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Significant Accounting Policies [Text Block]

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 Development, LLC and Agri-Energy, LLC) 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. ("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, 2019.

Use of Estimates

. The preparation of financial statements in conformity with 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.

Reclassifications.

Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did

not

affect total revenues, costs and expenses, net income or stockholders’ equity.

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.

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, 2019

and

2018,

allowance for doubtful accounts has been recorded, based upon the expected full collection of the accounts receivable. As of

December 31, 2019,

three

customers, Eco-Energy, LLC ("Eco-Energy"), Purina Animal Nutrition, LLC (“Purina”), formerly Land O'Lakes Purina Feed, LLC, and HCS Group GmbH ("HCS") comprised

57%,

13%

and

15%

of the Company's outstanding trade accounts receivable, respectively. As of

December 31, 2018,

two

customers, Eco-Energy and Purina, comprised

66%

and

27%

of the Company's outstanding trade accounts receivable, respectively.

Inventories

. Inventory is recorded at net realizable value. Cost of goods sold is determined by average cost method. Isobutanol and ethanol inventory cost consists of the applicable share of raw material, direct labor and manufacturing overhead costs. Spare Parts inventory consists of the parts required to maintain and operate the Company’s Luverne Facility and is recorded at cost.

Derivative Instruments

. The Company evaluates its contracts for potential derivatives which Gevo, Inc. uses to raise capital. See Note

for a description of the Company’s accounting for embedded derivatives.

Warrants.

The Company has warrants outstanding as of

December 31, 2019

representing

54,989

shares of Gevo's common stock, which expire at various dates through

February 17, 2022.

The exercise prices of the warrants range from

$3.80

$220.00

as of

December 31, 2019.

Based on the terms of the warrant agreements, the Company has determined that all warrants issued since

2013

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, 2019

and

2018

represents an unrealized gain (loss) which has been recorded as a gain (loss) from the change in fair value of derivative warrant liability in the Consolidated Statements of Operations.

During the year ended

December 31, 2018,

common stock was issued as a result of exercise of warrants as described below:

	Common Stock Issued	Proceeds

Series A Warrants	251	$	1,054
Series K Warrants	300,660		1,262,712

	300,911	$	1,263,766

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.

Impairment of Property,

Plant and Equipment

. The Company’s property, plant and equipment consist primarily of assets associated with the acquisition and upgrade of the Luverne Facility. The Company assesses impairment of property, plant and equipment for recoverability when events or changes in circumstances indicate that their carrying amount

may

not

be recoverable. Circumstances which could trigger a review include, but are

not

limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate, or legal or regulatory factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; or expectations that the asset will more likely than

not

be sold or disposed of significantly before the end of its estimated useful life. 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.

The Company evaluated its Luverne Facility for impairment as of

December 31, 2019

and

2018.

These evaluations included comparing the carrying amount of the acquisition and upgrade of the Luverne Facility to the estimated undiscounted future cash flows at the Luverne Facility as this represents the lowest level of identifiable cash flows. Significant assumptions included in the estimated undiscounted future cash flows include, among others, estimates of the:

•

sales price of isobutanol, hydrocarbons, ethanol and by-products such as dried distillers grains;

•

purchase price of corn;

•

production levels of isobutanol;

•

capital and operating costs to produce isobutanol; and

•

estimated useful life of the primary asset.

Factors which can impact these assumptions include, but are

not

limited to:

•

effectiveness of the Company’s technology to produce isobutanol at targeted margins;

•

demand for isobutanol and oil prices; and

•

harvest levels of corn.

Based upon the Company’s evaluation at

December 31, 2019

and

2018,

the Company concluded that the estimated undiscounted future cash flows from the Luverne Facility exceeded the carrying value and, as such, these assets were

not

impaired. Although the Company’s cash flow forecasts are based on assumptions that are consistent with its planned use of the assets, these estimates required significant exercise of judgment and are subject to change in future reporting periods as facts and circumstances change. Additionally, the Company

may

make changes to its business plan that could result in changes to the expected cash flows. As a result, it is possible that a long-lived asset

may

be impaired in future reporting periods.

Investment in Juhl.

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 will construct, own and operate the wind project, and Agri-Energy will purchase the electricity directly from the City of Luverne. The investment in Juhl is accounted for under the cost method.

Debt Issue Costs

. Debt issue costs are costs 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.

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.

Revenue related to government research grants and cooperative agreements is recognized in the period during which the related costs are incurred, provided that the conditions under the awards have been met and only perfunctory obligations are outstanding. Revenues related to lease agreements are recognized on a straight-line basis over the term of the contract.

For the years ended

December 31, 2019

and

2018,

Eco-Energy accounted for approximately

71%

and

72%

of the Company's consolidated revenue, respectively. Purina represented approximately

17%

and

21%

of the Company's consolidated revenue for the years ended

December 31, 2019

and

2018,

respectively. All are customers of the Company's Gevo Development/Agri-Energy segment (see Note

). Given the production capacity compared to the overall size of the North American market and the fungible demand for the Company's products, the Company does

not

believe that a decline in a specific customer's purchases would have a material adverse long-term effect upon the Company's financial results.

Cost of Goods Sold

. Cost of goods sold includes costs incurred in conjunction with the operations for the production of isobutanol at the Luverne Facility 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, plant utilities, including natural gas and plant depreciation. 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 at the Luverne Facility. 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 consist of plant utilities and plant depreciation. 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 to power steam generation in the production process and to dry the distillers grains, a by-product of ethanol and related products production.

Patents

. All costs related to filing and pursuing patent applications are expensed as incurred as recoverability of such expenditures is uncertain. Patent-related legal expenses incurred are recorded as selling, general and administrative expense.

Research and Development

. Research and development costs are expensed as incurred and are recorded as research and development expense in the

Consolidated Statements of Operations. 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, consultants and related contract research, facility costs, supplies, depreciation on property, plant and equipment used in development, 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.

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.

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”). Stock-based compensation expense for all share-based payment awards granted is based on the grant date fair value. 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 estimated 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. For performance based restricted stock awards, the Company recognizes expense over the requisite service period.

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, 2019

and

2018

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,
	201 9	201 8

Warrants to purchase common stock - liability classified	54,989	55,963
Warrants to purchase common stock - equity classified	—	6
Convertible 2020 Notes	974,139	1,071,674
Outstanding options to purchase common stock	1,561	2,311
Stock appreciation rights	127,225	132,566
Unvested restricted common stock	—	290,300
Total	1,157,914	1,552,820

Recent Accounting Pronouncements

Financial Instruments - Credit Losses. Measurement of Credit Losses on Financial Instruments.

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

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

is effective for fiscal years beginning after

December 15, 2022.

It is expected that the adoption of this standard will primarily apply 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

one

-to-

two

weeks after the completion of the corresponding sales transaction. The Company does

not

anticipate that the adoption of this standard will have a material impact on the Company’s Consolidated Financial Statements.

Adoption of New Accounting Pronouncements

Leases

February 2016,

the FASB issued ASU

No.

2016

02,

Leases

(“ASU

2016

02”

). ASU

2016

requires most contracts which convey over a period of time the right to use or control the use of an asset to be recognized on a company’s financial statements. The objective is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU

2016

was effective for fiscal years beginning after

December 15, 2018.

The standard required using the modified retrospective transition method and applying ASU

2016

either at the (i) latter of the earliest comparative period presented in the financial statements or commencement date of the lease, or (ii) beginning of the period of adoption. The Company adopted the standard effective

January 1, 2019

with

retrospective adjustment to prior periods presented in the financial statements. There was

impact to the opening balance of retained earnings as of

January 1, 2019

as a result of the adoption of this standard.

As a result of adopting ASU

2016

02,

the Company recognized

$1.2

million in right-to-use assets and related lease liabilities at

January 1, 2019.

The Company elected both (i) the short-term lease scope exception for leases with original terms of

twelve

months or less and (ii) the package of practical expedients, which included the ability to classify leases as operating

for those leases existing prior to

January 1, 2019

that were previously classified as operating under Accounting Standards Codification ("ASC")

840,

Leases

, the superseded accounting standard for the accounting for leases.

Note 3 - Revenues From Contracts With Customers and Other Revenues

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Text Block]

Revenues from Contracts with Customers and Other Revenues

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) grant and 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

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 ATJ, 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

future obligations on the part of the Company to provide post-sale support or promises to deliver future goods or services.

Grant and other revenues.

Grant revenues have historically consisted of governmental and cooperative research grants. Other revenues have historically included 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, 201 9
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
Grant and 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

	Year Ended December 31, 201 8
Major Goods/Service Line	Revenues from Contracts with Customers		Other Revenues		Total

Ethanol sales and related products, net	$	31,641	$	—	$	31,641
Hydrocarbon revenue		1,197		—		1,197
Grant and other revenue		25		—		25

	$	32,863	$	—	$	32,863
Timing of Revenue Recognition

Goods transferred at a point in time	$	32,838	$	—	$	32,838
Services transferred over time		25		—		25

	$	32,863	$	—	$	32,863

Goods transferred at a point-in-time.

For the years ended

December 31, 2019

and

2018,

there were

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, 2019

and

2018,

there were

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

three

months and there are

return or refund rights.

Services transferred over time.

For the years ended

December 31, 2019

and

2018,

there were

contracts for which consideration was variable or for which there were multiple performance obligation for any given contract. Accordingly, the entire transaction price is allocated to the individual service performance obligation. As of

December 31, 2019

and

2018,

respectively, there were

material unfulfilled or partially fulfilled performance obligations.

For the years ended

December 2019

and

2018,

revenues were recognized ratably over time, as the performance obligation was satisfied and benefit to the customer was transferred on a ratable basis over time.

Contract Assets and Trade Receivables.

As of

December 31, 2019

and

2018,

there were

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 classified as account receivables on the Company’s Consolidated Balance Sheets. In addition, due to the nature of the Company’s contracts, there are

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 did

not

incur any impairment losses on any receivables as all amounts owed were paid or current as of

December 31, 2019

2018.

Note 4 - Leases, Right-to-Use Assets and Related Liabilities

12 Months Ended

Dec. 31, 2019

Lessee, Operating Leases [Text Block]

Leases, Right-to-Use Assets and Related Liabilities

The Company enters into various arrangements which constitute a lease as defined by 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-to-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, measured on a discounted basis.

The contracts for the Company are comprised of facility, equipment and transportation leases necessary to conduct the Company’s day-to-day operations for which the Company maintains control of right-to-use assets and incurs the related liabilities.

