FF FutureFuel Corp

Forward-Looking Information

 

This report and the documents incorporated by reference into this report contain forward-looking statements. Forward-looking statements deal with our current plans, intentions, beliefs, and expectations, and statements of future economic performance. Statements containing such terms as “believe,” “do not believe,” “plan,” “expect,” “intend,” “estimate,” “anticipate,” and other phrases of similar meaning are considered to contain uncertainty and are forward-looking statements. In addition, from time to time we or our representatives have made or will make forward-looking statements orally or in writing. Furthermore, such forward-looking statements may be included in various filings that we make with the SEC, or in press releases, or in oral statements made by or with the approval of one of our authorized executive officers.

 

These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, those set forth under the headings “Risk Factors” beginning at page 15 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning at page 33 and in our other filings made with the SEC. You should not place undue reliance on any forward-looking statements contained in this report which reflect our management’s opinions only as of their respective dates. Except as required by law, we undertake no obligation to revise or publicly release the results of any revisions to forward-looking statements. The risks and uncertainties described in this report and in subsequent filings with the SEC are not the only ones we face. New factors emerge from time to time, and it is not possible for us to predict which will arise. There may be additional risks not presently known to us or that we currently believe are immaterial to our business. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. If any such risks occur, our business, operating results, liquidity, and financial condition could be materially affected in an adverse manner. You should consult any additional disclosures we have made or will make in our reports to the SEC on Forms 10-K, 10-Q, and 8-K, and any amendments thereto. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this report.

 

 

Table of Contents

 

	Page
Part I	1
Item 1A. Risk Factors.	1
Part II	11
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	11
Item 8. Financial Statements and Supplementary Data.	21
Item 9A. Controls and Procedures.	53
Part IV	56
Item 15. Exhibits and Financial Statement Schedules.	56

 

Item 1A.

Risk Factors.

 

An investment in us involves a high degree of risk and may result in the loss of all or part of your investment. You should consider carefully all of the information set out in this document and the risks attaching to an investment in us, including, in particular, the risks described below. The information below does not purport to be an exhaustive list and should be considered in conjunction with the contents of the rest of this document.

 

Updated Risk Factor in this Amendment No. 1

 

The following risk factor, which relates to the matters discussed in the Explanatory Note, has been amended and restated in this Amendment No. 1. The remainder of Item 1A. Risk Factors, has not been updated to reflect developments since the filing of the Original Form 10-K. All Risk Factors not updated should be read in light of the of the information presented below.

 

We have identified a material weakness in our internal control over financial reporting as of December 31, 2023, September 30, 2023 and June 30, 2023, and continuing as of the date hereof which was correctly presented but had not been fully remediated, that resulted in a restatement of certain of our statements of cash flows. If we are not able to remediate this material weakness or otherwise fail to maintain effective internal control over financial reporting, we might not be able to report our financial results accurately or prevent fraud; in that case, our stockholders could lose confidence in our financial reporting, which would harm our business and could negatively impact the value of our stock.

 

Effective internal controls are necessary for us to provide reliable financial reports and prevent fraud. The process of maintaining our internal controls may be expensive, and time consuming, and may require significant attention from management. As disclosed in this Amendment No. 1, we have identified a material weakness in our internal control over financial reporting, which existed as of December 31, 2023, September 30, 2023 and June 30, 2023. This error was the result of review controls of the cash flow statement which did not operate as designed and as such resulted in these errors. The Company has determined that the error did not have an impact on the Company’s overall cash position, its consolidated balance sheets, its consolidated statements of income and comprehensive income, or its consolidated statement of changes in stockholders’ equity as previously reported.

 

This material weakness resulted in the errors described in the Explanatory Note and Background of the Restatement. We have commenced efforts to remediate the material weakness as described in more detail in Part II, Item 9A. Controls and Procedures in this Amendment No. 1. However, this material weakness will not be considered remediated until the controls operate for a sufficient period of time and management has concluded, through testing, that these controls operate effectively. Our efforts to remediate this material weakness may be time consuming and costly. We cannot provide assurance that such efforts will ultimately have the intended effect. If we fail to remediate the existing material weakness or we or our independent registered public accounting firm discover additional material weaknesses, the value of our stock and our business could be harmed. As a result of the material weakness and the restatement of certain of our statements of cash flows, we may face litigation or regulatory investigations that could have a material adverse effect on the Company and its business and results of operations.

 

Further, because of its inherent limitations, internal control over financial reporting may not prevent or detect fraud or misstatements. Failure to implement required new or improved controls, or difficulties encountered in their implementation, could harm our results of operations or cause us to fail to meet our reporting obligations.

 

Risks Related to Economic Conditions, Governmental Action, and our Industry

 

Our industry is greatly influenced by the overall global economy and as such adverse economic conditions have the potential to adversely affect our business, results of operations, or financial condition.

 

We source certain raw materials for our chemicals segment internationally, and as such we are subject to supply chain disruptions and price inflation for those raw materials, which can adversely impact our business. The impacts include, but are not limited to:

 

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a significant decline in demand for our products due to market disruptions, resulting in a decline in sales and prices;

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limitations of feedstocks, price volatility, or disruptions to our suppliers’ operations;

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the interruption of our distribution system, or temporary or long-term disruption in our supply chains, or delays in the delivery of our product;

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suspension of renewable fuel and/or low carbon fuel policies;

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limitations on our ability to operate our business as a result of federal, state or local regulations, including any changes to the designation of our business as “essential” by the U.S. Department of Homeland Security; and

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decreases in the demand for and price of RINs and LCFS credits as a result of reduced demand for petroleum-based gasoline and diesel fuel.

