0001615774-18-003756.txt : 20180515 0001615774-18-003756.hdr.sgml : 20180515 20180515061808 ACCESSION NUMBER: 0001615774-18-003756 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 63 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180515 DATE AS OF CHANGE: 20180515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GlyEco, Inc. CENTRAL INDEX KEY: 0000931799 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS CHEMICAL PRODUCTS [2890] IRS NUMBER: 330622722 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-30396 FILM NUMBER: 18832926 BUSINESS ADDRESS: STREET 1: 230 GILL WAY CITY: ROCK HILL STATE: SC ZIP: 29730 BUSINESS PHONE: 866-960-1539 MAIL ADDRESS: STREET 1: 230 GILL WAY CITY: ROCK HILL STATE: SC ZIP: 29730 FORMER COMPANY: FORMER CONFORMED NAME: Environmental Credits Ltd DATE OF NAME CHANGE: 20091001 FORMER COMPANY: FORMER CONFORMED NAME: BOYSTOYS COM INC DATE OF NAME CHANGE: 19990209 FORMER COMPANY: FORMER CONFORMED NAME: ALTERNATIVE ENTERTAINMENT INC DATE OF NAME CHANGE: 19950106 10-Q 1 s110145_10q.htm 10-Q

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 quarterly period ended: March 31, 2018

☐ TRANSITION REPORT PURSUANT SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to ______________

Commission file number: 000-30396

GLYECO, INC.

(Exact name of registrant as specified in its charter)

Nevada		45-4030261
(State or other jurisdiction of incorporation)		(IRS Employer Identification No.)

230 Gill Way Rock Hill, South Carolina		29730
(Address of principal executive offices)		(Zip Code)

(866) 960-1539

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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 ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange ct. (Check one):

Large accelerated filer ☐	Accelerated filer ☐

Non-accelerated filer ☐ (Do not check if a smaller reporting company)	Smaller reporting company ☒

	Emerging growth company ☐

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 checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ☐ No ☒

As of May 14, 2018, the registrant has 166,593,661 shares of Common Stock, par value $0.0001 per share, issued and outstanding.

TABLE OF CONTENTS
		Page No:
PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets – March 31, 2018 and December 31, 2017	3
	Condensed Consolidated Statements of Operations – Three Months Ended March 31, 2018 and 2017	4
	Condensed Consolidated Statement of Stockholders’ Equity – Three Months Ended March 31, 2018	5
	Condensed Consolidated Statements of Cash Flows – Three Months Ended March 31, 2018 and 2017	6
	Notes to the Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	30

PART II — OTHER INFORMATION
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3.	Defaults Upon Senior Securities	32
Item 4.	Mine Safety Disclosures	32
Item 5.	Other Information	32
Item 6.	Exhibits	33
Signatures		34

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

GLYECO, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

March 31, 2018 and December 31, 2017

	March 31,			December 31,
	2018			2017
	(unaudited)
ASSETS

Current Assets
Cash	$	404,290		$	111,302
Cash - restricted		—			6,642
Accounts receivable, net		1,146,652			1,546,367
Prepaid expenses		473,135			360,953
Inventories		632,550			564,133
Total current assets		2,656,627			2,589,397

Property, plant and equipment, net		3,990,351			3,897,950

Other Assets
Deposits		436,450			436,450
Goodwill		3,822,583			3,822,583
Other intangible assets, net		2,144,098			2,266,654
Total other assets		6,403,131			6,525,687

Total assets	$	13,050,109		$	13,013,034

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities
Accounts payable and accrued expenses	$	3,011,095		$	2,921,406
Contingent acquisition consideration		1,503,113			1,509,755
Notes payable – current portion		310,712			297,534
Capital lease obligations – current portion		434,842			377,220
Total current liabilities		5,259,762			5,105,915

Non-Current Liabilities
Notes payable – non-current portion, net of debt discount		3,759,047			2,953,631
Capital lease obligations – non-current portion		1,094,814			1,085,985
Total non-current liabilities		4,853,861			4,039,616

Total liabilities		10,113,623			9,145,531

Commitments and Contingencies

Stockholders’ Equity
Preferred stock; 40,000,000 shares authorized; $0.0001 par value; no shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively		—			—
Common stock, 300,000,000 shares authorized; $0.0001 par value; 166,593,661 and 165,288,061 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively		16,659			16,529
Additional paid-in capital		46,133,997			45,847,572
Accumulated deficit		(43,214,170	)		(41,996,598	)
Total stockholders’ equity		2,936,486			3,867,503

Total liabilities and stockholders’ equity	$	13,050,109		$	13,013,034

See accompanying notes to the condensed consolidated financial statements.

GLYECO, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

For the three months ended March 31, 2018 and 2017

	Three months ended March 31,
	2018			2017
	(unaudited)			(unaudited)

Sales, net	$	3,001,010		$	2,290,321
Cost of goods sold		2,449,100			2,150,586
Gross profit		551,910			139,735

Operating expenses:
Consulting fees		48,591			53,426
Share-based compensation		119,888			136,986
Salaries and wages		662,231			343,055
Legal and professional		330,439			160,991
General and administrative		482,032			357,213
Total operating expenses		1,643,181			1,051,671

Loss from operations		(1,091,271	)		(911,936	)

Other expense:
Interest expense		109,050			196,218
Total other expense		109,050			196,218

Loss before provision for income taxes		(1,200,321	)		(1,108,154	)

Provision for income taxes		17,251			756

Net loss	$	(1,217,572	)	$	(1,108,910	)

Basic and diluted loss per share	$	(0.01	)	$	(0.01	)

Weighted average number of common shares outstanding - basic and diluted		165,424,728			126,269,222

See accompanying notes to the condensed consolidated financial statements.

GLYECO, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Statement of Stockholders’ Equity

For the three months ended March 31, 2018

					Additional					Total
	Common Stock				Paid -In		Accumulated			Stockholders’
	Shares		Par Value		Capital		Deficit			Equity

Balance, December 31, 2017		165,288,061	$	16,529	$	45,847,572	$	(41,996,598	)	$	3,867,503

Share-based compensation		1,305,600		130		119,758		—			119,888

Relative fair value of warrants to purchase common stock in connection with notes payable		—		—		166,667		—			166,667

Net loss		—		—		—		(1,217,572	)		(1,217,572	)

Balance, March 31, 2018		166,593,661	$	16,659	$	46,133,997	$	(43,214,170	)	$	2,936,486

See accompanying notes to the condensed consolidated financial statements.

GLYECO, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

For the three months ended March 31, 2018 and 2017

	Three months ended March 31,
	2018			2017
	(unaudited)			(unaudited)

Cash flows from operating activities
Net loss	$	(1,217,572	)	$	(1,108,910	)

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		153,722			114,024
Amortization		122,556			131,458
Share-based compensation expense		119,888			136,986
Amortization of debt discount		—			86,734
Loss on disposal of equipment		—			28,446
(Recoveries on) provision for bad debt		(36,123	)		14,401
Changes in operating assets and liabilities:
Accounts receivable, net		435,838			(45,490	)
Prepaid expenses		(46,307	)		6,694
Inventories		(68,417	)		(761,063	)
Accounts payable and accrued expenses		89,689			886,638
Due to related parties		—			(4,375	)

Net cash used in operating activities		(446,726	)		(514,457	)

Cash flows from investing activities
Purchases of property, plant and equipment		(83,572	)		(318,692	)
Cash paid for acquisition		—			(129,500	)
Payment of contingent acquisition consideration		(6,642	)		(17,899	)
Net cash used in investing activities		(90,214	)		(466,091	)

Cash flows from financing activities
Repayment of notes payable		(80,614	)		(21,410	)
Repayment of capital lease obligations		(96,100	)		(943	)
Proceeds from issuance of notes		1,000,000			—

Net cash provided by (used in) financing activities		823,286			(22,353	)

Net change in cash and restricted cash		286,346			(1,002,901	)

Cash and restricted cash at beginning of the period		117,944			1,490,551

Cash and restricted cash at end of the period	$	404,290		$	487,650

Supplemental disclosure of cash flow information
Interest paid during period	$	56,049		$	9,177
Income taxes paid during period	$	16,429		$	756

Reconciliation of cash and restricted cash at end of period:
Cash	$	404,290		$	428,997
Restricted Cash		—			58,653
	$	404,290		$	487,650

Supplemental disclosure of non-cash investing and financing activities
Note payable issued for insurance premium	$	65,875		$	—
Acquisition of equipment with capital lease obligations	$	162,551		$	—
Relative fair value of warrants to purchase common stock issued in connection with notes payable	$	166,667		$	—

See accompanying notes to the condensed consolidated financial statements.

GLYECO, INC. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 1 – Organization and Nature of Business

GlyEco, Inc. (the “Company”, “we”, or “our”) is a developer, manufacturer and distributor of performance fluids for the automotive, commercial and industrial markets. We specialize in coolants, additives and complementary fluids. We believe our vertically integrated approach, which includes formulating products, acquiring feedstock, managing facility construction and upgrades, operating facilities, and distributing products through our fleet of trucks, positions us to serve our key markets and enables us to capture incremental revenue and margin throughout the process. Our network of facilities, develop, manufacture and distribute high quality products that meet or exceed industry quality standards, including a wide spectrum of ready to use antifreezes and additive packages for antifreeze/coolant, gas patch coolants and heat transfer fluid industries, throughout North America.

On December 27, 2016, the Company purchased WEBA Technology Corp. (“WEBA”), a privately-owned company that develops, manufactures and markets additive packages for the antifreeze/coolant, gas patch coolants and heat transfer industries, and purchased 96.9% of Recovery Solutions & Technologies Inc. (“RS&T”), a privately-owned company involved in the development and commercialization of glycol recovery technology. On December 28, 2016, the Company purchased certain glycol distillation assets from Union Carbide Corporation (“UCC”), a wholly-owned subsidiary of The Dow Chemical Company, located in Institute, West Virginia (the “Dow Assets”). During the first quarter of fiscal year 2017, the Company purchased an additional 2.9% of RS&T (for a total percentage ownership of 99.8% of RS&T).

The Company was formed in the State of Nevada on October 21, 2011.

We are currently comprised of the parent corporation GlyEco, Inc., WEBA, RS&T, and our acquisition subsidiaries that were formed to acquire the processing and distribution centers listed above. Our current processing and distribution centers are held in six subsidiaries under the names of GlyEco Acquisition Corp. #1 through GlyEco Acquisition Corp. #7, excluding #4.

Going Concern

The condensed consolidated financial statements as of March 31, 2018 and December 31, 2017 and for the three months ended March 31, 2018 and 2017, have been prepared assuming that the Company will continue as a going concern. As of March 31, 2018, the Company has yet to achieve profitable operations and is dependent on its ability to raise capital from stockholders or other sources to sustain operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Ultimately, we plan to achieve profitable operations through the implementation of operating efficiencies at our facilities and increased revenue through the offering of additional products and the expansion of our geographic footprint through acquisitions, broader distribution from our current facilities and/or the opening of additional facilities. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

NOTE 2 – Basis of Presentation and Summary of Significant Accounting Policies

The following represents an update for the three months ended March 31, 2018 to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).

In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) necessary for a fair presentation on an interim basis. The operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2018.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted; however, management believes that the disclosures are adequate to make the information presented not misleading. This report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, including the Company’s audited consolidated financial statements and related notes included therein.

Principles of Consolidation

These consolidated financial statements include the accounts of GlyEco, Inc., and its wholly-owned and majority-owned subsidiaries. All significant intercompany transactions have been eliminated as a result of consolidation.

Noncontrolling Interests

The Company recognizes noncontrolling interests as equity in the consolidated financial statements separate from the parent company’s equity. Noncontrolling interests’ partners have less than 50% share of voting rights at any one of the subsidiary level companies. The amount of net income (loss) attributable to noncontrolling interests is included in consolidated net income (loss) on the face of the consolidated statements of operations. Changes in a parent entity’s ownership interest in a subsidiary that do not result in deconsolidation are treated as equity transactions if the parent entity retains its controlling financial interest. The Company recognizes a gain or loss in net income (loss) when a subsidiary is deconsolidated. Such gain or loss is measured using the fair value of the noncontrolling equity investment on the deconsolidation date. Additionally, operating losses are allocated to noncontrolling interests even when such allocation creates a deficit balance for the noncontrolling interest partner.

The Company provides either in the consolidated statements of stockholders’ equity, if presented, or in the notes to consolidated financial statements, a reconciliation at the beginning and the end of the period of the carrying amount of total equity (net assets), equity (net assets) attributable to the parent, and equity (net assets) attributable to the noncontrolling interest that separately discloses:

	(1)	Net income or loss
	(2)	Transactions with owners acting in their capacity as owners, showing separately contributions from and distributions to owners.
	(3)	Each component of other comprehensive income or loss

Noncontrolling interests were not significant as of March 31, 2018 and December 31, 2017.

Operating Segments

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision maker, or decision-making group, in deciding how to allocate resources to an individual segment and in assessing the performance of the segment. Operating segments may be aggregated into a single operating segment if the segments have similar economic characteristics, among other criteria. We have two operating segments, the Consumer and Industrial segments (See Note 8).

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reporting periods. Because of the use of estimates inherent within the financial reporting process, actual results may differ significantly from those estimates. Significant estimates include, but are not limited to, items such as the allowance for doubtful accounts, the value of share-based compensation and warrants, the recoverability of property, plant and equipment, goodwill, other intangibles and the determination of their estimated useful lives, contingent liabilities, and environmental and asset retirement obligations. Due to the uncertainties inherent in the formulation of accounting estimates, it is reasonable to expect that these estimates could be materially revised within the next year.

Revenue Recognition

The Company’s significant accounting policy for revenue was updated as a result of the adoption of Topic 606:

The Company recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the Company determines are within the scope of Topic 606, the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 3 for additional information on revenue recognition.

Costs

Cost of goods sold includes all direct material and labor costs and those indirect costs of bringing raw materials to sale condition, including depreciation of equipment used in manufacturing and shipping and handling costs. Selling, general, and administrative costs are charged to operating expenses as incurred. Research and development costs are expensed as incurred, are included in operating expenses and were insignificant in 2018 and 2017. Advertising costs are expensed as incurred.

Accounts Receivable

Accounts receivable are recognized and carried at the original invoice amount less an allowance for expected uncollectible amounts. Inherent in the assessment of the allowance for doubtful accounts are certain judgments and estimates including, among others, the customer’s willingness or ability to pay, the Company’s compliance with customer invoicing requirements, the effect of general economic conditions and the ongoing relationship with the customer. Accounts with outstanding balances longer than the payment terms are considered past due. We do not charge interest on past due balances. The Company writes off trade receivables when all reasonable collection efforts have been exhausted. Bad debt expense is reflected as a component of general and administrative expenses in the consolidated statements of operations. The allowance for doubtful accounts totaled $134,339 and $213,136 as of March 31, 2018 and December 31, 2017, respectively.

Inventories

Inventories are reported at the lower of cost and net realizable value. The cost of raw materials, including feedstocks and additives, is determined on an average unit cost of the units in a production lot. Work-in-process represents labor, material and overhead costs associated with the manufacturing costs at an average unit cost of the units in the production lot. Finished goods represents work-in-process items with additive costs added. The Company periodically reviews its inventories for obsolete or unsalable items and adjusts its carrying value to reflect estimated net realizable values. Net realizable value is the estimated selling price in the ordinary course of business less the cost to sell.

Property, Plant and Equipment

Property, plant and equipment is stated at cost. The Company provides for depreciation on the cost of its equipment using the straight-line method over an estimated useful life, ranging from three to twenty years, and zero salvage value. Expenditures for repairs and maintenance are charged to expense as incurred.

For purposes of computing depreciation, the useful lives of property, plant and equipment are as follows:

Leasehold improvements		Lesser of the remaining lease term or 5 years

Machinery and equipment		3-15 years

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the consolidated balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposal group classified as held-for-sale would be presented separately in the appropriate asset and liability sections of the consolidated balance sheet, if material.

Deferred Financing Costs, Debt Discount and Detachable Debt-Related Warrants

Costs incurred in connection with debt are deferred and recorded as a reduction to the debt balance in the accompanying consolidated balance sheets. The Company amortizes debt issuance costs over the expected term of the related debt using the effective interest method. Debt discounts relate to the relative fair value of warrants issued in conjunction with the debt and are also recorded as a reduction to the debt balance and amortized over the expected term of the debt to interest expense using the effective interest method.

Net Loss Per Share Calculation

The basic net loss per common share is computed by dividing the net loss available to common shareholders by the weighted average number of shares outstanding during a period. Diluted loss per common share is computed by dividing the net loss available to common shareholders by the weighted average number of common shares outstanding plus potentially dilutive securities. The Company’s potentially dilutive securities outstanding are not shown in a diluted net loss per share calculation because their effect in both 2018 and 2017 would be anti-dilutive. At March 31, 2018, these potentially dilutive securities included warrants to purchase of 9,973,124 of common stock and stock options to purchase 3,387,621 shares of common stock for a total of 13,360,745 shares of common stock. At March 31, 2017, these potentially dilutive securities included warrants to purchase 11,316,874 shares of common stock and stock options to purchase 7,950,093 shares of Common Stock for a total of 19,266,967 shares of common stock.

Share-based Compensation

All share-based payments to employees and non-employee directors, including grants of employee stock options, are expensed based on their estimated fair values at the grant date, in accordance with Accounting Standards Codification (“ASC”) 718. Compensation expense for share-based payments to employees and directors is recorded over the vesting period using the estimated fair value on the date of grant, as calculated by the Company using the Black-Scholes-Merton (“BSM”) option-pricing model or the Monte Carlo Simulation. For awards with only service conditions that have graded vesting schedules, compensation cost is recorded on a straight-line basis over the requisite service period for the entire award, unless vesting occurs earlier. For awards with market conditions, compensation cost is recorded on the accelerated attribution method over the derived service period.

Non-employee share-based compensation is accounted for based on the fair value of the related stock or options, using the BSM, or the fair value of the goods or services on the measurement date, whichever is more readily determinable.

Recently Issued Accounting Pronouncements

There have been no recent accounting pronouncements or changes in accounting pronouncements that are of significance, or potential significance to the Company, except as discussed below.

In the first quarter of 2018, the Company adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which is the new comprehensive revenue recognition standard that supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry specific guidance. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In 2015 and 2016, FASB issued additional ASUs related to Topic 606 that delayed the effective date of the guidance and clarified various aspects of the new revenue guidance, including principal versus agent considerations, identification of performance obligations, and accounting for licenses, and included other improvements and practical expedients. The new guidance was effective for annual and interim periods beginning after December 15, 2017. The Company elected to adopt the new guidance using the modified retrospective transition method for all contracts not completed as of the date of adoption. The adoption of the new guidance did not have a material impact on the consolidated financial statements. See the Revenue Recognition sub header and Note 3 for additional disclosures regarding the Company’s contracts with customers as well as the impact of adopting Topic 606.

In February 2016, the FASB issued ASU 2016-02, “Leases”, which requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018 with early adoption permitted. While the Company is still evaluating ASU 2016-02, the Company expects the adoption of ASU 2016-02 will not have a material effect on the Company’s consolidated financial condition due to the recognition of the lease rights and obligations as assets and liabilities. Lessees must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees may not apply a full retrospective transition approach. The Company has not yet selected a transition method and is currently assessing the impact of the adoption of ASU 2016-02 will have on the consolidated financial statements.

