Blue Dolphin Energy (BDCO) 10-K 30 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 30, 2020	Jun. 28, 2019
Document And Entity Information
Entity Registrant Name	BLUE DOLPHIN ENERGY CO
Entity Central Index Key	0000793306
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity File Number	0-15905
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,327,365
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Entity Public Float			$ 2,100,065

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 72	$ 14
Restricted cash	49	49
Accounts receivable, net	446	379
Accounts receivable, related party	1,364	0
Prepaid expenses and other current assets	2,276	1,786
Deposits	158	194
Inventory	1,645	1,510
Refundable federal income tax	65	108
Total current assets	6,075	4,040
Total property and equipment, net	63,893	64,697
Operating lease right-of-use assets	649	0
Restricted cash, noncurrent	547	1,602
Surety bonds	230	230
Deferred tax assets, net	50	108
Total long-term assets	65,369	66,637
TOTAL ASSETS	71,444	70,677
CURRENT LIABILITIES
Long-term debt less unamortized debt issue costs, current portion	33,836	34,863
Line of credit payable, less umamortized debt issue costs	11,464	0
Long-term debt, related party, current portion	6,001	7,041
Interest payable, current portion	3,814	2,939
Interest payable, related party, current portion	2,174	1,534
Accounts payable	1,877	2,719
Accounts payable, related party	149	1,529
Current portion of lease liabilities	251	0
Asset retirement obligations, current portion	2,565	2,580
Accrued expenses and other current liabilities	3,333	1,571
Accrued arbitration award payable	0	21,128
Total current liabilities	65,464	75,904
Long-term liabilities:
Long-term operating leases, net of current portion	564	0
Deferred revenues	1,930	0
Total long-term liabilities	2,494	0
TOTAL LIABILITIES	67,958	75,904
Commitments and contingencies
STOCKHOLDERS' EQUITY
Common Stock shares issued and outstanding (12,327,365 in 2019 and 10,975,514 in 2018) (1)	123	110
Additional paid-in capital	38,275	36,936
Accumulated deficit	(34,912)	(42,273)
Total stockholders' equity (deficit)	3,486	(5,227)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 71,444	$ 70,677

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
STOCKHOLDERS' EQUITY
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	12,327,365	10,975,514
Common stock, shares outstanding	12,327,365	10,975,514
Treasury stock, shares	0	0

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
REVENUE FROM OPERATIONS
Refined petroleum product sales	$ 304,924	$ 337,038
Tolling and terminaling	4,338	3,723
Total revenue from operations	309,262	340,761
COST OF GOODS SOLD
Crude oil, fuel use, and chemicals	289,273	322,297
Other conversion costs	8,554	9,639
Total cost of goods sold	297,827	331,936
Gross Profit	11,435	8,825
COST OF OPERATIONS
LEH operating fee	611	614
Other operating expenses	222	180
General and administrative expenses	2,659	3,272
Depletion, depreciation and amortization	2,490	1,933
Accretion of asset retirement obligations	0	266
Total cost of operations	5,982	6,265
Income from operations	5,453	2,560
OTHER INCOME (EXPENSE)
Easement, interest and other income	4	20
Interest and other expense	(6,750)	(3,363)
Loss on issuance of shares to extinguish related-party debt	(474)	0
Gain on extinguishment of debt	9,128	0
Total other income (expense)	1,908	(3,343)
Income (loss) from operations	7,361	(783)
Income tax benefit	0	260
Net income (loss)	$ 7,361	$ (523)
Income (loss) per common share
Basic	$ 0.66	$ (0.05)
Diluted	$ 0.66	$ (0.05)
Weighted average number of common shares outstanding:
Basic	11,156,995	10,935,787
Diluted	11,156,995	10,935,787

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning balance, shares at Dec. 31, 2017	10,925,513
Beginning balance, amount at Dec. 31, 2017	$ 109	$ 36,907	$ (41,750)	$ (4,734)
Common stock issued for services, shares	50,001
Common stock issued for services, amount	$ 1	29		30
Net loss			(523)	(523)
Ending balance, shares at Dec. 31, 2018	10,975,514
Ending balance, amount at Dec. 31, 2018	$ 110	36,936	(42,273)	(5,227)
Common stock issued for extinguishment of related-party debt, shares	1,351,851
Common stock issued for extinguishment of related-party debt, amount	$ 13	1,339		1,352
Net loss			7,361	7,361
Ending balance, shares at Dec. 31, 2019	12,327,365
Ending balance, amount at Dec. 31, 2019	$ 123	$ 38,275	$ (34,912)	$ 3,486

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
OPERATING ACTIVITIES
Net income (loss)	$ 7,361	$ (523)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depletion, depreciation and amortization	2,490	1,933
Deferred income tax	0	(216)
Amortization of debt issue costs	629	128
Guaranty fees paid in kind	625	0
Accretion of asset retirement obligations	0	266
Loss on issuance of shares to extinguish related-party debt	474	0
Common stock issued for services	0	30
Gain on extinguishment of debt	(9,128)	0
Changes in operating assets and liabilities
Accounts receivable	(67)	978
Accounts receivable, related party	(1,364)	653
Prepaid expenses and other current assets	(389)	(579)
Deposits and other assets	36	(65)
Inventory	(135)	1,579
Accrued arbitration award	(12,000)	(6,000)
Accounts payable, accrued expenses and other liabilities	4,497	2,266
Accounts payable, related party	(1,380)	555
Net cash provided by (used in) operating activities	(8,351)	1,005
INVESTING ACTIVITIES
Capital expenditures	(1,574)	(2,029)
Net cash used in investing activities	(1,574)	(2,029)
FINANCING ACTIVITIES
Proceeds from line of credit	12,402	0
Payments on debt	(2,241)	(890)
Payments of debt issuance costs	(322)	0
Net activity on related-party debt	(911)	1,433
Net cash from financing activities	8,928	543
Increase (Decrease) in cash and cash equivalents	(997)	(481)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	1,665	2,146
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	668	1,665
Non-cash investing and financing activities:
Financing of capital expenditures via accounts payable	86	4
Financing of guaranty fees via long-term debt, related party	625	644
Payment of related-party debt via fixed asset exchange	474	0
Issuance of shares to settle related-party debt	878	0
Line of credit closing costs included in principal balance	398	0
Interest paid	3,474	2,823
Income taxes paid	$ (101)	$ 0

1. Organization

1. Organization	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Overview Blue Dolphin is an independent downstream energy company operating in the Gulf Coast region of the United States. Our subsidiaries operate a light sweet-crude, 15,000-bpd crude distillation tower with approximately 1.2 million bbls of petroleum storage tank capacity in Nixon, Texas. Blue Dolphin was formed in 1986 as a Delaware corporation and is traded on the OTCQX under the ticker symbol “BDCO”. Our assets are primarily organized in two segments: refinery operations (owned by LE) and tolling and terminaling services (owned by LRM and NPS). Subsidiaries that are reflected in corporate and other include BDPL (inactive pipeline and facilities assets), BDPC (inactive leasehold interests in oil and gas wells), and BDSC (administrative services). See “Note (4)” to our consolidated financial statements for more information about our business segments. Unless the context otherwise requires, references in this report to “we,” “us,” “our,” or “ours,” refer to Blue Dolphin, one or more of its consolidated subsidiaries or all of them taken as a whole. Affiliates Affiliates control approximately 82% of the voting power of our Common Stock. An Affiliate operates and manages all Blue Dolphin properties and funds working capital requirements during periods of working capital deficits, and an Affiliate is a significant customer of our refined products. Blue Dolphin and certain of its subsidiaries are currently parties to a variety of agreements with Affiliates. See “Note (3)” to our consolidated financial statements for additional disclosures related to Affiliate risk factors, Affiliate agreements and arrangements, and working capital deficits. Going Concern Management has determined that certain factors raise substantial doubt about our ability to continue as a going concern. These factors include the following: Defaults Under Secured Loan Agreements Events of Default In April 2019, obligors were notified by Veritex that the bank agreed to waive certain covenant defaults and forbear from enforcing its remedies under our secured loan agreements subject to: (i) the agreement and concurrence of the USDA and (ii) the replenishment of the payment reserve account on or before August 31, 2019. Following the GEL Settlement, the associated mutual releases became effective and GEL filed a stipulation of dismissal of claims against LE. As of the date of this report, LE had not replenished the payment reserve account and obligors were still in default under our other secured loan agreements with Veritex. Financial Covenant Violations Any exercise by Veritex of its rights and remedies under our secured loan agreements would have a material adverse effect on our business operations, including crude oil and condensate procurement and our customer relationships; financial condition; and results of operations. In such a case, the trading price of our common stock and the value of an investment in our common stock could significantly decrease, which could lead to holders of our common stock losing their investment in our common stock in its entirety. We can provide no assurance that: (i) our assets or cash flow will be sufficient to fully repay borrowings under outstanding long-term debt, either upon maturity or if accelerated, (ii) LE and LRM will be able to refinance or restructure the payments on the long-term debt, and/or (iii) Veritex, as first lien holder, will provide future default waivers. Defaults under our secured loan agreements and any exercise by Veritex of its rights and remedies related to such defaults may have a material adverse effect on the trading prices of our common stock and on the value of an investment in our common stock, and holders of our common stock could lose their investment in our common stock in its entirety. See “Note (1)” and “Note (10)” to our consolidated financial statements for additional information related to defaults under our secured loan agreements and their potential effects on our business, financial condition, and results of operations. Net Losses and Working Capital Deficits We had a working capital deficit of $59.4 million and $71.9 million at December 31, 2019 and 2018, respectively. Excluding the current portion of long-term debt, we had a working capital deficit of $19.6 million and $30.0 million at December 31, 2019 and 2018, respectively. We had cash and cash equivalents and restricted cash (current portion) of $0.07 million and $0.05 million, respectively, at December 31, 2019. Comparatively, we had cash and cash equivalents and restricted cash (current portion) of $0.01 million and $0.05 million, respectively, at December 31, 2018. Operating Risks Successful execution of our business strategy depends on several key factors, including, having adequate working capital to meet operational needs and regulatory requirements, maintaining safe and reliable operations at the Nixon facility, meeting contractual obligations, and having favorable margins on refined products. During the third quarter of 2019, management achieved the GEL Settlement and realized a $9.1 million gain on the extinguishment of the liability. Management believes that it is continuing to take other steps to further improve operations and financial stability. However, there can be no assurance that our business strategy will be successful, that Affiliates will continue to fund our working capital needs, or that we will be able to obtain additional financing or meet financial assurance (bonding) requirements on commercially reasonable terms or at all. If Veritex exercises its rights and remedies under our secured loan agreements, our business, financial condition, and results of operations will be materially adversely affected. The Amended Pilot Line of Credit is scheduled to mature in May 2020. We will need to repay, refinance, replace or otherwise extend the maturity of this line of credit. Our ability to repay, refinance, replace or otherwise extend this facility by its maturity date will be dependent on, among other things, business conditions, our financial performance and the general condition of the financial markets. If a financial disruption were to occur at the time that we are required to repay this indebtedness, we could be forced to undertake alternate financings, including a sale of additional common stock, negotiate for an extension of the maturity or sell assets and delay capital expenditures in order to generate proceeds that could be used to repay such indebtedness. We cannot provide any assurance that we will be able to consummate any such transaction on terms that are commercially reasonable, on terms acceptable to us or at all.