 

 

We operate within the biomass-based diesel industry, which is influenced by governmental programs requiring or incentivizing the consumption of biofuels, including the BTC and CFPC. The expiration or loss of mandates or incentives would have a material adverse effect on our business.

 

The biomass-based diesel industry relies on governmental programs requiring or incentivizing the consumption of biofuels. Biomass-based diesel has historically been more expensive to produce than petroleum-based diesel fuel and these governmental programs support a market for biomass-based diesel that might not otherwise exist. The petroleum industry is opposed to many of these government incentives and can be expected to continue to challenge these incentives.

 

The most significant tax incentive program in the biomass-based diesel industry has been the BTC. Under the BTC, the first person to blend pure biomass-based diesel with petroleum-based diesel fuel receives a one dollar per gallon refundable tax credit. The BTC was not in place during 2018 and not in place for the majority of 2019. However, in late December 2019, the BTC was retroactively reinstated from its expiry on January 1, 2018 through December 31, 2022. With the passage of the Inflation Reduction Act in August 2022, the BTC has been extended through December 31, 2024, but is to be replaced by the CFPC on January 1, 2025.  The CFPC is structured on a sliding scale so that producers become eligible for larger credits as the GHG emissions of the fuels they produce approach zero.  For producers meeting prevailing wage and registered apprenticeship requirements, the maximum credit is $1.00 per gallon of biodiesel.  However, the maximum credit would require zero GHG emissions which is unrealistic for almost every biodiesel producer.  Guidance surrounding this credit have yet to be finalized.  Our relative position to other biodiesel producers and our absolute position with regard to the value of that credit could have a material adverse effect on us and on the biodiesel industry in general.

 

If biodiesel feedstock costs do not decrease significantly relative to biodiesel prices, we could realize a negative gross margin on biodiesel. As a result, we could cease producing biodiesel, which could have an adverse effect on our financial condition.

 

Our biofuels operations may be harmed if federal or state governments were to change current laws and regulations.

 

Alternative fuels businesses benefit from government subsidies and mandates. If any of the state or federal laws and regulations relating to the government subsidies and mandates change, our ability to benefit from our alternative fuels business could be harmed.

 

With respect to our biofuels platform, the United States Congress could repeal, curtail or otherwise change the RFS2 program in a manner adverse to us. Similarly, the USEPA could curtail or otherwise change its administration of the RFS2 program in a manner adverse to us, including by not increasing or even decreasing the required renewable fuel volumes, by waiving compliance with the required renewable fuel volumes or otherwise. In addition, while Congress specified RFS2 renewable fuel volume requirements through 2022 (subject to adjustment in the rulemaking process), beginning in 2023 required volumes of renewable fuel will be largely at the discretion of the USEPA (in coordination with the Secretary of Energy and Secretary of Agriculture). We cannot predict what changes, if any, will be instituted or the impact of any changes on our business, although adverse changes could seriously harm our revenues, earnings and financial condition.

 

Further, our biofuels platform is subject to federal, state, and local laws and regulations governing the application and use of alternative energy products, including those related specifically to biodiesel. For instance, biodiesel benefits from successful completion of USEPA Tier I and Tier II health effects testing under Section 211(b) of the Clean Air Act.  This testing verified biodiesel does not pose a threat to human health and improves air quality as a replacement for petroleum diesel. Also, portions of our biofuels may, from time to time, be registered in states where we obtain benefits from state specific subsidies, mandates or programs. If federal or state agency determinations, laws, and regulations relating to the application and use of alternative energy are changed, the marketability and sales of biodiesel production could be materially adversely affected.

 

We have historically derived a significant portion of our revenues from sales of our biofuels in the State of California primarily as a result of California’s Low Carbon Fuel Standard (“LCFS”); adverse changes in this law or reductions in the value of LCFS credits would harm our revenues and profits.

 

The LCFS is designed to reduce greenhouse gas (“GHG”) emissions associated with transportation fuels used in California by ensuring that the total amount of fuel consumed meets declining targets for such emissions. The regulation quantifies lifecycle GHG emissions by assigning a “carbon intensity” (“CI”) score to each transportation fuel based on that fuel’s lifecycle assessment. Each petroleum fuel provider, generally the fuel’s producer or importer is required to ensure that the overall CI score for its fuel pool meets the annual carbon intensity target for a given year. This obligation is tracked through credits and deficits and credits can be traded. We generate LCFS credits when we sell qualified fuels which are used in California. As a result of the trading price of LCFS credits, California has become a desirable market in which to sell our biodiesel. If the value of LCFS credits were to materially decrease as a result of over-supply, as a result of reduced demand for our fuels, or if the fuel produced is deemed not to qualify for LCFS credits; or if the LCFS or the manner in which it is administered or applied were otherwise changed in a manner adverse to us, our revenues and profits could be seriously harmed.

 

 

The industries in which we compete are highly competitive.

