Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 09, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001337298 | |
Entity Registrant Name | FUTUREFUEL CORP. | |
Amendment Flag | true | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q/A | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 0-52577 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-3340900 | |
Entity Address, Address Line One | 8235 Forsyth Blvd., Suite 400 | |
Entity Address, City or Town | St Louis | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63105 | |
City Area Code | 314 | |
Local Phone Number | 854-8352 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FF | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 43,763,243 | |
Amendment Description | FutureFuel Corp. (sometimes referred to as the “Company,” “we,” “us,” or “our,” and includes our wholly-owned subsidiaries) is filing this Amendment No. 1 on Form 10-Q/A (“Amendment No. 1”) to amend and restate certain items presented in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023, which was initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 9, 2023 (the “Original Form 10-Q”). This Amendment No. 1 contains our unaudited restated interim financial statements as of, and for the three months and nine months ended, September 30, 2023, which have been restated to correct certain errors with respect to the statement of cash flows included in the Original Form 10-Q, as described in further detail below. In addition, we intend to file or have filed an amendment (collectively with this Amendment No. 1, the “Amendments”) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 (the “Q2.2023 Form 10-Q”), respectively, to correct similar errors contained in the statements of cash flows included in each such original filing. All material restatement information that relates to these errors will be included in the Amendments. This Amendment No. 1 also includes amendments to and restates and revises the following items of the Original Form 10-Q: • Part I — Item 1. Financial Statements • Part I — Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations • Part I — Item 4. Controls and Procedures • Part II — Item 6. Exhibits In accordance with applicable SEC rules, this Amendment No. 1 includes new certifications specified in Rule 13a-14 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), from our Chief Executive Officer and Chief Financial Officer dated as of the date of this filing. Other than as described above, this Amendment No. 1 does not reflect adjustments for events occurring after the filing of the Original Form 10-Q except to the extent that they are otherwise required to be included and discussed herein. See below for a detailed discussion of the effect of the restatement on the financial statements included in this Amendment No. 1. Pursuant to Rule 12b-15 under the Exchange Act, this Amendment No. 1 contains only the items and exhibits to the Original Form 10-K that are being amended and restated, and unaffected items and exhibits are not included herein. Except as noted herein, the information included in the Original Form 10-Q remains unchanged. This Amendment No. 1 continues to describe the conditions as of the date of the Original Form 10-Q, and except as contained herein, we have not updated or modified the disclosures contained in the Original Form 10-Q to reflect any events that have occurred after the Original Form 10-Q. Accordingly, forward-looking statements included in this Amendment No. 1 may represent management’s views as of the Original Form 10-Q and should not be assumed to be accurate as of any date thereafter. This Amendment No. 1 should be read in conjunction with the Company’s filings made with the SEC subsequent to the filing of the Original Form 10-Q, including any amendment to those filings. |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 205,923 | $ 175,640 |
Accounts receivable, inclusive of the blenders’ tax credit of $13,084 and $8,970, and net of allowances for bad debt of $67 and $48, respectively | 29,493 | 26,198 |
Accounts receivable – related parties | 0 | 6 |
Inventory | 26,910 | 26,761 |
Income tax receivable | 1,927 | 1,959 |
Prepaid expenses | 994 | 3,694 |
Prepaid expenses – related parties | 12 | 12 |
Marketable securities | 0 | 37,126 |
Other current assets | 1,962 | 2,380 |
Total current assets | 267,221 | 273,776 |
Property, plant and equipment, net | 74,501 | 76,941 |
Other assets | 4,114 | 5,252 |
Total noncurrent assets | 78,615 | 82,193 |
Total Assets | 345,836 | 355,969 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 13,946 | 28,546 |
Accounts payable – related parties | 6,999 | 7,799 |
Deferred revenue – current | 3,488 | 3,772 |
Dividends payable | 2,626 | 10,503 |
Accrued expenses and other current liabilities | 5,073 | 5,477 |
Accrued expenses and other current liabilities – related parties | 1 | 1 |
Total current liabilities | 32,133 | 56,098 |
Deferred revenue – non-current | 13,333 | 15,079 |
Other noncurrent liabilities | 3,371 | 1,792 |
Total noncurrent liabilities | 16,704 | 16,871 |
Total liabilities | 48,837 | 72,969 |
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value, 75,000,000 shares authorized, 43,763,243 and 43,763,243 issued and outstanding as of September 30, 2023 and December 31, 2022 | 4 | 4 |
Accumulated other comprehensive loss | 0 | (1) |