2. Principles of Consolidation

2. Principles of Consolidation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Principles of Consolidation and Significant Accounting Policies	Basis of Presentation The accompanying consolidated financial statements, which include Blue Dolphin and its subsidiaries, have been prepared in accordance with U.S. generally accepted accounting principles and the rules and regulations of the SEC. These rules and regulations conform to the accounting principles contained in FASB’s ASC, the single source of GAAP. All significant intercompany items have been eliminated in consolidation. Additionally, any material subsequent events that occurred after the date through which this report covers have been properly recognized or disclosed in our financial statements. In management’s opinion, all adjustments considered necessary for a fair presentation have been included, disclosures are adequate, and the presented information is not misleading. In 2018, Blue Dolphin obtained 100% of the issued and outstanding membership interest of NPS, a Delaware limited liability company, from Lazarus Midstream pursuant to an Assignment Agreement. The transaction represented transfer of a vacant shell entity owned by Lazarus Midstream to Blue Dolphin for the nominal fee of $10.00. The assignment of interest facilitated settlement financing possibilities under the GEL Settlement Agreement. The assignment was accounted for as a combination of entities under common control. Accordingly, the recognized assets and liabilities of NPS were transferred at their carrying amounts at the date of transfer and the results of operations are included for 2019 and 2018. NPS did not have significant assets, liabilities or results of operations prior to the assignment. NPS holds a leasehold interest in petroleum storage tanks at the Nixon facility. NPS’ revenues and expenses are included in our Tolling and Terminaling business segment. Significant Accounting Policies Use of Estimates Cash and Cash Equivalents Restricted Cash Accounts Receivable and Allowance for Doubtful Accounts Inventory Property and Equipment Refinery and Facilities Pipelines and Facilities Oil and Gas Properties CIP Leases. We recognize ROU assets and lease liabilities for leasing arrangements with terms greater than one year. We account for lease and non-lease components in a contract as a single lease component for all classes of underlying assets. We allocate the consideration in these contracts based on pricing information contained in the lease. Expense for an operating lease is recognized as a single lease cost on a straight-line basis over the lease term and is reflected in the appropriate income statement line item based on the leased asset’s function. Amortization expense of a finance lease ROU asset is recognized on a straight-line basis over the lesser of the useful life of the leased asset or the lease term. However, if the lease transfers ownership of the finance lease ROU asset to us at the end of the lease term, the finance lease ROU asset is amortized over the useful life of the leased asset. Amortization expense is reflected in ‘depreciation and amortization expense.’ Interest expense is incurred based on the carrying value of the lease liability and is reflected in ‘interest and other expense.’ Revenue Recognition Refinery Operations Revenue We consider a variety of facts and circumstances in assessing the point of control transfer, including but not limited to: whether the purchaser can direct the use of the refined product, the transfer of significant risks and rewards, our rights to payment, and transfer of legal title. In each case, the term between the sale and when payment is due is not significant. Transportation, shipping, and handling costs incurred are included in cost of goods sold. Excise and other taxes that are collected from customers and remitted to governmental authorities are not included in revenue. Tolling and Terminaling Revenue We typically satisfy performance obligations for tolling and terminaling operations with the passage of time. We determine the transaction price at agreement inception based on the guaranteed minimum amount of revenue over the term of the agreement. We allocate the transaction price to the single performance obligation that exists under the agreement, and we recognize revenue in the amount for which we have a right to invoice. Generally, payment terms do not exceed 30 days. Revenue from tank storage customers may, from time to time, include fees for ancillary services, such as in-tank and tank-to-tank blending. These services are considered optional to the customer, and the price we charge for such services is not included in the fixed cost under the customer’s tank storage agreement. Ancillary services are considered a separate performance obligation by us under the tank storage agreement. The performance obligation is satisfied when the requested service has been performed in the applicable period. Deferred Revenue Income Taxes Significant judgment is required in evaluating uncertain tax positions and determining its provision for income taxes. As of each reporting date, we consider new evidence, both positive and negative, to determine the realizability of deferred tax assets. We consider whether it is more likely than not that a portion or all the deferred tax assets will be realized, which is dependent upon the generation of future taxable income prior to the expiration of any NOL carryforwards. When we determine that it is more likely than not that a tax benefit will not be realized, a valuation allowance is recorded to reduce deferred tax assets. A significant piece of objective negative evidence evaluated was cumulative losses incurred over the three-year period ended December 31, 2018. Such objective evidence limits the ability to consider other subjective evidence, such as projections for future growth. Based on this evaluation, we recorded a valuation allowance against the deferred tax assets for which realization was not deemed more likely than not as of December 31, 2019 and 2018. We expect to recover deferred tax assets related to AMT credit carryforwards. In addition, we have NOL carryforwards that remain available for future use. The benefit of an uncertain tax position is recognized in the financial statements if it meets a minimum recognition threshold. A determination is first made as to whether it is more likely than not that the income tax position will be sustained, based upon technical merits, upon examination by the taxing authorities. If the income tax position is expected to meet the more-likely-than-not criteria, the benefit recorded in the financial statements equals the largest amount that is greater than 50% likely to be realized upon its ultimate settlement. At December 31, 2019 and 2018, there were no uncertain tax positions for which a reserve or liability was necessary. See “Note (14)” to our consolidated financial statements for more information related to income taxes. Impairment or Disposal of Long-Lived Assets Asset Retirement Obligations We have concluded that there is no legal or contractual obligation to dismantle or remove the refinery and facilities assets. Further, we believe that these assets have indeterminate lives because dates or ranges of dates upon which we would retire these assets cannot reasonably be estimated at this time. When a legal or contractual obligation to dismantle or remove the refinery and facilities assets arises and a date or range of dates can reasonably be estimated for the retirement of these assets, we will estimate the cost of performing the retirement activities and record a liability for the fair value of that cost using present value techniques. We recorded an ARO liability related to future asset retirement costs associated with dismantling, relocating, or disposing of our offshore platform, pipeline systems, and related onshore facilities, as well as for plugging and abandoning wells and restoring land and sea-beds. Cost estimates for each of our assets were developed based upon regulatory requirements, structural makeup, water depth, reservoir characteristics, reservoir depth, equipment demand, current retirement procedures, and construction and engineering consultations. Estimating future costs are difficult and require management to make judgments that are subject to future revisions based upon numerous factors, including changing technology, political, and regulatory environments. We review our assumptions and estimates of future abandonment costs on an annual basis. See “Note (12)” to our consolidated financial statements for additional information related to AROs. Computation of Earnings Per Share New Pronouncements Adopted Leases New Pronouncements Issued, Not Yet Effective Codification Updates to SEC Sections Consolidation Income Taxes. Other new pronouncements issued but not yet effective are not expected to have a material impact on our financial position, results of operations, or liquidity.

3. Related Party Transactions

3. Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Working Capital Currently, we depend on Affiliates for financing when revenue from operations and borrowings under bank facilities are insufficient to meet our liquidity and working capital needs. Such borrowings are reflected in our consolidated balance sheets in accounts payable, related party, and/or long-term debt, related party. Affiliate Agreements/Transactions Blue Dolphin and certain of its subsidiaries are party to several agreements with Affiliates. Management believes that these related-party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions. Related-party transactions consist of the following: Agreement/Transaction Parties Type Effective Date Interest Rate Key Terms Amended and Restated Guaranty Fee Agreement(1) Jonathan Carroll - LE Debt 04/01/2017 2.00% Tied to payoff of LE $25 million Veritex loan; payments 50% cash, 50% Common Stock Amended and Restated Guaranty Fee Agreement(1) Jonathan Carroll - LRM Debt 04/01/2017 2.00% Tied to payoff of LRM $10 million Veritex loan; payments 50% cash, 50% Common Stock Refinery Equipment Purchase LTRI - LE Operations 07/01/2019 --- LE purchase of two (2) refurbished heat exchangers for $0.08 million each Dock Tolling Agreement LMT - LE Operations 05/24/2016 --- 5-year term cancellable by either party any time; LE paid flat reservation fee for tolling volumes up to 84,000 gallons per day; excess tolling volumes subject to increased per gallon rate; terminated 07/01/2019 Jet Fuel Sales Agreement LEH - LE Operations 04/01/2019 --- 1-year term expiring earliest to occur of 03/01/2020 plus 30-day carryover or delivery of maximum jet fuel quantity; LEH bids on jet fuel contracts under preferential pricing terms to a HUBZone certification March Carroll Note (in default) Jonathan Carroll – Blue Dolphin Debt 03/31/2017 8.00% Blue Dolphin working capital; matured 01/01/2019; interest still accruing March Ingleside Note (in default) Ingleside – Blue Dolphin Debt 03/31/2017 8.00% Blue Dolphin working capital; reflects amounts owed to Ingleside under previous Amended and Restated Tank Lease Agreement; matured 01/01/2019; interest still accruing June LEH Note (in default) LEH – Blue Dolphin Debt 03/312017 8.00% Blue Dolphin working capital; reflects amounts owed to LEH under Amended and Restated Operating Agreement; reflects amounts owed to Jonathan Carroll under guaranty fee agreements; matured 01/01/2019; interest still accruing Office Sub-Lease Agreement LEH - BDSC Operations 01/01/2018 --- 68-month term expiring 08/31/2023; office lease Houston, Texas; includes 6-month rent abatement period; rent approximately $0.02 million per month Amended and Restated Operating Agreement LEH – Blue Dolphin / LE Debt 04/01/2017 --- 3-year term; expires 04/01/2020 or notice by either party at any time of material breach or 90 days Board notice; LEH receives management fee of our incurred direct operating expenses plus 5% Loan and Security Agreement (in default) LEH - BDPL Debt 08/15/2016 16.00% 2-year term; $4.0 million principal amount; $0.5 million annual payment; proceeds used for working capital; no financial maintenance covenants; secured by certain BDPL property (1) Related-Party Financial Impact Consolidated Balance Sheets Accounts receivable, related party Accounts payable, related party Long-term debt, related party, current portion (in default). December 31, 2019 2018 (in thousands) LEH June LEH Note (in default) $- $611 BDPL Loan Agreement 6,174 5,534 LEH Total 6,174 6,145 Ingleside March Ingleside Note (in default) 1,004 1,283 Jonathan Carroll March Carroll Note (in default) 997 1,147 8,175 8,575 Less: Long-term debt, related party, current portion, in default (6,001) (7,041) Less: Accrued interest payable, related party (in default) (2,174) (1,534) $- $- Consolidated Statements of Operations Total revenue from operations. Year Ended December 31, 2019 2018 (in thousands, except percent amounts) Refinery operations LEH $97,238 31.4% $98,571 28.9% Third-Parties 207,686 67.2% 238,467 70.0% Tolling and terminaling Third-Parties 4,338 1.4% 3,723 1.1% $309,262 100.0% $340,761 100.0% Interest expense. Year Ended December 31, 2019 2018 (in thousands) Jonathan Carroll Guaranty Fee Agreements First Term Loan Due 2034 $443 $456 Second Term Loan Due 2034 183 188 March Carroll Note (in default) 103 56 LEH BDPL Loan Agreement (in default) 640 631 June LEH Note (in default) 40 17 Ingleside March Ingleside Note (in default) 63 97 $1,472 $1,445 Other.