 

The biodiesel and specialty chemical industries are highly competitive. There is competition within these industries and also with other industries in supplying the energy, fuel, and chemical needs of industry and individual customers. We compete with other firms in the sale or purchase of various goods or services in many national and international markets. We compete with large national and multi-national companies that have longer operating histories, greater financial, technical, and other resources, and greater name recognition than we do. In addition, we compete with several smaller companies capable of competing effectively on a regional or local basis, and the number of these smaller companies is increasing. Our competitors may be able to respond more quickly to new or emerging technologies and services and changes in customer requirements. As a result of competition, we may lose market share or be unable to maintain or increase prices for our products and/or services or to acquire additional business opportunities, which could have a material adverse effect on our business, financial condition, results of operations, and cash flows. Although we will employ all methods of competition that are lawful and appropriate for such purposes, no assurances can be made that they will be successful. A key component of our competitive position, particularly given the commodity-based nature of many of our products, will be our ability to manage expenses successfully, which requires continuous management focus on reducing unit costs and improving efficiency. No assurances can be given that we will be able to successfully manage such expenses.

 

Our competitive position in the markets in which we participate is, in part, subject to external factors, in addition to those that we can impact. Natural disasters, changes in laws or regulations, trade disputes, war or other outbreak of hostilities, or other political factors in any of the countries or regions in which we operate or do business, or in countries or regions that are key suppliers of strategic raw materials, could negatively impact our competitive position and our ability to maintain market share.

 

As to our biofuels segment, biodiesel produced in Canada, South America, Europe, Eastern Asia, the Pacific Rim, or other regions may be imported into the United States to compete with U.S. -produced biodiesel. These regions may benefit from biodiesel production incentives or other financial incentives in their home countries that offset some of their biodiesel production costs and enable them to profitably sell biodiesel in the U.S. at lower prices than U.S.-based biodiesel producers. Under the RFS2, imported biodiesel may be eligible to satisfy an obligated party’s requirements and, therefore, may compete to meet the volumetric requirements of RFS2. This could make it more challenging for us to market or sell biodiesel in the United States, which would have a material adverse effect on our revenues.

 

The total current U.S. production capacity for biodiesel is in excess of the current RFS2 mandate for 2023 and 2024. Excess production capacity over the annual mandates could result in a decline in biodiesel prices and profitability, negatively impacting our ability to maintain the profitability of our biofuels segment and recover capital expenditures in this business segment.

 

Biodiesel is encountering increased competition from renewable diesel, which is produced via hydrotreating a biomass-based feedstock. Renewable diesel can be used interchangeably with conventional petroleum diesel, is not limited in blends, and can be transported via existing fuel pipeline infrastructure. A significant capital investment would be required for the Company to produce renewable diesel, and the current economics and business uncertainty do not support this level of investment.

 

Fluctuations in commodity prices may cause a reduction in the demand or profitability of the products or services we produce.

 

Prices for alternative fuels tend to fluctuate widely based on a variety of political and economic factors. These price fluctuations heavily influence the oil and gas industry. Lower energy prices for existing products tend to limit the demand for alternative forms of energy services and related products and infrastructure. Historically, the markets for alternative fuels have been volatile, and they are likely to continue to be volatile. Wide fluctuations in alternative fuel prices may result from relatively minor changes in the supply of and demand for oil and natural gas, market uncertainty, and other factors that are beyond our control, including:

 

	●	worldwide and domestic supplies of oil and gas;
	●	the price and/or availability of biodiesel feedstocks;
	●	weather conditions;
	●	the level of consumer demand;
	●	the price and availability of alternative fuels;
	●	the availability of pipeline and refining capacity;
	●	the price and level of foreign imports;
	●	domestic and foreign governmental regulations and taxes;
	●	the ability of the members of the Organization of Petroleum Exporting Countries (OPEC) to agree to and maintain oil price and production controls;
	●	political instability or armed conflict in oil-producing regions;
	●	pandemics, epidemics, or disease outbreaks; and
	●	the overall economic environment.

 

These factors and the volatility of the commodity markets make it extremely difficult to predict future alternative fuel price movements with any certainty. There may be a decrease in the demand for our products or services and our profitability could be adversely affected.

 

 

We are reliant on certain strategic raw materials for our operations.

 

We are reliant on certain strategic raw materials (such as biodiesel feedstocks and methanol) for our operations. We have implemented certain risk management tools, such as multiple suppliers and hedging, to mitigate short-term market fluctuations in raw material supply and costs. There can be no assurance, however, that such measures will result in cost savings or supply stability or that all market fluctuation exposure will be eliminated. In addition, inflation, natural disasters, changes in laws or regulations, war or other outbreak of hostilities, or other political factors in any of the countries or regions in which we operate or do business, or in countries or regions that are key suppliers of strategic raw materials, could affect availability and costs of raw materials.

 

While temporary shortages of raw materials may occasionally occur, these items have historically been sufficiently available to cover current requirements. However, their continuous availability and price are impacted by natural disasters, plant interruptions occurring during periods of high demand, domestic and world market and political conditions, changes in government regulation, and war or other outbreak of hostilities. In addition, as we increase our biodiesel capacity, we will require larger supplies of raw materials, which have not yet been secured and may not be available for the foregoing reasons or may be available only at prices higher than current levels. Our operations or products may, at times, be adversely affected by these factors.

 

Market conditions or transportation impediments may hinder access to raw goods and distribution markets.

