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Vertex Energy, Inc. Reports Third Quarter 2019 Results

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

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

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

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

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

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

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

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

TCEP Update

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

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

Financial Guidance

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

Conference Call and Webcast

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

To participate in the live teleconference:

Domestic Live: 844-369-8770

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

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

About Vertex Energy Inc.

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

Cautionary Statement Forward-Looking Statements

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

Investor/Media Contact

Noel Ryan, IRC
720.778.2415
IR@vertexenergy.com

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

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

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

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

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

VERTEX ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

   September 30, 2019    December 31,
2018
 
ASSETS         
Current assets         
Cash and cash equivalents  2,303,725    1,249,831 
Restricted cash    100,088      1,600,000 
Accounts receivable, net    10,405,711      9,027,990 
Federal income tax receivable    205,818      137,212 
Inventory    5,878,408      8,091,397 
Derivative commodity asset    -      695,941 
Prepaid expenses    6,534,981      2,740,541 
Total current assets    25,428,731      23,542,912 
                
Noncurrent assets               
Fixed assets, at cost    69,437,842      66,762,388 
Less accumulated depreciation    (23,550,224)    (19,874,896)
Fixed assets, net    45,887,618      46,887,492 
Finance lease right-of-use assets    904,691      397,515 
Operating lease right-of use assets    36,242,861      - 
Intangible assets, net    11,590,876      12,578,519 
Federal income tax receivable    68,605      137,211 
Other assets    616,759      616,759 
TOTAL ASSETS  120,740,141    84,160,408 
                
LIABILITIES, TEMPORARY EQUITY, AND EQUITY               
Current liabilities               
Accounts payable  7,745,380    8,791,529 
Accrued expenses    2,275,006      2,535,347 
Dividends payable    419,082      403,002 
Finance lease liability-current    214,045      95,857 
Operating lease liability-current    6,005,502      - 
Current portion of long-term debt, net of unamortized finance costs    2,794,624      1,325,240 
Derivative commodity liability    1,510,573      - 
Revolving note    5,387,639      3,844,636 
Total current liabilities    26,351,851      16,995,611 
Long-term liabilities               
Long-term debt, net of unamortized finance costs    12,658,000      14,402,179 
Finance lease liability-long-term    665,926      276,355 
Operating lease liability-long-term    30,237,359      - 
Contingent consideration    -      15,564 
Derivative warrant liability    1,149,977      1,481,692 
Total liabilities    71,063,113      33,171,401 

 
               
COMMITMENTS AND CONTINGENCIES (Note 3)    -      - 
                
TEMPORARY EQUITY               
Series B Convertible Preferred Stock, $0.001 par value per share;10,000,000 shares designated, 3,769,505 and 3,604,827 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively with a liquidation preference of $11,685,466 and $11,174,964 at September 30, 2019 and December 31, 2018, respectively.    10,442,193      8,900,208 
                
Series B1 Convertible Preferred Stock, $0.001 par value per share;17,000,000 shares designated, 10,417,966 and 10,057,597 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively with a liquidation preference of $16,252,027 and $15,689,851 at September 30, 2019 and December 31, 2018, respectively.    14,454,821      13,279,755 
                
Redeemable non-controlling interest    4,000,000      - 
Total Temporary Equity    28,897,014      22,179,963 
EQUITY               
50,000,000 of total Preferred shares authorized:               
Series A Convertible Preferred Stock, $0.001 par value;5,000,000 shares designated, 419,859 and 419,859 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively with a liquidation preference of $625,590 and $625,590 at September 30, 2019 and December 31, 2018, respectively.    420      420 
                
Common stock, $0.001 par value per share;750,000,000 shares authorized; 41,849,406 and 40,174,821 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively.    41,850      40,175 
Additional paid-in capital    79,719,745      75,131,122 
Accumulated deficit    (59,788,939)    (47,800,886)
Total Vertex Energy, Inc. stockholders' equity    19,973,076      27,370,831 
Non-controlling interest    806,938      1,438,213 
Total Equity    20,780,014      28,809,044 
TOTAL LIABILITIES, TEMPORARY EQUITY, AND EQUITY  120,740,141    84,160,408 
         
 

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

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

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

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

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

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

SOURCE: Vertex Energy, Inc.



View source version on accesswire.com:
https://www.accesswire.com/565798/Vertex-Energy-Inc-Reports-Third-Quarter-2019-Results

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