0001615774-18-007959.txt : 20180814 0001615774-18-007959.hdr.sgml : 20180814 20180814080147 ACCESSION NUMBER: 0001615774-18-007959 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 61 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180814 DATE AS OF CHANGE: 20180814 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: 181014354 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 s111999_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: June 30, 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, a smaller reporting company or an “emerging growth company”. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (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 August 13, 2018, the registrant has 1,348,292 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 – As of June 30, 2018 and December 31, 2017 3
  Condensed Consolidated Statements of Operations – Three and Six Months Ended June 30, 2018 and 2017 4
  Condensed Consolidated Statement of Stockholders’ Equity – Six Months Ended June 30, 2018 5
  Condensed Consolidated Statements of Cash Flows – Six Months Ended June 30, 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 31
Item 4. Controls and Procedures 31
     
PART II — OTHER INFORMATION  
Item 1. Legal Proceedings 33
Item 1A. Risk Factors 33
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33
Item 3. Defaults Upon Senior Securities 33
Item 4. Mine Safety Disclosures 33
Item 5. Other Information 33
Item 6. Exhibits 34
Signatures 35

 

 2 

 

  

PART I—FINANCIAL INFORMATION

 

Item 1.  Financial Statements

 

GLYECO, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

June 30, 2018 and December 31, 2017

 

   June 30,   December 31, 
   2018   2017 
   (unaudited)     
ASSETS          
           
Current Assets          
Cash  $142,933   $111,302 
Cash - restricted       6,642 
Accounts receivable, net   1,532,603    1,546,367 
Prepaid expenses   355,008    360,953 
Inventories   547,878    564,133 
Total current assets   2,578,422    2,589,397 
           
Property, plant and equipment, net   3,877,605    3,897,950 
           
Other Assets          
Deposits   436,800    436,450 
Goodwill   3,822,583    3,822,583 
Other intangible assets, net   2,021,543    2,266,654 
Total other assets   6,280,926    6,525,687 
           
Total assets  $12,736,953   $13,013,034 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
Current Liabilities          
Accounts payable and accrued expenses  $2,835,449   $2,921,406 
Contingent acquisition consideration   1,503,113    1,509,755 
Notes payable – current portion   2,057,802    297,534 
Capital lease obligations – current portion   452,522    377,220 
Total current liabilities   6,848,886    5,105,915 
           
Non-Current Liabilities          
Notes payable – non-current portion, net of debt discount   2,898,582    2,953,631 
Capital lease obligations – non-current portion   972,573    1,085,985 
Total non-current liabilities   3,871,155    4,039,616 
           
Total liabilities   10,720,041    9,145,531 
           
Commitments and Contingencies          
           
Stockholders’ Equity          
Preferred stock, par value $0.0001 per share: 40,000,000 shares authorized; no shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively        
Common stock, par value $0.0001 per share: 300,000,000 shares authorized; 1,332,749 and 1,322,304 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively   133    132 
Additional paid-in capital   46,384,483    45,863,969 
Accumulated deficit   (44,367,704)   (41,996,598)
Total stockholders’ equity   2,016,912    3,867,503 
           
Total liabilities and stockholders’ equity  $12,736,953   $13,013,034 

 

See accompanying notes to the condensed consolidated financial statements.

 

 3 

 

  

GLYECO, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

For the three and six months ended June 30, 2018 and 2017

 

   Three months ended
June 30,
   Six months ended
June 30,
 
   2018   2017   2018   2017 
   (unaudited)   (unaudited)   (unaudited)   (unaudited) 
                 
Sales, net  $3,467,380   $2,918,097   $6,468,390   $5,208,418 
Cost of goods sold   3,072,941    2,441,243    5,522,041    4,591,829 
Gross profit   394,439    476,854    946,349    616,589 
                     
Operating expenses:                    
Consulting fees   25,553    165,536    74,144    218,962 
Share-based compensation   121,573    94,548    241,461    231,534 
Salaries and wages   554,182    363,546    1,216,413    706,601 
Legal and professional   211,041    187,740    541,480    348,731 
General and administrative   413,398    343,128    895,430    700,341 
Total operating expenses   1,325,747    1,154,498    2,968,928    2,206,169 
                     
Loss from operations   (931,308)   (677,644)   (2,022,579)   (1,589,580)
                     
Other expenses:                    
Interest expense   222,226    223,385    331,276    419,603 
Total other expense, net   222,226    223,385    331,276    419,603 
                     
Loss before provision for income taxes   (1,153,534)   (901,029)   (2,353,855)   (2,009,183)
                     
Provision for income taxes   -    1,197    17,251    1,953 
                     
Net loss  $(1,153,534)  $(902,226)  $(2,371,106)  $(2,011,136)
                     
Basic and diluted loss per share  $(0.87)  $(0.88)  $(1.79)  $(1.97)
                     
Weighted average number of common shares outstanding - basic and diluted   1,332,749    1,031,016    1,328,099    1,020,671 

 

 See accompanying notes to the condensed consolidated financial statements. 

 

 4 

 

  

GLYECO, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Statement of Stockholders’ Equity

For the six months ended June 30, 2018

 

       Additional       Total 
   Common Stock   Paid-In   Accumulated   Stockholders’ 
   Shares   Par Value   Capital   Deficit   Equity 
                     
Balance, December 31, 2017   1,322,304   $132   $45,863,969   $(41,996,598)  $3,867,503 
                          
Share-based compensation   10,445    1    241,460        241,461 
                          
Relative fair value of warrants issued in connection with notes payable           279,054        279,054 
                          
Net loss               (2,371,106)   (2,371,106)
                          
Balance, June 30, 2018   1,332,749   $133   $46,384,483   $(44,367,704)  $2,016,912 

 

See accompanying notes to the condensed consolidated financial statements.

 

 5 

 

  

GLYECO, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

For the six months ended June 30, 2018 and 2017

 

   Six months ended
June 30,
 
   2018   2017 
   (unaudited)   (unaudited) 
         
Cash flows from operating activities          
Net loss  $(2,371,106)  $(2,011,136)
           
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation   309,800    233,612 
Amortization   245,111    263,775 
Share-based compensation expense   241,461    231,534 
Amortization of debt discount   66,404    174,416 
Loss on disposal of equipment       28,446 
(Recoveries on) provision for bad debt   (39,676)   37,086 
Changes in operating assets and liabilities:          
Accounts receivable, net   53,440    (266,922)
Prepaid expenses   71,820    (31,555)
Inventories   16,255    (883,280)
Deposits   (350)   (46,355)
Accounts payable and accrued expenses   (85,957)   730,536 
Due to related parties       (6,191)
           
Net cash used in operating activities   (1,492,798)   (1,546,034)
           
Cash flows from investing activities          
Purchases of property, plant and equipment   (126,904)   (520,113)
Cash paid for noncontrolling interest in RS&T       (129,500)
Payment of contingent acquisition consideration   (6,642)   (35,462)
Net cash used in investing activities   (133,546)   (685,075)
           
Cash flows from financing activities          
Repayment of notes payable   (226,763)   (1,041,669)
Proceeds from sale-leaseback       1,700,000 
Proceeds from exercise of warrants       275,000 
Repayment of capital lease obligations   (200,661)   (74,093)
Proceeds from issuance of notes, net   2,078,757     
           
Net cash provided by financing activities   1,651,333    859,238 
           
Net change in cash and restricted cash   24,989    (1,371,871)
           
Cash and restricted cash at beginning of the period   117,944    1,490,551 
           
Cash and restricted cash at end of the period  $142,933   $118,680 
           
Supplemental disclosure of cash flow information          
Interest paid during period  $205,123   $68,238 
Income taxes paid during period  $16,429   $1,953 
           
Reconciliation of cash and restricted cash at end of period:          
Cash  $142,933   $77,590 
Restricted Cash       41,090 
   $142,933   $118,680 
           
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   $1,700,000 
Relative fair value of warrants issued in connection with notes payable  $279,054   $ 

 

See accompanying notes to the condensed consolidated financial statements.

 

 6 

 

  

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, now doing business as Glyeco West Virginia, Inc. (“Glyeco WV”) 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 Glyeco WV (for a total percentage ownership of 99.8% of Glyeco WV).

 

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 our processing and distribution centers. We currently have six (6) processing and distribution centers, which are located in (1) Minneapolis, Minnesota, (2) Indianapolis, Indiana, (3) Lakeland, Florida, (4) Rock Hill, South California, (5) Tea, South Dakota, and (6) Landover, Maryland and are held in six (6) subsidiaries under the names of GlyEco Acquisition Corp. #1 through GlyEco Acquisition Corp. #7, excluding #4.

 

Stock Split

 

On July 10, 2018, the Company effected a reverse stock split of its common stock, immediately followed by a forward stock split of its common stock. The ratio for the reverse stock split is fixed at 1-for-500 and the ratio for the forward stock split is fixed at 4-for-1, resulting in a net reverse split of 125 for 1. All share and per share information in this Form 10-Q has been retroactively adjusted to reflect the reverse stock split.

 

Going Concern

 

The condensed consolidated financial statements as of June 30, 2018 and December 31, 2017 and for the three and six months ended June 30, 2018 and 2017 have been prepared assuming that the Company will continue as a going concern. As of June 30, 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.

  

 7 

 

 

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

 

The following represents an update for the six months ended June 30, 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 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 six months ended June 30, 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 the Company 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 a 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; and
  (3) Each component of other comprehensive income or loss.

 

Noncontrolling interests were not significant as of June 30, 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).

 

 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 receivable, 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 ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” in the first quarter of 2018. 

 

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 the three and six months ended June 30, 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 condensed consolidated statements of operations. The allowance for doubtful accounts totaled $96,922 and $213,136 as of June 30, 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.