 

Market conditions, the unavailability of satisfactory transportation, or the location of our manufacturing complex from more lucrative markets may hinder our access to raw goods and/or distribution markets. The availability of a ready market for biodiesel depends on a number of factors, including the demand for and supply of biodiesel and the proximity of the plant to trucking and terminal facilities. The sale of large quantities of biodiesel necessitates that we transport our biodiesel to other markets, since the Batesville, Arkansas regional market is not expected to absorb all of our contemplated production. Common carrier pipelines do not transport biodiesel or biodiesel/ petrodiesel blends, which means trucks, barges, and rail cars are the potentially available means of distribution of our product from the plant to these storage terminals for further distribution. However, the availability of rail cars is limited and at times unavailable because of repairs or improvements, or as a result of priority transportation agreements with other shippers. Additionally, the current availability of barges is limited, particularly heated barges to transport biodiesel during winter months. If transportation is restricted or is unavailable, we may not be able to sell into more lucrative markets, and consequently our cash flow from sales of biodiesel could be restricted.

 

Concerns regarding the environmental impact of biodiesel production could affect public policy, which could impair our ability to operate at a profit and substantially harm our revenues and operating margins.

 

The environmental impacts associated with biodiesel production and use have not yet been fully analyzed. Under the 2007 Energy Independence and Security Act, the USEPA is required to produce a study every three years of the environmental impacts associated with current and future biofuel production and use, including effects on air and water quality, soil quality and conservation, water availability, energy recovery from secondary materials, ecosystem health and biodiversity, invasive species, and international impacts. The first such triennial report was published in January 2011. The second triennial report was published June 29, 2018. The 2018 report reaffirms the findings of the 2011 report and reflects the current understanding about biofuel production using data gathered through May 2017. The USEPA released its third triennial report to Congress on biofuels and the environment in 2023, which builds on the previous two reports and provides an update on the impacts to date of the RFS and RFS2 on the environment.

 

To the extent that state or federal laws are modified, or public perception turns against biodiesel, use requirements, such as RFS2, may not continue, which could materially harm our ability to operate profitably.

 

Climate change regulations may impact our ability to operate at a profit and harm our operating margins.

 

Future regulations may impose new operational burdens, require investment in additional emission control technology, or result in unfavorable market changes. The cost of compliance with stringent climate change regulations could adversely affect our ability to compete with companies in locations that are not subject to stringent climate change regulations.

 

Growth in the sale and distribution of biodiesel is dependent on the expansion of related infrastructure, which may not occur on a timely basis, if at all, and our operations could be adversely affected by infrastructure limitations or disruptions.

 

Growth in the biodiesel industry depends on substantial development of infrastructure for the distribution of biodiesel. Substantial investment required for these infrastructure changes and expansions may not be made on a timely basis or at all. The scope and timing of any infrastructure expansion are generally beyond our control. Also, we compete with other biofuel companies for access to some of the key infrastructure components, such as terminal capacity. As a result, increased production of biodiesel or other biofuels will increase the demand and competition for necessary infrastructure. Any delay or failure in expanding distribution infrastructure could hurt the demand for or prices of biodiesel, impede delivery of our biodiesel, and impose additional costs, each of which would have a material adverse effect on our results of operations and financial condition. Our business will be dependent on the continuing availability of infrastructure for the distribution of increasing volumes of biodiesel and any infrastructure disruptions could materially harm our business.

 

 

Nitrogen oxide emissions from biodiesel may harm its appeal as a renewable fuel and increase costs.

 

In some instances, biodiesel may increase emissions of nitrogen oxide as compared to petrodiesel, which could harm air quality. Nitrogen oxide is a contributor to ozone depletion and smog. These emissions may decrease the appeal of biodiesel to environmental groups and agencies who have been historic supporters of the biodiesel industry, potentially harming our ability to market our biodiesel.

 

In addition, several states have acted to regulate potential nitrogen oxide emissions from biodiesel. Texas currently requires biodiesel blends contain an additive to eliminate this perceived nitrogen oxide increase. California is in the process of formulating biodiesel regulations that may also require such an additive. The USEPA may also institute requirements for such an additive. In states where such an additive is required to sell biodiesel, the additional cost of the additive may make biodiesel less profitable or make biodiesel less cost competitive against petrodiesel or renewable diesel, which would negatively impact our ability to sell our products in such states and therefore have an adverse effect on our revenues and profitability.

 

Risks Related to our Business

 

We are reliant upon a relatively small number of customers.

 

Our chemical business is concentrated with four large customers covering multiple products representing greater than 69% of our chemicals segment product sales, or 15% of total revenues. Although this business is contracted in longer-term production agreements, the loss of any of these strategic customers could have a material adverse effect on our chemicals business.

 

Additionally, our biofuels segment has two large customers. We do not believe that the loss of these customers would have a material adverse effect on our biofuels segment or on us as a whole in that: (i) unlike our custom manufacturing products, biodiesel is a commodity with a large potential customer base; (ii) we believe that we could readily sell our biodiesel to other customers as potential demand from other customers for biodiesel exceeds our production capacity; (iii) our sales to these customers are not under fixed terms and the customers have no fixed obligation to purchase any minimum quantities except as stipulated by short term purchase orders; and (iv) the prices we receive from these customers are based upon then-market rates, as would be the case with sales of this commodity to other customers.

 

Sales to these biodiesel customers totaled approximately 35% of total revenue (or $127,763,000) in 2023. Sales in 2022 to our two largest customers represented 27% of total revenues (or $107,898,000). Sales to three largest biodiesel customers totaled 52% of total revenues in 2021 (or $133,231,000). We do not have a contract with these customers but rather sell based on monthly or short-term, multi-month purchase orders placed with us by the customers at prices based upon then-prevailing market rates.