In August 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows: Classification Restricted Cash”, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard in the first quarter of 2018 by using the retrospective transition method, which required the following disclosures and changes to the presentation of its consolidated financial statements: cash and restricted cash reported on the condensed consolidated statements of cash flows now includes restricted cash of $76,552, $58,653 and $6,642 as of December 31, 2016, March 31, 2017 and December 31, 2017, respectively, as well as previously reported cash.

NOTE 3 – Revenue

Revenue Recognition

All of the Company’s revenue is derived from product sales. As of January 1, 2018, the Company accounts for revenue in accordance with Topic 606, “Revenue from Contracts with Customers.” See discussion of principal activities for the Company’s operating segments in Note 8.

Product sales consist of sales of the Company’s products to manufacturers and distributors. The Company considers order confirmations or purchase orders, which in some cases are governed by master supply agreements, to be contracts with a customer. Product sale contracts are short-term contracts where the time between order confirmation and satisfaction of all performance obligations is less than one year.

Revenues from product sales are recognized when the customer obtains control of the Company’s product, which occurs at a point in time, usually upon shipment, with payment terms typically in the range of 30 to 60 days after invoicing, depending on business and geographic region. When the Company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to shipment), these are considered fulfillment activities, and accordingly, the costs are accrued when the related revenue is recognized. The Company has no obligations for returns and warranties. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues.

Disaggregation of Revenue

The Company disaggregates its revenue from contracts with customers by principal product group and geographic region, as the Company believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. See details in the tables below:

Net Trade Revenue by Principal Product Group	*Three Months Ended* *March 31, 2018*
	Consumer		Industrial
Antifreeze	$	1,652,196	$	—
Ethylene Glycol		—		763,802
Additive		—		500,196
Windshield Washer fluid		82,174		—
Equipment		2,642		—
Total	$	1,737,012	$	1,263,998

Net Trade Revenue by Geographic Region	*Three Months Ended* *March 31, 2018*

US	$	2,663,586
Canada		316,767
China		20,658
Total	$	3,001,010

Contract Balances

Accounts receivable are recorded when the right to consideration becomes unconditional. The Company does not have any contract assets or liabilities as of March 31, 2018 and December 31, 2017. The Company has utilized the practical expedient which enables the Company to expense commissions when incurred as they would be amortized over one year or less.

NOTE 4 – Inventories

The Company’s total inventories were as follows:

	March 31,		December 31,
	2018		2017
Raw materials	$	252,130	$	241,297
Work in process		20,800		69,991
Finished goods		359,620		252,845
Total inventories	$	632,550	$	564,133

NOTE 5 – Goodwill and Other Intangible Assets

The components of goodwill and other intangible assets are as follows:

									Net Balance at
	Estimated					Accumulated			March 31,
	Useful Life	Cost		Additions		Amortization			2018
Finite live intangible assets:
Customer list and tradename	5 years	$	987,500	$	—	$	(274,952	)	$	712,548

Non-compete agreements	5 years		1,199,000		—		(537,450	)		661,550

Intellectual property	10 years		880,000		—		(110,000	)		770,000

Total intangible assets		$	3,066,500	$	—	$	(922,402	)	$	2,144,098

Goodwill	Indefinite	$	3,822,583	$	—	$	—		$	3,822,583

We compute amortization using the straight-line method over the estimated useful lives of the intangible assets. The Company has no indefinite-lived intangible assets other than goodwill.

NOTE 6 – Property, Plant and Equipment

The Company’s property, plant and equipment were as follows:

	March 31,			December 31,
	2018			2017
Machinery and equipment	$	4,910,771		$	4,782,257
Leasehold improvements		275,973			275,973
Accumulated depreciation		(1,489,338	)		(1,335,615	)
		3,697,406			3,722,615
Construction in process		292,945			175,335
Total property, plant and equipment, net	$	3,990,351		$	3,897,950

NOTE 7– Stockholders’ Equity

Preferred Stock

The Company’s articles of incorporation authorize the Company to issue up to 40,000,000 shares of $0.0001 par value, preferred shares having preferences to be determined by the board of directors for dividends, and liquidation of the Company’s assets. Of the 40,000,000 preferred shares the Company is authorized by its articles of incorporation, the Board of Directors has designated up to 3,000,000 as Series AA preferred shares.

As of March 31, 2018, the Company had no shares of preferred stock outstanding.

Common Stock

As of March 31, 2018, the Company has 166,593,661 shares of common stock, par value $0.0001, outstanding. The Company’s articles of incorporation authorize the Company to issue up to 300,000,000 shares of the common stock. The holders are entitled to one vote for each share on matters submitted to a vote to shareholders, and to share pro rata in all dividends payable on common stock after payment of dividends on any preferred shares having preference in payment of dividends.

2017 Employee Stock Purchase Plan

On September 29, 2017, subject to stockholder approval, the Company’s Board of Directors approved the Company’s 2017 Employee Stock Purchase Plan (the “2017 ESPP”). The 2017 ESPP was approved by the Company’s stockholders at the Company’s 2017 Annual Meeting of Stockholders on November 14, 2017.

Under the 2017 ESPP, the Company may grant eligible employees the right to purchase our common stock through payroll deductions at a price equal to the lesser of the eighty five percent (85%) of the fair market value of a share of common stock on the exercise date of the current offering period or eighty five percent (85%) of the fair market value of our common stock on the grant date of the then current offering period. The first offering period began on November 14, 2017. Thereafter, there will be consecutive six-month offering periods until January 2, 2022, or until the Plan is terminated by the Board, if earlier.

The Company recorded stock-based compensation expense related to the ESPP of $9,000 during the three months ended March 31, 2018.

During the three months ended March 31, 2018, the Company issued the following shares of common stock for compensation:

On January 8, 2018, the Company issued 150,000 shares of common stock to one employee of the Company at a price of $0.06 per share for a value of $9,000.

A summary of the Company’s performance and market-based restricted stock awards (including shares approved but not issued) is presented below:

	Number of Shares			Weighted- Average Grant-Date Fair Value per Share
Unvested at January 1, 2018		14,279,498		$	0.07
Restricted stock granted		—			—
Restricted stock vested		—			—
Restricted stock forfeited		(660,000	)		0.07

Unvested at March 31, 2018		13,619,498		$	0.07

During the three months ended March 31, 2018 and 2017, the Company recorded $26,774 and $34,126, respectively, related to the performance and market based restricted stock awards.

Options and warrants

During the three months ended March 31, 2018, the Company issued 5,000,000 warrants (See Note 9).

NOTE 8 – Segments

GlyEco conducts its operations in two business segments: the Consumer segment and the Industrial segment. The Consumer segment’s principal business activity is the production and distribution of ASTM grade glycol products, specifically automotive antifreeze and specialty-blended antifreeze, for sale into the automotive and industrial end markets. The Consumer segment operates a full lifecycle business, picking up waste antifreeze and producing finished antifreeze from both recycled and virgin glycol sources. We operate six processing and distribution centers located in the eastern region of the United States. The production capacity of the Consumer segment is approximately 90,000 gallons per month of ready to use (50/50) antifreeze. Operations in our Industrial segment are conducted through WEBA and RS&T, two of our subsidiaries. WEBA develops, manufactures and markets additive packages for the antifreeze/coolant, gas patch coolant and heat transfer industries throughout North America. RS&T operates a glycol re-distillation plant in West Virginia that produces virgin quality glycol for sale to industrial customers worldwide. The production capacity of the RS&T facility is approximately 1.5 million gallons per month of concentrated ethylene glycol. The RS&T facility current produces antifreeze and industrial grade ethylene glycol.

The Company uses loss before provision for income taxes as its measure of profit/loss for segment reporting purposes. Loss before provision for income taxes by operating segment includes all operating items relating to the businesses, including inter segment transactions. Items that primarily relate to the Company as a whole are assigned to Corporate.

Inter segment eliminations present the adjustments for inter segment transactions to reconcile segment information to the Company’s consolidated financial statements.

Segment information, and the reconciliation to the Company’s consolidated financial statements, for the three months ended March 31, 2018, is presented below:

	Consumer			Industrial			Inter Segment Eliminations			Corporate			Total
Sales, net	$	1,739,584		$	1,608,325		$	(346,899	)	$	—		$	3,001,010
Cost of goods sold		1,569,187			1,226,812			(346,899	)		—			2,449,100
Gross profit		170,397			381,513			—			—			551,910

Total operating expenses		713,536			392,434			—			537,211			1,643,181

Loss from operations		(543,139	)		(10,921	)		—			(537,211	)		(1,091,271	)

Total other expenses		(5,428	)		(44,599	)		—			(59,023	)		(109,050	)

Loss before provision for income taxes	$	(548,567	)	$	(55,520	)	$	—		$	(596,234	)	$	(1,200,321	)

NOTE 9 – Notes Payable

Notes payable consist of the following:

	As of March 31, 2018			As of December 31, 2017
2018 10% Related Party Unsecured Notes, net of debt discount of $166,667	$	833,333		$	—
2017 Secured Note		99,157			104,990
2018 and 2017 Unsecured Note		200,399			188,060
2016 Secured Notes		286,870			308,115
2016 WEBA Seller Notes		2,650,000			2,650,000
Total notes payable		4,069,759			3,251,165
Less current portion		(310,712	)		(297,534	)
Long-term portion of notes payable	$	3,759,047		$	2,953,631

2018 Related Party Unsecured Notes

10% Notes Issuance

On March 29, 2018, the Company entered into a subscription agreement (the “10% Notes Subscription Notes Agreement”) by and between the Company and various funds managed by Wynnefield Capital. The 10% Notes Subscription Agreement was the first tranche of a private placement (see Note 12). Pursuant to the 10% Notes Subscription Agreement, the Company offered and issued $1,000,000 in principal amount of 10% Senior Unsecured Promissory Notes (the “10% Notes”) and (ii) warrants (the “Warrants”) to purchase up to 5,000,000 shares of common stock of the Company. The Company received $1,000,000 in proceeds from the offering. The 10% Notes are scheduled to mature on May 4, 2019 (the “10% Note Maturity Date”). The 10% Notes bear interest at a rate of 10% per annum due on the 10% Note Maturity Date or as otherwise specified by the 10% Notes.

The Company allocated the proceeds received to the 10% Notes and the Warrants on a relative fair value basis at the time of issuance. The total debt discount of $166,667 will be amortized over the life of the 10% Notes to interest expense using the effective interest method. Amortization expense during the quarter ended March 31, 2018 was insignificant.

We estimated the fair value of the Warrants on the issuance date using a Black-Scholes pricing model with the following assumptions:

	Warrants
Expected term		3 years
Volatility		143.81	%
Risk Free Rate		2.39	%

The proceeds of the 10% Notes were allocated to the components as follows:

	Proceeds allocated at issuance date
Notes	$	833,333
Warrants		166,667
Total	$	1,000,000

2018 and 2017 Unsecured Note

In October 2017 and later amended in January 2018, the Company entered into an unsecured note with Bank Direct to finance its insurance premiums (the “2018 and 2017 Unsecured Note”). The key terms of the 2018 and 2017 Unsecured Note include: (i) an original principal balance of $242,866, (ii) an interest rate of 5.4%, and (iii) a term of ten months. If the Company should default on the loan, Bank Direct may cancel the Company’s underlying insurance and the Company would only owe any earned but unpaid premium. This would be a minimal amount as deposits and payments are paid in advance to reduce the lender’s risk.

NOTE 10 – Related Party Transactions

Vice President of U.S. Operations

The former Vice President of U.S. Operations is the sole owner of BKB Holdings, LLC, which is the landlord of the property where GlyEco Acquisition Corp #5’s processing and distribution center is located. The Vice President of U.S. Operations also is the sole owner of Renew Resources, LLC, which provides services to the Company as a vendor.

	2018			2017
Beginning Balance as of January 1,	$	—		$	5,123
Monies owed to related party for services performed		18,780			24,707
Monies paid		(18,780	)		(28,014	)
Ending balance as of March 31,	$	—		$	1,816

10% Notes

On March 29, 2018, we entered into debt agreements for an aggregate principal amount of $1,000,000 from the offering and issuance of 10% Notes to Wynnefield Partners Small Cap Value I, L.P. and Wynnefield Partners Small Cap Value, L.P, which are under the management of Wynnefield Capital, Inc. (“Wynnefield Capital”), an affiliate of the Company. The Company’s Chairman of the Board, Dwight Mamanteo, is a portfolio manager of Wynnefield Capital. (See Note 9 for additional information).

NOTE 11 – Commitments and Contingencies

Litigation

The Company may be party to legal proceedings in the ordinary course of business from time to time. Litigation is subject to inherent uncertainties, and an adverse result in a legal proceeding could arise that may harm our business. Below is an overview of a pending legal proceeding in which an adverse result could have a material adverse effect on our business and results of operations.

On December 27, 2017, PSP Falcon Industries, LLC (“PSP Falcon”) filed a civil action against the Company in the Ocean County Superior Court located in Toms River, New Jersey. The civil action relates to an outstanding balance alleged to be due to PSP Falcon from the Company in an amount of $530,633 related to certain construction expenses. The Company believes it has paid PSP Falcon in full for the services rendered and therefore that no outstanding balance remains due. Accordingly, the Company plans to vigorously defend itself from this claim.

Environmental Matters

We are subject to federal, state, and local laws, regulations and ordinances relating to the protection of the environment, including those governing discharges to air and water, handling and disposal practices for solid and hazardous wastes, and occupational health and safety. It is management’s opinion that the Company is not currently exposed to significant environmental remediation liabilities or asset retirement obligations. However, if a release of hazardous substances occurs, or is found on one of our properties from prior activity, we may be subject to liability arising out of such conditions and the amount of such liability could be material. The Company accrues for potential environmental liabilities in a manner consistent with GAAP; that is, when it is probable a liability has been incurred and the amount of the liability is reasonably estimable. The Company reviews the status of its environmental sites on a yearly basis and adjusts its reserves accordingly. Such potential liabilities accrued by the Company do not take into consideration possible recoveries of future insurance proceeds. The Company maintains insurance coverage for unintentional acts that result in environmental remediation liabilities up to $1 million per occurrence; $2 million in the aggregate, with an umbrella liability policy that doubles the coverage. These policies do, however, take into account the likely share other parties will bear at remediation sites. It would be difficult to estimate the Company’s ultimate level of liability due to the number of other parties that may be involved, the complexity of determining the relative liability among those parties, the uncertainty as to the nature and scope of the investigations and remediation to be conducted, the uncertainty in the application of law and risk assessment, the various choices and costs associated with diverse technologies that may be used in corrective actions at the sites, and the often quite lengthy periods over which eventual remediation may occur. The Company does not currently believe that any claims, penalties or costs in connection with known environmental matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

In December 2016, the Company completed the acquisition of certain glycol distillation assets from Union Carbide Corporation in Institute, West Virginia. In order to comply with West Virginia regulations enacted in 2017, the Company has elected to accrue $780,000 for tank remediation. The amount of the accrual is based on various assumptions and estimates and will be periodically reevaluated in light of a variety of future events and contingencies.

NOTE 12 – Subsequent Events

Closing of Private Placement

On April 6, 2018, the Company closed on a private placement (the “Private Placement”) of up to $2,500,000 million (the “Maximum Offering Amount) in principal amount of 10% Unsecured Promissory Notes (the “Notes”) and common stock purchase warrants to purchase up to 12,500,000 shares of the Company’s common stock pursuant to a Subscription Agreement (the “Subscription Agreement”) by and among the Company and each prospective investor. Each of the Notes will mature thirteen months from their issuance date (each a “Maturity Date”). The Private Placement will continue until the earlier of (a) the date upon which subscriptions for the Maximum Offering Amount have been received and accepted by the Company or (b) April 30, 2018, unless terminated at an earlier time by the Company, or unless extended by the Company in its sole discretion, without notice to or consent by prospective investors, to a date not later than May 15, 2018.

The Company closed a subsequent tranche of the Private Placement on April 10, 2018, with one of its directors, Charles F. Trapp (“Trapp”; and together with the Institutional Investors, the “Initial Investors” and each an “Initial Investor”), with respect to a Note with a principal amount of $50,000 (the “Trapp Note”; and together with the Institutional Notes, the “Initial Notes” and each an “Initial Note”) and a Warrant to purchase 250,000 shares of common stock (the “Trapp Warrant”; and together with the Institutional Warrants, the “Initial Warrants”).

The Company closed a subsequent tranche of the Private Placement on May 1, 2018, with one of its directors and its Chief Executive Officer, Ian Rhodes (“Rhodes”; and together with the Institutional Investors, the “Initial Investors” and each an “Initial Investor”), with respect to a Note with a principal amount of $50,000 (the “Rhodes Note”; and together with the Institutional Notes, the “Initial Notes” and each an “Initial Note”) and a Warrant to purchase 250,000 shares of common stock (the “Rhodes Warrant”; and together with the Institutional Warrants, the “Initial Warrants”).

The Company closed a subsequent tranche of the Private Placement on May 4, 2018, with various funds managed by Wynnefield Capital, for an aggregate principal amount of $1,000,000 of Notes (the “Institutional Notes”) and Warrants to purchase an aggregate of 5,000,000 shares of common stock (the “Institutional Warrants”).

The proceeds from the purchase of all Notes and Warrants will be used primarily for working capital and general corporate purposes. The Initial Notes and Initial Warrants were issued pursuant to the Subscription Agreement, by and among the Company and each Initial Investor.

The Initial Notes bear interest at a rate of 10% per annum and shall be payable on the relevant Maturity Date along with the principal amount of the Initial Notes, plus any liquidated damages and other amounts due under the Initial Notes. At any time after issuance of the Institutional Notes or the Trapp Note, the Company may deliver to such investor a notice of prepayment with respect to any portion of the principal amount of the relevant Initial Note, and any accrued and unpaid interest thereon. Upon the occurrence of an event of default under the Initial Notes, the Company must repay to the Initial Investors a 125% premium of the outstanding principal amount of the Initial Notes and accrued and unpaid interest thereon, in addition to the payment of all other amounts, costs, expenses and liquidated damages due in respect of the Initial Notes.

The Initial Warrants are exercisable to purchase up to an aggregate of 5,250,000 shares of common stock (the “Initial Warrant Shares”; and together with the Initial Notes and the Initial Warrants, the “Initial Securities”) commencing on the date of issuance at an exercise price of $0.05 per share (the “Exercise Price”). The Initial Warrants will expire on the third anniversary of their date of issuance. The Exercise Price is subject to adjustment upon stock splits, reverse stock splits, and similar capital changes. An Initial Investor does not have a right to exercise its respective Initial Warrants to the extent that such exercise would result in such Initial Investor being the beneficial owner in excess of 4.99% (or, upon election of such Initial Investor, 9.99%), which beneficial ownership limitation may be increased or decreased up to 9.99% upon notice to the Company, provided that any increase in such limitation will not be effective until 61 days following notice to the Company.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements for the fiscal year ended December 31, 2017, and the notes thereto, along with Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed separately with the US Securities and Exchange Commission. This discussion and analysis contains forward-looking statements based upon current beliefs, plans, expectations, intentions and projections that involve risks, uncertainties and assumptions, such as statements regarding our plans, objectives, expectations, intentions and projections. We use words such as “anticipate,” “estimate,” “plan, “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” and similar expressions to identify forward-looking statements. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and any updates to those risk factors filed from time in our Quarterly Reports on Form 10-Q including those set forth under Part II, Item 1A of this Quarterly Report on Form 10-Q.

