Vertex Energy, Inc. Reports Third Quarter 2019 Results

  • Direct UMO Collections Increased 24.5% Y/Y in 3Q19
  • Widening in Product Spreads Entering 4Q19 in Advance of IMO 2020 Mandate
  • Commencing TCEP Operations at Baytown Texas Facility in November 2019
  • Targeting Successful Completion of UMO-to-High Purity Base Oil Pilot Test by Year-End 2019
  • Introducing Full-Year 2020 Adjusted EBITDA Guidance of $15 million to $20 million

HOUSTON, TX / ACCESSWIRE / November 8, 2019 / Vertex Energy, Inc. (NASDAQ:VTNR) (“Vertex” or the “Company”), a leading specialty refiner and marketer of high-quality hydrocarbon products, today announced financial results for the third quarter 2019.

For the three months ended September 30, 2019, the Company reported revenue of $37.8 million, versus $50.6 million in the prior-year period. Vertex reported an operating loss of ($2.5) million in the third quarter of 2019, versus $0.6 million of operating income in the prior-year period. The Company reported a net loss available to common shareholders of ($3.9) million, or ($0.09) per basic share, in the third quarter 2019, versus a net loss of ($4.6) million, or ($0.13) per basic share, in the third quarter 2018. Vertex reported Adjusted EBITDA of $1.8 million in the third quarter 2019, versus $3.2 million in the quarter 2018. A schedule reconciling the Company’s GAAP and non-GAAP financial results (including Adjusted EBITDA) is included later in this release.

During the third quarter 2019, the Company benefited from strong growth in used motor oil (UMO) collections and widening product spreads on middle distillates ahead of the January 1, 2020 transition to low-sulfur marine fuels mandated by the International Maritime Organization (IMO). Despite favorable market conditions, Hurricane Barry extended the duration of a planned turnaround at the Marrero (Louisiana) refinery during July, resulting in an additional negative $1.5 million impact in the third quarter. The Company’s Marrero and Heartland (Ohio) refineries are currently operating near peak nameplate capacity, given strong demand for the Company’s specialty products.

Direct collections of UMO increased 24.5% in the third quarter of 2019, when compared to the prior-year’s period. UMO collections represented approximately 48.6% of overall feedstock processed at the Company’s refineries in the third quarter of 2019, versus 38.7% in the third quarter of 2018, with the remaining feedstock being sourced from third-party UMO suppliers.

“During the past four years, we have invested significant time and resources preparing Vertex to capitalize on the International Maritime Organization’s low sulfur marine fuel mandate that comes into effect January 1, 2020,” stated Benjamin P. Cowart, President and CEO of Vertex. “With the IMO transition now just weeks away, our facilities are now ready to execute on this opportunity. We have seen product spreads widen versus prior-year levels, supported by a decline in feedstock costs together with a corresponding increase in distillate values. Current market conditions are setting up favorably as we look ahead to the fourth quarter and into 2020.”

“Our Marrero and Heartland refineries operated near peak capacity since August,” continued Cowart. “This month, we will recommence TCEP production at our Baytown facility as we seek to capitalize on improved demand for lower sulfur marine fuels, continued Cowart. “Our TCEP technology converts feedstock into a low sulfur marine fuel that can be sold into the new 0.5% low sulfur marine fuel specification mandated under IMO 2020.”

As announced on July 31, 2019, Vertex has entered into a joint venture with Tensile Capital Management LLC, as referred to in previous public disclosures. Subject in part to a successful pilot program that is expected to reach completion by year-end 2019, Vertex will receive approximately $13.5 million of non-recourse funding that it intends to use for debt reduction, investment in organic UMO collections growth, and the targeted acquisition of third-party UMO collections operations.

TCEP Update

Vertex operates a tank terminal facility in Baytown, TX where the Company collects and processes used motor oil into higher value feedstocks through its patented Thermal Chemical Extraction Process (TCEP) technology.