4. Revenue and Segment Informat

4. Revenue and Segment Information	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Revenue and Segment Information	We have two reportable business segments: (i) refinery operations and (ii) tolling and terminaling. Refinery operations relate to the refining and marketing of petroleum products at our 15,000-bpd crude distillation tower. Tolling and terminaling operations relate to tolling and storage terminaling services under third-party lease agreements. Both operations are conducted at the Nixon facility. Corporate and other includes BDSC, BDPL and BDPC. Revenue from Contracts with Customers Disaggregation of Revenue Receivables from Contracts with Customers Contract Liabilities Remaining Performance Obligations Segment Information Year Ended December 31, 2019 2018 (in thousands) Net revenue (excluding intercompany fees and sales) Refinery operations $304,924 $337,038 Tolling and terminaling 4,338 3,723 Corporate and other - - Total net revenue 309,262 340,761 Intercompany fees and sales Refinery operations (2,615) (3,270) Tolling and terminaling 2,615 3,270 Corporate and other - - Total intercompany fees - - Operation costs and expenses(1) Refinery operations (297,113) (331,220) Tolling and terminaling (1,325) (1,332) Corporate and other (222) (444) Total operation costs and expenses (298,660) (332,996) Segment contribution margin Refinery operations 5,196 2,548 Tolling and terminaling 5,628 5,661 Corporate and other (222) (444) Total segment contribution margin 10,602 7,765 General and administrative expenses, including LEH operating fee Refinery operations (1,252) (1,232) Tolling and terminaling (262) (245) Corporate and other (1,145) (1,795) Total general and administrative expenses (2,659) (3,272) Depreciation and amortization Refinery operations (1,913) (1,842) Tolling and terminaling (396) (91) Corporate and other (181) - Total depreciation and amortization (2,490) (1,933) Interest and other non-operating income (expenses), net 1,908 (3,343) Income (loss) before income taxes 7,361 (783) Income tax benefit - 260 Net income (loss) $7,361 $(523) (1) For the reported periods, operation costs include cost of goods sold. Also, operation costs within: (a) tolling and terminaling includes terminal operating expenses and an allocation of other costs (e.g. insurance and maintenance) and (b) corporate and other includes expenses related to BDSC, BDPC and BDPL. December 31, 2019 2018 (in thousands) Capital expenditures Refinery operations $1,453 $1,124 Tolling and terminaling 121 905 Corporate and other - - Total capital expenditures 1,574 2,029 Identifiable assets Refinery operations 51,317 41,116 Tolling and terminaling 18,401 28,446 Corporate and other 1,726 1,115 Total identifiable assets $71,444 $70,677

5. Concentration of Risk

5. Concentration of Risk	12 Months Ended
	Dec. 31, 2019
Risks and Uncertainties [Abstract]
Concentration of Risk	Bank Accounts Financial instruments that potentially subject us to concentrations of risk consist primarily of cash, trade receivables and payables. We maintain cash balances at financial institutions in Houston, Texas. The FDIC insures certain financial products up to a maximum of $250,000 per depositor. At December 31, 2019 and 2018, we had cash balances (including restricted cash) that exceeded the FDIC insurance limit per depositor of $0.3 million and $1.2 million, respectively. Key Supplier O Pilot also stores crude oil at the Nixon facility under a terminal services agreement. Under the terminal services agreement, Pilot stores crude oil at the Nixon facility at a specified rate per bbl of the storage tank’s shell capacity. The terminal services agreement has an initial term that expires April 30, 2020. Thereafter, the terminal services agreement will continue on a one-year evergreen basis. Either party may terminate the terminal services agreement by providing the other party 60 days prior written notice. However, the terminal services agreement will automatically terminate upon expiration or termination of the crude supply agreement. Pilot also stores crude oil at the Nixon facility under a terminal services agreement. Under the terminal services agreement, Pilot stores crude oil at the Nixon facility at a specified rate per bbl of the storage tank’s shell capacity. The terminal services agreement has an initial term that expires April 30, 2020. Thereafter, the terminal services agreement will continue on a one-year evergreen basis. Either party may terminate the terminal services agreement by providing the other party 60 days prior written notice. However, the terminal services agreement will automatically terminate upon expiration or termination of the crude supply agreement. Our financial health could be adversely affected by defaults in our secured loan agreements, historic net losses, and working capital deficits, which could impact our ability to acquire crude oil and condensate. A failure to acquire crude oil and condensate when needed will have a material effect on our business results and operations. Significant Customers We routinely assess the financial strength of our customers and have not experienced significant write-downs in accounts receivable balances. We believe that our accounts receivable credit risk exposure is limited. Number Significant Customers % Total Revenue from Operations Portion of Accounts Receivable December 31 2019 4 96.5% $1.7 million 2018 4 90.3% $0.1 million O Refined Product Sales Year Ended December 31, 2019 2018 (in thousands, except percent amounts) LPG mix $17 0.0% $3 0% Naphtha 59,799 19.6% 82,982 24.6% Jet fuel 97,239 31.9% 98,570 29.2% HOBM 66,891 21.9% 80,979 24.1% AGO 80,978 26.6% 74,504 22.1% $304,924 100.0% $337,038 100.0% An Affiliate, LEH, purchases our jet fuel. See “Note (3)” and “Note (16)” to our consolidated financial statements for additional disclosures related to Affiliate transactions.

6. Prepaid Expenses and Other C

6. Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets as of the dates indicated consisted of the following: December 31, 2019 2018 (in thousands) Prepaid crude oil and condensate $1,651 $1,166 Prepaid insurance 417 437 Prepaid eastment renewal fees 121 - Other prepaids 87 183 $2,276 $1,786

7. Inventory

7. Inventory	12 Months Ended
	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventory	Inventory as of the dates indicated consisted of the following: December 31, 2019 2018 (in thousands) Crude oil and condensate $959 $861 AGO 440 276 Chemicals 120 106 Naphtha 95 143 Propane 26 17 LPG mix 5 5 HOBM - 102 $1,645 $1,510

8. Property, Plant and Equipmen

8. Property, Plant and Equipment, Net	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	Property, plant and equipment, net, as of the dates indicated consisted of the following: December 31, 2019 2018 (in thousands) Refinery and facilities $66,317 $63,058 Land 566 566 Other property and equipment 833 747 67,716 64,371 Less: Accumulated depletion, depreciation, and amortiation (12,739) (10,429) 54,977 53,942 CIP 8,916 10,755 $63,893 $64,697 We capitalize interest cost incurred on funds used to construct property, plant, and equipment. Capitalized interest is recorded as part of the asset it relates to and is depreciated over the asset’s useful life. Capitalized interest cost, which is included in CIP, was $0.7 million and $1.3 million at December 31, 2019 and 2018, respectively. Capital expenditures for expansion at the Nixon facility are funded by long-term debt from Veritex, revenue from operations, and working capital from Affiliates. Unused amounts for capital expenditures derived from Veritex loans are reflected in restricted cash (current and non-current portions) on our consolidated balance sheets. See “Note (10)” to our consolidated financial statements for additional disclosures related to working capital deficits and borrowings for capital spending.

9. Accrued Expenses and Other C

9. Accrued Expenses and Other Current Liabilities	12 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities as of the dates indicated consisted of the following: December 31, 2019 2018 (in thousands) Unearned revenue from contracts with customers $1,990 $- Unearned contract renewal income 500 434 Board of director fees payable 263 273 Other payable 228 265 Taxes payable 183 95 Insurance 159 61 Customer deposits 10 109 Easement payable - 223 Accrued rent - 111 $3,333 $1,571

