GlyEco (GLYE) 8-K Entry into a Material Definitive Agreement

Exhibit 99.3

Proforma Financial Information
Index to Proforma Statements
	Page
Proforma Consolidated Balance Sheets as of September 30, 2011	1
Consolidated Proforma Statement of Operations For the Three months ended September 30, 2011 and 2010	2
Consolidated Proforma Statement of Cash Flows For the nine months ended September 30, 2011 and 2010 For the nine months ended September 30, 2011 and 2010	3
Notes to Proforma Financial Information	4

GlyEco, Inc. & Subsidiaries

Proforma Consolidated Balance Sheets

September 30, 2011

	Environmental			Global Reycling				Reverse Merger			Consolidated
	Credits, Ltd			Technolgies				Adjustment			Proforma
	09/30/2011			09/30/2011							09/30/2011
	Unaudited			Unaudited				Unaudited			Unaudited
		(1)
Current Assets
Cash	$	-		$	102,031			$	-		$	102,031
Accounts receivable, net		-			-				-			-
Total assets		-			102,031				-			102,031
Liabilities and Shareholders' Deficit
Accounts payable		-			149,781				-			149,781
Interest payable		-			361,353				-			361,353
Due to related parties		-			507,300				-			507,300
Convertible note payable		-			1,000,000				-			1,000,000
Total liabilities		-			2,018,434				-			2,018,434
Common stock		730,342			2,871		(2)		(730,342	)		2,871
Preferred stock		-			-				-			-
Common stock subscribed		(62,500	)				(2)		62,500			-
Treasury stock		(1,500	)				(2)		1,500			-
Additional paid-in capital		8,888,038			5,166,394		(2)		(8,888,038	)		5,166,394
Options and warrants outstanding		-			107,347							107,347
Accumulated deficit		(9,554,379	)		(7,193,014	)	(2)		9,554,379			(7,193,014	)
Total shareholders' deficit		-			(1,916,402	)			-			(1,916,402	)
												-
Total liabilities and shareholders' deficit	$	-		$	102,031			$	-		$	102,031
The financial information presented herein has been prepared by management without audit by independent certified public accountants

1

GlyEco, Inc. & Subsidiaries

Consolidated Proforma Statement of Operations

For periods ended September 30, 2011 and 2010

	For the 3-month period ended September 30							For the 9-month period ended September 30
	2011			2010				2011				2010
	(Unaudited)			(Unaudited)				(Unaudited)				(Unaudited)
Net Sales	$	200,517			270,991				498,569				554,183
Cost of goods sold		105,413			117,127				372,548				449,529
Gross profit		95,104			153,864				126,021				104,654
Operating expenses
Executive compensation		89,100			89,500				287,040				382,330
Legal fees		75,645			66,318				119,491				85,510
General and administrative		37,237			28,481				84,365				86,116
Total operating expenses		201,983			184,298				490,896				553,956
Other income and (expenses)
Interest income		83			76				357				240
Interest expense		(36,750	)		(32,489	)			(110,640	)			(90,355	)
Gain on debt forgiveness		157,399							157,399
Gain on fixed assets		16,000			-				16,000				-
Total other income and (expenses)		(136,732	)		32,413		#		(63,116	)	#		90,115
Income (Loss) from operations before income tax		29,854			(62,847	)			(301,759	)			(539,417	)
Income taxes					50				50				50
Net profit (loss)	$	29,854			(62,897	)			(301,809	)		$	(539,467	)
Primary and fully diluted loss per share		0.00			(0.01	)			(0.03	)		$	(0.05	)
The financial information presented herein has been prepared by management without audit by independent certified public accountants

2

GlyEco, Inc. & Subsidiaries

Consoldiated Proforma Statement of Cash Flows

For periods ended September 30, 2011 and 2010

	For the 9-month period ended September 30
	2011			2010
	(Unaudited)			(Unaudited)
Net Cash Flow From Operating Activities
Loss from operations	$	(301,809	)		(539,467	)
Adjustments to reconcile net loss to net cash used by operating activities
Warrants and Options granted for services
Bad debt expense					5624
(Increase) decrease in accounts receivable		54,397			83,674
Increase (decrease) in accounts payable		(225,836	)		(2,398	)
Increase (decrease) in related party payable		16,500			174,800
Increase (decrease) in accrued interest		83,577			90,276
Net cash used by operating activities		(373,172	)		(187,491	)
Investing Activities		-			-
Net cash for investing activities		-			-
Financing Activities
Proceeds from the sale of common stock		470,100			176,349
Net cash provided by financing activities		470,100			176,349
Increase (decrease) in cash		96,928			(11,142	)
Cash at the beginning of the period		5,103			86,174
Cash at end of period	$	102,031			75,032
Interest paid during period		-			-
Taxes paid during period		50			50
Non Cash Transactions
Disposition of assets for services	$	16,000			-
Debt forgiveness		157,399			-
The financial information presented herein has been prepared by management without audit by independent certified public accountants

3

Notes to Proforma Financial Information

(1) Ventana Capital Partners, Inc. (VCP) has paid all expenses and SEC related filing invoices for Environmental Credits, Ltd (EVCL) since it came out of Bankruptcy in May of 2007.  At that time all checking accounts were closed by order of the Bankruptcy Trustee.

Rather than establishing new bank accounts Ralph Amato, who is CEO of both VCP & majority shareholder of EVCL, wanted to keep the bookkeeping as simplified as possible so he opted to pay EVCL expenses from his own Company rather than loan money directly to EVCL.

(2) The adjustments to the equity section of the proforma balance sheet reflect the reverse merger transaction that took place on November 21, 2011.  Global Recycling is the accounting acquirer in the reverse merger transaction.

(3) The stockholders of Global Recycling exchanged an aggregate of 11,591,958 shares of common stock of Global Recycling, representing 100% of the issued and outstanding shares of common stock of Global Recycling on the date the Merger was consummated (the “Closing Date”), for aggregate of 11,591,958 shares of common stock of GlyEco which represented approximately 53.60% of issued and outstanding shares of common stock of GlyEco upon the consummation of the Merger. Also, pursuant to the Merger Agreement, the Company cancelled an aggregate of 63,000,000 shares of common stock held by Ralph M. Amato, the Chief Executive Officer, President and Chairman of the Company prior to the Merger. Upon the consummation of the Merger, GlyEco had an aggregate of 21,626,241 shares of common stock issued and outstanding.

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