations apply, the carryforwards would be subject to an annual limitation resulting in a substantial reduction in the gross deferred tax.

We periodically evaluate our NOL carryforwards and whether certain changes in ownership have occurred that would limit our ability to utilize a portion of our NOL and tax credit carryforwards. We have evaluated whether we experienced an ownership change, as defined under Section 382, and determined that an ownership change did occur as of July 9, 2020 and January 22, 2021. NOL carryovers of approximately $66.2 million subject to the July 9, 2020 ownership change date are subject to a base $0.1 million annual limitation for each year following said ownership change. The Company will be able to utilize the annual limitation of the net operating loss carryforwards to offset future taxable incomes. NOL carryovers of approximately $17.9 million that occurred between the July 9, 2020 and January 22, 2021 ownership change dates are subject to a base $11.9 million annual limitation for each year following said ownership change.

The following table sets forth the tax effects of temporary differences that give rise to significant portions of the Company’s net deferred tax assets (in thousands):

	December 31,
	2021			2020
Deferred tax assets, net:
Net operating loss carryforwards	$	29,277		$	15,406
Operating lease assets		(7,881	)		(82	)
Operating lease liabilities		8,086			88
Depreciation		3,840			3,427
Restricted stock		1,146			992
Business interest expense		1,165			1,441
Other temporary differences		886			321

Deferred tax assets		36,519			21,593
Valuation allowance		(36,519	)		(21,593	)

Net deferred tax assets	$	—		$	—

The Company recognizes uncertain tax positions net, against any operating losses or applicable research credits as they arise. Currently, there are no uncertain tax positions recognized at December 31, 2021 and 2020, respectively.

ASC 740, Income Taxes, provides for the recognition of deferred tax assets if realization of such assets is more likely than not to occur. Based on management’s review of both the positive and negative evidence, which includes our historical operating performance, reported cumulative net losses since inception and difficulty in accurately forecasting results, we have concluded that it is not more likely than not that we will be able to realize all of our U.S. deferred tax assets. Therefore, we have provided a full valuation allowance against deferred tax assets at December 31, 2021 and 2020, respectively.

The following table sets forth reconciling items from income tax computed at the statutory federal rate:

	Year Ended December 31,
	2021			2020			2019

Federal income tax at statutory rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefits		3.8	%		4.1	%		7.0	%
Impact of change in statutory tax rates		—			(0.8	%)		(0.2	%)
Impact of NOL write-offs		—			(250.4	%)		—
Impact of Research and Development credit write-off		—			(8.7	%)		—
Permanent deductions		0.3	%		(5.3	%)		(0.1	%)
Valuation allowance		(25.2	)%		240.1	%		(27.7	%)

Effective tax rate		—	%		—	%		—	%

Accounting literature regarding liabilities for unrecognized tax benefits provides guidance for the recognition and measurement in financial statements of uncertain tax positions taken or expected to be taken in a tax return. The Company’s evaluation was performed for the tax periods from inception to December 31, 2021. The Company is subject to examination by major tax jurisdictions for the years ended December 31, 2016 to 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Note 3 - Miscellaneous Financial Information - Schedule of Revenue by Major Customer (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member]	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Customer A [Member]
Concentration Risk, Percentage	53.00%	21.00%	0.00%
Customer B [Member]
Concentration Risk, Percentage	24.00%	0.00%	0.00%
Customer C [Member]
Concentration Risk, Percentage	10.00%	0.00%	0.00%
Customer D [Member]
Concentration Risk, Percentage	0.00%	52.00%	71.00%
Customer E [Member]
Concentration Risk, Percentage	0.00%	15.00%	17.00%
Five Customers [Member]
Concentration Risk, Percentage	87.00%	88.00%	88.00%

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Basis of Accounting, Policy [Policy Text Block]

Reclassification, Comparability Adjustment [Policy Text Block]

Reclassifications. The Company reclassified certain prior period amounts to conform to the current period presentation, including the categorization of preliminary stage project costs and depreciation and amortization on the Consolidated Statements of Operations. These reclassifications had no impact on total revenues, total cost of goods sold, total operating expenses, net loss or stockholders' equity for any period.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP 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.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentrations of Credit Risk. The Company’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’s cash and cash equivalents are deposited with high credit-quality financial institutions and are primarily in demand deposit accounts.

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents. The Company maintains its cash and cash equivalents in highly liquid interest-bearing money market accounts or non-interest-bearing demand accounts. The Company considers all highly liquid investments purchased with a maturity of three months or less at the date of acquisition to be cash equivalents.

Marketable Securities, Policy [Policy Text Block]

Marketable Securities. The Company’s marketable securities consist of marketable debt securities and have been classified and accounted for as available-for-sale. Management determines the appropriate classification of its investments at the time of purchase and reevaluates the classifications at each balance sheet date. The Company classifies its marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable securities with maturities of 12 months or less are classified as short-term and marketable securities with maturities greater than 12 months are classified as long-term. The Company’s marketable securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive income in shareholders’ equity, with the exception of unrealized losses believed to be other-than-temporary, which are reported in earnings in the current period.

Receivable [Policy Text Block]

Accounts Receivable. The Company records receivables for products shipped and services provided but for which payment has not yet been received. As of December 31, 2021, trade accounts receivable totaled $0.1 million, while other accounts receivable totaled $0.9 million. As of December 31, 2020, trade accounts receivable totaled $0.5 million. Th Company currently has limited production of SAF and other renewable hydrocarbons at our development scale plants, and as such, we are not dependent on any specific customers at this time.

Inventory, Policy [Policy Text Block]

Inventories. Inventory is recorded at net realizable value. Cost of goods sold is determined by the average cost method. Isobutanol and ethanol inventory cost consists of the applicable share of raw material, direct labor and manufacturing overhead. Work in process inventory includes unfinished SAF, isooctane and isooctene inventory. Spare Parts inventory consists of the parts required to maintain and operate the Company’s Luverne Facility and is recorded at cost. For each reporting period, the Company reviews the value of inventories on hand to estimate the recoverability through future sales. The Company reduces its inventories with adjustments for lower of cost or market valuation.

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment. Property, plant and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the assets’ estimated useful lives. Leasehold improvements are amortized over the term of the lease agreement or the service lives of the improvements, whichever is shorter. Assets under construction are depreciated when they are placed into service. Maintenance and repairs are charged to expense as incurred and expenditures for major improvements are capitalized.

Construction in Progress. Construction in progress represents expenditures necessary to bring an asset, project, new facilities or equipment to the condition and location necessary for its intended use are capitalized and recorded at cost. Once completed and ready for its intended use, the asset is transferred to property, plant and equipment to be depreciated or amortized.

Depreciation and Amortization. Capitalized costs are depreciated or amortized using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such assets or the useful life of the individual assets. The estimates of productive lives may change, possibly in the near term, resulting in changes to depreciation and amortization rates in future reporting periods.

Internal Use Software, Policy [Policy Text Block]

Capitalized Internal-Use Software Costs. Software development costs are capitalized when module development begins, it is probable that the project will be completed, and the software will be used as intended. Costs associated with preliminary project stage activities, training, maintenance and all other post implementation stage activities are expensed as incurred. Internal-use software is amortized on a straight-line basis, generally over three to five years. We evaluate the useful lives of these assets on an annual basis and test for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]

Impairment of Long-Lived Assets. The Company evaluates the recoverability of the recorded amount of long-lived assets, including property, plant and equipment, licenses, patents, operating lease right-of-use assets, finance lease right-of-use assets and capitalized internal use software when events or changes in circumstances indicate that their carrying amount may not be recoverable. The carrying amount of a long-lived asset is considered to be impaired if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets. If the Company determines that an asset is impaired, it measures the impairment to be recognized as the amount by which the recorded amount of the asset exceeds its fair value. We report assets to be disposed of at the lower of the recorded amount or fair value less cost to sell. The Company determines fair value using a discounted future cash flow analysis.

Investment, Policy [Policy Text Block]

Investment in Juhl. In September 2019, Agri-Energy purchased 1.5 million shares of Series A preferred stock of Juhl Clean Energy Assets, Inc. ("Juhl") for a purchase price of $1.00 per share in connection with the development of wind electrical energy generating facility project near the Luverne Facility. An affiliate of Juhl constructed, owns and operates the wind project, and Agri-Energy purchases the electricity directly from the City of Luverne. The investment in Juhl is accounted for under the cost method.

Lessee, Leases [Policy Text Block]

Leases, Right-of-Use Assets and Related Liabilities. The Company enters into various arrangements which constitute a lease as defined by Accounting Standards Codification ("ASC") 842, Leases, as part of its ongoing business activities and operations. Leases represent a contract or part of a contract that conveys the right to control the use of identified property, plant or equipment (an identified asset) for a period of time in exchange for consideration. Such contracts result in both (a) right-of-use assets, which represent the Company’s right to use an underlying asset for the term of the contract; and (b) a corresponding lease liability which represents the Company’s obligation to make the lease payments arising from the contract. The Company has elected not to recognize a right-of-use asset and lease liability for any lease with an original lease term of 12 months or less. Lease expense for such leases is recognized on a straight-line basis over the lease term.

A lease is classified as a finance lease when one or more of the following criteria are met: (i) the lease transfers ownership of the asset by the end of the lease term, (ii the lease contains an option to purchase the asset that is reasonably certain to be exercised, (iii) the lease term is for a major part of the remaining useful life of the asset, (iv) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset, and (v) the asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. If a lease does not meet any of these criteria, the lease is classified as an operating lease.

Lease liabilities are initially measured at the lease commencement date based on the present value of lease payments over the lease term, discounted using an estimate of the Company’s incremental borrowing rate for a collateralized loan with the same term and payment as the lease. Right-of-use assets are measured based on the amount of the lease liability adjusted for any lease payments made to the lessor at or before the lease commencement date less any lease incentives received. All right-of-use assets are evaluated for impairment in accordance with accounting standards applicable to long-lived assets.

Renewal options are included in the calculation of our right-of-use assets and lease liabilities when the Company determines that the option is reasonably certain of exercise based on an analysis of the relevant facts and circumstances. Certain of the Company’s leases require variable lease payments that do not depend on an index or rate and such payments are excluded from the calculation of the right-of-use asset and lease liability and are recognized as variable lease cost when incurred.

The Company has elected the practical expedient to account for the lease and non-lease components as a single lease component for its dairy lease and fuel supply asset class. This results in a significantly higher right-of-use assets and lease liabilities than if the Company had not elected this practical expedient.

Lease cost for operating leases consists of the fixed lease payments recognized on a straight-line basis over the lease term plus variable lease payments as incurred. Lease cost for finance leases consists of amortization of the right-of-use assets on a straight-line basis over the lease term, interest expense on the lease liability and variable lease payments as incurred.

Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Axens License. Costs related to licenses, including legal fees, are capitalized and amortized over the estimated useful lives using the straight-line method. The license is included in "Prepaid expenses and other current assets" in the Consolidated Balance Sheets.

Intangible Assets, Finite-Lived, Policy [Policy Text Block]

Intangible assets. Intangible assets consist of patents. Costs related to patents, including legal fees, are capitalized and amortized over the estimated useful lives using the straight-line method. Amortization expense is recorded in "Depreciation and amortization" in the Operating expenses section of the Consolidated Statements of Operations. For patents purchased in an asset acquisition, the useful life is determined by valuation estimates of remaining economic life. The patents are included in "Intangible assets, net" in the Consolidated Balance Sheets.

The Company periodically evaluates the amortization period and carrying value of its licenses and patents to determine whether any events or circumstances warrant revised estimated useful life or reduction in value.

Borrowing Costs, Policy [Policy Text Block]

Borrowing Costs. The borrowing costs that are directly attributable to acquisition and construction of an asset that needs a substantially long period of time for its intended use commence to be capitalized and recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have been incurred, and the activities relating to the acquisition and construction that are necessary to prepare the asset for its intended use have commenced. The capitalization of borrowing costs ceases when the asset under acquisition or construction becomes ready for its intended use and the borrowing costs incurred thereafter are recognized in profit or loss for the current period. Capitalization of borrowing costs is suspended during periods in which the acquisition or construction of an asset is interrupted abnormally and the interruption lasts for more than three months, until the acquisition or construction is resumed.

Debt, Policy [Policy Text Block]

Debt Issuance Costs and Debt Discounts/Premiums. Debt issuance costs are costs with third parties incurred in connection with the Company’s debt financings that have been capitalized and are being amortized over the stated maturity period or estimated life of the related debt using the effective interest method. Debt issuance costs are presented as a direct reduction of the carrying amount of the related debt. Debt discounts, including fees paid to lenders, and debt premiums are amortized over the life of the related debt using the effective interest method. Debt discounts and premiums are presented as a reduction and increase, respectively, in the carrying amount of the related debt. Amortization of debt issuance costs, discounts and premiums is included in interest expense.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments. We record various financial instruments at fair value. U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market for the asset or liability. U.S. GAAP also classifies the inputs used to measure fair value into the following hierarchy:

Level 1:		Quoted market prices in an active market for identical assets or liabilities.
Level 2:		Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.
Level 3:		Unobservable inputs for the asset or liability.

The Company believes that the carrying value of its cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and loans payable - other approximate fair value due to their short maturities.

Warrants [Policy Text Block]

Warrants. Warrants are classified as a component of permanent equity when they are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, permit the holders to receive a fixed number of shares of common stock upon exercise and do not provide any guarantee of value or return.

The Series 2020-A Warrants are classified as a component of permanent equity. The Company valued the Series 2020-A Warrants at issuance using the Black-Scholes option pricing model and determined the fair value. The key inputs to the valuation model included a weighted average volatility of 130%, risk free rate of 0.31% and an expected term of five years.

Revenue [Policy Text Block]

Revenue Recognition. The Company records revenue from the sale of ethanol and related products, hydrocarbon products and funding from government grants and cooperative agreements. The Company recognizes revenue when all of the following criteria are satisfied: (i) it has identified a contract with a customer; (ii) it has identified the performance obligations of the customer; (iii) it has determined the transaction price; (iv) it has allocated the transaction price to the identified performance obligations in the contract with the customer; and (v) it has satisfied each individual performance obligation with the contract with a customer.

Ethanol and related products as well as hydrocarbon products are generally shipped free-on-board shipping point. Collectability of revenue is reasonably assured based on historical evidence of collectability between the Company and its customers. In accordance with the Company’s agreements for the marketing and sale of ethanol and related products, commissions due to marketers are deducted from the gross sales price at the time payment was remitted. Ethanol and related products sales are recorded net of commissions and shipping and handling costs. Sales and other taxes that the Company collects concurrent with revenue-producing activities are excluded from revenue.