 

Changes in technology may render our products or services obsolete.

 

The alternative fuel and chemical industries may be substantially affected by rapid and significant changes in technology. Examples include competitive product technologies, such as green gasoline, renewable diesel produced from catalytic hydrotreating of renewable feedstock oils, and competitive process technologies, such as advanced biodiesel continuous reactor and washing designs that increase throughput. Additionally, new supplies of natural gas in the U.S., primarily as a result of shale gas development, have lowered natural gas prices. Lower natural gas prices may lead to increased use of natural gas as a transportation fuel. Increased usage of natural gas in the transportation market, or other markets that have traditionally used petrodiesel or biodiesel, may lead to declines in the demand for petrodiesel and biodiesel. Lastly, new and more active compounds may be discovered that require less volume or different manufacturing methods, or the end products may become obsolete and be replaced with differing materials.

 

These changes may render obsolete certain existing products, energy sources, services, and technologies currently used by us. We cannot provide assurances that the technologies used by or relied upon by us will not be subject to such obsolescence. While we may attempt to adapt and apply the services provided by us to newer technologies, we cannot provide assurances that we will have sufficient resources to fund these changes or that these changes will ultimately prove successful.

 

Failure to comply with governmental regulations could result in the imposition of penalties, fines or restrictions on operations and remedial liabilities.

 

The biofuel and chemical industries are subject to extensive federal, state, local, and foreign laws and regulations related to the general population’s health and safety and those associated with compliance and permitting obligations (including those related to the use, storage, handling, discharge, emission, and disposal of municipal solid waste and other waste, pollutants or hazardous substances or waste, or discharges and air and other emissions) as well as land use and development. Existing laws also impose obligations to clean up contaminated properties, or to pay for the cost of such remediation, often upon parties that did not cause the contamination. Compliance with these laws, regulations, and obligations could require substantial capital expenditures. Failure to comply could result in the imposition of penalties, fines, or restrictions on operations and remedial liabilities. These costs and liabilities could adversely affect our operations.

 

 

Changes in environmental laws and regulations occur frequently, and any changes that result in more stringent or costly waste handling, storage, transport, disposal, or cleanup requirements could require us to make significant expenditures to attain and maintain compliance and may otherwise have a material adverse effect on our business segments in general and on our results of operations, competitive position, or financial condition. We are unable to predict the effect of additional environmental laws and regulations that may be adopted in the future, including whether any such laws or regulations would materially adversely increase our cost of doing business or affect our operations in any area.

 

Under certain environmental laws and regulations, we could be held strictly liable for the removal or remediation of previously released materials or property contamination regardless of whether we were responsible for the release or contamination, or if current or prior operations were conducted consistent with accepted standards of practice. Such liabilities can be significant and, if imposed, could have a material adverse effect on our financial condition or results of operations.

 

Our insurance may not protect us against our business and operating risks.

 

We maintain insurance for some, but not all, of the potential risks and liabilities associated with our business. For some risks, we may not obtain insurance if we believe the cost of available insurance is excessive relative to the risks presented. As a result of market conditions, premiums and deductibles for certain insurance policies can increase substantially and, in some instances, certain insurance policies may become unavailable or available only for reduced amounts of coverage. As a result, we may not be able to renew our existing insurance policies or procure other desirable insurance on commercially reasonable terms, if at all. Although we will maintain insurance at levels we believe are appropriate for our business and consistent with industry practice, we will not be fully insured against all risks that cannot be sourced on economic terms. In addition, pollution and environmental risks generally are not fully insurable. Losses and liabilities from uninsured and underinsured events and delay in the payment of insurance proceeds could have a material adverse effect on our financial condition and results of operations.

 

If a significant accident or other event resulting in damage to our operations (including severe weather, terrorist acts, war, civil disturbances, pollution, or environmental damage) occurs and is not fully covered by insurance or a recoverable indemnity from a customer, it could adversely affect our financial condition and results of operations.

 

We depend on key personnel, the loss of any of whom could materially adversely affect our future operations.

 

Our success depends to a significant extent upon the efforts and abilities of our executive officers and lead management team. The loss of the services of one or more of these key employees could have a material adverse effect on us. Our business is also dependent upon our ability to attract and retain qualified personnel. Acquiring or retaining these personnel could prove more difficult to hire or cost substantially more than estimated. This could cause us to incur greater costs.

 

If we are unable to effectively manage the commodity price risk of our raw materials or finished goods, we may have unexpected losses.

 

We hedge our raw materials and/or finished products for our biofuels segment to some degree to manage the commodity price risk of such items. This requires the purchase or sale of commodity futures contracts and/or options on those contracts or similar financial instruments. We may be forced to make cash deposits available to counterparties as they mark-to-market these financial hedges. This funding requirement may limit the level of commodity price risk management that we are prudently able to complete. If we do not manage or are not capable of managing the commodity price risk of our raw materials and/or finished products for our biofuels segment, we may incur losses as a result of price fluctuations with respect to these raw materials and/or finished products.

 

In most cases, we are not capable of hedging raw material and/or finished products for our chemicals segment. Certain of our products are produced under manufacturing agreements with our customers, which provide us the contractual ability to pass along raw material price increases. However, we do not have this protection for all product lines within the chemicals segment. If we do not manage or are not capable of managing escalating raw material prices and/or passing these increases along to our customers via increased prices for our finished products, we may incur losses.

