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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal quarter ended June 30, 2021
  
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR THE TRANSITION PERIOD FROM _____________ TO _____________
 
Commission File Number 001-11476

———————
VERTEX ENERGY, INC.
(Exact name of registrant as specified in its charter)
———————
Nevada94-3439569
(State or other jurisdiction of(I.R.S. Employer Identification No.)
incorporation or organization) 
 
1331 Gemini Street, Suite 250 77058
Houston, Texas
(Address of principal executive offices) (Zip Code)

866-660-8156
Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock,
$0.001 Par Value Per Share
VTNR
The NASDAQ Stock Market LLC

(Nasdaq Capital Market)


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes ý No  ¨   
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.



Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.
Yes    No   ý

State the number of shares of the issuer’s common stock outstanding, as of the latest practicable date: 60,941,960 shares of common stock are issued and outstanding as of August 9, 2021.



TABLE OF CONTENTS

 
 
  Page
 PART I 
Item 1. 
   
 
F-1
   
 
F-3
   
F-4
 
F-7
   
 
F-9
   
Item 2
   
Item 3.
   
Item 4.
   
 PART II 
Item 1.
   
Item 1A.
   
Item 2.
   
Item 3.
   
Item 4.
   
Item 5.
   
Item 6.



CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

    This Quarterly Report on Form 10-Q (this "Report") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, regarding future events and the future results of the Company that are based on current expectations, estimates, forecasts, and projections about the industry in which the Company operates and the beliefs and assumptions of the management of the Company. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this Report. Factors that might cause or contribute to such differences include, but are not limited to, those discussed elsewhere in this Report, including under “Risk Factors”, and in other reports the Company files with the Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on March 9, 2021 (under the heading “Risk Factors” and in other parts of that report), which factors include:

risks associated with our outstanding credit facilities, including amounts owed, restrictive covenants, security interests thereon and our ability to repay such facilities and amounts due thereon when due;

the level of competition in our industry and our ability to compete;
our ability to respond to changes in our industry;
the loss of key personnel or failure to attract, integrate and retain additional personnel;
our ability to protect our intellectual property and not infringe on others’ intellectual property;
our ability to scale our business;
our ability to maintain supplier relationships and obtain adequate supplies of feedstocks;
our ability to obtain and retain customers;
our ability to produce our products at competitive rates;
our ability to execute our business strategy in a very competitive environment;
trends in, and the market for, the price of oil and gas and alternative energy sources;
our ability to maintain our relationship with KMTEX; and Bunker One (USA) Inc;
the impact of competitive services and products;
our ability to integrate acquisitions;
our ability to complete future acquisitions;
risks associated with our planned sale of substantially all of our used motor oil assets and operations and the planned acquisition of the Mobile Refinery (defined and discussed below);

our ability to maintain insurance;
potential future litigation, judgments and settlements;
rules and regulations making our operations more costly or restrictive, including IMO 2020;
changes in environmental and other laws and regulations and risks associated with such laws and regulations;
economic downturns both in the United States and globally;



risk of increased regulation of our operations and products;
negative publicity and public opposition to our operations;
disruptions in the infrastructure that we and our partners rely on;
an inability to identify attractive acquisition opportunities and successfully negotiate acquisition terms;
our ability to effectively integrate acquired assets, companies, employees or businesses;
liabilities associated with acquired companies, assets or businesses;
interruptions at our facilities;
unexpected changes in our anticipated capital expenditures resulting from unforeseen required maintenance, repairs, or upgrades;

our ability to acquire and construct new facilities;
certain events of default which have occurred under our debt facilities and previously been waived;
prohibitions on borrowing and other covenants of our debt facilities;
our ability to effectively manage our growth;
decreases in global demand for, and the price of, oil, due to COVID-19, and/or state, federal and foreign responses thereto;
our ability to acquire sufficient amounts of used oil feedstock through our collection routes, to produce finished products, and in the absence of such internally collected feedstocks, our ability to acquire third-party feedstocks on commercially reasonable terms;

risks associated with COVID-19, the global efforts to stop the spread of COVID-19, potential downturns in the U.S. and global economies due to COVID-19 and the efforts to stop the spread of the virus, and COVID-19 in general;

repayment of and covenants in our debt facilities;

the lack of capital available on acceptable terms to finance our continued growth; and
other risk factors included under “Risk Factors” in our latest Annual Report on Form 10-K and set forth below under “Risk Factors”.