Cost of Goods and Service [Policy Text Block]

Cost of Goods Sold. Cost of goods sold includes costs incurred in conjunction with the operations for the production of isobutanol and costs directly associated with the ethanol and related products production process such as costs for direct materials, direct labor and certain plant overhead costs. Costs associated with the operations for the production of isobutanol includes costs for direct materials, direct labor and plant utilities, including natural gas and wind power. Direct materials consist of dextrose for initial production of isobutanol, corn feedstock, denaturant and process chemicals. Direct labor includes compensation of personnel directly involved in production operations. Costs of direct materials for the production of ethanol and related products consist of corn feedstock, denaturant and process chemicals. Direct labor includes compensation of personnel directly involved in the operation of the Luverne Facility. Plant overhead costs primarily consists of plant utilities. Cost of goods sold is mainly affected by the cost of corn and natural gas. Corn is the most significant raw material cost. The Company purchases natural gas and wind power to power steam generation in the production process and to dry the distillers grains, a by-product of ethanol and related products production.

Research and Development Expense, Policy [Policy Text Block]

Research and Development. Research and development costs are expensed as incurred. The Company’s research and development costs consist of expenses incurred to identify, develop, and test its technologies for the production of isobutanol and the development of downstream applications thereof. Research and development expense includes personnel costs (including stock-based compensation), consultants and related contract research, facility costs, supplies, license fees and milestone payments paid to third parties for use of their intellectual property and patent rights and other direct and allocated expenses incurred to support the Company’s overall research and development programs.

Selling, General and Administrative Expenses, Policy [Policy Text Block]

Selling, General and Administrative. Selling, general and administrative expense are expensed as incurred. The Company's selling, general and administrative costs consist of personnel costs (including stock-based compensation), consulting and service provider expenses (including patent counsel-related costs), legal fees, marketing costs, insurance costs, occupancy-related costs, travel and relocation expenses and hiring expenses.

Preliminary Stage Project Costs [Policy Text Block]

Preliminary Stage Project Costs. Preliminary stage project costs consist of consulting, preliminary engineering costs, personnel expenses and research and development expenses to support the business activity for the Company's Gevo RNG and Net-Zero projects.

Share-based Compensation [Policy Text Block]

Stock-Based Compensation. The Company’s stock-based compensation expense includes expenses associated with share-based awards granted to employees and board members, and expenses associated with awards under its employee stock purchase plan ("ESPP"). Our stock-based compensation is classified as either an equity award or a liability award in accordance with U.S. GAAP. The fair value of an equity-classified award is determined at the grant date and is amortized on a straight-line basis over the vesting life of the award. The fair-value of a liability-classified award is determined on a quarterly basis through the final vesting date and is amortized based on the current fair value of the award and the percentage of vesting period incurred to date.

The grant date fair value for stock option awards is estimated using the Black-Scholes option pricing model and the grant date fair value for restricted stock awards is based upon the closing price of the Company’s common stock on the date of grant. The Company recognizes compensation costs for share-based payment awards granted to employees net of actual forfeitures and recognizes stock-based compensation expense for only those awards expected to vest on a straight-line basis over the requisite service period of the award, which is currently the vesting term of up to four years.

The Company accounts for stock-based employee compensation plans under the fair value recognition and measurement provisions in accordance with applicable accounting standards, which require all stock-based payments to employees, including grants of stock options and restricted stock awards, to be measured based on the grant date fair value of the awards, with the resulting expense generally recognized on a straight-line basis over the period during which the employee is required to perform service in exchange for the award.

Stock-based compensation expense related to restricted stock awards and stock options are recorded net of actual forfeitures in our Consolidated Statements of Operations.

Liability awards are subject to variable accounting treatment, such that they are remeasured at fair value each reporting period through the Consolidated Statements of Operations. Any impact of forfeitures are based on actual forfeitures, although not affecting the fair value measurement of the awards, should be reflected at that time as well.

Income Tax, Policy [Policy Text Block]

Income Taxes. Deferred tax assets and liabilities are recognized based on the difference between the carrying amounts of assets and liabilities in the financial statements and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates in effect in the years in which those temporary differences are expected to reverse. Deferred tax assets should be reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

In preparing our Consolidated Financial Statements, we estimate the actual amount of taxes currently payable or receivable as well as deferred tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. Changes in deferred tax assets and liabilities generally have a direct impact on earnings in the period of the changes. Mining taxes represent federal and state taxes levied on mining operations. As the mining taxes are calculated as a percentage of mining profits, we classify them as income taxes. Where applicable tax laws and regulations are either unclear or subject to varying interpretations, it is possible that changes in these estimates could occur that materially affect the amounts of deferred income tax assets and liabilities recorded in the Consolidated Financial Statements.

Each period, we evaluate the likelihood of whether or not some portion or all of each deferred tax asset will be realized and provide a valuation allowance for those deferred tax assets for which it is more likely than not that the related benefits will not be realized. When evaluating our valuation allowance, we consider historic and future expected levels of taxable income, the pattern and timing of reversals of taxable temporary timing differences that give rise to deferred tax liabilities, and tax planning initiatives. Levels of future taxable income are affected by, among other things, market gold and silver prices, production costs, quantities of proven and probable reserves, interest rates, federal and local legislation, and foreign currency exchange rates. If we determine that all or a portion of the deferred tax assets will not be realized, a valuation allowance will be recorded with a charge to income tax expense. Conversely, if we determine that we will ultimately be able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced with a credit to income tax expense.

In addition, the calculation of income tax expense involves significant management estimation and judgment involving a number of assumptions. In determining these amounts, management interprets tax legislation in each of the jurisdictions in which we operate and makes estimates of the expected timing of the reversal of future tax assets and liabilities. We also make assumptions about future earnings, tax planning strategies and the extent to which potential future tax benefits will be used. We are also subject to assessments by various taxation authorities which may interpret tax legislation differently, which could affect the final amount or the timing of tax payments.

The Company may from time to time be assessed interest or penalties by major tax jurisdictions, although there have been no such assessments historically with any material impact to its financial results. The Company would recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statements of Operations. Accrued interest and penalties would be included within the related tax liability line in the Consolidated Balance Sheets.

Earnings Per Share, Policy [Policy Text Block]

Net Loss Per Share. Basic net loss per share is computed by dividing the net loss attributable to Gevo's common stockholders for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings per share ("EPS") includes the dilutive effect of common stock equivalents and is computed using the weighted-average number of common stock and common stock equivalents outstanding during the reporting period. Diluted EPS for the years ending December 31, 2021, 2020 and 2019 excluded common stock equivalents because the effect of their inclusion would be anti-dilutive or would decrease the reported loss per share.

The following table sets forth securities that could potentially dilute the calculation of diluted earnings per share:

	Year Ended December 31,
	2021	2020	2019

Warrants to purchase common stock - liability classified	7,126	56,735	54,989
Warrants to purchase common stock - equity classified	90,608	1,957,166	—
Convertible 2020 Notes	—	—	974,139
Outstanding options to purchase common stock	4,746,368	1,552	1,561
Stock appreciation rights	67,739	67,739	67,739

Total	4,911,841	2,083,192	1,098,428

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Pronouncements

Financial Instruments - Credit Losses. Measurement of Credit Losses on Financial Instruments. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses. Measurement of Credits Losses on Financial Instruments ("ASU 2016-13"), which replaces accounting for credit losses for most financial assets, including trade accounts receivable, and certain other instruments that are not measured at fair value through income. ASU 2016-13 replaces the current “incurred loss” model, in which losses are recognized when a loss is incurred as of the date of the balance sheet, to an “expected credit loss” model, which includes a broader range of information to estimate expected credit losses over the lifetime of the financial asset. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022 for smaller reporting companies, however the Company adopted this ASU as of Q4 2021 since the Company lost its smaller reporting company status. The adoption of this standard primarily applies to the valuation of the Company’s trade accounts receivables. The Company sells primarily to a small quantity of large customers with significant balance sheets and those financial assets are often settled within two - to - three months after the completion of the corresponding sales transaction. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements.

Government Assistance Disclosures. In November 2021, the FASB issued ASU No. 2021-10 Government Assistance (Topic 832) Disclosures by Business Entities about Government Assistance ("ASU 2021-10"), which increase the transparency of government assistance including the disclosure of (i) the types of assistance, (ii) an entity’s accounting for the assistance, and (iii) the effect of the assistance on an entity’s financial statements. ASU 2021-10 is effective for fiscal years beginning after December 15, 2021. Early application of the ASU is permitted. See Note 14, Debt, for additional disclosures related to the Small Business Administration’s Paycheck Protection Program ("SBA PPP").

Note 21 - Segments (Details Textual) $ in Thousands	12 Months Ended
Note 21 - Segments (Details Textual) $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Number of Operating Segments	4
Intercompany Sales	$ 0	$ 100

Note 1 - Nature of Business and Financial Condition (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) a ft²	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Number of Operating Plants	2
Cash and Cash Equivalents, at Carrying Value, Ending Balance	$ 40,833	$ 78,338	$ 16,302
Restricted Cash, Total	95,200
Marketable Securities, Total	$ 339,700
COVID-19 [Member]
Percentage of Revenue Reduction	87.00%	77.00%
Luverne Facility [Member]
Area of Land (Acre) \| a	55
Area of Real Estate Property (Square Foot) \| ft²	50,000

Note 16 - Stock-based Compensation - Non-vested Restricted Stock (Details) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Non-vested (in shares) \| shares	4,701,556
Non-vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0.79
Granted (in shares) \| shares	4,955,693
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 5.08
Vested (in shares) \| shares	(2,625,259)
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 1.04
Canceled or forfeited (in shares) \| shares	(149,488)
Canceled or forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 1.31
Non-vested (in shares) \| shares	6,882,502
Non-vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 3.77

Note 6 - Axens License

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

7. Intangible Assets

On September 21, 2021, the Company entered into an asset purchase agreement with Butamax Advanced Biofuels LLC and its affiliate, Danisco US Inc. (collectively, "Butamax"), pursuant to which the Company purchased all of Butamax’s rights, title and interests in certain U.S. and foreign patents and patent applications, subject to specified conditions and encumbrances, relating to the production, recovery and use of biobutanol that were owned by Butamax, for $9.2 million, including $0.2 million of legal fees. Management evaluated the patents to determine whether the patents (i) supported current products; (ii) supported planned research and development; or (iii) prevent others from competing with Gevo's products. Based on the Company's estimated purchase price allocation, approximately $4.3 million of the purchase price was allocated to the purchase of patents to support current products and planned product research and $4.9 million for patents purchased for defensive purposes. The patents are included in "Intangible assets" in the Consolidated Balance Sheets. The Gevo segment owns $8.8 million and the Agri-Energy segment owns $0.1 million of the net carrying amount of the patents.

Identifiable intangible assets were comprised of the following (in thousands):

	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Life (Years)

Finite-lived intangible assets:
Patents	$	4,575	$	(368	)	$	4,207		7.3
Defensive assets		4,895		(164	)		4,731		8.4

Identifiable tangible assets	$	9,470	$	(532	)	$	8,938		7.9

	*December 31, 2020*
	*Gross Carrying Amount*		*Accumulated Amortization*			*Net*		*Weighted Average Life (Years)*

Finite-lived intangible assets:
Patents	$	300	$	(186	)	$	114		5.2

Amortization expense was as follows (in thousands):

	Years Ended December 31,
	2021		2020		2019

Related to cost of goods sold	$	21	$	21	$	165
Related to research and development expense		161		—		—
Related to selling, general and administrative expense		164		—		—

Total	$	346	$	21	$	165

The following table details the estimated net amortization of identifiable intangible assets as of December 31, 2021 (in thousands):

Year Ending December 31,	Patents		Defensive Assets		Total

2022	$	599	$	585	$	1,184
2023		599		585		1,184
2024		600		587		1,187
2025		599		585		1,184
2026		585		585		1,170
Thereafter		1,225		1,804		3,029

Total	$	4,207	$	4,731	$	8,938

License Agreement [Member]

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

6. Axens License

On September 22, 2021, Gevo entered into an agreement with Axens North America, Inc. (“Axens”) that establishes a strategic alliance aimed at accelerating the commercialization of sustainable alcohol-to-SAF projects in the United States. As part of the alliance, Axens brings technologies with over 60 related patents, engineering packages, proprietary catalysts and certain proprietary equipment required to convert ethanol into SAF. Axens would also provide process guarantees to Gevo for commercial alcohol-to-SAF projects. The Company paid a fee of $3.25 million in 2021 for Axens to provide certain alcohol-to-SAF services exclusively to Gevo for the first year of the agreement. The fee paid by the Company may be offset against future license fees and is included in "Other current assets" in the Consolidated Balance Sheets. The fee is included in the Gevo segment.

Note 9 - Leases, Right-of-use Assets and Related Liabilities

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

9. Leases, Right-of-Use Assets and Related Liabilities

The Company is party to an operating lease contract for the Company’s office and research facility in Englewood, Colorado, which expires in January 2029. The lease does not contain an option to extend the lease that is reasonably certain to be exercised. The Company also leases certain equipment under an operating lease at its Agri-Energy Facility that expires in 2025. All other operating leases qualified for the short-term scope exemption elected by the Company. The Company recognizes rent expense on its operating lease on a straight-line basis. The Company has elected the practical expedient to not separate lease components from non-lease components for these asset classes.

The Company also has four finance leases for land and fuel supply under arrangements related to Gevo RNG. Under these contracts, the Company leases land from dairy farmers on which it is building three anaerobic digesters, related equipment and pipelines to condition raw biogas from cow manure provided by the farmers. The partially conditioned biogas will be transported from the three digester sites to a central gas upgrade system located at the fourth site that will upgrade the biogas to pipeline quality natural gas for sale. These leases expire at various dates between 2031 and 2050. Certain leases provide the Company with the right to terminate the lease prior to the stated lease expiration date; however, the Company is reasonably certain not to exercise such termination right and thus periods beyond this termination right have been recognized as part of the Company’s right-of-use assets and lease liabilities. In addition, some of these leases include renewal periods that have been deemed to be reasonably certain to be exercised and as such have been recognized as part of the Company’s right-of-use assets and lease liabilities. The Company has elected the practical expedient to not separate lease components from non-lease components for this dairy lease asset class and therefore, all amounts paid to the lessor under these arrangements for cow manure and nonlease services are classified as lease payments and included in the calculation of the right-of-use assets and lease liabilities. This results in significantly higher right-of-use assets and lease liabilities than if the Company did not elect this practical expedient.

As of December 31, 2021 and 2020, right-of-use assets under operating and financing leases, operating and financing leases liabilities are included in the Consolidated Balance Sheets as follows:

	December 31,
	2021		2020

Right-of-Use Assets
Operating leases	$	2,414	$	133
Financing leases		27,297		176

Total	$	29,711	$	309

Operating Lease Liabilities
Current	$	772	$	172
Long-term		1,902		—

Total	$	2,674	$	172

Financing Lease Liabilities
Current	$	3,413	$	10
Long-term		17,797		162

Total	$	21,210	$	172

The Company leased its grain bins in Luverne, Minnesota in October 2020 through a short-term operating lease agreement which expired in July 2021. Rental income for the years ended December 31, 2021, 2020 and 2019 totaled $0.2 million, $0.1 million and $0, respectively.

GEVO, INC.