 

 9 

 

 

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 condensed 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 condensed 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 condensed 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 share of common stock is computed by dividing the net loss available to holders of common stock by the weighted average number of shares of common stock outstanding during a period. Diluted loss per share of common stock is computed by dividing the net loss available to holders of common stock by the weighted average number of shares of common stock outstanding plus potentially dilutive securities. The Company’s potentially dilutive securities outstanding are not shown in the diluted net loss per share calculation because their effect in both the three and six months ended June 30,  2018 and 2017 would be anti-dilutive. At June 30, 2018, these potentially dilutive securities included warrants to purchase 120,285 shares of common stock and stock options to purchase 27,101 shares of common stock for a total of 147,386 shares of common stock. At June 30, 2017, these potentially dilutive securities included warrants to purchase 63,035 shares of common stock and stock options to purchase 60,980 shares of common stock for a total of 124,015 shares of common stock.

 

 10 

 

 

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)” (“ASU 2014-09”), 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 core principle of ASU 2014-09 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 ASU 2014-09 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. ASU 2014-09 was effective for annual and interim periods beginning after December 15, 2017. The Company elected to adopt ASU 2014-09 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 “Revenue Recognition” in Note 2 and Note 3 for additional disclosures regarding the Company’s revenue recognition policies and contracts with customers.

 

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. The Company has not yet selected a transition method and is currently assessing the impact that 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, $41,090 and $6,642 as of December 31, 2016, June 30, 2017 and December 31, 2017, respectively, as well as previously reported cash.

 

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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 the principal activities of 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

June 30, 2018

 
   Consumer   Industrial 
Antifreeze  $1,327,263   $ 
Ethylene Glycol       1,191,186 
Additive       868,318 
Windshield Washer fluid   75,342     
Equipment   5,271     
Total  $1,407,876   $2,059,504 

 

Net Trade Revenue by Geographic Region 

Three
Months
Ended
June 30,
2018

 
     
US  $3,020,029 
Canada   444,471 
China   - 
India   2,880 
Total  $3,467,380 

 

 

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Net Trade Revenue by Principal Product Group 

Six Months Ended

June 30, 2018

 
   Consumer   Industrial 
Antifreeze  $2,979,459   $ 
Ethylene Glycol       1,954,988 
Additive       1,368,514 
Windshield Washer fluid   157,516     
Equipment   7,913     
Total  $3,144,888   $3,323,502 

 

Net Trade Revenue by Geographic Region 

Six Months
Ended
June 30,
2018

 
     
US  $5,683,614 
Canada   761,238 
China   20,658 
India   2,880 
Total  $6,468,390 

 

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 June 30, 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:

 

   June 30,   December 31, 
   2018   2017 
Raw materials  $259,577   $241,297 
Work in process   21,726    69,991 
Finished goods   266,575    252,845 
Total inventories  $547,878   $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   June 30, 
   Useful Life  Cost   Additions   Amortization   2018 
Finite live intangible assets:                       
Customer list and tradename  5 years  $987,500   $   $(325,027)  $662,473 
                        
Non-compete agreements  5 years   1,199,000        (587,930)   611,070 
                        
Intellectual property  10 years   880,000        (132,000)   748,000 
                        
Total intangible assets     $3,066,500   $   $(1,044,957)  $2,021,543 
                        
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. 

 

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NOTE 6 – Property, Plant and Equipment 

 

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

 

   June 30,   December 31, 
   2018   2017 
Machinery and equipment  $4,934,251   $4,782,257 
Leasehold improvements   304,311    275,973 
Accumulated depreciation   (1,645,414)   (1,335,615)
    3,593,148    3,722,615 
Construction in process   284,457    175,335 
Total property, plant and equipment, net  $3,877,605   $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 preferred stock, par value $0.0001 per share, having preferences to be determined by the Board of Directors of the Company for dividends and liquidation of the Company’s assets. Of the 40,000,000 shares of preferred stock the Company is authorized to issue by its articles of incorporation, the Board of Directors has designated up to 3,000,000 shares as Series AA Preferred Stock.

 

As of June 30, 2018, the Company had no shares of preferred stock outstanding. 

 

Common Stock

 

As of June 30, 2018, the Company has 1,332,749 shares of common stock, par value $0.0001 per share, outstanding. The Company’s articles of incorporation authorize the Company to issue up to 300,000,000 shares of common stock. The holders are entitled to one vote for each share on matters submitted to a vote of stockholders, and to share pro rata in all dividends payable on the common stock after payment of dividends on any shares of preferred stock 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 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 2017 ESPP is terminated by the Board of Directors of the Company, if earlier.

 

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The Company recorded stock-based compensation expense related to the 2017 ESPP of approximately $11,000 and $20,000 during the three and six months ended June 30, 2018, respectively.

 

During the six months ended June 30, 2018, the Company issued the following shares of common stock for compensation:

 

On January 8, 2018, the Company issued 1,200 shares of common stock to one employee of the Company at a price of $7.50 per share for a value of approximately $9,000.

 

On March 31, 2018, the Company issued an aggregate of 9,245 shares of common stock to six directors of the Company pursuant to the Company’s FY2017 Director Compensation Plan at a price of $8.13 per share for a value of approximately $75,000. 

On June 30, 2018, the Company expensed the value of an aggregate of 11,766 shares of common stock to six directors of the Company pursuant to the Company’s FY2017 Director Compensation Plan at a price of $6.38 per share totaling approximately $75,000. The shares were issued in July 2018.

 

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   114,236   $8.75 
Restricted stock granted   15,640    4.55 
Restricted stock vested        
Restricted stock forfeited   (9,280)   8.73 
           
Unvested at June 30, 2018   120,596   $8.34 

  

During the three and six months ended June 30, 2018 and 2017, the Company recorded $35,570 and $62,344 and $13,545 and $47,671, respectively, related to the performance and market based restricted stock awards. 

 

Options and Warrants

 

During the six months ended June 30, 2018, the Company issued warrants to purchase an aggregate of 84,000 shares of common stock in connection with the issuance of notes payable. (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 (American Society for Testing Materials) 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 Glyeco WV, 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.  Glyeco WV 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 Glyeco WV facility is approximately 1.5 million gallons per month of concentrated ethylene glycol. The Glyeco WV facility current produces antifreeze and industrial grade ethylene glycol.

 

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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 for reporting purposes. 

 

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 June 30, 2018 is presented below:

 

   Consumer   Industrial   Inter-
Segment
Eliminations
   Corporate   Total 
Sales, net  $1,407,876   $2,277,694   $(218,190)  $   $3,467,380 
Cost of goods sold   1,496,481    1,794,650    (218,190)       3,072,941 
Gross (loss) profit   (88,605)   483,044            394,439 
                          
Total operating expenses   554,170    378,266        393,311    1,325,747 
                          
(Loss) Income from operations   (642,775)   104,778        (393,311)   (931,308)
                          
Total other expenses   (4,983)   40,168        (257,411)   (222,226)
                          
(Loss) Income before provision for income taxes  $(647,758)  $144,946   $   $(650,722)  $(1,153,534)

  

Segment information, and the reconciliation to the Company’s consolidated financial statements, for the six months ended June 30, 2018 is presented below:

 

   Consumer   Industrial   Inter-
Segment
Eliminations
   Corporate   Total 
Sales, net  $3,147,460   $3,886,019   $(565,089)  $   $6,468,390 
Cost of goods sold   3,065,668    3,021,462    (565,089)       5,522,041 
Gross profit   81,792    864,557            946,349 
                          
Total operating expenses   1,267,706    770,700        930,522    2,968,928 
                          
(Loss) Income from operations   (1,185,914)   93,857        (930,522)   (2,022,579)
                          
Total other expenses   (10,411)   (4,431)       (316,434)   (331,276)
                          
(Loss) Income before provision for income taxes  $(1,196,325)  $89,426   $   $(1,246,956)  $(2,353,855)

 

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NOTE 9 – Notes Payable

 

Notes payable consist of the following:

 

   As of
June 30, 2018
   As of
December 31, 2017
 
2018 Related Party 10% Unsecured Notes, net of debt discount of $233,894  $1,866,106   $ 
2017 Secured Note   93,324    104,990 
2018 and 2017 Unsecured Note   80,593    188,060 
2016 Secured Notes   266,361    308,115 
2016 WEBA Seller Notes   2,650,000    2,650,000 
Total notes payable   4,956,384    3,251,165 
Less current portion   (2,057,802)   (297,534)
Long-term portion of notes payable  $2,898,582   $2,953,631 

 

2018 Related Party 10% Unsecured Notes

 

On March 29, 2018, the Company entered into a subscription agreement (the “10% Notes Subscription Agreement”) by and between the Company and Wynnefield Partners Small Cap Value I, L.P. and Wynnefield Partners Small Cap Value, L.P., (“Wynnefield Funds”) which are under the management of Wynnefield Capital, Inc. (“Wynnefield Capital”). The 10% Notes Subscription Agreement was the first tranche of a private placement (“Private Placement”). Pursuant to the 10% Notes Subscription Agreement, the Company offered and issued (i) $1,000,000 in principal amount of 10% Senior Unsecured Promissory Notes (the “10% Notes” or “Institutional Notes”) and (ii) warrants (the “Warrants” or “Institutional Warrants”) to purchase up to 40,000 shares of common stock of the Company. The Company received $1,000,000 in proceeds from the offering. The first tranche of the 10% Notes is scheduled to mature on May 4, 2019. The 10% Notes bear interest at a rate of 10% per annum due on the maturity date or as otherwise specified by the 10% Notes.

 

The Company closed a second tranche of the Private Placement on April 10, 2018 with one of its directors, Charles F. Trapp , with respect to a 10% note with a principal amount of $50,000 and a warrant to purchase 2,000 shares of common stock. The second tranche of the Private Placement is scheduled to mature on May 9, 2019. 