Unless otherwise noted herein, terms such as the “Company,” “GlyEco,” “we,” “us,” “our” and similar terms refer to GlyEco, Inc., a Nevada corporation, and our subsidiaries.

In addition, the following discussion should be read in conjunction with the information contained in the condensed consolidated financial statements of the Company and related notes included elsewhere herein.

Company Overview

GlyEco is a developer, manufacturer and distributor of performance fluids for the automotive, commercial and industrial markets. We specialize in coolants, additives and complementary fluids. We believe our vertically integrated approach, which includes formulating products, acquiring feedstock, managing facility construction and upgrades, operating facilities, and distributing products through our fleet of trucks, positions us to serve our key markets and enables us to capture incremental revenue and margin throughout the process. Our network of facilities, develop, manufacture and distribute high quality products that meet or exceed industry quality standards, including a wide spectrum of ready to use antifreezes and additive packages for the antifreeze/coolant, gas patch coolants and heat transfer fluid industries, throughout North America.

GlyEco conducts its operation in two business segments: the Consumer segment and the Industrial segment. The Consumer segment’s principal business activity is the production and distribution of ASTM grade glycol products, specifically automotive antifreeze and specialty-blended antifreeze, for sale into the automotive and industrial end markets. The Consumer segment operates a full lifecycle business, picking up waste antifreeze and producing finished antifreeze from both recycled and virgin glycol sources. We operate six processing and distribution centers located in the eastern region of the United States. The production capacity of the Consumer segment is approximately 90,000 gallons per month of ready to use (50/50) antifreeze. Operations in our Industrial segment are conducted through WEBA and RS&T, two of our subsidiaries. WEBA develops, manufactures and markets additive packages for the antifreeze/coolant, gas patch coolant and heat transfer industries throughout North America. RS&T operates a glycol re-distillation plant in West Virginia that produces virgin quality glycol for sale to industrial customers worldwide. The RS&T facility currently produces antifreeze and industrial grade ethylene glycol. The production capacity of the RS&T facility is approximately 1.5 million gallons per month of concentrated ethylene glycol.

Consumer Segment

Our Consumer segment has processing and distribution centers located in (1) Minneapolis, Minnesota, (2) Indianapolis, Indiana, (3) Lakeland, Florida, (4) Rock Hill, South Carolina, (5) Tea, South Dakota, and (6) Landover, Maryland. The Minneapolis, Minnesota, Lakeland, Florida, Rock Hill, South Carolina and Tea, South Dakota facilities have distillation equipment and operations for recycling waste glycol streams as well as blending equipment and operations for mixing glycol and other chemicals to produce finished products for sale to third party customers, while the Indianapolis, Indiana and Landover, Maryland facilities currently only have blending equipment and operations for mixing glycol and other chemicals to produce finished products for sale to third party customers. We estimate that the monthly processing capacity of our facilities with distillation equipment is approximately 90,000 gallons of ready to use finished products. We have invested significant time and money into increasing the capacity and actual production of our facilities. Our processing and distribution centers utilize a fleet of trucks to deliver glycol products directly to retail end users at their storefronts, which is typically 50-100 gallons per customer order and to collect waste material for processing at our facilities. Collectively, we directly service approximately 5,000 customers. To meet the delivery volume needs of our existing customers, we supplement our collected and processed glycol with new or virgin glycol that we purchase in bulk from various suppliers. In addition to our retail end users, we also sell our recycled products to wholesale or bulk distributors who, in turn, sell to retail end users specifically as automotive or specialty blended antifreeze.

We have deployed our technology and processes across our six processing and distribution centers, allowing for safe and efficient handling of waste streams, application of our processing technology and Quality Control & Assurance Program (“QC&A Program”), sales of high-quality glycol products, and data systems allowing for tracking, training, and further development of our products and service.

Our Consumer segment product offerings include:

●	Antifreeze/Coolant - We formulate several antifreeze products to meet ASTM and/or Original Equipment Manufacturers (“OEM”) manufacturer specifications for engine coolants. In addition, we custom blend antifreeze to customer specifications.

●	Heating, Ventilation and Air Conditioning (“HVAC”) Fluids - We formulate HVAC coolant to meet ASTM and/or OEM manufacturer specifications for HVAC fluids. In addition, we custom blend HVAC coolants to customer specifications.

●

Waste Glycol Disposal Services - Utilizing our fleet of collection/delivery trucks, we collect waste glycol from generators for recycling. We coordinate large batches of waste glycol to be picked up from generators and delivered to our processing and distribution centers for recycling or in some cases to be safely disposed.

We currently sell and deliver all of our products in bulk containers (55 gallon barrels, 250 gallon totes, etc.) or variable metered bulk quantities.

We began developing new methods for recycling glycols in 1999. We recognized a need in the market to improve the quality of recycled glycol being returned to retail customers. In addition, we believed through process technology, systems, and footprint we could clean more types of waste glycol in a more cost-efficient manner. Each type of industrial waste glycol contains a different list of impurities which traditional waste antifreeze processing does not clean effectively. Additionally, many of the contaminants left behind using these processes - such as esters, organic acids and high dissolved solids - leave the recycled material risky to use in vehicles or machinery.

Our patented technology removes difficult pollutants, including esters, organic acids, high dissolved solids and high un-dissolved solids in addition to the benefit of clearing oil/hydrocarbons, additives and dyes that are typically found in used engine coolants. Our QC&A Program seeks to ensure consistently high quality, ASTM standard compliant recycled material.

Industrial Segment

Our Industrial segment consists of two divisions: WEBA, our additives business and RS&T, our glycol re-distillation plant in West Virginia.

WEBA develops, manufactures and markets additive packages for the antifreeze/coolant, gas patch coolants and heat transfer industries throughout North America. We believe WEBA is one of the largest companies serving the North American additive market. WEBA’s METALGUARD® additive package product line includes one-step inhibitor systems, which give our customers the ability to easily make various types of antifreeze concentrate and 50/50 coolants for all automobiles, heavy-duty diesel engines, stationary engines in gas patch and other applications. METALGUARD® additive packages cover the entire range of coolant types from basic green conventional to the newest extended life OAT antifreezes of all colors. Our heat transfer fluid additives allow our customers to make finished heat transfer fluids for most industry applications including all-aluminum systems. The METALGUARD® heat transfer fluids include light and heavy-duty fluids, both propylene and ethylene glycol based, for various operating temperatures. These inhibitors cover the industry standard of phosphate-based inhibitors as well as all-organic (OAT) inhibitors for specific pH range and aluminum system requirements.

All of the METALGUARD® products are tested at our in-house laboratory facility and by third-party laboratories to assure conformance. We use the standards set by the ASTM (American Society of Testing Materials) for all of our products. All of our products pass the most current ASTM standards and testing for each type of product. Our manufacturing facility conforms to the highest levels of process quality control including ISO 9001 certification.

RS&T operates a glycol re-distillation plant in West Virginia, which produces virgin quality glycol for sale to industrial customers worldwide. The RS&T facility currently produces antifreeze and industrial grade ethylene glycol. We believe it is one of the largest glycol re-distillation plants in North America, with production capacity of approximately 1.5 million gallons per month of concentrated ethylene glycol. The RS&T facility, located at the Dow Institute Site at Institute, West Virginia, includes five distillation columns, three wiped-film evaporators, heat exchangers, processing and storage tanks, and other processing equipment. The facility’s tanks include feedstock storage capacity of several million gallons and finished goods storage capacity of several million gallons. The plant is equipped with rail and truck unloading/loading facilities, and on-site barge loading/unloading facilities.

Our Strategy

We are a vertically integrated specialty chemical company focused on high quality glycol-based and other products where we can be an efficiency leader providing value added products. To deliver value to all of our stakeholders we: develop, manufacture and deliver value-added niche or specialty products, deliver high quality products which meet or exceed industry standards, provide white glove, proactive customer service, effectively manage costs as a low cost manufacturer, operate a dependable low cost distribution network, leverage technology and innovation throughout our company and are eco-friendly.

To effectively deliver on our strategy, we offer a broad spectrum of products in our niches, focus on non-standard innovative products, leverage multiple distribution channels and we are market smart in that we maximize less competitive/under-served markets. Our manufacturing operations produce high quality products while effectively managing costs by recycling at high capacity and high up time, driving down raw material costs with focused feedstock streams management and using technology and data to manage our business in real-time. Our distribution operations provide dependable service at a low cost by effectively using know how, technology and data. We leverage technology and innovation to develop a recognized brand and operate certified laboratories and well supported research and development activities. We focus on internal and external training programs. We are also eco-friendly with the products we offer and the way we operate our businesses.

Critical Accounting Policies

We have identified in the consolidated financial statements contained herein certain critical accounting policies that affect the more significant judgments and estimates used in the preparation of the consolidated financial statements. Our discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. The preparation of our consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosure of contingent assets and liabilities. Management reviews with the Audit Committee the selection, application and disclosure of critical accounting policies. On an ongoing basis, we evaluate our estimates, including those related to areas that require a significant level of judgment or are otherwise subject to an inherent degree of uncertainty. These areas include going concern, collectability of accounts receivable, inventory, impairment of goodwill, carrying amounts and useful lives of intangible assets, fair value of assets acquired and liabilities assumed in business combinations, stock-based compensation expense, and deferred taxes. We base our estimates on historical experience, our observance of trends in particular areas, and information or valuations and various other assumptions that we believe to be reasonable under the circumstances and which form the basis for making judgments about the carrying value of assets and liabilities that may not be readily apparent from other sources. Actual amounts could differ significantly from amounts previously estimated.

We believe that of our significant accounting policies, the following may involve a higher degree of judgment and complexity:

Revenue Recognition

Collectability of Accounts Receivable

Accounts receivable consist primarily of amounts due from customers from sales of products and are recorded net of an allowance for doubtful accounts. In order to record our accounts receivable at their net realizable value, we assess their collectability. A considerable amount of judgment is required in order to make this assessment, based on a detailed analysis of the aging of our receivables, the credit worthiness of our customers and our historical bad debts and other adjustments. If economic, industry or specific customer business trends worsen beyond earlier estimates, we increase the allowance for uncollectible accounts by recording additional expense in the period in which we become aware of the new conditions.

Substantially all our customers are based in the United States. The economic conditions in the United States can significantly impact the recoverability of our accounts receivable.

Inventories

Inventories consist primarily of feedstock and other raw materials and finished product ready for sale. Inventories are stated at the lower of cost or market with cost recorded on an average cost basis. Costs include purchase costs, fleet and fuel costs, direct labor, transportation costs and production related costs. In determining whether inventory valuation issues exist, we consider various factors including estimated quantities of slow-moving inventory by reviewing on-hand quantities, historical sales and production usage. Shifts in market trends and conditions, changes in customer preferences or the loss of one or more significant customers are factors that could affect the value of our inventory. These factors could make our estimates of inventory valuation differ from actual results.

Long-Lived Assets

We periodically evaluate whether events and circumstances have occurred that may warrant revision of the estimated useful life of long-lived assets or whether the remaining balance of the long-lived assets should be evaluated for possible impairment. Instances that may lead to an impairment include the following: (i) a significant decrease in the market price of a long-lived asset group; (ii) a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition; (iii) a significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset or asset group, including an adverse action or assessment by a regulator; (iv) an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset or asset group; (v) a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group; or (vi) a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life.

Upon recognition of an event, as previously described, we use an estimate of the related undiscounted cash flows, excluding interest, over the remaining life of the property and equipment and long-lived assets in assessing their recoverability. We measure impairment loss as the amount by which the carrying amount of the asset(s) exceeds the fair value of the asset(s). We primarily employ the two following methodologies for determining the fair value of a long-lived asset: (i) the amount at which the asset could be bought or sold in a current transaction between willing parties; or (ii) the present value of expected future cash flows grouped at the lowest level for which there are identifiable independent cash flows.

Deferred Financing Costs, Debt Discount and Detachable Debt-Related Warrants

Costs incurred in connection with debt are deferred and recorded as a reduction to the debt balance in the accompanying consolidated balance sheets. The Company amortizes debt issuance costs over the expected term of the related debt using the effective interest method. Debt discounts relate to the relative fair value of warrants issued in conjunction with the debt are also recorded as a reduction to the debt balance and accreted over the expected term of the debt to interest expense using the effective interest method.

Share-Based Compensation

We use the Black-Scholes-Merton option-pricing model to estimate the value of options and warrants issued to employees and consultants as compensation for services rendered to the Company. This model uses estimates of volatility, risk free interest rate and the expected term of the options or warrants, along with the current market price of the underlying stock, to estimate the value of the options and warrants on the date of grant. In addition, the calculation of compensation costs requires that the Company estimate the number of awards that will be forfeited during the vesting period. The fair value of the stock-based awards is amortized over the vesting period of the awards. For stock-based awards that vest based on performance conditions, expense is recognized when it is probable that the conditions will be met. For stock-based awards that vest based on market conditions, expense is recognized on the accelerated attribution method over the derived service period.

Assumptions used in the calculation were determined as follows:

●	Expected term is generally determined using the weighted average of the contractual term and vesting period of the award;

●	Expected volatility of award grants made under the Company’s plans is measured using the historical daily changes in the market price of the Company, over the expected term of the award;

●	Risk-free interest rate is equivalent to the implied yield on zero-coupon U.S. Treasury bonds with a remaining maturity equal to the expected term of the awards; and

●	Forfeitures are based on the history of cancellations of awards granted by the Company and management’s analysis of potential forfeitures.

Contingencies

Litigation

Environmental Matters

The Company accrues for potential environmental liabilities in a manner consistent with GAAP; that is, when it is probable a liability has been incurred and the amount of the liability is reasonably estimable. The Company reviews the status of its environmental sites on a yearly basis and adjusts its reserves accordingly. Such potential liabilities accrued by the Company do not take into consideration possible recoveries of future insurance proceeds. The Company maintains insurance coverage for unintentional acts that result in environmental remediation liabilities up to $1 million per occurrence and $2 million in the aggregate, with an umbrella liability policy that doubles the coverage. These policies do, however, take into account the likely share other parties will bear at remediation sites. It would be difficult to estimate the Company’s ultimate level of liability due to the number of other parties that may be involved, the complexity of determining the relative liability among those parties, the uncertainty as to the nature and scope of the investigations and remediation to be conducted, the uncertainty in the application of law and risk assessment, the various choices and costs associated with diverse technologies that may be used in corrective actions at the sites, and the often quite lengthy periods over which eventual remediation may occur. Other than as disclosed above with respect to an adverse result regarding the Company’s obligations to address certain environmental clean-up matters at the former New Jersey processing and distribution center, the Company does not currently believe that any claims, penalties or costs in connection with known environmental matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Results of Operations

Three Months Ended March 31, 2018 Compared to Three Months Ended March 31, 2017

Net Sales

For the three-month period ended March 31, 2018, Net Sales were $3,001,010 compared to $2,290,321 for the three-month period ended March 31, 2017, representing an increase of $710,689, or approximately 31%. The increase in Net Sales was due to $667,644 of sales related to the Industrial Segment businesses compared to the same period in 2017. Net Sales, including intersegment sales for the three-month period ended March 31, 2018, were $1,739,584 and $1,608,325 for the Consumer and Industrial segments, respectively.

Cost of Goods Sold

For the three-month period ended March 31, 2018, our Costs of Goods Sold was $2,449,100, compared to $2,150,586 for the three-month period ended March 31, 2017, representing an increase of $298,514, or approximately 14%. The increase in Cost of Goods Sold was primarily due to costs associated with the increase in net sales.

Gross Profit

For the three-month period ended March 31, 2018, we realized a gross profit of $551,910, compared to a gross profit of $139,735 for the three-month period ended March 31, 2017. Gross profit, including intersegment sales, for the three-month period ended March 31, 2018 was $170,397 and $ 381,513 for the Consumer and Industrial segments, respectively.

Our gross profit margin for the three-month period ended March 31, 2018, was approximately 18%, compared to approximately 6% for the three-month period ended March 31, 2017. Gross profit margin, excluding intersegment sales for the three-month period ended March 31, 2018, was 10% and 24% for the Consumer and Industrial segments, respectively. The gross profit margin for the Consumer segment was positively impacted by increased sales and proportionately lower costs.

Operating Expenses

For the three-month period ended March 31, 2018, operating expenses increased to $1,643,181 from $1,051,671 for the three-month period ended March 31, 2017, representing an increase of $591,510, or approximately 56%. Operating Expenses consist of Consulting Fees, Share-Based Compensation, Salaries and Wages, Legal and Professional Expenses, and General and Administrative Expenses. Our operating expense ratio for the three-month period ended March 31, 2018, was approximately 55%, compared to approximately 46% for the three-month period ended March 31, 2017.

Consulting Fees consist of marketing and administrative fees incurred under consulting agreements. Consulting Fees decreased to $48,591 for the three-month period ended March 31, 2018, from $53,426 for the three-month period ended March 31, 2017, representing a decrease of $4,835 or 9%.

Share-Based Compensation consists of stock and options issued to employees in consideration for services provided to the Company. Share-Based Compensation decreased to $119,888 for the three-month period ended March 31, 2018, from $136,986 for the three-month period ended March 31, 2017, representing a decrease of $17,098, or 12%.

Salaries and Wages consist of wages and the related taxes. Salaries and Wages increased to $662,231 for the three-month period ended March 31, 2018, from $343,055 for the three-month period ended March 31, 2017, representing an increase of $319,176 or 93%. The increase is due to the addition of employees in such areas as marketing, sales and finance in late 2017.

Legal and Professional Fees consist of legal, accounting, tax and audit services. For the three-month period ended March 31, 2018, Legal and Professional Fees increased to $330,439 from $160,991 for the three-month period ended March 31, 2017, representing an increase of $169,448. The increase is primarily related to work performed in connection with special projects including tax, audit and IT needs.

General and Administrative (G&A) Expenses consist of general operational costs of our business. For the three-month period ended March 31, 2018, G&A Expenses increased to $482,032 from $357,213 for the three-month period ended March 31, 2017, representing an increase of $124,819, or approximately 35%. The increase is due to expenses related to the build out of our sales team, including the associated travel and training expenses.

Other Expense

For the three-month period ended March 31, 2018, Other Expense was $109,050 compared to $196,218 for the three-month period ended March 31, 2017, representing a decrease of $87,168. Other Expense consists of Interest Expense.

Adjusted EBITDA

Presented below is the non-GAAP financial measure representing earnings before interest, taxes, depreciation, amortization and share-based compensation (which we refer to as “Adjusted EBITDA”). Adjusted EBITDA should be viewed as supplemental to, and not as an alternative for, net income (loss) and cash flows from operations calculated in accordance with GAAP.

Adjusted EBITDA is used by our management as an additional measure of our Company’s performance for purposes of business decision-making, including developing budgets, managing expenditures, and evaluating potential acquisitions or divestitures. Period-to-period comparisons of Adjusted EBITDA help our management identify additional trends in our Company’s financial results that may not be shown solely by period-to-period comparisons of net income (loss) and cash flows from operations. In addition, we may use Adjusted EBITDA in the incentive compensation programs applicable to many of our employees in order to evaluate our Company’s performance. Further, we believe that the presentation of Adjusted EBITDA is useful to investors in their analysis of our results and helps investors make comparisons between our company and other companies that may have different capital structures, different effective income tax rates and tax attributes, different capitalized asset values and/or different forms of employee compensation. Our management recognizes that Adjusted EBITDA has inherent limitations because of the excluded items, particularly those items that are recurring in nature. In order to compensate for those limitations, management also reviews the specific items that are excluded from Adjusted EBITDA, but included in net income (loss), as well as trends in those items. The amounts of those items are set forth, for the applicable periods, in the reconciliations of Adjusted EBITDA to net loss below.