Notes to Consolidated Financial Statements (Continued)

The following table presents the (i) costs by lease category and (ii) other quantitative information relating to the Company’s leases for the years ended December 31, 2021, 2020 and 2019 (in thousands):

	Years Ended December 31,
	2021		2020		2019
Lease cost
Financing lease cost
Amortization of right-of-use assets (1)	$	1,396	$	5	$	—
Interest on lease liabilities (2)		906		—		—
Operating lease cost		240		605		1,554
Short-term lease cost		1,378		307		66
Variable lease cost (3)		260		144		119

Total lease cost	$	4,180	$	1,061	$	1,739

(1)	Amortization of right-of-use assets of $1.4 million was capitalized as part of "Construction in progress" during the year ended December 31, 2021 ($0 during the years ended December 31, 2020 and 2019) and included in "Property, plant and equipment, net" in the Consolidated Balance Sheets as the related Gevo RNG facilities are still under construction.
(2)	Interest on lease liabilities of $0.9 million was capitalized as part of "Construction in progress" during the year ended December 31, 2021 (none during the years ended December 31, 2020 and 2019) and included in "Property, plant and equipment, net" in the Consolidated Balance Sheets as the related Gevo RNG facilities are still under construction.
(3)	Represents amounts incurred in excess of minimum payments, including payments for common area expenses under our office and research facility lease, and additional amounts due under our Gevo RNG leases based on the number of cows maintained by the owners of the respective facilities.

	Years Ended December 31,
	2021			2020			2019
Other Information
Cash paid for the measurement of lease liabilities
Operating cash flows from finance lease	$	906		$	6		$	—
Operating cash flows from operating leases		240			605			1,554
Finance cash flows from finance lease		7,189			2			—
Right-of-use asset obtained in exchange for new finance lease liabilities		28,514			—			—
Right-to-use assets obtained in exchange for new operating lease liabilities		2,593			192			280
Weighted-average remaining lease term, financing lease (months)		219			224			—
Weighted-average remaining lease term, operating leases (months)		70			7			21
Weighted-average discount rate - financing lease (4)		5	%		13	%		—	%
Weighted-average discount rate - operating leases (5)		5	%		12	%		12	%

(4)				The discount rate used for the finance lease was based on the Company's incremental borrowing rate at the date the Company entered into the lease. The Company estimated the incremental borrowing rate based on collateralized borrowings for similar terms and payments.
(5)				The discount rate used for operating leases is based on the Company's incremental borrowing rate at the date the Company entered into the lease. The Company estimated the incremental borrowing rate based on collateralized borrowings for similar terms and payments.

GEVO, INC.

Notes to Consolidated Financial Statements (Continued)

The table below shows the future minimum payments under financing leases and non-cancelable operating leases as of December 31, 2021 (in thousands):

Year Ending December 31,	Financing Leases			Operating Leases			Total

2022	$	4,397		$	881		$	5,278
2023		1,713			528			2,241
2024		1,729			305			2,034
2025		1,743			315			2,058
2026		1,759			324			2,083
Thereafter		19,814			706			20,520

Total		31,155			3,059			34,214
Less: Amounts representing present value discounts		(9,945	)		(385	)		(10,330	)

Total lease liabilities		21,210			2,674			23,884
Less: current portion		(3,413	)		(772	)		(4,185	)

Long-term portion	$	17,797		$	1,902		$	19,699

Note 20 - Fair Value Measurements and Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Fair Value Disclosures [Text Block]

20. Fair Value Measurements and Fair Value of Financial Instruments

The carrying value and fair value, by fair value hierarchy, of the Company's financial instruments at December 31, 2021 and 2020 are as follows (in thousands):

			Fair Value Measurements at December 31, 2021
	Fair Value at December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring
Marketable securities
U.S. Treasury notes	$	225,792	$	225,792	$	—	$	—
U.S. Government sponsored enterprise securities		113,944		113,944		—		—

Other
Liability-classified restricted stock awards		702		702		—		—

Total recurring	$	340,438	$	340,438	$	—	$	—

Nonrecurring
Corn and palladium inventory	$	566	$	566	$	—	$	—

			Fair Value Measurements at December 31, 2020
	Fair Value at December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Nonrecurring
Finished goods inventory	$	866	$	235	$	631	$	—

The following table summarizes the Company's investments in marketable securities as of December 31, 2021 (none at December 31, 2020) (in thousands):

	Maturity	Amortized Cost Basis		Gross Unrealized Losses			Fair Value
Short-term marketable securities
U.S. Treasury notes	Within one year	$	226,136	$	(344	)	$	225,792
U.S. Government-sponsored enterprise securities	Within one year		49,618		(70	)		49,548

Total		$	275,754	$	(414	)	$	275,340

Long-term marketable securities
U.S. Government-sponsored enterprise securities	Within two years	$	64,596	$	(200	)	$	64,396

There were no transfers between Level 1 and Level 2 inputs. There were no transfers in or out of Level 3 inputs. There were no issuances, purchases, sales or settlements of Level 3 inputs during the year ended December 31, 2021 or 2020.

For the 2021 Bonds, the fair values are estimated using the Black-Derman-Toy interest rate lattice framework. The carrying values and estimated fair values of the 2021 bonds as of December 31, 2021 are summarized as follows:

	Carrying Value		Estimated Fair Value

2021 Bonds	$	68,155	$	68,380

Fair Value Methodology

Inventories. The Company records its corn and palladium inventory at net realizable value only when the Company’s cost of corn and palladium purchased exceeds the market value for corn. The Company determines the market value of corn and palladium based upon Level 1 inputs using quoted market prices.

Marketable Securities. The Company's investments in marketable securities are stated at fair value and are available-for-sale.

The Company has not elected the fair value option for any of its instruments.

While the Company believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 4 - Restricted Cash and Restricted Cash Equivalents

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Restricted Cash and Restricted Cash Equivalents [Text Block]

4. Restricted Cash and Restricted Cash Equivalents

The Company’s restricted cash and restricted cash equivalents consists of unused proceeds from the issuance of the 2021 Bonds which are restricted for the purpose of constructing the Gevo NW Iowa RNG, LLC Renewable Natural Gas Project as well as amounts pledged and assigned to Citibank, N.A., in its capacity as credit facility provider of the 2021 Bonds (the "Credit Facility Provider") as collateral for the reimbursement obligations of Gevo. As of December 31, 2021, the unused restricted bond proceeds of $24.0 million included in restricted cash is classified as current since the proceeds will be distributed within 12 months. As of December 31, 2021, the restricted collateral included in restricted cash totaled $71.2 million, $1.0 million of which secures interest payments to be made within 12 months and is classified as current. The Company is entitled to receive interest income on the restricted cash at an agreed rate of return of 0.10% but has no ability to direct the use of the restricted cash. See Note 14, Debt, for further information.

The proceeds from issuance of the 2021 Bonds are maintained by the Trustee under a Trust Indenture dated April 15, 2021 and released to the Company only to pay costs of the construction of the biogas facility operated by Gevo RNG. See Note 14, Debt, for further information on the Trust Indenture. As the proceeds of the 2021 Bonds are restricted, the amounts from bond trustee are also considered to be restricted cash. Restricted cash is included with cash and cash equivalents on the Statements of Cash Flows.

The restricted cash held by the bond trustee as of December 31, 2021 is made up of the following (in thousands):

Restricted Cash Held by Bond Trustee
Bond proceeds	$	68,995
Disbursement of funds		(44,780	)
Interest paid on bonds		(216	)
Interest income		11

Total restricted cash held by bond trustee		24,010
Total restricted collateral		71,190

Total restricted cash and restricted cash equivalents		95,200
Current portion		(25,032	)

Long-term restricted cash and restricted cash equivalents	$	70,168

Note 5 - Marketable Securities

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

5. Marketable Securities

The cost of marketable securities sold is based upon the specific identification method. During the year ended December 31, 2021, the Company recorded the following realized (loss) from the sale of available-for-sale marketable securities ($0 during the year ended December 31, 2020 or 2019) (in thousands):

Sales proceeds	$	79,574
Amortized cost		(79,664	)

Realized (loss)	$	(90	)

Interest receivable related to the marketable securities of $1.5 million was included within "Prepaid expenses and other current assets" on the accompanying Consolidated Balance Sheets as of December 31, 2021 ($0 at December 31, 2020).

Interest income totaled $0.5 million the year ended December 31, 2021 (nil during the years ended December 31, 2020 and 2019) and is included in "Interest and dividend income" in the Consolidated Statements of Operations.

Future maturities of the Company's marketable securities are $275.3 million in 2022 and $64.4 million in 2023.

Note 11 - Property, Plant and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Depreciation	$ 4,782	$ 5,883	$ 6,491
Cost of Sales [Member]
Depreciation	4,457	5,669	6,282
Research and Development Expense [Member]
Depreciation	250	160	152
Selling, General and Administrative Expenses [Member]
Depreciation	75	54	57
Operating Expense [Member]
Depreciation	$ 325	$ 214	$ 209

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2021

Dec. 31, 2020

Current assets

Cash and cash equivalents

$ 40,833

$ 78,338

Marketable securities (current)

275,340

Restricted cash (current)

25,032

Accounts receivable, net

978

527

Inventories

2,751

2,491

Prepaid expenses and other current assets

6,857

1,914

Total current assets

351,791

83,270

Property, plant and equipment, net

139,141

66,408

Long-term marketable securities

64,396

Long-term restricted cash

70,168

Operating right-of-use assets

2,414

133

Finance right-of-use assets

27,297

176

Intangible assets, net

8,938

114

Deposits and other assets

2,331

1,998

Total Assets

^[1]

666,476

152,099

Current liabilities

Accounts payable and accrued liabilities

28,288

3,943

Operating lease liabilities (current)

772

172

Finance lease liabilities (current)

3,413

Loans payable - other (current)

158

807

Total current liabilities

32,631

4,932

2021 Bonds payable (long-term)

66,486

Loans payable - other (long-term)

318

447

Operating lease liabilities (long-term)

1,902

Finance lease liabilities (long-term)

17,797

162

Other long-term liabilities

179

Total liabilities

119,221

5,720

Commitments and Contingencies

Stockholders' Equity

Common stock, $0.01 par value per share; 250,000,000 authorized; 201,988,662 and 128,138,311 shares issued and outstanding at December 31, 2021 and 2020, respectively.

2,020

1,282

Additional paid-in capital

1,103,224

643,269

Accumulated other comprehensive loss

(614)

Accumulated deficit

(557,375)

(498,172)

Total stockholders' equity

547,255

146,379

Total Liabilities and Stockholders' Equity

$ 666,476

$ 152,099

[1]	All other significant non-cash items relate to the activities of Gevo.

Note 12 - Embedded Derivatives (Details Textual)
$ / shares in Units, $ in Millions

Dec. 31, 2021

USD ($)

$ / shares

Aug. 31, 2020

Aug. 25, 2020

$ / shares

Jul. 31, 2020

Jul. 06, 2020

Dec. 31, 2019

Class of Warrant or Right, Outstanding (in shares)

97,734

Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)

97,734

30,315,986

Measurement Input, Price Volatility [Member]

Warrants and Rights Outstanding, Measurement Input

130

Measurement Input, Risk Free Interest Rate [Member]

Warrants and Rights Outstanding, Measurement Input

0.31

Measurement Input, Expected Term [Member]

Warrants and Rights Outstanding, Measurement Input

The Series 2020 A Warrants [Member]

Class of Warrant or Right, Outstanding (in shares)

90,608

Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares

^[1]

$ 0.60

Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)

90,608

^[1]

30,000,000

^[1]

Warrants and Rights Outstanding | $

$ 8.3

Series 2020 B Warrants [Member]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)

9,103,334

30,000,000

Warrants and Rights Outstanding | $

2.9

Series 2020C Warrants [Member]

Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares

$ 0.01

Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)

16,532,232

Warrants and Rights Outstanding | $

$ 21.4

Minimum [Member]

Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares

$ 0.60

Minimum [Member] | Measurement Input, Price Volatility [Member]

Warrants and Rights Outstanding, Measurement Input

130

Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member]

Warrants and Rights Outstanding, Measurement Input

0.30

Maximum [Member]

Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares

$ 2.00

Maximum [Member] | Measurement Input, Price Volatility [Member]

Warrants and Rights Outstanding, Measurement Input

141

Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member]

Warrants and Rights Outstanding, Measurement Input

0.31

[1]	The Series 2020-A Warrants are equity-classified warrants.

Note 3 - Miscellaneous Financial Information (Details Textual)

1 Months Ended

12 Months Ended

Jan. 19, 2021

USD ($)

$ / shares

Aug. 25, 2020

USD ($)

$ / shares

Jul. 06, 2020

USD ($)

$ / shares

Sep. 30, 2021

USD ($)

Mar. 31, 2020

Dec. 31, 2021

USD ($)

$ / shares

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Jul. 06, 2025

$ / shares

Apr. 15, 2021

USD ($)

Aug. 31, 2020

Jul. 31, 2020

Proceeds from Issuance or Sale of Equity, Total | $

$ 16,100,000

Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)

97,734

30,315,986

Stock Issued During Period, Shares, Upon Exercise of Warrants (in shares)

53,678,400

Proceeds from Warrant Exercises | $

$ 1,121,000

$ 17,082,000

$ 0

Class of Warrant or Right, Outstanding (in shares)

97,734

Proceeds from Issuance of Common Stock | $

$ 489,373,000

76,414,000

11,589,000

Restructuring Reserve, Ending Balance | $

Workforce Reduced at Luverne Facility [Member]

Restructuring and Related Cost, Number of Positions Eliminated

Workforce Reduced at Corporate Headquarters [Member]

Restructuring and Related Cost, Number of Positions Eliminated

Blocksize and Leaf Resources [Member]

Payments for Software, Total | $

100,000

Due to Related Parties, Total | $

$ 100,000

$ 0

The 2021 Bonds [Member]

Debt Instrument, Face Amount | $

$ 68,155,000

Debt Instrument, Unamortized Premium, Total | $

600,000

800,000

Debt Issuance Costs, Net, Total | $

$ 2,300,000

$ 3,000,000.0

Series 1 Unit [Member]

Units Issued During Period (in shares)

20,896,666

Units Issued Price Per Unit (in dollars per share) | $ / shares

$ 0.60

Units Issued Common Share Per Unit (in shares)

Units Issued Warrant Per Unit (in shares)

Series 1 Unit [Member] | Forecast [Member]

Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares

$ 0.60

Series 2 Unit [Member]

Units Issued During Period (in shares)

9,103,334

Units Issued Price Per Unit (in dollars per share) | $ / shares

$ 0.59

Series 2020C Warrants [Member]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)

16,532,232

Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)

Class of Warrant or Right, Issuance Price (in dollars per share) | $ / shares

$ 1.29

Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares

$ 0.01

Stock Issued During Period, Shares, Upon Exercise of Warrants (in shares)

1,866,558

16,532,232

Proceeds from Warrant Exercises | $

$ 1,120,000

$ 165,000

Series 2020 B Warrants [Member]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)

30,000,000

9,103,334

Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)

Units Issued Warrant Per Unit (in shares)

Stock Issued During Period, Shares, Upon Exercise of Warrants (in shares)

9,103,334

Proceeds from Warrant Exercises | $

$ 91,000

Series 2020 B Warrants [Member] | Forecast [Member]

Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares

$ 0.01

The Series 2020 A Warrants [Member]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)

90,608

^[1]

30,000,000

^[1]

30,000,000

Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares

^[1]

$ 0.60

Warrants and Rights Outstanding, Term (Year)

5 years

Stock Issued During Period, Shares, Upon Exercise of Warrants (in shares)

1,866,558

28,042,834

Proceeds from Warrant Exercises | $

$ 1,100,000

$ 16,826,000

Class of Warrant or Right, Outstanding (in shares)

90,608

January 2021 Offering [Member]

Stock Issued During Period, Shares, New Issues (in shares)

43,750,000

Shares Issued, Price Per Share (in dollars per share) | $ / shares

$ 8.00

Proceeds from Issuance or Sale of Equity, Total | $

$ 321,700,000

August 2020 Offering [Member]

Stock Issued During Period, Shares, New Issues (in shares)

21,929,313

Shares Issued, Price Per Share (in dollars per share) | $ / shares

$ 1.30

Proceeds from Issuance or Sale of Equity, Total | $

$ 45,800,000

At-the-market Offering [Member]

Stock Issued During Period, Shares, New Issues (in shares)

24,420,579

3,518,121

Increase (Decrease) in At-the-Market Offering of Stock | $

$ 500,000,000

Proceeds from Issuance of Common Stock | $

$ 135,800,000

$ 8,400,000

Payments of Stock Issuance Costs | $

3,600,000

$ 200,000

Offering of Stock, Remaining Capacity, Value | $

$ 500,000,000

[1]	The Series 2020-A Warrants are equity-classified warrants.