In the fourth quarter 2019, the Company expects to produce approximately 30,000 barrels of marine fuel using the TCEP technology, the first such production since the third quarter 2015. All required capital investments have been made in the facility, which is now prepared to commence operations.

Financial Guidance

For the fourth quarter 2019, the Company anticipates Adjusted EBITDA in the range of $2.5 million to $3.0 million. For the full-year 2020, the Company anticipates Adjusted EBITDA in the range of $15 million to $20 million. All guidance is current as of the time provided and is subject to change.

Conference Call and Webcast

A conference call will be held on November 8, 2019 at 9:00 AM ET to review the Company’s financial results, discuss recent events and conduct a question-and-answer session. A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the Company’s website at www.vertexenergy.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.

To participate in the live teleconference:

Domestic Live: 844-369-8770

To listen to a replay of the teleconference, which will be available through December 8, 2019:

Domestic Replay: 877-481-4010
Conference ID: 54092

About Vertex Energy Inc.

Houston-based Vertex Energy, Inc. (NASDAQ:VTNR) is a specialty refiner of alternative feedstocks and marketer of high-purity petroleum products. Vertex is one of the largest processors of used motor oil in the U.S., with operations located in Houston and Port Arthur (TX), Marrero (LA) and Heartland (OH). Vertex also co-owns a facility, Myrtle Grove, located on a 41-acre industrial complex along the Gulf Coast in Belle Chasse, LA, with existing hydro-processing and plant infrastructure assets, that include nine million gallons of storage. The Company has built a reputation as a key supplier of Group II+ and Group III base oils to the lubricant manufacturing industry throughout North America.

Cautionary Statement Forward-Looking Statements

This press release may contain forward-looking statements, including information about management’s view of Vertex Energy’s future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the “Act”). In particular, when used in the preceding discussion, the words “believes,” “hopes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Vertex Energy, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Vertex Energy files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Vertex Energy’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Vertex Energy cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Vertex Energy undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that are not paid for by Vertex Energy.

Investor/Media Contact

Noel Ryan, IRC
720.778.2415
IR@vertexenergy.com

Reconciliation of Net Loss attributable to Vertex Energy, Inc., to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA*

 
  For the Three Months Ended     For the Trailing Twelve Months  
 
  September 30, 2019     September 30, 2018     September 30, 2019     September 30, 2018  
Net loss
                       
attributable to Vertex Energy, Inc.
  (1,091,781 )   (2,287,880 )   (6,684,114 )   (2,401,821 )
Add (deduct):
                               
Interest Income
    (653 )           (2,571 )     (659 )
Interest Expense
    826,005       798,800       3,155,864       3,243,439  
Depreciation and amortization
    1,815,582       1,806,839       7,090,481       6,934,427  
EBITDA
    1,549,153       317,759       3,559,660       7,775,386  
 
                               
Add (deduct):
                               
Loss (gain) on change in value of derivative warrant liability
    (1,290,792 )     2,169,133       (3,220,402 )     2,681,289  
Unrealized (gain) loss on derivative instruments
    1,402,017       554,921       909,040       601,483  
Stock-based compensation
    159,426       165,058       638,548       678,529  
Adjusted EBITDA *
  1,819,804     3,206,871     1,886,846     11,736,687  
                                 

* EBITDA and Adjusted EBITDA are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance.

EBITDA represents net income before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before stock-based compensation expense and gain (loss) on change in value of derivative warrant liability and unrealized gains and losses on derivative instruments for hedging activities. EBITDA and Adjusted EBITDA are presented because we believe they provide additional useful information to investors due to the various noncash items during the period. EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are:

  • EBITDA and Adjusted EBITDA do not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments
  • EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs
  • EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments
  • Although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements
  • Other companies in this industry may calculate EBITDA and Adjusted EBITDA differently than Vertex Energy does, limiting its usefulness as a comparative measure; and
  • Trailing Twelve Months September 30, 2019 reflects amounts for the Fiscal Year Ended 2018 plus Q1, Q2 and Q3 2019 minus Q1, Q2 and Q3 2018. Trailing Twelve Months September 30, 2018 reflects amounts for the Fiscal Year Ended 2017 plus Q1, Q2 and Q3 2018 minus Q1, Q2 and Q3 2017.