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA

	Three Months Ended March 31,
	2018			2017
GAAP net loss	$	(1,217,572	)	$	(1,108,910	)

Interest expense		109,050			196,218
Income tax expense		17,251			756
Depreciation and amortization		276,278			245,482
Share-based compensation		119,888			136,986
Adjusted EBITDA	$	(695,105	)	$	(529,468	)

Liquidity & Capital Resources; Going Concern

We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities. Significant factors affecting the management of liquidity are cash flows generated from operating activities, capital expenditures, and acquisitions of businesses and technologies. Cash provided by financing continues to be the Company’s primary source of funds. We believe that we can raise adequate funds through the issuance of equity or debt as necessary to continue to support our planned expansion.

For the three months ended March 31, 2018 and 2017, net cash used in operating activities was $446,726 and $514,457 respectively. The decrease in cash used in operating activities is due to the significant period over period changes in accounts receivable, inventories and accounts payable and accrued expenses.

For the three months ended March 31, 2018, the Company used $90,214 in cash for investing activities, compared to the $466,091 used in the prior year’s period. These amounts were comprised of capital expenditures for equipment.

For the three months ended March 31, 2018, net cash from financing activities was $823,286, which was comprised of $1,000,000 proceeds from a note payable, offset by payments made on other notes payable and capital lease obligations. For the three months ended March 31, 2017, we paid $22,353, in cash related to financing activities, primarily related to period debt payments.

As of March 31, 2018, we had $2,656,627 in current assets, including $404,290 in cash, $1,146,652 in accounts receivable and $632,550 in inventories. Cash increased from $111,302 as of December 31, 2017, to $404,290 as of March 31, 2018, primarily due to the timing of payments.

As of March 31, 2018, we had total current liabilities of $5,259,762 consisting primarily of accounts payable and accrued expenses of $3,011,095, contingent acquisition consideration of $1,503,113, and the current portion of notes payable of $310,712. As of March 31, 2018, we had total non-current liabilities of $4,853,861, consisting primarily of the non-current portion of our notes payable and capital lease obligations.

The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As of March 31, 2018, the Company has yet to achieve profitable operations and is dependent on our ability to raise capital from stockholders or other sources to sustain operations and to ultimately achieve profitable operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date of this filing.

Our plans to address these matters include achieving profitable operations, raising additional financing through offering our shares of the Company’s capital stock in private and/or public offerings of our securities and through debt financing if available and needed. There can be no assurances, however, that the Company will be able to obtain any financings or that such financings will be sufficient to sustain our business operation or permit the Company to implement our intended business strategy. We plan to achieve profitable operations through the implementation of operating efficiencies at our facilities and increased revenue through the offering of additional products and the expansion of our geographic footprint through acquisitions, broader distribution from our current facilities and/or the opening of additional facilities.

In their report dated April 2, 2018 with respect to our consolidated financial statements for the years ended December 31, 2017 and 2016, KMJ Corbin & Company LLP, our independent registered public accounting firm, expressed substantial doubt about our ability to continue as a going concern as a result of our recurring losses from operations and our dependence on our ability to raise capital, among other factors.

Cash Flows

The table below sets forth certain information about the Company’s cash flows for the three months ended March 31, 2018 and 2017:

	For the Three Months Ended
	March 31, 2018			March 31, 2017
Net cash used in operating activities	$	(446,726	)	$	(514,457	)
Net cash used in investing activities		(90,214	)		(466,091	)
Net cash provided (used in) by financing activities		823,286			(22,353	)
Net change in cash and restricted cash		286,346			(1,002,901	)
Cash and restricted cash - beginning of period		117,944			1,490,551
Cash and restricted cash - end of period	$	404,290		$	487,650

The Company may not have sufficient capital to sustain expected operations for the next twelve months. To date, we financed operations and investing activities through private sales of our securities exempt from the registration requirements of the Securities Act of 1933, as amended.

Off-balance Sheet Arrangements

None.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

As a smaller reporting company, as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we are not required to provide the information required by this Item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a- 15(e) and 15d- 15(e) under the Exchange Act). Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of March 31, 2018, our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in the SEC rules and forms, and (ii) is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance with GAAP.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting using the criteria set forth by the 2013 Committee of Sponsoring Organizations of the Treadway Commission in Internal Control—Integrated Framework. Based on our evaluation under the criteria set forth in Internal Control—Integrated Framework, our management concluded that our internal control over financial reporting was effective as of March 31, 2018.

This Report on Form 10-Q does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Our management’s report was not subject to attestation by our independent registered public accounting firm pursuant to rules of the SEC that permit us to provide only management’s report in this Report on Form 10-Q.

Inherent Limitations on Internal Control

A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of simple errors. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Changes in Internal Control Over Financial Reporting

During the fiscal quarter ended March 31, 2018, there have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

Item 1A. Risk Factors.

There have been no changes that constitute a material change from the risk factors previously disclosed in our 2017 Annual Report on Form 10-K filed on April 2, 2018.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

For the three months ended March 31, 2018, the Company issued unregistered securities as follows:

On January 8, 2018, the Company issued 150,000 shares of common stock to one employee of the Company at a price of $0.06 per share. The shares were issued pursuant to Section 4(a)(2) because the employee had sufficient sophistication and knowledge of the Company, and the issuance did not involve any form of general solicitation or general advertising. The employees made representations that the shares were taken for investment purposes and not with a view to resale. The shares of Common Stock issued are restricted.

On March 31, 2018, the Company issued an aggregate of 1,155,600 shares of common stock to six directors of the Company pursuant to the Company’s FY2018 Director Compensation Plan at a price of $0.065 per share. The shares were issued pursuant to Section 4(a)(2) because the directors had sufficient sophistication and knowledge of the Company, and the issuance did not involve any form of general solicitation or general advertising. The directors made representations that the shares were taken for investment purposes and not with a view to resale.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information.

There have been no material changes to the procedures by which holders may recommend nominees to our Board of Directors.

Item 6. Exhibits.

No.		Description

31.1		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		XBRL Taxonomy Extension Labels Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

	In accordance with SEC Release 33-8238, Exhibits 32.1 and 32.2 are being furnished and not filed.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on our behalf by the undersigned, thereunto duly authorized.

	GlyEco, Inc.

Date: May 15, 2018	By: /s/ Ian Rhodes
	Ian Rhodes
	Chief Executive Officer
	(Principal Executive Officer)

Date: May 15, 2018	By: /s/ Brian Gelman
	Brian Gelman
	Chief Financial Officer
	(Principal Financial Officer)

EX-31.1 2 s110145_ex31-1.htm EXHIBIT 31.1

EXHIBIT 31.1

Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002

I, Ian Rhodes, certify that:

1.	I have reviewed this Form 10-Q for the fiscal quarter ended March 31, 2018, of GlyEco, Inc. (the “registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a- 15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including our consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2018	By:	/s/ Ian Rhodes
		Ian Rhodes
		Chief Executive Officer of GlyEco, Inc.
		(Principal Executive Officer)

EX-31.2 3 s110145_ex31-2.htm EXHIBIT 31.2

EXHIBIT 31.2

Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002

I, Brian Gelman, certify that:

1.	I have reviewed this Form 10-Q for the fiscal quarter ended March 31, 2018, of GlyEco, Inc. (the “registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2018	By:	/s/ Brian Gelman
		Brian Gelman
		Chief Financial Officer of GlyEco, Inc.
		(Principal Financial Officer)

EX-32.1 4 s110145_ex32-1.htm EXHIBIT 32.1

EXHIBIT 32.1

Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, chapter 63 of Title 18, United States Code), the undersigned officer of GlyEco, Inc. (the “Company”), does hereby certify with respect to the Quarterly Report of the Company on Form 10-Q for the period ended March 31, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), to the best of the undersigned’s knowledge that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 15, 2018	By:	/s/ Ian Rhodes
		Ian Rhodes
		Chief Executive Officer of GlyEco, Inc.
		(Principal Executive Officer)

EX-32.2 5 s110145_ex32-2.htm EXHIBIT 32.2

EXHIBIT 32.2

Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 15, 2018	By:	/s/ Brian Gelman
		Brian Gelman
		Chief Financial Officer of GlyEco, Inc.
		(Principal Financial Officer)

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NOTE 1 – Organization and Nature of Business   GlyEco, Inc. (the “Company”, “we”, or “our”) is a developer, manufacturer and distributor of performance fluids for the automotive, commercial and industrial markets. We specialize in coolants, additives and complementary fluids. We believe our vertically integrated approach, which includes formulating products, acquiring feedstock, managing facility construction and upgrades, operating facilities, and distributing products through our fleet of trucks, positions us to serve our key markets and enables us to capture incremental revenue and margin throughout the process. Our network of facilities, develop, manufacture and distribute high quality products that meet or exceed industry quality standards, including a wide spectrum of ready to use antifreezes and additive packages for antifreeze/coolant, gas patch coolants and heat transfer fluid industries, throughout North America.    On December 27, 2016, the Company purchased WEBA Technology Corp. (“WEBA”), a privately-owned company that develops, manufactures and markets additive packages for the antifreeze/coolant, gas patch coolants and heat transfer industries, and purchased 96.9% of Recovery Solutions & Technologies Inc. (“RS&T”), a privately-owned company involved in the development and commercialization of glycol recovery technology. On December 28, 2016, the Company purchased certain glycol distillation assets from Union Carbide Corporation (“UCC”), a wholly-owned subsidiary of The Dow Chemical Company, located in Institute, West Virginia (the “Dow Assets”). During the first quarter of fiscal year 2017, the Company purchased an additional 2.9% of RS&T (for a total percentage ownership of 99.8% of RS&T).   The Company was formed in the State of Nevada on October 21, 2011.   We are currently comprised of the parent corporation GlyEco, Inc., WEBA, RS&T, and our acquisition subsidiaries that were formed to acquire the processing and distribution centers listed above. Our current processing and distribution centers are held in six subsidiaries under the names of GlyEco Acquisition Corp. #1 through GlyEco Acquisition Corp. #7, excluding #4.     Going Concern   The condensed consolidated financial statements as of March 31, 2018 and December 31, 2017 and for the three months ended March 31, 2018 and 2017, have been prepared assuming that the Company will continue as a going concern. As of March 31, 2018, the Company has yet to achieve profitable operations and is dependent on its ability to raise capital from stockholders or other sources to sustain operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Ultimately, we plan to achieve profitable operations through the implementation of operating efficiencies at our facilities and increased revenue through the offering of additional products and the expansion of our geographic footprint through acquisitions, broader distribution from our current facilities and/or the opening of additional facilities. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

NOTE 2 – Basis of Presentation and Summary of Significant Accounting Policies   The following represents an update for the three months ended March 31, 2018 to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.   Basis of Presentation   The accompanying condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).   In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) necessary for a fair presentation on an interim basis. The operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2018.   Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted; however, management believes that the disclosures are adequate to make the information presented not misleading. This report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, including the Company’s audited consolidated financial statements and related notes included therein.   Principles of Consolidation   These consolidated financial statements include the accounts of GlyEco, Inc., and its wholly-owned and majority-owned subsidiaries. All significant intercompany transactions have been eliminated as a result of consolidation.   Noncontrolling Interests   The Company recognizes noncontrolling interests as equity in the consolidated financial statements separate from the parent company’s equity. Noncontrolling interests’ partners have less than 50% share of voting rights at any one of the subsidiary level companies. The amount of net income (loss) attributable to noncontrolling interests is included in consolidated net income (loss) on the face of the consolidated statements of operations. Changes in a parent entity’s ownership interest in a subsidiary that do not result in deconsolidation are treated as equity transactions if the parent entity retains its controlling financial interest. The Company recognizes a gain or loss in net income (loss) when a subsidiary is deconsolidated. Such gain or loss is measured using the fair value of the noncontrolling equity investment on the deconsolidation date. Additionally, operating losses are allocated to noncontrolling interests even when such allocation creates a deficit balance for the noncontrolling interest partner.   The Company provides either in the consolidated statements of stockholders’ equity, if presented, or in the notes to consolidated financial statements, a reconciliation at the beginning and the end of the period of the carrying amount of total equity (net assets), equity (net assets) attributable to the parent, and equity (net assets) attributable to the noncontrolling interest that separately discloses:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px; text-align: justify"> </td> <td style="width: 24px; text-align: justify">(1)</td> <td style="text-align: justify">Net income or loss</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">(2)</td> <td style="text-align: justify">Transactions with owners acting in their capacity as owners, showing separately contributions from and distributions to owners. </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">(3)</td> <td style="text-align: justify">Each component of other comprehensive income or loss</td></tr> </table>   Noncontrolling interests were not significant as of March 31, 2018 and December 31, 2017.   Operating Segments   Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision maker, or decision-making group, in deciding how to allocate resources to an individual segment and in assessing the performance of the segment. Operating segments may be aggregated into a single operating segment if the segments have similar economic characteristics, among other criteria. We have two operating segments, the Consumer and Industrial segments (See Note 8).   Use of Estimates   The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reporting periods. Because of the use of estimates inherent within the financial reporting process, actual results may differ significantly from those estimates.  Significant estimates include, but are not limited to, items such as the allowance for doubtful accounts, the value of share-based compensation and warrants, the recoverability of property, plant and equipment, goodwill, other intangibles and the determination of their estimated useful lives, contingent liabilities, and environmental and asset retirement obligations. Due to the uncertainties inherent in the formulation of accounting estimates, it is reasonable to expect that these estimates could be materially revised within the next year.   Revenue Recognition   The Company’s significant accounting policy for revenue was updated as a result of the adoption of Topic 606:   The Company recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the Company determines are within the scope of Topic 606, the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 3 for additional information on revenue recognition.   Costs   Cost of goods sold includes all direct material and labor costs and those indirect costs of bringing raw materials to sale condition, including depreciation of equipment used in manufacturing and shipping and handling costs. Selling, general, and administrative costs are charged to operating expenses as incurred. Research and development costs are expensed as incurred, are included in operating expenses and were insignificant in 2018 and 2017. Advertising costs are expensed as incurred.   Accounts Receivable   Accounts receivable are recognized and carried at the original invoice amount less an allowance for expected uncollectible amounts. Inherent in the assessment of the allowance for doubtful accounts are certain judgments and estimates including, among others, the customer’s willingness or ability to pay, the Company’s compliance with customer invoicing requirements, the effect of general economic conditions and the ongoing relationship with the customer. Accounts with outstanding balances longer than the payment terms are considered past due. We do not charge interest on past due balances. The Company writes off trade receivables when all reasonable collection efforts have been exhausted. Bad debt expense is reflected as a component of general and administrative expenses in the consolidated statements of operations. The allowance for doubtful accounts totaled $134,339 and $213,136 as of March 31, 2018 and December 31, 2017, respectively.   Inventories   Inventories are reported at the lower of cost and net realizable value. The cost of raw materials, including feedstocks and additives, is determined on an average unit cost of the units in a production lot. Work-in-process represents labor, material and overhead costs associated with the manufacturing costs at an average unit cost of the units in the production lot. Finished goods represents work-in-process items with additive costs added. The Company periodically reviews its inventories for obsolete or unsalable items and adjusts its carrying value to reflect estimated net realizable values.  Net realizable value is the estimated selling price in the ordinary course of business less the cost to sell.   Property, Plant and Equipment   Property, plant and equipment is stated at cost. The Company provides for depreciation on the cost of its equipment using the straight-line method over an estimated useful life, ranging from three to twenty years, and zero salvage value. Expenditures for repairs and maintenance are charged to expense as incurred.    For purposes of computing depreciation, the useful lives of property, plant and equipment are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 51%; text-align: justify">Leasehold improvements </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 48%; text-align: right">Lesser of the remaining lease term or 5 years </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: justify">Machinery and equipment</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> 3-15 years </td></tr> </table>   Impairment of Long-Lived Assets   Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the consolidated balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposal group classified as held-for-sale would be presented separately in the appropriate asset and liability sections of the consolidated balance sheet, if material.    Deferred Financing Costs, Debt Discount and Detachable Debt-Related Warrants   Costs incurred in connection with debt are deferred and recorded as a reduction to the debt balance in the accompanying consolidated balance sheets. The Company amortizes debt issuance costs over the expected term of the related debt using the effective interest method. Debt discounts relate to the relative fair value of warrants issued in conjunction with the debt and are also recorded as a reduction to the debt balance and amortized over the expected term of the debt to interest expense using the effective interest method.   Net Loss Per Share Calculation   The basic net loss per common share is computed by dividing the net loss available to common shareholders by the weighted average number of shares outstanding during a period. Diluted loss per common share is computed by dividing the net loss available to common shareholders by the weighted average number of common shares outstanding plus potentially dilutive securities. The Company’s potentially dilutive securities outstanding are not shown in a diluted net loss per share calculation because their effect in both 2018 and 2017 would be anti-dilutive. At March 31, 2018, these potentially dilutive securities included warrants to purchase of 9,973,124 of common stock and stock options to purchase 3,387,621 shares of common stock for a total of 13,360,745 shares of common stock. At March 31, 2017, these potentially dilutive securities included warrants to purchase 11,316,874 shares of common stock and stock options to purchase 7,950,093 shares of Common Stock for a total of 19,266,967 shares of common stock.     Share-based Compensation   All share-based payments to employees and non-employee directors, including grants of employee stock options, are expensed based on their estimated fair values at the grant date, in accordance with Accounting Standards Codification (“ASC”) 718. Compensation expense for share-based payments to employees and directors is recorded over the vesting period using the estimated fair value on the date of grant, as calculated by the Company using the Black-Scholes-Merton (“BSM”) option-pricing model or the Monte Carlo Simulation. For awards with only service conditions that have graded vesting schedules, compensation cost is recorded on a straight-line basis over the requisite service period for the entire award, unless vesting occurs earlier. For awards with market conditions, compensation cost is recorded on the accelerated attribution method over the derived service period.   Non-employee share-based compensation is accounted for based on the fair value of the related stock or options, using the BSM, or the fair value of the goods or services on the measurement date, whichever is more readily determinable.   Recently Issued Accounting Pronouncements   There have been no recent accounting pronouncements or changes in accounting pronouncements that are of significance, or potential significance to the Company, except as discussed below.   In the first quarter of 2018, the Company adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which is the new comprehensive revenue recognition standard that supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry specific guidance. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In 2015 and 2016, FASB issued additional ASUs related to Topic 606 that delayed the effective date of the guidance and clarified various aspects of the new revenue guidance, including principal versus agent considerations, identification of performance obligations, and accounting for licenses, and included other improvements and practical expedients. The new guidance was effective for annual and interim periods beginning after December 15, 2017. The Company elected to adopt the new guidance using the modified retrospective transition method for all contracts not completed as of the date of adoption. The adoption of the new guidance did not have a material impact on the consolidated financial statements. See the Revenue Recognition sub header and Note 3 for additional disclosures regarding the Company’s contracts with customers as well as the impact of adopting Topic 606.   In February 2016, the FASB issued ASU 2016-02, “Leases”, which requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018 with early adoption permitted. While the Company is still evaluating ASU 2016-02, the Company expects the adoption of ASU 2016-02 will not have a material effect on the Company’s consolidated financial condition due to the recognition of the lease rights and obligations as assets and liabilities. Lessees must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees may not apply a full retrospective transition approach. The Company has not yet selected a transition method and is currently assessing the impact of the adoption of ASU 2016-02 will have on the consolidated financial statements.   In August 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows: Classification Restricted Cash”, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows.   The Company adopted this standard in the first quarter of 2018 by using the retrospective transition method, which required the following disclosures and changes to the presentation of its consolidated financial statements: cash and restricted cash reported on the condensed consolidated statements of cash flows now includes restricted cash of $76,552, $58,653 and $6,642 as of December 31, 2016, March 31, 2017 and December 31, 2017, respectively, as well as previously reported cash.