Note 3 - Miscellaneous Financial Information - Restructuring Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Balance	$ 0	$ 0
Additions	0	254	$ 0
Payments		(254)
Balance	0	0	0
Employee Severance [Member]
Balance	0	0
Additions		96
Payments		(96)
Balance		0	0
Lease Agreement [Member]
Balance	$ 0	0
Additions		158
Payments		(158)
Balance		$ 0	$ 0

Note 7 - Intangible Assets (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Sep. 21, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Payments to Acquire Intangible Assets		$ 9,170	$ (0)	$ (0)
Finite-Lived Intangible Assets, Net, Ending Balance		8,938	114
Gevo [Member]
Finite-Lived Intangible Assets, Net, Ending Balance		8,800
Agri-Energy [Member]
Finite-Lived Intangible Assets, Net, Ending Balance		100
Patents [Member]
Finite-Lived Intangible Assets, Net, Ending Balance		4,207	$ 114
Defensive Assets [Member]
Finite-Lived Intangible Assets, Net, Ending Balance		$ 4,731
Asset Purchase Agreement with Butamax [Member]
Payments to Acquire Intangible Assets	$ 9,200
Legal Fees	200
Asset Purchase Agreement with Butamax [Member] \| Patents [Member]
Payments to Acquire Intangible Assets	4,300
Asset Purchase Agreement with Butamax [Member] \| Defensive Assets [Member]
Payments to Acquire Intangible Assets	$ 4,900

Note 8 - Revenues From Contracts With Customers and Other Revenue (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Revenue from Contract with Customer, Including Assessed Tax	$ 533	$ 5,463	$ 24,453
Contract with Customer, Asset, after Allowance for Credit Loss, Total	$ 0	0
Accounts Receivable, Allowance for Credit Loss, Ending Balance		0
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Number of Major Customers	1
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| One Customer [Member[
Concentration Risk, Percentage	27.00%
Transferred at Point in Time [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 533	5,310	24,453
Transferred at Point in Time [Member] \| Variable Consideration or Multiple Performance Obligations [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0
Revenue, Remaining Performance Obligation, Amount	0	0
Transferred over Time [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	153	0
Transferred over Time [Member] \| Variable Consideration or Multiple Performance Obligations [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	$ 0
Revenue, Remaining Performance Obligation, Amount	$ 0	$ 0

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock shares issued (in shares)	201,988,662	128,138,311
Common stock, shares outstanding (in shares)	201,988,662	128,138,311

Note 10 - Inventories - Components of Inventory Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Spare parts	$ 1,262	$ 1,361
Total inventories	2,751	2,491
Corn [Member]
Raw materials	301	0
Enzymes and Other Inputs [Member]
Raw materials	183	133
Nutrients [Member]
Raw materials	3	1
Palladium [Member]
Raw materials	265	235
Jet Fuels, Isooctane and Isooctene [Member]
Finished goods	335	756
Isobutanol [Member]
Finished goods	223	0
Ethanol [Member]
Finished goods	96	0
Agri-Energy [Member]
Work in process	83	0
Gevo [Member]
Work in process	$ 0	$ 5

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue and cost of goods sold
Revenue from contract with Customer	$ 533	$ 5,463	$ 24,453
Other revenue	178	226	34
Total revenues	711	5,536	24,487
Cost of goods sold (exclusive of depreciation shown below), (including noncash compensation expense of $0.04 million (none in 2020 or 2019))	7,687	9,313	30,286
Depreciation and amortization, cost	4,478	5,690	6,447
Gross loss	(11,454)	(9,467)	(12,246)
Operating expenses:
Research and development expense (including noncash compensation expense of $2.0 million, $0.6 million, $0.3 million, respectively)	6,775	3,511	3,868
Selling, general and administrative expense (including noncash compensation expense of $7.8 million, $1.5 million and $1.1 million, respectively)	25,493	11,192	9,823
Preliminary stage project costs	10,581	1,698	205
Loss on disposal of assets	5,137	625	4
Depreciation and amortization	650	214	209
Restructuring expense	0	254	0
Total operating expenses	48,636	17,494	14,109
Loss from operations	(60,090)	(26,961)	(26,355)
Other income (expense):
Gain on forgiveness of SBA Loans	641	0	0
Interest expense	(251)	(2,094)	(2,738)
Interest and dividend income	571	102	33
(Loss) on modification of 2020 Notes	0	(732)	0
(Loss) on conversion of 2020/21 Notes to common stock	0	(1,916)	0
(Loss) gain from change in fair value of 2020/21 Notes and 2020 Notes embedded derivative liability	0	(8,607)	394
Other income (expense), net	(74)	22	6
Total other income (expense)	887	(13,225)	(2,305)
Net loss	$ (59,203)	$ (40,186)	$ (28,660)
Net loss per share - basic and diluted (in dollars per share)	$ (0.30)	$ (0.71)	$ (2.35)
Weighted-average number of common shares outstanding - basic and diluted (in shares)	195,794,606	56,881,586	12,177,906
Ethanol Sales and Related Products [Member]
Revenue and cost of goods sold
Revenue from contract with Customer	$ 50	$ 3,809	$ 22,115
Total revenues	50	3,809	22,115
Hydrocarbon [Member]
Revenue and cost of goods sold
Revenue from contract with Customer	483	1,501	2,338
Total revenues	$ 483	$ 1,501	$ 2,338

Note 10 - Inventories

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

10. Inventories

The following table sets forth the components of the Company’s inventory balances (in thousands):

	December 31,
	2021		2020
Raw materials
Corn	$	301	$	—
Enzymes and other inputs		183		133
Nutrients		3		1
Palladium		265		235
Finished goods
SAF, Isooctane and Isooctene		335		756
Isobutanol		223		—
Ethanol		96		—
Work in process
Agri-Energy		83		—
Gevo		—		5
Spare parts		1,262		1,361

Total inventories	$	2,751	$	2,491

Work in process inventory includes unfinished SAF, isooctane and isooctene inventory. The Company recorded an expense for the write down to net realizable value for the year ended December 31, 2021 totaling $5.2 million as a result of restarted production of isobutanol. During the years ended December 31, 2020 and 2019, the Company recorded an expense for the write down to net realizable value of $1.2 and $0.2 million, respectively, due to the suspension of production in the first quarter 2020. These charges are included in "Cost of goods sold" in the Consolidated Statements of Operations.

Note 13 - Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

	December 31,
	2021		2020

Account payable - trade	$	4,868	$	897
Gevo RNG accrued project costs		11,000		—
Accrued employee compensation		4,678		1,960
Net-Zero 1 accrued project costs		5,010		—
Other accrued liabilities		2,732		1,086

Total accounts payable and accrued liabilities	$	28,288	$	3,943

Note 12 - Embedded Derivatives

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Discussion of Hybrid Instruments and Embedded Derivatives [Text Block]

12. Embedded Derivatives

Derivative Warrant Liability

The Company has warrants outstanding as of December 31, 2021 representing 97,734 shares of Gevo's common stock, which expire at various dates through July 6, 2025. The exercise prices of the warrants range from $0.60 to $2.00 as of December 31, 2021. Based on the terms of the warrant agreements, the Company has determined that all warrants issued between 2013 and 2019 qualify as derivatives and, as such, are included in "Accounts payable and accrued liabilities" on the Consolidated Balance Sheets and recorded at fair value each reporting period. The decrease (increase) in the estimated fair value of the warrants outstanding as of December 31, 2021, 2020 and 2019 represents an unrealized gain (loss) which has been included in "Other income (expense)" in the Consolidated Statements of Operations.

The following table sets forth information pertaining to shares issued upon the exercise of such warrants as of December 31, 2021:

	Issuance Date	Expiration Date	Exercise Price as of December 31, 2021		Shares Underlying Warrants on Issuance Date		Shares Issued Upon Warrant Exercises as of December 31, 2021		Shares Underlying Warrants as of December 31, 2021

Series K Warrants	February 17, 2017	February 17, 2022	$	2.00		315,986		308,860		7,126
Series 2020-A Warrants (1)	July 6, 2020	July 6, 2025	$	0.60		30,000,000		29,909,392		90,608

						30,315,986		30,218,252		97,734

(1)

The Series 2020-A Warrants are equity-classified warrants.

The agreements governing the above warrants include the following terms:

	●	certain warrants have exercise prices which are subject to adjustment for certain events, including the issuance of stock dividends on the Company’s common stock and, in certain instances, the issuance of the Company’s common stock or instruments convertible into the Company’s common stock at a price per share less than the exercise price of the respective warrants;
	●	warrant holders may exercise the warrants through a cashless exercise if, and only if, the Company does not have an effective registration statement then available for the issuance of the shares of its common stock. If an effective registration statement is available for the issuance of its common stock a holder may only exercise the warrants through a cash exercise;
	●	the exercise price and the number and type of securities purchasable upon exercise of the warrants are subject to adjustment upon certain corporate events, including certain combinations, consolidations, liquidations, mergers, recapitalizations, reclassifications, reorganizations, stock dividends and stock splits, a sale of all or substantially all of the Company’s assets and certain other events; and
	●	in the event of an "extraordinary transaction" or a "fundamental transaction" (as such terms are defined in the respective warrant agreements), generally including any merger with or into another entity, sale of all or substantially all of the Company’s assets, tender offer or exchange offer, or reclassification of its common stock, in which the successor entity (as defined in the respective warrant agreements) that assumes the successor entity is not a publicly traded company, the Company or any successor entity will pay the warrant holder, at such holder’s option, exercisable at any time concurrently with or within 30 days after the consummation of the extraordinary transaction or fundamental transaction, an amount of cash equal to the value of such holder’s warrants as determined in accordance with the Black-Scholes option pricing model and the terms of the respective warrant agreement. In some circumstances, the Company or successor entity may be obligated to make such payments regardless of whether the successor entity that assumes the warrants is a publicly traded company.

During the year ended December 31, 2021, common stock was issued as a result of exercise of warrants as shown below (dollars in thousands):

	Common Stock Issued		Proceeds

Series K Warrants		200	$	1
Series 2020-C Warrants		1,866,558		1,120

		1,866,758	$	1,121

The following warrants were sold by the Company during the year ended December 31, 2020:

	●	In July 2020, the Company sold Series 2020-A Warrants to purchase 30,000,000 shares of the Company's common stock and Series 2020-B Warrants to purchase 9,103,334 shares of the Company's common stock, pursuant to an underwritten public offering.
	●	In August 2020, the Company sold Series 2020-C Warrants to purchase 16,532,232 shares of the Company's common stock, pursuant to a registered direct offering.

The Series 2020-A Warrants, Series 2020-B Warrants and Series 2020-C Warrants issued during 2020 are classified as component of permanent equity because they are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares and permit the holders to receive a fixed number of shares of common stock upon exercise. In addition, the Warrants do not provide any guarantee of value or return. The Company valued the Series 2020-A Warrants, the Series 2020-B Warrants and the Series 2020-C Warrants at issuance using the Black-Scholes option pricing model and determined the fair value of the Series 2020-A Warrants, the Series 2020-B Warrants and the Series 2020-C Warrants to purchase the Company’s common stock at $8.3 million, $2.9 million and $21.4 million, respectively. The key inputs to the valuation model included a weighted average volatility of 130% to 141%, risk-free rate of 0.30% to 0.31% and an expected term of five years.

