Gevo inserts “going concern” statement in annual report

In Colorado, Gevo filed its 10-K annual report with the SEC. Excepts are as follows:

“For the year ended December 31, 2013, we incurred a consolidated net loss of $66.8 million and had an accumulated deficit of $262.2 million. From inception to December 31, 2013, we have incurred significant net losses and have funded our operations primarily through equity offerings, issuances of debt, borrowings under our secured debt financing arrangements and revenues earned primarily from the sale of ethanol and related products…

“Our cash and cash equivalents at December 31, 2013 totaled $24.6 million which is primarily being used for the following: (i) operating activities and startup production of isobutanol at our Agri-Energy Facility; (ii) operating activities at our corporate headquarters in Colorado, including research and development work; (iii) capital improvements primarily associated with the Agri-Energy Facility; (iv) costs associated with optimizing isobutanol production technology; (v) costs associated with the ongoing litigation with Butamax; and (vi) debt service obligations…We may never achieve profitability or generate positive cash flows, and unless and until we do, we 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, management may seek additional capital through arrangements with strategic partners or from other sources, it may seek to restructure our secured debt with TriplePoint and it will continue to address the Company’s cost structure…

“Notwithstanding, there can be no assurance that we will be able to raise additional funds, or achieve or sustain profitability or positive cash flows from operations. Based on our operating plan, existing working capital at December 31, 2013 was not sufficient to meet the cash requirements to fund planned operations through December 31, 2014 without additional sources of cash. These conditions raise substantial doubt about our ability to continue as a going concern.”