Additional paid in capital | 282,489 | 282,489 |
Retained earnings | 14,506 | 508 |
Total stockholders’ equity | 296,999 | 283,000 |
Total Liabilities and Stockholders’ Equity | $ 345,836 | $ 355,969 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Allowance for bad debt | $ 67 | $ 48 |
Accounts receivable, tax credit | 13,084 | 8,970 |
Accounts payable, Blenders' Tax Credit Rebates | $ 890 | $ 890 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 43,763,243 | 43,763,243 |
Common stock, shares outstanding (in shares) | 43,763,243 | 43,763,243 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue | $ 116,752 | $ 118,141 | $ 276,241 | $ 278,198 |
Gross profit | 3,870 | 19,985 | 16,901 | 13,807 |
Selling, general, and administrative expenses | ||||
Compensation expense | 1,010 | 979 | 3,102 | 2,336 |
Other expense | 1,247 | 995 | 3,130 | 2,844 |
Related party expense | 153 | 154 | 462 | 458 |
Research and development expenses | 1,163 | 967 | 3,242 | 2,401 |
Total operating expenses | 3,573 | 3,095 | 9,936 | 8,039 |
Income from operations | 297 | 16,890 | 6,965 | 5,768 |
Interest and dividend income | 2,527 | 1,210 | 6,595 | 2,621 |
Interest expense | (36) | (32) | (103) | (97) |
(Loss) gain on marketable securities | 0 | (590) | 575 | (7,956) |
Other expense | 0 | (1) | 0 | (3) |
Other income (expense) | 2,491 | 587 | 7,067 | (5,435) |
Income before taxes | 2,788 | 17,477 | 14,032 | 333 |
Income tax provision | 12 | 1,697 | 34 | 55 |
Net income | $ 2,776 | $ 15,780 | $ 13,998 | $ 278 |
Earnings per common share | ||||
Basic (in dollars per share) | $ 0.06 | $ 0.36 | $ 0.32 | $ 0.01 |
Diluted (in dollars per share) | $ 0.06 | $ 0.36 | $ 0.32 | $ 0.01 |
Weighted average shares outstanding | ||||
Basic (in shares) | 43,763,243 | 43,763,243 | 43,763,243 | 43,763,243 |
Diluted (in shares) | 43,765,709 | 43,763,243 | 43,765,163 | 43,763,243 |
Comprehensive income | ||||
Net income | $ 2,776 | $ 15,780 | $ 13,998 | $ 278 |
Other comprehensive (loss) income from unrealized net (losses) gains on available-for-sale debt securities | 0 | (71) | 2 | (219) |
Income tax effect | 0 | 15 | (1) | 46 |
Total other comprehensive (loss) income, net of tax | 0 | (56) | 1 | (173) |
Comprehensive income | 2,776 | 15,724 | 13,999 | 105 |
Nonrelated Party [Member] | ||||
Revenue | 116,752 | 118,108 | 276,221 | 277,822 |
Nonrelated Party [Member] | Excluding Shipping and Handling [Member] | ||||
Cost of goods sold | 113,328 | 96,459 | 257,890 | 257,476 |
Nonrelated Party [Member] | Shipping and Handling [Member] | ||||
Cost of goods sold | 244 | 788 | 2,018 | 2,696 |
Related Party [Member] | ||||
Revenue | 0 | 33 | 20 | 376 |
Related Party [Member] | Excluding Shipping and Handling [Member] | ||||
Cost of goods sold | (728) | 873 | (700) | 4,089 |
Related Party [Member] | Shipping and Handling [Member] | ||||
Cost of goods sold | $ 38 | $ 36 | $ 132 | $ 130 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | AOCI Attributable to Parent [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 43,763,243 | ||||
Balance at Dec. 31, 2021 | $ 4 | $ 178 | $ 282,443 | $ 6,303 | $ 288,928 |
Other comprehensive gain (loss) | 0 | (49) | 0 | 0 | (49) |
Net income | 0 | 0 | 0 | (12,398) | (12,398) |
Net income | 0 | 0 | 0 | (12,398) | (12,398) |
Cash dividends declared, $0.24 per common share | 0 | 0 | 0 | (10,503) | (10,503) |
Other comprehensive gain (loss) | $ 0 | (49) | 0 | 0 | (49) |
Balance (in shares) at Mar. 31, 2022 | 43,763,243 | ||||
Balance at Mar. 31, 2022 | $ 4 | 129 | 282,443 | (16,598) | 265,978 |
Balance (in shares) at Dec. 31, 2021 | 43,763,243 | ||||
Balance at Dec. 31, 2021 | $ 4 | 178 | 282,443 | 6,303 | 288,928 |
Net income | 278 | ||||
Net income | 278 | ||||
Balance (in shares) at Sep. 30, 2022 | 43,763,243 | ||||
Balance at Sep. 30, 2022 | $ 4 | 5 | 282,489 | (3,922) | 278,576 |
Balance (in shares) at Mar. 31, 2022 | 43,763,243 | ||||
Balance at Mar. 31, 2022 | $ 4 | 129 | 282,443 | (16,598) | 265,978 |
Other comprehensive gain (loss) | 0 | (68) | 0 | 0 | (68) |
Net income | 0 | 0 | 0 | (3,104) | (3,104) |
Net income | 0 | 0 | 0 | (3,104) | (3,104) |
Other comprehensive gain (loss) | $ 0 | (68) | 0 | 0 | (68) |
Balance (in shares) at Jun. 30, 2022 | 43,763,243 | ||||
Balance at Jun. 30, 2022 | $ 4 | 61 | 282,443 | (19,702) | 262,806 |
Other comprehensive gain (loss) | (56) | (56) | |||
Net income | 15,780 | 15,780 | |||
Net income | 15,780 | 15,780 | |||
Stock based compensation | 46 | 46 | |||
Other comprehensive gain (loss) | (56) | (56) | |||
Balance (in shares) at Sep. 30, 2022 | 43,763,243 | ||||
Balance at Sep. 30, 2022 | $ 4 | 5 | 282,489 | (3,922) | 278,576 |
Balance (in shares) at Dec. 31, 2022 | 43,763,243 | ||||
Balance at Dec. 31, 2022 | $ 4 | (1) | 282,489 | 508 | 283,000 |
Other comprehensive gain (loss) | 0 | 17 | 0 | 0 | 17 |
Net income | 0 | 0 | 0 | 21,081 | 21,081 |
Net income | 0 | 0 | 0 | 21,081 | 21,081 |
Other comprehensive gain (loss) | $ 0 | 17 | 0 | 0 | 17 |
Balance (in shares) at Mar. 31, 2023 | 43,763,243 | ||||
Balance at Mar. 31, 2023 | $ 4 | 16 | 282,489 | 21,589 | 304,098 |
Balance (in shares) at Dec. 31, 2022 | 43,763,243 | ||||
Balance at Dec. 31, 2022 | $ 4 | (1) | 282,489 | 508 | 283,000 |
Net income | 13,998 | ||||
Net income | 13,998 | ||||
Balance (in shares) at Sep. 30, 2023 | 43,763,243 | ||||
Balance at Sep. 30, 2023 | $ 4 | 0 | 282,489 | 14,506 | 296,999 |