During the year ended December 31, 2020, common stock was issued as a result of exercise of warrants as described below (dollars in thousands):

	Common Stock Issued		Proceeds

Series 2020-A Warrants		28,042,834	$	16,826
Series 2020-B Warrants		9,103,334		91
Series 2020-C Warrants		16,532,232		165

		53,678,400	$	17,082

Note 3 - Miscellaneous Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]

		Year Ended December 31,
	Segment (Note 21)	2021			2020			2019

Customer A	Gevo		53	%		21	%		—	%
Customer B	Agri-Energy		24	%		—	%		—	%
Customer C	Gevo		10	%		—	%		—	%
Customer D	Agri-Energy		—	%		52	%		71	%
Customer E	Agri-Energy		—	%		15	%		17	%

Total			87	%		88	%		88	%

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

	December 31,							December 31,
	2019		Additions		Payments			2020

Severance (including payroll taxes)	$	—	$	96	$	(96	)	$	—
Lease agreements		—		158		(158	)		—

Total	$	—	$	254	$	(254	)	$	—

Note 10 - Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	December 31,
	2021		2020
Raw materials
Corn	$	301	$	—
Enzymes and other inputs		183		133
Nutrients		3		1
Palladium		265		235
Finished goods
SAF, Isooctane and Isooctene		335		756
Isobutanol		223		—
Ethanol		96		—
Work in process
Agri-Energy		83		—
Gevo		—		5
Spare parts		1,262		1,361

Total inventories	$	2,751	$	2,491

Note 10 - Inventories (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Inventory Write-down	$ 5.2	$ 1.2	$ 0.2

Note 12 - Embedded Derivatives - Exercise of Warrants (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Common Stock Issued (in shares)		53,678,400
Proceeds	$ 1,121	$ 17,082	$ 0
Series K Warrants [Member]
Common Stock Issued (in shares)	200
Proceeds	$ 1
The Series 2020 A Warrants [Member]
Common Stock Issued (in shares)	1,866,558	28,042,834
Proceeds	$ 1,100	$ 16,826
Series 2020C Warrants [Member]
Common Stock Issued (in shares)	1,866,558	16,532,232
Proceeds	$ 1,120	$ 165
Series 2020 B Warrants [Member]
Common Stock Issued (in shares)		9,103,334
Proceeds		$ 91
The Series 2020 C Warrants and Series K Warrants [Member]
Common Stock Issued (in shares)	1,866,758
Proceeds	$ 1,121

Note 14 - Debt (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

			Years Ended December 31,
	Interest Rate	Maturity Date	2021			2020

2021 Bonds	1.5%	January 2042	$	66,486		$	—
SBA Loans	1.0%	April 2025		320			1,006
Equipment	4% to 5%	February 2022 to December 2024		156			248

				66,962			1,254
Less current portion				(158	)		(807	)

Long-term portion			$	66,804		$	447

Schedule of Maturities of Long-term Debt [Table Text Block]

Year Ending December 31,	Amount

2022	$	158
2023		159
2024		66,616
2025		29

	$	66,962

Schedule of Debt [Table Text Block]

	Principal Amount of 2020 Notes			Principal Amount of 2020/21 Notes			Debt Discount			Debt Issue Costs			Total Notes			2020 Notes Embedded Derivative			Total 2020 Notes and 2020/21 Notes Embedded Derivative

Balance, December 31, 2019	$	14,053		$	—		$	(123	)	$	(30	)	$	13,900		$	—		$	13,900

Amortization of debt discount		—			—			405			—			405			—			405
Amortization of debt issue costs		—			—			—			30			30			—			30
Paid-in-kind interest		47			269			—			—			316			—			316
Exchange of 2020 Notes for 2020/21 Notes		(14,100	)		14,100			—			—			—			—			—
Conversion of 2020/21 Notes into common Stock		—			(14,651	)		—			—			(14,651	)		—			(14,651	)
Original issue discount paid with 2020/21 Notes		—			282			(282	)		—			—			—			—
Fair value of 2020/21 embedded derivative liability upon issuance		—			—			—			—			—			2,848			2,848
Increase in fair value of 2020/21 Notes embedded derivative liability prior to conversion of 2020/21 Notes		—			—			—			—			—			5,759			5,759
Decrease in fair value of 2020/21 Notes embedded derivative liability upon conversion to common stock		—			—			—			—			—			(8,607	)		(8,607	)

Balance, December 31,2020	$	—		$	—		$	—		$	—		$	—		$	—		$	—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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+ Details

Note 11 - Property, Plant and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, plant, and equipment, gross	$ 203,000,000	$ 125,525,000
Less accumulated depreciation and amortization	(63,859,000)	(59,117,000)
Property, plant and equipment, net	$ 139,141,000	66,408,000
Retrofit Assets [Member]
Property, plant and equipment, useful life (Year)	20 years
Property, plant, and equipment, gross	$ 70,820	70,820
Machinery and Equipment [Member]
Property, plant and equipment, useful life (Year)	10 years
Property, plant, and equipment, gross	$ 17,949,000	17,374,000
Site Improvement [Member]
Property, plant and equipment, useful life (Year)	10 years
Property, plant, and equipment, gross	$ 7,157,000	7,157,000
Lab Equipment, Furniture and Fixtures, and Vehicles [Member]
Property, plant and equipment, useful life (Year)	5 years
Property, plant, and equipment, gross	$ 6,811,000	6,396,000
Demonstration Plant [Member]
Property, plant and equipment, useful life (Year)	2 years
Property, plant, and equipment, gross	$ 3,597,000	3,597,000
Leasehold Improvements [Member]
Property, plant, and equipment, gross	$ 2,802,000	2,523,000
Leasehold Improvements [Member] \| Minimum [Member]
Property, plant and equipment, useful life (Year)	2 years
Leasehold Improvements [Member] \| Maximum [Member]
Property, plant and equipment, useful life (Year)	7 years
Building [Member]
Property, plant and equipment, useful life (Year)	10 years
Property, plant, and equipment, gross	$ 2,543,000	2,543,000
Computer, Office Equipment, and Software [Member]
Property, plant, and equipment, gross	$ 2,332,000	1,983,000
Computer, Office Equipment, and Software [Member] \| Minimum [Member]
Property, plant and equipment, useful life (Year)	3 years
Computer, Office Equipment, and Software [Member] \| Maximum [Member]
Property, plant and equipment, useful life (Year)	6 years
Construction in Progress [Member]
Property, plant, and equipment, gross	$ 88,989,000	$ 13,132,000

Note 21 - Segments - Information on Business Segments (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Total revenues

$ 711

$ 5,536

$ 24,487

Loss from operations

(60,090)

(26,961)

(26,355)

Interest expense

251

2,094

2,738

Depreciation expense

5,128

5,904

6,656

Acquisitions of plant, property and equipment:

94,781

6,217

6,497

Assets

^[1]

666,476

152,099

Operating Segments [Member]

Construction in process

88,989

13,132

Operating Segments [Member] | UNITED STATES

Total revenues

322

4,082

22,149

Operating Segments [Member] | Non-US [Member]

Total revenues

389

1,454

2,338

Intersegment Eliminations [Member]

Assets

^[2]

(204,302)

(131,971)

Gevo [Member] | Operating Segments [Member]

Total revenues

483

1,650

2,338

Loss from operations

(33,080)

(13,215)

(12,360)

Interest expense

2,075

2,738

Depreciation expense

650

214

210

Acquisitions of plant, property and equipment:

10,799

4,501

130

Construction in process

442

Assets

555,877

152,177

Agri-Energy [Member] | Operating Segments [Member]

Total revenues

228

3,886

22,149

Loss from operations

(16,605)

(12,047)

(13,995)

Interest expense

Depreciation expense

4,475

5,690

6,446

Acquisitions of plant, property and equipment:

5,716

1,716

6,367

Construction in process

9,122

8,645

Assets

153,494

131,893

Renewable Natural Gas [Member] | Operating Segments [Member]

Total revenues

Loss from operations

(1,153)

(1,294)

Interest expense

167

Depreciation expense

Acquisitions of plant, property and equipment:

52,470

Construction in process

56,879

4,479

Assets

116,644

Net-Zero [Member] | Operating Segments [Member]

Total revenues

Loss from operations

(9,252)

(405)

Interest expense

Depreciation expense

Acquisitions of plant, property and equipment:

25,796

$ 0

Construction in process

22,546

Assets

$ 44,763

$ 0

[1]	All other significant non-cash items relate to the activities of Gevo.
[2]	Includes intercompany sales of nil and $0.1 million during the years ended December 31, 2021 and 2020, respectively, for hydrocarbon sales.

Note 21 - Segments (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Year Ended December 31,
	2021			2020			2019
	(In thousands)
Revenues from external customers
Gevo	$	483		$	1,650		$	2,338
Agri-Energy		228			3,886			22,149
Renewable Natural Gas		—			—			—
Net-Zero		—			—			—

Consolidated	$	711		$	5,536		$	24,487

Loss from operations
Gevo	$	(33,080	)	$	(13,215	)	$	(12,360	)
Agri-Energy		(16,605	)		(12,047	)		(13,995	)
Renewable Natural Gas		(1,153	)		(1,294	)		—
Net-Zero		(9,252	)		(405	)		—

Consolidated	$	(60,090	)	$	(26,961	)	$	(26,355	)

Interest expense
Gevo	$	67		$	2,075		$	2,738
Agri-Energy		17			19			—
Renewable Natural Gas		167			—			—
Net-Zero		—			—			—

Consolidated	$	251		$	2,094		$	2,738

Depreciation and amortization expense
Gevo	$	650		$	214		$	210
Agri-Energy		4,475			5,690			6,446
Renewable Natural Gas		3			—			—
Net-Zero		—			—			—

Consolidated	$	5,128		$	5,904		$	6,656

Acquisitions of licenses, patents, plant, property and equipment
Gevo	$	10,799		$	4,501		$	130
Agri-Energy		5,716			1,716			6,367
Renewable Natural Gas		52,470			—			—
Net-Zero		25,796			—			—

Consolidated	$	94,781		$	6,217		$	6,497

Revenue by geographic area
United States	$	322		$	4,082		$	22,149
Other		389			1,454			2,338

Consolidated	$	711		$	5,536		$	24,487

	December 31,
	2021		2020
Construction in Process
Gevo	$	442	$	8
Agri-Energy		9,122		8,645
Renewable Natural Gas		56,879		4,479
Net-Zero		22,546		—

Consolidated	$	88,989	$	13,132

	December 31,
	2021			2020
Total assets
Gevo	$	555,877		$	152,177
Agri-Energy		153,494			131,893
Renewable Natural Gas		116,644			—
Net-Zero		44,763			—
Intercompany eliminations (1)		(204,302	)		(131,971	)

Consolidated (2)	$	666,476		$	152,099

Note 13 - Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

13. Accounts Payable and Accrued Liabilities

The following table sets forth the components of the Company’s accounts payable and accrued liabilities in the Consolidated Balance Sheets (in thousands):

	December 31,
	2021		2020

Account payable - trade	$	4,868	$	897
Gevo RNG accrued project costs		11,000		—
Accrued employee compensation		4,678		1,960
Net-Zero 1 accrued project costs		5,010		—
Other accrued liabilities		2,732		1,086

Total accounts payable and accrued liabilities	$	28,288	$	3,943

Note 4 - Restricted Cash and Restricted Cash Equivalents - Receivable Bond (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Bond proceeds	$ 68,995	$ 0	$ 0
Total restricted cash	95,200
Total restricted cash and restricted cash equivalents	95,200
Current portion	(25,032)	0	0
Long-term restricted cash and restricted cash equivalents	70,168	$ 0	$ 0
Receivable from Bond Trustee [Member]
Total restricted cash	24,010
Cash Pledged and Assigned to Citibank, N.A. [Member]
Total restricted cash	71,190
The 2021 Bonds [Member]
Bond proceeds	68,995
Disbursement of funds	(44,780)
Interest paid on bonds	(216)
Interest income	$ 11

Note 14 - Debt

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

14. Debt

2021 Bond Issuance

On April 15, 2021, 2021 Bonds were issued totaling $68,155,000. The 2021 Bonds initially bear interest at the rate of 1.50% per annum during the Initial Term Rate Period (as defined in the hereinafter defined Indenture), payable semi-annually on January 1 and July 1 of each year, commencing on July 1, 2021. The 2021 Bonds mature on April 1, 2042, are callable and remarketable on or after October 1, 2022, and are also subject to mandatory tender for purchase on April 1, 2024, pursuant to the terms of the Indenture (as defined below). The 2021 Bonds were issued at a premium of $0.8 million. Debt issuance costs totaled $3.0 million.

The 2021 Bonds were issued under a Trust Indenture, dated as of April 1, 2021 (the “Indenture”), between the Authority and Citibank, N.A., as trustee (the "Trustee"). The principal of and the interest on the 2021 Bonds is payable solely from (i) payments to be made by Gevo RNG to the Trustee pursuant to a separate financing agreement, dated as of April 1, 2021 (the "Bond Financing Agreement"), between Gevo RNG and the Authority, (ii) all moneys received by the Authority or the Trustee in respect of payment of the loan of the proceeds of the 2021 Bonds from the Authority to Gevo RNG pursuant to the Bond Financing Agreement, (iii) all moneys and investments in the "Bond Fund" established and maintained by the Trustee pursuant to the Indenture, including without limitation moneys received by the Trustee pursuant to the Letter of Credit (as defined below), (iv) all moneys and investments in the “Project Fund” established and maintained by the Trustee pursuant to the Indenture from proceeds of the sale of the 2021 Bonds, and (v) all income and profit from the investment of the foregoing moneys, excluding any payments received by the Authority pursuant to rights of the Authority to receive certain additional payments and reimbursements of expenses as set forth in the Bond Financing Agreement. Pursuant to the Bond Financing Agreement, the proceeds of the 2021 Bonds will be loaned to Gevo RNG (1) to finance in part the construction of the biogas facility to be developed, designed, constructed, owned and operated by or on behalf of Gevo RNG, which is comprised of (A) three anaerobic digesters and related equipment situated on dairy farms located in Northwest Iowa that will produce partially conditioned raw biogas from cow manure, (B) gathering pipelines to transport biogas to a centrally located gas upgrade system, (C) a centrally located gas upgrade system located in Doon, Iowa that will upgrade biogas to pipeline quality natural gas and interconnect to Northern Natural Gas’ interstate pipeline, and (D) other related improvements, (2) to capitalize a portion of the interest due on the 2021 Bonds during the Initial Term Rate Period to be used to reimburse the Credit Facility Provider (as defined below) for interest draws on the Letter of Credit during such period, and (3) to pay a portion of the costs of issuing the 2021 Bonds.

On April 15, 2021, Gevo obtained a letter of credit for $71.2 million (the “Letter of Credit”) from the Credit Facility Provider, pursuant to the terms of a letter of credit reimbursement agreement dated as of April 1, 2021 (the "Reimbursement Agreement"), between Gevo and the Credit Facility Provider. The Letter of Credit will permit the Trustee to draw thereon in accordance with its terms in amounts sufficient to pay the principal and purchase price of the 2021 Bonds and up to 203 days’ interest on the 2021 Bonds. Pursuant to the terms of the Reimbursement Agreement, Gevo is obligated to reimburse the Credit Facility Provider for amounts drawn under the Letter of Credit. It is expected that payments of the principal and interest on the 2021 Bonds, and the purchase price of 2021 Bonds that are tendered for mandatory purchase and not remarketed, will be made by draws on the Letter of Credit. Gevo has pledged and assigned restricted cash to the Credit Facility Provider as security for the reimbursement obligations of Gevo pursuant to the Reimbursement Agreement in an amount equal to the principal amount of the 2021 Bonds plus three years of interest payments on the 2021 Bonds.

Gevo anticipates remarketing the 2021 Bonds under revised terms that will include a long-term maturity date and be non-recourse to Gevo. Upon a successful remarketing, Gevo anticipates that the Letter of Credit, the Reimbursement Agreement and the associated pledge of cash will be terminated.

Loans Payable - Other

The equipment loans are secured by the related equipment.

In April 2020, the Company and Agri-Energy each entered into a loan agreement with Live Oak Banking Company, pursuant to which the Company and Agri-Energy obtained loans from the SBA PPP totaling $1.0 million in the aggregate (the "SBA Loans").

On April 15, 2021, the Small Business Administration forgave the entire balance of $0.5 million of the Company's and $0.1 million of Agri-Energy's loans and accrued interest obtained through the SBA PPP. The remaining SBA Loan for Agri-Energy totals $0.3 million, bears interest at 1.0% and matures in April 2025. Monthly payments of $8,000, including interest, began on June 5, 2021 and are payable through April 2025.

The SBA Loans are treated as debt on the Consolidated Balance Sheets and classified as "Loans payable – other (current)" and "Loans payable – other (long-term)". The Consolidated Statements of Operations classifies the interest as "Interest expense" and the loan forgiveness as "Gain on forgiveness of SBA Loans".