VERTEX ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

 
  September 30, 2019     December 31,
2018
 
ASSETS
           
Current assets
           
Cash and cash equivalents
  2,303,725     1,249,831  
Restricted cash
    100,088       1,600,000  
Accounts receivable, net
    10,405,711       9,027,990  
Federal income tax receivable
    205,818       137,212  
Inventory
    5,878,408       8,091,397  
Derivative commodity asset
          695,941  
Prepaid expenses
    6,534,981       2,740,541  
Total current assets
    25,428,731       23,542,912  
 
               
Noncurrent assets
               
Fixed assets, at cost
    69,437,842       66,762,388  
Less accumulated depreciation
    (23,550,224 )     (19,874,896 )
Fixed assets, net
    45,887,618       46,887,492  
Finance lease right-of-use assets
    904,691       397,515  
Operating lease right-of use assets
    36,242,861        
Intangible assets, net
    11,590,876       12,578,519  
Federal income tax receivable
    68,605       137,211  
Other assets
    616,759       616,759  
TOTAL ASSETS
  120,740,141     84,160,408  
 
               
LIABILITIES, TEMPORARY EQUITY, AND EQUITY
               
Current liabilities
               
Accounts payable
  7,745,380     8,791,529  
Accrued expenses
    2,275,006       2,535,347  
Dividends payable
    419,082       403,002  
Finance lease liability-current
    214,045       95,857  
Operating lease liability-current
    6,005,502        
Current portion of long-term debt, net of unamortized finance costs
    2,794,624       1,325,240  
Derivative commodity liability
    1,510,573        
Revolving note
    5,387,639       3,844,636  
Total current liabilities
    26,351,851       16,995,611  
Long-term liabilities
               
Long-term debt, net of unamortized finance costs
    12,658,000       14,402,179  
Finance lease liability-long-term
    665,926       276,355  
Operating lease liability-long-term
    30,237,359        
Contingent consideration
          15,564  
Derivative warrant liability
    1,149,977       1,481,692  
Total liabilities
    71,063,113       33,171,401  
 
               
COMMITMENTS AND CONTINGENCIES (Note 3)
           
 
               
TEMPORARY EQUITY
               
Series B Convertible Preferred Stock, $0.001 par value per share;10,000,000 shares designated, 3,769,505 and 3,604,827 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively with a liquidation preference of $11,685,466 and $11,174,964 at September 30, 2019 and December 31, 2018, respectively.
    10,442,193       8,900,208  
 
               
Series B1 Convertible Preferred Stock, $0.001 par value per share;17,000,000 shares designated, 10,417,966 and 10,057,597 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively with a liquidation preference of $16,252,027 and $15,689,851 at September 30, 2019 and December 31, 2018, respectively.
    14,454,821       13,279,755  
 
               
Redeemable non-controlling interest
    4,000,000        
Total Temporary Equity
    28,897,014       22,179,963  
EQUITY
               
50,000,000 of total Preferred shares authorized:
               
Series A Convertible Preferred Stock, $0.001 par value;5,000,000 shares designated, 419,859 and 419,859 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively with a liquidation preference of $625,590 and $625,590 at September 30, 2019 and December 31, 2018, respectively.
    420       420  
 