 

The Company closed a third tranche of the Private Placement on May 1, 2018 with Ian Rhodes, the Company’s Chief Executive Officer and director, with respect to a 10% note with a principal amount of $50,000 and a warrant to purchase 2,000 shares of common stock. The third tranche of the Private Placement is scheduled to mature on June 1, 2019. 

 

The Company closed a fourth tranche of the Private Placement on May 4, 2018 with the Wynnefield Funds managed by Wynnefield Capital, for an aggregate principal amount of $1,000,000 of 10% notes and warrants to purchase an aggregate of 40,000 shares of common stock. The fourth tranche of the Private Placement is scheduled to mature on May 6, 2019.

 

The Company allocated the proceeds received from the Initial Notes and the Initial Warrants on a relative fair value basis at the time of issuance. The total debt discount of $300,298, including the relative fair value of the warrants and the debt issuance costs will be amortized over the life of the 10% Notes to interest expense using the effective interest method. Amortization expense during the six months ended June 30, 2018 was $66,404.

 

We estimated the fair value of the Initial Warrants on the issuance date using a BSM option pricing model with the following assumptions:

 

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

  

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

 

      Proceeds
allocated at
issuance
date
 
Notes     $ 1,820,946  
Warrants       279,054  
Total     $ 2,100,000  

  

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. The ending balance is included in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheet.

 

   2018   2017 
Beginning Balance as of January 1,  $   $5,123 
Monies owed to related party for services performed   42,889    61,818 
Monies paid   (32,605)   (66,941)
Ending balance as of June 30,  $10,284   $- 

 

10% Notes

 

In addition, on March 29, 2018 and May 4, 2018, the Company entered into the Institutional Notes for an aggregate principal amount of $2,000,000 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. The Company’s Chairman of the Board, Dwight Mamanteo, is a portfolio manager of Wynnefield Capital. (See Note 9 for additional information).

 

The Company closed a subsequent tranche of the Private Placement on April 10, 2018, with Trapp with respect to the Trapp Note with a principal amount of $50,000 and the Trapp Warrant to purchase 2,000 shares of common stock. (See Note 9 for additional information).

 

The Company closed a subsequent tranche of the Private Placement on May 1, 2018, with Rhodes with respect to the Rhodes Note with a principal amount of $50,000 and the Rhodes Warrant to purchase 2,000 shares of common stock. (See Note 9 for additional information).

 

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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.

 

During early August 2018, the Company experienced an environmental issue related to the processing of feedstock at its Institute, WV facility, which resulted in the Company shutting down production at the facility. The Company is working with regulatory agencies, its landlord and site services provider, and feedstock suppliers to address this issue and currently expects production to resume in late August or early September. At this time, the Company cannot estimate the cost, if any, related to the issue.

 

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

 

The following discussion and analysis of our financial condition and results of operations for the three and six months ended June 30, 2018 should be read together with our condensed consolidated financial statements and related notes included elsewhere in this quarterly report. This discussion contains forward-looking statements and information relating to our business that reflect our current views and assumptions with respect to future events and are subject to risks and uncertainties that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These forward-looking statements speak only as of the date of this report. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, or achievements. Except as required by applicable law, including the securities laws of the United States, we expressly disclaim any obligation or undertaking to disseminate any update or revisions of any of the forward-looking statements to reflect any change in our expectations with regard thereto or to conform these statements to actual results.

 

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.

 

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 American Society for Testing Materials (“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 Technology Corp. (“WEBA”) and Glyeco West Virginia, 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.  Glyeco WV operates a glycol re-distillation plant in West Virginia that produces virgin quality glycol for sale to industrial customers worldwide. The Glyeco WV facility currently produces antifreeze and industrial grade ethylene glycol. The production capacity of the Glyeco WV facility is approximately 1.5 million gallons per month of concentrated ethylene glycol.

 

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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. We believe that our products are trusted in all vehicle makes and models and regional fleet and by local and national auto retailers. Our QC&A Program is managed and supported by dedicated process and chemical engineering staff and requires periodic onsite field audits, and ongoing training by our facility managing partners.

 

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Industrial Segment

 

Our Industrial segment consists of two divisions: WEBA, our additives business and Glyeco WV, 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 all-organic(“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 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 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.

 

Glyeco WV operates a glycol re-distillation plant in West Virginia, which produces virgin quality glycol for sale to industrial customers worldwide. The Glyeco WV 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 Glyeco WV 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 as a low-cost manufacturer. To deliver value to all of our stockholders 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. In addition, we focus on internal and external training programs and we are eco-friendly with the products we offer and the way we operate our businesses.  

 

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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

 

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.

 

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.

 

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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 BSM 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.

 

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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 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. 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. 

 

During early August 2018, the Company experienced an environmental issue related to the processing of feedstock at its Institute, WV facility, which resulted in the Company shutting down production at the facility. The Company is working with regulatory agencies, its landlord and site services provider, and feedstock suppliers to address this issue and currently expects production to resume in late August or early September. At this time, the Company cannot estimate the cost, if any, related to the issue.

 

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Results of Operations

 

Six Months Ended June 30, 2018 Compared to Six Months Ended June 30, 2017

 

Net Sales

 

For the six months ended June 30, 2018, Net Sales were $6,468,390 compared to $5,208,418 for the six months ended June 30, 2017, representing an increase of $1,259,972, or approximately 24%. The increase in Net Sales was due to an increase of $1,336,836 of sales related to the Industrial Segment businesses compared to the same period in 2017. The WV facility in the Industrial Segment did not commence operations until March of 2017, impacting sales in the six-months ended June 30, 2017. Net Sales, including intersegment sales for the six months ended June 30, 2018, were $3,147,460 and $3,886,019 for the Consumer and Industrial segments, respectively.

 

Cost of Goods Sold

 

For the six months ended June 30, 2018, our Costs of Goods Sold was $5,522,041, compared to $4,591,829 for the six months ended June 30, 2017, representing an increase of $930,212, or approximately 20%. The increase in Cost of Goods Sold was primarily due to costs associated with the increase in net sales. The Consumer segment also incurred increased Cost of Goods Sold due to increased feedstock costs and one-time machine repair costs.

 

Gross Profit (Loss)

 

For the six months ended June 30, 2018, we realized a gross profit of $946,349, compared to a gross profit of $616,589 for the six months ended June 30, 2017. Gross profit, including intersegment sales, for the six months ended June 30, 2018 was $81,792 and $864,557 for the Consumer and Industrial segments, respectively. 

 

Our gross profit margin for the six months ended June 30, 2018 was approximately 15%, compared to approximately 12% for the six months ended June 30, 2017. Gross profit margin, including intersegment sales for the six months ended June 30, 2018, was 3% and 22% for the Consumer and Industrial segments, respectively. Gross profit in the Consumer Segment was negatively impacted by decreased sales and increased Cost of Goods Sold.

 

Operating Expenses

 

For the six months ended June 30, 2018, Operating Expenses increased to $2,968,928 from $2,206,169 for the six months ended June 30, 2017, representing an increase of $762,759, or approximately 35%. 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 six months ended June 30, 2018 was approximately 46%, compared to approximately 42% for the six months ended June 30, 2017. Increased operating expenses were driven by legal and accounting fees and severance payments for employees terminates during the period.

 

Consulting Fees consist of marketing and administrative fees incurred under consulting agreements.  Consulting Fees decreased to $74,144 for the six months ended June 30, 2018 from $218,962 for the six months ended June 30, 2017, representing a decrease of $144,818 or 66%. The decrease in consulting fees were driven by bringing certain accounting and operations positions in-house. Consulting fees during the six months ended June 2017 included significant expense for outsourced employee recruitment and placement searches which did not occur in the six months ended June 2018. 

 

Share-Based Compensation consists of stock and options issued to employees in consideration for services provided to the Company. Share-Based Compensation increased to $241,461 for the six months ended June 30, 2018 from $231,534 for the six months ended June 30, 2017, representing an increase of $9,927, or 4%. 

 

Salaries and Wages consist of wages and the related taxes.  Salaries and Wages increased to $1,216,413 for the six months ended June 30, 2018 from $706,601 for the six months ended June 30, 2017, representing an increase of $509,812 or 72%.  The increase is due to the addition of employees in such areas as marketing, sales and finance in late 2017.

 

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Legal and Professional Fees consist of legal, accounting, tax and audit services.  For the six months ended June 30, 2018, Legal and Professional Fees increased to $541,480 from $348,731 for the six months ended June 30, 2017, representing an increase of $192,749. The increase is primarily related to work performed in connection with special projects, including tax, audit and information technology needs.

 

General and Administrative (“G&A”) Expenses consist of the general operational costs of our business. For the six months ended June 30, 2018, G&A Expenses increased to $895,430 from $700,341 for the six months ended June 30, 2017, representing an increase of $195,089, or approximately 28%. The increase is partially attributable to internal health and safety audits at our consumer facilities.

  

Other Expense

 

For the six months ended June 30, 2018, Other Expense was $331,276 compared to $419,603 for the six months ended June 30, 2017, representing a decrease of $88,327. 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

 

   Six Months Ended
June 30,
 
   2018   2017 
GAAP net loss  $(2,371,106)  $(2,011,136)
           
Interest expense   331,276    419,603 
Income tax expense   17,251    1,953 
Depreciation and amortization   554,911    497,387 
Share-based compensation   241,461    231,534 
Adjusted EBITDA  $(1,226,207)  $(860,659)

 

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Three Months Ended June 30, 2018 Compared to Three Months Ended June 30, 2017

 

Net Sales

 

For the three months ended June 30, 2018, Net Sales were $3,467,380 compared to $2,918,097 for the three months ended June 30, 2017, representing an increase of $549,283, or approximately 19%. The increase in Net Sales was due to an increase of $669,192 of sales in the Industrial segment businesses compared to the same period in 2017. Increased Industrial Segment sales were driven by an increase in the feedstock pipeline and subsequent finished product capacity at the WV facility. This increase was offset by a decrease of $239,387 in Consumer segment sales. Reduction in sales staff headcount contributed to the decrease in Consumer Segment sales compared with the three months ended June 2017. Net Sales, including intersegment sales for the three months ended June 30, 2018, were $1,407,876 and $2,277,694 for the Consumer and Industrial segments, respectively.