The Company elected to adopt both the (a) short-term lease exemption for those leases with initial terms of

twelve

months or less; and (b) the practical expedient to

not

separate lease components from non-lease components, if applicable. Leases which qualify for the short-term scope exception consist of certain residential rents for executive apartments, certain of the Company’s railcar leases and other equipment leases. There were

leases containing variable lease payments and

none

of the Company’s leases contained extension or termination options which were necessary in determining the value of the right-to-use asset and related liabilities. The Company assumed a

12.0%

discount rate, which is consistent with the stated rate on the Company’s

2020

Notes and represents the best approximation of the rate implicit in the Company’s leases.

The Company identified

three

lease agreements that qualify as “operating” based on the terms and conditions at the commencement date for each lease. These include the lease for the Company’s office and research facility in Englewood, Colorado, with a term expiring in

July 2021,

a lease of plant equipment with a term expiring in

January 2021

used by Agri-Energy at the Luverne Facility and a lease of transportation equipment with a term expiring in

June 2020

used by Agri-Energy at the Luverne Facility. All other leases qualified for the short-term scope exemption. This consists of a corporate apartment in Colorado and leases of transportation equipment located at both the Luverne Facility and the South Hampton Facility with original lease terms of less than

twelve

months.

Upon adoption of ASC

842,

Leases,

which was effective

January 1, 2019,

the Company recognized a total of

$1.2

million of right-to-use assets and related lease liabilities. Within the Consolidated Balance Sheet at

December 31, 2019,

$0.6

million of right-to-use assets with a remaining term exceeding

twelve

months are included in

"Deposits and other assets".

For the related lease liabilities,

$0.4

million are included in

"Accounts payable and accrued liabilities"

for the current portion and

$0.3

million are included in

"Other long-term liabilities"

for the non-current portion.

The Company recognizes rent expense on its operating leases on a straight-line basis.

There are

two

contractual agreements related to equipment improvements at the Luverne Facility that were

not

recognized as of

December 31, 2019

as a result of operating contingencies which must be satisfied before the Company is obligated under the terms of the contract. The total estimated fair value of unrecognized right-to-use assets and related lease liabilities relating to these contracts was approximately

$3.0

million as of

December 31, 2019.

The following table presents the (a) costs by lease category and (b) other quantitative information relating to the Company’s leases for the year ended

December 31, 2019:

Lease Cost
Operating lease cost	$	1,554
Short-term lease cost		66
Variable lease expense (1)		119

Total lease cost	$	1,739
(1) Represents amounts incurred in excess of minimum payments for common area maintenance and present value discounts.

Other Information
Cash paid for the measurement of lease liabilities
Operating cash flows from operating leases	$	1,554
Right-to-use assets obtained in exchange for new operating lease liabilities	$	280
Weighted-average remaining lease term, operating leases (months)		21.0
Weighted-average discount rate - operating leases		12	%

The table below shows the future minimum payments under non-cancelable operating leases at

December 31, 2019 (

in thousands):

Year Ending December 31,
2020	$	684
2021		336
2022 and thereafter		—
Total		1,020
Less: Amounts representing present value discounts		(80	)

Total lease liabilities	$	940

Note 5 - Inventories

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Text Block]

. Inventories

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

	December 31,
	201 9		201 8
Raw materials
Corn	$	267	$	29
Enzymes and other inputs		184		204
Finished goods
Jet Fuels, Isooctane and Isooctene		571		394
Isobutanol		135		549
Ethanol		93		182
Distillers grains		54		54
Work in process
Agri-Energy		254		214
Gevo		122		89
Spare parts		1,521		1,451

Total inventories	$	3,201	$	3,166

Work in process inventory includes unfinished jet fuel, isooctane and isooctene inventory.

Note 6 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment Disclosure [Text Block]

. 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)				2019			2018

Luverne retrofit asset			20		$	70,820		$	70,842
Plant machinery and equipment			10			17,413			16,285
Site improvements			10			7,054			7,055
Lab equipment, furniture and fixtures and vehicles			5			6,393			6,574
Demonstration plant			2			3,597			3,597
Buildings			10			2,543			2,543
Leasehold improvements, pilot plant, land and support equipment		2	to	5		2,523			2,542
Computer, office equipment and software		3	to	6		2,034			2,335
Construction in progress			—			7,710			3,478
						120,087			115,251
Less accumulated depreciation and amortization						(53,391	)		(47,789	)

Property, plant and equipment, net					$	66,696		$	67,462

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

	Year Ended December 31,
	2019		2018

Cost of goods sold	$	6,282	$	6,250
Operating expenses		210		267

Total depreciation and amortization	$	6,492	$	6,517

Note 7 - Embedded Derivatives

12 Months Ended

Dec. 31, 2019

Discussion of Hybrid Instruments and Embedded Derivatives [Text Block]

Embedded Derivatives

2020

Notes Embedded Derivative

June 2017,

the Company issued its

12%

convertible senior secured notes due

2020

(the

“2020

Notes”) in exchange for its

12.0%

convertible senior secured notes due

2017

(the

“2017

Notes”). The

2020

Notes contain the following embedded derivatives: (i) a Make-Whole Payment (as defined in the indenture governing the

2020

Notes (the

“2020

Notes Indenture”)) upon either conversion or redemption; (ii) right to redeem the outstanding principal upon a Fundamental Change (as defined in the

2020

Notes Indenture); (iii) issuer rights to convert into a limited number of shares in any given

three

-month period commencing

nine

months from the issuance date and dependent on the stock price exceeding

150%

of the then in-effect conversion price over a

ten

-business day period; and (iv) holder rights to convert into either shares of the Company’s common stock or pre-funded warrants upon the election of the holders of the

2020

Notes.

Embedded derivatives are separated from the host contract and the

2020

Notes and carried at fair value when: (a) the embedded derivative possesses economic characteristics that are

not

clearly and closely related to the economic characteristics of the host contract; and (b) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument. The Company has concluded that certain embedded derivatives within the

2020

Notes meet these criteria and, as such, must be valued separate and apart from the

2020

Notes as

one

embedded derivative and recorded at fair value each reporting period.

The Company used a binomial lattice model in order to estimate the fair value of the embedded derivative in the

2020

Notes. A binomial lattice model generates

two

probable outcomes, whether up or down, arising at each point in time, starting from the date of valuation until the maturity date. A lattice was initially used to determine if the

2020

Notes would be converted by the holder, called by the issuer, or held at each decision point. Within the lattice model, the following assumptions are made: (i) the

2020

Notes will be converted by the holder if the conversion value plus the holder’s Make-Whole Payment is greater than the holding value; or (ii) the

2020

Notes will be called by the issuer if (a) the stock price exceeds

150%

of the then in-effect conversion price over a

ten

-business day period and (b) if the holding value is greater than the conversion value plus the Make-Whole Payment at the time.

Using this lattice model, the Company valued the embedded derivative using a “with-and-without method”, where the value of the

2020

Notes including the embedded derivative is defined as the “with”, and the value of the

2020

Notes excluding the embedded derivative is defined as the “without”. This method estimates the value of the embedded derivative by comparing the difference in the values between the

2020

Notes with the embedded derivative and the value of the

2020

Notes without the embedded derivative. The lattice model requires the following inputs: (i) price of Gevo common stock; (ii) Conversion Rate (as defined in the

2020

Notes Indenture); (iii) Conversion Price (as defined in the

2020

Notes Indenture); (iv) maturity date; (v) risk-free interest rate; (vi) estimated stock volatility; and (vii) estimated credit spread for the Company.

As of

December 31, 2019

and

2018,

the estimated fair value of the embedded derivatives was

and

$0.4

million, respectively. The Company recorded a

$0.4

million and

$2.6

million gain to reflect the change in fair value of the embedded derivative in the Consolidated Statements of Operations for the years ended

December 31, 2019

and

2018,

respectively. The Company recorded the estimated fair value of the embedded derivative as a component of current liabilities in the Consolidated Balance Sheet.

The following table sets forth the inputs to the lattice model that were used to value the embedded derivatives:

	December 31,			December 31,
	201 9			201 8

Stock price	$	2.31		$	1.96
Conversion Rate	$	67.95		$	67.95
Conversion Price	$	14.72		$	14.72
Maturity date		March 15, 2020			March 15, 2020
Risk-free interest rate		1.52	%		2.57	%
Estimated stock volatility		60	%		150	%
Estimated credit spread		27	%		31	%

Changes in certain inputs into the lattice model can have a significant impact on changes in the estimated fair value of the embedded featured within the

2020

Notes. For example, the estimated fair value will generally decrease with: (

) a decline in the stock price; (

) decreases in the estimated stock volatility; and (

) a decrease in the estimated credit spread.

Note 8 - Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2019

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

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,
	2019		2018

Accrued production fees	$	1,946	$	1,648
Accounts payable - trade		1,474		1,944
Accrued utilities and supplies		645		344
Other accrued liabilities		1,613		960

Total accounts payable and accrued liabilities	$	5,678	$	4,896

Note 9 - Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Text Block]

Debt

2020

Notes

The following table sets forth information pertaining to the

2020

Notes which is included in the Company’s Consolidated Balance Sheets (in thousands):

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

Balance - December 31, 2017	$	16,657		$	(2,501	)	$	(665	)	$	13,491		$	5,224		$	18,715

Amortization of debt discount		—			1,094			—			1,094			—			1,094
Amortization of debt issue costs		—			—			309			309			—			309
Paid-in-kind interest		304			—			—			304			—			304
Change in fair value of 2020 Notes embedded derivative		—			—			—			—			(2,637	)		(2,637	)
Conversion of 2020 Notes into common stock		(3,186	)		428			114			(2,644	)		(2,193	)		(4,837	)

Balance - December 31, 2018		13,775			(979	)		(242	)		12,554			394			12,948

Amortization of debt discount		—			856			—			856			—			856
Amortization of debt issue costs		—			—			212			212			—			212
Paid-in-kind interest		278			—			—			278			—			278
Change in fair value of 2020 Notes embedded derivative		—			—			—			—			(394	)		(394	)

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

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

12.0%

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

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

principal amount of

2020

Notes.