    You should read the matters described in, and incorporated by reference in, “Risk Factors” and the other cautionary statements made in this Report, and incorporated by reference herein, as being applicable to all related forward-looking statements wherever they appear in this Report. We cannot assure you that the forward-looking statements in this Report will prove to be accurate and therefore prospective investors are encouraged not to place undue reliance on forward-looking statements. All forward-looking statements included herein speak only of the date of the filing of this Report. All subsequent written and oral forward-looking statements attributable to the Company, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. Other than as required by law, we undertake no obligation to update or revise these forward-looking statements, even though our situation may change in the future.



PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
VERTEX ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 June 30,
2021
December 31,
2020
ASSETS  
Current assets  
Cash and cash equivalents$14,966,612 $10,895,044 
Restricted cash 100,125 100,125 
Accounts receivable, net18,379,672 11,138,933 
Accounts receivable, other170,075  
Inventory8,869,840 4,439,839 
Prepaid expenses and other current assets1,324,816 3,211,448 
Total current assets43,811,140 29,785,389 
Noncurrent assets  
Fixed assets, at cost 78,549,353 75,777,552 
Less accumulated depreciation(31,865,623)(29,337,036)
    Fixed assets, net46,683,730 46,440,516 
Finance lease right-of-use assets1,328,739 1,536,711 
Operating lease right-of use assets33,141,878 33,315,876 
Intangible assets, net8,431,703 9,397,441 
Other assets1,711,036 1,624,025 
TOTAL ASSETS$135,108,226 $122,099,958 
LIABILITIES, TEMPORARY EQUITY, AND EQUITY  
Current liabilities  
Accounts payable $15,383,088 $10,484,911 
Accrued expenses2,175,449 2,053,106 
Dividends payable 606,550 
Finance lease liability-current511,121 496,231 
Operating lease liability-current5,540,226 5,614,785 
Current portion of long-term debt, net of unamortized finance costs6,215,145 4,367,169 
Revolving note1,165,183 133,446 
Derivative commodity liability8,707 94,214 
        Total current liabilities
30,998,919 23,850,412 
Long-term liabilities  
   Long-term debt, net of unamortized finance costs133,709 7,981,496 
Finance lease liability-long-term678,547 945,612 
Operating lease liability-long-term27,601,652 27,701,091 
Derivative warrant liability20,164,443 330,412 
Total liabilities79,577,270 60,809,023 
COMMITMENTS AND CONTINGENCIES (Note 3)  
TEMPORARY EQUITY
Series B Convertible Preferred Stock, $0.001 par value per share;
10,000,000 shares designated, 0 and 4,102,690 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively with a liquidation preference of $ and $12,718,339 at June 30, 2021 and December 31, 2020, respectively.
 12,718,339 
Series B1 Convertible Preferred Stock, $0.001 par value per share;
17,000,000 shares designated, 0 and 7,399,649 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively with a liquidation preference of $ and $11,543,452 at June 30, 2021 and December 31, 2020, respectively.
 11,036,173 
Redeemable non-controlling interest
37,027,813 31,611,674 
F-1


 June 30,
2021
December 31,
2020
Total temporary equity 37,027,813 55,366,186 
EQUITY  
50,000,000 of total Preferred shares authorized:
  
Series A Convertible Preferred Stock, $0.001 par value;
5,000,000 shares designated, 391,602 and 419,859 shares issued and outstanding at June 30, 2021 and December 31, 2020, with a liquidation preference of $583,487 at June 30, 2021 and December 31, 2020.
392 420 
Series C Convertible Preferred Stock, $0.001 par value;
44,000 shares designated, no shares issued or outstanding.
  
Common stock, $0.001 par value per share;
750,000,000 shares authorized; 59,909,219 and 45,554,841 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively.
59,909 45,555 
Additional paid-in capital125,803,839 94,569,674 
Accumulated deficit (109,420,115)(90,008,778)
Total Vertex Energy, Inc. stockholders' equity 16,444,025 4,606,871 
Non-controlling interest 2,059,118 1,317,878 
Total equity 18,503,143 5,924,749 
TOTAL LIABILITIES, TEMPORARY EQUITY, AND EQUITY$135,108,226 $122,099,958 


