we expect the expansion projects to be completed in 2021 and 2022 , respectively . hcs group gmbh . in february 2019 , we entered into a take-or-pay renewable isooctane purchase and sale agreement with hcs , pursuant to which we agreed to supply renewable isooctane to hcs under a ten-year offtake agreement . hcs will initially purchase certain minimum quantities of renewable isooctane produced at the south hampton facility . we expect to sell hcs increasing amounts of minimum quantities of renewable isooctane each year upon the completion of two expansion projects to increase renewable isooctane production capabilities at the luverne facility . we expect the expansion projects to be completed in 2021 and 2022 , respectively . 40 financial condition for the year ended december 31 , 2019 , we incurred a consolidated net loss of $ 28.7 million and , as of december 31 , 2019 , we had an accumulated deficit of $ 458.0 million . our cash and cash equivalents at december 31 , 2019 totaled $ 16.3 million , which is primarily being used for the following : ( i ) operating activities of our luverne facility ; ( ii ) operating activities at our 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 continued operation of our business is dependent upon raising additional capital through future public and private equity offerings , debt financings or through other alternative financing arrangements . in addition , successful completion of our research and development programs and the attainment of profitable operations are dependent upon future events , including our ability to raise sufficient capital to expand our commercial production facility , completion of our development activities resulting in sales of isobutanol or isobutanol-derived products and or technology , achieving market acceptance and demand for our products and services and attracting and retaining qualified personnel . we expect to incur future net losses as we continue to fund the development and commercialization of our products and product candidates . we have primarily relied on raising capital to fund our operations and debt service obligations by issuing common stock and warrants in underwritten public offerings . those issuances have caused significant dilution to our existing stockholders . while we have sought , and will continue to seek , other , less dilutive forms of financing to fund our operations and debt service obligations , there is no assurance that we will be successful in doing so . our transition to profitability is dependent upon , among other things , the successful development and commercialization of our products and product candidates , the achievement of a level of revenues adequate to support our cost structure and securing sufficient financing for the expansion of the luverne facility or a facility at another suitable location . 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 . we intend to fund future operations through additional private and or public offerings of debt or equity securities . in addition , we may seek additional capital through arrangements with strategic partners or from other sources , may seek to restructure our debt and we will continue to address our 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 . results of operations the following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes to those consolidated financial statements appearing in this report . this discussion contains forward-looking statements that involve significant risks and uncertainties . as a result of many factors , such as those set forth under “ risk factors ” in part i , item 1a of this report , our actual results may differ materially from those anticipated in these forward-looking statements . this section of this report discusses year-to-year comparisons between 2019 and 2018 , as well as other discussions of 2019 and 2018 items . we have omitted discussion of the year ended december 31 , 2017 ( the earliest of the three years covered by our consolidated financial statements presented in this report ) as permitted by the sec 's recent amendments to regulation s-k. the complete management 's discussion and analysis of financial condition and results of operations for year-to-year comparisons between 2018 and 2017 and other discussions of 2017 items can be found within part ii , item 7 , to our annual report on form 10-k filed with the sec on march 28 , 2019 , which is available free of charge on the sec 's website at www.sec.gov and our corporate website at www.gevo.com . 41 comparison of the years ended december 31 , 201 9 and 201 8 replace_table_token_0_th revenue . during the year ended december 31 , 2019 , we recognized revenue of $ 22.1 million associated with the sale of 13.6 million gallons of ethanol , as well as isobutanol and related products , a decrease of $ 9.5 million from the year ended december 31 , 2018. as a result of an unfavorable commodity environment during 2019 , we reduced our production of ethanol and distillers grain at the luverne facility , which resulted in decreased sales compared with 2018. hydrocarbon revenues are comprised of atj , isooctane and isooctene sales . hydrocarbon revenue increased $ 1.1 million during the year ended december 31 , 2019 primarily as a result of greater shipments of finished products from our south hampton facility . during 2018 , the south hampton facility doubled its available capacity . cost of goods sold . story_separator_special_tag the 2020/21 notes may be redeemed in whole or in part , at our 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 us , the 2017 holder may elect to convert the 2020/21 notes into shares of our 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 conversion price will only generally be made in the event that there is a dividend or distribution paid on shares of our common stock , a subdivision , combination or reclassification of our common stock , or at the discretion of our board of directors in limited circumstances and subject to certain conditions . the 2020/21 notes are secured by a lien on substantially all of our assets and the 2020/21 notes guarantors , including intellectual property and real property , and are guaranteed by our existing subsidiaries . under certain circumstances , we may file one or more registration statements on form s-3 or amend filings in order to register shares of common stock for sale or resale , as necessary in connection with the 2020/21 notes . notes payable - other during the fourth quarter 2019 , we purchased equipment and financed part of our insurance obligation . the equipment notes pay interest between 3.9 % - 4.0 % , have total monthly payments of $ 0.01 million and mature at various date from august 2020 to december 2024. the equipment loans are secured by the related equipment . 2022 notes in july 2012 , we issued and sold $ 45.0 million in aggregate principal amount of 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 cash discounts and issue costs , respectively . in the first quarter of 2018 , we issued an aggregate of 39,016 shares of our common stock in exchange for the redemption of the then remaining $ 0.5 million in outstanding 2022 notes . as a result of this exchange , all obligations under the 2022 notes were fully satisfied . see note 9 , debt , to our consolidated financial statements included herein for further discussion of the notes payable . contractual obligations and commitments we are a smaller reporting company as defined by rule 12b-2 of the exchange act and are not required to provide information under this item . off-balance sheet arrangements as of december 31 , 2019 , we did not have any off-balance sheet arrangements or relationships with unconsolidated entities , such as entities often referred to as structured finance or special purpose entities , established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes . 