Annual report pursuant to Section 13 and 15(d)

Supplemental Quarterly Information (Unaudited)

v3.7.0.1
Supplemental Quarterly Information (Unaudited)
12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Supplemental Quarterly Information (Unaudited)
SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED)
During the third quarter 2016 close process, the Company identified errors in its previously reported interim financial statements for the quarter ended March 31, 2016 pertaining to certain biomass-based diesel sales completed in that quarter that contained BTC sharing terms resulting in an overstatement of biomass-based diesel sales and a corresponding understatement of accounts payable, deferred income taxes and income tax expense for the three months ended March 31, 2016 and the six months ended June 30, 2016. The correction of the errors is reflected in the quarterly information below.
Based on an evaluation of all relevant facts, the Company assessed the materiality of these errors on the first and second quarter interim financial statements and concluded under ASC 250 that the correction was immaterial to the Company’s results for the three months ended March 31, 2016 and six months ended June 30, 2016 and an amendment of previously filed reports was not required. In accordance with ASC 250, the Company elected to correct these errors by revising the consolidated financial statements and other financial information contained within this Annual Report on Form 10-K for the periods impacted to correct the effect of these errors.
The following table represents the significant items for the results of operations on a quarterly basis for the years ended December 31, 2016 and 2015:
 
Three Months
Ended
March 31,
2016
 
Three Months
Ended
June 30,
2016
 
Three Months
Ended
September 30,
2016
 
Three Months
Ended
December 31,
2016
Revenues
$
297,870

 
$
558,301

 
$
624,640

 
$
560,421

Gross profit (loss)
17,384

 
24,862

 
47,350

 
81,920

Selling, general, and administrative expenses including research and development expense
23,703

 
25,277

 
25,604

 
31,864

Impairment of property, plant and equipment

 

 

 
17,893

Net income (loss) from operations
(6,319
)
 
(415
)
 
21,746

 
32,163

Other income (expense), net
159

 
7,432

 
558

 
(6,343
)
Net income (loss) attributable to the Company
(6,918
)
 
7,606

 
23,442

 
20,197

Net income (loss) per share attributable to common stockholders - basic
(0.16
)
 
0.18

 
0.59

 
0.51

Net income (loss) per share attributable to common stockholders - diluted
(0.14
)
 
0.18

 
0.59

 
0.51

 
Three Months
Ended
March 31,
2015
 
Three Months
Ended
June 30,
2015
 
Three Months
Ended
September 30,
2015
 
Three Months
Ended
December 31,
2015
Revenues
$
230,918

 
$
373,762

 
$
394,856

 
$
387,808

Gross profit
(16,195
)
 
15,907

 
4,405

 
106,426

Selling, general, and administrative expenses including research and development expense
20,535

 
19,749

 
21,995

 
27,969

Impairment of goodwill

 

 

 
175,028

Loss from operations
(36,730
)
 
(3,842
)
 
(17,590
)
 
(96,571
)
Other income (expense), net
(2,471
)
 
972

 
869

 
(5,048
)
Net loss attributable to the Company
(38,107
)
 
(2,001
)
 
(15,675
)
 
(95,609
)
Net loss per share attributable to common stockholders - basic
(0.86
)
 
(0.05
)
 
(0.36
)
 
(2.18
)
Net loss per share attributable to common stockholders - diluted
(0.86
)
 
(0.05
)
 
(0.36
)
 
(2.18
)

The results of operations for the three months ended December 31, 2015 reflect a goodwill impairment of $175,028 (before tax) and net benefit from the reinstatement of the BTC of $95,008.