See accompanying notes to the consolidated financial statements.
F-2


VERTEX ENERGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Revenues$65,194,911 $21,374,127 $123,278,904 $57,577,556 
Cost of revenues (exclusive of depreciation and amortization shown separately below)52,904,991 22,197,805 96,251,265 49,034,659 
Depreciation and amortization attributable to costs of revenues1,393,350 1,239,564 2,741,170 2,415,986 
Gross profit (loss)10,896,570 (2,063,242)24,286,469 6,126,911 
Operating expenses:
Selling, general and administrative expenses
8,825,940 6,030,560 16,752,520 12,731,078 
Depreciation and amortization attributable to operating expenses482,869 473,897 965,738 932,033 
Total operating expenses9,308,809 6,504,457 17,718,258 13,663,111 
Income (loss) from operations1,587,761 (8,567,699)6,568,211 (7,536,200)
Other income (expense):    
Other income4,222,000 20 4,222,000 100 
Gain on sale of assets 12,344 1,424 12,344 
Loss on change in value of derivative warrant liability(21,507,332)(110,965)(23,287,535)1,587,782 
Interest expense(259,091)(222,173)(495,424)(562,259)
Total other income (expense)(17,544,423)(320,774)(19,559,535)1,037,967 
Loss before income tax(15,956,662)(8,888,473)(12,991,324)(6,498,233)
Income tax benefit (expense)    
Net loss(15,956,662)(8,888,473)(12,991,324)(6,498,233)
Net income (loss) attributable to non-controlling interest and redeemable non-controlling interest3,417,907 109,165 5,408,876 (289,444)
Net loss attributable to Vertex Energy, Inc. (19,374,569)(8,997,638)(18,400,200)(6,208,789)
Accretion of redeemable noncontrolling interest to redemption value(388,245)(1,381,889)(761,993)(12,348,238)
Accretion of discount on Series B and B1 Preferred Stock(283,555)(539,235)(507,282)(1,471,238)
Dividends on Series B and B1 Preferred Stock (360,217)258,138 (704,716)
Net loss available to common shareholders$(20,046,369)$(11,278,979)$(19,411,337)$(20,732,981)
Loss per common share    
Basic $(0.38)$(0.25)$(0.39)$(0.46)
Diluted$(0.38)$(0.25)$(0.39)$(0.46)
Shares used in computing earnings per share    
Basic 52,683,012 45,554,841 50,209,970 45,463,600 
Diluted52,683,012 45,554,841 50,209,970 45,463,600 

See accompanying notes to the consolidated financial statements.
F-3


VERTEX ENERGY, INC.
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020
(UNAUDITED)
Six Months Ended June 30, 2021
Common StockSeries A PreferredSeries C Preferred
 Shares
$0.001 Par
Shares
$0.001 Par
Shares
$0.001 Par
Additional Paid-In CapitalRetained EarningsNon-controlling InterestTotal Equity
Balance on January 1, 202145,554,841 $45,555 419,859 $420  $ $94,569,674 $(90,008,778)$1,317,878 $5,924,749 
Exercise of options22,992 23 — — — — (23)— —  
Exercise of B1 warrants1,079,753 1,080 — — — — 2,756,877 — — 2,757,957 
Exchanges of Series B Preferred stock to common2,359,494 2,359 — — — — 4,114,570 630,321 — 4,747,250 
Share based compensation expense— — — — — — 150,514 — — 150,514 
Conversion of Series B Preferred stock to common638,224 638 — — — — 1,977,856 — — 1,978,494 
Conversion of Series B1 Preferred stock to common2,087,195 2,087 — — — — 3,253,937 — — 3,256,024 
Dividends on Series B and B1— — — — — — — (372,183)— (372,183)
Accretion of discount on Series B and B1— — — — — — — (223,727)— (223,727)
Accretion of redeemable non-controlling interest to redemption value— — — — — — — (373,748)— (373,748)
Net income— — — — — — — 974,369 1,990,969 2,965,338 
Less: amount attributable to redeemable non-controlling interest— — — — — — — — (1,542,402)(1,542,402)
Balance on March 31, 202151,742,499 $51,742 419,859 $420  $ $106,823,405 $(89,373,746)$1,766,445 $19,268,266 
Exercise of options to common505,376 505 — — — — 229,007 — — 229,512 
Exercise of options to common- unissued— — — — — — 474,866 — — 474,866 
Leverage Lubricants contribution— — — — — — — — (13,491)(13,491)
Exercise of B1 warrants156,792 157 — — — — 1,634,409 — — 1,634,566 
Exercise of B1 warrants-unissued— — — — — — 1,185,831 — — 1,185,831 
Share based compensation expense— — — — — — 205,039 — — 205,039 
Conversion of Series A Preferred stock to common28,257 28 (28,257)(28)— — — — —  
Conversion of Series B Preferred stock to common1,841,406 1,842 — — — — 5,706,517 — — 5,708,359 
Conversion of Series B Preferred stock to common-unissued— — — — — — 759,983 — — 759,983 
F-4