10. Long-Term Debt, Net

10. Long-Term Debt, Net	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Long-Term Debt, Net	Third-Party Long-Term Debt Loan Agreements Loan Description Original Principal Amount (in millions) Maturity Date Monthly Principal and Interest Payment Interest Rate Loan Purpose USDA-Guaranteed Loans First Term Loan Due 2034 ( in default $25.0 Jun 2034 $0.2 million WSJ Prime + 2.75% Refinance loan; capital improvements Second Term Loan Due 2034 ( in default $10.0 Dec 2034 $0.1 million WSJ Prime + 2.75% Refinance bridge loan; capital improvements Notre Dame Debt ( in default $11.7(1) Jan 2018 No payments to date; payment rights subordinated(2) 16.00% Working capital; reduce balance of GEL Final Arbitration Award (1) Original principal amount was $8.0 million; pursuant to a 2017 sixth amendment, the Notre Dame Debt was amended to increase the principal amount by $3.7 million; the additional principal was used to reduce the GEL Final Arbitration Award by $3.6 million. (2) Pursuant to a 2015 subordination agreement, the holder of the Notre Dame Debt agreed to subordinate their right to payments, as well as any security interest and liens on the Nixon facility’s business assets, in favor of Veritex as holder of the First Term Loan Due 2034. Guarantees and Security Loan Description Guarantees Security USDA-Guaranteed Loans First Term Loan Due 2034 ( in default ● 100% USDA-guarantee; ● Jonathan Carroll personal guarantee(1); ● LEH, LRM and Blue Dolphin cross-guarantee ● first priority lien on Nixon facility’s business assets (excluding accounts receivable and inventory); ● assignment of all Nixon facility contracts, permits, and licenses; ● absolute assignment of Nixon facility rents and leases, including tank rental income; ● $1.0 million payment reserve account held by Veritex; and ● $5.0 million life insurance policy on Jonathan Carroll. Second Term Loan Due 2034 ( in default ● 100% USDA-guarantee; ● Jonathan Carroll personal guarantee(1); ● LEH, LE and Blue Dolphin cross-guarantee ● second priority lien on rights of LE in crude distillation tower and other collateral of LE; ● first priority lien on real property interests of LRM; ● first priority lien on all LRM fixtures, furniture, machinery and equipment; ● first priority lien on all LRM contractual rights, general intangibles and instruments, except with respect to LRM rights in its leases of certain specified tanks for which Veritex has second priority lien; and ● all other collateral as described in the security documents. Notre Dame Debt ( in default --- ● Subordinated deed of trust that encumbers the crude distillation tower and general assets of LE(2). (1) As a condition of the First Term Loan Due 2034 and Second Term Loan Due 2034, Jonathan Carroll was required to personally guarantee repayment borrowed funds and accrued interest. (2) Pursuant to a 2015 subordination agreement, the holder of the Notre Dame Debt agreed to subordinate their right to payments, as well as any security interest and liens on the Nixon facility’s business assets, in favor of Veritex as holder of the First Term Loan Due 2034. The USDA, acting through its agencies, administers a federal rural credit program that makes direct loans and guarantees portions of loans made and serviced by USDA-qualified lenders for various purposes. Each USDA guarantee is a full faith and credit obligation of the U.S. with the USDA guaranteeing up to 100% of the principal amount. The lender for a USDA-guaranteed loan, in our case Veritex, is required by regulations to retain both the guaranteed and unguaranteed portions of the loan, to service the entire underlying loan, and to remain mortgage and/or secured party of record. Both the guaranteed and unguaranteed portions of the loan are to be secured by the same collateral with equal lien priority. The USDA-guaranteed portion of a loan cannot be paid later than, or in any way be subordinated to, the related unguaranteed portion. See “Note (3)” to our consolidated financial statements for additional disclosures related to Affiliate agreements and transactions, including long-term debt guarantees. Representations, Warranties, Covenants, and Defaults The First Term Loan Due 2034 and Second Term Loan Due 2034 contain representations and warranties, affirmative and negative covenants, and events of default that we consider usual and customary for bank facilities of this type. Specifically, the First Term Loan Due 2034 and Second Term Loan Due 2034 contain debt service coverage ratio, current ratio, and debt to net worth ratio financial covenants. The First Term Loan Due 2034 also requires that a $1.0 million payment reserve account be maintained. There are no financial maintenance covenants associated with the Notre Dame Debt. Proceeds available for use under the First Term Loan Due 2034 and Second Term Loan Due 2034 were placed in a disbursement account whereby Veritex makes payments for construction related expenses. Amounts held in the disbursement account are reflected as restricted cash (current portion) and restricted cash, noncurrent in our consolidated balance sheets. As described elsewhere in this report, we are in default under our secured loan agreements. Defaults include events of default and financial covenant violations. Defaults under our secured loan agreements permit Veritex to declare the amounts owed under these loan agreements immediately due and payable, exercise its rights with respect to collateral securing obligors’ obligations under these loan agreements, and/or exercise any other rights and remedies available. The debt associated with these loans was classified within the current portion of long-term debt on our consolidated balance sheets at December 31, 2019 and 2018. Events of Default In April 2019, obligors were notified by Veritex that the bank agreed to waive certain covenant violations and forbear from enforcing its remedies under our secured loan agreements subject to: (i) the agreement and concurrence of the USDA and (ii) the replenishment of the payment reserve account on or before August 31, 2019. Following the GEL Settlement, the associated mutual releases became effective and GEL filed a stipulation of dismissal of claims against LE. As of the date of this report, LE had not replenished the payment reserve account and obligors were still in default under our other secured loan agreements with Veritex. Financial Covenant Violations Any exercise by Veritex of its rights and remedies under our secured loan agreements would have a material adverse effect on our business operations, including crude oil and condensate procurement and our customer relationships; financial condition; and results of operations. In such a case, the trading price of our common stock and the value of an investment in our common stock could significantly decrease, which could lead to holders of our common stock losing their investment in our common stock in its entirety. We can provide no assurance that: (i) our assets or cash flow will be sufficient to fully repay borrowings under outstanding long-term debt, either upon maturity or if accelerated, (ii) LE and LRM will be able to refinance or restructure the payments on the long-term debt, and/or (iii) Veritex, as first lien holder, will provide future default waivers. Defaults under our secured loan agreements and any exercise by Veritex of its rights and remedies related to such defaults may have a material adverse effect on the trading prices of our common stock and on the value of an investment in our common stock, and holders of our common stock could lose their investment in our common stock in its entirety. See “Note (1)” and “Note (10)” to our consolidated financial statements for additional information regarding defaults under our secured loan agreements and their potential effects on our business, financial condition, and results of operations. Outstanding Principal, Debt Issue Costs, and Accrued Interest Third-party long-term debt (outstanding principal and accrued interest), as of the dates indicated was as follows: December 31, 2019 2018 (in thousands) USDA-Guaranteed Loans First Term Loan Due 2034 (in default) $21,776 $22,593 Second Term Loan Due 2034 (in default) 9,031 9,353 Notre Dame Debt (in default) 8,617 7,821 Capital lease - 41 39,424 39,808 Less: Current portion of long-term debt, net (33,836) (34,863) Less: Unamortized debt issue costs (1,877) (2,006) Less: Accrued interest payable (in default) (3,711) (2,939) $- $- Unamortized debt issue costs associated with USDA-guaranteed loans as of the dates indicated consisted of the following: December 31, 2019 2018 (in thousands) USDA-Guaranteed Loans First Term Loan Due 2034 (in default) $1,674 $1,674 Second Term Loan Due 2034 (in default) 768 768 Less: Accumulated amortization (565) (436) $1,877 $2,006 Amortization expense was $0.1 million for both 2019 and 2018. Accrued interest related to third-party long-term debt, reflected as accrued interest payable in our consolidated balance sheets, as of the dates indicated consisted of the following: December 31, 2019 2018 (in thousands) Notre Dame Debt (in default) $3,639 $2,843 USDA-Guaranteed Loans First Term Loan Due 2034 (in default) 25 43 Second Term Loan Due 2034 (in default) 47 53 3,711 2,939 Less: Accrued interest payable (in default) (3,711) (2,939) Long-term Interest Payable, Net of Current Portion $- $- As a result of new ASU guidance related to leases, capital leases are now reported in “Note (13)” as finance leases. See “Note (2),” “Note (3),” and “Note (12”) to our consolidated financial statements for information related to the new lease accounting standard, related-party debt, and debt obligations associated with Pilot. Future annual third-party long-term debt payments, including interest, which are reflected as current due to defaults under our secured loan agreements: Principal and Debt Issue Years Ending December 31, Accrued Interest Costs Total (in thousands) 2020 $39,424 $(1,877) $37,547 2021 - - - 2022 - - - 2023 - - - Thereafter - - - $39,424 $(1,877) $37,547

11. Line of Credit Payable

11. Line of Credit Payable	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Line of Credit Payable	Line of Credit Agreement Line of Credit Description Principal Amount (in millions) Maturity Date Monthly Principal and Interest Payment Interest Rate Loan Purpose Amended Pilot Line of Credit $13.0 May 2020 ---- 12.00% GEL Settlement Payment, NPS purchase of crude oil from Pilot, and working capital Under the Amended Pilot Line of Credit, NPS was required to make a monthly payment to Pilot in each of September and October 2019 in the amount of $0.1 million. The required payments were made. Guarantees and Security Loan Description Guarantees Security Amended Pilot Line of Credit ● Blue Dolphin pledged its equity interests in NPS to Pilot to secure NPS’ obligations; ● Blue Dolphin, LE, LRM, and LEH have each guaranteed NPS’ obligations. ● NPS receivables; ● NPS assets, including a tank lease (the “Tank Lease”); ● LRM receivables. Representations, Warranties, and Covenants The Amended Pilot Line of Credit contains customary affirmative and negative covenants and events of default. In a May 10, 2019, Subordination and Attornment Agreement between Veritex, LE, NPS, and Pilot, Veritex in its capacity as a secured lender of LE and LRM, agreed to permit the continued performance of obligations under a certain tank lease agreement if it were to foreclose on LE property that NPS was leasing from LE so long as certain conditions were met. The effectiveness of the Subordination and Attornment Agreement is subject to certain conditions, including the agreement and concurrence of the USDA. Line of credit payable, which represents outstanding principal and accrued interest, as of the dates indicated was as follows: December 31, 2019 2018 (in thousands) Amended Pilot Line of Credit $11,786 $- Less: Unamortized debt issue costs (219) - Less: Interest payable, short-term (103) - $11,464 $-

12. Asset Retirement Obligation

12. Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Refinery and Facilities Management has concluded that there is no legal or contractual obligation to dismantle or remove the refinery and facilities assets. Management believes that the refinery and facilities assets have indeterminate lives under FASB ASC guidance for estimating AROs because dates or ranges of dates upon which we would retire these assets cannot reasonably be estimated at this time. When a legal or contractual obligation to dismantle or remove the refinery and facilities assets arises and a date or range of dates can reasonably be estimated for the retirement of these assets, we will estimate the cost of performing the retirement activities and record a liability for the fair value of that cost using present value techniques. Pipelines and Facilities and Oil and Gas Properties We have AROs associated with the dismantlement and abandonment in place of our pipelines and facilities assets, as well as the plugging and abandonment of our oil and gas properties. We recorded a discounted liability for the fair value of an ARO with a corresponding increase to the carrying value of the related long-lived asset at the time the asset was installed or placed in service, and we depreciated the amount added to property and equipment and recognized accretion expense relating to the discounted liability over the remaining life of the asset. At December 31, 2019 and 2018, the liability was fully accreted. See “Note (16)” to our consolidated financial statements for disclosures related to idle iron decommissioning of our pipeline and facilities assets and related risks. There was no change to our ARO liability from December 31, 2018 to December 31, 2019, as reflected below: December 31, 2019 2018 (in thousands) AROs, at the beginning of the period $2,565 $2,315 Accretion expense - 265 2,565 2,580 Less: AROs, current portion (2,565) (2,580) Long-term AROs, at the end of the period $- $-

13. Lease Obligations

13. Lease Obligations	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Lease Obligations	Adoption of New ASU Guidance Effective January 1, 2019, we adopted ASU No. 2016-02 “Leases (Topic 842)” and the series of related Accounting Standards Updates that followed. The most significant changes under the new guidance include clarification of the definition of a lease, and the requirements for lessees to recognize a ROU asset and a lease liability for all qualifying leases with terms longer than twelve months in the consolidated balance sheet. Additional disclosures are also required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. We adopted the new lease accounting guidance using the modified retrospective method and applied it to all leases with terms greater than 12 months based on the contract terms in effect as of January 1, 2019. For existing contracts, we carried forward our historical assessment of: (i) whether contracts are or contain leases, (ii) lease classification, and (iii) initial direct costs. For operating leases, we recognized a ROU asset and lease liability as the present value of the fixed lease payments over the lease term. Our finance leases were immaterial prior to the adoption of this guidance, and no change was made to the classification for these leases. Since the leases do not provide a readily determinable discount rate, we use the incremental borrowing rate to discount lease payments to present value. Lease Obligations Operating Lease Office Lease Finance Lease Crane Backhoe Rent-to-Own Agreement. The following table presents the lease-related assets and liabilities recorded on the consolidated balance sheet: December 31, Balance Sheet Location 2019 (in thousands) Assets Operating lease ROU assets Operating lease ROU assets $787 Less: Accumulated amortization on operating lease assets Operating lease ROU assets (138) 649 Finance lease assets Property and equipment, net 180 Less: Accumulated amortization on finance lease assets Property and equipment, net (34) 146 Total lease assets 795 Liabilities Current Operating lease Current portion of lease liabilities 175 Finance leases Current portion of lease liabilities 76 251 Noncurrent Operating lease Long-term lease liabilities, net of current 564 Total lease liabilities $815 Weighted average remaining lease term in years Operating lease 3.67 Finance leases 0.41 Weighted average discount rate Operating lease 8.25% Finance leases 8.25% The following table presents information related to lease costs for operating and finance leases: Year Ended December 31, 2019 (in thousands) Operating lease costs $206 Finance lease costs: Depreciation of leased assets 21 Interest on lease liabilities 6 Total lease cost $233 The table below presents supplemental cash flow information related to leases as follows: Year Ended December 31, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating lease $190 Operating cash flows for finance leases $6 Financing cash flows for finance leases $45 As of December 31, 2019, maturities of lease liabilities for the periods indicated were as follows: December 31, Operating Lease Financing Leases Total (in thousands) 2020 $175 $76 $251 2021 194 - 194 2022 215 - 215 2023 155 - 155 $739 $76 $815 Future minimum annual lease commitments that are non-cancelable: Operating December 31, Lease (in thousands) 2020 $230 2021 233 2022 237 2023 161 $861