NOTE 4 – Inventories   The Company’s total inventories were as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">March 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">December 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 74%">Raw materials</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">252,130</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">241,297</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Work in process</td> <td> </td> <td> </td> <td style="text-align: right">20,800</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">69,991</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Finished goods</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">359,620</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">252,845</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total inventories</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">632,550</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">564,133</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

NOTE 6 – Property, Plant and Equipment    The Company’s property, plant and equipment were as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">March 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">December 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 74%">Machinery and equipment</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">4,910,771</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">4,782,257</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Leasehold improvements</td> <td> </td> <td> </td> <td style="text-align: right">275,973</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">275,973</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Accumulated depreciation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,489,338</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,335,615</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,697,406</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,722,615</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Construction in process</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">292,945</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">175,335</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total property, plant and equipment, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,990,351</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,897,950</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

NOTE 8 – Segments   GlyEco conducts its operations in two business segments: the Consumer segment and the Industrial segment. The Consumer segment’s principal business activity is the production and distribution of ASTM grade glycol products, specifically automotive antifreeze and specialty-blended antifreeze, for sale into the automotive and industrial end markets. The Consumer segment operates a full lifecycle business, picking up waste antifreeze and producing finished antifreeze from both recycled and virgin glycol sources. We operate six processing and distribution centers located in the eastern region of the United States. The production capacity of the Consumer segment is approximately 90,000 gallons per month of ready to use (50/50) antifreeze. Operations in our Industrial segment are conducted through WEBA and RS&T, two of our subsidiaries. WEBA develops, manufactures and markets additive packages for the antifreeze/coolant, gas patch coolant and heat transfer industries throughout North America.  RS&T operates a glycol re-distillation plant in West Virginia that produces virgin quality glycol for sale to industrial customers worldwide. The production capacity of the RS&T facility is approximately 1.5 million gallons per month of concentrated ethylene glycol. The RS&T facility current produces antifreeze and industrial grade ethylene glycol.   The Company uses loss before provision for income taxes as its measure of profit/loss for segment reporting purposes. Loss before provision for income taxes by operating segment includes all operating items relating to the businesses, including inter segment transactions. Items that primarily relate to the Company as a whole are assigned to Corporate.   Inter segment eliminations present the adjustments for inter segment transactions to reconcile segment information to the Company’s consolidated financial statements.    Segment information, and the reconciliation to the Company’s consolidated financial statements, for the three months ended March 31, 2018, is presented below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Consumer</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Industrial</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Inter Segment Eliminations</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Corporate</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Total</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 35%; padding-left: 0.75pt">Sales, net</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,739,584</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,608,325</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">(346,899</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">3,001,010</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 0.75pt">Cost of goods sold</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,569,187</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,226,812</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(346,899</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt">)</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,449,100</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.75pt">Gross profit</td> <td> </td> <td> </td> <td style="text-align: right">170,397</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">381,513</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">551,910</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.75pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 0.75pt">Total operating expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">713,536</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">392,434</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">537,211</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,643,181</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.75pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.75pt">Loss from operations</td> <td> </td> <td> </td> <td style="text-align: right">(543,139</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(10,921</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(537,211</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(1,091,271</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.75pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 0.75pt">Total other expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(5,428</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt">)</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(44,599</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt">)</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(59,023</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt">)</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(109,050</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.75pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 0.75pt">Loss before provision for income taxes</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(548,567</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">)</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(55,520</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">)</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(596,234</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">)</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(1,200,321</td> <td style="padding-bottom: 2.5pt">)</td></tr> </table>

NOTE 11 – Commitments and Contingencies   Litigation   The Company may be party to legal proceedings in the ordinary course of business from time to time.  Litigation is subject to inherent uncertainties, and an adverse result in a legal proceeding could arise that may harm our business. Below is an overview of a pending legal proceeding in which an adverse result could have a material adverse effect on our business and results of operations.   On December 27, 2017, PSP Falcon Industries, LLC (“PSP Falcon”) filed a civil action against the Company in the Ocean County Superior Court located in Toms River, New Jersey. The civil action relates to an outstanding balance alleged to be due to PSP Falcon from the Company in an amount of $530,633 related to certain construction expenses. The Company believes it has paid PSP Falcon in full for the services rendered and therefore that no outstanding balance remains due. Accordingly, the Company plans to vigorously defend itself from this claim.      Environmental Matters   We are subject to federal, state, and local laws, regulations and ordinances relating to the protection of the environment, including those governing discharges to air and water, handling and disposal practices for solid and hazardous wastes, and occupational health and safety. It is management’s opinion that the Company is not currently exposed to significant environmental remediation liabilities or asset retirement obligations. However, if a release of hazardous substances occurs, or is found on one of our properties from prior activity, we may be subject to liability arising out of such conditions and the amount of such liability could be material. The Company accrues for potential environmental liabilities in a manner consistent with GAAP; that is, when it is probable a liability has been incurred and the amount of the liability is reasonably estimable. The Company reviews the status of its environmental sites on a yearly basis and adjusts its reserves accordingly. Such potential liabilities accrued by the Company do not take into consideration possible recoveries of future insurance proceeds. The Company maintains insurance coverage for unintentional acts that result in environmental remediation liabilities up to $1 million per occurrence; $2 million in the aggregate, with an umbrella liability policy that doubles the coverage. These policies do, however, take into account the likely share other parties will bear at remediation sites. It would be difficult to estimate the Company’s ultimate level of liability due to the number of other parties that may be involved, the complexity of determining the relative liability among those parties, the uncertainty as to the nature and scope of the investigations and remediation to be conducted, the uncertainty in the application of law and risk assessment, the various choices and costs associated with diverse technologies that may be used in corrective actions at the sites, and the often quite lengthy periods over which eventual remediation may occur. The Company does not currently believe that any claims, penalties or costs in connection with known environmental matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows.   In December 2016, the Company completed the acquisition of certain glycol distillation assets from Union Carbide Corporation in Institute, West Virginia. In order to comply with West Virginia regulations enacted in 2017, the Company has elected to accrue $780,000 for tank remediation. The amount of the accrual is based on various assumptions and estimates and will be periodically reevaluated in light of a variety of future events and contingencies.

Basis of Presentation   The accompanying condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).   In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) necessary for a fair presentation on an interim basis. The operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2018.   Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted; however, management believes that the disclosures are adequate to make the information presented not misleading. This report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, including the Company’s audited consolidated financial statements and related notes included therein.

Principles of Consolidation   These consolidated financial statements include the accounts of GlyEco, Inc., and its wholly-owned and majority-owned subsidiaries. All significant intercompany transactions have been eliminated as a result of consolidation.

Noncontrolling Interests   The Company recognizes noncontrolling interests as equity in the consolidated financial statements separate from the parent company’s equity. Noncontrolling interests’ partners have less than 50% share of voting rights at any one of the subsidiary level companies. The amount of net income (loss) attributable to noncontrolling interests is included in consolidated net income (loss) on the face of the consolidated statements of operations. Changes in a parent entity’s ownership interest in a subsidiary that do not result in deconsolidation are treated as equity transactions if the parent entity retains its controlling financial interest. The Company recognizes a gain or loss in net income (loss) when a subsidiary is deconsolidated. Such gain or loss is measured using the fair value of the noncontrolling equity investment on the deconsolidation date. Additionally, operating losses are allocated to noncontrolling interests even when such allocation creates a deficit balance for the noncontrolling interest partner.   The Company provides either in the consolidated statements of stockholders’ equity, if presented, or in the notes to consolidated financial statements, a reconciliation at the beginning and the end of the period of the carrying amount of total equity (net assets), equity (net assets) attributable to the parent, and equity (net assets) attributable to the noncontrolling interest that separately discloses:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px; text-align: justify"> </td> <td style="width: 24px; text-align: justify">(1)</td> <td style="text-align: justify">Net income or loss</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">(2)</td> <td style="text-align: justify">Transactions with owners acting in their capacity as owners, showing separately contributions from and distributions to owners. </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">(3)</td> <td style="text-align: justify">Each component of other comprehensive income or loss</td></tr> </table>   Noncontrolling interests were not significant as of March 31, 2018 and December 31, 2017.

Operating Segments   Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision maker, or decision-making group, in deciding how to allocate resources to an individual segment and in assessing the performance of the segment. Operating segments may be aggregated into a single operating segment if the segments have similar economic characteristics, among other criteria. We have two operating segments, the Consumer and Industrial segments (See Note 8).

Use of Estimates   The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reporting periods. Because of the use of estimates inherent within the financial reporting process, actual results may differ significantly from those estimates.  Significant estimates include, but are not limited to, items such as the allowance for doubtful accounts, the value of share-based compensation and warrants, the recoverability of property, plant and equipment, goodwill, other intangibles and the determination of their estimated useful lives, contingent liabilities, and environmental and asset retirement obligations. Due to the uncertainties inherent in the formulation of accounting estimates, it is reasonable to expect that these estimates could be materially revised within the next year.

Revenue Recognition   The Company’s significant accounting policy for revenue was updated as a result of the adoption of Topic 606:   The Company recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the Company determines are within the scope of Topic 606, the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 3 for additional information on revenue recognition.

Costs   Cost of goods sold includes all direct material and labor costs and those indirect costs of bringing raw materials to sale condition, including depreciation of equipment used in manufacturing and shipping and handling costs. Selling, general, and administrative costs are charged to operating expenses as incurred. Research and development costs are expensed as incurred, are included in operating expenses and were insignificant in 2018 and 2017. Advertising costs are expensed as incurred.

Accounts Receivable   Accounts receivable are recognized and carried at the original invoice amount less an allowance for expected uncollectible amounts. Inherent in the assessment of the allowance for doubtful accounts are certain judgments and estimates including, among others, the customer’s willingness or ability to pay, the Company’s compliance with customer invoicing requirements, the effect of general economic conditions and the ongoing relationship with the customer. Accounts with outstanding balances longer than the payment terms are considered past due. We do not charge interest on past due balances. The Company writes off trade receivables when all reasonable collection efforts have been exhausted. Bad debt expense is reflected as a component of general and administrative expenses in the consolidated statements of operations. The allowance for doubtful accounts totaled $134,339 and $213,136 as of March 31, 2018 and December 31, 2017, respectively.

Inventories   Inventories are reported at the lower of cost and net realizable value. The cost of raw materials, including feedstocks and additives, is determined on an average unit cost of the units in a production lot. Work-in-process represents labor, material and overhead costs associated with the manufacturing costs at an average unit cost of the units in the production lot. Finished goods represents work-in-process items with additive costs added. The Company periodically reviews its inventories for obsolete or unsalable items and adjusts its carrying value to reflect estimated net realizable values.  Net realizable value is the estimated selling price in the ordinary course of business less the cost to sell.

Property, Plant and Equipment   Property, plant and equipment is stated at cost. The Company provides for depreciation on the cost of its equipment using the straight-line method over an estimated useful life, ranging from three to twenty years, and zero salvage value. Expenditures for repairs and maintenance are charged to expense as incurred.    For purposes of computing depreciation, the useful lives of property, plant and equipment are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 51%; text-align: justify">Leasehold improvements </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 48%; text-align: right">Lesser of the remaining lease term or 5 years </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: justify">Machinery and equipment</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> 3-15 years </td></tr> </table>

Impairment of Long-Lived Assets   Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the consolidated balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposal group classified as held-for-sale would be presented separately in the appropriate asset and liability sections of the consolidated balance sheet, if material.

Deferred Financing Costs, Debt Discount and Detachable Debt-Related Warrants   Costs incurred in connection with debt are deferred and recorded as a reduction to the debt balance in the accompanying consolidated balance sheets. The Company amortizes debt issuance costs over the expected term of the related debt using the effective interest method. Debt discounts relate to the relative fair value of warrants issued in conjunction with the debt and are also recorded as a reduction to the debt balance and amortized over the expected term of the debt to interest expense using the effective interest method.

Net Loss Per Share Calculation   The basic net loss per common share is computed by dividing the net loss available to common shareholders by the weighted average number of shares outstanding during a period. Diluted loss per common share is computed by dividing the net loss available to common shareholders by the weighted average number of common shares outstanding plus potentially dilutive securities. The Company’s potentially dilutive securities outstanding are not shown in a diluted net loss per share calculation because their effect in both 2018 and 2017 would be anti-dilutive. At March 31, 2018, these potentially dilutive securities included warrants to purchase of 9,973,124 of common stock and stock options to purchase 3,387,621 shares of common stock for a total of 13,360,745 shares of common stock. At March 31, 2017, these potentially dilutive securities included warrants to purchase 11,316,874 shares of common stock and stock options to purchase 7,950,093 shares of Common Stock for a total of 19,266,967 shares of common stock.

Share-based Compensation   All share-based payments to employees and non-employee directors, including grants of employee stock options, are expensed based on their estimated fair values at the grant date, in accordance with Accounting Standards Codification (“ASC”) 718. Compensation expense for share-based payments to employees and directors is recorded over the vesting period using the estimated fair value on the date of grant, as calculated by the Company using the Black-Scholes-Merton (“BSM”) option-pricing model or the Monte Carlo Simulation. For awards with only service conditions that have graded vesting schedules, compensation cost is recorded on a straight-line basis over the requisite service period for the entire award, unless vesting occurs earlier. For awards with market conditions, compensation cost is recorded on the accelerated attribution method over the derived service period.   Non-employee share-based compensation is accounted for based on the fair value of the related stock or options, using the BSM, or the fair value of the goods or services on the measurement date, whichever is more readily determinable.

Recently Issued Accounting Pronouncements   There have been no recent accounting pronouncements or changes in accounting pronouncements that are of significance, or potential significance to the Company, except as discussed below.   In the first quarter of 2018, the Company adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which is the new comprehensive revenue recognition standard that supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry specific guidance. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In 2015 and 2016, FASB issued additional ASUs related to Topic 606 that delayed the effective date of the guidance and clarified various aspects of the new revenue guidance, including principal versus agent considerations, identification of performance obligations, and accounting for licenses, and included other improvements and practical expedients. The new guidance was effective for annual and interim periods beginning after December 15, 2017. The Company elected to adopt the new guidance using the modified retrospective transition method for all contracts not completed as of the date of adoption. The adoption of the new guidance did not have a material impact on the consolidated financial statements. See the Revenue Recognition sub header and Note 3 for additional disclosures regarding the Company’s contracts with customers as well as the impact of adopting Topic 606.   In February 2016, the FASB issued ASU 2016-02, “Leases”, which requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018 with early adoption permitted. While the Company is still evaluating ASU 2016-02, the Company expects the adoption of ASU 2016-02 will not have a material effect on the Company’s consolidated financial condition due to the recognition of the lease rights and obligations as assets and liabilities. Lessees must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees may not apply a full retrospective transition approach. The Company has not yet selected a transition method and is currently assessing the impact of the adoption of ASU 2016-02 will have on the consolidated financial statements.   In August 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows: Classification Restricted Cash”, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows.   The Company adopted this standard in the first quarter of 2018 by using the retrospective transition method, which required the following disclosures and changes to the presentation of its consolidated financial statements: cash and restricted cash reported on the condensed consolidated statements of cash flows now includes restricted cash of $76,552, $58,653 and $6,642 as of December 31, 2016, March 31, 2017 and December 31, 2017, respectively, as well as previously reported cash.

The Company’s total inventories were as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">March 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">December 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 74%">Raw materials</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">252,130</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">241,297</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Work in process</td> <td> </td> <td> </td> <td style="text-align: right">20,800</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">69,991</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Finished goods</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">359,620</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">252,845</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total inventories</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">632,550</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">564,133</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The Company’s property, plant and equipment were as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">March 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">December 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 74%">Machinery and equipment</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">4,910,771</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">4,782,257</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Leasehold improvements</td> <td> </td> <td> </td> <td style="text-align: right">275,973</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">275,973</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Accumulated depreciation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,489,338</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,335,615</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,697,406</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,722,615</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Construction in process</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">292,945</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">175,335</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total property, plant and equipment, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,990,351</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,897,950</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Segment information, and the reconciliation to the Company’s consolidated financial statements, for the three months ended March 31, 2018, is presented below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Consumer</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Industrial</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Inter Segment Eliminations</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Corporate</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Total</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 35%; padding-left: 0.75pt">Sales, net</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,739,584</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,608,325</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">(346,899</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">3,001,010</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 0.75pt">Cost of goods sold</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,569,187</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,226,812</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(346,899</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt">)</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,449,100</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.75pt">Gross profit</td> <td> </td> <td> </td> <td style="text-align: right">170,397</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">381,513</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">551,910</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.75pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 0.75pt">Total operating expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">713,536</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">392,434</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">537,211</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,643,181</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.75pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.75pt">Loss from operations</td> <td> </td> <td> </td> <td style="text-align: right">(543,139</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(10,921</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(537,211</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(1,091,271</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.75pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 0.75pt">Total other expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(5,428</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt">)</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(44,599</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt">)</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(59,023</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt">)</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(109,050</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.75pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 0.75pt">Loss before provision for income taxes</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(548,567</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">)</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(55,520</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">)</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(596,234</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">)</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(1,200,321</td> <td style="padding-bottom: 2.5pt">)</td></tr> </table>

We estimated the fair value of the Warrants on the issuance date using a Black-Scholes pricing model with the following assumptions:     <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Warrants</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Expected term</td> <td> </td> <td> </td> <td style="text-align: right">3 years</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 85%; text-align: justify">Volatility</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">143.81</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Risk Free Rate</td> <td> </td> <td> </td> <td style="text-align: right">2.39</td> <td>%</td></tr> </table>

The proceeds of the 10% Notes were allocated to the components as follows:    <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Proceeds allocated at issuance date</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%">Notes</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">833,333</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Warrants</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">166,667</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,000,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The Vice President of U.S. Operations also is the sole owner of Renew Resources, LLC, which provides services to the Company as a vendor.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 74%; text-align: justify">Beginning Balance as of January 1,</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">5,123</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Monies owed to related party for services performed</td> <td> </td> <td> </td> <td style="text-align: right">18,780</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">24,707</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: justify">Monies paid</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(18,780</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(28,014</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Ending balance as of March 31,</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,816</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

0.969

0.029

0.998

P3Y

P15Y

P5Y

Lesser of the remaining lease term or 5 years

134339

213136

13360745

19266967

9973124

3387621

11316874

7950093

3001010

2290321

1652196

82174

2642

763802

500196

1263998

2663586

316767

20658

1739584

1608325

-346899

1737012

252130

241297

20800

69991

359620

252845

P5Y

P10Y

3066500

987500

1199000

880000

922402

274952

537450

110000

2144098

712548

661550

770000

Indefinite

1489338

1335615

3697406 3722615 4910771 275973 4782257 275973

292945

175335

13619498

14279498

660000

0.07 0.07

The Company may grant eligible employees the right to purchase our common stock through payroll deductions at a price equal to the lesser of the fifteen percent (15%) of the fair market value of a share of common stock on the exercise date of the current offering period or fifteen percent (15%) of the fair market value of our common stock on the grant date of the then current offering period. The first offering period began on November 14, 2017. Thereafter, there will be consecutive six-month offering periods until January 2, 2022, or until the Plan is terminated by the Board, if earlier.