Balance (in shares) at Mar. 31, 2023 | 43,763,243 | ||||
Balance at Mar. 31, 2023 | $ 4 | 16 | 282,489 | 21,589 | 304,098 |
Other comprehensive gain (loss) | 0 | (16) | 0 | 0 | (16) |
Net income | 0 | 0 | 0 | (9,859) | (9,859) |
Net income | 0 | 0 | 0 | (9,859) | (9,859) |
Other comprehensive gain (loss) | $ 0 | (16) | 0 | 0 | (16) |
Balance (in shares) at Jun. 30, 2023 | 43,763,243 | ||||
Balance at Jun. 30, 2023 | $ 4 | 0 | 282,489 | 11,730 | 294,223 |
Net income | 0 | 0 | 0 | 2,776 | 2,776 |
Net income | $ 0 | 0 | 0 | 2,776 | 2,776 |
Balance (in shares) at Sep. 30, 2023 | 43,763,243 | ||||
Balance at Sep. 30, 2023 | $ 4 | $ 0 | $ 282,489 | $ 14,506 | $ 296,999 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) | 3 Months Ended |
Mar. 31, 2022 $ / shares | |
Dividends declared, per share (in dollars per share) | $ 0.24 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
Net income | $ 13,998 | $ 278 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation | 7,736 | 7,850 |
Amortization of deferred financing costs | 75 | 72 |
Benefit for deferred income taxes | 0 | (255) |
Change in fair value of equity securities | (3,117) | 7,940 |
Change in fair value of derivative instruments | 3,523 | (3,053) |
Loss on the sale of investments | 2,543 | 15 |
Stock based compensation | 0 | 46 |
Loss on disposal of property and equipment | 8 | 60 |
Noncash interest expense | 26 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,295) | 5,597 |
Accounts receivable – related parties | 6 | 47 |
Inventory | (149) | 9,523 |
Income tax receivable | 32 | 7,759 |
Prepaid expenses | 2,700 | 2,711 |
Prepaid expenses - related parties | 0 | (8) |
Other assets | 963 | 296 |
Accounts payable | (14,910) | 9,257 |
Accounts payable - related parties | (800) | 338 |
Accrued expenses and other current liabilities | (404) | 25 |
Accrued expenses and other current liabilities – related parties | 0 | (1) |
Deferred revenue | (2,030) | (4,128) |
Other noncurrent liabilities | 1,553 | (242) |
Net cash provided by operating activities | 8,458 | 44,127 |
Cash flows from investing activities | ||
Collateralization of derivative instruments | (2,991) | 865 |
Proceeds from the sale of marketable securities | 37,701 | 263 |
Proceeds from the sale of property and equipment | 0 | 61 |
Capital expenditures | (4,994) | (3,692) |
Net cash provided by (used in) investing activities | 29,716 | (2,503) |
Cash flows from financing activities | ||
Payment of dividends | (7,877) | (7,877) |
Deferred financing costs | (14) | 0 |
Net cash used in financing activities | (7,891) | (7,877) |
Net change in cash and cash equivalents | 30,283 | 33,747 |
Cash and cash equivalents at beginning of period | 175,640 | 137,521 |
Cash and cash equivalents at end of period | 205,923 | 171,268 |
Cash paid for income taxes | 0 | 72 |
Noncash investing and financing activities: | ||
Noncash capital expenditures | $ 518 | $ 214 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1 SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by FutureFuel Corp. ("FutureFuel" or "the Company") in accordance and consistent with the accounting policies stated in the Company's 2022 10 In the opinion of FutureFuel, all normal recurring adjustments necessary for a fair presentation have been included in the unaudited consolidated financial statements. The unaudited consolidated financial statements have been prepared in compliance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form 10 not Recent Accounting Standards No Proposed Accounting Standards In March 2023, No. 2023 ED100 740 In July 2023, No. 2023 ED500 220 40 |
Note 2 - Government Tax Credits
Note 2 - Government Tax Credits | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 2 GOVERNMENT TAX CREDITS BIODIESEL BLENDERS TAX CREDIT AND SMALL AGRI-BIODIESEL PRODUCER TAX CREDIT The biodiesel Blenders’ Tax Credit (“BTC”) provides a one 0.1% December 31, 2024 Within the law of the BTC, small agri-biodiesel producers with production capacity not 60 $0.10 first 15 CARES ACT EMPLOYEE RETENTION TAX CREDIT The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), was enacted on March 27, 2020, January 1, 2021 |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3 REVENUE RECOGNITION The majority of revenue is from short term contracts with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer are satisfied. Certain of the Company's custom chemical contracts within the chemical segment contain a material right as defined by ASC Topic 606, 30 606. Contract Assets and Liabilities: Contract assets consist of unbilled amounts typically resulting from revenue recognized through bill-and-hold arrangements. The contract assets at September 30, 2023 December 31, 2022 one three nine September 30, 2023 2022, three nine September 30, 2023 2022, The following table provides the balances of receivables, contract assets, and contract liabilities from contracts with customers. Contract Assets and Liability Balances September 30, 2023 December 31, 2022 Trade receivables, included in accounts receivable* $ 15,432 $ 16,459 Contract assets, included in accounts receivable $ 977 $ 775 Contract liabilities, included in deferred revenue - short-term $ 3,281 $ 3,565 Contract liabilities, included in deferred revenue - long-term $ 10,025 $ 11,605 *Exclusive of the BTC of $13,084 and $8,970, respectively, and net of allowances for