14. Income Taxes

14. Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Tax Provision The provision for income tax benefit for the periods indicated was as follows: Year Ended December 31, 2019 2018 (in thousands) Current Federal $- $108 State - 43 Deferred Change in valuation allowance - 109 Total provision for income taxes $- $260 The state of Texas, TMT is treated as an income tax for financial reporting purposes. Effective Tax Rate Our effective tax rate was as follows: December 31, 2019 2018 Expected tax rate 21.00% (21.00%) Permanent differences 0.00% 0.00% State tax 0.00% (5.10%) Federal tax 0.00% (28.10%) Change in valuation allowance (21.00%) 21.00% 0.00% (33.20%) Beginning in 2018, our effective tax rate differed from the U.S. federal statutory rate primarily due to AMT credits made refundable by the Tax Cuts and Jobs Act. At the date of enactment of the Tax Cuts and Jobs Act, we re-measured our deferred tax assets and liabilities using a rate of 21%, which is the rate expected to be in place when such deferred assets and liabilities are expected to reverse in the future. The re-measurement was offset by a change in our valuation allowance, resulting in there being no impact on our net deferred tax assets. Deferred income taxes as of the dates indicated consisted of the following: December 31, 2019 2018 (in thousands) Deferred tax assets: NOL and capital loss carryforwards $12,463 $11,260 Accrued arbitration award payable - 2,850 Business interest expense 1,923 704 Start-up costs (crude oil and condensate processing facility) 594 678 ARO liability/deferred revenue 539 542 AMT credit and other 50 108 Total deferred tax assets 15,569 16,142 Deferred tax liabilities: Basis differences in property and equipment (6,066) (5,153) Total deferred tax liabilities (6,066) (5,153) 9,503 10,989 Valuation allowance (9,453) (10,881) Deferred tax assets, net $50 $108 Deferred Income Taxes Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis, as well as from NOL carryforwards. We state those balances at the enacted tax rates we expect will be in effect when taxes are paid. NOL carryforwards and deferred tax assets represent amounts available to reduce future taxable income. NOL Carryforwards NOL Carryforwards Net Operating Loss Carryforward Pre-Ownership Change Post-Ownership Change Total (in thousands) Balance at December 31, 2017 $9,614 $30,219 $39,833 Net operating losses - 7,116 7,116 Balance at December 31, 2018 9,614 37,335 46,949 Net operating losses - 5,723 5,723 Balance at December 31, 2019 $9,614 $43,058 $52,672 Valuation Allowance

15. Earnings Per Share

15. Earnings Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	A reconciliation between basic and diluted income per share for the periods indicated was as follows: Year Ended December 31, 2019 2018 (in thousands, except share and per share amounts) Net income (loss) $7,361 $(523) Basic and diluted income (loss) per share $0.66 $(0.05) Basic and Diluted Weighted average number of shares of common stock outstanding and potential dilutive shares of common stock 11,156,995 10,935,787 Diluted EPS is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding. Diluted EPS for 2019 and 2018 was the same as basic EPS as there were no stock options or other dilutive instruments outstanding.

16. Commitments and Contingenci

16. Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Legal Matters Resolved - GEL Settlement (in millions) Initial payment (September 2017) $3.7 GEL Interim Payments (July 2018 to April 2019) 8.0 Settlement Payment (Multiple Payments May 7 to 10, 2019) 10.0 Deferred Interim Installment Payments (June 2019 to August 2019) 0.5 $22.2 The GEL Settlement Effective Date occurred on August 23, 2019. As a result of the GEL Settlement: (i) the mutual releases became effective, (ii) GEL filed a stipulation of dismissal of claims against LE, and (iii) Blue Dolphin recognized a $9.1 million gain on the extinguishment of debt on its consolidated statements of operations in the third quarter of 2019. Until the GEL Settlement occurred, the debt was reflected on Blue Dolphin’s consolidated balance sheets as accrued arbitration award payable. At December 31, 2019 and 2018, accrued arbitration award payable was $0 and $21.1million, respectively. Other Legal Matters Defaults Under Secured Loan Agreements See “Note (1)” and “Note (10)” to our consolidated financial statements for additional disclosures related to defaults under our secured loan agreements. Amended and Restated Operating Agreement See “Note (3)” to our consolidated financial statements for additional disclosures related to operation and management of all Blue Dolphin properties by an Affiliate under the Amended and Restated Operating Agreement. Financing Agreements and Guarantees Indebtedness Guarantees Health, Safety and Environmental Matters Our operations are subject to extensive federal, state, and local environmental, health, and safety regulations governing, among other things, the generation, storage, handling, use and transportation of petroleum products and hazardous substances; the emission and discharge of materials into the environment; waste management; characteristics and composition of jet fuel and other products; and the monitoring, reporting and control of air emissions. Our operations also require numerous permits and authorizations under various environmental, health, and safety laws and regulations. Failure to obtain and comply with these permits or environmental, health, or safety laws generally could result in fines, penalties or other sanctions, or a revocation of our permits. Nixon Facility Expansion We Idle Iron BDPL has pipeline and facilities assets that are subject to BSEE’s idle iron regulations. BSEE mandates lessees and rights-of-way holders to permanently abandon and/or remove platforms and other structures when they are no longer useful for operations. To cover the various obligations of lessees and rights-of-way holders operating in federal waters of the Gulf of Mexico, BOEM evaluates an operator’s financial ability to carry out present and future obligations to determine whether the operator must provide additional security beyond the minimum bonding requirements. Such obligations include the cost of plugging and abandoning wells and decommissioning and removing platforms and pipelines at the end of production or service activities. Once plugging and abandonment work has been completed, the collateral backing the financial assurance is released by BOEM. BDPL has historically maintained $0.9 million in financial assurance to BOEM for the decommissioning of its trunk pipeline offshore in federal waters. Following an agency restructuring of the financial assurance program, in March 2018 BOEM ordered BDPL to provide supplemental pipeline bonds totaling $4.8 million for five (5) existing pipeline rights-of-way within sixty (60) calendar days. In June 2018, BOEM issued BDPL INCs for each right-of-way that failed to comply. BDPL appealed the INCs to the IBLA, and the IBLA granted multiple extension requests that extended BDPL’s deadline for filing a statement of reasons for the appeal with the IBLA. In December 2018, BSEE issued an INC to BDPL for failure to flush and fill Pipeline Segment No. 13101. On August 9, 2019, BDPL timely filed its statement of reasons for the appeal with the IBLA. Management met with BOEM and BSEE on August 15, 2019. BSEE proposed that BDPL re-submit permit applications for pipeline and platform decommissioning, along with a safe boarding plan for the platform, within six (6) months (no later than February 15, 2020), and develop and implement a safe boarding plan for submission with such permit applications. BDPL timely submitted permit applications for decommissioning and removal of the subject offshore assets on February 11, 2020. Further, BSEE proposed that BDPL complete approved, permitted work within 12 months (no later than August 15, 2020). Considering BDPL’s August 2019 meeting with BOEM and BSEE, BDPL requested a stay in the IBLA matter until August 2020. The Office of the Solicitor of the U.S. Department of the Interior was agreeable to a 10-day extension while it conferred with BOEM on BDPL’s stay request. In late October 2019, BDPL filed a motion to request the 10-day extension, which motion was subsequently granted by the IBLA. The solicitor’s office consented to an additional 14-day extension for BDPL to file its reply, and BDPL filed a motion to request the 14-day extension in November 2019. The solicitor’s office indicated that BOEM would not consent to further extensions. However, the solicitor’s office signaled that BDPL’s adherence to the milestones identified in the August 15, 2019 meeting may help in future discussions with BOEM related to the INCs. BDPL reasonably expects that successful completion of its decommissioning obligations will significantly reduce or eliminate the amount of financial assurance required, which may serve to partially or fully resolve the INCs. BDPL reasonably expects that successful completion of its decommissioning obligations prior to BSEE’s August 2020 deadline will significantly reduce or eliminate the amount of financial assurance required by BOEM, which may serve to partially or fully resolve the INCs. BDPL expects to complete approved, permitted decommissioning work by the BSEE August 2020 deadline. If decommissioning of the assets is not completed by the allowable deadline, BDPL will be subject to vigorous regulatory oversight and enforcement, including but not limited to failure to correct an INC, civil penalties, and revocation of BDPL’s operator designation, which may have a material adverse effect on our earnings, cash flows and liquidity. BDPL’s pending appeal of the INCs does not relieve BDPL of its obligations to provide additional financial assurance or of BOEM’s authority to impose financial penalties. If BDPL is required by BOEM to provide significant additional financial assurance or is assessed significant penalties under the INCs, we will experience a significant and material adverse effect on our operations, liquidity, and financial condition. We are currently unable to predict the outcome of the INCs. Accordingly, we have not recorded a liability on our consolidated balance sheet as of December 31, 2019. At December 31, 2019 and 2018, BDPL maintained approximately $0.9 million in credit and cash-backed pipeline rights-of-way bonds issued to BOEM. As of December 31, 2019, we maintained $2.6 million in AROs related to abandonment of these assets.

17. Subsequent Events

17. Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	In early March 2020, crude oil prices declined significantly in response to worldwide oil demand concerns due to the economic impacts of COVID-19, which has also negatively impacted numerous other industries, domestic and international. The extent to which these events may impact our business will depend on future developments, which are highly uncertain and cannot be predicted at this time. Further, the duration and intensity of these impacts and resulting disruption to our operations is uncertain and we will continue to assess the financial impact.