 

If we are unable to acquire or renew permits and approvals required for our operations, we may be forced to suspend or cease operations altogether.

 

The operation of our manufacturing plant requires numerous permits and approvals from governmental agencies. We may not be able to obtain or renew all necessary permits (or modifications thereto) and approvals and, as a result, our operations may be adversely affected. In addition, obtaining all necessary renewal permits (or modifications to existing permits) and approvals for future expansions may necessitate substantial expenditures and may create a significant risk of expensive delays or loss of value if a project is unable to function as planned due to changing requirements.

 

 

Our indebtedness may limit our ability to borrow additional funds or capitalize on acquisition or other business opportunities.

 

We hold a $100 million revolving credit facility with a commercial bank. This credit facility expires in March 2025. Although as of the date of this report we have no outstanding borrowings under the existing facility, if and when we do borrow, the restrictions governing this type of indebtedness (such as total debt to EBITDA limitations) could reduce our ability to incur additional indebtedness, engage in certain transactions, or capitalize on acquisition or other business opportunities. On March 1, 2023, the credit facility was amended to transition it from LIBOR to the secured overnight financing rate (“SOFR”) and to reflect other conforming changes.

 

We expect to have capital expenditure requirements, and we may be unable to obtain needed financing on satisfactory terms due to inflation and increased interest rates.

 

We expect to make capital expenditures for the expansion of our biofuels and chemicals production capacity and complementary infrastructure. We intend to finance these capital expenditures primarily through cash flow from our operations, borrowings under our credit facility, and existing cash. However, if our capital requirements vary materially from those provided for in our current projections, we may require additional financing sooner than anticipated. A decrease in expected revenues, in addition to high rates of inflation and high interest rates currently being experienced and expected to persist in the near-term could make obtaining this financing economically unattractive or impossible. As a result, we may lack the capital necessary to complete the projected expansions or capitalize on other business opportunities.

 

We may be unable to successfully integrate future acquisitions with our operations or realize all of the anticipated benefits of such acquisitions.

 

Failure to successfully integrate future acquisitions, if any, in a timely manner may have a material adverse effect on our business, financial condition, results of operations, and cash flows. The difficulties of combining acquired operations include, among other things:

 

	●	operating a significantly larger combined organization;
	●	consolidating corporate technological and administrative functions;
	●	integrating internal controls and other corporate governance matters; and
	●	diverting management’s attention from other business concerns.

 

In addition, we may not realize all of the anticipated benefits from future acquisitions, such as increased earnings, cost savings, and revenue enhancements, for various reasons, including difficulties integrating operations and personnel, higher and unexpected acquisition and operating costs, unknown liabilities, and fluctuations in markets. If benefits from future acquisitions do not meet the expectations of financial or industry analysts, the market price of our shares of common stock may decline.

 

If we are unable to respond to changes in ASTM or customer standards, our ability to sell biodiesel may be harmed.

 

We currently produce biodiesel to conform to or exceed standards established by ASTM. ASTM standards for biodiesel and biodiesel blends may be modified in response to new observations from the industries involved with diesel fuel. New tests or more stringent standards may require us to make additional capital investments in, or modify, plant operations to meet these standards. In addition, some biodiesel customers have developed their own biodiesel standards that are stricter than the ASTM standards. If we are unable to meet new ASTM standards or our biodiesel customers’ standards cost effectively or at all, our production technology may become obsolete, and our ability to sell biodiesel may be harmed, negatively impacting our revenues and profitability.

 

The risk of loss of the Company’s intellectual property, trade secrets or other sensitive business information or disruption of operations could negatively impact the Company’s financial results. 

 

The Company has information and information processing assets, including intellectual property, trade secrets, and other sensitive, business critical information as well as on-premises and cloud-based business applications critical to conducting business. In addition, our chemical manufacturing facilities are highly automated using modern computer systems.  Cyber-incidents affecting the Company, its supply chain or customers could compromise confidential, business critical information, cause a disruption in the Company’s operations, harm the Company's reputation, or endanger the environment if the Company, its suppliers or customers do not effectively prevent, detect and recover from these or other security breaches. The Company, like many companies today, is the target of industrial espionage, including cyber-attacks. The Company has determined that these cyber-attacks have resulted, and could result in the future, in unauthorized parties gaining access to certain confidential business information.  When unauthorized access is discovered, the Company reports such situations to governmental authorities for investigation, as appropriate, and takes measures to mitigate any potential impact.

 

 

Although management does not believe that the Company has experienced any material losses to date related to these cyber security incidents, there can be no assurance that such losses will not be suffered in the future. The Company seeks to actively manage the risks within its control that could lead to business disruptions and cyber security incidents through a comprehensive cyber security program that is continuously reviewed (through internal and third party auditing), maintained, and upgraded. As these threats continue to evolve, particularly around cybersecurity, the Company may be required to expend significant resources to enhance its control environment, processes, practices, and other protective measures. Despite these efforts, such events could have a material adverse effect on the Company’s business, results of operations, financial condition and cash flows.  

 

Confidentiality agreements with customers, employees, and others may not adequately prevent disclosures of confidential information, trade secrets, and other proprietary information.