               
Common stock, $0.001 par value per share;750,000,000 shares authorized; 41,849,406 and 40,174,821 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively.
    41,850       40,175  
Additional paid-in capital
    79,719,745       75,131,122  
Accumulated deficit
    (59,788,939 )     (47,800,886 )
Total Vertex Energy, Inc. stockholders’ equity
    19,973,076       27,370,831  
Non-controlling interest
    806,938       1,438,213  
Total Equity
    20,780,014       28,809,044  
TOTAL LIABILITIES, TEMPORARY EQUITY, AND EQUITY
  120,740,141     84,160,408  
                 
 

VERTEX ENERGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

 
  Three Months Ended September 30,     Nine Months Ended September 30,  
 
  2019     2018     2019     2018  
Revenues
  37,799,259     50,632,948     120,777,263     138,918,913  
Cost of revenues (exclusive of depreciation and amortization shown separately below)
    32,372,316       42,593,367       103,732,086       114,434,776  
Gross profit
    5,426,943       8,039,581       17,045,177       24,484,137  
 
                               
Operating expenses:
                               
Selling, general and administrative expenses
    6,153,184       5,658,659       17,529,784       16,668,692  
Depreciation and amortization
    1,815,582       1,806,839       5,333,485       5,234,014  
Total operating expenses
    7,968,766       7,465,498       22,863,269       21,902,706  
Income (loss) from operations
    (2,541,823 )     574,083       (5,818,092 )     2,581,431  
Other income (expense):
                               
Other income
    918,153             920,071       659  
Gain on sale of assets
                31,443       51,523  
Gain (loss) on change in value of derivative warrant liability
    1,290,792       (2,169,133 )     331,715       (2,124,971 )
Interest expense
    (826,005 )     (798,800 )     (2,322,780 )     (2,448,771 )
Total other income (expense)
    1,382,940       (2,967,933 )     (1,039,551 )     (4,521,560 )
Loss before income tax
    (1,158,883 )     (2,393,850 )     (6,857,643 )     (1,940,129 )
Income tax benefit (expense)
                       
Net loss
    (1,158,883 )     (2,393,850 )     (6,857,643 )     (1,940,129 )
Net loss attributable to non-controlling interest
    (67,102 )     (105,970 )     (374,862 )     76,305  
Net loss attributable to Vertex Energy, Inc.
    (1,091,781 )     (2,287,880 )     (6,482,781 )     (2,016,434 )
 
                               
Accretion of redeemable noncontrolling interest to redemption value
    (1,849,930 )           (1,849,930 )      
Accretion of discount on Series B and B1 Preferred Stock
    (550,774 )     (1,152,968 )     (1,644,374 )     (2,351,472 )
Dividends on Series B and B1 Preferred Stock
    (419,096 )     (1,194,524 )     (1,238,766 )     (2,284,121 )
Net loss available to common shareholders
  (3,911,581 )   (4,635,372 )   (11,215,851 )   (6,652,027 )
Loss per common share
                               
Basic
  (0.09 )   (0.13 )   (0.28 )   (0.20 )
Diluted
  (0.09 )   (0.13 )   (0.28 )   (0.20 )
Shares used in computing earnings per share
                               
Basic
    41,376,335       35,144,113       40,626,700       33,843,721  
Diluted
    41,376,335       35,144,113       40,626,700       33,843,721  
                                 
 

VERTEX ENERGY, INC.
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018
(UNAUDITED)