46 critical accounting estimates our consolidated financial statements are based on the application of u.s. gaap , which requires us to make estimates and assumptions about future events that affect the amounts reported in our consolidated financial statements and the accompanying notes . future events and their effects can not be determined with certainty ; therefore , the determination of estimates requires the exercise of judgment . actual results could differ from those estimates , and any such differences may be material to our consolidated financial statements . we believe the estimates set forth below may involve a higher degree of judgment and complexity in their application than our other accounting estimates and represent the critical accounting estimates used in the preparation of our consolidated financial statements . we believe our judgments related to these accounting estimates are appropriate . however , if different assumptions or conditions were to prevail , the results could be materially different from the amounts recorded . critical accounting policies while our significant accounting policies are more fully described in note 2 to our consolidated financial statements included in this report , we believe that the following accounting policies are the most critical to aid you in fully understanding and evaluating our reported financial results and reflect the more significant judgments and estimates that we use in the preparation of our consolidated financial statements . accounting for senior secured debt , convertible notes , notes payable - other and embedded derivative 2020 notes see `` liquidity and capital resources—2020 notes `` above and note 9 , debt , to our consolidated financial statements included herein for further discussion of the 2020 notes . 2020/21 notes see `` liquidity and capital resources—2020/21 notes `` above and note 9 , debt , to our consolidated financial statements included herein for further discussion of the 2020/21 notes . notes payable—other see `` liquidity and capital resources—notes payable - other `` above and note 9 , debt , to our consolidated financial statements included herein for further discussion of the notes payable - other . 2022 notes and embedded derivative see “ —liquidity and capital resources—2022 notes . ” we had concluded that the embedded derivatives within the 2020 notes required separation from the host instrument and was re-valued each reporting period , with changes in the fair value of the embedded derivative recognized as a component of our consolidated statements of operations . the valuation of the embedded derivative related to the 2020/21 notes is in process and is expected to be completed by march 31 , 2020. any changes in the fair value of the embedded derivative will be recognized as a component of our consolidated statements of operations . in january 2018 , we entered into a private exchange agreement with a holder of the 2022 notes to exchange the remaining $ 0.5 million of outstanding principal amount of the 2022

liquidity and capital resources since our inception in 2005 , we have devoted most of our cash resources to manufacturing ethanol , isobutanol and related products , research and development and selling , general and administrative activities related to the commercialization of isobutanol , as well as related products from renewable feedstocks . we have incurred losses since inception and expect to incur losses through at least 2021. we have financed our operations primarily with proceeds from multiple sales of equity and debt securities , borrowings under debt facilities and product sales . the continued operation of our business is dependent upon raising additional capital through future public and private equity offerings , debt financings or through other alternative financing arrangements . in addition , successful completion of our research and development programs and the attainment of profitable operations are dependent upon future events , including our ability to raise sufficient capital to expand our commercial production facility , completion of our development activities resulting in sales of isobutanol or isobutanol-derived products and or technology , achieving market acceptance and demand for our products and services and attracting and retaining qualified personnel . we expect to incur future net losses as we continue to fund the development and commercialization of our products and product candidates . we have primarily relied on raising capital to fund our operations and debt service obligations by issuing common stock and warrants in underwritten public offerings . those issuances have caused significant dilution to our existing stockholders . while we have sought , and will continue to seek , other , less dilutive forms of financing to fund our operations and debt service obligations , there is no assurance that we will be successful in doing so .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources since our inception in 2005 , we have devoted most of our cash resources to manufacturing ethanol , isobutanol and related products , research and development and selling , general and administrative activities related to the commercialization of isobutanol , as well as related products from renewable feedstocks . we have incurred losses since inception and expect to incur losses through at least 2021. we have financed our operations primarily with proceeds from multiple sales of equity and debt securities , borrowings under debt facilities and product sales . the continued operation of our business is dependent upon raising additional capital through future public and private equity offerings , debt financings or through other alternative financing arrangements . in addition , successful completion of our research and development programs and the attainment of profitable operations are dependent upon future events , including our ability to raise sufficient capital to expand our commercial production facility , completion of our development activities resulting in sales of isobutanol or isobutanol-derived products and or technology , achieving market acceptance and demand for our products and services and attracting and retaining qualified personnel . we expect to incur future net losses as we continue to fund the development and commercialization of our products and product candidates . we have primarily relied on raising capital to fund our operations and debt service obligations by issuing common stock and warrants in underwritten public offerings . those issuances have caused significant dilution to our existing stockholders . while we have sought , and will continue to seek , other , less dilutive forms of financing to fund our operations and debt service obligations , there is no assurance that we will be successful in doing so .