bad debt of $67 and $48, respectively, as of the dates noted. Transaction price allocated to the remaining performance obligations: At September 30, 2023, three five The Company applies the practical expedient in ASC 606 10 50 14 one Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) (Unaudited) The following tables provide revenue from customers disaggregated by the type of arrangement and by the timing of the recognized revenue. Disaggregation of revenue - contractual and non-contractual: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Contract revenue from customers with > 1-year arrangements $ 8,291 $ 9,762 $ 28,318 $ 26,052 Contract revenue from customers with < 1-year arrangements 108,406 108,324 247,757 251,980 Revenue from non-contractual arrangements 55 55 166 166 Total revenue $ 116,752 $ 118,141 $ 276,241 $ 278,198 Timing of revenue: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Bill-and-hold revenue $ 10,149 $ 9,713 $ 31,504 $ 26,960 Non-bill-and-hold revenue 106,603 108,428 244,737 251,238 Total revenue $ 116,752 $ 118,141 $ 276,241 $ 278,198 As of September 30, 2023 December 31, 2022, not |
Note 4 - Inventory
Note 4 - Inventory | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4 INVENTORY The carrying values of inventory were as follows as of: September 30, 2023 December 31, 2022 At average cost (approximates current cost) Finished goods $ 11,959 $ 11,719 Work in process 922 879 Raw materials and supplies 27,740 33,897 40,621 46,495 LIFO reserve (13,711 ) (19,734 ) Total inventory $ 26,910 $ 26,761 A LIFO liquidation of $151and nine twelve September 30, 2023 December 31, 2022, 2023 2022 |
Note 5 - Derivative Instruments
Note 5 - Derivative Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5 DERIVATIVE INSTRUMENTS The Company records all derivative instruments at fair value. Fair value is determined by using the closing prices of the derivative instruments on the New York Mercantile Exchange at the end of an accounting period. Changes in the fair value of derivative instruments are recognized at the end of each accounting period and recorded in the statement of income as a component of cost of goods sold. In order to manage commodity price risk caused by market fluctuations in biofuel prices, future purchases of feedstock used in biodiesel production, physical feedstock, finished product inventories attributed to the process, and other petroleum products purchased or sold, the Company may 815 20 25, no 2023 2022. Realized gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the consolidated statements of operations as a component of cost of goods sold and amounted to a loss of $14,068 and $1,373 (realized loss of $7,286 and gain of $2,150) for the three nine September 30, 2023, three nine September 30, 2022, The volumes and carrying values of FutureFuel’s derivative instruments were as follows at: Asset (Liability) September 30, 2023 December 31, 2022 Contract Quantity Fair Value Contract Quantity Fair Value Regulated fixed price future commitments, included in other current assets (in thousand barrels) 182 $ (3,665 ) 305 $ (142 ) The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $5,079 and $2,088 at September 30, 2023 December 31, 2022, |
Note 6 - Marketable Securities
Note 6 - Marketable Securities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 6 MARKETABLE SECURITIES During the three September 30, 2023, no nine September 30, 2023. At December 31, 2022, December 31, 2022 In accordance with ASC 321, three nine September 30, 2022 The aggregate fair value of debt securities with unrealized losses totaled $2,627 at December 31, 2022. nine September 30, 2022. |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 7 FAIR VALUE MEASUREMENTS Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Fair value accounting pronouncements also include a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of FutureFuel. Unobservable inputs are inputs that reflect FutureFuel’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy is broken down into three 1 2 not 3 The following tables provide information by level for assets and liabilities that are measured at fair value, on a recurring basis, at September 30, 2023 December 31, 2022. Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description September 30, 2023 Level 1 Level 2 Level 3 Derivative instruments $ (3,665 ) $ (3,665 ) $ - $ - Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description December 31, 2022 Level 1 Level 2 Level 3 Derivative instruments $ (142 ) $ (142 ) $ - $ - Preferred stock and other equity instruments $ 33,450 $ 33,450 $ - $ - Trust preferred stock $ 3,676 $ 3,676 $ - $ - |
Note 8 - Accrued Expenses and O
Note 8 - Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 8 ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following at: September 30, 2023 December 31, 2022 Accrued employee liabilities $ 3,444 $ 3,287 Accrued property, franchise, motor fuel and other taxes 755 1,165 Lease liability, current 433 630 Other 441 395 Total $ 5,073 $ 5,477 |
Note 9 - Borrowings