2. Principles of Consolidatio_2

2. Principles of Consolidation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Use of Estimates	The accompanying consolidated financial statements, which include Blue Dolphin and its subsidiaries, have been prepared in accordance with U.S. generally accepted accounting principles and the rules and regulations of the SEC. These rules and regulations conform to the accounting principles contained in FASB’s ASC, the single source of GAAP. All significant intercompany items have been eliminated in consolidation. Additionally, any material subsequent events that occurred after the date through which this report covers have been properly recognized or disclosed in our financial statements. In management’s opinion, all adjustments considered necessary for a fair presentation have been included, disclosures are adequate, and the presented information is not misleading. In 2018, Blue Dolphin obtained 100% of the issued and outstanding membership interest of NPS, a Delaware limited liability company, from Lazarus Midstream pursuant to an Assignment Agreement. The transaction represented transfer of a vacant shell entity owned by Lazarus Midstream to Blue Dolphin for the nominal fee of $10.00. The assignment of interest facilitated settlement financing possibilities under the GEL Settlement Agreement. The assignment was accounted for as a combination of entities under common control. Accordingly, the recognized assets and liabilities of NPS were transferred at their carrying amounts at the date of transfer and the results of operations are included for 2019 and 2018. NPS did not have significant assets, liabilities or results of operations prior to the assignment. NPS holds a leasehold interest in petroleum storage tanks at the Nixon facility. NPS’ revenues and expenses are included in our Tolling and Terminaling business segment.
Cash and Cash Equivalents	Cash and cash equivalents represent liquid investments with an original maturity of three months or less. Cash balances are maintained in depository and overnight investment accounts with financial institutions that, at times, may exceed insured deposit limits. We monitor the financial condition of the financial institutions and have experienced no losses associated with these accounts.
Restricted Cash	Restricted cash, current portion primarily represents a payment reserve account held by Veritex as security for payments under a loan agreement. Restricted cash, noncurrent represents funds held in the Veritex disbursement account for payment of construction related expenses to complete building new petroleum storage tanks.
Accounts Receivable, Allowance for Doubtful Accounts	Accounts receivable are presented net of any necessary allowance(s) for doubtful accounts. Receivables are recorded at the invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, when necessary, based on prior experience and other factors which, in management's judgment, deserve consideration in estimating bad debts. Management assesses collectability of the customer’s account based on current aging status, collection history, and financial condition. Based on a review of these factors, management establishes or adjusts the allowance for specific customers and the entire accounts receivable portfolio. We had an allowance for doubtful accounts of $0.1 million at both December 31, 2019 and 2018.
Inventory	Inventory primarily consists of refined products, crude oil and condensate, and chemicals. Inventory is valued at lower of cost or net realizable value with cost determined by the average cost method, and net realizable value determined based on estimated selling prices less associated delivery costs. If the net realizable value of our refined products inventory declines to an amount less than our average cost, we record a write-down of inventory and an associated adjustment to cost of goods sold. See “Note (7)” to our consolidated financial statements for additional disclosures related to inventory.
Property and Equipment	Refinery and Facilities Pipelines and Facilities Oil and Gas Properties CIP
Leases	We evaluate if a contract is or contains a lease at inception of the contract. If we determine that a contract is or contains a lease, we recognize ROU asset and lease liability at the commencement date of the lease based on the present value of lease payments over the lease term. The present value of the lease payments is determined by using the implicit rate when readily determinable. If not determinable, we use the incremental borrowing rate to discount lease payments to present value. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. We recognize ROU assets and lease liabilities for leasing arrangements with terms greater than one year. We account for lease and non-lease components in a contract as a single lease component for all classes of underlying assets. We allocate the consideration in these contracts based on pricing information contained in the lease. Expense for an operating lease is recognized as a single lease cost on a straight-line basis over the lease term and is reflected in the appropriate income statement line item based on the leased asset’s function. Amortization expense of a finance lease ROU asset is recognized on a straight-line basis over the lesser of the useful life of the leased asset or the lease term. However, if the lease transfers ownership of the finance lease ROU asset to us at the end of the lease term, the finance lease ROU asset is amortized over the useful life of the leased asset. Amortization expense is reflected in ‘depreciation and amortization expense.’ Interest expense is incurred based on the carrying value of the lease liability and is reflected in ‘interest and other expense.’
Revenue Recognition	Refinery Operations Revenue We consider a variety of facts and circumstances in assessing the point of control transfer, including but not limited to: whether the purchaser can direct the use of the refined product, the transfer of significant risks and rewards, our rights to payment, and transfer of legal title. In each case, the term between the sale and when payment is due is not significant. Transportation, shipping, and handling costs incurred are included in cost of goods sold. Excise and other taxes that are collected from customers and remitted to governmental authorities are not included in revenue. Tolling and Terminaling Revenue We typically satisfy performance obligations for tolling and terminaling operations with the passage of time. We determine the transaction price at agreement inception based on the guaranteed minimum amount of revenue over the term of the agreement. We allocate the transaction price to the single performance obligation that exists under the agreement, and we recognize revenue in the amount for which we have a right to invoice. Generally, payment terms do not exceed 30 days. Revenue from tank storage customers may, from time to time, include fees for ancillary services, such as in-tank and tank-to-tank blending. These services are considered optional to the customer, and the price we charge for such services is not included in the fixed cost under the customer’s tank storage agreement. Ancillary services are considered a separate performance obligation by us under the tank storage agreement. The performance obligation is satisfied when the requested service has been performed in the applicable period. Deferred Revenue
Income Taxes	Deferred income taxes are determined based on the differences between the financial reporting and tax basis of assets and liabilities, as well as operating losses and tax credit carryforwards using currently enacted tax rates and laws in effect for the year in which the differences are expected to reverse. We record a valuation allowance against deferred income tax assets if it is more likely than not that those assets will not be realized. The provision for income taxes comprises our current tax liability and change in deferred income tax assets and liabilities. Significant judgment is required in evaluating uncertain tax positions and determining its provision for income taxes. As of each reporting date, we consider new evidence, both positive and negative, to determine the realizability of deferred tax assets. We consider whether it is more likely than not that a portion or all the deferred tax assets will be realized, which is dependent upon the generation of future taxable income prior to the expiration of any NOL carryforwards. When we determine that it is more likely than not that a tax benefit will not be realized, a valuation allowance is recorded to reduce deferred tax assets. A significant piece of objective negative evidence evaluated was cumulative losses incurred over the three-year period ended December 31, 2018. Such objective evidence limits the ability to consider other subjective evidence, such as projections for future growth. Based on this evaluation, we recorded a valuation allowance against the deferred tax assets for which realization was not deemed more likely than not as of December 31, 2019 and 2018. We expect to recover deferred tax assets related to AMT credit carryforwards. In addition, we have NOL carryforwards that remain available for future use. The benefit of an uncertain tax position is recognized in the financial statements if it meets a minimum recognition threshold. A determination is first made as to whether it is more likely than not that the income tax position will be sustained, based upon technical merits, upon examination by the taxing authorities. If the income tax position is expected to meet the more-likely-than-not criteria, the benefit recorded in the financial statements equals the largest amount that is greater than 50% likely to be realized upon its ultimate settlement. At December 31, 2019 and 2018, there were no uncertain tax positions for which a reserve or liability was necessary. See “Note (14)” to our consolidated financial statements for more information related to income taxes.
Impairment or Disposal of Long-Lived Assets	We periodically evaluate our long-lived assets for impairment. Additionally, we evaluate our long-lived assets when events or circumstances indicate that the carrying value of these assets may not be recoverable. The carrying value is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or group of assets. If the carrying value exceeds the sum of the undiscounted cash flows, an impairment loss equal to the amount by which the carrying value exceeds the fair value of the asset or group of assets is recognized. Significant management judgment is required in the forecasting of future operating results that are used in the preparation of projected cash flows and, should different conditions prevail or judgments be made, material impairment charges could be necessary. The GEL Final Arbitration Award represented a significant adverse change that could affect the value of a long-lived asset, and management performed potential impairment testing of our refinery and facilities assets in 2019 and 2018. Upon completion of that testing, no impairment was deemed necessary and we did not record any impairment of our refinery and facilities assets for the periods presented.
Asset Retirement Obligations	We record a liability for the discounted fair value of an ARO in the period incurred, and we also capitalize the corresponding cost by increasing the carrying amount of the related long-lived asset. The liability is accreted towards its future value each period, and the capitalized cost is depreciated over the useful life of the related asset. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized. We have concluded that there is no legal or contractual obligation to dismantle or remove the refinery and facilities assets. Further, we believe that these assets have indeterminate lives because dates or ranges of dates upon which we would retire these assets cannot reasonably be estimated at this time. When a legal or contractual obligation to dismantle or remove the refinery and facilities assets arises and a date or range of dates can reasonably be estimated for the retirement of these assets, we will estimate the cost of performing the retirement activities and record a liability for the fair value of that cost using present value techniques. We recorded an ARO liability related to future asset retirement costs associated with dismantling, relocating, or disposing of our offshore platform, pipeline systems, and related onshore facilities, as well as for plugging and abandoning wells and restoring land and sea-beds. Cost estimates for each of our assets were developed based upon regulatory requirements, structural makeup, water depth, reservoir characteristics, reservoir depth, equipment demand, current retirement procedures, and construction and engineering consultations. Estimating future costs are difficult and require management to make judgments that are subject to future revisions based upon numerous factors, including changing technology, political, and regulatory environments. We review our assumptions and estimates of future abandonment costs on an annual basis. See “Note (12)” to our consolidated financial statements for additional information related to AROs.
Computation of Earnings Per Share	We present basic and diluted EPS. Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is computed by dividing net income available to common stockholders by the diluted weighted average number of common shares outstanding, which includes the potential dilution that could occur if securities or other contracts to issue shares of common stock were converted to common stock that then shared in the earnings of the entity. The number of shares related to restricted stock included in diluted EPS is based on the “Treasury Stock Method.” We do not have issued options, warrants, or similar instruments. See “Note (15)” to our consolidated financial statements for additional information related to EPS.
New Pronouncements Adopted	Leases
New Pronouncements Issued, Not Yet Effective	Codification Updates to SEC Sections Consolidation Income Taxes. Other new pronouncements issued but not yet effective are not expected to have a material impact on our financial position, results of operations, or liquidity.

3. Related Party Transactions (

3. Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Accounts payable, related party	December 31, 2019 2018 (in thousands) LEH June LEH Note (in default) $- $611 BDPL Loan Agreement 6,174 5,534 LEH Total 6,174 6,145 Ingleside March Ingleside Note (in default) 1,004 1,283 Jonathan Carroll March Carroll Note (in default) 997 1,147 8,175 8,575 Less: Long-term debt, related party, current portion, in default (6,001) (7,041) Less: Accrued interest payable, related party (in default) (2,174) (1,534) $- $-
Refinery operating expenses	Year Ended December 31, 2019 2018 (in thousands, except percent amounts) Refinery operations LEH $97,238 31.4% $98,571 28.9% Third-Parties 207,686 67.2% 238,467 70.0% Tolling and terminaling Third-Parties 4,338 1.4% 3,723 1.1% $309,262 100.0% $340,761 100.0%
Accrued interest Expenses	Year Ended December 31, 2019 2018 (in thousands) Jonathan Carroll Guaranty Fee Agreements First Term Loan Due 2034 $443 $456 Second Term Loan Due 2034 183 188 March Carroll Note (in default) 103 56 LEH BDPL Loan Agreement (in default) 640 631 June LEH Note (in default) 40 17 Ingleside March Ingleside Note (in default) 63 97 $1,472 $1,445

4. Revenue and Segment Inform_2

4. Revenue and Segment Information (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Business segment reporting	Year Ended December 31, 2019 2018 (in thousands) Net revenue (excluding intercompany fees and sales) Refinery operations $304,924 $337,038 Tolling and terminaling 4,338 3,723 Corporate and other - - Total net revenue 309,262 340,761 Intercompany fees and sales Refinery operations (2,615) (3,270) Tolling and terminaling 2,615 3,270 Corporate and other - - Total intercompany fees - - Operation costs and expenses(1) Refinery operations (297,113) (331,220) Tolling and terminaling (1,325) (1,332) Corporate and other (222) (444) Total operation costs and expenses (298,660) (332,996) Segment contribution margin Refinery operations 5,196 2,548 Tolling and terminaling 5,628 5,661 Corporate and other (222) (444) Total segment contribution margin 10,602 7,765 General and administrative expenses, including LEH operating fee Refinery operations (1,252) (1,232) Tolling and terminaling (262) (245) Corporate and other (1,145) (1,795) Total general and administrative expenses (2,659) (3,272) Depreciation and amortization Refinery operations (1,913) (1,842) Tolling and terminaling (396) (91) Corporate and other (181) - Total depreciation and amortization (2,490) (1,933) Interest and other non-operating income (expenses), net 1,908 (3,343) Income (loss) before income taxes 7,361 (783) Income tax benefit - 260 Net income (loss) $7,361 $(523) (1) For the reported periods, operation costs include cost of goods sold. Also, operation costs within: (a) tolling and terminaling includes terminal operating expenses and an allocation of other costs (e.g. insurance and maintenance) and (b) corporate and other includes expenses related to BDSC, BDPC and BDPL. December 31, 2019 2018 (in thousands) Capital expenditures Refinery operations $1,453 $1,124 Tolling and terminaling 121 905 Corporate and other - - Total capital expenditures 1,574 2,029 Identifiable assets Refinery operations 51,317 41,116 Tolling and terminaling 18,401 28,446 Corporate and other 1,726 1,115 Total identifiable assets $71,444 $70,677