 

Cost of Goods Sold

 

For the three months ended June 30, 2018, our Costs of Goods Sold was $3,072,941, compared to $2,441,243 for the three months ended June 30, 2017, representing an increase of $631,688, or approximately 26%. The increase in Cost of Goods Sold was primarily due to costs associated with the increase in net sales.

 

Gross Profit

 

For the three months ended June 30, 2018, we realized a gross profit of $394,439, compared to a gross profit of $476,854 for the three months ended June 30, 2017. Gross profit, including intersegment sales, for the three months ended June 30, 2018 was a gross loss of $(88,605) and gross profit of $483,044 for the Consumer and Industrial segments, respectively.

 

Our gross profit margin for the three months ended June 30, 2018, was approximately 11%, compared to approximately 16% for the three months ended June 30, 2017. Gross profit margin, including intersegment sales for the three months ended June 30, 2018, was a gross loss of (6%) and a gross profit of 21% for the Consumer and Industrial segments, respectively. The gross loss margin for the Consumer segment was negatively impacted by increased feedstock costs at our production facilities and compounded by the decreased level of Consumer segment sales.

 

Operating Expenses

 

For the three months ended June 30, 2018, Operating Expenses increased to $1,325,747 from $1,154,498 for the three months ended June 30, 2017, representing an increase of $171,249, or approximately 15%. 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 months ended June 30, 2018 was approximately 38%, compared to approximately 40% for the three months ended June 30, 2017. Increased operating expenses were driven by legal and accounts fees and severance payments for employees terminate during the period.

 

Consulting Fees consist of marketing and administrative fees incurred under consulting agreements.  Consulting Fees decreased to $25,553 for the three months ended June 30, 2018 from $165,536 for the three months ended June 30, 2017, representing a decrease of $139,983 or 85%. Consulting fees during the three months ended June 2017 includes significant expense for outsourced employee recruitment.

 

Share-Based Compensation consists of stock and options issued to employees in consideration for services provided to the Company. Share-Based Compensation increased to $121,573 for the three months ended June 30, 2018 from $94,548 for the three months ended June 30, 2017, representing an increase of $27,025, or 29%. This was due to the increased equity granted during this time period.

 

Salaries and Wages consist of wages and the related taxes.  Salaries and Wages increased to $554,182 for the three months ended June 30, 2018 from $363,546 for the three months ended June 30, 2017, representing an increase of $190,636 or 52%.  The increase is due to the addition of employees in such areas as marketing, sales and finance in late 2017.

 

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Legal and Professional Fees consist of legal, accounting, tax and audit services.  For the three months ended June 30, 2018, Legal and Professional Fees increased to $211,041 from $187,740 for the three months ended June 30, 2017, representing an increase of $23,301 or approximately 12%. The increase is primarily related to work performed in connection with special projects including tax, audit and information technology needs.

 

General and Administrative (“G&A”) Expenses consist of the general operational costs of our business. For the three months ended June 30, 2018, G&A Expenses increased to $413,398 from $343,128 for the three months ended June 30, 2017, representing an increase of $70,270, or approximately 20%. The increase is primarily due to expenses incurred for an internal health and safety audit program and the associated travel.

 

Other Expense

 

For the three months ended June 30, 2018, Other Expense was $222,226 compared to $223,385 for the three months ended June 30, 2017, representing a decrease of $1,159. 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
June 30,
 
   2018   2017 
GAAP net loss  $(1,153,534)  $(902,226)
           
Interest expense   222,226    223,385 
Income tax expense   -    1,197 
Depreciation and amortization   278,633    251,905 
Share-based compensation   121,573    94,548 
Adjusted EBITDA  $(531,102)  $(331,191)

 

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Liquidity and 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.

 

Cash Flows

 

The table below sets forth certain information about the Company’s cash flows for the six months ended June 30, 2018 and 2017:

 

   For the Six Months Ended 
   June 30, 2018   June 30, 2017 
Net cash used in operating activities  $(1,492,798)  $(1,546,034)
Net cash used in investing activities   (133,546)   (649,613)
Net cash provided by financing activities   1,651,333    859,238 
Net change in cash and restricted cash   24,989    (1,336,409)
Cash and restricted cash - beginning of period   117,944    1,413,999 
Cash and restricted cash - end of period  $142,933   $77,590 

 

Cash Used in Operating Activities. For the six months ended June 30, 2018 and 2017, net cash used in operating activities was $1,492,798 and $1,546,034, respectively.  The decrease in cash used in operating activities in the six months ended June 30, 2018 is due to the significant period over period changes in accounts receivable, inventories and accounts payable and accrued expenses. 

 

Cash Used in Investing Activities. For the six months ended June 30, 2018, the Company used $133,546 in cash for investing activities, compared to $685,075 used in the six months ended June 30, 2017.  These amounts were comprised of capital expenditures for equipment.

 

Cash from Financing Activities. For the six months ended June 30, 2018, net cash from financing activities was $1,651,333, which was comprised of $2,100,000 in gross proceeds from notes payable, offset by payments made on other notes payable and capital lease obligations. For the six months ended June 30, 2017, $859,238 was provided by financing activities.

 

Current Assets and Liabilities

 

As of June 30, 2018, we had $2,578,422 in current assets, including $142,933 in cash, $1,532,603 in accounts receivable and $547,878 in inventories. Cash increased from $111,302 as of December 31, 2017 to $142,933 as of June 30, 2018, primarily due to the timing of payments.

 

As of June 30, 2018, we had total current liabilities of $6,848,886, consisting primarily of accounts payable and accrued expenses of $2,835,449, contingent acquisition consideration of $1,503,113, and the current portion of notes payable of $2,057,802. As of June 30, 2018, we had total non-current liabilities of $3,871,155, consisting primarily of the non-current portion of our notes payable and capital lease obligations.

 

Going Concern

 

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. As of June 30, 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 continue to 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. 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. We also believe that we can raise adequate funds through the issuance of equity or debt as necessary to continue to support our planned expansion. There can be no assurances, however, that the Company will be able to achieve profitable operations or 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. 

 

 30 

 

 

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 June 30, 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.

 

 31 

 

 

Inherent Limitations on Internal Control

 

Our management, including our Chief Executive officer and Chief Financial Officer, does not expect that our disclosure controls and procedures will prevent all errors and all fraud. 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 design of a control system must reflect the fact that there are resource constraints and 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 may not be detected.

 

Changes in Internal Control Over Financial Reporting

 

During the three months ended June 30, 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. 

 

 32 

 

  

PART II—OTHER INFORMATION

 

Item 1.  Legal Proceedings.

 

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.

 

Item 1A.  Risk Factors.

 

As a smaller reporting company, we are not required to provide the information required by this Item.

 

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

 

None.

  

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 the Company’s stockholders may recommend nominees to our Board of Directors. 

 

 33 

 

  

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.

 

 34 

 

  

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: August 14, 2018 By: /s/ Ian Rhodes
  Ian Rhodes
  Chief Executive Officer
  (Principal Executive Officer)
   
Date: August 14, 2018 By: /s/ Brian Gelman
  Brian Gelman
  Chief Financial Officer
  (Principal Financial Officer)

 

 35 

EX-31.1 2 s111999_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;

 

4. 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: August 14, 2018  By: /s/ Ian Rhodes  
    Ian Rhodes  
    Chief Executive Officer of GlyEco, Inc.   
    (Principal Executive Officer)   

 

 36 
EX-31.2 3 s111999_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;

 

4. 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: August 14, 2018 By: /s/ Brian Gelman  
    Brian Gelman  
    Chief Financial Officer of GlyEco, Inc.   
    (Principal Financial Officer)   

 

 37 
EX-32.1 4 s111999_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: August 14, 2018  By: /s/ Ian Rhodes  
    Ian Rhodes  
    Chief Executive Officer of GlyEco, Inc.   
    (Principal Executive Officer)   

 

 38 
EX-32.2 5 s111999_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

 

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: August 14, 2018 By: /s/ Brian Gelman  
    Brian Gelman  
    Chief Financial Officer of GlyEco, Inc.   
    (Principal Financial Officer)   

 

 39 

 

