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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS

Issuance of Series B and B1 Preferred Stock Shares In-Kind

Pursuant to the terms of our EBC Credit Agreement with our senior lender, we are prohibited from paying dividends in cash and therefore we paid the accrued dividends on our Series B Preferred Stock and Series B1 Preferred Stock, which were accrued as of June 30, 2017, in-kind by way of the issuance of 49,910 restricted shares of Series B Preferred Stock pro rata to each of the then holders of our Series B Preferred Stock in July 2017 and the issuance of 283,050 restricted shares of Series B1 Preferred Stock pro rata to each of the then holders of our Series B1 Preferred Stock in July 2017. If converted in full, the 49,910 shares of Series B Preferred Stock would convert into 49,910 shares of common stock and the 283,050 shares of Series B1 Preferred Stock would convert into 283,050 shares of common stock.


Acquisition of Ygriega Assets

On July 16, 2017, the Company entered into and closed an Asset Purchase and Sale Agreement with Ygriega Environmental Services, LLC ("Ygriega") pursuant to which the Company agreed to buy substantially all the collections routes of Ygriega (which related to used oil, used oil filters, used anti-freeze and other related services) other assets, for aggregate consideration of $250,000, which included $162,500 in cash at time of closing plus $87,500 payable in two installments in the next two years contingent on collected oil gallons (i.e., adjustable downward in the event certain targets are not met in such years). The agreement also included a two year non-compete by the seller. The purchase price allocation is preliminary and subject to change based upon the finalization of our valuation report.



Cash Held in Escrow

On July 31, 2017, the $1.5 million of cash held in escrow was released to us pursuant to the Sale Agreement with Safety-Kleen System, Inc. (the "Bango Sale").