2020/21

Notes

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 Advisors LLC ("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

12.0%

Convertible Senior Notes due

2020/21

(the

"2020/21

Notes") (the

“2020/21

Exchange”). Pursuant to the

2020/21

Purchase Agreement, the Company also granted the

2017

Holder an option to purchase up to an additional aggregate principal amount of approximately

$7.1

million of

2020/21

Notes (the

“2020/21

Option Notes”), at a purchase price equal to the aggregate principal amount of such

2020/21

Option Notes purchased less an original issue discount of

2.0%,

having identical terms (other than with respect to the issue date and restrictions on transfer relating to compliance with applicable securities law) to the

2020/21

Notes issued, at any time during the period beginning on the date of closing of the

2020/21

Exchange and ending on the later of (a)

180

days thereafter, and (b)

days following the date on which Stockholder Approval (as described below) is obtained. In addition, 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 will mature on

December 31, 2020,

provided that the maturity date will automatically be extended to

April 1, 2021

if (i) approval of a stockholder proposal is obtained prior to

March 20, 2020

for the issuance of shares of the Company’s common stock under the

2020/21

Notes Indenture in excess of

19.99%

of the outstanding shares of the Company’s common stock on the date of the

2020/21

Notes Indenture (the “Stockholder Approval”), and (ii) the aggregate outstanding principal balance of the

2020/21

Notes (including any

2020/21

Option Notes) as of

December 15, 2020

is less than

million. The

2020/21

Notes bear interest at a rate equal to

12%

per annum (with

payable as PIK Interest (as defined and described below)), payable on

March 31,

June 30,

September 30

and

December 31

of each year. Under certain circumstances, the Company will have the option to pay a portion of the interest due on the

2020/21

Notes by either (a) increasing the principal amount of the

2020/21

Notes by the amount of interest then due or (b) issuing additional

2020/21

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”). 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 are 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 is 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

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

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

may

be redeemed in whole or in part, at the Company’s option, for cash at any time after the Stockholder Approval is obtained and upon

120

days’ notice to the

2017

Holder. Following a notice of redemption of the

2020/21

Notes by the Company, the

2017

Holder

may

elect to convert the

2020/21

Notes into shares of the Company’s common stock at the same conversion price as applicable to a Contractual Conversion.

The

2020/21

Notes do

not

contain any anti-dilution adjustments for future equity issuances that are below the

2020/21

Notes Conversion Price, and adjustments to the

2020/21

Notes Conversion Price will 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 are 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 are guaranteed by the Company’s existing subsidiaries.

Under certain circumstances, the Company

may

file

one

or more registration statements on Form S-

or amend filings in order to register shares of common stock for sale or resale, as necessary in connection with the

2020/21

Notes.

Notes Payable - Other

During the

fourth

quarter

2019,

the Company purchased equipment and financed part of its insurance obligation. The equipment notes pay interest between

3.9%

4.0%,

have total monthly payments of

$0.01

million and mature at various dates from

August 2020

December 2024.

The equipment loans are secured by the related equipment. The balance of these notes at

December 31, 2019

are as follows (in thousands):

Equipment	$	321
Insurance		428
		749
Less current portion		(516	)

Long-term portion	$	233

Future payments for Notes Payable - Other are as follows (in thousands):

Year ending December 31,	Amount

2020	$	516
2021		79
2022		60
2023		62
2024		32

	$	749

2022

Notes

July 2012,

the Company sold

$45.0

million in aggregate principal amount of its

7.5%

convertible senior notes due

July 2022 (

the

"2022

Notes") for net proceeds of

$40.9

million, after accounting for

$2.7

million and

$1.4

million of discounts and issue costs, respectively. The

2022

Notes had an interest rate of

7.5%,

which was to be paid semi-annually in arrears on

January 1

and

July 1

of each year. In the

first

quarter of

2018,

the Company issued an aggregate

39,016

shares in exchange for the redemption of the remaining

$0.5

million in outstanding

2022

Notes.

Note 10 - Equity Incentive Plans	12 Months Ended
Note 10 - Equity Incentive Plans	Dec. 31, 2019
Notes to Financial Statements
Stock Incentive Plans Disclosure [Text Block]	10 . Equity Incentive Plans 2006 Omnibus Securities and Incentive Plan . During 2006, the Company established the Gevo, Inc. 2006 Omnibus Securities and Incentive Plan (the “2006 Plan”). Pursuant to the 2006 Plan, the Company granted stock awards to employees and directors of the Company. Upon adoption of the Gevo, Inc. 2010 Stock Incentive Plan (as amended and restated, the “2010 Plan”), no further grants can be made under the 2006 Plan. At December 31, 2019, there were no remaining shares available for future grants of stock awards. To the extent outstanding awards under the 2006 Plan expire, or are forfeited, cancelled, settled, or become unexercisable without the issuance of shares, the shares of common stock subject to such awards will be available for future issuance under the 2010 Plan. 2010 Stock Incentive Plan . In February 2011, the Company’s stockholders approved the Gevo, Inc. 2010 Plan. The 2010 Plan provided 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 10, 2019, the 2010 Plan was amended and restated, which increased the number of shares of common stock reserved for issuance to 3,266,661 shares. In July 2019, the Company issued 254,500 shares of common stock in relation to restricted stock awards granted on August 9, 2018. In July 2019, the Company also issued 1,283,032 shares of common stock in relation to restricted stock awards granted on June 24, 2019 and 25,581 shares of common stock in relation to restricted stock awards granted on August 8, 2019, in each case vesting over two years, to its employees and directors. In August 2019, the Company withheld 79,790 shares of common stock to settle income taxes related to the vested restricted stock awards for certain employees. At December 31, 2019, an additional 1,785,829 shares were available for issuance upon the exercise of outstanding stock option awards or the grant of stock appreciation rights and restricted stock awards under the 2010 Plan. Employee Stock Purchase Plan . In February 2011, the Company’s stockholders approved the Employee Stock Purchase Plan (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, 2019 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 2019.

Note 11 - Stock-based Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Text Block]

. 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,
	201 9		201 8
Stock options and ESPP awards
Research and development	$	—	$	21
Selling, general and administrative		—		48

Restricted stock awards
Research and development		228		85
Selling, general and administrative		993		417

Stock appreciation rights
Research and Development		66		61
Selling, general and administrative		62		51

Total stock-based compensation	$	1,349	$	683

There were

stock options granted during the years ended

December 31, 2019

2018.

Due to the Company’s limited history of grant activity, the expected life of options granted was estimated using the “simplified method” in accordance with SEC Staff Accounting Bulletin

110,

where the expected life equals the arithmetic average of the vesting term and the original contractual term of the options. The volatility factor was determined based upon management’s estimate using inputs from comparable public companies. The risk-free interest rate assumption is determined based upon observed interest rates appropriate for the expected term of the Company’s employee stock options. The dividend yield assumption is based on the Company’s history of dividend payouts.

An annual forfeiture rate is estimated at the time of grant for all share-based payment awards, and revised, if necessary, in subsequent periods if the actual forfeiture rate differs from the Company’s estimate. Forfeitures have been estimated by the Company based upon historical and expected forfeiture experience. Estimated forfeiture rates used for the periods presented were from

5%.

Stock Option Award Activity

. Stock option activity under the Company’s option plans at

December 31, 2019

and changes during the year ended

December 31, 2019

were as follows.

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

Options outstanding at December 31, 2018		2,313		$	2,358.44		6.87	$	—
Granted		—		$	—
Canceled or forfeited		(752	)	$	5,151.80
Exercised		—		$	—

Options outstanding at December 31, 2019		1,561		$	928.79		6.56	$	—

Options exercisable at December 31, 2019		1,511		$	1,043.47		6.53	$	—

Options vested and expected to vest at December 31, 2019		1,561		$	928.79		6.56	$	—

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

2019

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, 2019.

As of

December 31, 2019,

there was

unrecognized compensation cost related to stock options.

There is a maximum contractual term of

ten

years for the share options. The Company settles stock option exercises with newly issued common shares.

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

three

years, for awards that vest based upon a service period. For performance based restricted stock awards, the Company recognizes expense over the requisite service period.

Non-vested restricted stock awards at

December 31, 2019

and changes during the year ended

December 31, 2019

were as follows.

				Weighted-
				Average
	Number of			Grant-Date
	Shares			Fair Value

Non-vested at December 31, 2018		290,300		$	3.45
Granted		1,308,613		$	1.91
Vested		(254,500	)	$	3.45
Canceled or forfeited		(35,800	)	$	3.45

Non-vested at December 31, 2019		1,308,613		$	1.91

The total fair value of restricted stock that vested during the years ended

December 31, 2019

and

2018

was

$0.7

million and

$0.5

million, respectively. As of

December 31, 2019,

the total unrecognized compensation expense, net of estimated forfeitures, relating to restricted stock awards was

$1.8

million, which is expected to be recognized over the remaining weighted-average period of approximately

1.5

years.

Stock Appreciation Rights.

The Company granted

132,566

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.

The following table sets forth the Black-Scholes option pricing model assumptions and resulting grant date fair value for stock appreciation rights granted during the year ended

December 31, 2018 (

there were

grants of stock appreciation rights during the year ended

December 31, 2019):

	December 31, 2018			Grant Date(1)

Risk-free interest rate		2.54	%		2.84	%
Expected dividend yield		—			—
Expected volatility factor		134.17	%		125.03	%
Expected option life (in years)		5.75			5.75
Weighted average value	$	1.65		$	4.53

(

) Stock appreciation rights were granted on

May 2, 2018

and

August 9, 2018.

The values reported above are the weighted-average grant date value. The weighted-average strike price was

$5.23

per share.

Note 12 - Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Text Block]

. Income Taxes

There is

provision for income taxes because the Company has incurred operating losses since inception. As of

December 31, 2019,

the Company had federal and state net operating loss carryforwards of approximately

$400.3

million and

$375.7

million, respectively, which

may

be used to offset future taxable income. The Company also had federal research and development tax credit carryforwards and other federal tax credit carryforwards which aggregate to

$3.5

million at

December 31, 2019.

These carryforwards expire at various times through

2039

and

may

be limited in their annual usage by Section

382

of the Internal Revenue Code, as amended, relating to ownership changes.

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,
	201 9			201 8
Deferred tax assets, net:
Net operating loss carryforwards	$	109,813		$	103,612
Research and other credits		3,482			3,482
Operating lease assets		(170	)		—
Operating lease liabilities		198			—
Other temporary differences		4,851			3,760
Deferred tax assets		118,175			110,854
Valuation allowance		(118,175	)		(110,854	)

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

uncertain tax positions recognized at

December 31, 2019.

The Company has provided a full valuation allowance on its deferred tax assets at

December 31, 2019

and

2018,

as management believes it is more likely than

not

that the related deferred tax asset will

not

be realized. The reported amount of income tax expense differs from the amount that would result from applying domestic federal statutory tax rates to pretax losses, primarily because of changes in the valuation allowance.

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

	Year Ended December 31,
	201 9			201 8

Federal income tax at statutory rate		21.0	%		21.0	%
State income taxes, net of federal benefits		7.0	%		6.2	%
Impact of change in statutory tax rates		(0.2	%)		(8.8	%)
Permanent deductions		(0.1	%)		(3.7	%)
Valuation allowance		(27.7	%)		(14.7	%)

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, 2019.