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Aug. 13, 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 Jun. 30, 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   1,348,292
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2018  
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Condensed Consolidated Balance Sheets (unaudited) - USD ($)
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Dec. 31, 2017
Current Assets    
Cash $ 142,933 $ 111,302
Cash - restricted 6,642
Accounts receivable, net 1,532,603 1,546,367
Prepaid expenses 355,008 360,953
Inventories 547,878 564,133
Total current assets 2,578,422 2,589,397
Property, plant and equipment, net 3,877,605 3,897,950
Other Assets    
Deposits 436,800 436,450
Goodwill 3,822,583 3,822,583
Other intangible assets, net 2,021,543 2,266,654
Total other assets 6,280,926 6,525,687
Total assets 12,736,953 13,013,034
Current Liabilities    
Accounts payable and accrued expenses 2,835,449 2,921,406
Contingent acquisition consideration 1,503,113 1,509,755
Notes payable - current portion 2,057,802 297,534
Capital lease obligations - current portion 452,522 377,220
Total current liabilities 6,848,886 5,105,915
Non-Current Liabilities    
Notes payable - non-current portion, net of debt discount 2,898,582 2,953,631
Capital lease obligations - non-current portion 972,573 1,085,985
Total non-current liabilities 3,871,155 4,039,616
Total liabilities 10,720,041 9,145,531
Stockholders' Equity    
Preferred stock, par value $0.0001 per share: 40,000,000 shares authorized; no shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively
Common stock, par value $0.0001 per share: 300,000,000 shares authorized; 1,332,749 and 1,322,304 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively 133 132
Additional paid-in capital 46,384,483 45,863,969
Accumulated deficit (44,367,704) (41,996,598)
Total stockholders' equity 2,016,912 3,867,503
Total liabilities and stockholders' equity $ 12,736,953 $ 13,013,034
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Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares
Jun. 30, 2018
Dec. 31, 2017
Statement of Financial Position [Abstract]    
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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 1,332,749 1,322,304
Common stock, outstanding 1,332,749 1,322,304
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Condensed Consolidated Statements of Operations (unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Sales, net $ 3,467,380 $ 2,918,097 $ 6,468,390 $ 5,208,418
Cost of goods sold 3,072,941 2,441,243 5,522,041 4,591,829
Gross profit 394,439 476,854 946,349 616,589
Operating expenses        
Consulting fees 25,553 165,536 74,144 218,962
Share-based compensation 121,573 94,548 241,461 231,534
Salaries and wages 554,182 363,546 1,216,413 706,601
Legal and professional 211,041 187,740 541,480 348,731
General and administrative 413,398 343,128 895,430 700,341
Total operating expenses 1,325,747 1,154,498 2,968,928 2,206,169
Loss from operations (931,308) (677,644) (2,022,579) (1,589,580)
Other expenses:        
Interest expense 222,226 223,385 331,276 419,603
Total other expense, net 222,226 223,385 331,276 419,603
Loss before provision for income taxes (1,153,534) (901,029) (2,353,855) (2,009,183)
Provision for income taxes 1,197 17,251 1,953
Net loss $ (1,153,534) $ (902,226) $ (2,371,106) $ (2,011,136)
Basic and diluted loss per share (in dollars per share) $ (0.87) $ (0.88) $ (1.79) $ (1.97)
Weighted average number of common shares outstanding - basic and diluted 1,332,749 1,031,016 1,328,099 1,020,671
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Unaudited Condensed Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2018 - USD ($)
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Total
Balance, at beginning at Dec. 31, 2017 $ 132 $ 45,863,969 $ (41,996,598) $ 3,867,503
Balance, at beginning (in shares) at Dec. 31, 2017 1,322,304     1,322,304
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share-based compensation $ 1 241,460 $ 241,461
Share-based compensation (in shares) 10,445      
Relative fair value of warrants to issued in connection with notes payable 279,054 279,054
Net loss (2,371,106) (2,371,106)
Balance, at end at Jun. 30, 2018 $ 133 $ 46,384,483 $ (44,367,704) $ 2,016,912
Balance, at end (in shares) at Jun. 30, 2018 1,332,749     1,332,749
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities    
Net loss $ (2,371,106) $ (2,011,136)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 309,800 233,612
Amortization 245,111 263,775
Share-based compensation expense 241,461 231,534
Amortization of debt discount 66,404 174,416
Loss on disposal of equipment 28,446
(Recoveries on) provision for bad debt (39,676) 37,086
Changes in operating assets and liabilities:    
Accounts receivable, net 53,440 (266,922)
Prepaid expenses 71,820 (31,555)
Inventories 16,255 (883,280)
Deposits (350) (46,355)
Accounts payable and accrued expenses (85,957) 730,536
Due to related parties (6,191)
Net cash used in operating activities (1,492,798) (1,546,034)
Cash flows from investing activities    
Purchases of property, plant and equipment (126,904) (520,113)
Cash paid for noncontrolling interest in RS&T (129,500)
Payment of contingent acquisition consideration (6,642) (35,462)
Net cash used in investing activities (133,546) (685,075)
Cash flows from financing activities    
Repayment of notes payable (226,763) (1,041,669)
Proceeds from sale-leaseback 1,700,000
Proceeds from exercise of warrants 275,000
Repayment of capital lease obligations (200,661) (74,093)
Proceeds from issuance of notes, net 2,078,757
Net cash provided by financing activities 1,651,333 859,238
Net change in cash and restricted cash 24,989 (1,371,871)
Cash and restricted cash at beginning of the period 117,944 1,490,551
Cash and restricted cash at end of the period 142,933 118,680
Supplemental disclosure of cash flow information    
Interest paid during period 205,123 68,238
Income taxes paid during period 16,429 1,953
Reconciliation of cash and restricted cash at end of period:    
Cash 142,933 77,590
Restricted Cash 41,090
Reconciliation of cash and restricted cash at end of period 142,933 118,680
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 1,700,000
Relative fair value of warrants issued in connection with notes payable $ 279,054
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Organization and Nature of Business
6 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Nature of Business

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, now doing business as Glyeco West Virginia, Inc. (“Glyeco WV”) 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 Glyeco WV (for a total percentage ownership of 99.8% of Glyeco WV).

 

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 our processing and distribution centers. We currently have six (6) processing and distribution centers, which are located in (1) Minneapolis, Minnesota, (2) Indianapolis, Indiana, (3) Lakeland, Florida, (4) Rock Hill, South California, (5) Tea, South Dakota, and (6) Landover, Maryland and are held in six (6) subsidiaries under the names of GlyEco Acquisition Corp. #1 through GlyEco Acquisition Corp. #7, excluding #4.

 

Stock Split

 

On July 10, 2018, the Company effected a reverse stock split of its common stock, immediately followed by a forward stock split of its common stock. The ratio for the reverse stock split is fixed at 1-for-500 and the ratio for the forward stock split is fixed at 4-for-1, resulting in a net reverse split of 125 for 1. All share and per share information in this Form 10-Q has been retroactively adjusted to reflect the reverse stock split.

 

Going Concern

 

The condensed consolidated financial statements as of June 30, 2018 and December 31, 2017 and for the three and six months ended June 30, 2018 and 2017, have been prepared assuming that the Company will continue as a going concern. As of June 30, 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.

XML 20 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basis of Presentation and Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies

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

 

The following represents an update for the six months ended June 30, 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 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 six months ended June 30, 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 the Company 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 a 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; and
  (3) Each component of other comprehensive income or loss.

 

Noncontrolling interests were not significant as of June 30, 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 receivable, 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 ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” in the first quarter of 2018. 

 

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 the three and six months ended June 30, 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 condensed consolidated statements of operations. The allowance for doubtful accounts totaled $96,922 and $213,136 as of June 30, 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 condensed 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 condensed 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 condensed 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 share of common stock is computed by dividing the net loss available to holders of common stock by the weighted average number of shares of common stock outstanding during a period. Diluted loss per share of common stock is computed by dividing the net loss available to holders of common stock by the weighted average number of shares of common stock outstanding plus potentially dilutive securities. The Company’s potentially dilutive securities outstanding are not shown in the diluted net loss per share calculation because their effect in both the three and six months ended June 30,  2018 and 2017 would be anti-dilutive. At June 30, 2018, these potentially dilutive securities included warrants to purchase 120,285 shares of common stock and stock options to purchase 27,101 shares of common stock for a total of 147,386 shares of common stock. At June 30, 2017, these potentially dilutive securities included warrants to purchase 63,035 shares of common stock and stock options to purchase 60,980 shares of common stock for a total of 124,015 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)” (“ASU 2014-09”), 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 core principle of ASU 2014-09 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 ASU 2014-09 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. ASU 2014-09 was effective for annual and interim periods beginning after December 15, 2017. The Company elected to adopt ASU 2014-09 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 “Revenue Recognition” in Note 2 and Note 3 for additional disclosures regarding the Company’s revenue recognition policies and contracts with customers.

 

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. The Company has not yet selected a transition method and is currently assessing the impact that 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, $41,090 and $6,642 as of December 31, 2016, June 30, 2017 and December 31, 2017, respectively, as well as previously reported cash.

XML 21 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue
6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Revenue

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 the principal activities or 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

June 30, 2018

 
    Consumer     Industrial  
Antifreeze   $ 1,327,263     $  
Ethylene Glycol           1,191,186  
Additive           868,318  
Windshield Washer fluid     75,342        
Equipment     5,271        
Total   $ 1,407,876     $ 2,059,504  

 

Net Trade Revenue by Geographic Region   Three
Months
Ended
June 30,
2018
 
       
US   $ 3,020,029  
Canada     444,471  
China     -  
India     2,880  
Total   $ 3,467,380  

  

Net Trade Revenue by Principal Product Group  

Six Months Ended

June 30, 2018

 
    Consumer     Industrial  
Antifreeze   $ 2,979,459     $  
Ethylene Glycol           1,954,988  
Additive           1,368,514  
Windshield Washer fluid     157,516        
Equipment     7,913        
Total   $ 3,144,888     $ 3,323,502  

 

Net Trade Revenue by Geographic Region   Six Months
Ended
June 30,
2018
 
       
US   $ 5,683,614  
Canada     761,238  
China     20,658  
India     2,880  
Total   $ 6,468,390  

 

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 June 30, 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. 