 
  Nine Months Ended September 30, 2019  
 
  Common Stock     Series A Preferred                                      
 
  Shares     $.001 Par     Shares     $0.001 Par     Additional Paid-In Capital     Retained Earnings     Non-controlling Interest     Total Equity  
Balance on January 1, 2019
    40,174,821     40,175       419,859     420     75,131,122     (47,800,886 )   1,438,213     28,809,044  
Share based compensation expense, total
                            143,063                   143,063  
Conversion of Series B1 Preferred stock to common
    96,160       96                   149,914       (30,242 )           119,768  
Dividends on Series B and B1
                                  (406,795 )           (406,795 )
Accretion of discount on Series B and B1
                                  (530,433 )           (530,433 )
Net loss
                                  (4,963,564 )     (105,431 )     (5,068,995 )
Balance on March 31, 2019
    40,270,981     40,271       419,859     420     75,424,099     (53,731,920 )   1,332,782     23,065,652  
Exercise of options to common
    75,925       76                   4,424                   4,500  
Share based compensation expense, total
                            171,002                   171,002  
Dividends on Series B and B1
                                  (412,875 )           (412,875 )
Accretion of discount on Series B and B1
                                  (532,925 )           (532,925 )
VRM LA distribution
                                        (285,534 )     (285,534 )
Net loss
                                  (427,436 )     (202,329 )     (629,765 )
Balance on June 30, 2019
    40,346,906     40,347       419,859     420     75,599,525     (55,105,156 )   844,919     21,380,055  
Exercise of options to common
    2,500       3                   2,572                   2,575  
Share based compensation expense, total
                            159,426                   159,426  
Dividends on Series B and B1
                                  (419,096 )           (419,096 )
Accretion of discount on Series B and B1
                                  (550,774 )           (550,774 )
Adjustment of carrying mount of non-controlling interest
                            970,809                     970,809  
Accretion of redeemable non-controlling interest to redemption value
                                  (1,849,930 )           (1,849,930 )
Issuance of common stock and warrants
    1,500,000       1,500                   2,987,413       (772,202 )           2,216,711  
Net loss
                                  (1,091,781 )     (37,981 )     (1,129,762 )
Balance on September 30, 2019
    41,849,406     41,850       419,859     420     79,719,745     (59,788,939 )   806,938     20,780,014  
                                                                 
 
 
  Nine Months Ended September 30, 2018  
 
  Common Stock     Series A Preferred     Series C Preferred                          
 
  Shares     $.001 Par     Shares     $.001 Par     Shares     $0.001 Par     Additional Paid-In Capital     Retained Earnings     Non-controlling Interest     Total Equity  
Balance on January 1, 2018
    32,658,176     32,658       453,567     454       31,568     32     67,768,509     (39,816,300 )   399,005     28,384,358  
Share based compensation expense, total
                                        145,971                   145,971  
Conversion of Series B1 Preferred stock to common
    500,000       500                               779,500       (184,437 )           595,563  
Dividends on Series B and B1
                                              (554,917 )           (554,917 )
Accretion of discount on Series B and B1
                                              (457,853 )           (457,853 )
Net income (loss)
                                              (2,258,622 )     50,539       (2,208,083 )
Balance on March 31, 2018
    33,158,176     33,158       453,567     454       31,568     32     68,693,980     (43,272,129 )   449,544     25,905,039  
Exercise of options to common
    241                                                        
Share based compensation expense, total
                                        183,750                   183,750  
Conversion of Series A Preferred stock to common
    33,708       34       (33,708 )     (34 )                                    
Conversion of Series B Preferred stock to common
    32,149       33                               99,629       (36,700 )           62,962  
Conversion of Series B1 Preferred stock to common
    133,264       133                               207,759       (48,689 )           159,203  
Dividends on Series B and B1
                                              (534,680 )           (534,680 )
Accretion of discount on Series B and B1
                                              (470,825 )           (470,825 )
Net income
                                              2,530,068       131,736       2,661,804  
Balance on June 30, 2018
    33,357,538     33,358       419,859     420       31,568     32     69,185,118     (41,832,955 )   581,280     27,967,253  
Correction of non-controlling interest
                                              101,718       (101,718 )      
Share based compensation expense, total
                                        165,058                   165,058  
Fixed assets contributed capital VRMLA
                                                    857,738       857,738  
Conversion of Series C Preferred stock to common
    3,156,800       3,157                   (31,568 )     (32 )     (3,125 )                  
Conversion of Series B1 Preferred stock to common
    2,326,552       2,326                               3,627,095       (637,270 )           2,992,151  
Dividends on Series B and B1
                                              (1,194,524 )           (1,194,524 )
Accretion of discount on Series B and B1
                                              (515,698 )           (515,698 )
Net income
                                              (2,287,880 )     (105,970 )     (2,393,850 )
Balance on September 30, 2018
    38,840,890     38,841       419,859     420               72,974,146     (46,366,609 )   1,231,330     27,878,128  
                                                                                 
