• Filing Date: 2018-05-15
  • Form Type: 10-Q
  • Description: Quarterly report
v3.8.0.1
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 52,876 $ 1,105,787
Accounts receivable, net 11,237,297 11,288,991
Federal income tax receivable 274,423 0
Inventory 8,112,625 6,304,842
Prepaid expenses 2,635,727 1,771,832
Total current assets 22,312,948 20,471,452
Noncurrent assets    
Fixed assets, at cost 65,541,421 65,237,652
Less accumulated depreciation (17,673,342) (16,617,824)
Fixed assets, net 47,868,079 48,619,828
Goodwill and other intangible assets, net 14,047,119 14,499,354
Federal income tax receivable 0 274,423
Other assets 492,417 440,417
TOTAL ASSETS 84,720,563 84,305,474
Current liabilities    
Accounts payable and accrued expenses 11,465,453 10,318,738
Dividends payable 554,917 420,713
Capital leases-current 9,698 0
Current portion of long-term debt, net of unamortized finance costs 1,158,196 1,616,926
Derivative commodity liability 466,828 0
Revolving note 4,239,388 4,591,527
Total current liabilities 17,894,480 16,947,904
Long-term liabilities    
Long-term debt, net of unamortized finance costs 14,744,333 13,531,179
Capital leases-long-term 19,923  
Contingent consideration 236,680 236,680
Derivative warrant liability 2,677,159 2,245,408
Total liabilities 35,572,575 32,961,171
COMMITMENTS AND CONTINGENCIES (Note 3) 0 0
TEMPORARY EQUITY    
Total Temporary Equity 23,242,948 22,959,945
EQUITY    
Common stock, $0.001 par value per share; 750,000,000 shares authorized; 33,158,176 and 32,658,176 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively. 33,158 32,658
Additional paid-in capital 68,693,980 67,768,509
Accumulated deficit (43,272,128) (39,816,300)
Total Vertex Energy, Inc. stockholders' equity 25,455,496 27,985,353
Non-controlling interest 449,544 399,005
Total Equity 25,905,040 28,384,358
TOTAL LIABILITIES, TEMPORARY EQUITY, AND EQUITY 84,720,563 84,305,474
Series B Preferred Stock    
TEMPORARY EQUITY    
Series B and B-1 preferred shares 7,583,722 7,190,467
Series B1 Preferred Stock    
TEMPORARY EQUITY    
Series B and B-1 preferred shares 15,659,226 15,769,478
Series A Preferred Stock    
EQUITY    
Preferred stock 454 454
Series C Preferred Stock    
EQUITY    
Preferred stock $ 32 $ 32