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 Suspicious Activity Report : we expect the expansion projects to be completed in 2021 and 2022 , respectively . hcs group gmbh . in february 2019 , we entered into a take-or-pay renewable isooctane purchase and sale agreement with hcs , pursuant to which we agreed to supply renewable isooctane to hcs under a ten-year offtake agreement . hcs will initially purchase certain minimum quantities of renewable isooctane produced at the south hampton facility . we expect to sell hcs increasing amounts of minimum quantities of renewable isooctane each year upon the completion of two expansion projects to increase renewable isooctane production capabilities at the luverne facility . we expect the expansion projects to be completed in 2021 and 2022 , respectively . 40 financial condition for the year ended december 31 , 2019 , we incurred a consolidated net loss of $ 28.7 million and , as of december 31 , 2019 , we had an accumulated deficit of $ 458.0 million . our cash and cash equivalents at december 31 , 2019 totaled $ 16.3 million , which is primarily being used for the following : ( i ) operating activities of our luverne facility ; ( ii ) operating activities at our 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 continued operation of our business is dependent upon raising additional capital through future public and private equity offerings , debt financings or through other alternative financing arrangements . in addition , successful completion of our research and development programs and the attainment of profitable operations are dependent upon future events , including our ability to raise sufficient capital to expand our commercial production facility , completion of our development activities resulting in sales of isobutanol or isobutanol-derived products and or technology , achieving market acceptance and demand for our products and services and attracting and retaining qualified personnel . we expect to incur future net losses as we continue to fund the development and commercialization of our products and product candidates . we have primarily relied on raising capital to fund our operations and debt service obligations by issuing common stock and warrants in underwritten public offerings . those issuances have caused significant dilution to our existing stockholders . while we have sought , and will continue to seek , other , less dilutive forms of financing to fund our operations and debt service obligations , there is no assurance that we will be successful in doing so . our transition to profitability is dependent upon , among other things , the successful development and commercialization of our products and product candidates , the achievement of a level of revenues adequate to support our cost structure and securing sufficient financing for the expansion of the luverne facility or a facility at another suitable location . 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 . we intend to fund future operations through additional private and or public offerings of debt or equity securities . in addition , we may seek additional capital through arrangements with strategic partners or from other sources , may seek to restructure our debt and we will continue to address our 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 . results of operations the following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes to those consolidated financial statements appearing in this report . this discussion contains forward-looking statements that involve significant risks and uncertainties . as a result of many factors , such as those set forth under “ risk factors ” in part i , item 1a of this report , our actual results may differ materially from those anticipated in these forward-looking statements . this section of this report discusses year-to-year comparisons between 2019 and 2018 , as well as other discussions of 2019 and 2018 items . we have omitted discussion of the year ended december 31 , 2017 ( the earliest of the three years covered by our consolidated financial statements presented in this report ) as permitted by the sec 's recent amendments to regulation s-k. the complete management 's discussion and analysis of financial condition and results of operations for year-to-year comparisons between 2018 and 2017 and other discussions of 2017 items can be found within part ii , item 7 , to our annual report on form 10-k filed with the sec on march 28 , 2019 , which is available free of charge on the sec 's website at www.sec.gov and our corporate website at www.gevo.com . 41 comparison of the years ended december 31 , 201 9 and 201 8 replace_table_token_0_th revenue . during the year ended december 31 , 2019 , we recognized revenue of $ 22.1 million associated with the sale of 13.6 million gallons of ethanol , as well as isobutanol and related products , a decrease of $ 9.5 million from the year ended december 31 , 2018. as a result of an unfavorable commodity environment during 2019 , we reduced our production of ethanol and distillers grain at the luverne facility , which resulted in decreased sales compared with 2018. hydrocarbon revenues are comprised of atj , isooctane and isooctene sales . hydrocarbon revenue increased $ 1.1 million during the year ended december 31 , 2019 primarily as a result of greater shipments of finished products from our south hampton facility . during 2018 , the south hampton facility doubled its available capacity . cost of