Is Another Accounting Issue Brewing for Amyris?

It appears that Amyris (NASDAQ: AMRS) is finally turning a corner. High-margin product revenue from consumer brands is growing at a healthy clip. If the trend continues throughout 2020, then it's possible the business could be on the path to generating operating income and positive operating cash flow in the next year or two even after factoring in large investments in a new manufacturing facility.

However, as if often the case with the synthetic biology pioneer, investors need to dig deeper than the company's press releases and storytelling. A closer look at SEC filings reveals that a balance sheet item called "deferred cost of product revenue" is accumulating at a rate that makes little sense when compared to public statements by management.

At the very least, the issue raises some unanswered questions for investors. What does it all mean for the small-cap stock?