The Company is subject to examination by major tax jurisdictions for the years ended

December 31, 2015

2019.

The Company

may

from time to time be assessed interest or penalties by major tax jurisdictions, although there have been

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.

Note 13 - Employee Benefit Plan	12 Months Ended
Note 13 - Employee Benefit Plan	Dec. 31, 2019
Notes to Financial Statements
Employee Benefit Plan [Text Block]	13 . 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, 2019 or 2018.

Note 14 - Commitments and Contingencies	12 Months Ended
Note 14 - Commitments and Contingencies	Dec. 31, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	14 . 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, 2019 and 2018, the Company did not have any liabilities associated with indemnities. In addition, the Company, as permitted under Delaware law and in accordance with its amended and restated certificate of incorporation and amended and restated 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, 2019.

Note 15 - Fair Value Measurements and Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Text Block]

. Fair Value Measurements and Fair Value of Financial Instruments

Accounting standards define fair value, outline a framework for measuring fair value, and detail the required disclosures about fair value measurements. Under these standards, fair value is defined 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. Standards establish a hierarchy in determining the fair market value of an asset or liability. The fair value hierarchy has

three

levels of inputs, both observable and unobservable. Standards require the utilization of the highest possible level of input to determine fair value.

Level

– inputs include quoted market prices in an active market for identical assets or liabilities.

Level

– inputs are market data, other than Level

that are observable either directly or indirectly. Level

inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data.

Level

– inputs are unobservable and corroborated by little or

market data.

These tables present the carrying value and fair value, by fair value hierarchy, of the Company's financial instruments at

December 31, 2019

and

2018,

respectively (in thousands). The Company believes that the fair value of its Notes Payable - Other approximated book value, which totaled

$0.7

million at

December 31, 2019.

			Fair Value Measurements at December 31, 201 9
	Fair Value at December 31, 201 9		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring
Derivative Warrant Liability	$	8	$	—	$	—	$	8

Nonrecurring
Corn and finished goods inventory	$	940	$	267	$	673	$	—

			Fair Value Measurements at December 31, 201 8
	Fair Value at December 31, 201 8		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring
Derivative Warrant Liability	$	22	$	—	$	—	$	22
2020 Notes Embedded Derivative Liability		394		—		—		394

Total Recurring Fair Value Measurements	$	416	$	—	$	—	$	416

Nonrecurring
Corn and finished goods inventory	$	1,047	$	29	$	1,018	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands)
	Derivative Warrant Liability			2020 Embedded Derivative Liability

Balance, December 31, 2018	$	22		$	394

Total (gains) or losses for the period included in earnings		(14	)		(394	)
Purchases		—			—

Balance, December 31, 2019	$	8		$	—

There were

transfers between Level

and Level

inputs. There were

transfers in or out of Level

inputs. There were

issuances, purchases, sales or settlements of Level

inputs during the year ended

December 31, 2019.

The Company believes that the fair value of its accounts receivable and accounts payable approximate its book value due to their short-term nature.

Fair Value Methodology

Inventories.

The Company records its corn inventory at fair value only when the Company’s cost of corn purchased exceeds the market value for corn. The Company determines the market value of corn and dry distillers grain based upon Level

inputs using quoted market prices. The Company records its isobutanol, hydrocarbon and ethanol inventory at market using Level

inputs.

2020

Notes.

The Company has estimated the fair value of the

2020

Notes to be

$13.5

million at

June 20, 2017,

the date the Company exchanged the

2017

Notes for the

2020

Notes, utilizing a binomial lattice model. The Company accounted for the

2020

Notes using the amortized cost method and reported

$13.9

million and

$12.6

million as of

December 31, 2019

and

2018,

respectively, net of debt discount and issuance costs.

2020

Notes Embedded Derivative

. The Company had estimated the fair value of the embedded derivative on a stand-alone basis to be

December 31, 2019

based upon Level

inputs. See Note

Embedded Derivatives, for the fair value inputs used to estimate the fair value of the

2020

Notes with and without the embedded derivative and the fair value of the embedded derivative.

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 16 - Segments

12 Months Ended

Dec. 31, 2019

Segment Reporting Disclosure [Text Block]

. Segments

The Company has determined that it has

two

operating segments: (i) Gevo, Inc. segment; and (ii) Gevo Development/Agri-Energy segment. The Company organizes its business segments based on the nature of the products and services offered through each of its consolidated legal entities. 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 isobutanol, including the development of the Company's proprietary biocatalysts, the production and sale of renewable jet and other fuels, the Retrofit process 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 isobutanol and provides corporate oversight services.

Gevo Development/Agri-Energy

. The Gevo Development/Agri-Energy segment is currently responsible for the operation of the Luverne Facility and the production of ethanol, isobutanol and related products.

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 Development, 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,
	201 9			201 8
	(In thousands)
Revenues from external customers
Gevo	$	2,338		$	1,222
Gevo Development / Agri-Energy		22,149			31,641

Consolidated	$	24,487		$	32,863

Loss from operations
Gevo	$	(12,360	)	$	(11,552	)
Gevo Development / Agri-Energy		(13,991	)		(10,649	)

Consolidated	$	(26,351	)	$	(22,201	)

Interest expense
Gevo	$	2,732		$	3,237
Gevo Development / Agri-Energy		—			—

Consolidated	$	2,732		$	3,237

Depreciation and amortization expense
Gevo	$	210		$	269
Gevo Development / Agri-Energy		6,446			6,251

Consolidated	$	6,656		$	6,520

Acquisitions of plant, property and equipment
Gevo	$	130		$	27
Gevo Development / Agri-Energy		6,367			3,096

Consolidated	$	6,497		$	3,123

Revenue by geographic area
United States	$	22,149		$	31,641
Other		2,338			1,222

Consolidated	$	24,487		$	32,863

	December 31,
	201 9			201 8
Total assets
Gevo	$	91,861		$	105,379
Gevo Development / Agri-Energy		143,349			140,982
Intercompany eliminations (1)		(141,851	)		(139,326	)

Consolidated (2)	$	93,359		$	107,035

	( 1 )	Includes intercompany sales of $0.4 million and $0.1 million during the years ended December 31, 2019 and 2018, respectively, for hydrocarbon sales.
	( 2 )	All other significant non-cash items relate to the activities of Gevo.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Nature of Business [Policy Text Block]

Nature of Business

. Gevo, Inc. (“Gevo” or the “Company,” which, unless otherwise indicated, refers to Gevo, Inc. and its subsidiaries) are commercializing the next generation of jet fuel, gasoline and diesel fuel with the potential to achieve

zero

carbon emissions and address the market need of reducing greenhouse gas (“GHG”) emissions with sustainable alternatives. The Company uses low-carbon renewable resource-based carbohydrates as raw materials (primarily from non-food corn, but also sugar cane, molasses or other cellulosic sugars) and is in an advanced state of developing renewable electricity and renewable natural gas (“RNG”) for use in production processes. As a result, Gevo is able to produce low-carbon fuels with substantially reduced carbon intensity (as measured by the level of GHG emissions compared to standard petroleum fossil-based fuels across their lifecycle). The Company’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced GHG emissions. In addition to addressing the environmental problems of fossil-based carbon fuels, the Company’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients.

Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase GHG emissions. The Company believes that its proven, patented technology that enables the use of a variety of low-carbon sustainable feedstocks to produce price-competitive, low-carbon products, such as alcohol-to-jet fuel (“ATJ”), gasoline components like isooctane and isobutanol and diesel fuel, yields the potential to generate project and corporate returns that would justify the build-out of a multi-billion-dollar business.

Ultimately, the Company believes that the attainment of profitable operations is dependent upon future events, including (i) completing certain capital improvements at Company’s production facility located in Luverne, Minnesota (the "Luverne Facility") to increase the production capacity of renewable jet fuel and isooctane and other related products that can be made from isobutanol; (ii) completing the Company's development activities resulting in commercial production and sales of renewable hydrocarbon products and low-carbon ethanol; (iii) obtaining adequate financing to complete the Company's development activities, including the build out of renewable hydrocarbon capacity; (iv) gaining market acceptance and demand for the Company's products and services; (v) attracting and retaining qualified personnel; and (vi) achieving a level of revenues adequate to support the Company's cost structure.

Financial Condition [Policy Text Block]

Financial Condition

. For the years ended

December 31, 2019

and

2018,

the Company incurred a consolidated net loss of

$28.7

million and

$28.0

million, respectively, and had an accumulated deficit of

$458.0

million as of

December 31, 2019.

The Company’s cash and cash equivalents as of

December 31, 2019

totaled

$16.3

million and are expected to be used for the following purposes: (i) operating activities of the Luverne Facility; (ii) operating activities at the Company’s corporate headquarters in Colorado, including research and development work; (iii) capital improvements primarily associated with the Luverne Facility; (iv) exploration of strategic alternatives and new financings; and (v) 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 multiple sales 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 and the achievement of a level of revenues adequate to support the Company’s cost structure. The Company

may

never achieve profitability or positive cash flows, and unless and until it does, the Company will continue to need to raise additional cash. 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, it

may

seek to restructure its debt and it will continue to address its cost structure. Notwithstanding, there can be

assurance that the Company will be able to raise additional funds or achieve or sustain profitability or positive cash flows from operations.

Existing working capital was

not

sufficient to meet the cash requirements to fund planned operations through the period that is

one

year after the date the Company’s audited

2019

year-end financial statements were issued. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s inability to continue as a going concern

may

potentially affect the Company’s rights and obligations under its senior secured debt and issued and outstanding convertible notes. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do

not

include adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business.

At-the-market Offering Program, Policy [Policy Text Block]

At-the-Market Offering Program.

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. The at-the-market offering program was amended multiple times during

2018

to increase the available capacity under the at-the-market offering program by an aggregate of approximately

$84.9

million. In

August 2019,

the at-the-market offering was further amended to increase the available capacity under the at-the-market offering program by

$10.7

million.

During the year ended

December 31, 2019,

the Company issued

3,965,688

shares of common stock under the at-the-market offering program for gross proceeds of

$11.5

million, net of commissions and other offering related expenses. As of

December 31, 2019,

the Company has remaining capacity to issue up to approximately

$8.8

million of common stock under the at-the-market offering program.

From

January 1, 2020

February

29,

2020,

the Company issued

425,766

shares of common stock under the at-the-market offering program for gross proceeds of

$0.9

million, net of commissions and other offering related expenses. As of

February

29,

2019,

we had capacity to issue up to

$7.8

million of common stock under the at-the-market offering program.

During the year ended

December 31, 2018,

the Company issued

6,936,930

shares of common stock under the at-the-market offering program for net proceeds of

$38.9

million, net of commissions and offering related expenses.