XML 22 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Inventories
6 Months Ended
Jun. 30, 2018
Inventory Disclosure [Abstract]  
Inventories

NOTE 4 – Inventories

 

The Company’s total inventories were as follows:

 

    June 30,     December 31,  
    2018     2017  
Raw materials   $ 259,577     $ 241,297  
Work in process     21,726       69,991  
Finished goods     266,575       252,845  
Total inventories   $ 547,878     $ 564,133  

 

XML 23 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Goodwill and Other Intangible Assets
6 Months Ended
Jun. 30, 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     June 30,  
    Useful Life   Cost     Additions     Amortization     2018  
Finite live intangible assets:                                    
Customer list and tradename   5 years   $ 987,500     $     $ (325,027 )   $ 662,473  
                                     
Non-compete agreements   5 years     1,199,000             (587,930 )     611,070  
                                     
Intellectual property   10 years     880,000             (132,000 )     748,000  
                                     
Total intangible assets       $ 3,066,500     $     $ (1,044,957 )   $ 2,021,543  
                                     
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 v3.10.0.1
Property, Plant and Equipment
6 Months Ended
Jun. 30, 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:

 

    June 30,     December 31,  
    2018     2017  
Machinery and equipment   $ 4,934,251     $ 4,782,257  
Leasehold improvements     304,311       275,973  
Accumulated depreciation     (1,645,414 )     (1,335,615 )
      3,593,148       3,722,615  
Construction in process     284,457       175,335  
Total property, plant and equipment, net   $ 3,877,605     $ 3,897,950  

 

XML 25 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity
6 Months Ended
Jun. 30, 2018
Stockholders' Equity  
Stockholders' Equity

NOTE 7– Stockholders’ Equity

 

Preferred Stock

 

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

 

As of June 30, 2018, the Company had no shares of preferred stock outstanding. 

 

Common Stock

 

As of June 30, 2018, the Company has 1,332,749 shares of common stock, par value $0.0001 per share, outstanding. The Company’s articles of incorporation authorize the Company to issue up to 300,000,000 shares of common stock. The holders are entitled to one vote for each share on matters submitted to a vote of stockholders, and to share pro rata in all dividends payable on the common stock after payment of dividends on any shares of preferred stock 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 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 2017 ESPP is terminated by the Board of Directors of the Company, if earlier.

 

The Company recorded stock-based compensation expense related to the 2017 ESPP of approximately $11,000 and $20,000 during the three and six months ended June 30, 2018, respectively.

 

During the six months ended June 30, 2018, the Company issued the following shares of common stock for compensation:

 

On January 8, 2018, the Company issued 1,200 shares of common stock to one employee of the Company at a price of $7.50 per share for a value of approximately $9,000.

 

On March 31, 2018, the Company issued an aggregate of 9,245 shares of common stock to six directors of the Company pursuant to the Company’s FY2017 Director Compensation Plan at a price of $8.13 per share for a value of approximately $75,000. 

On June 30, 2018, the Company expensed the value of an aggregate of 11,766 shares of common stock to six directors of the Company pursuant to the Company’s FY2017 Director Compensation Plan at a price of $6.38 per share totaling approximately $75,000. The shares were issued in July 2018.

 

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     114,236     $ 8.75  
Restricted stock granted     15,640       4.55  
Restricted stock vested            
Restricted stock forfeited     (9,280 )     8.73  
                 
Unvested at June 30, 2018     120,596     $ 8.34  

  

During the three and six months ended June 30, 2018 and 2017, the Company recorded $35,570 and $62,344 and $13,545 and $47,671, respectively, related to the performance and market based restricted stock awards. 

 

Options and Warrants

 

During the six months ended June 30, 2018, the Company issued warrants to purchase an aggregate of 84,000 shares of common stock in connection with the issuance of notes payable. (See Note 9).

XML 26 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segments
6 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
Segments

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 (American Society for Testing Materials) 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 Glyeco WV, 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.  Glyeco WV 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 Glyeco WV facility is approximately 1.5 million gallons per month of concentrated ethylene glycol. The Glyeco WV 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 for reporting purposes. 

 

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 June 30, 2018 is presented below:

 

    Consumer     Industrial     Inter-
Segment
Eliminations
    Corporate     Total  
Sales, net   $ 1,407,876     $ 2,277,694     $ (218,190 )   $     $ 3,467,380  
Cost of goods sold     1,496,481       1,794,650       (218,190 )           3,072,941  
Gross (loss) profit     (88,605 )     483,044                   394,439  
                                         
Total operating expenses     554,170       378,266             393,311       1,325,747  
                                         
(Loss) Income from operations     (642,775 )     104,778             (393,311 )     (931,308 )
                                         
Total other expenses     (4,983 )     40,168             (257,411 )     (222,226 )
                                         
(Loss) Income before provision for income taxes   $ (647,758 )   $ 144,946     $     $ (650,722 )   $ (1,153,534 )

  

Segment information, and the reconciliation to the Company’s consolidated financial statements, for the six months ended June 30, 2018 is presented below:

 

    Consumer     Industrial     Inter-
Segment
Eliminations
    Corporate     Total  
Sales, net   $ 3,147,460     $ 3,886,019     $ (565,089 )   $     $ 6,468,390  
Cost of goods sold     3,065,668       3,021,462       (565,089 )           5,522,041  
Gross profit     81,792       864,557                   946,349  
                                         
Total operating expenses     1,267,706       770,700             930,522       2,968,928  
                                         
(Loss) Income from operations     (1,185,914 )     93,857             (930,522 )     (2,022,579 )
                                         
Total other expenses     (10,411 )     (4,431 )           (316,434 )     (331,276 )
                                         
(Loss) Income before provision for income taxes   $ (1,196,325 )   $ 89,426     $     $ (1,246,956 )   $ (2,353,855 )
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Payable
6 Months Ended
Jun. 30, 2018
Notes Payable [Abstract]  
Notes Payable

NOTE 9 – Notes Payable

 

Notes payable consist of the following:

 

    As of
June 30, 2018
    As of
December 31, 2017
 
2018 Related Party 10% Unsecured Notes, net of debt discount of $233,894   $ 1,866,106     $  
2017 Secured Note     93,324       104,990  
2018 and 2017 Unsecured Note     80,593       188,060  
2016 Secured Notes     266,361       308,115  
2016 WEBA Seller Notes     2,650,000       2,650,000  
Total notes payable     4,956,384       3,251,165  
Less current portion     (2,057,802 )     (297,534 )
Long-term portion of notes payable   $ 2,898,582     $ 2,953,631  

 

2018 Related Party 10% Unsecured Notes

 

On March 29, 2018, the Company entered into a subscription agreement (the “10% Notes Subscription Agreement”) by and between the Company and Wynnefield Partners Small Cap Value I, L.P. and Wynnefield Partners Small Cap Value, L.P., (“Wynnefield Funds”) which are under the management of Wynnefield Capital, Inc. (“Wynnefield Capital”). The 10% Notes Subscription Agreement was the first tranche of a private placement (“Private Placement”). Pursuant to the 10% Notes Subscription Agreement, the Company offered and issued (i) $1,000,000 in principal amount of 10% Senior Unsecured Promissory Notes (the “10% Notes” or “Institutional Notes”) and (ii) warrants (the “Warrants” or “Institutional Warrants”) to purchase up to 40,000 shares of common stock of the Company. The Company received $1,000,000 in proceeds from the offering. The first tranche of the 10% Notes is scheduled to mature on May 4, 2019. The 10% Notes bear interest at a rate of 10% per annum due on the maturity date or as otherwise specified by the 10% Notes.

 

The Company closed a second tranche of the Private Placement on April 10, 2018 with one of its directors, Charles F. Trapp , with respect to a 10% note with a principal amount of $50,000 and a warrant to purchase 2,000 shares of common stock. The second tranche of the Private Placement is scheduled to mature on May 9, 2019. 

 

The Company closed a third tranche of the Private Placement on May 1, 2018 with Ian Rhodes, the Company’s Chief Executive Officer and director, with respect to a 10% note with a principal amount of $50,000 and a warrant to purchase 2,000 shares of common stock. The third tranche of the Private Placement is scheduled to mature on June 1, 2019. 

 

The Company closed a fourth tranche of the Private Placement on May 4, 2018 with the Wynnefield Funds managed by Wynnefield Capital, for an aggregate principal amount of $1,000,000 of 10% notes and warrants to purchase an aggregate of 40,000 shares of common stock. The fourth tranche of the Private Placement is scheduled to mature on May 6, 2019.

 

The Company allocated the proceeds received from the Initial Notes and the Initial Warrants on a relative fair value basis at the time of issuance. The total debt discount of $300,298, including the relative fair value of the warrants and the debt issuance costs will be amortized over the life of the 10% Notes to interest expense using the effective interest method. Amortization expense during the six months ended June 30, 2018 was $66,404.

 

We estimated the fair value of the Initial Warrants on the issuance date using a BSM option pricing model with the following assumptions:

 

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

 

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

 

      Proceeds
allocated at
issuance
date
 
Notes     $ 1,820,946  
Warrants       279,054  
Total     $ 2,100,000  

  

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.

XML 28 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions
6 Months Ended
Jun. 30, 2018
Related Party Transactions [Abstract]  
Related Party Transactions

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. The ending balance is included in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheet.

 

    2018     2017  
Beginning Balance as of January 1,   $     $ 5,123  
Monies owed to related party for services performed     42,889       61,818  
Monies paid     (32,605 )     (66,941 )
Ending balance as of June 30,   $ 10,284     $ -  

 

10% Notes

 

In addition, on March 29, 2018 and May 4, 2018, the Company entered into the Institutional Notes for an aggregate principal amount of $2,000,000 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. The Company’s Chairman of the Board, Dwight Mamanteo, is a portfolio manager of Wynnefield Capital. (See Note 9 for additional information).

 

The Company closed a subsequent tranche of the Private Placement on April 10, 2018, with Trapp with respect to the Trapp Note with a principal amount of $50,000 and the Trapp Warrant to purchase 2,000 shares of common stock. (See Note 9 for additional information).

 

The Company closed a subsequent tranche of the Private Placement on May 1, 2018, with Rhodes with respect to the Rhodes Note with a principal amount of $50,000 and the Rhodes Warrant to purchase 2,000 shares of common stock. (See Note 9 for additional information).

XML 29 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies
6 Months Ended
Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

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.

 

During early August 2018, the Company experienced an environmental issue related to the processing of feedstock at its Institute, WV facility, which resulted in the Company shutting down production at the facility. The Company is working with regulatory agencies, its landlord and site services provider, and feedstock suppliers to address this issue and currently expects production to resume in late August or early September. At this time, the Company cannot estimate the cost, if any, related to the issue.