150000

1155600

0.06

0.065

9000

75114

26774

34126

5000000

P3Y

1.4381

0.0239

4069759

3251165

833333

99157

200399

286870

2650000

104990

188060

308115

2650000

166667

5123

1816

18780

24707

-18780 -28014

1000000

2500000000000

50000

1000000

242866

530633

1000000

2000000

780000

12500000

250000

5000000

5250000 0.05

0.0999

0.10

0.054

2019-05-04

P10M

48591 53426

NOTE 5 – Goodwill and Other Intangible Assets   The components of goodwill and other intangible assets are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Net Balance at</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center">Estimated</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Accumulated</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">March 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Useful Life</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Cost</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Additions</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Finite live intangible assets:</td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 37%">Customer list and tradename</td> <td style="width: 1%"> </td> <td style="width: 10%">5 years</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">987,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">(274,952</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">712,548</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Non-compete agreements</td> <td> </td> <td>5 years</td> <td> </td> <td> </td> <td style="text-align: right">1,199,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(537,450</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">661,550</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Intellectual property</td> <td> </td> <td>10 years</td> <td> </td> <td> </td> <td style="text-align: right">880,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(110,000</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">770,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total intangible assets</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,066,500</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(922,402</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,144,098</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Goodwill</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt">Indefinite</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,822,583</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,822,583</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   We compute amortization using the straight-line method over the estimated useful lives of the intangible assets. The Company has no indefinite-lived intangible assets other than goodwill.

The components of goodwill and other intangible assets are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Net Balance at</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center">Estimated</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Accumulated</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">March 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Useful Life</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Cost</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Additions</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Finite live intangible assets:</td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 37%">Customer list and tradename</td> <td style="width: 1%"> </td> <td style="width: 10%">5 years</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">987,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">(274,952</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">712,548</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Non-compete agreements</td> <td> </td> <td>5 years</td> <td> </td> <td> </td> <td style="text-align: right">1,199,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(537,450</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">661,550</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Intellectual property</td> <td> </td> <td>10 years</td> <td> </td> <td> </td> <td style="text-align: right">880,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(110,000</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">770,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total intangible assets</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,066,500</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(922,402</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,144,098</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Goodwill</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt">Indefinite</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,822,583</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,822,583</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

NOTE 7– Stockholders’ Equity   Preferred Stock   The Company’s articles of incorporation authorize the Company to issue up to 40,000,000 shares of $0.0001 par value, preferred shares having preferences to be determined by the board of directors for dividends, and liquidation of the Company’s assets. Of the 40,000,000 preferred shares the Company is authorized by its articles of incorporation, the Board of Directors has designated up to 3,000,000 as Series AA preferred shares.    As of March 31, 2018, the Company had no shares of preferred stock outstanding.    Common Stock   As of March 31, 2018, the Company has 166,593,661 shares of common stock, par value $0.0001, outstanding. The Company’s articles of incorporation authorize the Company to issue up to 300,000,000 shares of the common stock. The holders are entitled to one vote for each share on matters submitted to a vote to shareholders, and to share pro rata in all dividends payable on common stock after payment of dividends on any preferred shares having preference in payment of dividends.   2017 Employee Stock Purchase Plan   On September 29, 2017, subject to stockholder approval, the Company’s Board of Directors approved the Company’s 2017 Employee Stock Purchase Plan (the “2017 ESPP”). The 2017 ESPP was approved by the Company’s stockholders at the Company’s 2017 Annual Meeting of Stockholders on November 14, 2017.    Under the 2017 ESPP, the Company may grant eligible employees the right to purchase our common stock through payroll deductions at a price equal to the lesser of the eighty five percent (85%) of the fair market value of a share of common stock on the exercise date of the current offering period or eighty five percent (85%) of the fair market value of our common stock on the grant date of the then current offering period. The first offering period began on November 14, 2017. Thereafter, there will be consecutive six-month offering periods until January 2, 2022, or until the Plan is terminated by the Board, if earlier.   The Company recorded stock-based compensation expense related to ESPP of $9,000 during the three months ended March 31, 2018.   During the three months ended March 31, 2018, the Company issued the following shares of common stock for compensation:   On January 8, 2018, the Company issued 150,000 shares of common stock to one employee of the Company at a price of $0.06 per share for a value of $9,000.   On March 31, 2018, the Company issued an aggregate of 1,155,600 shares of common stock to six directors of the Company pursuant to the Company’s FY2018 Director Compensation Plan at a price of $0.065 per share for a value of $75,114.   A summary of the Company’s performance and market-based restricted stock awards (including shares approved but not issued) is presented below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Number of Shares</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Grant-Date Fair Value per Share</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 70%; padding-left: 10pt; text-indent: -10pt">Unvested at January 1, 2018</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">14,279,498</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">0.07</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt; text-indent: -10pt">Restricted stock granted</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt; text-indent: -10pt">Restricted stock vested</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt">Restricted stock forfeited</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(660,000</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.07</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt">Unvested at March 31, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">13,619,498</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.07</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>    During the three months ended March 31, 2018 and 2017, the Company recorded $26,774 and $34,126 respectively, related to the performance and market based restricted stock awards.    Options and warrants   During the three months ended March 31, 2018, the Company issued 5,000,000 warrants (See Note 9).

A summary of the Company’s performance and market-based restricted stock awards (including shares approved but not issued) is presented below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Number of Shares</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Grant-Date Fair Value per Share</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 70%; padding-left: 10pt; text-indent: -10pt">Unvested at January 1, 2018</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">14,279,498</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">0.07</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt; text-indent: -10pt">Restricted stock granted</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt; text-indent: -10pt">Restricted stock vested</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt">Restricted stock forfeited</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(660,000</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.07</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt">Unvested at March 31, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">13,619,498</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.07</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

NOTE 9 – Notes Payable   Notes payable consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">As of March 31, 2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">As of December 31, 2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 68%">2018 10% Related Party Unsecured Notes, net of debt discount of $166,667</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">833,333</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">—</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2017 Secured Note</td> <td> </td> <td> </td> <td style="text-align: right">99,157</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">104,990</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2018 and 2017 Unsecured Note</td> <td> </td> <td> </td> <td style="text-align: right">200,399</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">188,060</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2016 Secured Notes</td> <td> </td> <td> </td> <td style="text-align: right">286,870</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">308,115</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">2016 WEBA Seller Notes</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,650,000</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,650,000</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total notes payable</td> <td> </td> <td> </td> <td style="text-align: right">4,069,759</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,251,165</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Less current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(310,712</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(297,534</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Long-term portion of notes payable</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,759,047</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,953,631</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   2018 Related Party Unsecured Notes   10% Notes Issuance   On March 29, 2018, the Company entered into a subscription agreement (the “10% Notes Subscription Notes Agreement”) by and between the Company and various funds managed by Wynnefield Capital. The 10% Notes Subscription Agreement was the first tranche of a private placement (see Note 12). Pursuant to the 10% Notes Subscription Agreement, the Company offered and issued $1,000,000 in principal amount of 10% Senior Unsecured Promissory Notes (the “10% Notes”) and (ii) warrants (the “Warrants”) to purchase up to 5,000,000 shares of common stock of the Company. The Company received $1,000,000 in proceeds from the offering. The 10% Notes are scheduled to mature on May 4, 2019 (the “10% Note Maturity Date”). The 10% Notes bear interest at a rate of 10% per annum due on the 10% Note Maturity Date or as otherwise specified by the 10% Notes.   The Company allocated the proceeds received to the 10% Notes and the Warrants on a relative fair value basis at the time of issuance. The total debt discount of $166,667 will be amortized over the life of the 10% Notes to interest expense using the effective interest method. Amortization expense during the quarter ended March 31, 2017 was insignificant.   We estimated the fair value of the Warrants on the issuance date using a Black-Scholes pricing model with the following assumptions:     <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Warrants</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Expected term</td> <td> </td> <td> </td> <td style="text-align: right">3 years</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 85%; text-align: justify">Volatility</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">143.81</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Risk Free Rate</td> <td> </td> <td> </td> <td style="text-align: right">2.39</td> <td>%</td></tr> </table>    The proceeds of the 10% Notes were allocated to the components as follows:    <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Proceeds allocated at issuance date</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%">Notes</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">833,333</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Warrants</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">166,667</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,000,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>    2018 and 2017 Unsecured Note   In October 2017 and later amended in January 2018, the Company entered into an unsecured note with Bank Direct to finance its insurance premiums (the “2018 and 2017 Unsecured Note”). The key terms of the 2018 and 2017 Unsecured Note include: (i) an original principal balance of $242,866, (ii) an interest rate of 5.4%, and (iii) a term of ten months. If the Company should default on the loan, Bank Direct may cancel the Company’s underlying insurance and the Company would only owe any earned but unpaid premium. This would be a minimal amount as deposits and payments are paid in advance to reduce the lender’s risk.

Notes payable consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">As of March 31, 2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">As of December 31, 2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 68%">2018 10% Related Party Unsecured Notes, net of debt discount of $166,667</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">833,333</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">—</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2017 Secured Note</td> <td> </td> <td> </td> <td style="text-align: right">99,157</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">104,990</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2018 and 2017 Unsecured Note</td> <td> </td> <td> </td> <td style="text-align: right">200,399</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">188,060</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2016 Secured Notes</td> <td> </td> <td> </td> <td style="text-align: right">286,870</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">308,115</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">2016 WEBA Seller Notes</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,650,000</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,650,000</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total notes payable</td> <td> </td> <td> </td> <td style="text-align: right">4,069,759</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,251,165</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Less current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(310,712</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(297,534</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Long-term portion of notes payable</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,759,047</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,953,631</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

0.07

NOTE 10 – Related Party Transactions   Vice President of U.S. Operations   The former Vice President of U.S. Operations is the sole owner of BKB Holdings, LLC, which is the landlord of the property where GlyEco Acquisition Corp #5’s processing and distribution center is located. The Vice President of U.S. Operations also is the sole owner of Renew Resources, LLC, which provides services to the Company as a vendor.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 74%; text-align: justify">Beginning Balance as of January 1,</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">5,123</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Monies owed to related party for services performed</td> <td> </td> <td> </td> <td style="text-align: right">18,780</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">24,707</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: justify">Monies paid</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(18,780</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(28,014</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Ending balance as of March 31,</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,816</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   10% Notes   On March 29, 2018, we entered into debt agreements for an aggregate principal amount of $1,000,000 from the offering and issuance of 10% Notes to Wynnefield Partners Small Cap Value I, L.P. and Wynnefield Partners Small Cap Value, L.P, which are under the management of Wynnefield Capital, Inc. (“Wynnefield Capital”), an affiliate of the Company. The Company’s Chairman of the Board, Dwight Mamanteo, is a portfolio manager of Wynnefield Capital. (See Note 9 for additional information).

NOTE 3 – Revenue   Revenue Recognition   All of the Company’s revenue is derived from product sales. As of January 1, 2018, the Company accounts for revenue in accordance with Topic 606, “Revenue from Contracts with Customers.” See discussion of principal activities for the Company’s operating segments in Note 8.   Product sales consist of sales of the Company’s products to manufacturers and distributors. The Company considers order confirmations or purchase orders, which in some cases are governed by master supply agreements, to be contracts with a customer. Product sale contracts are short-term contracts where the time between order confirmation and satisfaction of all performance obligations is less than one year.   Revenues from product sales are recognized when the customer obtains control of the Company’s product, which occurs at a point in time, usually upon shipment, with payment terms typically in the range of 30 to 60 days after invoicing, depending on business and geographic region. When the Company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to shipment), these are considered fulfillment activities, and accordingly, the costs are accrued when the related revenue is recognized. The Company has no obligations for returns and warranties. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues.   Disaggregation of Revenue   The Company disaggregates its revenue from contracts with customers by principal product group and geographic region, as the Company believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. See details in the tables below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; border-top: black 2.25pt double; border-left: black 2.25pt double; padding-left: 3.95pt">Net Trade Revenue by Principal Product Group</td> <td style="vertical-align: bottom; border-top: black 2.25pt double"> </td> <td colspan="6" style="vertical-align: bottom; border-top: black 2.25pt double; border-right: black 2.25pt double"> Three Months Ended Mar 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 2.25pt double; padding-left: 3.95pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Consumer</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; border-right: black 2.25pt double; text-align: center">Industrial</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 75%; border-left: black 2.25pt double; padding-left: 3.95pt">Antifreeze</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,652,196</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; border-right: black 2.25pt double; padding-right: 10pt; text-align: right">— </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 2.25pt double; padding-left: 3.95pt"> Ethylene Glycol</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="border-right: black 2.25pt double; padding-right: 10pt; text-align: right">763,802</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 2.25pt double; padding-left: 3.95pt">Additive</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="border-right: black 2.25pt double; padding-right: 10pt; text-align: right">500,196</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 2.25pt double; padding-left: 3.95pt">Windshield Washer fluid</td> <td> </td> <td> </td> <td style="text-align: right">82,174</td> <td> </td> <td> </td> <td> </td> <td style="border-right: black 2.25pt double; padding-right: 10pt; text-align: right">—</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 2.25pt double; padding-bottom: 1pt; padding-left: 3.95pt">Equipment</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,642</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; border-right: black 2.25pt double; padding-right: 10pt; text-align: right">—</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 2.25pt double; border-bottom: black 2.25pt double; padding-bottom: 2.5pt; padding-left: 3.95pt">Total</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,737,012</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; border-right: black 2.25pt double; padding-right: 10pt; text-align: right">1,263,998</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; border-top: black 2.25pt double; border-left: black 2.25pt double; padding-left: 3.95pt">Net Trade Revenue by Geographic Region</td> <td style="vertical-align: bottom; border-top: black 2.25pt double; padding-bottom: 1pt"> </td> <td colspan="2" style="vertical-align: bottom; border-top: black 2.25pt double; border-bottom: black 1pt solid"> Three Months Ended Mar 31, 2018</td> <td style="vertical-align: bottom; border-top: black 2.25pt double; border-right: black 2.25pt double; border-bottom: black 1pt solid; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 2.25pt double; padding-left: 3.95pt"> </td> <td> </td> <td colspan="2"> </td> <td style="border-right: black 2.25pt double"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 87%; border-left: black 2.25pt double; padding-left: 3.95pt">US</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">2,663,586</td> <td style="width: 1%; border-right: black 2.25pt double"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 2.25pt double; padding-left: 3.95pt">Canada</td> <td> </td> <td> </td> <td style="text-align: right">316,767</td> <td style="border-right: black 2.25pt double"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 2.25pt double; padding-bottom: 1pt; padding-left: 3.95pt">China</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">20,658</td> <td style="border-bottom: black 1pt solid; border-right: black 2.25pt double; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 2.25pt double; border-bottom: black 2.25pt double; padding-bottom: 2.5pt; padding-left: 3.95pt">Total</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,001,010</td> <td style="border-bottom: black 2.25pt double; border-right: black 2.25pt double; padding-bottom: 2.5pt"> </td></tr> </table>   Contract Balances   Accounts receivable are recorded when the right to consideration becomes unconditional. The Company does not have any contract assets or liabilities as of March 31, 2018 and December 31, 2017. The Company has utilized the practical expedient which enables the Company to expense commissions when incurred as they would be amortized over one year or less. The Company disaggregates its revenue from contracts with customers by principal product group and geographic region, as the Company believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. See details in the tables below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; border-top: black 2.25pt double; border-left: black 2.25pt double; padding-left: 3.95pt">Net Trade Revenue by Principal Product Group</td> <td style="vertical-align: bottom; border-top: black 2.25pt double"> </td> <td colspan="6" style="vertical-align: bottom; border-top: black 2.25pt double; border-right: black 2.25pt double"> Three Months Ended Mar 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 2.25pt double; padding-left: 3.95pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Consumer</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; border-right: black 2.25pt double; text-align: center">Industrial</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 75%; border-left: black 2.25pt double; padding-left: 3.95pt">Antifreeze</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,652,196</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; border-right: black 2.25pt double; padding-right: 10pt; text-align: right">— </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 2.25pt double; padding-left: 3.95pt"> Ethylene Glycol</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="border-right: black 2.25pt double; padding-right: 10pt; text-align: right">763,802</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 2.25pt double; padding-left: 3.95pt">Additive</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="border-right: black 2.25pt double; padding-right: 10pt; text-align: right">500,196</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 2.25pt double; padding-left: 3.95pt">Windshield Washer fluid</td> <td> </td> <td> </td> <td style="text-align: right">82,174</td> <td> </td> <td> </td> <td> </td> <td style="border-right: black 2.25pt double; padding-right: 10pt; text-align: right">—</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 2.25pt double; padding-bottom: 1pt; padding-left: 3.95pt">Equipment</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,642</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; border-right: black 2.25pt double; padding-right: 10pt; text-align: right">—</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 2.25pt double; border-bottom: black 2.25pt double; padding-bottom: 2.5pt; padding-left: 3.95pt">Total</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,737,012</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; border-right: black 2.25pt double; padding-right: 10pt; text-align: right">1,263,998</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; border-top: black 2.25pt double; border-left: black 2.25pt double; padding-left: 3.95pt">Net Trade Revenue by Geographic Region</td> <td style="vertical-align: bottom; border-top: black 2.25pt double; padding-bottom: 1pt"> </td> <td colspan="2" style="vertical-align: bottom; border-top: black 2.25pt double; border-bottom: black 1pt solid"> Three Months Ended Mar 31, 2018</td> <td style="vertical-align: bottom; border-top: black 2.25pt double; border-right: black 2.25pt double; border-bottom: black 1pt solid; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 2.25pt double; padding-left: 3.95pt"> </td> <td> </td> <td colspan="2"> </td> <td style="border-right: black 2.25pt double"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 87%; border-left: black 2.25pt double; padding-left: 3.95pt">US</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">2,663,586</td> <td style="width: 1%; border-right: black 2.25pt double"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 2.25pt double; padding-left: 3.95pt">Canada</td> <td> </td> <td> </td> <td style="text-align: right">316,767</td> <td style="border-right: black 2.25pt double"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 2.25pt double; padding-bottom: 1pt; padding-left: 3.95pt">China</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">20,658</td> <td style="border-bottom: black 1pt solid; border-right: black 2.25pt double; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 2.25pt double; border-bottom: black 2.25pt double; padding-bottom: 2.5pt; padding-left: 3.95pt">Total</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,001,010</td> <td style="border-bottom: black 2.25pt double; border-right: black 2.25pt double; padding-bottom: 2.5pt"> </td></tr> </table>