Reverse Stock Split [Policy Text Block]

Reverse Stock Split.

June 1, 2018,

the Company effected a reverse stock split of the outstanding shares of its common stock by a ratio of

one

-for-

twenty

(the "Reverse Stock Split"), and its common stock began trading on the Nasdaq Capital Market on a Reverse Stock Split-basis on

June 4, 2018.

Consolidation, Policy [Policy Text Block]

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 Accounting, Policy [Policy Text Block]

Basis of Presentation.

December 31, 2019.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Reclassification, Policy [Policy Text Block]

Reclassifications.

Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did

not

affect total revenues, costs and expenses, net income or stockholders’ equity.

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

Concentrations of Credit Risk

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

three

months or less at the date of acquisition to be cash equivalents.

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, 2019

and

2018,

allowance for doubtful accounts has been recorded, based upon the expected full collection of the accounts receivable. As of

December 31, 2019,

three

customers, Eco-Energy, LLC ("Eco-Energy"), Purina Animal Nutrition, LLC (“Purina”), formerly Land O'Lakes Purina Feed, LLC, and HCS Group GmbH ("HCS") comprised

57%,

13%

and

15%

of the Company's outstanding trade accounts receivable, respectively. As of

December 31, 2018,

two

customers, Eco-Energy and Purina, comprised

66%

and

27%

of the Company's outstanding trade accounts receivable, respectively.

Inventory, Policy [Policy Text Block]

Inventories

Derivatives, Policy [Policy Text Block]

Derivative Instruments

. The Company evaluates its contracts for potential derivatives which Gevo, Inc. uses to raise capital. See Note

for a description of the Company’s accounting for embedded derivatives.

Warrants [Policy Text Block]

Warrants.

The Company has warrants outstanding as of

December 31, 2019

representing

54,989

shares of Gevo's common stock, which expire at various dates through

February 17, 2022.

The exercise prices of the warrants range from

$3.80

$220.00

as of

December 31, 2019.

Based on the terms of the warrant agreements, the Company has determined that all warrants issued since

2013

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, 2019

and

2018

represents an unrealized gain (loss) which has been recorded as a gain (loss) from the change in fair value of derivative warrant liability in the Consolidated Statements of Operations.

During the year ended

December 31, 2018,

common stock was issued as a result of exercise of warrants as described below:

	Common Stock Issued	Proceeds

Series A Warrants	251	$	1,054
Series K Warrants	300,660		1,262,712

	300,911	$	1,263,766

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

Property, Plant and Equipment

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

Property, Plant and Equipment

Impairment of Property,

Plant and Equipment

may

not

be recoverable. Circumstances which could trigger a review include, but are

not

The Company evaluated its Luverne Facility for impairment as of

December 31, 2019

and

2018.

•

sales price of isobutanol, hydrocarbons, ethanol and by-products such as dried distillers grains;

•

purchase price of corn;

•

production levels of isobutanol;

•

capital and operating costs to produce isobutanol; and

•

estimated useful life of the primary asset.

Factors which can impact these assumptions include, but are

not

limited to:

•

effectiveness of the Company’s technology to produce isobutanol at targeted margins;

•

demand for isobutanol and oil prices; and

•

harvest levels of corn.

Based upon the Company’s evaluation at

December 31, 2019

and

2018,

the Company concluded that the estimated undiscounted future cash flows from the Luverne Facility exceeded the carrying value and, as such, these assets were

not

may

make changes to its business plan that could result in changes to the expected cash flows. As a result, it is possible that a long-lived asset

may

be impaired in future reporting periods.

Investment, Policy [Policy Text Block]

Investment in Juhl.

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

Debt, Policy [Policy Text Block]

Debt Issue Costs

Revenue [Policy Text Block]

Revenue Recognition

For the years ended

December 31, 2019

and

2018,

Eco-Energy accounted for approximately

71%

and

72%

of the Company's consolidated revenue, respectively. Purina represented approximately

17%

and

21%

of the Company's consolidated revenue for the years ended

December 31, 2019

and

2018,

respectively. All are customers of the Company's Gevo Development/Agri-Energy segment (see Note

). Given the production capacity compared to the overall size of the North American market and the fungible demand for the Company's products, the Company does

not

believe that a decline in a specific customer's purchases would have a material adverse long-term effect upon the Company's financial results.

Cost of Goods and Service [Policy Text Block]

Cost of Goods Sold

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

Patents

Research and Development Expense, Policy [Policy Text Block]

Research and Development

. Research and development costs are expensed as incurred and are recorded as research and development expense in the

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.

Income Tax, Policy [Policy Text Block]

Income Taxes

not

that some portion or all of the deferred tax assets will

not

be realized.

Share-based Compensation [Policy Text Block]

Stock-Based Compensation

four

years. For performance based restricted stock awards, the Company recognizes expense over the requisite service period.

Earnings Per Share, Policy [Policy Text Block]

Net Loss Per Share

December 31, 2019

and

2018

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,
	201 9	201 8

Warrants to purchase common stock - liability classified	54,989	55,963
Warrants to purchase common stock - equity classified	—	6
Convertible 2020 Notes	974,139	1,071,674
Outstanding options to purchase common stock	1,561	2,311
Stock appreciation rights	127,225	132,566
Unvested restricted common stock	—	290,300
Total	1,157,914	1,552,820

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Financial Instruments - Credit Losses. Measurement of Credit Losses on Financial Instruments.

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

is effective for fiscal years beginning after

December 15, 2022.

one

-to-

two

weeks after the completion of the corresponding sales transaction. The Company does

not

anticipate that the adoption of this standard will have a material impact on the Company’s Consolidated Financial Statements.

Adoption of New Accounting Pronouncements

Leases

February 2016,

the FASB issued ASU

No.

2016

02,

Leases

(“ASU

2016

02”

). ASU

2016

was effective for fiscal years beginning after

December 15, 2018.

The standard required using the modified retrospective transition method and applying ASU

2016

January 1, 2019

with

retrospective adjustment to prior periods presented in the financial statements. There was

impact to the opening balance of retained earnings as of

January 1, 2019

as a result of the adoption of this standard.

As a result of adopting ASU

2016

02,

the Company recognized

$1.2

million in right-to-use assets and related lease liabilities at

January 1, 2019.

The Company elected both (i) the short-term lease scope exception for leases with original terms of

twelve

months or less and (ii) the package of practical expedients, which included the ability to classify leases as operating

for those leases existing prior to

January 1, 2019

that were previously classified as operating under Accounting Standards Codification ("ASC")

840,

Leases

, the superseded accounting standard for the accounting for leases.

Note 2 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

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

	Common Stock Issued	Proceeds

Series A Warrants	251	$	1,054
Series K Warrants	300,660		1,262,712

	300,911	$	1,263,766

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

	Year Ended December 31,
	201 9	201 8

Warrants to purchase common stock - liability classified	54,989	55,963
Warrants to purchase common stock - equity classified	—	6
Convertible 2020 Notes	974,139	1,071,674
Outstanding options to purchase common stock	1,561	2,311
Stock appreciation rights	127,225	132,566
Unvested restricted common stock	—	290,300
Total	1,157,914	1,552,820

Note 3 - Revenues From Contracts With Customers and Other Revenues (Tables)

12 Months Ended

Dec. 31, 2019

Disaggregation of Revenue [Table Text Block]

	Year Ended December 31, 201 9
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
Grant and 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

	Year Ended December 31, 201 8
Major Goods/Service Line	Revenues from Contracts with Customers		Other Revenues		Total

Ethanol sales and related products, net	$	31,641	$	—	$	31,641
Hydrocarbon revenue		1,197		—		1,197
Grant and other revenue		25		—		25

	$	32,863	$	—	$	32,863
Timing of Revenue Recognition

Goods transferred at a point in time	$	32,838	$	—	$	32,838
Services transferred over time		25		—		25

	$	32,863	$	—	$	32,863

Note 4 - Leases, Right-to-Use Assets and Related Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Lease, Cost [Table Text Block]

Lease Cost
Operating lease cost	$	1,554
Short-term lease cost		66
Variable lease expense (1)		119

Total lease cost	$	1,739
(1) Represents amounts incurred in excess of minimum payments for common area maintenance and present value discounts.

Other Information
Cash paid for the measurement of lease liabilities
Operating cash flows from operating leases	$	1,554
Right-to-use assets obtained in exchange for new operating lease liabilities	$	280
Weighted-average remaining lease term, operating leases (months)		21.0
Weighted-average discount rate - operating leases		12	%

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

Year Ending December 31,
2020	$	684
2021		336
2022 and thereafter		—
Total		1,020
Less: Amounts representing present value discounts		(80	)

Total lease liabilities	$	940

Note 5 - Inventories (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Inventory, Current [Table Text Block]

	December 31,
	201 9		201 8
Raw materials
Corn	$	267	$	29
Enzymes and other inputs		184		204
Finished goods
Jet Fuels, Isooctane and Isooctene		571		394
Isobutanol		135		549
Ethanol		93		182
Distillers grains		54		54
Work in process
Agri-Energy		254		214
Gevo		122		89
Spare parts		1,521		1,451

Total inventories	$	3,201	$	3,166

Note 6 - Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Table Text Block]

	Useful Life				December 31,
	(in years)				2019			2018

Luverne retrofit asset			20		$	70,820		$	70,842
Plant machinery and equipment			10			17,413			16,285
Site improvements			10			7,054			7,055
Lab equipment, furniture and fixtures and vehicles			5			6,393			6,574
Demonstration plant			2			3,597			3,597
Buildings			10			2,543			2,543
Leasehold improvements, pilot plant, land and support equipment		2	to	5		2,523			2,542
Computer, office equipment and software		3	to	6		2,034			2,335
Construction in progress			—			7,710			3,478
						120,087			115,251
Less accumulated depreciation and amortization						(53,391	)		(47,789	)

Property, plant and equipment, net					$	66,696		$	67,462

Schedule of Depreciation and Amortization Expense [Table Text Block]

	Year Ended December 31,
	2019		2018

Cost of goods sold	$	6,282	$	6,250
Operating expenses		210		267

Total depreciation and amortization	$	6,492	$	6,517

Note 7 - Embedded Derivatives (Tables)

12 Months Ended

Dec. 31, 2019

Defined Benefit Plan, Assumptions [Table Text Block]

	December 31,			December 31,
	201 9			201 8

Stock price	$	2.31		$	1.96
Conversion Rate	$	67.95		$	67.95
Conversion Price	$	14.72		$	14.72
Maturity date		March 15, 2020			March 15, 2020
Risk-free interest rate		1.52	%		2.57	%
Estimated stock volatility		60	%		150	%
Estimated credit spread		27	%		31	%