XML 30 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Basis of Presentation

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 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 six months ended June 30, 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

Principles of Consolidation

 

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

Noncontrolling Interests

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 a 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; and
  (3) Each component of other comprehensive income or loss.

 

Noncontrolling interests were not significant as of June 30, 2018 and December 31, 2017.

Operating Segments

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

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 receivable, 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

Revenue Recognition

 

The Company’s significant accounting policy for revenue was updated as a result of the adoption of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” in the first quarter of 2018. 

 

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

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 the three and six months ended June 30, 2018 and 2017. Advertising costs are expensed as incurred.

Accounts Receivable

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 condensed consolidated statements of operations. The allowance for doubtful accounts totaled $96,922 and $213,136 as of June 30, 2018 and December 31, 2017, respectively.

Inventories

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

 

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

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 condensed 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 condensed consolidated balance sheet, if material.

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

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 condensed 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

Net Loss Per Share Calculation

 

The basic net loss per share of common stock is computed by dividing the net loss available to holders of common stock by the weighted average number of shares of common stock outstanding during a period. Diluted loss per share of common stock is computed by dividing the net loss available to holders of common stock by the weighted average number of shares of common stock outstanding plus potentially dilutive securities. The Company’s potentially dilutive securities outstanding are not shown in the diluted net loss per share calculation because their effect in both the three and six months ended June 30,  2018 and 2017 would be anti-dilutive. At June 30, 2018, these potentially dilutive securities included warrants to purchase 120,285 shares of common stock and stock options to purchase 27,101 shares of common stock for a total of 147,386 shares of common stock. At June 30, 2017, these potentially dilutive securities included warrants to purchase 63,035 shares of common stock and stock options to purchase 60,980 shares of common stock for a total of 124,015 shares of common stock.

Share-based Compensation

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

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)” (“ASU 2014-09”), 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 core principle of ASU 2014-09 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 ASU 2014-09 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. ASU 2014-09 was effective for annual and interim periods beginning after December 15, 2017. The Company elected to adopt ASU 2014-09 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 “Revenue Recognition” in Note 2 and Note 3 for additional disclosures regarding the Company’s revenue recognition policies and contracts with customers.

 

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. The Company has not yet selected a transition method and is currently assessing the impact that 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, $41,090 and $6,642 as of December 31, 2016, June 30, 2017 and December 31, 2017, respectively, as well as previously reported cash.

XML 31 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue (Tables)
6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Summary of revenue from contracts with customers

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

June 30, 2018

 
    Consumer     Industrial  
Antifreeze   $ 1,327,263     $  
Ethylene Glycol           1,191,186  
Additive           868,318  
Windshield Washer fluid     75,342        
Equipment     5,271        
Total   $ 1,407,876     $ 2,059,504  

 

Net Trade Revenue by Geographic Region   Three
Months
Ended
June 30,
2018
 
       
US   $ 3,020,029  
Canada     444,471  
China     -  
India     2,880  
Total   $ 3,467,380  

 

 

Net Trade Revenue by Principal Product Group  

Six Months Ended

June 30, 2018

 
    Consumer     Industrial  
Antifreeze   $ 2,979,459     $  
Ethylene Glycol           1,954,988  
Additive           1,368,514  
Windshield Washer fluid     157,516        
Equipment     7,913        
Total   $ 3,144,888     $ 3,323,502  

 

Net Trade Revenue by Geographic Region   Six Months
Ended
June 30,
2018
 
       
US   $ 5,683,614  
Canada     761,238  
China     20,658  
India     2,880  
Total   $ 6,468,390  

 

XML 32 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Inventories (Tables)
6 Months Ended
Jun. 30, 2018
Inventory Disclosure [Abstract]  
Schedule of inventories

The Company’s total inventories were as follows:

 

    June 30,     December 31,  
    2018     2017  
Raw materials   $ 259,577     $ 241,297  
Work in process     21,726       69,991  
Finished goods     266,575       252,845  
Total inventories   $ 547,878     $ 564,133  
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Goodwill and Other Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2018
Business Combinations [Abstract]  
Schedule of intangible assets

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

 

                          Net
Balance at
 
    Estimated               Accumulated     June 30,  
    Useful Life   Cost     Additions     Amortization     2018  
Finite live intangible assets:                                    
Customer list and tradename   5 years   $ 987,500     $     $ (325,027 )   $ 662,473  
                                     
Non-compete agreements   5 years     1,199,000             (587,930 )     611,070  
                                     
Intellectual property   10 years     880,000             (132,000 )     748,000  
                                     
Total intangible assets       $ 3,066,500     $     $ (1,044,957 )   $ 2,021,543  
                                     
Goodwill   Indefinite   $ 3,822,583     $     $     $ 3,822,583  
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property, Plant and Equipment (Tables)
6 Months Ended
Jun. 30, 2018
Property, Plant and Equipment [Abstract]  
Schedule of property, plant and equipment

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

 

    June 30,     December 31,  
    2018     2017  
Machinery and equipment   $ 4,934,251     $ 4,782,257  
Leasehold improvements     304,311       275,973  
Accumulated depreciation     (1,645,414 )     (1,335,615 )
      3,593,148       3,722,615  
Construction in process     284,457       175,335  
Total property, plant and equipment, net   $ 3,877,605     $ 3,897,950  
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 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     114,236     $ 8.75  
Restricted stock granted     15,640       4.55  
Restricted stock vested            
Restricted stock forfeited     (9,280 )     8.73  
                 
Unvested at June 30, 2018     120,596     $ 8.34  
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segments (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2018, is presented below:

 

    Consumer     Industrial     Inter
Segment
Eliminations
    Corporate     Total  
Sales, net   $ 1,407,876     $ 2,277,694     $ (218,190 )   $     $ 3,467,380  
Cost of goods sold     1,496,481       1,794,650       (218,190 )           3,072,941  
Gross (loss) profit     (88,605 )     483,044                   394,439  
                                         
Total operating expenses     554,170       378,266             393,311       1,325,747  
                                         
(Loss) Income from operations     (642,775 )     104,778             (393,311 )     (931,308 )
                                         
Total other expenses     (4,983 )     40,168             (257,411 )     (222,226 )
                                         
(Loss) Income before provision for income taxes   $ (647,758 )   $ 144,946     $     $ (650,722 )   $ (1,153,534 )

  

Segment information, and the reconciliation to the Company’s consolidated financial statements, for the six months ended June 30, 2018, is presented below:

 

    Consumer     Industrial     Inter
Segment
Eliminations
    Corporate     Total  
Sales, net   $ 3,147,460     $ 3,886,019     $ (565,089 )   $     $ 6,468,390  
Cost of goods sold     3,065,668       3,021,462       (565,089 )           5,522,041  
Gross profit     81,792       864,557                   946,349  
                                         
Total operating expenses     1,267,706       770,700             930,522       2,968,928  
                                         
(Loss) Income from operations     (1,185,914 )     93,857             (930,522 )     (2,022,579 )
                                         
Total other expenses     (10,411 )     (4,431 )           (316,434 )     (331,276 )
                                         
(Loss) Income before provision for income taxes   $ (1,196,325 )   $ 89,426     $     $ (1,246,956 )   $ (2,353,855 )

 

XML 37 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Payable (Tables)
6 Months Ended
Jun. 30, 2018
Notes Payable [Abstract]  
Schedule of notes payable

Notes payable consist of the following:

 

    As of
June 30, 2018
    As of
December 31, 2017
 
2018 Related Party 10% Unsecured Notes, net of debt discount of $233,894   $ 1,866,106     $  
2017 Secured Note     93,324       104,990  
2018 and 2017 Unsecured Note     80,593       188,060  
2016 Secured Notes     266,361       308,115  
2016 WEBA Seller Notes     2,650,000       2,650,000  
Total notes payable     4,956,384       3,251,165  
Less current portion     (2,057,802 )     (297,534 )
Long-term portion of notes payable   $ 2,898,582     $ 2,953,631  
Schedule of Warrants valuation assumptions

We estimated the fair value of the Initial Warrants on the issuance date using a BSM option pricing model with the following assumptions:

 

    Initial
Warrants
 
Expected term     3 years  
Volatility     143.81 %
Risk Free Rate     2.39 %
Components of debt

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

 

      Proceeds
allocated at
issuance
date
 
Notes     $ 1,820,946  
Warrants       279,054  
Total     $ 2,100,000  

  

XML 38 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions (Tables)
6 Months Ended
Jun. 30, 2018
Vice President of U.S. Operations [Member]  
Related Party Transaction [Line Items]  
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. The ending balance is included in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheet.