5. Concentration of Risk (Table

5. Concentration of Risk (Tables)	12 Months Ended
	Dec. 31, 2019
Risks and Uncertainties [Abstract]
Percentages of all refined petroleum products sales to total sales	Number Significant Customers % Total Revenue from Operations Portion of Accounts Receivable December 31 2019 4 96.5% $1.7 million 2018 4 90.3% $0.1 million Year Ended December 31, 2019 2018 (in thousands, except percent amounts) LPG mix $17 0.0% $3 0% Naphtha 59,799 19.6% 82,982 24.6% Jet fuel 97,239 31.9% 98,570 29.2% HOBM 66,891 21.9% 80,979 24.1% AGO 80,978 26.6% 74,504 22.1% $304,924 100.0% $337,038 100.0%

6. Prepaid Expenses and Other_2

6. Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses and other current assets	December 31, 2019 2018 (in thousands) Prepaid crude oil and condensate $1,651 $1,166 Prepaid insurance 417 437 Prepaid eastment renewal fees 121 - Other prepaids 87 183 $2,276 $1,786

7. Inventory (Tables)

7. Inventory (Tables)	12 Months Ended
	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventory	December 31, 2019 2018 (in thousands) Crude oil and condensate $959 $861 AGO 440 276 Chemicals 120 106 Naphtha 95 143 Propane 26 17 LPG mix 5 5 HOBM - 102 $1,645 $1,510

8. Property, Plant and Equipm_2

8. Property, Plant and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Property and equipment	December 31, 2019 2018 (in thousands) Refinery and facilities $66,317 $63,058 Land 566 566 Other property and equipment 833 747 67,716 64,371 Less: Accumulated depletion, depreciation, and amortiation (12,739) (10,429) 54,977 53,942 CIP 8,916 10,755 $63,893 $64,697

9. Accrued Expenses and Other_2

9. Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued expenses and other current liabilities	December 31, 2019 2018 (in thousands) Unearned revenue from contracts with customers $1,990 $- Unearned contract renewal income 500 434 Board of director fees payable 263 273 Other payable 228 265 Taxes payable 183 95 Insurance 159 61 Customer deposits 10 109 Easement payable - 223 Accrued rent - 111 $3,333 $1,571

10. Long-Term Debt, Net (Tables

10. Long-Term Debt, Net (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Long term debt	December 31, 2019 2018 (in thousands) USDA-Guaranteed Loans First Term Loan Due 2034 (in default) $21,776 $22,593 Second Term Loan Due 2034 (in default) 9,031 9,353 Notre Dame Debt (in default) 8,617 7,821 Capital lease - 41 39,424 39,808 Less: Current portion of long-term debt, net (33,836) (34,863) Less: Unamortized debt issue costs (1,877) (2,006) Less: Accrued interest payable (in default) (3,711) (2,939) $- $-
Debt issue costs	December 31, 2019 2018 (in thousands) USDA-Guaranteed Loans First Term Loan Due 2034 (in default) $1,674 $1,674 Second Term Loan Due 2034 (in default) 768 768 Less: Accumulated amortization (565) (436) $1,877 $2,006
Accrued interest related to our long-term debt, net	December 31, 2019 2018 (in thousands) Notre Dame Debt (in default) $3,639 $2,843 USDA-Guaranteed Loans First Term Loan Due 2034 (in default) 25 43 Second Term Loan Due 2034 (in default) 47 53 3,711 2,939 Less: Accrued interest payable (in default) (3,711) (2,939) Long-term Interest Payable, Net of Current Portion $- $- Principal and Debt Issue Years Ending December 31, Accrued Interest Costs Total (in thousands) 2020 $39,424 $(1,877) $37,547 2021 - - - 2022 - - - 2023 - - - Thereafter - - - $39,424 $(1,877) $37,547

11. Line of Credit Payable (Tab

11. Line of Credit Payable (Tables)	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Summary of Line of Credit	December 31, 2019 2018 (in thousands) Amended Pilot Line of Credit $11,786 $- Less: Unamortized debt issue costs (219) - Less: Interest payable, short-term (103) - $11,464 $-

12. Asset Retirement Obligati_2

12. Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations	December 31, 2019 2018 (in thousands) AROs, at the beginning of the period $2,565 $2,315 Accretion expense - 265 2,565 2,580 Less: AROs, current portion (2,565) (2,580) Long-term AROs, at the end of the period $- $-

13. Lease Obligations (Tables)

13. Lease Obligations (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Schedule of leases	December 31, Balance Sheet Location 2019 (in thousands) Assets Operating lease ROU assets Operating lease ROU assets $787 Less: Accumulated amortization on operating lease assets Operating lease ROU assets (138) 649 Finance lease assets Property and equipment, net 180 Less: Accumulated amortization on finance lease assets Property and equipment, net (34) 146 Total lease assets 795 Liabilities Current Operating lease Current portion of lease liabilities 175 Finance leases Current portion of lease liabilities 76 251 Noncurrent Operating lease Long-term lease liabilities, net of current 564 Total lease liabilities $815 Weighted average remaining lease term in years Operating lease 3.67 Finance leases 0.41 Weighted average discount rate Operating lease 8.25% Finance leases 8.25%
Lease costs	Year Ended December 31, 2019 (in thousands) Operating lease costs $206 Finance lease costs: Depreciation of leased assets 21 Interest on lease liabilities 6 Total lease cost $233
Supplemental cash flow information related to leases	Year Ended December 31, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating lease $190 Operating cash flows for finance leases $6 Financing cash flows for finance leases $45
Maturities of operating lease liabilities	December 31, Operating Lease Financing Leases Total (in thousands) 2020 $175 $76 $251 2021 194 - 194 2022 215 - 215 2023 155 - 155 $739 $76 $815
Future minimum lease payments	Operating December 31, Lease (in thousands) 2020 $230 2021 233 2022 237 2023 161 $861

14. Income Taxes (Tables)

14. Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax benefit (expense)	Year Ended December 31, 2019 2018 (in thousands) Current Federal $- $108 State - 43 Deferred Change in valuation allowance - 109 Total provision for income taxes $- $260
Effective tax rate	December 31, 2019 2018 Expected tax rate 21.00% (21.00%) Permanent differences 0.00% 0.00% State tax 0.00% (5.10%) Federal tax 0.00% (28.10%) Change in valuation allowance (21.00%) 21.00% 0.00% (33.20%)
Deferred tax assets and deferred tax liabilities	December 31, 2019 2018 (in thousands) Deferred tax assets: NOL and capital loss carryforwards $12,463 $11,260 Accrued arbitration award payable - 2,850 Business interest expense 1,923 704 Start-up costs (crude oil and condensate processing facility) 594 678 ARO liability/deferred revenue 539 542 AMT credit and other 50 108 Total deferred tax assets 15,569 16,142 Deferred tax liabilities: Basis differences in property and equipment (6,066) (5,153) Total deferred tax liabilities (6,066) (5,153) 9,503 10,989 Valuation allowance (9,453) (10,881) Deferred tax assets, net $50 $108
NOL carryforwards	Net Operating Loss Carryforward Pre-Ownership Change Post-Ownership Change Total (in thousands) Balance at December 31, 2017 $9,614 $30,219 $39,833 Net operating losses - 7,116 7,116 Balance at December 31, 2018 9,614 37,335 46,949 Net operating losses - 5,723 5,723 Balance at December 31, 2019 $9,614 $43,058 $52,672

15. Earnings Per Share (Tables)

15. Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings per share	Year Ended December 31, 2019 2018 (in thousands, except share and per share amounts) Net income (loss) $7,361 $(523) Basic and diluted income (loss) per share $0.66 $(0.05) Basic and Diluted Weighted average number of shares of common stock outstanding and potential dilutive shares of common stock 11,156,995 10,935,787

16. Commitments and Contingen_2

16. Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments And Contingencies
Amounts from the Lazarus Parties toward reducing the outstanding balance of the Final Arbitration Award	(in millions) Initial payment (September 2017) $3.7 GEL Interim Payments (July 2018 to April 2019) 8.0 Settlement Payment (Multiple Payments May 7 to 10, 2019) 10.0 Deferred Interim Installment Payments (June 2019 to August 2019) 0.5 $22.2

2. Principles of Consolidatio_3

2. Principles of Consolidation and Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 72	$ 14
Restricted cash	49	49
Restricted cash, noncurrent	$ 547	$ 1,602

3. Related Party Transactions_2

3. Related Party Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Prepaid operating expenses, related party	$ 8,175	$ 8,575
Less: Long-term debt, related party, current portion, in default	(6,001)	(7,041)
Less: Interest payable, related party, in default	(2,174)	(1,534)
Long-term debt - net of current portion, related party	0	0
LEH
Prepaid operating expenses, related party	6,174	6,145
LEH | June LEH Note [Member]
Prepaid operating expenses, related party	0	611
LEH | BDPL Loan Agreement [Member]
Prepaid operating expenses, related party	6,174	5,534
Ingleside [Member] | March Ingleside Note [Member]
Prepaid operating expenses, related party	1,004	1,283
Jonathan Carroll [Member] | March Carroll Note [Member]
Prepaid operating expenses, related party	$ 997	$ 1,147

3. Related Party Transactions_3

3. Related Party Transactions (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenue	$ 309,262	$ 340,761
Concentration	100.00%	100.00%
Segment Refinery Operations
Revenue	$ 304,924	$ 337,038
Tolling and Terminaling
Revenue	4,338	3,723
LEH | Segment Refinery Operations
Revenue	$ 97,238	$ 98,571
Concentration	31.40%	28.90%
LEH | Tolling and Terminaling
Revenue	$ 0	$ 0
Concentration	0.00%	0.00%
Other Customers | Segment Refinery Operations
Revenue	$ 207,686	$ 238,467
Concentration	67.20%	70.00%
Other Customers | Tolling and Terminaling
Revenue	$ 4,338	$ 3,723
Concentration	1.40%	1.10%

3. Related Party Transactions_4

3. Related Party Transactions (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Interest expenses under loan and guarantee, related party	$ 1,472	$ 1,445
Jonathan Carroll [Member] | First Term Loan Due 2034 [Member]
Interest expenses under loan and guarantee, related party	443	456
Jonathan Carroll [Member] | Second Term Loan Due 2034 [Member]
Interest expenses under loan and guarantee, related party	183	188
Jonathan Carroll [Member] | March Carroll Note [Member]
Interest expenses under loan and guarantee, related party	103	56
LEH | BDPL Loan Agreement [Member]
Interest expenses under loan and guarantee, related party	640	631
LEH | June LEH Note [Member]
Interest expenses under loan and guarantee, related party	40	17
Ingleside [Member] | March Ingleside Note [Member]
Interest expenses under loan and guarantee, related party	$ 63	$ 97

9. Related Party Transactions (

9. Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Accounts receivable, related party	$ 1,364	$ 0