Note 8 - Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

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

	December 31,
	2019		2018

Accrued production fees	$	1,946	$	1,648
Accounts payable - trade		1,474		1,944
Accrued utilities and supplies		645		344
Other accrued liabilities		1,613		960

Total accounts payable and accrued liabilities	$	5,678	$	4,896

Note 9 - Debt (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Debt [Table Text Block]

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

Balance - December 31, 2017	$	16,657		$	(2,501	)	$	(665	)	$	13,491		$	5,224		$	18,715

Amortization of debt discount		—			1,094			—			1,094			—			1,094
Amortization of debt issue costs		—			—			309			309			—			309
Paid-in-kind interest		304			—			—			304			—			304
Change in fair value of 2020 Notes embedded derivative		—			—			—			—			(2,637	)		(2,637	)
Conversion of 2020 Notes into common stock		(3,186	)		428			114			(2,644	)		(2,193	)		(4,837	)

Balance - December 31, 2018		13,775			(979	)		(242	)		12,554			394			12,948

Amortization of debt discount		—			856			—			856			—			856
Amortization of debt issue costs		—			—			212			212			—			212
Paid-in-kind interest		278			—			—			278			—			278
Change in fair value of 2020 Notes embedded derivative		—			—			—			—			(394	)		(394	)

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

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

Equipment	$	321
Insurance		428
		749
Less current portion		(516	)

Long-term portion	$	233

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

Year ending December 31,	Amount

2020	$	516
2021		79
2022		60
2023		62
2024		32

	$	749

- 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=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Note 11 - Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

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

	Year Ended December 31,
	201 9		201 8
Stock options and ESPP awards
Research and development	$	—	$	21
Selling, general and administrative		—		48

Restricted stock awards
Research and development		228		85
Selling, general and administrative		993		417

Stock appreciation rights
Research and Development		66		61
Selling, general and administrative		62		51

Total stock-based compensation	$	1,349	$	683

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

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

Options outstanding at December 31, 2018		2,313		$	2,358.44		6.87	$	—
Granted		—		$	—
Canceled or forfeited		(752	)	$	5,151.80
Exercised		—		$	—

Options outstanding at December 31, 2019		1,561		$	928.79		6.56	$	—

Options exercisable at December 31, 2019		1,511		$	1,043.47		6.53	$	—

Options vested and expected to vest at December 31, 2019		1,561		$	928.79		6.56	$	—

Schedule of Nonvested Share Activity [Table Text Block]

				Weighted-
				Average
	Number of			Grant-Date
	Shares			Fair Value

Non-vested at December 31, 2018		290,300		$	3.45
Granted		1,308,613		$	1.91
Vested		(254,500	)	$	3.45
Canceled or forfeited		(35,800	)	$	3.45

Non-vested at December 31, 2019		1,308,613		$	1.91

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

	December 31, 2018			Grant Date(1)

Risk-free interest rate		2.54	%		2.84	%
Expected dividend yield		—			—
Expected volatility factor		134.17	%		125.03	%
Expected option life (in years)		5.75			5.75
Weighted average value	$	1.65		$	4.53

Note 12 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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

	December 31,
	201 9			201 8
Deferred tax assets, net:
Net operating loss carryforwards	$	109,813		$	103,612
Research and other credits		3,482			3,482
Operating lease assets		(170	)		—
Operating lease liabilities		198			—
Other temporary differences		4,851			3,760
Deferred tax assets		118,175			110,854
Valuation allowance		(118,175	)		(110,854	)

Net deferred tax assets	$	—		$	—

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

	Year Ended December 31,
	201 9			201 8

Federal income tax at statutory rate		21.0	%		21.0	%
State income taxes, net of federal benefits		7.0	%		6.2	%
Impact of change in statutory tax rates		(0.2	%)		(8.8	%)
Permanent deductions		(0.1	%)		(3.7	%)
Valuation allowance		(27.7	%)		(14.7	%)

Effective tax rate		—	%		—	%

Note 15 - Fair Value Measurements and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

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

			Fair Value Measurements at December 31, 201 9
	Fair Value at December 31, 201 9		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring
Derivative Warrant Liability	$	8	$	—	$	—	$	8

Nonrecurring
Corn and finished goods inventory	$	940	$	267	$	673	$	—

			Fair Value Measurements at December 31, 201 8
	Fair Value at December 31, 201 8		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring
Derivative Warrant Liability	$	22	$	—	$	—	$	22
2020 Notes Embedded Derivative Liability		394		—		—		394

Total Recurring Fair Value Measurements	$	416	$	—	$	—	$	416

Nonrecurring
Corn and finished goods inventory	$	1,047	$	29	$	1,018	$	—

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands)
	Derivative Warrant Liability			2020 Embedded Derivative Liability

Balance, December 31, 2018	$	22		$	394

Total (gains) or losses for the period included in earnings		(14	)		(394	)
Purchases		—			—

Balance, December 31, 2019	$	8		$	—

- 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 - Segments (Tables)

12 Months Ended

Dec. 31, 2019

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

	Year Ended December 31,
	201 9			201 8
	(In thousands)
Revenues from external customers
Gevo	$	2,338		$	1,222
Gevo Development / Agri-Energy		22,149			31,641

Consolidated	$	24,487		$	32,863

Loss from operations
Gevo	$	(12,360	)	$	(11,552	)
Gevo Development / Agri-Energy		(13,991	)		(10,649	)

Consolidated	$	(26,351	)	$	(22,201	)

Interest expense
Gevo	$	2,732		$	3,237
Gevo Development / Agri-Energy		—			—

Consolidated	$	2,732		$	3,237

Depreciation and amortization expense
Gevo	$	210		$	269
Gevo Development / Agri-Energy		6,446			6,251

Consolidated	$	6,656		$	6,520

Acquisitions of plant, property and equipment
Gevo	$	130		$	27
Gevo Development / Agri-Energy		6,367			3,096

Consolidated	$	6,497		$	3,123

Revenue by geographic area
United States	$	22,149		$	31,641
Other		2,338			1,222

Consolidated	$	24,487		$	32,863

	December 31,
	201 9			201 8
Total assets
Gevo	$	91,861		$	105,379
Gevo Development / Agri-Energy		143,349			140,982
Intercompany eliminations (1)		(141,851	)		(139,326	)

Consolidated (2)	$	93,359		$	107,035

Note 1 - Nature of Business and Financial Condition (Details Textual) $ in Thousands		1 Months Ended		2 Months Ended	12 Months Ended
	Jun. 01, 2018	Aug. 31, 2019 USD ($)	Feb. 28, 2018 USD ($)	Feb. 29, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares
Net Income (Loss) Attributable to Parent, Total					$ (28,660)	$ (27,976)
Retained Earnings (Accumulated Deficit), Ending Balance					(457,986)	(429,326)
Cash and Cash Equivalents, at Carrying Value, Ending Balance					16,302	33,734
Proceeds from Issuance of Common Stock					$ 11,589	$ 39,394
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	20
At-the-market Offering [Member]
Increase (Decrease) in At-the-Market Offering of Stock		$ 10,700	$ 84,900
Stock Issued During Period, Shares, New Issues \| shares					3,965,688	6,936,930
Proceeds from Issuance of Common Stock					$ 11,500	$ 38,900
Offering of Stock, Remaining Capacity, Values					$ 8,800
At-the-market Offering [Member] \| Subsequent Event [Member]
Stock Issued During Period, Shares, New Issues \| shares				425,766
Proceeds from Issuance of Common Stock				$ 900
Offering of Stock, Remaining Capacity, Shares \| shares				7,800,000

Note 2 - Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2019 $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($)	Jan. 01, 2019 USD ($)
Accounts Receivable, Allowance for Credit Loss, Ending Balance \| $		$ 0	$ 0
Class of Warrant or Right, Outstanding \| shares		54,989
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset \| $				$ 1,200
Operating Lease, Liability, Total \| $				$ 1,200
Series A preferred stock of Juhl Clean Energy Assets, Inc. [Member]
Number of Securities Purchased \| shares	1,500,000
Equity Securities, Purchase Price \| $ / shares	$ 1
Minimum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 3.80
Maximum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 220
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Number of Customers		3	2
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Eco-Energy, LLC [Member]
Concentration Risk, Percentage		57.00%	66.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Purina Animal Nutrition, LLC [Member]
Concentration Risk, Percentage		13.00%	27.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| HCS Group GmbH [Member]
Concentration Risk, Percentage		15.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Eco-Energy, LLC [Member]
Concentration Risk, Percentage		71.00%	72.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Purina Animal Nutrition, LLC [Member]
Concentration Risk, Percentage		17.00%	21.00%

Note 2 - Summary of Significant Accounting Policies - Warrants (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Common Stock Issued (in shares)		300,911
Proceeds		$ 1,263,766
Series A Warrants [Member]
Common Stock Issued (in shares)		251
Proceeds		$ 1,054
Series K Warrants [Member]
Common Stock Issued (in shares)		300,660
Proceeds		$ 1,262,712

Note 2 - Summary of Significant Accounting Policies - Securities Potentially Dilute Calculation of Diluted Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Antidilutive securities (in shares)	1,157,914	1,552,820
Warrants to Purchase Common Stock - Liability Classified [Member]
Antidilutive securities (in shares)	54,989	55,963
Warrants to Purchase Common Stock - Equity Classified [Member]
Antidilutive securities (in shares)		6
Convertible 2017 Notes [Member]
Antidilutive securities (in shares)	974,139	1,071,674
Share-based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	1,561	2,311
Stock Appreciation Rights (SARs) [Member]
Antidilutive securities (in shares)	127,225	132,566
Restricted Stock [Member]
Antidilutive securities (in shares)		290,300

Note 3 - Revenues From Contracts With Customers and Other Revenues (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer, Including Assessed Tax	$ 24,453	$ 32,863
Contract with Customer, Asset, after Allowance for Credit Loss, Total	0	0
Contract with Customer, Asset, Credit Loss Expense (Reversal)	0	0
Transferred at Point in Time [Member]
Revenue from Contract with Customer, Including Assessed Tax	24,453	32,838
Transferred at Point in Time [Member] \| Variable Consideration or Multiple Performance Obligations [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Revenue, Remaining Performance Obligation, Amount	0	0
Transferred over Time [Member]
Revenue from Contract with Customer, Including Assessed Tax		25
Transferred over Time [Member] \| Variable Consideration or Multiple Performance Obligations [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Revenue, Remaining Performance Obligation, Amount	$ 0	$ 0