 

    2018     2017  
Beginning Balance as of January 1,   $     $ 5,123  
Monies owed to related party for services performed     42,889       61,818  
Monies paid     (32,605 )     (66,941 )
Ending balance as of June 30,   $ 10,284     $ -  

 

XML 39 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Organization and Nature of Business (Details Narrative)
Jul. 10, 2018
Jun. 30, 2018
Jun. 30, 2017
Dec. 27, 2016
Reverse stock split 1-for-500      
Forward stock split 4-for-1      
Net reverse split 125 for 1      
Glyeco West Virginia, Inc        
Ownership percentage   99.80% 2.90% 96.90%
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basis of Presentation and Summary of Significant Accounting Policies (Details)
6 Months Ended
Jun. 30, 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 41 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative)
6 Months Ended
Jun. 30, 2018
USD ($)
Number
shares
Jun. 30, 2017
USD ($)
shares
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Noncontrolling interests $ 0   $ 0  
Number of operating segement | Number 2      
Allowance for doubtful accounts $ 96,922   213,136  
Number of potentially dilutive securities | shares 147,386 124,015    
Salvage value of property, plant and equipment $ 0      
Restricted cash   $ 41,090 $ 6,642 $ 76,552
Warrant [Member]        
Number of potentially dilutive securities | shares 120,285 63,035    
Employee Stock Option [Member]        
Number of potentially dilutive securities | shares 27,101 60,980    
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues $ 3,467,380 $ 2,918,097 $ 6,468,390 $ 5,208,418
United States [Member]        
Revenues 3,020,029   5,683,614  
Canada [Member]        
Revenues 444,471   761,238  
China [Member]        
Revenues   20,658  
India [Member]        
Revenues 2,880   2,880  
Consumer [Member]        
Revenues 1,407,876   3,147,460  
Consumer [Member] | Antifreeze        
Revenues 1,327,263   2,979,459  
Consumer [Member] | Windshield Washer fluid        
Revenues 75,342   157,516  
Consumer [Member] | Equipment        
Revenues 5,271   7,913  
Consumer [Member]        
Revenues 1,407,876   3,144,888  
Industrial [Member]        
Revenues 2,059,504   3,323,502  
Industrial [Member] | Ethylene Glycol        
Revenues 1,191,186   1,954,988  
Industrial [Member] | Additive        
Revenues $ 868,318   $ 1,368,514  
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue (Details Narrative) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Notes to Financial Statements    
Contract assets or liability $ 0 $ 0
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Inventories (Details) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Inventory Disclosure [Abstract]    
Raw materials $ 259,577 $ 241,297
Work in process 21,726 69,991
Finished goods 266,575 252,845
Total inventories $ 547,878 $ 564,133
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Goodwill and Other Intangible Assets (Details)
6 Months Ended
Jun. 30, 2018
USD ($)
Finite live intangible assets  
Gross $ 3,066,500
Additions
Accumulated Amortization (1,044,957)
Net $ 2,021,543
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 (325,027)
Net $ 662,473
Non-Compete Agreements [Member]  
Finite live intangible assets  
Estimated Useful Life 5 years
Gross $ 1,199,000
Additions
Accumulated Amortization (587,930)
Net $ 611,070
Intellectual Property [Member]  
Finite live intangible assets  
Estimated Useful Life 10 years
Gross $ 880,000
Additions
Accumulated Amortization (132,000)
Net $ 748,000
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property, Plant and Equipment (Details) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Accumulated depreciation $ (1,645,414) $ (1,335,615)
Property, plant and equipment before construction in process 3,593,148 3,722,615
Construction in process 284,457 175,335
Total property, plant and equipment, net 3,877,605 3,897,950
Machinery And Equipment [Member]    
Property, plant and equipment before construction in process 4,934,251 4,782,257
Leasehold improvements [Member]    
Property, plant and equipment before construction in process $ 304,311 $ 275,973
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity (Details)
6 Months Ended
Jun. 30, 2018
$ / shares
shares
Number of Shares  
Unvested at beginning | shares 114,236
Restricted stock granted | shares 15,640
Restricted stock vested | shares
Restricted stock forfeited | shares (9,280)
Unvested at end | shares 120,596
Weighted Average Grant-Date Fair Value per Share  
Unvested at beginning | $ / shares $ 8.75
Restricted stock granted | $ / shares 4.55
Restricted stock vested | $ / shares
Restricted stock forfeited | $ / shares 8.73
Unvested at end | $ / shares $ 8.34
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended 13 Months Ended
Jan. 18, 2018
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Oct. 29, 2018
Dec. 31, 2017
Preferred stock, authorized   40,000,000   40,000,000     40,000,000
Preferred stock, par value (in dollars per share)   $ 0.0001   $ 0.0001     $ 0.0001
Preferred stock, shares outstanding   0   0     0
Common stock, outstanding   1,332,749   1,332,749     1,322,304
Common stock, authorized   300,000,000   300,000,000     300,000,000
Common stock, par value (in dollars per share)   $ 0.0001   $ 0.0001     $ 0.0001
Stock-based compensation expense   $ 121,573 $ 94,548 $ 241,461 $ 231,534    
Value of award   35,570 $ 13,545 $ 62,344 $ 47,671    
Warrants issued in connection with issuance of notes payable       84,000      
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 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.

 
Stock-based compensation expense   $ 11,000   $ 20,000      
2017 Employee Stock Purchase Plan [Member] | One Employee              
Number of common stock issued 1,200            
Share price (in dollars per share) $ 7.50            
Value of common stock issued $ 9,000            
2017 Employee Stock Purchase Plan [Member] | Six directors              
Number of common stock issued       9,245      
Share price (in dollars per share)   $ 8.13   $ 8.13      
Value of common stock issued       $ 75,000      
2017 Employee Stock Purchase Plan [Member] | Six directors one              
Number of common stock issued       11,766      
Share price (in dollars per share)   $ 6.38   $ 6.38      
Value of common stock issued       $ 75,000      
XML 49 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segments (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Sales, net $ 3,467,380 $ 2,918,097 $ 6,468,390 $ 5,208,418
Cost of goods sold 3,072,941 2,441,243 5,522,041 4,591,829
Gross profit 394,439 476,854 946,349 616,589
Total operating expenses 1,325,747 1,154,498 2,968,928 2,206,169
Loss from operations (931,308) (677,644) (2,022,579) (1,589,580)
Total other expenses (222,226) (223,385) (331,276) (419,603)
Loss before provision for income taxes (1,153,534) $ (901,029) (2,353,855) $ (2,009,183)
Consumer [Member]        
Sales, net 1,407,876   3,147,460  
Cost of goods sold 1,496,481   3,065,668  
Gross profit (88,605)   81,792  
Total operating expenses 554,170   1,267,706  
Loss from operations (642,775)   (1,185,914)  
Total other expenses (4,983)   (10,411)  
Loss before provision for income taxes (647,758)   (1,196,325)  
Industrial [Member]        
Sales, net 2,277,694   3,886,019  
Cost of goods sold 1,794,650   3,021,462  
Gross profit 483,044   864,557  
Total operating expenses 378,266   770,700  
Loss from operations 104,778   93,857  
Total other expenses 40,168   (4,431)  
Loss before provision for income taxes 144,946   89,426  
Inter Segments Eliminations [Member]        
Sales, net (218,190)   (565,089)  
Cost of goods sold (218,190)   (565,089)  
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 393,311   930,522  
Loss from operations (393,311)   (930,522)  
Total other expenses (257,411)   (316,434)  
Loss before provision for income taxes $ (650,722)   $ (1,246,956)  
XML 50 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Payable (Details) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Total notes payable $ 4,956,384 $ 3,251,165
Less current portion (2,057,802) (297,534)
Long-term portion of notes payable 2,898,582 2,953,631
2018 10% Related Party Unsecured Notes [Member]    
Total notes payable 1,866,106
2017 Secured Note [Member]    
Total notes payable 93,324 104,990
2018 and 2017 Unsecured Note [Member]    
Total notes payable 80,593 188,060
2016 Secured Notes [Member]    
Total notes payable 266,361 308,115
2016 WEBA Seller Notes [Member]    
Total notes payable $ 2,650,000 $ 2,650,000
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Payable (Details 1) - Warrant [Member]
6 Months Ended
Jun. 30, 2018
Expected term 3 years
Volatility 143.81%
Risk Free Rate 2.39%
XML 52 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Payable (Details 2)
6 Months Ended
Jun. 30, 2018
USD ($)
Proceeds allocated at issuance date $ 2,100,000
Warrant [Member]  
Proceeds allocated at issuance date 279,054
Notes [Member]  
Proceeds allocated at issuance date $ 1,820,946
XML 53 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Payable (Details Narrative) - USD ($)
1 Months Ended 6 Months Ended 13 Months Ended
May 04, 2018
May 01, 2018
Apr. 10, 2018
Jan. 31, 2018
Jun. 30, 2018
Jun. 30, 2017
Mar. 29, 2018
Mar. 29, 2017
Amortization expense         $ 66,404 $ 174,416    
Trapp Note [Member] | Private Placement [Member]                
Principal Amount     $ 50,000          
Number common stock purchased     2,000          
Maturity date     May 09, 2019          
Rhodes Note [Member] | Private Placement [Member]                
Principal Amount   $ 50,000            
Number common stock purchased   2,000            
Maturity date   Jun. 01, 2019            
Wynnefield Capital | Private Placement [Member]                
Principal Amount $ 1,000,000              
Number common stock purchased 40,000              
Maturity date May 06, 2019              
2018 10% Related Party Unsecured Notes [Member] | Subscription Agreement | Wynnefield Capital                
Principal Amount               $ 1,000,000
Number common stock purchased             40,000  
Interest rate               10.00%
Maturity date             May 04, 2019  
Debt discount             $ 300,298  
2018 and 2017 Unsecured Note [Member]                
Principal Amount       $ 242,866        
Interest rate       5.40%        
Debt terms       10 months        
XML 54 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions (Details) - Vice President of U.S. Operations [Member] - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Due from Related Parties, Current [Roll Forward]    
Beginning Balance $ 5,123
Monies owed to related party for services performed 42,889 61,818
Monies paid, net (32,605) (66,941)
Ending Balance $ 10,284
XML 55 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions (Details Narrative) - USD ($)
May 01, 2018
Apr. 10, 2018
May 04, 2018
Mar. 29, 2018
Trapp Note [Member] | Private Placement [Member]        
Principal balance   $ 50,000    
Number of common stock purchase   2,000    
Rhodes Note [Member] | Private Placement [Member]        
Principal balance $ 50,000      
Number of common stock purchase 2,000      
GlyEco Acquisition Corp. #1 [Member] | 2018 10% Related Party Unsecured Notes [Member]        
Principal balance     $ 2,000,000 $ 2,000,000
XML 56 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Details Narrative) - USD ($)
12 Months Ended
Dec. 27, 2017
Dec. 31, 2017
Jun. 30, 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
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