Note 9 - Borrowings | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9 BORROWINGS On March 30, 2020, April 16, 2015 ( five $100,000, March 30, 2025. On March 1, 2023 , not not Adjusted SOFR Rate Loans and Consolidated Leverage Ratio Letter of Credit Fee Base Rate Loans Commitment Fee < 1.00:1.0 1.00 % 0.00 % 0.15 % ≥ 1.00:1.0 And < 1.50:1.0 1.25 % 0.25 % 0.15 % ≥ 1.50:1.0 And < 2.00:1.0 1.50 % 0.50 % 0.20 % ≥ 2.00:1.0 And < 2.50:1.0 1.75 % 0.75 % 0.20 % ≥ 2.50:1.0 2.00 % 1.00 % 0.25 % The terms of the Credit Facility contain certain negative covenants and conditions including a maximum consolidated leverage ratio and a consolidated minimum interest coverage ratio. There were no borrowings under the Credit Agreement at September 30, 2023 December 31, 2022. |
Note 10 - Income Tax Provision
Note 10 - Income Tax Provision | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10 INCOME TAX PROVISION The following table summarizes the income tax provision. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Income tax provision $ 12 $ 1,697 $ 34 $ 55 Effective tax rate 0.4 % 9.7 % 0.2 % 16.5 % The Company’s income tax provision for the three nine September 30, 2023 none 2023 not three 2022 nine |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11 EARNINGS PER SHARE In the three nine September 30, 2023 2022, Basic and diluted earnings per common share were computed as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net income $ 2,776 $ 15,780 $ 13,998 $ 278 Denominator: Weighted average shares outstanding – basic 43,763,243 43,763,243 43,763,243 43,763,243 Effect of dilutive securities: Stock options and other awards 2,466 - 1,920 - Weighted average shares outstanding – diluted 43,765,709 43,763,243 43,765,163 43,763,243 Basic earnings per share $ 0.06 $ 0.36 $ 0.32 $ 0.01 Diluted earnings per share $ 0.06 $ 0.36 $ 0.32 $ 0.01 For the three nine September 30, 2023, three nine September 30, 2022, |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12 RELATED PARTY TRANSACTIONS FutureFuel enters into transactions with companies affiliated with or controlled by a director and significant shareholder. Revenues, expenses, prepaid amounts, and unpaid amounts related to these transactions are captured in the accompanying consolidated financial statements as related party line items. Related party revenues are the result of sales of biodiesel, petrodiesel, blends, other petroleum products, and other similar or related products to these related parties. Related party cost of goods sold and distribution are the result of sales and purchases of biodiesel, petrodiesel, blends, and other petroleum products with these related parties along with the associated expense from storage and terminalling services provided by these related parties. During the three September 30, 2023, 14 |
Note 13 - Segment Information
Note 13 - Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13 SEGMENT INFORMATION FutureFuel has two reportable segments organized along similar product groups – chemicals and biofuels. Chemicals FutureFuel’s chemical segment manufactures diversified chemical products that are sold externally to third Biofuels FutureFuel’s biofuel segment primarily manufactures and markets biodiesel. Biodiesel revenues are generated through the sale of biodiesel to customers through FutureFuel’s distribution network at the Batesville Plant, through distribution facilities available at leased oil storage facilities, and through a network of remotely located tanks. Biofuel revenues also include the sale of biodiesel blends with petrodiesel; petrodiesel with no not not may As of September 30, 2023, September 30, 2022, Summary of business by segment Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenue Custom chemicals $ 14,454 $ 16,047 $ 46,650 $ 44,028 Performance chemicals 3,393 5,459 11,834 17,233 Chemical revenue 17,847 21,506 58,484 61,261 Biofuel revenue 98,905 96,635 217,757 216,937 Total Revenue $ 116,752 $ 118,141 $ 276,241 $ 278,198 Segment gross profit Chemical $ 6,878 $ 8,362 $ 21,917 $ 17,976 Biofuel (3,008 ) 11,623 (5,016 ) (4,169 ) Total gross profit $ 3,870 $ 19,985 $ 16,901 $ 13,807 Depreciation is allocated to segment cost of goods sold based on plant usage. The total assets and capital expenditures of FutureFuel have not |
Note 14 - Legal Matters
Note 14 - Legal Matters | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 14 LEGAL MATTERS From time to time, FutureFuel and its operations are parties to, or targets of, lawsuits, claims, investigations, regulatory matters, and proceedings, which are being handled and defended in the ordinary course of business. While FutureFuel is unable to predict the outcomes of these matters, it does not During the three September 30, 2023, |
Note 15 - Restatement
Note 15 - Restatement | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Error Correction [Text Block] | 15 RESTATEMENT The Company identified a correction required to be made to its consolidated statements of cash flows for the nine September 30, 2023. nine September 30, 2023. not September 30, 2023. A summary of the impact on the consolidated statement of cash flows is as follows: Nine Months Ended September 30, 2023 As Originally Reported Adjustment As Restated Cash flows from operating activities: Other assets $ (5,019 ) $ 5,982 $ 963 Net cash provided by operating activities $ 2,476 $ 5,982 $ 8,458 Cash flows from investing activities: Collateralization of derivative instruments $ 2,991 $ (5,982 ) $ (2,991 ) Net cash provided by (used in) investing activities $ 35,698 $ (5,982 ) $ 29,716 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | PART II OTHER INFORMATION |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by FutureFuel Corp. ("FutureFuel" or "the Company") in accordance and consistent with the accounting policies stated in the Company's 2022 10 In the opinion of FutureFuel, all normal recurring adjustments necessary for a fair presentation have been included in the unaudited consolidated financial statements. The unaudited consolidated financial statements have been prepared in compliance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form 10 not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standards No Proposed Accounting Standards In March 2023, No. 2023 ED100 740 In July 2023, No. 2023 ED500 220 40 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Assets and Liability Balances September 30, 2023 December 31, 2022 Trade receivables, included in accounts receivable* $ 15,432 $ 16,459 Contract assets, included in accounts receivable $ 977 $ 775 Contract liabilities, included in deferred revenue - short-term $ 3,281 $ 3,565 Contract liabilities, included in deferred revenue - long-term $ 10,025 $ 11,605 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Contract revenue from customers with > 1-year arrangements $ 8,291 $ 9,762 $ 28,318 $ 26,052 Contract revenue from customers with < 1-year arrangements 108,406 108,324 247,757 251,980 Revenue from non-contractual arrangements 55 55 166 166 Total revenue $ 116,752 $ 118,141 $ 276,241 $ 278,198 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Bill-and-hold revenue $ 10,149 $ 9,713 $ 31,504 $ 26,960 Non-bill-and-hold revenue 106,603 108,428 244,737 251,238 Total revenue $ 116,752 $ 118,141 $ 276,241 $ 278,198 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2023 December 31, 2022 At average cost (approximates current cost) Finished goods $ 11,959 $ 11,719 Work in process 922 879 Raw materials and supplies 27,740 33,897 40,621 46,495 LIFO reserve (13,711 ) (19,734 ) Total inventory $ 26,910 $ 26,761 |
Note 5 - Derivative Instrumen_2
Note 5 - Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Asset (Liability) September 30, 2023 December 31, 2022 Contract Quantity Fair Value Contract Quantity Fair Value Regulated fixed price future commitments, included in other current assets (in thousand barrels) 182 $ (3,665 ) 305 $ (142 ) |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description September 30, 2023 Level 1 Level 2 Level 3 Derivative instruments $ (3,665 ) $ (3,665 ) $ - $ - Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description December 31, 2022 Level 1 Level 2 Level 3 Derivative instruments $ (142 ) $ (142 ) $ - $ - Preferred stock and other equity instruments $ 33,450 $ 33,450 $ - $ - Trust preferred stock $ 3,676 $ 3,676 $ - $ - |
Note 8 - Accrued Expenses and_2
Note 8 - Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, 2023 December 31, 2022 Accrued employee liabilities $ 3,444 $ 3,287 Accrued property, franchise, motor fuel and other taxes 755 1,165 Lease liability, current 433 630 Other 441 395 Total $ 5,073 $ 5,477 |
Note 9 - Borrowings (Tables)
Note 9 - Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | Adjusted SOFR Rate Loans and Consolidated Leverage Ratio Letter of Credit Fee Base Rate Loans Commitment Fee < 1.00:1.0 1.00 % 0.00 % 0.15 % ≥ 1.00:1.0 And < 1.50:1.0 1.25 % 0.25 % 0.15 % ≥ 1.50:1.0 And < 2.00:1.0 1.50 % 0.50 % 0.20 % ≥ 2.00:1.0 And < 2.50:1.0 1.75 % 0.75 % 0.20 % ≥ 2.50:1.0 2.00 % 1.00 % 0.25 % |
Note 10 - Income Tax Provision
Note 10 - Income Tax Provision (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Income tax provision $ 12 $ 1,697 $ 34 $ 55 Effective tax rate 0.4 % 9.7 % 0.2 % 16.5 % |
Note 11 - Earnings Per Share (T
Note 11 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net income $ 2,776 $ 15,780 $ 13,998 $ 278 Denominator: Weighted average shares outstanding – basic 43,763,243 43,763,243 43,763,243 43,763,243 Effect of dilutive securities: Stock options and other awards 2,466 - 1,920 - Weighted average shares outstanding – diluted 43,765,709 43,763,243 43,765,163 43,763,243 Basic earnings per share $ 0.06 $ 0.36 $ 0.32 $ 0.01 Diluted earnings per share $ 0.06 $ 0.36 $ 0.32 $ 0.01 |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenue Custom chemicals $ 14,454 $ 16,047 $ 46,650 $ 44,028 Performance chemicals 3,393 5,459 11,834 17,233 Chemical revenue 17,847 21,506 58,484 61,261 Biofuel revenue 98,905 96,635 217,757 216,937 Total Revenue $ 116,752 $ 118,141 $ 276,241 $ 278,198 Segment gross profit Chemical $ 6,878 $ 8,362 $ 21,917 $ 17,976 Biofuel (3,008 ) 11,623 (5,016 ) (4,169 ) Total gross profit $ 3,870 $ 19,985 $ 16,901 $ 13,807 |
Note 15 - Restatement (Tables)
Note 15 - Restatement (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Nine Months Ended September 30, 2023 As Originally Reported Adjustment As Restated Cash flows from operating activities: Other assets $ (5,019 ) $ 5,982 $ 963 Net cash provided by operating activities $ 2,476 $ 5,982 $ 8,458 Cash flows from investing activities: Collateralization of derivative instruments $ 2,991 $ (5,982 ) $ (2,991 ) Net cash provided by (used in) investing activities $ 35,698 $ (5,982 ) $ 29,716 |
Note 3 - Revenue Recognition 1
Note 3 - Revenue Recognition 1 (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Increase (Decrease) in Contract with Customer, Liability | $ (2,030) | $ (4,128) | |||
Contract with Customer, Liability, Revenue Recognized | $ 444 | $ 2,037 | 2,402 | 5,211 | |