4. Business Segment Information

4. Business Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net revenues (excluding intercompany fees and sales)	$ 309,262	$ 340,761
Intercompany fees and sales	0	0
Operation costs and expenses	(298,660)	(332,996)
Segment contribution margin	10,602	7,765
General and administrative expenses	(2,659)	(3,272)
Depreciation and amortization	2,490	(1,933)
Interest and other non-operating expenses, net(2)	1,908	(3,343)
Income (loss) before income taxes	7,361	(783)
Income tax benefit	0	260
Net income (loss)	7,361	(523)
Capital expenditures	1,574	2,029
Identifiable assets	71,444	70,677
Segment Refinery Operations
Net revenues (excluding intercompany fees and sales)	304,924	337,038
Intercompany fees and sales	(2,615)	(3,270)
Operation costs and expenses	(297,113)	(331,220)
Segment contribution margin	5,196	2,548
General and administrative expenses	(1,252)	(1,232)
Depreciation and amortization	(1,913)	(1,842)
Capital expenditures	1,453	1,124
Identifiable assets	51,317	41,116
Tolling and Terminaling
Net revenues (excluding intercompany fees and sales)	4,338	3,723
Intercompany fees and sales	2,615	3,270
Operation costs and expenses	(1,325)	(1,332)
Segment contribution margin	5,628	5,661
General and administrative expenses	(262)	(245)
Depreciation and amortization	(396)	(91)
Capital expenditures	121	905
Identifiable assets	18,401	28,446
Corporate and Other
Net revenues (excluding intercompany fees and sales)	0	0
Intercompany fees and sales	0	0
Operation costs and expenses	(222)	(444)
Segment contribution margin	(222)	(444)
General and administrative expenses	(1,145)	(1,795)
Depreciation and amortization	(181)	0
Capital expenditures	0	0
Identifiable assets	$ 1,726	$ 1,115

5. Concentration of Risk (Detai

5. Concentration of Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Total refined petroleum product sales	$ 304,924	$ 337,038
Concentration risk	100.00%	100.00%
LPG Mix
Total refined petroleum product sales	$ 17	$ 3
Concentration risk	0.00%	0.00%
Naphtha
Total refined petroleum product sales	$ 59,799	$ 82,982
Concentration risk	19.60%	24.60%
Jet Fuel
Total refined petroleum product sales	$ 97,239	$ 98,570
Concentration risk	31.90%	29.20%
HOBM
Total refined petroleum product sales	$ 66,891	$ 80,979
Concentration risk	21.90%	24.10%
AGO
Total refined petroleum product sales	$ 80,978	$ 74,504
Concentration risk	26.60%	22.10%

5. Concentration of Risk (Det_2

5. Concentration of Risk (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Concentration risk	100.00%	100.00%
FDIC insurance limit	$ 250	$ 250
Excess of the FDIC insurance limit	$ 300	$ 1,200
Sales Revenue | Four Customers
Concentration risk	96.50%	90.30%
Sales Revenue | LEH
Concentration risk	31.30%
Account Receivable | Four Customers
Accounts receivable	$ 1,700	$ 100
Account Receivable | LEH
Concentration risk	28.90%

6. Prepaid Expenses and Other_3

6. Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid crude oil and condensate	$ 1,651	$ 1,165
Prepaid insurance	417	437
Prepaid easement renewal fees	121	0
Other prepaids	87	183
Prepaid expenses, net	$ 2,276	$ 1,786

7. Inventory (Details)

7. Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Crude oil and condensate	$ 959	$ 861
AGO	440	276
Chemicals	120	106
Naphtha	95	143
Propane	26	17
LPG mix	5	5
HOBM	0	102
Inventories, net	$ 1,645	$ 1,510

8. Property, Plant and Equipm_3

8. Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Refinery and facilities	$ 66,317	$ 63,058
Land	566	566
Other property and equipment	833	747
Property, plant and equipment, gross	67,716	64,371
Less: accumulated depletion, depreciation, and amortization	(12,739)	(10,429)
Property, plant and equipment less depreciation	54,977	53,942
Construction in progress	8,916	10,755
Property, plant and equipment, net	$ 63,893	$ 64,697

8. Property, Plant and Equipm_4

8. Property, Plant and Equipment, Net (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Interest costs capitalized	$ 700	$ 1,300

9. Accrued Expenses and Other_3

9. Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Unearned revenue from contracts with customers	$ 1,990	$ 0
Unearned revenue	500	434
Board of director fees payable	263	273
Other payable	228	265
Taxes payable	183	95
Insurance	159	61
Customer deposits	10	109
Easement payable	0	223
Accrued rent	0	111
Accrued expenses and other current liabilities, net	$ 3,333	$ 1,571

10. Long-Term Debt, Net (Detail

10. Long-Term Debt, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
First Term Loan Due 2034	$ 21,776	$ 22,593
Second Term Loan Due 2034	9,031	9,353
Notre Dame Debt	8,617	7,821
Capital leases	0	41
Total	39,424	39,808
Less: current portion of long-term debt	(33,836)	(34,863)
Less: unamortized debt issue costs	(1,877)	(2,006)
Less: Interest payable	(3,711)	(2,939)
Long term debt	$ 0	$ 0

10. Long-Term Debt, Net (Deta_2

10. Long-Term Debt, Net (Details 1) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt issue costs	$ 1,877	$ 2,006
Less: accumulated amortization	(565)	(436)
First Term Loan Due 2034
Debt issue costs	1,674	1,674
Second Term Loan Due 2034
Debt issue costs	$ 768	$ 768

10. Long-Term Debt, Net (Deta_3

10. Long-Term Debt, Net (Details 2) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Interest payable	$ 3,711	$ 2,939
Less: Interest payable	(3,711)	(2,939)
Interest payable, noncurrent	0	0
Notre Dame Debt
Interest payable	3,639	2,843
First Term Loan Due 2034
Interest payable	25	43
Second Term Loan Due 2034
Interest payable	$ 47	$ 53

10. Long-Term Debt, Net (Deta_4

10. Long-Term Debt, Net (Details 3) $ in Thousands	Dec. 31, 2019USD ($)
2020	$ 37,547
2021	0
2022	0
2023	0
Subsequent to 2024	0
Long term debt payment, net	37,547
Principal
2020	39,424
2021	0
2022	0
2023	0
Subsequent to 2024	0
Long term debt payment, net	39,424
Debt Issuance Costs
2020	(1,877)
2021	0
2022	0
2023	0
Subsequent to 2024	0
Long term debt payment, net	$ (1,877)

10. Long-Term Debt, Net (Deta_5

10. Long-Term Debt, Net (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Amortization expense	$ 629	$ 128
Capital leases	$ 0	$ 41

11. Line of Credit Payable (Det

11. Line of Credit Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Less: Unamortized debt issue costs	$ (1,877)	$ (2,006)
Less: Interest payable	(3,711)	(2,939)
Pilot Line of Credit
Line of credit, gross	11,786	0
Less: Unamortized debt issue costs	(219)	0
Less: Interest payable	(103)	0
Line of credit	$ 11,464	$ 0

12. Asset Retirement Obligati_3

12. Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations, at the beginning of the period	$ 2,565	$ 2,315
Accretion expense	0	266
Total	2,565	2,580
Less: current portion of asset retirement obligations	(2,565)	(2,580)
Long-term asset retirement obligations, at the end of the period	$ 0	$ 0

13. Lease Obligation (Details)

13. Lease Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease right-of-use assets, gross	$ 787
Less: Accumulated amortization on operating lease assets	(138)
Operating lease right-of-use assets, net	649	$ 0
Finance lease assets, gross	180
Less: Accumulated amortization on finance lease assets	(34)
Finance lease assets, net	146
Total lease assets	795
Current portion of operating lease	175
Current portion of finance lease	76
Total current lease liability	251	0
Long-term portion of operating lease	564	$ 0
Total lease liabilities	$ 815
Weighted average remaining lease term in years - operating lease	3 years 8 months 1 day
Weighted average remaining lease term in years - finance lease	4 months 28 days
Weighted average discount rate - operating lease	8.25%
Weighted average discount rate - finance lease	8.25%

13. Leases Obligation (Details

13. Leases Obligation (Details 1) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Leases [Abstract]
Operating lease costs	$ 206
Depreciation of leased assets	21
Interest on lease liabilities	6
Total lease cost	$ 233

13. Lease Obligation (Details 2

13. Lease Obligation (Details 2) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Leases [Abstract]
Operating cash flows for operating lease	$ 190
Operating cash flows for finance leases	6
Financing cash flows for finance leases	$ 45

13. Lease Obligation (Details 3

13. Lease Obligation (Details 3) $ in Thousands	Dec. 31, 2019USD ($)
Operating Lease
2020	$ 175
2021	194
2022	215
2023	155
Total minimum rental payments	739
Finance Lease
2020	76
2021	0
2022	0
2023	0
Total minimum rental payments	76
Total
2020	251
2021	194
2022	215
2023	155
Total minimum rental payments	$ 815

13. Leases Obligation (Detail_2

13. Leases Obligation (Details 4) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
2020	$ 230
2021	233
2022	237
2023	161
Leases future minimum payment, net	$ 861

14. Income Taxes (Details)

14. Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Current
Federal	$ 0	$ 108
State	0	43
Deferred
Impact of change in enacted tax rates	0	0
Change in valuation allowance	0	109
Total provision for income taxes	$ 0	$ 260

14. Income Taxes (Details 1)

14. Income Taxes (Details 1)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Expected tax rate	21.00%	(21.00%)
Permanent differences	0.00%	0.00%
State tax	0.00%	(5.10%)
Federal tax	0.00%	(28.10%)
Change in valuation allowance	(21.00%)	21.00%
Expected tax rate continuing operations	0.00%	(33.20%)

14. Income Taxes (Details 2)

14. Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Net operating loss and capital loss carryforwards	$ 12,463	$ 11,260
Accrued arbitration award payable	0	2,850
Business interest expense	1,923	704
Start-up costs (Nixon Facility)	594	678
Asset retirement obligations liability/deferred revenue	539	542
AMT credit and other	50	108
Total deferred tax assets	15,569	16,142
Deferred tax liabilities:
Basis differences in property and equipment	(6,066)	(5,153)
Total deferred tax liabilities	(6,066)	(5,153)
Deferred tax assets, net	9,503	10,989
Valuation allowance	(9,453)	(10,881)
Deferred tax assets, net	$ 50	$ 108

14. Income Taxes (Details 3)

14. Income Taxes (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Balance	$ 46,949	$ 39,833
Net operating losses generated post-acquisition	5,723	7,116
Balance	52,672	46,949
Pre-Ownership Change
Balance	9,614	9,614
Net operating losses generated post-acquisition	0	0
Balance	9,614	9,614
Post-Ownership Change
Balance	37,335	30,219
Net operating losses generated post-acquisition	5,723	7,116
Balance	$ 43,058	$ 37,335

15. Earnings per share (Details

15. Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net income (loss)	$ 7,361	$ (523)
Basic and diluted income (loss) per share	$ 0.66	$ (0.05)
Basic and Diluted
Weighted average number of shares of common stock outstanding and potential dilutive shares of common stock	11,156,995	10,935,787

16. Commitments and Contingen_3

16. Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2019USD ($)
Amounts received to reduce the outstanding balance of the Final Arbitration Award	$ 22,200
Initial payment (September 2017)
Amounts received to reduce the outstanding balance of the Final Arbitration Award	3,700
Interim Payments (July 2018 to April 2019)
Amounts received to reduce the outstanding balance of the Final Arbitration Award	8,000
Settlement Payment (May 2019)
Amounts received to reduce the outstanding balance of the Final Arbitration Award	10,000
Deferred Interim Installment Payments (June 2019 to July 2019)
Amounts received to reduce the outstanding balance of the Final Arbitration Award	$ 500