Note 5 - Inventories

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

5. Inventories

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

	September 30,		December 31,
	2021		2020
Raw materials
Corn	$	237	$	—
Enzymes and other inputs		171		133
Nutrients		1		1
Palladium		267		235
Work in process		55		5
Finished goods
Isobutanol		36		—
SAF, Isooctane and Isooctene		211		756
Spare parts		1,363		1,361
Total inventories	$	2,341	$	2,491

Work in process inventory includes unfinished SAF, isooctane and isooctene inventory.

During the three months and nine months ended September 30, 2021, the Company recorded an expense for lower of cost or market of $1.2 million and $2.0 million, respectively. During the three months and nine months ended September 30, 2020, the company recorded an expense for lower of cost or market of $0.4 million and $0.4 million, respectively, as a result of restarted production of isobutanol at the Luverne Facility.