Accounts Receivable, Blenders' Tax Credit | 13,084 | 13,084 | $ 8,970 | ||
Accounts Receivable, Allowance for Credit Loss | 67 | 67 | 48 | ||
Bill and Hold Arrangements [Member] | Four Customers [Member] | |||||
Contract with Customer, Liability | 4,010 | 4,010 | $ 4,473 | ||
Chemicals [Member] | |||||
Increase (Decrease) in Contract with Customer, Liability | $ 506 | $ 733 | $ 538 | $ 733 |
Note 3 - Revenue Recognition 2
Note 3 - Revenue Recognition 2 (Details Textual) $ in Thousands | Sep. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 13,306 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 12 months |
Revenue, Remaining Performance Obligation, Percentage | 25% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Minimum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 3 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 5 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 45 months |
Revenue, Remaining Performance Obligation, Percentage | 75% |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Trade receivables, included in accounts receivable* | [1] | $ 15,432 | $ 16,459 |
Contract assets, included in accounts receivable | 977 | 775 | |
Contract liabilities, included in deferred revenue - short-term | 3,281 | 3,565 | |
Contract liabilities, included in deferred revenue - long-term | $ 10,025 | $ 11,605 | |
[1]Exclusive of the BTC of $7,037 and $8,970, respectively, and net of allowances for bad debt of $74 and $48, respectively, as of the dates noted. |
Note 3 - Revenue Recognition _2
Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from Contract with Customer | $ 116,752 | $ 118,141 | $ 276,241 | $ 278,198 |
Revenue from non-contractual arrangements | 55 | 55 | 166 | 166 |
Revenue | 116,752 | 118,141 | 276,241 | 278,198 |
Bill and Hold Revenue [Member] | ||||
Revenue from Contract with Customer | 10,149 | 9,713 | 31,504 | 26,960 |
Revenue | 10,149 | 9,713 | 31,504 | 26,960 |
Non-bill and Hold Revenue [Member] | ||||
Revenue from Contract with Customer | 106,603 | 108,428 | 244,737 | 251,238 |
Revenue | 106,603 | 108,428 | 244,737 | 251,238 |
Short-Term Contract with Customer [Member] | ||||
Revenue from Contract with Customer | 8,291 | 9,762 | 28,318 | 26,052 |
Revenue | 8,291 | 9,762 | 28,318 | 26,052 |
Long-Term Contract with Customer [Member] | ||||
Revenue from Contract with Customer | 108,406 | 108,324 | 247,757 | 251,980 |
Revenue | $ 108,406 | $ 108,324 | $ 247,757 | $ 251,980 |
Note 4 - Inventory (Details Tex
Note 4 - Inventory (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Effect of LIFO Inventory Liquidation on Income | $ 151 | $ 2,124 |
Note 4 - Inventory - Carrying V
Note 4 - Inventory - Carrying Values of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finished goods | $ 11,959 | $ 11,719 |
Work in process | 922 | 879 |
Raw materials and supplies | 27,740 | 33,897 |
Inventory, Gross | 40,621 | 46,495 |
LIFO reserve | (13,711) | (19,734) |
Total inventory | $ 26,910 | $ 26,761 |
Note 5 - Derivative Instrumen_3
Note 5 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (14,068) | $ 4,688 | $ (1,373) | $ (21,917) | |
Derivative, Gain (Loss) on Derivative, Net | (7,286) | $ 4,023 | 2,150 | $ (24,970) | |
Restricted Cash and Cash Equivalents | $ 5,079 | $ 5,079 | $ 2,088 |
Note 5 - Derivative Instrumen_4
Note 5 - Derivative Instruments - Carrying Value of Derivative Instruments (Details) - Future [Member] Pure in Thousands, $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Regulated fixed price future commitments, included in other current assets (in thousand barrels) | 182 | 305 |
Regulated fixed price future commitments, included in other current assets (in thousand barrels) | $ (3,665) | $ (142) |
Note 6 - Marketable Securities
Note 6 - Marketable Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Marketable Securities, Gain (Loss) | $ 0 | $ (590) | $ 575 | $ (7,956) | |
Marketable Securities | $ 37,126 | ||||
Debt Securities, Available-for-Sale | 3,675 | ||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ (602) | $ 3,117 | (7,940) | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position | $ 2,627 | ||||
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale | $ 0 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Trust preferred stock | $ 3,675 | |
Fair Value, Recurring [Member] | ||
Derivative instruments | $ (3,665) | (142) |
Preferred stock and other equity instruments | 33,450 | |
Trust preferred stock | 3,676 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative instruments | (3,665) | (142) |
Preferred stock and other equity instruments | 33,450 | |
Trust preferred stock | 3,676 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative instruments | 0 | 0 |
Preferred stock and other equity instruments | 0 | |
Trust preferred stock | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative instruments | $ 0 | 0 |
Preferred stock and other equity instruments | 0 | |
Trust preferred stock | $ 0 |
Note 8 - Accrued Expenses and_3
Note 8 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accrued employee liabilities | $ 3,444 | $ 3,287 |
Accrued property, franchise, motor fuel and other taxes | 755 | 1,165 |
Lease liability, current | 433 | 630 |
Other | 441 | 395 |
Total | $ 5,073 | $ 5,477 |
Note 9 - Borrowings (Details Te
