GlyEco (GLYE) 8-K/A Financial Statements and Exhibits

Exhibit 99.1

GLYECO, INC.

PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) 

	Nine Months  Ended September 30, 2018
		Historical			Sale of the				Pro Forma
		Glyeco, Inc			Consumer				Glyeco, Inc.
		(As Reported)			Segment		NOTES		Continuing Operations
Sales, net	$	9,364,148		$	4,545,773		(a)	$	4,818,375
Cost of goods sold		8,254,589			4,513,325		(a)		3,741,264
Gross profit		1,109,559			32,448				1,077,111
Operating expenses
Consulting fees		92,511			36,935				55,576
Share-based compensation		348,515			9,062				339,453
Salaries and wages		1,730,234			1,067,456				662,778
Legal and professional		752,688			17,901				734,787
General and administrative		1,312,667			677,238				635,429
Total operating expenses		4,236,615			1,808,592		(b)		2,428,023
Loss from operations		(3,127,056	)		(1,776,144	)			(1,350,912	)
Other (income) and expense
Interest expense		572,140			15,312				556,828
Total other expense		572,140			15,312		(b)		556,828
Loss before provision for income taxes		(3,699,196	)		(1,791,456	)			(1,907,740	)
Provision for income taxes		9,735			—				9,735
Net loss	$	(3,708,931	)	$	(1,791,456	)		$	(1,917,475	)
Basic and diluted loss per share	$	(2.78	)					$	(1.44	)
Weighted average number of common shares outstanding (basic and diluted)		1,333,131							1,333,131

GLYECO, INC.

PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) 

	Year Ended December 31, 2017
	Historical			Sale of the				Pro Forma
	Glyeco, Inc			Consumer				Glyeco, Inc.
	(As Reported)			Segment			NOTES	Continuing Operations
Sales, net	$	12,072,686		$	6,265,779		(a)	$	5,806,907
Cost of goods sold		10,444,573			5,522,832		(a)		4,921,741
Gross profit		1,628,113			742,947				885,166
Operating expenses
Consulting fees		416,445			139,043				277,402
Share-based compensation		523,613			14,000				509,613
Salaries and wages		1,855,713			1,327,621				528,092
Legal and professional		901,339			105,504				795,835
Tank remediation		780,000			—				780,000
General and administrative		1,486,624			930,218				556,406
Total operating expenses		5,963,734			2,516,386		(b)		3,447,348
Loss from operations		(4,335,621	)		(1,773,439	)			(2,562,182	)
Other (income) and expense
Loss on debt extinguishment		146,564			—				146,564
Interest expense		684,429			23,377				661,052
Total other expense		830,993			23,377		(b)		807,616
Loss before provision for income taxes		(5,166,614	)		(1,796,816	)			(3,369,798	)
Provision for income taxes		14,921			—				14,921
Net loss	$	(5,181,535	)	$	(1,796,816	)		$	(3,384,719	)
Basic and diluted net loss per share	$	(0.04	)					$	(0.02	)
Weighted average number of common shares outstanding (basic and diluted)		142,212,041							142,212,041

GLYECO, INC.

PRO FORMA CONSOLIDATED BALANCE SHEET (UNAUDITED)

	September 30, 2018
	Historical			Distribution of the				Pro Forma
	Glyeco, Inc			Consumer				Glyeco, Inc.
	(As Reported)			Assets			NOTES	Continuing Operations
ASSETS
Current assets
Cash	$	230,771		$	1,417,000		(c)	$	1,647,771
Accounts receivable, net		1,043,465			(601,282	)	(d)		442,183
Prepaid expenses		198,630			(1,177	)	(d)		197,453
Inventories		546,543			(371,436	)	(d)		175,107
Total current assets		2,019,409			443,105				2,462,514
Property, plant and equipment, net		3,951,291			(1,313,754	)	(d)		2,637,537
Other assets
Deposits		403,502			—				403,502
Goodwill		3,822,583			(885,296	)	(d)		2,937,287
Other intangible assets, net		1,898,987			(74,250	)	(d)		1,824,737
Total other assets		6,125,072			(959,546	)			5,165,526
Total assets	$	12,095,772		$	(1,830,195	)		$	10,265,577
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses	$	3,439,931		$	—			$	3,439,931
Contingent acquisition consideration		1,503,113			—				1,503,113
Notes payable- current portion, net of debt discount		2,063,228			(67,776	)	(d)		1,995,452
Capital lease obligations- current portion		480,217			—				480,217
Total current liabilities		7,486,489			(67,776	)			7,418,713
Non-current liabilities
Notes payable- non current portion		2,924,149			(124,290	)	(d)		2,799,859
Capital lease obligations- non-current portion		878,667			—				878,667
Total non-current liabilities		3,802,816			(124,290	)			3,678,526
Total liabilities		11,289,305			(192,066	)			11,097,239
Stockholders’ equity
Common stock		135			—				135
Additional paid-in capital		46,511,861			—				46,511,861
Accumulated deficit		(45,705,529	)		(1,638,129	)	(e)		(47,343,658	)
		806,467			(1,638,129	)			(831,662	)
Total liabilities and stockholders’ equity	$	12,095,772		$	(1,830,195	)		$	10,265,577

Glyeco, Inc.

Pro Forma Consolidated Financial Information (UNAUDITED) 

Notes to Pro Forma Consolidated Financial Information (Unaudited) 

The unaudited pro forma consolidated statements of operations for the nine months ended September 30, 2018 and for the year ended December 31, 2017 and the unaudited pro forma consolidated balance sheet as of September 30, 2018, include the following pro forma adjustments: 

(a) This adjustment reflects the elimination of revenues and cost of goods sold of the consumer segment.

(b) This adjustment reflects the elimination of operating and administrative expenses. Not included in the pro-forma results are anticipated savings due to costs that may be reduced or eliminated.

(c) This adjustment represents the receipt of cash consideration at the closing of the transaction.

(d) These adjustments reflect the elimination of assets and liabilities attributable to the consumer segment.

(e) This adjustment reflects the estimated loss of $1.6 million arising from the transaction as of January 11, 2019. This estimated loss has not been reflected in the pro forma consolidated statements of operation as it is nonrecurring in nature. No adjustment has been made at this time to the sale proceeds to give effect to any post-closing adjustments under the terms of the Asset Purchase Agreement.