• Filing Date: 2018-05-15
  • Form Type: 10-Q
  • Description: Quarterly report
v3.8.0.1
REVENUES
3 Months Ended
Mar. 31, 2018
Revenue from Contract with Customer [Abstract]  
REVENUE
REVENUES


Revenue Recognition

We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when our performance obligations under the terms of a contract with our customers are satisfied. Recognition occurs when the Company transfers control by completing the specified services at the point in time the customer benefits from the services performed or once our products are delivered. Revenue is measured as the amount of consideration we expect to receive in exchange for completing our performance obligations. Sales tax and other taxes we collect with revenue-producing activities are excluded from revenue. In the case of contracts with multiple performance obligations, the Company allocates the transaction price to each performance obligation based on the relative stand-alone selling prices of the various goods and/or services encompassed by the contract. We do not have any material significant payment terms as payment is generally due within 30 days after the performance obligation has been satisfactorily completed. The Company has elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that we otherwise would have recognized is one year or less. In applying the guidance in Topic 606, there were no judgments or estimates made that the Company deems significant.

Disaggregation of Revenue

The following table presents our revenues disaggregated by revenue source:
 
Three Months Ended 31, 2018
 
Black Oil
 
Refining & Marketing
 
Recovery
 
Total
Primary Geographical Markets
 
 
 
 
 
 
 
Northern United States
$
8,837,230

 
$

 
$

 
$
8,837,230

Southern United States
23,400,016

 
5,675,241

 
3,455,708

 
32,530,965

 
$
32,237,246

 
$
5,675,241

 
$
3,455,708

 
$
41,368,195

Sources of Revenue
 
 
 
 
 
 
 
Petroleum products
$
32,237,246

 
$
5,675,241

 
$
377,142

 
$
38,289,629

Metals

 

 
3,078,566

 
3,078,566

Total revenues
$
32,237,246

 
$
5,675,241

 
$
3,455,708

 
$
41,368,195



 
Three Months Ended 31, 2017
 
Black Oil
 
Refining & Marketing
 
Recovery
 
Total
Primary Geographical Markets
 
 
 
 
 
 
 
Northern United States
$
5,753,012

 
$

 
$

 
$
5,753,012

Southern United States
19,051,071

 
5,394,041

 
4,572,490

 
29,017,602

 
$
24,804,083

 
$
5,394,041

 
$
4,572,490

 
$
34,770,614

Sources of Revenue
 
 
 
 
 
 
 
Petroleum products
$
24,804,083

 
$
5,394,041

 
$
3,667,168

 
$
33,865,292

Metals

 

 
905,322

 
905,322

Total revenues
$
24,804,083

 
$
5,394,041

 
$
4,572,490

 
$
34,770,614



Petroleum products- We derive a majority of our revenues from the sale of recovered/re-refined petroleum products, which include Base Oil, VGO (Vacuum Gas Oil), Pygas, Gasoline, Cutterstock and Fuel Oils.

Metals- Consists of recoverable ferrous and non-ferrous recyclable metals from manufacturing and consumption.  Scrap metal can be recovered from pipes, barges, boats, building supplies, surplus equipment, tanks, and other items consisting of metal composition.  These materials are segregated, processed, cut-up and sent back to a steel mill for re-purposing.