The summary of the 2021 Bonds and Loans payable - other at December 31, 2021 and 2020 are as follows (in thousands):

			Years Ended December 31,
	Interest Rate	Maturity Date	2021			2020

2021 Bonds	1.5%	January 2042	$	66,486		$	—
SBA Loans	1.0%	April 2025		320			1,006
Equipment	4% to 5%	February 2022 to December 2024		156			248

				66,962			1,254
Less current portion				(158	)		(807	)

Long-term portion			$	66,804		$	447

Included in the 2021 Bonds above is Bond Premium of $0.6 million and Debt Issuance Costs of $2.3 million in the principal portion as of December 31, 2021. Total interest of $2.4 million, $2.1 million and $2.7 million was incurred during the years ended December 31, 2021, 2020 and 2019, respectively. Interest of $1.2 million and nil relating to our borrowings, and interest of $0.9 million and nil relating to certain of our finance leases, was capitalized as part of "Construction in progress" and included in "Property, plant and equipment" in the Consolidated Balance Sheets for the years ended December 31, 2021 and 2020, respectively.

Future payments for the Company's long-term debt are as follows (in thousands):

Year Ending December 31,	Amount

2022	$	158
2023		159
2024		66,616
2025		29

	$	66,962

2020/2021 Notes

The following table sets forth information pertaining to the 2020/21 Notes which is included in the Company’s Consolidated Balance Sheets (in thousands):

	Principal Amount of 2020 Notes			Principal Amount of 2020/21 Notes			Debt Discount			Debt Issue Costs			Total Notes			2020 Notes Embedded Derivative			Total 2020 Notes and 2020/21 Notes Embedded Derivative

Balance, December 31, 2019	$	14,053		$	—		$	(123	)	$	(30	)	$	13,900		$	—		$	13,900

Amortization of debt discount		—			—			405			—			405			—			405
Amortization of debt issue costs		—			—			—			30			30			—			30
Paid-in-kind interest		47			269			—			—			316			—			316
Exchange of 2020 Notes for 2020/21 Notes		(14,100	)		14,100			—			—			—			—			—
Conversion of 2020/21 Notes into common Stock		—			(14,651	)		—			—			(14,651	)		—			(14,651	)
Original issue discount paid with 2020/21 Notes		—			282			(282	)		—			—			—			—
Fair value of 2020/21 embedded derivative liability upon issuance		—			—			—			—			—			2,848			2,848
Increase in fair value of 2020/21 Notes embedded derivative liability prior to conversion of 2020/21 Notes		—			—			—			—			—			5,759			5,759
Decrease in fair value of 2020/21 Notes embedded derivative liability upon conversion to common stock		—			—			—			—			—			(8,607	)		(8,607	)

Balance, December 31,2020	$	—		$	—		$	—		$	—		$	—		$	—		$	—

On April 19, 2017, the Company entered into an Exchange and Purchase Agreement (the "2017 Purchase Agreement") with WB Gevo, LTD (the "2017 Holder") the holder of the Company's 12% convertible senior secured notes due 2017 (the "2017 Notes"), which were issued under that certain Indenture dated as of June 6, 2014, by and among the Company, the guarantors party thereto, and Wilmington Savings Fund Society ("FSB"), as trustee and as collateral trustee (as supplemented, the "2017 Notes Indenture"), and Whitebox Advisors LLC ("Whitebox"), in its capacity as representative of the 2017 Holder. Pursuant to the terms of the 2017 Purchase Agreement, the 2017 Holder, subject to certain conditions, including approval of the transaction by the Company's stockholders (which was received on June 15, 2017), agreed to exchange all of the outstanding principal amount of the 2017 Notes for an equal principal amount of the 2020 Notes, plus an amount in cash equal to the accrued and unpaid interest (other than interest paid in kind) on the 2017 Notes (the "2017 Exchange"). On June 20, 2017, the Company completed the 2017 Exchange, terminated the 2017 Notes Indenture and cancelled the 2017 Notes.

The 2020 Notes had a maturity date of March 15, 2020 and were secured by a first lien on substantially all of our assets. The 2020 Notes had an interest rate equal to 12% per annum (with 2% potentially payable as PIK Interest (as defined and described below) at our option), payable on March 31, June 30, September 30 and December 31 of each year. To the extent that the Company paid any portion of the interest due on the 2020 Notes as PIK Interest, the maximum aggregate principal amount of 2020 Notes that would have been convertible into shares of the Company's common stock increased.

Under certain circumstances, the Company had the option to pay a portion of the interest due on the 2020 Notes by either (a) increasing the principal amount of the 2020 Notes by the amount of interest then due or (b) issuing additional 2020 Notes with a principal amount equal to the amount of interest then due (interest paid in the manner set forth in (a) or (b) being referred to as "PIK Interest").

Additional shares of the Company's common stock could also have become issuable pursuant to the 2020 Notes in the event the Company was required to make certain make-whole payments as provided in the 2020 Notes Indenture.

The 2020 Notes were convertible into shares of the Company's common stock, subject to certain terms and conditions. The initial conversion price of the 2020 Notes was equal to $14.72 per share of common stock, or 0.0679 shares of common stock per $1 principal amount of 2020 Notes.

2020/21 Notes

On January 10, 2020, the Company entered into an Exchange and Purchase Agreement (the "2020/21 Purchase Agreement") with the guarantors party thereto, the 2017 Holder and Whitebox, in its capacity as representative of the 2017 Holder. Pursuant to the terms of the 2020/21 Purchase Agreement, the 2017 Holder, subject to certain conditions, agreed to exchange all of the outstanding principal amount of the 2020 Notes, which was approximately $14.1 million including unpaid accrued interest, for approximately $14.4 million in aggregate principal amount of the Company's newly created 12% Convertible Senior Notes due 2020/21 (the "2020/21 Notes") (the "2020/21 Exchange"). On January 10, 2020, the Company completed the 2020/21 Exchange, terminated the 2017 Notes Indenture and cancelled the 2020 Notes. In addition, the Company entered into an Indenture by and among the Company, the guarantors named therein (the "2020/21 Notes Guarantors") and FSB, as trustee and as collateral trustee (the "2020/21 Notes Indenture"), pursuant to which the Company issued the 2020/21 Notes.

The 2020/21 Notes matured on December 31, 2020. The 2020/21 Notes bore interest at a rate equal to 12% per annum (with 4% payable as PIK Interest (as defined and described above)), payable on March 31, June 30, September 30 and December 31 of each year. In the event the Company pays any portion of the interest due on the 2020/21 Notes as PIK Interest, the maximum aggregate principal amount of 2020/21 Notes that could be convertible into shares of the Company’s common stock will be increased.

The 2020/21 Notes were convertible into shares of the Company’s common stock voluntarily by the 2017 Holder at the conversion price, subject to certain terms and conditions. The initial conversion price of the 2020/21 Notes was equal to $2.442 per share of the Company’s common stock (the "2020/21 Notes Conversion Price"), or 0.4095 shares of the Company’s common stock per $1 principal amount of 2020/21 Notes. The Company and the 2017 Holder may also mutually agree on other conversions of the 2020/21 Notes into shares of the Company’s common stock on a monthly basis (a "Contractual Conversion") pursuant to the terms of the 2020/21 Notes Indenture. The 2020/21 Notes Conversion Price in a Contractual Conversion will be reduced to the lesser of the then-applicable 2020/21 Notes Conversion Price or a 10% discount to the average of the daily volume weighted average price of the Company’s common stock for the three forward trading days prior to the date of the Contractual Conversion.

Each 2017 Holder has agreed not to convert its 2020/21 Notes into shares of the Company’s common stock to the extent that, after giving effect to such conversion, the number of shares of the Company’s common stock beneficially owned by such 2017 Holder and its affiliates would exceed 4.99% of the Company’s common stock outstanding at the time of such conversion (the "4.99% Ownership Limitation"); provided that a 2017 Holder may, at its option and upon 61 days’ prior notice to the Company, increase such threshold to 9.99% (the "9.99% Ownership Limitation"). If a conversion of 2020/21 Notes by a 2017 Holder would exceed the 4.99% Ownership Limitation or the 9.99% Ownership Limitation, as applicable, the 2020/21 Purchase Agreement contains a provision granting the 2017 Holder a fully funded prepaid warrant for such common stock with a term of nine months, subject to a six-month extension, which it can draw down from time to time.

The 2020/21 Notes did not contain any anti-dilution adjustments for future equity issuances that were below the 2020/21 Notes Conversion Price, and adjustments to the 2020/21 Notes Conversion Price would only generally be made in the event that there is a dividend or distribution paid on shares of the Company’s common stock, a subdivision, combination or reclassification of the Company’s common stock, or at the discretion of the Board of Directors of the Company in limited circumstances and subject to certain conditions.

The 2020/21 Notes were secured by a lien on substantially all of the assets of the Company and the 2020/21 Notes Guarantors, including intellectual property and real property, and were guaranteed by the Company’s existing subsidiaries.

Under certain circumstances, the Company may file one or more registration statements on Form S-3 or amend filings in order to register shares of common stock for sale or resale, as necessary in connection with the 2020/21 Notes.

Conversion of 2020/21 Notes

On July 10, 2020, certain holders of the 2020/21 Notes converted $2.0 million in the aggregate principal amount of 2020/21 Notes (including the conversion of an additional $0.3 million for make-whole payment) into 4,169,426 shares of common stock pursuant to the terms of the indenture. In December 2020, certain holders of the 2020/21 Notes converted the remaining $12.7 million in aggregate principal amount of 2020/21 Notes (including the conversion of an additional $1.2 million for make-whole payment) into an aggregate of 5,672,654 shares of common stock pursuant to the terms of the 2020/21 Notes related Indenture. As a result, as of December 31, 2020, all obligations under the 2020/2021 Notes had been fully paid and satisfied, and the 2020/2021 Notes related indenture had been terminated in accordance with its terms at maturity on December 31, 2020. During the year ended December 31, 2020, the Company recognized an approximately $1.9 million loss on the conversion of the 2020/21 Notes into common stock within the Consolidated Statements of Operations as a result of the make-whole payments.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Note 16 - Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Share-based Payment Arrangement, Cost by Plan [Table Text Block]

	Year Ended December 31,
	2021		2020			2019
Equity Classified Awards
Stock options
Cost of goods sold	$	16	$	—		$	—
Research and development		681		—			—
Selling, general and administrative		1,990		—			—

Restricted stock awards
Cost of goods sold		27		—			—
Research and development		1,345		481			228
Selling, general and administrative		3,641		1,620			993

Total equity classified awards		7,700		2,101			1,221

Liability Classified Awards
Restricted stock
Selling, general and administrative		2,165		—			—

Stock appreciation rights
Research and Development		9		137			66
Selling, general and administrative		—		(113	)		62

Total liability classified awards		2,174		24			128

Total stock-based compensation	$	9,874	$	2,125		$	1,349

Share-based Payment Arrangement, Option, Activity [Table Text Block]

						Weighted-
						Average
				*Weighted-*		*Remaining*
				*Average*		*Contractual*		*Aggregate*
	*Number of*			*Exercise*		*Term*		*Intrinsic*
	*Options*			*Price (1)*		*(years)*		*Value*

Options outstanding at December 31, 2020		1,552		$	556.13		5.6	$	—
Granted		4,762,004		$	4.63
Canceled or forfeited		(17,188	)	$	5,693.43
Exercised		—		$	—

Options outstanding at December 31, 2021		4,746,368		$	5.11		9.6	$	—

Options exercisable at December 31, 2021		1,515		$	429.54		4.6	$	—

Options vested and expected to vest at December 31, 2021		4,746,368		$	5.11		9.6	$	—

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Grant Date (1)

Exercise price	$	4.42		to	$	5.38
Risk-free interest rate		0.87	%	to		1.36	%
Expected dividend yield		—		to		—
Expected volatility factor		141	%	to		142	%
Expected option life (years)		5.75		to		6.0
Weighted-average fair value	$	4.06			$	4.95

Schedule of Nonvested Share Activity [Table Text Block]

				Weighted-
				Average
	*Number of*			*Grant-Date*
	*Shares*			*Fair Value*

Non-vested at December 31, 2020		4,701,556		$	0.79
Granted		4,955,693		$	5.08
Vested		(2,625,259	)	$	1.04
Canceled or forfeited		(149,488	)	$	1.31

Non-vested at December 31, 2021		6,882,502		$	3.77

Note 7 - Intangible Assets

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

7. Intangible Assets

Identifiable intangible assets were comprised of the following (in thousands):

	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Life (Years)

Finite-lived intangible assets:
Patents	$	4,575	$	(368	)	$	4,207		7.3
Defensive assets		4,895		(164	)		4,731		8.4

Identifiable tangible assets	$	9,470	$	(532	)	$	8,938		7.9

	*December 31, 2020*
	*Gross Carrying Amount*		*Accumulated Amortization*			*Net*		*Weighted Average Life (Years)*

Finite-lived intangible assets:
Patents	$	300	$	(186	)	$	114		5.2

Amortization expense was as follows (in thousands):

	Years Ended December 31,
	2021		2020		2019

Related to cost of goods sold	$	21	$	21	$	165
Related to research and development expense		161		—		—
Related to selling, general and administrative expense		164		—		—

Total	$	346	$	21	$	165

The following table details the estimated net amortization of identifiable intangible assets as of December 31, 2021 (in thousands):

Year Ending December 31,	Patents		Defensive Assets		Total

2022	$	599	$	585	$	1,184
2023		599		585		1,184
2024		600		587		1,187
2025		599		585		1,184
2026		585		585		1,170
Thereafter		1,225		1,804		3,029

Total	$	4,207	$	4,731	$	8,938

Note 12 - Embedded Derivatives (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

	Issuance Date	Expiration Date	Exercise Price as of December 31, 2021		Shares Underlying Warrants on Issuance Date		Shares Issued Upon Warrant Exercises as of December 31, 2021		Shares Underlying Warrants as of December 31, 2021

Series K Warrants	February 17, 2017	February 17, 2022	$	2.00		315,986		308,860		7,126
Series 2020-A Warrants (1)	July 6, 2020	July 6, 2025	$	0.60		30,000,000		29,909,392		90,608

						30,315,986		30,218,252		97,734

Exercise of Warrants [Table Text Block]

	Common Stock Issued		Proceeds

Series K Warrants		200	$	1
Series 2020-C Warrants		1,866,558		1,120

		1,866,758	$	1,121

	Common Stock Issued		Proceeds

Series 2020-A Warrants		28,042,834	$	16,826
Series 2020-B Warrants		9,103,334		91
Series 2020-C Warrants		16,532,232		165

		53,678,400	$	17,082

Note 22 - Subsequent Events

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Subsequent Events [Text Block]

22. Subsequent Events

On January 27, 2022, the Company’s stockholders voted approved to amend the Certificate of Incorporation to increase the total number of authorized shares of common stock from 250,000,000 shares to 500,000,000 shares.