NOTE 12 – Subsequent Events   Closing of Private Placement   On April 6, 2018, the Company closed on a private placement (the “Private Placement”) of up to $2,500,000 million (the “Maximum Offering Amount) in principal amount of 10% Unsecured Promissory Notes (the “Notes”) and common stock purchase warrants to purchase up to 12,500,000 shares of the Company’s common stock pursuant to a Subscription Agreement (the “Subscription Agreement”) by and among the Company and each prospective investor. Each of the Notes will mature thirteen months from their issuance date (each a “Maturity Date”). The Private Placement will continue until the earlier of (a) the date upon which subscriptions for the Maximum Offering Amount have been received and accepted by the Company or (b) April 30, 2018, unless terminated at an earlier time by the Company, or unless extended by the Company in its sole discretion, without notice to or consent by prospective investors, to a date not later than May 15, 2018.   The Company closed a subsequent tranche of the Private Placement on April 10, 2018, with one of its directors, Charles F. Trapp (“Trapp”; and together with the Institutional Investors, the “Initial Investors” and each an “Initial Investor”), with respect to a Note with a principal amount of $50,000 (the “Trapp Note”; and together with the Institutional Notes, the “Initial Notes” and each an “Initial Note”) and a Warrant to purchase 250,000 shares of common stock (the “Trapp Warrant”; and together with the Institutional Warrants, the “Initial Warrants”).   The Company closed a subsequent tranche of the Private Placement on May 1, 2018, with one of its directors and its Chief Executive Officer, Ian Rhodes (“Rhodes”; and together with the Institutional Investors, the “Initial Investors” and each an “Initial Investor”), with respect to a Note with a principal amount of $50,000 (the “Rhodes Note”; and together with the Institutional Notes, the “Initial Notes” and each an “Initial Note”) and a Warrant to purchase 250,000 shares of common stock (the “Rhodes Warrant”; and together with the Institutional Warrants, the “Initial Warrants”).   The Company closed a subsequent tranche of the Private Placement on May 4, 2018, with various funds managed by wynnefield capital, for an aggregate principal amount of $1,000,000 of Notes (the “Institutional Notes”) and Warrants to purchase an aggregate of 5,000,000 shares of common stock (the “Institutional Warrants”).   The proceeds from the purchase of all Notes and Warrants will be used primarily for working capital and general corporate purposes. The Initial Notes and Initial Warrants were issued pursuant to the Subscription Agreement, by and among the Company and each Initial Investor.    The Initial Notes bear interest at a rate of 10% per annum and shall be payable on the relevant Maturity Date along with the principal amount of the Initial Notes, plus any liquidated damages and other amounts due under the Initial Notes. At any time after issuance of the Institutional Notes or the Trapp Note, the Company may deliver to such investor a notice of prepayment with respect to any portion of the principal amount of the relevant Initial Note, and any accrued and unpaid interest thereon. Upon the occurrence of an event of default under the Initial Notes, the Company must repay to the Initial Investors a 125% premium of the outstanding principal amount of the Initial Notes and accrued and unpaid interest thereon, in addition to the payment of all other amounts, costs, expenses and liquidated damages due in respect of the Initial Notes.   The Initial Warrants are exercisable to purchase up to an aggregate of 5,250,000 shares of common stock (the “Initial Warrant Shares”; and together with the Initial Notes and the Initial Warrants, the “Initial Securities”) commencing on the date of issuance at an exercise price of $0.05 per share (the “Exercise Price”). The Initial Warrants will expire on the third anniversary of their date of issuance. The Exercise Price is subject to adjustment upon stock splits, reverse stock splits, and similar capital changes. An Initial Investor does not have a right to exercise its respective Initial Warrants to the extent that such exercise would result in such Initial Investor being the beneficial owner in excess of 4.99% (or, upon election of such Initial Investor, 9.99%), which beneficial ownership limitation may be increased or decreased up to 9.99% upon notice to the Company, provided that any increase in such limitation will not be effective until 61 days following notice to the Company.

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restricted Accounts receivable, net Prepaid expenses Inventories Total current assets Property, plant and equipment, net Other Assets Deposits Goodwill Other intangible assets, net Total other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable and accrued expenses Contingent acquisition consideration Notes payable - current portion Capital lease obligations - current portion Total current liabilities Non-Current Liabilities Notes payable - non-current portion, net of debt discount Capital lease obligations - non-current portion Total non-current liabilities Total liabilities Commitments and Contingencies Stockholders' Equity Preferred stock; 40,000,000 shares authorized; $0.0001 par value; no shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively Common stock, 300,000,000 shares authorized; $0.0001 par value; 166,593,661 and 165,288,061 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively Additional paid-in capital Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity Preferred stock, authorized Preferred stock, par value (in dollars per share) Preferred stock, issued Preferred stock, outstanding Common stock, authorized Common stock, par value (in dollars per share) Common stock, issued Common stock, outstanding Income Statement [Abstract] Sales, net Cost of goods sold Gross profit Operating expenses Consulting fees Share-based compensation Salaries and wages Legal and professional General and administrative Total operating expenses Loss from operations Other expenses: Interest expense Total other expense Loss before provision for income taxes Provision for income taxes Net loss Basic and diluted loss per share (in dollars per share) Weighted average number of common shares outstanding - basic and diluted Statement [Table] Statement [Line Items] Increase (Decrease) in Stockholders' Equity [Roll Forward] Balance, at beginning Balance, at beginning (in shares) Share-based compensation Share-based compensation (in shares) Relative fair value of warrants to purchase common stock in connection with notes payable Net loss Balance, at end Balance, at end (in shares) Statement of Cash Flows [Abstract] Cash flows from operating activities Adjustments to reconcile net loss to net cash used in operating activities Depreciation Amortization Share-based compensation expense Amortization of debt discount Loss on disposal of equipment (Recoveries on) provision for bad debt Changes in operating assets and liabilities: Accounts receivable, net Prepaid expenses Inventories Accounts payable and accrued expenses Due to related parties Net cash used in operating activities Cash flows from investing activities Purchases of property, plant and equipment Cash paid for acquisition Payment of contingent acquisition consideration Net cash used in investing activities Cash flows from financing activities Repayment of notes payable Repayment of capital lease obligations Proceeds from issuance of notes Net cash provided by (used in) financing activities Net change in cash and restricted cash Cash and restricted cash at beginning of the period Cash and restricted cash at end of the period Supplemental disclosure of cash flow information Interest paid during period Income taxes paid during period Reconciliation of cash and restricted cash at end of period: Cash Restricted Cash Cash and restricted cash Supplemental disclosure of non-cash investing and financing activities Note payable issued for insurance premium Acquisition of equipment with capital lease obligations Relative fair value of warrants to purchase common stock issued in connection with notes payable EX-101.PRE 12 glye-20180331_pre.xml XBRL PRESENTATION FILE XML 13 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 14, 2018
Document And Entity Information
Entity Registrant Name	GlyEco, Inc.
Entity Central Index Key	0000931799
Document Type	10-Q
Trading Symbol	GLYE
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		166,593,661
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2018

XML 14 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (unaudited) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current Assets
Cash	$ 404,290	$ 111,302
Cash - restricted		6,642
Accounts receivable, net	1,146,652	1,546,367
Prepaid expenses	473,135	360,953
Inventories	632,550	564,133
Total current assets	2,656,627	2,589,397
Property, plant and equipment, net	3,990,351	3,897,950
Other Assets
Deposits	436,450	436,450
Goodwill	3,822,583	3,822,583
Other intangible assets, net	2,144,098	2,266,654
Total other assets	6,403,131	6,525,687
Total assets	13,050,109	13,013,034
Current Liabilities
Accounts payable and accrued expenses	3,011,095	2,921,406
Contingent acquisition consideration	1,503,113	1,509,755
Notes payable - current portion	310,712	297,534
Capital lease obligations - current portion	434,842	377,220
Total current liabilities	5,259,762	5,105,915
Non-Current Liabilities
Notes payable - non-current portion, net of debt discount	3,759,047	2,953,631
Capital lease obligations - non-current portion	1,094,814	1,085,985
Total non-current liabilities	4,853,861	4,039,616
Total liabilities	10,113,623	9,145,531
Stockholders' Equity
Preferred stock; 40,000,000 shares authorized; $0.0001 par value; no shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively
Common stock, 300,000,000 shares authorized; $0.0001 par value; 166,593,661 and 165,288,061 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	16,659	16,529
Additional paid-in capital	46,133,997	45,847,572
Accumulated deficit	(43,214,170)	(41,996,598)
Total stockholders' equity	2,936,486	3,867,503
Total liabilities and stockholders' equity	$ 13,050,109	$ 13,013,034

XML 15 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, authorized	40,000,000	40,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, authorized	300,000,000	300,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, issued	166,593,661	165,288,061
Common stock, outstanding	166,593,661	165,288,061

XML 16 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Sales, net	$ 3,001,010	$ 2,290,321
Cost of goods sold	2,449,100	2,150,586
Gross profit	551,910	139,735
Operating expenses
Consulting fees	48,591	53,426
Share-based compensation	119,888	136,986
Salaries and wages	662,231	343,055
Legal and professional	330,439	160,991
General and administrative	482,032	357,213
Total operating expenses	1,643,181	1,051,671
Loss from operations	(1,091,271)	(911,936)
Other expenses:
Interest expense	109,050	196,218
Total other expense	109,050	196,218
Loss before provision for income taxes	(1,200,321)	(1,108,154)
Provision for income taxes	17,251	756
Net loss	$ (1,217,572)	$ (1,108,910)
Basic and diluted loss per share (in dollars per share)	$ (0.01)	$ (0.01)
Weighted average number of common shares outstanding - basic and diluted	165,424,728	126,269,222

XML 17 R5.htm IDEA: XBRL DOCUMENT

Unaudited Condensed Consolidated Statement of Stockholders' Equity - 3 months ended Mar. 31, 2018 - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance, at beginning at Dec. 31, 2017	$ 16,529	$ 45,847,572	$ (41,996,598)	$ 3,867,503
Balance, at beginning (in shares) at Dec. 31, 2017	165,288,061			165,288,061
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	$ 130	119,758		$ 119,888
Share-based compensation (in shares)	1,305,600
Relative fair value of warrants to purchase common stock in connection with notes payable		166,667		166,667
Net loss			(1,217,572)	(1,217,572)
Balance, at end at Mar. 31, 2018	$ 16,659	$ 46,133,997	$ (43,214,170)	$ 2,936,486
Balance, at end (in shares) at Mar. 31, 2018	166,593,661			166,593,661

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 18 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net loss	$ (1,217,572)	$ (1,108,910)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	153,722	114,024
Amortization	122,556	131,458
Share-based compensation expense	119,888	136,986
Amortization of debt discount	0	86,734
Loss on disposal of equipment		28,446
(Recoveries on) provision for bad debt	(36,123)	14,401
Changes in operating assets and liabilities:
Accounts receivable, net	435,838	(45,490)
Prepaid expenses	(46,307)	6,694
Inventories	(68,417)	(761,063)
Accounts payable and accrued expenses	89,689	886,638
Due to related parties		(4,375)
Net cash used in operating activities	(446,726)	(514,457)
Cash flows from investing activities
Purchases of property, plant and equipment	(83,572)	(318,692)
Cash paid for acquisition		(129,500)
Payment of contingent acquisition consideration	(6,642)	(17,899)
Net cash used in investing activities	(90,214)	(466,091)
Cash flows from financing activities
Repayment of notes payable	(80,614)	(21,410)
Repayment of capital lease obligations	(96,100)	(943)
Proceeds from issuance of notes	1,000,000
Net cash provided by (used in) financing activities	823,286	(22,353)
Net change in cash and restricted cash	286,346	(1,002,901)
Cash and restricted cash at beginning of the period	117,944	1,490,551
Cash and restricted cash at end of the period	404,290	487,650
Supplemental disclosure of cash flow information
Interest paid during period	56,049	9,177
Income taxes paid during period	16,429	756
Reconciliation of cash and restricted cash at end of period:
Cash	404,290	428,997
Restricted Cash		58,653
Cash and restricted cash	404,290	487,650
Supplemental disclosure of non-cash investing and financing activities
Note payable issued for insurance premium	65,875
Acquisition of equipment with capital lease obligations	162,551
Relative fair value of warrants to purchase common stock issued in connection with notes payable	$ 166,667

XML 19 R7.htm IDEA: XBRL DOCUMENT

Organization and Nature of Business

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Business

NOTE 1 – Organization and Nature of Business

The Company was formed in the State of Nevada on October 21, 2011.

Going Concern

XML 20 R8.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

NOTE 2 – Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

Principles of Consolidation

Noncontrolling Interests

	(1)	Net income or loss
	(2)	Transactions with owners acting in their capacity as owners, showing separately contributions from and distributions to owners.
	(3)	Each component of other comprehensive income or loss

Noncontrolling interests were not significant as of March 31, 2018 and December 31, 2017.

Operating Segments

Use of Estimates

Revenue Recognition

The Company’s significant accounting policy for revenue was updated as a result of the adoption of Topic 606:

Costs

Accounts Receivable

Inventories

Property, Plant and Equipment

For purposes of computing depreciation, the useful lives of property, plant and equipment are as follows:

Leasehold improvements		Lesser of the remaining lease term or 5 years

Machinery and equipment		3-15 years

Impairment of Long-Lived Assets

Deferred Financing Costs, Debt Discount and Detachable Debt-Related Warrants

Net Loss Per Share Calculation

Share-based Compensation

Recently Issued Accounting Pronouncements

There have been no recent accounting pronouncements or changes in accounting pronouncements that are of significance, or potential significance to the Company, except as discussed below.

The Company adopted this standard in the first quarter of 2018 by using the retrospective transition method, which required the following disclosures and changes to the presentation of its consolidated financial statements: cash and restricted cash reported on the condensed consolidated statements of cash flows now includes restricted cash of $76,552, $58,653 and $6,642 as of December 31, 2016, March 31, 2017 and December 31, 2017, respectively, as well as previously reported cash.

XML 21 R9.htm IDEA: XBRL DOCUMENT

Revenue

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Revenue

NOTE 3 – Revenue

Revenue Recognition

Disaggregation of Revenue

Net Trade Revenue by Principal Product Group	*Three Months Ended* *Mar 31, 2018*
	Consumer		Industrial
Antifreeze	$	1,652,196	$	—
Ethylene Glycol		—		763,802
Additive		—		500,196
Windshield Washer fluid		82,174		—
Equipment		2,642		—
Total	$	1,737,012	$	1,263,998

Net Trade Revenue by Geographic Region	*Three Months Ended* *Mar 31, 2018*

US	$	2,663,586
Canada		316,767
China		20,658
Total	$	3,001,010

Contract Balances

XML 22 R10.htm IDEA: XBRL DOCUMENT

Inventories

3 Months Ended

Mar. 31, 2018

Inventory Disclosure [Abstract]

Inventories

NOTE 4 – Inventories

The Company’s total inventories were as follows:

	March 31,		December 31,
	2018		2017
Raw materials	$	252,130	$	241,297
Work in process		20,800		69,991
Finished goods		359,620		252,845
Total inventories	$	632,550	$	564,133

XML 23 R11.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

NOTE 5 – Goodwill and Other Intangible Assets

The components of goodwill and other intangible assets are as follows:

									Net Balance at
	Estimated					Accumulated			March 31,
	Useful Life	Cost		Additions		Amortization			2018
Finite live intangible assets:
Customer list and tradename	5 years	$	987,500	$	—	$	(274,952	)	$	712,548

Non-compete agreements	5 years		1,199,000		—		(537,450	)		661,550

Intellectual property	10 years		880,000		—		(110,000	)		770,000

Total intangible assets		$	3,066,500	$	—	$	(922,402	)	$	2,144,098

Goodwill	Indefinite	$	3,822,583	$	—	$	—		$	3,822,583

We compute amortization using the straight-line method over the estimated useful lives of the intangible assets. The Company has no indefinite-lived intangible assets other than goodwill.

XML 24 R12.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

NOTE 6 – Property, Plant and Equipment

The Company’s property, plant and equipment were as follows:

	March 31,			December 31,
	2018			2017
Machinery and equipment	$	4,910,771		$	4,782,257
Leasehold improvements		275,973			275,973
Accumulated depreciation		(1,489,338	)		(1,335,615	)
		3,697,406			3,722,615
Construction in process		292,945			175,335
Total property, plant and equipment, net	$	3,990,351		$	3,897,950

XML 25 R13.htm IDEA: XBRL DOCUMENT

Stockholders' Equity

3 Months Ended

Mar. 31, 2018

Stockholders' Equity

Stockholders' Equity

NOTE 7– Stockholders’ Equity

Preferred Stock

As of March 31, 2018, the Company had no shares of preferred stock outstanding.

Common Stock

2017 Employee Stock Purchase Plan

The Company recorded stock-based compensation expense related to ESPP of $9,000 during the three months ended March 31, 2018.

During the three months ended March 31, 2018, the Company issued the following shares of common stock for compensation:

On January 8, 2018, the Company issued 150,000 shares of common stock to one employee of the Company at a price of $0.06 per share for a value of $9,000.

A summary of the Company’s performance and market-based restricted stock awards (including shares approved but not issued) is presented below:

	Number of Shares			Weighted- Average Grant-Date Fair Value per Share
Unvested at January 1, 2018		14,279,498		$	0.07
Restricted stock granted		—			—
Restricted stock vested		—			—
Restricted stock forfeited		(660,000	)		0.07

Unvested at March 31, 2018		13,619,498		$	0.07

During the three months ended March 31, 2018 and 2017, the Company recorded $26,774 and $34,126 respectively, related to the performance and market based restricted stock awards.

Options and warrants

During the three months ended March 31, 2018, the Company issued 5,000,000 warrants (See Note 9).

XML 26 R14.htm IDEA: XBRL DOCUMENT

Segments

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segments

NOTE 8 – Segments

Inter segment eliminations present the adjustments for inter segment transactions to reconcile segment information to the Company’s consolidated financial statements.

Segment information, and the reconciliation to the Company’s consolidated financial statements, for the three months ended March 31, 2018, is presented below:

	Consumer			Industrial			Inter Segment Eliminations			Corporate			Total
Sales, net	$	1,739,584		$	1,608,325		$	(346,899	)	$	—		$	3,001,010
Cost of goods sold		1,569,187			1,226,812			(346,899	)		—			2,449,100
Gross profit		170,397			381,513			—			—			551,910

Total operating expenses		713,536			392,434			—			537,211			1,643,181

Loss from operations		(543,139	)		(10,921	)		—			(537,211	)		(1,091,271	)

Total other expenses		(5,428	)		(44,599	)		—			(59,023	)		(109,050	)

Loss before provision for income taxes	$	(548,567	)	$	(55,520	)	$	—		$	(596,234	)	$	(1,200,321	)

XML 27 R15.htm IDEA: XBRL DOCUMENT

Notes Payable

3 Months Ended

Mar. 31, 2018

Notes Payable [Abstract]

Notes Payable

NOTE 9 – Notes Payable

Notes payable consist of the following:

	As of March 31, 2018			As of December 31, 2017
2018 10% Related Party Unsecured Notes, net of debt discount of $166,667	$	833,333		$	—
2017 Secured Note		99,157			104,990
2018 and 2017 Unsecured Note		200,399			188,060
2016 Secured Notes		286,870			308,115
2016 WEBA Seller Notes		2,650,000			2,650,000
Total notes payable		4,069,759			3,251,165
Less current portion		(310,712	)		(297,534	)
Long-term portion of notes payable	$	3,759,047		$	2,953,631

2018 Related Party Unsecured Notes

10% Notes Issuance

We estimated the fair value of the Warrants on the issuance date using a Black-Scholes pricing model with the following assumptions:

	Warrants
Expected term		3 years
Volatility		143.81	%
Risk Free Rate		2.39	%

The proceeds of the 10% Notes were allocated to the components as follows:

	Proceeds allocated at issuance date
Notes	$	833,333
Warrants		166,667
Total	$	1,000,000

2018 and 2017 Unsecured Note

XML 28 R16.htm IDEA: XBRL DOCUMENT

Related Party Transactions

3 Months Ended

Mar. 31, 2018

Related Party Transactions

NOTE 10 – Related Party Transactions

Vice President of U.S. Operations

	2018			2017
Beginning Balance as of January 1,	$	—		$	5,123
Monies owed to related party for services performed		18,780			24,707
Monies paid		(18,780	)		(28,014	)
Ending balance as of March 31,	$	—		$	1,816

10% Notes

XML 29 R17.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

3 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 11 – Commitments and Contingencies

Litigation

Environmental Matters

XML 30 R18.htm IDEA: XBRL DOCUMENT

Subsequent Events

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

NOTE 12 – Subsequent Events

Closing of Private Placement

The Company closed a subsequent tranche of the Private Placement on May 4, 2018, with various funds managed by wynnefield capital, for an aggregate principal amount of $1,000,000 of Notes (the “Institutional Notes”) and Warrants to purchase an aggregate of 5,000,000 shares of common stock (the “Institutional Warrants”).