Note 3 - Revenues from Contracts with Customers and Other Revenues - Disaggregated Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer, Including Assessed Tax	$ 24,453	$ 32,863
Other revenues	34
Total revenues	24,487	32,863
Transferred at Point in Time [Member]
Revenue from Contract with Customer, Including Assessed Tax	24,453	32,838
Other revenues
Total revenues	24,453	32,838
Transferred over Time [Member]
Revenue from Contract with Customer, Including Assessed Tax		25
Other revenues	34
Total revenues	34	25
Ethanol Sales and Related Products [Member]
Revenue from Contract with Customer, Including Assessed Tax	22,115	31,641
Other revenues
Total revenues	22,115	31,641
Hydrocarbon [Member]
Revenue from Contract with Customer, Including Assessed Tax	2,338	1,197
Other revenues
Total revenues	2,338	1,197
Grant and Other [Member]
Revenue from Contract with Customer, Including Assessed Tax		25
Other revenues	34
Total revenues	$ 34	$ 25

Note 4 - Leases, Right-to-Use Assets and Related Liabilities (Details Textual) $ in Thousands	Dec. 31, 2019 USD ($)	Jan. 01, 2019 USD ($)
Leases Containing Variable Payments	0
Leases Containing Extension or Termination Options	0
Lessee, Operating Lease, Discount Rate	12.00%
Lessee, Operating Lease, Lease Not yet Commenced, Amount	2
Lessee, Operating Lease, Right-of-Use Asset, Not yet Commenced, Fair Value	$ 3,000
Lessee, Operating Lease, Liability, Not yet Commenced, Fair Value	3,000
Deposits and Other Assets [Member]
Operating Lease, Right-of-Use Asset	600
Accounts Payable and Accrued Liabilities [Member]
Operating Lease, Liability, Total	400
Other Noncurrent Liabilities [Member]
Operating Lease, Liability, Total	$ 300
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset		$ 1,200
Operating Lease, Liability, Total		$ 1,200

Note 4 - Leases, Right-to-Use Assets and Related Liabilities - Lease Costs (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2019

USD ($)

Operating lease cost

$ 1,554

Short-term lease cost

Variable lease expense (1)

119

^[1]

Total lease cost

1,739

Operating cash flows from operating leases

1,554

Right-to-use assets obtained in exchange for new operating lease liabilities

$ 280

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

1 year 270 days

Weighted-average discount rate - operating leases

12.00%

[1]	Represents amounts incurred in excess of minimum payments for common area maintenance and present value discounts.

Note 4 - Leases, Right-to-Use Assets and Related Liabilities - Future Minimum Payments Under Non-cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2019 USD ($)
2020	$ 684
2021	336
2022 and thereafter
Total	1,020
Less: Amounts representing present value discounts	(80)
Accounts Payable, Accrued Liabilities and Other Noncurrent Liabilities [Member]
Total lease liabilities	$ 940

Note 5 - Inventories - Components of Inventory Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Spare parts	$ 1,521	$ 1,451
Total inventories	3,201	3,166
Corn [Member]
Raw materials	267	29
Enzymes and Other Inputs [Member]
Raw materials	184	204
Jet Fuels, Isooctane and Isooctene [Member]
Finished goods	571	394
Isobutanol [Member]
Finished goods	135	549
Ethanol [Member]
Finished goods	93	182
Distiller's Grains [Member]
Finished goods	54	54
Agri-Energy [Member]
Work in process	254	214
Gevo [Member]
Work in process	$ 122	$ 89

Note 6 - Property, Plant and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property, plant, and equipment, gross	$ 120,087	$ 115,251
Less accumulated depreciation and amortization	(53,391)	(47,789)
Property, plant and equipment, net	$ 66,696	67,462
Retrofit Assets [Member]
Property, plant and equipment, useful life (Year)	20 years
Property, plant, and equipment, gross	$ 70,820	70,842
Machinery and Equipment [Member]
Property, plant and equipment, useful life (Year)	10 years
Property, plant, and equipment, gross	$ 17,413	16,285
Site Improvement [Member]
Property, plant and equipment, useful life (Year)	10 years
Property, plant, and equipment, gross	$ 7,054	7,055
Lab Equipment, Furniture and Fixtures, and Vehicles [Member]
Property, plant and equipment, useful life (Year)	5 years
Property, plant, and equipment, gross	$ 6,393	6,574
Demonstration Plant [Member]
Property, plant and equipment, useful life (Year)	2 years
Property, plant, and equipment, gross	$ 3,597	3,597
Building [Member]
Property, plant and equipment, useful life (Year)	10 years
Property, plant, and equipment, gross	$ 2,543	2,543
Leasehold Improvements [Member]
Property, plant, and equipment, gross	$ 2,523	2,542
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)	5 years
Computer, Office Equipment, and Software [Member]
Property, plant, and equipment, gross	$ 2,034	2,335
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	$ 7,710	$ 3,478

Note 6 - Property, Plant and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Depreciation and amortization	$ 6,492	$ 6,517
Cost of Sales [Member]
Depreciation and amortization	6,282	6,250
Operating Expense [Member]
Depreciation and amortization	$ 210	$ 267

Note 7 - Embedded Derivatives (Details Textual) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Apr. 19, 2017
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total		$ 394	$ 2,637
Convertible 2020 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	12.00%			12.00%
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger	150.00%
Debt Instrument, Convertible, Threshold Consecutive Trading Days	10
Number of Embedded Derivative	1
Embedded Derivative, Fair Value of Embedded Derivative, Net, Total		0
Convertible 2020 Notes [Member] \| Embedded Derivative, 2020 Convertible Notes [Member]
Embedded Derivative, Fair Value of Embedded Derivative, Net, Total		0	400
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total		$ 400	$ 2,600
Convertible 2017 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	12.00%

Note 7 - Embedded Derivatives - Schedule of Inputs to Lattice Model Used to Value Embedded Derivatives (Details)	Dec. 31, 2019	Dec. 31, 2018
Measurement Input, Exercise Price [Member]
Embedded derivative liability, measurement input	2.31	1.96
Measurement Input, Conversion Rate, Per 1000 dollars [Member]
Embedded derivative liability, measurement input	67.95	67.95
Measurement Input, Conversion Price [Member]
Embedded derivative liability, measurement input	14.72	14.72
Measurement Input, Maturity [Member]
Embedded derivative liability, measurement input	152,020	152,020
Measurement Input, Risk Free Interest Rate [Member]
Embedded derivative liability, measurement input	0.0152	0.0257
Measurement Input, Price Volatility [Member]
Embedded derivative liability, measurement input	0.6	1.5
Measurement Input, Entity Credit Risk [Member]
Embedded derivative liability, measurement input	0.27	0.31

Note 8 - Accounts Payable and Accrued Liabilities - Components Accounts Payable and Accrued Liabilities in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accrued production fees	$ 1,946	$ 1,648
Accounts payable - trade	1,474	1,944
Accrued utilities and supplies	645	344
Other accrued liabilities	1,613	960
Total accounts payable and accrued liabilities	$ 5,678	$ 4,896

Note 9 - Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		3 Months Ended
	Jan. 10, 2020	Apr. 19, 2017	Jan. 31, 2018	Jul. 31, 2012	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2017
Long-term Debt, Total					$ 749
Convertible 2020 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		12.00%						12.00%
Debt Instrument, Interest Rate, Paid In Kind Percentage		2.00%
Debt Instrument, Convertible, Conversion Price		$ 14.72
Debt Instrument, Convertible, Conversion Ratio		0.0679
Long-term Debt, Total					14,100
Debt Instrument, Face Amount					14,053	$ 13,775	$ 16,657
Beneficial Ownership Limitation, Percentage		4.99%
Beneficial Ownership Limitation Percentage, Notice		61 days
Beneficial Ownership Limitation After Notice, Percentage		9.99%
The 2020/21 Notes [Member] \| Subsequent Event [Member]
Debt Instrument, Interest Rate, Stated Percentage	12.00%
Debt Instrument, Convertible, Conversion Price	$ 2.442
Debt Instrument, Convertible, Conversion Ratio	0.4095
Debt Instrument, Face Amount	$ 14,400
Debt Instrument, Indenture, Maturity Extension, Trigger, Percentage of Outstanding Shares	19.99%
Debt Instrument, Indenture, Maturity Extension, Trigger, Outstanding Balance	$ 7,000
Debt Instrument, PIK Interest	4.00%
Debt Instrument, Conversion Price Reduction, Discount Rate	10.00%
The 2020/21 Option Note [Member] \| Subsequent Event [Member]
Maximum Principal Amount of Notes Issuable Upon Option Exercise	$ 7,100
Original Issue Discount	2.00%
Notes Payable, Other Payables [Member]
Long-term Debt, Total					749
Debt Instrument, Periodic Payment, Total					$ 10
Notes Payable, Other Payables [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage					3.90%
Notes Payable, Other Payables [Member] \| Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage					4.00%
Convertible 2022 Notes [Member]
Debt Instrument, Face Amount				$ 45,000
Debt Instrument, Interest Rate, Effective Percentage				7.50%
Proceeds from Convertible Debt				$ 40,900
Discount on Sale of Convertible Notes				2,700
Debt Issuance Costs, Gross				$ 1,400
Debt Conversion, Converted Instrument, Shares Issued			39,016
Debt Conversion, Original Debt, Amount			$ 500

Note 9 - Debt - Information Pertaining to Convertible Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Balance
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total	394	$ 2,637
Gain from change in fair value of 2020 Notes embedded derivative	394	2,637
Balance	13,900
Embedded Derivative, 2020 Convertible Notes [Member]
Balance	394	5,224
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total	(394)	(2,637)
Conversion of 2020 Notes into common stock		(2,193)
Gain from change in fair value of 2020 Notes embedded derivative	(394)	(2,637)
The 2020 Notes and 2020 Notes Embedded Derivative [Member]
Balance	12,948	18,715
Amortization of debt discount	856	1,094
Amortization of debt issue costs	212	309
Paid-in-kind interest	278	304
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total	(394)	(2,637)
Conversion of 2020 Notes into common stock		(4,837)
Gain from change in fair value of 2020 Notes embedded derivative	(394)	(2,637)
Balance	13,900	12,948
Convertible 2020 Notes [Member]
Balance	13,775	16,657
Balance	(979)	(2,501)
Balance	(242)	(665)
Balance	12,554	13,491
Amortization of debt discount	856	1,094
Amortization of debt issue costs	212	309
Paid-in-kind interest	278	304
Conversion of 2020 Notes into common stock		(3,186)
Conversion of 2020 Notes into common stock		428
Conversion of 2020 Notes into common stock		114
Conversion of 2020 Notes into common stock		(2,644)
Balance	14,053	13,775
Balance	(123)	(979)
Balance	(30)	(242)
Balance	$ 13,900	$ 12,554