On February 7, 2022, an incident occurred at one of the anaerobic digesters that is part of Gevo's RNG project that resulted in the accidental discharge of a mixture of water and manure into the environment. The Company promptly notified the Iowa Department of Natural Resources (the "DNR") and began mitigation work to minimize the impact of the discharge. The DNR has issued Gevo a notice of violation in connection with the discharge. There is a possibility that the Iowa Department of Natural Resources will initiate an enforcement action that could result in a monetary sanction against Gevo for the accidental discharge. Gevo does not believe that any such monetary sanction would be material or exceed $300,000.

Note 7 - Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Gross Carrying Amount	$ 9,470
Accumulated amortization	532
Identifiable Intangible Assets, Net	$ 8,938	$ 114
Weighted-Average Useful Life (Year)	7 years 10 months 24 days
Accumulated amortization	$ (532)
Intangible assets, net	8,938	114
Patents [Member]
Gross Carrying Amount	4,575	300
Accumulated amortization	(368)	186
Identifiable Intangible Assets, Net	$ 4,207	$ 114
Weighted-Average Useful Life (Year)	7 years 3 months 18 days	5 years 2 months 12 days
Accumulated amortization	$ 368	$ (186)
Intangible assets, net	4,207	$ 114
Defensive Assets [Member]
Gross Carrying Amount	4,895
Accumulated amortization	(164)
Identifiable Intangible Assets, Net	$ 4,731
Weighted-Average Useful Life (Year)	8 years 4 months 24 days
Accumulated amortization	$ 164
Intangible assets, net	$ 4,731

Note 7 - Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Life (Years)

Finite-lived intangible assets:
Patents	$	4,575	$	(368	)	$	4,207		7.3
Defensive assets		4,895		(164	)		4,731		8.4

Identifiable tangible assets	$	9,470	$	(532	)	$	8,938		7.9

	*December 31, 2020*
	*Gross Carrying Amount*		*Accumulated Amortization*			*Net*		*Weighted Average Life (Years)*

Finite-lived intangible assets:
Patents	$	300	$	(186	)	$	114		5.2

Finite-lived Intangible Assets Amortization Expense [Table Text Block]

	Years Ended December 31,
	2021		2020		2019

Related to cost of goods sold	$	21	$	21	$	165
Related to research and development expense		161		—		—
Related to selling, general and administrative expense		164		—		—

Total	$	346	$	21	$	165

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Year Ending December 31,	Patents		Defensive Assets		Total

2022	$	599	$	585	$	1,184
2023		599		585		1,184
2024		600		587		1,187
2025		599		585		1,184
2026		585		585		1,170
Thereafter		1,225		1,804		3,029

Total	$	4,207	$	4,731	$	8,938

Note 7 - Intangible Assets - Estimated Net Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
2022, intangible asset	$ 1,184
2023, intangible asset	1,184
2024, intangible asset	1,187
2025, intangible asset	1,184
2026, intangible asset	1,170
Thereafter, intangible asset	3,029
Total, intangible asset	8,938	$ 114
Patents [Member]
2022, intangible asset	599
2023, intangible asset	599
2024, intangible asset	600
2025, intangible asset	599
2026, intangible asset	585
Thereafter, intangible asset	1,225
Total, intangible asset	4,207	$ 114
Defensive Assets [Member]
2022, intangible asset	585
2023, intangible asset	585
2024, intangible asset	587
2025, intangible asset	585
2026, intangible asset	585
Thereafter, intangible asset	1,804
Total, intangible asset	$ 4,731

Note 3 - Miscellaneous Financial Information

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Additional Financial Information Disclosure [Text Block]

3. Miscellaneous Financial Information

January 2021 Offering. On January 19, 2021, the Company completed a registered direct offering pursuant to a securities purchase agreement with certain institutional and accredited investors providing for the issuance and sale by the Company of an aggregate of 43,750,000 shares of the Company’s common stock at a price of $8.00 per share (the "January 2021 Offering"). The net proceeds to the Company from the January 2021 Offering were approximately $321.7 million, after deducting placement agent fees and other estimated offering expenses payable by the Company.

August 2020 Offering. On August 25, 2020, the Company completed a registered direct offering pursuant to a securities purchase agreement with certain institutional and accredited investors providing for the issuance and sale by the Company of an aggregate of (i) 21,929,313 shares of the Company’s common stock (the "Shares") at a price of $1.30 per share, and (ii) 16,532,232 pre-funded Series 2020-C warrants to purchase one share of the Company’s common stock (each, a "Series 2020-C Warrant") at a price of $1.29 per Series 2020-C Warrant, in a registered direct offering (the "August 2020 Offering"). The pre-funded Series 2020-C Warrants are exercisable beginning on the date of issuance at a nominal exercise price of $0.01 per share of common stock any time until the Series 2020-C Warrants are exercised in full. As of December 31, 2020, all of the Series 2020-C Warrants were exercised.

The net proceeds to the Company from the August 2020 Offering were approximately $45.8 million, after deducting placement agent fees and other estimated offering expenses payable by the Company, and not including any future proceeds from the exercise of the Warrants. The Company used the net proceeds from the August 2020 Offering to fund working capital and for other general corporate purposes.

July 2020 Offering. On July 6, 2020, Gevo completed a public offering (the "July 2020 Offering") of (i) 20,896,666 Series 1 units (the “Series 1 Units”) at a price of $0.60 per Series 1 Unit, and (ii) 9,103,334 Series 2 units (the "Series 2 Units") at a price of $0.59 per Series 2 Unit. The July 2020 Offering was made under a registration statement on Form S-1 filed with the Securities and Exchange Commission, declared effective on September 30, 2020.

Each Series 1 Unit consisted of one share of the Company’s common stock and one Series 2020-A Warrant to purchase one share of the Company’s common stock (each, a "Series 2020-A Warrant"). Each Series 2 Unit consists of a pre-funded Series 2020-B warrant to purchase one share of the Company’s common stock (each, a "Series 2020-B Warrant" and, together with the Series 2020-A Warrants, the "Warrants") and one Series 2020-A Warrant. The Series 2020-A Warrants are exercisable beginning on the date of original issuance and will expire five years from the date of issuance, at an exercise price of $0.60 per share. The pre-funded Series 2020-B Warrants are exercisable beginning on the date of issuance at a nominal exercise price of $0.01 per share of common stock any time until the Series 2020-B Warrants are exercised in full. In connection with the July 2020 Offering, the Company issued Series 2020-A Warrants to purchase an aggregate of 30,000,000 shares of common stock. As of December 31, 2020, all of the Series 2020-B Warrants were exercised.

The net proceeds to the Company from the July 2020 Offering were approximately $16.1 million, after deducting placement agent fees and other offering expenses payable by the Company, and not including any future proceeds from the exercise of the Warrants. The Company used the net proceeds from the July 2020 Offering to fund working capital and for other general corporate purposes.

During the year ended December 31, 2020, the Company received notices of exercise from holders of its Series 2020-A Warrants to issue an aggregate of 28,042,834 shares of common stock for total gross proceeds of approximately $16.8 million. During the year ended December 31, 2021, the Company received notices of exercise from holders of our Series 2020-A Warrants to issue an aggregate of 1,866,558 shares of common stock for total gross proceeds of approximately $1.1 million. As of December 31, 2021, there were 90,608 Series 2020-A Warrants outstanding.

At-the-Market Offering Program. In February 2018, the Company commenced an at-the-market offering program, which allows it to sell and issue shares of its common stock from time-to-time. In September 2021, the at-the-market offering program was amended to increase the available capacity to $500 million.

During the year ended December 31, 2021, the Company issued 24,420,579 shares of common stock under the at-the-market offering program for total proceeds of $135.8 million, net of commissions and other offering related expenses totaling $3.6 million.

During the year ended December 31, 2020, the Company issued 3,518,121 shares of common stock under the at-the-market offering program for total proceeds of $8.4 million, net of commissions and other offering related expenses totaling $0.2 million.

As of December 31, 2021, the Company has remaining capacity to issue up to approximately $500 million of common stock under the at-the-market offering program, respectively.

2021 Bonds. On April 15, 2021, the Iowa Finance Authority (the "Authority") issued an aggregate principal amount of $68,155,000 of its Solid Waste Facility Revenue Bonds (Gevo NW Iowa RNG, LLC Renewable Natural Gas Project), Series 2021 (Green Bonds) (the "2021 Bonds") in a public offering for the benefit of Gevo RNG, a subsidiary of Gevo, to finance the construction of the Gevo RNG project.

The 2021 Bonds are reported at their amortized cost. The 2021 Bonds were issued at a premium of $0.8 million. Debt issuance costs totaled $3.0 million. The Company will amortize the debt issuance costs and the premium as a component of interest expense over the life of the related debt instrument using the interest method. The 2021 Bonds have been recorded as a long-term liability and will become current on the earlier of (i) one year prior to the Initial Mandatory Tender Date or (ii) upon the Company’s exercise of its call option to tender or redeem the Bonds. See Note 14, Debt, for further information.

Significant Customers. The following table summarizes the customers making up greater than 10% of the Company's consolidated revenue for the three years ended December 31, 2021, 2020 and 2019 in addition to the segment where such revenue is reported:

		Year Ended December 31,
	Segment (Note 21)	2021			2020			2019

Customer A	Gevo		53	%		21	%		—	%
Customer B	Agri-Energy		24	%		—	%		—	%
Customer C	Gevo		10	%		—	%		—	%
Customer D	Agri-Energy		—	%		52	%		71	%
Customer E	Agri-Energy		—	%		15	%		17	%

Total			87	%		88	%		88	%

Related Party Transaction. During the year ended December 31, 2020, Gevo paid Blocksize Capital GmbH ("Blocksize"), a company in which one director of Gevo had an indirect ownership interest, and Leaf Resources, a company in which one director of Gevo serves as a director, a total of $0.1 million for services rendered. The Company owed these companies a total of $0.1 million as of December 31, 2020. There were no related party transactions during the years ended December 31 2021 or 2019.

Restructuring Expenses. During the first quarter 2020, the Company terminated its ethanol production at the Luverne Facility. In addition, due to the impact of the COVID-19 pandemic on the global economy and the Company’s industry, in March 2020, the Company reduced its workforce, impacting 26 people at the Luverne Facility and four people at the Company's corporate headquarters. Affected employees were offered a severance package which included a one-time payment, one month of health insurance and acceleration of vesting for any unvested restricted stock awards.

The Company intends to continue developing its hydrocarbon business, including the planned expansion of the Luverne Facility, and the Company expects to move forward in securing the project funding needed to expand the Luverne Facility. The expansion is designed to allow the Company to produce large quantities of sustainable aviation fuel and renewable gasoline. The Company also expects to continue engineering efforts for the construction of a commercial renewable hydrocarbon production facility, as well as additional decarbonization projects, at the Luverne Facility.

As of December 31, 2020, the Company had the following liabilities outstanding related to the restructuring expense included in "Accounts payable and accrued liabilities" in the Consolidated Balance Sheets ($0 at December 31, 2021) (in thousands):

	December 31,							December 31,
	2019		Additions		Payments			2020

Severance (including payroll taxes)	$	—	$	96	$	(96	)	$	—
Lease agreements		—		158		(158	)		—

Total	$	—	$	254	$	(254	)	$	—

Note 9 - Leases, Right-to-Use Assets and Related Liabilities - Future Minimum Payments Under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
2022, financing leases	$ 4,397
2022, operating lease	881
2022, both	5,278
2023, financing leases	1,713
2023, operating lease	528
2023, both	2,241
2024, financing leases	1,729
2024, operating lease	305
2024, both	2,034
2025, financing leases	1,743
2025, operating lease	315
2025, both	2,058
2026, financing leases	1,759
2026, operating lease	324
2026, both	2,083
2026 and thereafter, financing leases	19,814
Thereafter, operating lease	706
Thereafter, both	20,520
Total, financing leases	31,155
Total, operating lease	3,059
Total, both	34,214
Less: Amounts representing present value discounts, financing leases	(9,945)
Less: Amounts representing present value discounts, operating lease	(385)
Less: Amounts representing present value discounts, both	(10,330)
Total lease liabilities, financing leases	21,210	$ 172
Total lease liabilities, operating leases	2,674	172
Less: current portion, financing leases	(3,413)	(10)
Less: current portion, operating lease	(772)	(172)
Finance lease liabilities (long-term)	17,797	162
Operating lease liabilities (long-term)	1,902	$ 0
Long-term portion, both	19,699
Accounts Payable, Accrued Liabilities and Other Noncurrent Liabilities [Member]
Total lease liabilities, financing leases	21,210
Total lease liabilities, operating leases	2,674
Total lease liabilities, both	23,884
Prepaid Expenses and Other Current Assets [Member]
Less: current portion, financing leases	(3,413)
Less: current portion, operating lease	(772)
Less: current portion, both	$ (4,185)

Note 2 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	Year Ended December 31,
	2021	2020	2019

Warrants to purchase common stock - liability classified	7,126	56,735	54,989
Warrants to purchase common stock - equity classified	90,608	1,957,166	—
Convertible 2020 Notes	—	—	974,139
Outstanding options to purchase common stock	4,746,368	1,552	1,561
Stock appreciation rights	67,739	67,739	67,739

Total	4,911,841	2,083,192	1,098,428

Note 17 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	2021			2020
Deferred tax assets, net:
Net operating loss carryforwards	$	29,277		$	15,406
Operating lease assets		(7,881	)		(82	)
Operating lease liabilities		8,086			88
Depreciation		3,840			3,427
Restricted stock		1,146			992
Business interest expense		1,165			1,441
Other temporary differences		886			321

Deferred tax assets		36,519			21,593
Valuation allowance		(36,519	)		(21,593	)

Net deferred tax assets	$	—		$	—

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year Ended December 31,
	2021			2020			2019

Federal income tax at statutory rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefits		3.8	%		4.1	%		7.0	%
Impact of change in statutory tax rates		—			(0.8	%)		(0.2	%)
Impact of NOL write-offs		—			(250.4	%)		—
Impact of Research and Development credit write-off		—			(8.7	%)		—
Permanent deductions		0.3	%		(5.3	%)		(0.1	%)
Valuation allowance		(25.2	)%		240.1	%		(27.7	%)

Effective tax rate		—	%		—	%		—	%

Note 20 - Fair Value Measurements and Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values (Details) - The 2021 Bonds [Member]	Dec. 31, 2021 USD ($)
Reported Value Measurement [Member]
2021 Bonds	$ 68,155
Estimate of Fair Value Measurement [Member]
2021 Bonds	$ 68,380

Note 16 - Stock-based Compensation - Stock Option Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares
Risk-free interest rate, minimum	0.87%
Risk-free interest rate, maximum	1.36%
Expected volatility factor, minimum	141.00%
Expected volatility factor, maximum	142.00%
Minimum [Member]
Exercise price (in dollars per share)	$ 4.42
Expected dividend yield	0.00%
Expected option life (years) (Year)	5 years 9 months
Weighted-average fair value (in dollars per share)	$ 4.06
Maximum [Member]
Exercise price (in dollars per share)	$ 5.38
Expected dividend yield	0.00%
Expected option life (years) (Year)	6 years
Weighted-average fair value (in dollars per share)	$ 4.95