XML 31 R19.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Principles of Consolidation

Principles of Consolidation

Noncontrolling Interests

Noncontrolling Interests

	(1)	Net income or loss
	(2)	Transactions with owners acting in their capacity as owners, showing separately contributions from and distributions to owners.
	(3)	Each component of other comprehensive income or loss

Noncontrolling interests were not significant as of March 31, 2018 and December 31, 2017.

Operating Segments

Operating Segments

Use of Estimates

Use of Estimates

Revenue Recognition

Revenue Recognition

The Company’s significant accounting policy for revenue was updated as a result of the adoption of Topic 606:

Costs

Costs

Accounts Receivable

Accounts Receivable

Inventories

Inventories

Property, Plant and Equipment

Property, Plant and Equipment

For purposes of computing depreciation, the useful lives of property, plant and equipment are as follows:

Leasehold improvements		Lesser of the remaining lease term or 5 years

Machinery and equipment		3-15 years

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Deferred Financing Costs, Debt Discount and Detachable Debt-Related Warrants

Deferred Financing Costs, Debt Discount and Detachable Debt-Related Warrants

Net Loss Per Share Calculation

Net Loss Per Share Calculation

Share-based Compensation

Share-based Compensation

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

There have been no recent accounting pronouncements or changes in accounting pronouncements that are of significance, or potential significance to the Company, except as discussed below.

XML 32 R20.htm IDEA: XBRL DOCUMENT

Revenue (Tables)

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Summary of revenue from contracts with customers

Net Trade Revenue by Principal Product Group	*Three Months Ended* *Mar 31, 2018*
	Consumer		Industrial
Antifreeze	$	1,652,196	$	—
Ethylene Glycol		—		763,802
Additive		—		500,196
Windshield Washer fluid		82,174		—
Equipment		2,642		—
Total	$	1,737,012	$	1,263,998

Net Trade Revenue by Geographic Region	*Three Months Ended* *Mar 31, 2018*

US	$	2,663,586
Canada		316,767
China		20,658
Total	$	3,001,010

XML 33 R21.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

3 Months Ended

Mar. 31, 2018

Inventory Disclosure [Abstract]

Schedule of inventories

The Company’s total inventories were as follows:

	March 31,		December 31,
	2018		2017
Raw materials	$	252,130	$	241,297
Work in process		20,800		69,991
Finished goods		359,620		252,845
Total inventories	$	632,550	$	564,133

XML 34 R22.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2018

Business Combinations [Abstract]

Schedule of intangible assets

The components of goodwill and other intangible assets are as follows:

									Net Balance at
	Estimated					Accumulated			March 31,
	Useful Life	Cost		Additions		Amortization			2018
Finite live intangible assets:
Customer list and tradename	5 years	$	987,500	$	—	$	(274,952	)	$	712,548

Non-compete agreements	5 years		1,199,000		—		(537,450	)		661,550

Intellectual property	10 years		880,000		—		(110,000	)		770,000

Total intangible assets		$	3,066,500	$	—	$	(922,402	)	$	2,144,098

Goodwill	Indefinite	$	3,822,583	$	—	$	—		$	3,822,583

XML 35 R23.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment

The Company’s property, plant and equipment were as follows:

	March 31,			December 31,
	2018			2017
Machinery and equipment	$	4,910,771		$	4,782,257
Leasehold improvements		275,973			275,973
Accumulated depreciation		(1,489,338	)		(1,335,615	)
		3,697,406			3,722,615
Construction in process		292,945			175,335
Total property, plant and equipment, net	$	3,990,351		$	3,897,950

XML 36 R24.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2018

Stockholders' Equity

Summary of restricted stock awards

A summary of the Company’s performance and market-based restricted stock awards (including shares approved but not issued) is presented below:

	Number of Shares			Weighted- Average Grant-Date Fair Value per Share
Unvested at January 1, 2018		14,279,498		$	0.07
Restricted stock granted		—			—
Restricted stock vested		—			—
Restricted stock forfeited		(660,000	)		0.07

Unvested at March 31, 2018		13,619,498		$	0.07

XML 37 R25.htm IDEA: XBRL DOCUMENT

Segments (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Segment information, and the reconciliation to the Company’s consolidated financial statements, for the three months ended March 31, 2018, is presented below:

	Consumer			Industrial			Inter Segment Eliminations			Corporate			Total
Sales, net	$	1,739,584		$	1,608,325		$	(346,899	)	$	—		$	3,001,010
Cost of goods sold		1,569,187			1,226,812			(346,899	)		—			2,449,100
Gross profit		170,397			381,513			—			—			551,910

Total operating expenses		713,536			392,434			—			537,211			1,643,181

Loss from operations		(543,139	)		(10,921	)		—			(537,211	)		(1,091,271	)

Total other expenses		(5,428	)		(44,599	)		—			(59,023	)		(109,050	)

Loss before provision for income taxes	$	(548,567	)	$	(55,520	)	$	—		$	(596,234	)	$	(1,200,321	)

XML 38 R26.htm IDEA: XBRL DOCUMENT

Notes Payable (Tables)

3 Months Ended

Mar. 31, 2018

Notes Payable [Abstract]

Schedule of notes payable

Notes payable consist of the following:

	As of March 31, 2018			As of December 31, 2017
2018 10% Related Party Unsecured Notes, net of debt discount of $166,667	$	833,333		$	—
2017 Secured Note		99,157			104,990
2018 and 2017 Unsecured Note		200,399			188,060
2016 Secured Notes		286,870			308,115
2016 WEBA Seller Notes		2,650,000			2,650,000
Total notes payable		4,069,759			3,251,165
Less current portion		(310,712	)		(297,534	)
Long-term portion of notes payable	$	3,759,047		$	2,953,631

Schedule of Warrants valuation assumptions

We estimated the fair value of the Warrants on the issuance date using a Black-Scholes pricing model with the following assumptions:

	Warrants
Expected term		3 years
Volatility		143.81	%
Risk Free Rate		2.39	%

Components of debt

The proceeds of the 10% Notes were allocated to the components as follows:

	Proceeds allocated at issuance date
Notes	$	833,333
Warrants		166,667
Total	$	1,000,000

XML 39 R27.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2018

Vice President of U.S. Operations [Member]

Schedule of related party transations

The Vice President of U.S. Operations also is the sole owner of Renew Resources, LLC, which provides services to the Company as a vendor.

	2018			2017
Beginning Balance as of January 1,	$	—		$	5,123
Monies owed to related party for services performed		18,780			24,707
Monies paid		(18,780	)		(28,014	)
Ending balance as of March 31,	$	—		$	1,816

XML 40 R28.htm IDEA: XBRL DOCUMENT

Organization and Nature of Business (Details Narrative)	Mar. 31, 2018	Mar. 31, 2017	Dec. 27, 2016
Recovery Solutions & Technologies Inc
Ownership percentage	99.80%	2.90%	96.90%

XML 41 R29.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2018
Machinery And Equipment [Member] \| Minimum [Member]
Useful life	3 years
Machinery And Equipment [Member] \| Maximum [Member]
Useful life	15 years
Leasehold improvements [Member]
Useful life	5 years
Descripion of useful lives	Lesser of the remaining lease term or 5 years

XML 42 R30.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative)	3 Months Ended
	Mar. 31, 2018 USD ($) Number shares	Mar. 31, 2017 shares	Dec. 31, 2017 USD ($)
Noncontrolling interests \| $	$ 0		$ 0
Number of operating segement \| Number	2
Allowance for doubtful accounts \| $	$ 134,339		$ 213,136
Number of potentially dilutive securities \| shares	13,360,745	19,266,967
Salvage value of property, plant and equipment \| $	$ 0
Warrant [Member]
Number of potentially dilutive securities \| shares	9,973,124	11,316,874
Employee Stock Option [Member]
Number of potentially dilutive securities \| shares	3,387,621	7,950,093

XML 43 R31.htm IDEA: XBRL DOCUMENT

Revenue (Details) - USD ($)	3 Months Ended
Revenue (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Revenues	$ 3,001,010	$ 2,290,321
United States [Member]
Revenues	2,663,586
Canada [Member]
Revenues	316,767
China [Member]
Revenues	20,658
Consumer [Member]
Revenues	1,739,584
Consumer [Member] \| Antifreeze
Revenues	1,652,196
Consumer [Member] \| Windshield Washer fluid
Revenues	82,174
Consumer [Member] \| Equipment
Revenues	2,642
Consumer [Member]
Revenues	1,737,012
Industrial [Member]
Revenues	1,263,998
Industrial [Member] \| Ethylene Glycol
Revenues	763,802
Industrial [Member] \| Additive
Revenues	$ 500,196

XML 44 R32.htm IDEA: XBRL DOCUMENT

Revenue (Details Narrative) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Notes to Financial Statements
Contract assets or liability	$ 0	$ 0

XML 45 R33.htm IDEA: XBRL DOCUMENT

Inventories (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 252,130	$ 241,297
Work in process	20,800	69,991
Finished goods	359,620	252,845
Total inventories	$ 632,550	$ 564,133

XML 46 R34.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets (Details)	3 Months Ended
Goodwill and Other Intangible Assets (Details)	Mar. 31, 2018 USD ($)
Finite live intangible assets
Gross	$ 3,066,500
Additions
Accumulated Amortization	(922,402)
Net	$ 2,144,098
Goodwill
Estimated Useful Life	Indefinite
Gross	$ 3,822,583
Additions
Accumulated Amortization
Net	$ 3,822,583
Customer List And Tradename [Member]
Finite live intangible assets
Estimated Useful Life	5 years
Gross	$ 987,500
Additions
Accumulated Amortization	(274,952)
Net	$ 712,548
Non-Compete Agreements [Member]
Finite live intangible assets
Estimated Useful Life	5 years
Gross	$ 1,199,000
Additions
Accumulated Amortization	(537,450)
Net	$ 661,550
Intellectual Property [Member]
Finite live intangible assets
Estimated Useful Life	10 years
Gross	$ 880,000
Additions
Accumulated Amortization	(110,000)
Net	$ 770,000

XML 47 R35.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Accumulated depreciation	$ (1,489,338)	$ (1,335,615)
Property, plant and equipment before construction in process	3,697,406	3,722,615
Construction in process	292,945	175,335
Total property, plant and equipment, net	3,990,351	3,897,950
Machinery And Equipment [Member]
Property, plant and equipment before construction in process	4,910,771	4,782,257
Leasehold improvements [Member]
Property, plant and equipment before construction in process	$ 275,973	$ 275,973

XML 48 R36.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details)	3 Months Ended
Stockholders' Equity (Details)	Mar. 31, 2018 $ / shares shares
Number of Shares
Unvested at beginning \| shares	14,279,498
Restricted stock granted \| shares
Restricted stock vested \| shares
Restricted stock forfeited \| shares	(660,000)
Unvested at end \| shares	13,619,498
Weighted Average Grant-Date Fair Value per Share
Unvested at beginning \| $ / shares	$ 0.07
Restricted stock granted \| $ / shares
Restricted stock vested \| $ / shares
Restricted stock forfeited \| $ / shares	(0.07)
Unvested at end \| $ / shares	$ 0.07

XML 49 R37.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		13 Months Ended
Stockholders' Equity (Details Narrative) - USD ($)	Jan. 18, 2018	Mar. 31, 2018	Mar. 31, 2017	Oct. 29, 2018	Dec. 31, 2017
Preferred stock, authorized		40,000,000			40,000,000
Preferred stock, par value (in dollars per share)		$ 0.0001			$ 0.0001
Preferred stock, shares outstanding		0			0
Common stock, outstanding		166,593,661			165,288,061
Common stock, authorized		300,000,000			300,000,000
Common stock, par value (in dollars per share)		$ 0.0001			$ 0.0001
Stock-based compensation expense		$ 119,888	$ 136,986
Value of award		$ 26,774	$ 34,126
Warrants issued		5,000,000
2017 Employee Stock Purchase Plan [Member]
Employee Stock Purchase Plan, Description				The Company may grant eligible employees the right to purchase our common stock through payroll deductions at a price equal to the lesser of the fifteen percent (15%) of the fair market value of a share of common stock on the exercise date of the current offering period or fifteen percent (15%) of the fair market value of our common stock on the grant date of the then current offering period. The first offering period began on November 14, 2017. Thereafter, there will be consecutive six-month offering periods until January 2, 2022, or until the Plan is terminated by the Board, if earlier.
Stock-based compensation expense		$ 9,000
2017 Employee Stock Purchase Plan [Member] \| One Employee
Number of common stock issued	150,000
Share price (in dollars per share)	$ 0.06
Value of common stock issued	$ 9,000
2017 Employee Stock Purchase Plan [Member] \| Six directors
Number of common stock issued		1,155,600
Share price (in dollars per share)		$ 0.065
Value of common stock issued		$ 75,114

XML 50 R38.htm IDEA: XBRL DOCUMENT

Segments (Details) - USD ($)	3 Months Ended
Segments (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Sales, net	$ 3,001,010	$ 2,290,321
Cost of goods sold	2,449,100	2,150,586
Gross profit	551,910	139,735
Total operating expenses	1,643,181	1,051,671
Loss from operations	(1,091,271)	(911,936)
Total other expenses	(109,050)	(196,218)
Loss before provision for income taxes	(1,200,321)	$ (1,108,154)
Consumer [Member]
Sales, net	1,739,584
Cost of goods sold	1,569,187
Gross profit	170,397
Total operating expenses	713,536
Loss from operations	(543,139)
Total other expenses	(5,428)
Loss before provision for income taxes	(548,567)
Industrial [Member]
Sales, net	1,608,325
Cost of goods sold	1,226,812
Gross profit	381,513
Total operating expenses	392,434
Loss from operations	(10,921)
Total other expenses	(44,599)
Loss before provision for income taxes	(55,520)
Inter Segments Eliminations [Member]
Sales, net	(346,899)
Cost of goods sold	(346,899)
Gross profit
Total operating expenses
Loss from operations
Total other expenses
Loss before provision for income taxes
Corporate [Member]
Sales, net
Cost of goods sold
Gross profit
Total operating expenses	537,211
Loss from operations	(537,211)
Total other expenses	(59,023)
Loss before provision for income taxes	$ (596,234)

XML 51 R39.htm IDEA: XBRL DOCUMENT

Notes Payable (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Total notes payable	$ 4,069,759	$ 3,251,165
Less current portion	(310,712)	(297,534)
Long-term portion of notes payable	3,759,047	2,953,631
2018 10% Related Party Unsecured Notes [Member]
Total notes payable	833,333
2017 Secured Note [Member]
Total notes payable	99,157	104,990
2016 Secured Notes [Member]
Total notes payable	200,399	308,115
2018 and 2017 Unsecured Note [Member]
Total notes payable	286,870	188,060
2016 WEBA Seller Notes [Member]
Total notes payable	$ 2,650,000	$ 2,650,000

XML 52 R40.htm IDEA: XBRL DOCUMENT

Notes Payable (Details 1) - Warrant [Member]	3 Months Ended
Notes Payable (Details 1) - Warrant [Member]	Mar. 31, 2018
Expected term	3 years
Volatility	143.81%
Risk Free Rate	2.39%

XML 53 R41.htm IDEA: XBRL DOCUMENT

Notes Payable (Details 2) - USD ($)	3 Months Ended
Notes Payable (Details 2) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Proceeds allocated at issuance date	$ 1,000,000
Warrant [Member]
Proceeds allocated at issuance date	166,667
Notes [Member]
Proceeds allocated at issuance date	$ 833,333

XML 54 R42.htm IDEA: XBRL DOCUMENT

Notes Payable (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		13 Months Ended
Notes Payable (Details Narrative) - USD ($)	Jan. 31, 2018	Mar. 31, 2018	Mar. 31, 2017	Mar. 29, 2018	Mar. 29, 2017
Amortization expense		$ 0	$ 86,734
2018 10% Related Party Unsecured Notes [Member] \| Subscription Agreement \| Wynnefield Capital
Principal Amount					$ 1,000,000
Number common stock purchased				5,000,000
Interest rate					10.00%
Maturity date				May 04, 2019
Debt discount				$ 166,667
2018 and 2017 Unsecured Note [Member]
Principal Amount	$ 242,866
Interest rate	5.40%
Debt terms	10 months

XML 55 R43.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details) - Vice President of U.S. Operations [Member] - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Due from Related Parties, Current [Roll Forward]
Beginning Balance		$ 5,123
Monies owed to related party for services performed	18,780	24,707
Monies paid, net	(18,780)	(28,014)
Ending Balance		$ 1,816

XML 56 R44.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative)	Mar. 29, 2018 USD ($)
GlyEco Acquisition Corp. #1 [Member] \| 2018 10% Related Party Unsecured Notes [Member] \| Subscription Agreement
Principal balance	$ 1,000,000

XML 57 R45.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details Narrative) - USD ($)		12 Months Ended
	Dec. 27, 2017	Dec. 31, 2017	Mar. 31, 2018
Tank remediation		$ 780,000
PSP Falcon
Construction expenses	$ 530,633
Minimum [Member]
Environmental remediation liabilities			$ 1,000,000
Maximum [Member]
Environmental remediation liabilities			$ 2,000,000

- Definition

The increases or decreases in lease payments that result from changes occurring after the inception of the lease in the factors (other than the passage of time) on which lease payments are based, except that any escalation of minimum lease payments relating to increases in construction or acquisition cost of the leased property or for increases in some measure of cost or value during the construction or preconstruction period, are excluded from contingent rentals. Contingent rentals also may include amounts for which the triggering events have not yet occurred or the specified targets for which have not yet been achieved (such as sales based percentage rent), but which events are considered probable of occurring or which specified targets are considered probable of being achieved.

+ References + Details

XML 58 R46.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details Narrative) - Subsequent Event [Member] - Private Placement [Member] - USD ($)	May 04, 2018	May 01, 2018	Apr. 10, 2018	Apr. 06, 2018
Institutional investors [Member]
Number common stock purchased	5,000,000	250,000
Principal Amount	$ 1,000,000	$ 50,000
Institutional investors [Member]
Warrants exercisable	5,250,000
Warrants exercise price	$ 0.05
Beneficial ownership limitation	9.99%
Directors [Member]
Number common stock purchased			250,000
Principal Amount			$ 50,000
10% Unsecured Notes [Member] \| Subscription Agreement
Number common stock purchased				12,500,000
Principal Amount				$ 2,500,000,000,000

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