 

We rely in part on trade secret protection to protect our confidential and proprietary information and processes. However, trade secrets are difficult to protect. We have taken measures to protect our trade secrets and proprietary information, but these measures may not be effective. For example, we require new custom manufacturing chemical customers to execute confidentiality agreements before we begin manufacturing custom chemicals for them. We also require employees and consultants to execute confidentiality agreements upon the commencement of their employment or consulting arrangement with us. These agreements generally require that all confidential information developed by the individual or made known to the individual by us during the course of the individual’s relationship with us be kept confidential and not disclosed to third parties. These agreements also generally provide that know-how and inventions conceived by the individual in the course of rendering services to us are our exclusive property. Nevertheless, these agreements may be breached, or may not be enforceable, and our proprietary information may be disclosed. Further, despite the existence of these agreements, third parties may independently develop substantially equivalent proprietary information and techniques. Accordingly, it may be difficult for us to protect our trade secrets. Costly and time-consuming litigation could be necessary to enforce and determine the scope of our proprietary rights, and failure to obtain or maintain trade secret protection could adversely affect our competitive business position.

 

Moreover, we cannot assure that our technology does not infringe upon any valid claims of patents that other parties own. In the future, if we were found to be infringing on a patent owned by a third party, we might have to seek a license from such third party to use the patented technology. We cannot assure that, if required, we would be able to obtain such a license on terms acceptable to us, if at all. If a third party brought a legal action against us or our licensors, we could incur substantial costs in defending ourselves, and we cannot assure that such an action would be resolved in our favor. If such a dispute were to be resolved against us, we could be subject to significant damages.

 

We depend on our ability to maintain relationships with industry participants, including our strategic partners.

 

Our ability to maintain commercial arrangements with chemical and biodiesel customers, raw material and feedstock suppliers, and transportation and logistics services providers may depend on maintaining close working relationships with industry participants. There can be no assurance that we will be able to maintain or establish additional necessary strategic relationships, in which case the opportunity to grow our business may be negatively affected.

 

There is currently excess renewable fuel production capacity and low utilization in the industry and if non-operational and underused facilities commence or increase operations, our results of operations may be negatively affected.

 

Many biodiesel plants in the United States do not operate at full capacity. Further, a number of renewable diesel plants are under construction in the United States as of December 2023, and if completed, would add additional renewable fuel production capacity. The annual production capacity of existing plants and plants under construction far exceeds both historic consumption of renewable fuels in the United States and required consumption under RFS2. If this excess production capacity was used, it would increase competition for our feedstocks, increase the volume of renewable fuels on the market, and may reduce our biodiesel gross margins, harming our revenues and profitability.

 

Several biofuel companies throughout the United States have filed for bankruptcy over the last several years due to industry and economic conditions.

 

Unfavorable worldwide economic conditions, lack of financing, and volatile biofuel prices and feedstock costs have likely contributed to the necessity of bankruptcy filings by biofuel producers. Our business may be negatively impacted by the industry conditions that influenced the bankruptcy proceedings of other biofuel producers, or we may encounter new competition from buyers of distressed biodiesel properties who enter the industry at a lower cost than original plant investors.

 

 

We are exposed to government credit risk and fluctuations in market values of our cash and cash equivalent portfolio.

 

We have deposits with certain U.S. banks in excess of the maximum amounts insured by the U.S. Federal Deposit Insurance Corporation (the “FDIC”) and holdings in certain United States Government Select Funds.  As of December 31, 2023, we maintained with such banks cash balances of approximately $90.8 million in excess of the amounts insured by the FDIC.

 

We are exposed to operating risks.

 

As a manufacturer of diversified chemical products and biofuels, our business is subject to operating risks common to chemical manufacturing, storage, handling, and transportation. These risks include, but are not limited to, fires, explosions, inclement weather, natural disasters, mechanical failure, unscheduled downtime, transportation interruptions, remediation, chemical spills, discharges or releases of toxic or hazardous substances or gases. Significant limitation on our ability to manufacture products due to disruption of manufacturing operations or related infrastructure could have a material adverse effect on our sales revenue, costs, results of operations, and financial condition.

 

Disruptions could also occur due to internal factors such as computer or equipment malfunction (accidental or intentional), operator error, or process failures; or external factors such as computer or equipment malfunction at third-party service providers, natural disasters, pandemic illness, changes in laws or regulations, war or other outbreak of hostilities or terrorism, cyber-incidents, or breakdown or degradation of transportation infrastructure used for delivery of supplies to the Company or for delivery of products to customers. No assurances can be provided that any future disruptions due to these, or other, circumstances will not have a material effect on operations. Such disruptions could result in an unplanned event that could be significant in scale and could negatively impact operations, neighbors, and the environment, and could have a negative impact on our results of operations.

 

Risks Associated With Owning Our Shares

 

We may issue substantial amounts of additional shares without stockholder approval.

 

Our certificate of incorporation authorizes the issuance of 75,000,000 shares of common stock and 5,000,000 shares of preferred stock. As of the date of this report, 43,763,243 shares of our common stock currently are outstanding. The issuance of any additional shares of our common stock or preferred stock would dilute the percentage ownership of our company held by existing stockholders.

 

The market price of our common stock is highly volatile and may increase or decrease dramatically at any time.

 

The market price of our common stock is highly volatile, and our shares are thinly traded. Our stock price may change dramatically as the result of: (i) announcements of new products or innovations by us or our competitors; (ii) uncertainty regarding the viability of any of our product initiatives; (iii) significant customer contracts; (iv) significant litigation; (v) uncertainty with respect to changing laws and regulations that impact our business and our ability to take advantage of tax credits such as the BTC and CFPC; or (vi) other factors or events that would be expected to affect our business, financial condition, results of operations, and future prospects.