Conversion of Series B1 Preferred stock to common5,634,889 5,635 — — — — 8,784,782 — — 8,790,417 
Accretion of discount on Series B and B1— — — — — — — (283,555)— (283,555)
Accretion of redeemable non-controlling interest to redemption value— — — — — — — (388,245)— (388,245)
Net loss— — — — — — — (19,374,569)3,417,907 (15,956,662)
Less: amount attributable to redeemable non-controlling interest— — — — — — — — (3,111,743)(3,111,743)
Balance on June 30, 202159,909,219 $59,909 391,602 $392  $ $125,803,839 $(109,420,115)$2,059,118 $18,503,143 
F-5


Six Months Ended June 30, 2020
Common StockSeries A PreferredSeries C Preferred
 Shares
$0.001 Par
Shares
$0.001 Par
Shares
$0.001 Par
Additional Paid-In CapitalRetained EarningsNon-controlling InterestTotal Equity
Balance on January 1, 202043,395,563 $43,396 419,859 $420  $ $81,527,351 $(59,246,514)$777,373 $23,102,026 
Purchase of shares of consolidated subsidiary— — — — — — (71,171)— — (71,171)
Share based compensation expense— — — — — — 163,269 — — 163,269 
Adjustment of carrying amount of non-controlling interest— — — — — — 9,091,068 — — 9,091,068 
Conversion of Series B1 Preferred stock to common2,159,278 2,159 — — — — 3,366,315 — — 3,368,474 
Dividends on Series B and B1— — — — — — — (344,499)— (344,499)
Accretion of discount on Series B and B1— — — — — — — (932,003)— (932,003)
Accretion of redeemable non-controlling interest to redemption value— — — — — — — (10,966,349)— (10,966,349)
Net income— — — — — — — 2,788,860 (398,609)2,390,251 
Less: amount attributable to redeemable non-controlling interest— — — — — — — — 517,877 517,877 
Balance on March 31, 202045,554,841 $45,555 419,859 $420  $ $94,076,832 $(68,700,505)$896,641 $26,318,943 
Share based compensation expense— — — — — — 156,539 — — 156,539 
Dividends on Series B and B1— — — — — — — (360,217)— (360,217)
Accretion of discount on Series B and B1— — — — — — — (539,235)— (539,235)
Accretion of redeemable non-controlling interest to redemption value— — — — — — — (1,381,889)— (1,381,889)
Net income (loss)(8,997,638)109,165 (8,888,473)
Less: amount attributable to redeemable non-controlling interest— — — — — — — — (127,044)(127,044)
Balance on June 30, 202045,554,841 $45,555 419,859 $420  $ $94,233,371 $(79,979,484)$878,762 $15,178,624 
See accompanying notes to the consolidated financial statements.
F-6


VERTEX ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 2021 AND 2020 (UNAUDITED)

 Six Months Ended
 June 30,
2021
June 30,
2020
Cash flows from operating activities  
Net loss$(12,991,324)$(6,498,233)
  Adjustments to reconcile net loss to cash provided by operating activities  
Stock based compensation expense355,553 319,809 
Depreciation and amortization3,706,908 3,348,008 
Gain on forgiveness of debt(4,222,000) 
Gain on sale of assets(1,424)(12,344)
Bad debt expense737,002 65,443 
Increase (decrease) in fair value of derivative warrant liability23,287,535 (1,587,782)
     Loss (gain) on commodity derivative contracts1,925,158 (4,484,798)
     Net cash settlements on commodity derivatives(1,960,424)4,781,183 
     Amortization of debt discount and deferred costs  47,826 
Changes in operating assets and liabilities, net of effect of acquisition
Accounts receivable and other receivables(8,093,446)4,986,003 
Inventory(4,398,143)3,711,239 
Prepaid expenses1,836,390 1,834,361 
Accounts payable4,828,808 (269,740)
Accrued expenses120,577 (2,150,272)
     Other assets(84,953)(378,547)
Net cash provided by operating activities5,046,217 3,712,156 
Cash flows from investing activities  
Acquisition  (1,822,690)
Internally developed software (49,229)
Purchase of fixed assets(2,748,528)(1,526,379)
Proceeds from sale of fixed assets1,600