 

VERTEX ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018 (UNAUDITED)

 
  Nine Months Ended  
 
  September 30, 2019     September 30, 2018  
Cash flows from operating activities
           
Net loss
  (6,857,643 )   (1,940,129 )
Adjustments to reconcile net loss to cash provided by (used in) operating activities
               
Stock based compensation expense
    473,491       494,779  
Depreciation and amortization
    5,333,485       5,234,014  
Gain on sale of assets
    (31,443 )     (51,523 )
Contingent consideration reduction
    (15,564 )      
Reduction in allowance for bad debt
    (389,943 )      
(Decrease) increase in fair value of derivative warrant liability
    (331,715 )     2,124,971  
Loss on commodity derivative contracts
    2,691,833       1,859,234  
Net cash settlements on commodity derivatives
    (3,446,274 )     (2,386,897 )
Amortization of debt discount and deferred costs
    430,431       474,360  
Changes in operating assets and liabilities
               
Accounts receivable
    (987,778 )     (3,091,273 )
Inventory
    2,212,989       (341,329 )
Prepaid expenses
    (833,485 )     (1,072,076 )
Accounts payable
    (1,046,149 )     534,689  
Accrued expenses
    (260,341 )     (1,175,692 )
Other assets
          (253,642 )
Net cash (used in) provided by operating activities
    (3,058,106 )     409,486  
Cash flows from investing activities
               
Acquisition of SES
          (269,826 )
Internally developed software
    (380,216 )      
Purchase of fixed assets
    (2,907,330 )     (1,813,904 )
Proceeds from sale of fixed assets
    86,846       6,848  
Net cash used in investing activities
    (3,200,700 )     (2,076,882 )
Cash flows from financing activities
               
Payments on finance leases
    (113,241 )     (34,660 )
Proceeds from exercise of stock options
    7,075        
Distribution VRM LA
    (285,534 )      
Contributions received from redeemable noncontrolling interest
    3,150,000        
Proceeds received from issuance of common stock and warrants
    2,216,711        
Line of credit (payments) proceeds, net
    1,543,003       1,408,206  
Proceeds from note payable
    2,809,139       4,024,964  
Payments on note payable
    (3,514,365 )     (2,996,556 )
Net cash provided by financing activities
    5,812,788       2,401,954  
Net change in cash, cash equivalents and restricted cash
    (446,018 )     734,558  
Cash, cash equivalents, and restricted cash at beginning of the period
    2,849,831       1,105,787  
Cash, cash equivalents, and restricted cash at end of period
  2,403,813     1,840,345  
 
               
SUPPLEMENTAL INFORMATION
           
Cash paid for interest
  1,887,012     2,034,275  
Cash paid for taxes
       
NON-CASH INVESTING AND FINANCING TRANSACTIONS
               
Conversion of Series A Preferred Stock into common stock
      34  
Conversion of Series B Preferred Stock into common stock
      99,629  
Conversion of Series B1 Preferred Stock into common stock
  149,914     4,614,354  
Accretion of discount on Series B and B1 Preferred Stock
  1,644,374     2,351,472  
Dividends-in-kind accrued on Series B and B1 Preferred Stock
  1,238,766     2,284,121  
Equipment acquired under finance leases
  621,000     450,098  
Initial adjustment of carrying amount redeemable noncontrolling interest
  970,809      
Accretion of redeemable noncontrolling interest to redemption value
  1,849,930      
 

SOURCE: Vertex Energy, Inc.

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