Note 9 - Borrowings (Details Textual) - Regions Bank and PNC Bank N.A. [Member] - Revolving Credit Facility [Member] - USD ($) $ in Thousands | Mar. 30, 2020 | Sep. 30, 2023 | Dec. 31, 2022 |
Line of Credit Facility, Expiration Period (Year) | 5 years | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | ||
Line of Credit Facility Sublimit for Letters of Credit | 30,000 | ||
Line of Credit Facility Swingline Loans | $ 15,000 | ||
Long-Term Line of Credit, Total | $ 0 | $ 0 |
Note 9 - Borrowings - Leverage
Note 9 - Borrowings - Leverage Ratio (Details) | 9 Months Ended |
Sep. 30, 2023 | |
Leverage Ratio1 [Member] | |
Spread on variable rate | 0.15% |
Leverage Ratio1 [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |
Leverage ratio | 1 |
Leverage Ratio1 [Member] | Base Rate [Member] | |
Leverage ratio | 0 |
Leverage Ratio 2 [Member] | |
Spread on variable rate | 15% |
Leverage Ratio 2 [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |
Leverage ratio | 1.25 |
Leverage Ratio 2 [Member] | Base Rate [Member] | |
Leverage ratio | 0.25 |
Leverage Ratio 3 [Member] | |
Spread on variable rate | 20% |
Leverage Ratio 3 [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |
Leverage ratio | 1.5 |
Leverage Ratio 3 [Member] | Base Rate [Member] | |
Leverage ratio | 0.5 |
Leverage Ratio 4 [Member] | |
Spread on variable rate | 20% |
Leverage Ratio 4 [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |
Leverage ratio | 1.75 |
Leverage Ratio 4 [Member] | Base Rate [Member] | |
Leverage ratio | 0.75 |
Leverage Ratio 5 [Member] | |
Spread on variable rate | 0.25% |
Leverage Ratio 5 [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |
Leverage ratio | 2 |
Leverage Ratio 5 [Member] | Base Rate [Member] | |
Leverage ratio | 1 |
Note 10 - Income Tax Provisio_2
Note 10 - Income Tax Provision (Details Textual) $ in Thousands | Sep. 30, 2023 USD ($) |
Deferred Tax Assets, Net of Valuation Allowance | $ 0 |
Note 10 - Income Tax Provisio_3
Note 10 - Income Tax Provision - Summary of Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income tax provision | $ 12 | $ 1,697 | $ 34 | $ 55 |
Effective tax rate | 0.40% | 9.70% | 0.20% | 16.50% |
Note 11 - Earnings Per Share (D
Note 11 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 41,534 | 44,000 | 42,080 | 30,667 |
Note 11 - Earnings Per Share -
Note 11 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 2,776 | $ (9,859) | $ 21,081 | $ 15,780 | $ (3,104) | $ (12,398) | $ 13,998 | $ 278 |
Weighted average shares outstanding – basic (in shares) | 43,763,243 | 43,763,243 | 43,763,243 | 43,763,243 | ||||
Stock options and other awards (in shares) | 2,466 | 0 | 1,920 | 0 | ||||
Weighted average shares outstanding – diluted (in shares) | 43,765,709 | 43,763,243 | 43,765,163 | 43,763,243 | ||||
Basic (in dollars per share) | $ 0.06 | $ 0.36 | $ 0.32 | $ 0.01 | ||||
Diluted (in dollars per share) | $ 0.06 | $ 0.36 | $ 0.32 | $ 0.01 |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Number of Reportable Segments | 2 | |
Chemicals [Member] | ||
Number of Reportable Segments | 2 | |
Biofuels [Member] | ||
Number of RINs in Inventory | 4,200,000 | 8,100,000 |
RIN, Fair Market Value | $ 6,971 | $ 12,752 |
RIN, Cost | $ 0 | $ 0 |
Note 13 - Segment Information -
Note 13 - Segment Information - Summary of Business by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from Contract with Customer | $ 116,752 | $ 118,141 | $ 276,241 | $ 278,198 |
Gross profit | 3,870 | 19,985 | 16,901 | 13,807 |
Operating Segments [Member] | Chemicals [Member] | ||||
Revenue from Contract with Customer | 17,847 | 21,506 | 58,484 | 61,261 |
Gross profit | 6,878 | 8,362 | 21,917 | 17,976 |
Operating Segments [Member] | Chemicals [Member] | Custom Chemicals [Member] | ||||
Revenue from Contract with Customer | 14,454 | 16,047 | 46,650 | 44,028 |
Operating Segments [Member] | Chemicals [Member] | Performance Chemicals [Member] | ||||
Revenue from Contract with Customer | 3,393 | 5,459 | 11,834 | 17,233 |
Operating Segments [Member] | Biofuels [Member] | ||||
Revenue from Contract with Customer | 98,905 | 96,635 | 217,757 | 216,937 |
Gross profit | $ (3,008) | $ 11,623 | $ (5,016) | $ (4,169) |
Note 14 - Legal Matters (Detail
Note 14 - Legal Matters (Details Textual) $ in Thousands | 3 Months Ended |
Sep. 30, 2023 USD ($) | |
Gain (Loss) Related to Litigation Settlement | $ 882 |
Note 15 - Restatement - Impact
Note 15 - Restatement - Impact of Restatment (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
Other assets | $ 963 | $ 296 |
Net cash provided by operating activities | 8,458 | 44,127 |
Cash flows from investing activities | ||
Collateralization of derivative instruments | (2,991) | 865 |
Net cash provided by (used in) investing activities | 29,716 | $ (2,503) |
Previously Reported [Member] | ||
Cash flows from operating activities | ||
Other assets | (5,019) | |
Net cash provided by operating activities | 2,476 | |
Cash flows from investing activities | ||
Collateralization of derivative instruments | 2,991 | |
Net cash provided by (used in) investing activities | 35,698 | |
Revision of Prior Period, Error Correction, Adjustment [Member] | ||
Cash flows from operating activities | ||
Other assets | 5,982 | |
Net cash provided by operating activities | 5,982 | |
Cash flows from investing activities | ||
Collateralization of derivative instruments | (5,982) | |
Net cash provided by (used in) investing activities | $ (5,982) |