Note 2 - Summary of Significant Accounting Policies - Securities Potentially Dilute Calculation of Diluted Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive securities (in shares)	4,911,841	2,083,192	1,098,428
Warrants to Purchase Common Stock - Liability Classified [Member]
Antidilutive securities (in shares)	7,126	56,735	54,989
Warrants to Purchase Common Stock - Equity Classified [Member]
Antidilutive securities (in shares)	90,608	1,957,166	0
Convertible 2020 Notes [Member]
Antidilutive securities (in shares)	0	0	974,139
Share-based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	4,746,368	1,552	1,561
Stock Appreciation Rights (SARs) [Member]
Antidilutive securities (in shares)	67,739	67,739	67,739

Note 17 - Income Taxes - Reconciling Items from Income Tax Computed at the Statutory Federal Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Federal income tax at statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefits	3.80%	4.10%	7.00%
Impact of change in statutory tax rates	0.00%	(0.80%)	(0.20%)
Impact of NOL write-offs	0.00%	(250.40%)	0.00%
Impact of Research and Development credit write-off	0.00%	(8.70%)	0.00%
Permanent deductions	0.30%	(5.30%)	(0.10%)
Valuation allowance	(25.20%)	240.10%	(27.70%)
Effective tax rate	0.00%	0.00%	0.00%

Note 5 - Marketable Securities (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale, Realized Loss	$ (90)	$ 0	$ 0
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One	275,300
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year Two	64,400
Interest and Dividend Income [Member]
Investment Income, Interest	500	0	$ 0
Prepaid Expenses and Other Current Assets [Member]
Interest Receivable, Current	$ 1,500	$ 0

Note 18 - Employee Benefit Plan (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
The 401(k) Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0	$ 0	$ 0

Note 15 - Equity Incentive Plans (Details Textual) - shares	12 Months Ended
	Dec. 31, 2021	Jun. 09, 2021
Stock Incentive Plan 2010 [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		22,980,074
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	8,672,529
Employee Stock Purchase Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	190
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	190
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	85.00%
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)	0

Note 7 - Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amortization expense	$ 346	$ 21	$ 165
Cost of Goods Sold [Member]
Amortization expense	21	21	165
Research and Development Expense [Member]
Amortization expense	161	0	0
Selling, General and Administrative Expenses [Member]
Amortization expense	$ 164	$ 0	$ 0

Note 5 - Marketable Securities - Realized Gain (Loss) From Sale of Available-for-sale Marketable Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Sales proceeds	$ 79,574	$ 0	$ 0
Amortized cost	(79,664)
Realized (loss)	$ (90)	$ 0	$ 0

Note 20 - Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Carrying Value and Fair Value by Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Marketable securities, fair value		$ 0
Fair Value, Recurring [Member]
Liability-classified restricted stock awards	$ 702
Total recurring	340,438
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Liability-classified restricted stock awards	702
Total recurring	340,438
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Liability-classified restricted stock awards	0
Total recurring	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Liability-classified restricted stock awards	0
Total recurring	0
Corn, Palladium and Finished Goods [Member] \| Fair Value, Nonrecurring [Member]
Corn and palladium inventory	566	866
Corn, Palladium and Finished Goods [Member] \| Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Corn and palladium inventory	566	235
Corn, Palladium and Finished Goods [Member] \| Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Corn and palladium inventory	0	631
Corn, Palladium and Finished Goods [Member] \| Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Corn and palladium inventory	0	$ 0
US Treasury Securities [Member] \| Fair Value, Recurring [Member]
Marketable securities, fair value	225,792
US Treasury Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Marketable securities, fair value	225,792
US Treasury Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Marketable securities, fair value	0
US Treasury Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Marketable securities, fair value	0
US Government-sponsored Enterprises Debt Securities [Member] \| Fair Value, Recurring [Member]
Marketable securities, fair value	113,944
US Government-sponsored Enterprises Debt Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Marketable securities, fair value	113,944
US Government-sponsored Enterprises Debt Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Marketable securities, fair value	0
US Government-sponsored Enterprises Debt Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Marketable securities, fair value	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities
Net loss	$ (59,203)	$ (40,186)	$ (28,660)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss (gain) from the change in fair value of 2020/21 Notes and 2020 Notes embedded derivative liability	0	8,607	(394)
Loss on conversion of 2020/21 Notes to common stock	0	1,916	0
Loss on disposal of assets	5,137	625	4
(Gain) on forgiveness of SBA Loans	(641)	0	0
Stock-based compensation	9,874	2,125	1,349
Depreciation and amortization	5,128	5,904	6,656
Non-cash lease expense	52	62	48
Non-cash interest expense	37	761	1,346
Changes in operating assets and liabilities:
Accounts receivable	(257)	608	(609)
Inventories	(259)	945	(35)
Prepaid expenses and other current assets, deposits and other assets	(3,133)	782	(1,824)
Accounts payable, accrued expenses and long-term liabilities	(271)	(1,487)	1,280
Net cash used in operating activities	(43,536)	(19,338)	(20,839)
Investing Activities
Acquisitions of property, plant and equipment	(59,662)	(5,905)	(5,989)
Acquisition of patents	(9,170)	0	0
Proceeds from sale of marketable securities	79,574	0	0
Purchase of marketable securities	(422,362)	0	0
Proceeds from sale of property, plant and equipment	0	0	32
Investment in Juhl	0	0	(1,500)
Net cash used in investing activities	(411,620)	(5,905)	(7,457)
Financing Activities
Proceeds from issuance of 2021 Bonds	68,995	0	0
Debt and equity offering costs	(34,955)	(6,370)	(232)
Proceeds from issuance of common stock and common stock warrants	489,373	76,414	11,589
Proceeds from the exercise of warrants	1,121	17,082	0
Net settlement of common stock under stock plans	(7,041)	(350)	(201)
Payment on loans payable - other	(154)	(501)	(292)
Payment of finance lease liabilities	(4,488)	(2)	0
Proceeds from SBA Loans	0	1,006	0
Net cash provided by financing activities	512,851	87,279	10,864
Net increase (decrease) in cash and cash equivalents and restricted cash	57,695	62,036	(17,432)
Cash, cash equivalents and restricted cash
Beginning of year	78,338	16,302	33,734
End of year	136,033	78,338	16,302
Cash and cash equivalents	40,833	78,338	16,302
Restricted cash (current)	25,032	0	0
Long-term restricted cash	70,168	0	0
Total cash, cash equivalents and restricted cash	136,033	78,338	16,302
Supplemental disclosures of cash and non-cash investing and financing transactions
Cash paid for interest expensed	214	1,333	1,392
Cash paid for interest capitalized to construction in progress	1,020	0	0
Non-cash interest capitalized to construction in progress	1,125	0	0
Non-cash purchase of property, plant and equipment	20,287	197	368
Issuance of common stock upon exchange of debt and make-whole	0	25,057	0
Issuance of common stock in exchange for services rendered	0	94	0
Original issue discount paid with 2020/21 Notes	0	282	0
Right-of-use asset purchased with financing lease	28,514	0	0
Right-of-use asset purchased with operating lease	2,593	192	280
Equipment and insurance financed with notes payable	$ 0	$ 0	$ 1,041

Note 9 - Leases, Right-of-use Assets and Related Liabilities - Right-of-use Assets Under Operating and Financing Leases and Operating and Financing Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating right-of-use assets	$ 2,414	$ 133
Finance right-of-use assets	27,297	176
Total	29,711	309
Operating lease liabilities (current)	772	172
Operating lease liabilities (long-term)	1,902	0
Total, operating lease	2,674	172
Finance lease liabilities (current)	3,413	10
Finance lease liabilities (long-term)	17,797	162
Total, finance lease	$ 21,210	$ 172

Note 17 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Unrecognized Tax Benefits, Ending Balance	$ 0	$ 0
Open Tax Year	2016 2017 2018 2019 2020 2021
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Total	$ 122,500
Domestic Tax Authority [Member] \| July 9, 2020 Ownership Change [Member]
Operating Loss Carryforwards, Subject to Limitations	66,200
Operating Loss Carryforwards, Annual Limitation Amount	100
Domestic Tax Authority [Member] \| Ownership Changes Between July 9, 2020 and January 22, 2021 [Member]
Operating Loss Carryforwards, Subject to Limitations	17,900
Operating Loss Carryforwards, Annual Limitation Amount	11,900
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Total	$ 64,300

Note 14 - Debt - Information Pertaining to Convertible Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Original issue discount paid with 2020/21 Notes	$ 0	$ 282	$ 0
Embedded Derivative, Convertible 2020 Notes [Member]
Balance	0	0
Amortization of debt discount		0
Amortization of debt issue costs		0
Paid-in-kind interest		0
Conversion of 2020/21 Notes into common Stock		0
Fair value of 2020/21 embedded derivative liability upon issuance		2,848
Increase in fair value of 2020/21 Notes embedded derivative liability prior to conversion of 2020/21 Notes		5,759
Decrease in fair value of 2020/21 Notes embedded derivative liability upon conversion to common stock		(8,607)
Embedded Derivative, Convertible 2020 and 2020/21 Notes [Member]
Balance	0	13,900
Amortization of debt discount		405
Amortization of debt issue costs		30
Paid-in-kind interest		316
Conversion of 2020/21 Notes into common Stock		(14,651)
Fair value of 2020/21 embedded derivative liability upon issuance		2,848
Increase in fair value of 2020/21 Notes embedded derivative liability prior to conversion of 2020/21 Notes		5,759
Decrease in fair value of 2020/21 Notes embedded derivative liability upon conversion to common stock		(8,607)
Convertible Debt [Member]
Balance	0	(123)
Balance	0	(30)
Balance	0	13,900
Amortization of debt discount		405
Amortization of debt issue costs		30
Paid-in-kind interest		316
Conversion of 2020/21 Notes into common Stock		0
Conversion of 2020/21 Notes into common Stock		0
Conversion of 2020/21 Notes into common Stock		(14,651)
Original issue discount paid with 2020/21 Notes		(282)
Convertible 2020 Notes [Member] \| Convertible Debt [Member]
Balance	0	14,053
Paid-in-kind interest		47
Exchange of 2020 Notes for 2020/21 Notes		(14,100)
Conversion of 2020/21 Notes into common Stock		0
Original issue discount paid with 2020/21 Notes		0
Convertible 2020/21 Notes [Member] \| Convertible Debt [Member]
Balance	$ 0	0
Paid-in-kind interest		269
Exchange of 2020 Notes for 2020/21 Notes		14,100
Conversion of 2020/21 Notes into common Stock		(14,651)
Original issue discount paid with 2020/21 Notes		$ 282

Note 8 - Revenues From Contracts With Customers and Other Revenue

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

8. Revenues from Contracts with Customers and Other Revenue

The Company’s current and historical revenues have consisted of the following: (a) ethanol sales and related products revenue, net; (b) hydrocarbon revenue; and (c) other revenue, which has historically consisted primarily of revenues from governmental and cooperative research grants.

Ethanol sales and related products revenues, net. Ethanol sales and related products revenues, net, are sold to customers on a free-on-board, shipping point basis. Each transaction occurs independent of any other sale, and once sold, there are no future obligations on the part of the Company to provide post-sale support or promises to deliver future goods or services.

Hydrocarbon revenue. Hydrocarbon revenues include sales of SAF, isooctene and isooctane and are sold mostly on a free-on-board, shipping point basis. Each transaction occurs independent of any other sale, and once sold, there are no future obligations on the part of the Company to provide post-sale support or promises to deliver future goods or services.

Other revenue. Other revenue includes occasional short-term (less than one-year) consulting services and leases of certain storage facilities located at the Luverne Facility.

The following table sets forth the components of the Company’s revenues between those generated from contracts with customers and those generated from arrangements that do not constitute a contract with a customer (in thousands):

	Year Ended December 31, 2021
Major Goods/Service Line	Revenues from Contracts with Customers		Other Revenues		Total

Ethanol sales and related products, net	$	50	$	—	$	50
Hydrocarbon revenue		483		—		483
Other revenue		—		178		178

	$	533	$	178	$	711
Timing of Revenue Recognition

Goods transferred at a point in time	$	533	$	—	$	533
Services transferred over time		—		178		178

	$	533	$	178	$	711

	Year Ended December 31, 2020
Major Goods/Service Line	Revenues from Contracts with Customers		Other Revenues		Total

Ethanol sales and related products, net	$	3,809	$	—	$	3,809
Hydrocarbon revenue		1,501		—		1,501
Other revenue		153		73		226

	$	5,463	$	73	$	5,536
Timing of Revenue Recognition

Goods transferred at a point in time	$	5,310	$	—	$	5,310
Services transferred over time		153		73		226

	$	5,463	$	73	$	5,536

	Year Ended December 31, 2019
Major Goods/Service Line	Revenues from Contracts with Customers		Other Revenues		Total

Ethanol sales and related products, net	$	22,115	$	—	$	22,115
Hydrocarbon revenue		2,338		—		2,338
Other revenue		—		34		34

	$	24,453	$	34	$	24,487
Timing of Revenue Recognition

Goods transferred at a point in time	$	24,453	$	—	$	24,453
Services transferred over time		—		34		34

	$	24,453	$	34	$	24,487

Goods transferred at a point-in-time. For the years ended December 31, 2021, 2020 and 2019, there were no contracts with customers for which consideration was variable or for which there were multiple performance obligations for any given contract. Accordingly, the entire transaction price is allocated to the goods transferred. As of December 31, 2021 and 2020, there were no remaining unfulfilled or partially fulfilled performance obligations.

All goods transferred are tested to ensure product sold satisfies contractual product specifications prior to transfer. The customer obtains control of the goods when title and risk of loss for the goods has transferred, which in most cases is "free-on-board, shipping point". All material contracts have payment terms of between one to three months and there are no return or refund rights.

Services transferred over time. For the years ended December 31, 2021, 2020 and 2019, there were no contracts for which consideration was variable or for which there were multiple performance obligations for any given contract. Accordingly, the entire transaction price is allocated to the individual service performance obligation. As of December 31, 2021 and 2020, respectively, there were no material unfulfilled or partially fulfilled performance obligations.

Contract Assets and Trade Receivables. As of December 31, 2021 and 2020, there were no contract assets or liabilities as all customer amounts owed to the Company are unconditional and the Company does not receive payment in advance for its products. Accordingly, amounts owed by customers are included in "Accounts receivable, net" on the Company’s Consolidated Balance Sheets. In addition, due to the nature of the Company’s contracts, there are no costs incurred or to be paid in the future that qualify for asset recognition as a cost to fulfill or obtain a contract. The Company recorded an allowance for doubtful accounts for one customer which represents 27% of the trade accounts receivable as of December 31, 2021. The Company recorded $0 allowance for doubtful accounts as of December 31, 2020.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details