goods sold . story_separator_special_tag the 2020/21 notes may be redeemed in whole or in part , at our 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 us , the 2017 holder may elect to convert the 2020/21 notes into shares of our 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 conversion price will only generally be made in the event that there is a dividend or distribution paid on shares of our common stock , a subdivision , combination or reclassification of our common stock , or at the discretion of our board of directors in limited circumstances and subject to certain conditions . the 2020/21 notes are secured by a lien on substantially all of our assets and the 2020/21 notes guarantors , including intellectual property and real property , and are guaranteed by our existing subsidiaries . under certain circumstances , we may file one or more registration statements on form s-3 or amend filings in order to register shares of common stock for sale or resale , as necessary in connection with the 2020/21 notes . notes payable - other during the fourth quarter 2019 , we purchased equipment and financed part of our insurance obligation . the equipment notes pay interest between 3.9 % - 4.0 % , have total monthly payments of $ 0.01 million and mature at various date from august 2020 to december 2024. the equipment loans are secured by the related equipment . 2022 notes in july 2012 , we issued and sold $ 45.0 million in aggregate principal amount of 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 cash discounts and issue costs , respectively . in the first quarter of 2018 , we issued an aggregate of 39,016 shares of our common stock in exchange for the redemption of the then remaining $ 0.5 million in outstanding 2022 notes . as a result of this exchange , all obligations under the 2022 notes were fully satisfied . see note 9 , debt , to our consolidated financial statements included herein for further discussion of the notes payable . contractual obligations and commitments we are a smaller reporting company as defined by rule 12b-2 of the exchange act and are not required to provide information under this item . off-balance sheet arrangements as of december 31 , 2019 , we did not have any off-balance sheet arrangements or relationships with unconsolidated entities , such as entities often referred to as structured finance or special purpose entities , established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes . 46 critical accounting estimates our consolidated financial statements are based on the application of u.s. gaap , which requires us to make estimates and assumptions about future events that affect the amounts reported in our consolidated financial statements and the accompanying notes . future events and their effects can not be determined with certainty ; therefore , the determination of estimates requires the exercise of judgment . actual results could differ from those estimates , and any such differences may be material to our consolidated financial statements . we believe the estimates set forth below may involve a higher degree of judgment and complexity in their application than our other accounting estimates and represent the critical accounting estimates used in the preparation of our consolidated financial statements . we believe our judgments related to these accounting estimates are appropriate . however , if different assumptions or conditions were to prevail , the results could be materially different from the amounts recorded . critical accounting policies while our significant accounting policies are more fully described in note 2 to our consolidated financial statements included in this report , we believe that the following accounting policies are the most critical to aid you in fully understanding and evaluating our reported financial results and reflect the more significant judgments and estimates that we use in the preparation of our consolidated financial statements . accounting for senior secured debt , convertible notes , notes payable - other and embedded derivative 2020 notes see `` liquidity and capital resources—2020 notes `` above and note 9 , debt , to our consolidated financial statements included herein for further discussion of the 2020 notes . 2020/21 notes see `` liquidity and capital resources—2020/21 notes `` above and note 9 , debt , to our consolidated financial statements included herein for further discussion of the 2020/21 notes . notes payable—other see `` liquidity and capital resources—notes payable - other `` above and note 9 , debt , to our consolidated financial statements included herein for further discussion of the notes payable - other . 2022 notes and embedded derivative see “ —liquidity and capital resources—2022 notes . ” we had concluded that the embedded derivatives within the 2020 notes required separation from the host instrument and was re-valued each reporting period , with changes in the fair value of the embedded derivative recognized as a component of our consolidated statements of operations . the valuation of the embedded derivative related to the 2020/21 notes is in process and is expected to be completed by march 31 , 2020. any changes in the fair value of the embedded derivative will be recognized as a component of our consolidated statements of operations . in january 2018 , we entered into a private exchange agreement with a holder of the 2022 notes to exchange the remaining $ 0.5 million of outstanding principal amount of the 2022