Note 9 - Debt - Notes Payable - Other (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Notes payable, other	$ 749
Notes Payable, Other Payables [Member]
Notes payable, other	749
Less current portion	(516)
Long-term portion	233
Notes Payable, Other Payables [Member] \| Notes Payable, Equipment [Member]
Notes payable, other	321
Notes Payable, Other Payables [Member] \| Notes Payable, Insurance [Member]
Notes payable, other	$ 428

Note 9 - Debt - Future Payments for Notes Payable - Other (Details) $ in Thousands	Dec. 31, 2019 USD ($)
2020	$ 516
2021	79
2022	60
2023	62
2024	32
	$ 749

Note 10 - Equity Incentive Plans (Details Textual) - shares	1 Months Ended		12 Months Ended
	Aug. 31, 2019	Jul. 31, 2019	Dec. 31, 2019	Jul. 10, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			4 years
Stock Incentive Plan 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			1,785,829	3,266,661
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	79,790
Stock Incentive Plan 2010 [Member] \| Share-based Payment Arrangement, Tranche One [Member] \| Employees and Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		2 years
Stock Incentive Plan 2010 [Member] \| August 9, 2018 [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross		254,500
Stock Incentive Plan 2010 [Member] \| June 24, 2019 [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross		1,283,032
Stock Incentive Plan 2010 [Member] \| August 8, 2019 [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross		25,581
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			190
Common Stock, Capital Shares Reserved for Future Issuance			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			0

Note 11 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total	0	0
Share Based Compensation, Options, Estimated Forfeiture Rates Range, Lower Limit	0.00%
Share Based Compensation, Options, Estimated Forfeiture Rates Range, Upper Limit	5.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 0
Deferred Compensation Arrangement with Individual, Maximum Contractual Term	10 years
Restricted Stock [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 1,800
Share Based Compensation Arrangement by Share Based Payment Award Fair Value of Options Vested in Period	$ 700	$ 500
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	45 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	1,308,613
Restricted Stock [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years
Restricted Stock [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0	132,566
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture, Total		$ 600
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price	$ 5.23

Note 11 - Stock-based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Stock-based compensation	$ 1,349	$ 683
Stock Options Issued to Employees and Board Members [Member] \| Research and Development Expense [Member]
Stock-based compensation		21
Stock Options Issued to Employees and Board Members [Member] \| Selling, General and Administrative Expenses [Member]
Stock-based compensation		48
Restricted Stock [Member] \| Research and Development Expense [Member]
Stock-based compensation	228	85
Restricted Stock [Member] \| Selling, General and Administrative Expenses [Member]
Stock-based compensation	993	417
Stock Appreciation Rights (SARs) [Member] \| Research and Development Expense [Member]
Stock-based compensation	66	61
Stock Appreciation Rights (SARs) [Member] \| Selling, General and Administrative Expenses [Member]
Stock-based compensation	$ 62	$ 51

Note 11 - Stock-based Compensation - Stock Option Award Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Options outstanding (in shares)	2,313
Granted (in shares)	0	0
Canceled or forfeited (in shares)	(752)
Exercised (in shares)
Options outstanding (in shares)	1,561	2,313
Options exercisable (in shares)	1,511
Options vested and expected to vest (in shares)	1,561
Options outstanding, weighted average exercise price (in dollars per share)	$ 2,358.44
Granted, weighted average exercise price (in dollars per share)
Canceled or forfeited, weighted average exercise price (in dollars per share)	5,151.80
Exercised, weighted average exercise price (in dollars per share)
Options outstanding, weighted average exercise price (in dollars per share)	928.79	$ 2,358.44
Options exercisable, weighted average exercise price (in dollars per share)	1,043.47
Options vested and expected to vest, weighted average exercise price (in dollars per share)	$ 928.79
Options outstanding, weighted average remaining contractual term (Year)	6 years 204 days	6 years 317 days
Options exercisable, weighted average remaining contractual term (Year)	6 years 193 days
Options vested and expected to vest, weighted average remaining contractual term (Year)	6 years 204 days

Note 11 - Stock-based Compensation - Non-Vested Restricted Stock (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Non-vested (in shares)	290,300
Non-vested, weighted average grant date fair value (in dollars per share)	$ 1.91	$ 3.45
Granted (in shares)	1,308,613
Granted, weighted average grant date fair value (in dollars per share)	$ 1.91
Vested (in shares)	(254,500)
Vested, weighted average grant date fair value (in dollars per share)	$ 3.45
Canceled or forfeited (in shares)	(35,800)
Canceled or forfeited, weighted average grant date fair value (in dollars per share)	$ 3.45
Non-vested (in shares)	1,308,613	290,300

Note 11 - Stock-based Compensation - Determining Fair Value of Share-Based Payment Awards (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares

3 Months Ended

12 Months Ended

Aug. 09, 2018

^[1]

Dec. 31, 2018

Risk-free interest rate

2.84%

2.54%

Expected dividend yield

Expected volatility factor

125.03%

134.17%

Expected option life (Year)

5 years 273 days

Weighted average value (in dollars per share)

$ 4.53

$ 1.65

[1]	Stock appreciation rights were granted on May 2, 2018 and August 9, 2018. The values reported above are the weighted-average grant date value. The weighted-average strike price was $5.23 per share.

Note 12 - Income Taxes (Details Textual) $ in Thousands	12 Months Ended
Note 12 - Income Taxes (Details Textual) $ in Thousands	Dec. 31, 2019 USD ($)
Income Tax Expense (Benefit), Total	$ 0
Unrecognized Tax Benefits, Ending Balance	0
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Total	400,300
Domestic Tax Authority [Member] \| Research Tax Credit Carryforward [Member]
Operating Loss Carryforwards, Total	3,500
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Total	$ 375,700

Note 12 - Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Net operating loss carryforwards	$ 109,813	$ 103,612
Research and other credits	3,482	3,482
Operating lease assets	(170)
Operating lease liabilities	198
Other temporary differences	4,851	3,760
Deferred tax assets	118,175	110,854
Valuation allowance	(118,175)	(110,854)
Net deferred tax assets

Note 12 - Income Taxes - Reconciling Items from Income Tax Computed at the Statutory Federal Rate (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Federal income tax at statutory rate	21.00%	21.00%
State income taxes, net of federal benefits	7.00%	6.20%
Impact of change in statutory tax rates	(0.20%)	(8.80%)
Permanent deductions	(0.10%)	(3.70%)
Valuation allowance	(27.70%)	(14.70%)
Effective tax rate

Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accrual for Environmental Loss Contingencies, Ending Balance	$ 0
Indemnification Agreement [Member]
Loss Contingency Accrual, Ending Balance	$ 0	$ 0

Note 15 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) - Convertible 2020 Notes [Member] - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Jun. 20, 2017
Long-term Debt, Fair Value	$ 13,900	$ 12,600	$ 13,500
Embedded Derivative, Fair Value of Embedded Derivative, Net, Total	$ 0

Note 15 - 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, 2019	Dec. 31, 2018
Fair Value, Recurring [Member]
Liabilities, fair value		$ 416
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Liabilities, fair value
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Liabilities, fair value
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Liabilities, fair value		416
Fair Value, Recurring [Member] \| Warrant [Member]
Derivative liability, fair value	$ 8	22
Fair Value, Recurring [Member] \| Warrant [Member] \| Fair Value, Inputs, Level 1 [Member]
Derivative liability, fair value
Fair Value, Recurring [Member] \| Warrant [Member] \| Fair Value, Inputs, Level 2 [Member]
Derivative liability, fair value
Fair Value, Recurring [Member] \| Warrant [Member] \| Fair Value, Inputs, Level 3 [Member]
Derivative liability, fair value	8	22
Fair Value, Recurring [Member] \| Embedded Derivative [Member]
Derivative liability, fair value		394
Fair Value, Recurring [Member] \| Embedded Derivative [Member] \| Fair Value, Inputs, Level 1 [Member]
Derivative liability, fair value
Fair Value, Recurring [Member] \| Embedded Derivative [Member] \| Fair Value, Inputs, Level 2 [Member]
Derivative liability, fair value
Fair Value, Recurring [Member] \| Embedded Derivative [Member] \| Fair Value, Inputs, Level 3 [Member]
Derivative liability, fair value		394
Fair Value, Nonrecurring [Member] \| Corn and Finished Goods Inventory [Member]
Corn and finished goods inventory, fair value	940	1,047
Fair Value, Nonrecurring [Member] \| Corn and Finished Goods Inventory [Member] \| Fair Value, Inputs, Level 1 [Member]
Corn and finished goods inventory, fair value	267	29
Fair Value, Nonrecurring [Member] \| Corn and Finished Goods Inventory [Member] \| Fair Value, Inputs, Level 2 [Member]
Corn and finished goods inventory, fair value	673	1,018
Fair Value, Nonrecurring [Member] \| Corn and Finished Goods Inventory [Member] \| Fair Value, Inputs, Level 3 [Member]
Corn and finished goods inventory, fair value

Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Fair Value Measurements Using Level 3 Inputs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Derivative Financial Instruments, Liabilities [Member]
Balance, December 31, 2018	$ 22
Total (gains) or losses for the period included in earnings	(14)
Purchases
Balance, December 31, 2019	8
Embedded Derivative, 2020 Convertible Notes [Member]
Balance, December 31, 2018	394
Total (gains) or losses for the period included in earnings	(394)
Purchases
Balance, December 31, 2019

Note 16 - Segments (Details Textual) $ in Millions	12 Months Ended
Note 16 - Segments (Details Textual) $ in Millions	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Number of Operating Segments	2
Intercompany Sales	$ 0.4	$ 0.1

Note 16 - Segments - Information on Business Segments (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Depreciation and amortization

$ 24,487

$ 32,863

Loss from operations

(26,351)

(22,201)

Interest expense

2,732

3,237

6,656

6,520

Acquisitions of plant, property and equipment

6,497

3,123

^[1]

93,359

107,035

UNITED STATES

22,149

31,641

Non-US [Member]

Intersegment Eliminations [Member]

2,338

1,222

^[2]

(141,851)

(139,326)

Gevo [Member]

Depreciation and amortization

2,338

1,222

Loss from operations

(12,360)

(11,552)

Interest expense

2,732

3,237

210

269

Acquisitions of plant, property and equipment

130

Gevo [Member] | Operating Segments [Member]

Gevo Development / Agri-Energy [Member]

91,861

105,379

Depreciation and amortization

22,149

31,641

Loss from operations

(13,991)

(10,649)

Interest expense

6,446

6,251

Acquisitions of plant, property and equipment

6,367

3,096

Gevo Development / Agri-Energy [Member] | Operating Segments [Member]