 

The market price for our common stock may also be affected by various factors not directly related to our business or future prospects, including the following:

 

	●	a reaction by investors to trends in our stock rather than the fundamentals of our business;
	●	a single acquisition or disposition, or several related acquisitions or dispositions, of a large number of our shares, including by short sellers covering their position;
	●	the interest of the market in our business sector, without regard to our financial condition, results of operations, or business prospects;
	●	positive or negative statements or projections about us or our industry by analysts and other persons;
	●	the adoption of governmental regulations or government grant programs and similar developments in the United States or abroad that may enhance or detract from our ability to offer our products and services or affect our cost structure; and
	●	economic and other external market factors, such as a general decline in market price due to poor economic conditions, investor distrust, or a financial crisis.

 

If securities or industry analysts issue an adverse or misleading opinion regarding our stock or do not publish research or reports about our business, our stock price and trading volume could decline.

 

The trading market for shares of our common stock will rely in part on the research and reports that equity research analysts publish about us and our business. The price of our common stock could decline if one or more equity research analysts downgrade our common stock or if those analysts issue other unfavorable commentary or cease publishing reports about us or our business.

 

 

If Mr. P.A. Novelly, II or his designees exercises his registration rights, such exercise may have an adverse effect on the market price of our shares of common stock.

 

St. Albans Global Management, LLC (“St. Albans”), an entity affiliated with Mr. P. A. Novelly II, a member of the board, is entitled to demand that the Company register under the Securities Act of 1933, as amended (the “Securities Act”), the resale of all shares of the Company’s common stock beneficially owned by it. If St. Albans exercises its registration rights with respect to all 17,085,100 shares of the Company’s common stock currently owned by it, there will be an additional 6,637,600 registered shares of common stock available for trading in the public market, which may have an adverse effect on the market price of our common stock.

 

We may be suspended or delisted from the New York Stock Exchange if we do not satisfy their continued listing requirements.

 

Our common stock trades on the NYSE under the symbol “FF”. Securities admitted to the NYSE may be suspended from dealing or delisted at any time the listed company fails to satisfy certain continued listing criteria. These criteria could be triggered if, among other things, the number of our publicly-held shares fall below 600,000, the average closing price of our common stock is less than $1.00 per share over a consecutive 30 trading-day period, or we fail to file certain reports with the SEC. As a matter of practice, the NYSE generally gives a listed company notice if any of these criteria are triggered, and generally provides the listed company with certain cure periods. If we suffer such an event, but do not cure it, or if such event cannot be cured, trading of our common stock on the NYSE may be suspended from dealing or our stock may be delisted. Any such suspension or delisting may have an adverse effect on the market price of our common stock.

 

 

PART II

 

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read together with our consolidated financial statements, including the Notes thereto, set forth herein.

 

This discussion contains forward-looking statements that reflect our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these forward-looking statements. See “Forward-Looking Information” below for additional discussion regarding risks associated with forward-looking statements.

 

Unless otherwise stated, all dollar amounts are in thousands.

 

Effect of Restatement

 

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations reflects correction of the errors described in the Explanatory Note with respect to the statement of cash flows included in the Original Form 10-K. For additional information and a detailed discussion of the corrected errors, refer to the Explanatory Note and the Background of the Restatement. See also Part I, Item 1. Business included in the Original Form 10-K for additional information on our business.

 

Overview 

 

In General

 

Our company is managed and reported in two reporting segments: chemicals segment and biofuels segment. Within the chemicals segment are two product groups: custom chemicals and performance chemicals. The custom chemicals group is comprised of chemicals manufactured for a single customer, whereas the performance chemicals product group is comprised of chemicals manufactured for multiple customers. The biofuels segment is comprised of one product group. Management believes that the diversity of each segment strengthens the Company by better using resources and is committed to growing each segment.

 

Major products in the custom chemicals group include: (i) consumer products (cosmetics and personal care products, specialty polymers, and specialty products used in the fuels industry); (ii) chlorinated polyolefin adhesion promoters and antioxidant precursors for a customer; and (iii) a biocide intermediate.

 

Pricing for the other custom manufacturing products is negotiated directly with the customer. Some, but not all, of these products have pricing mechanisms and/or protections against raw material, energy, or conversion cost changes.

 

Performance chemicals consist of specialty chemicals that are manufactured to general market-determined specifications and are sold to a broad customer base. A major product line in the performance chemicals group is SSIPA/LiSIPA, a polymer modifier that aids the properties of nylon and polyesters. This group of products also includes other sulfonated monomers and hydrotropes, specialty solvents, polymer additives, and chemical intermediates, such as glycerin.

 

SSIPA/LiSIPA revenues are generated from a diverse customer base of nylon and polyester fiber manufacturers and other customers that produce condensation polymers. Contract sales are, in certain instances, indexed to key raw materials for inflation; otherwise, there is no pricing mechanism or specific protection against raw material or conversion cost changes.

 

Pricing for the other performance chemical products is established based upon competitive market conditions. Some, but not all, of these products have pricing mechanisms and/or specific protections against raw material or conversion cost changes.

 

For our biofuels segment, we procure all of our own feedstock and only sell biodiesel for our own account. We have the capability to process multiple types of feedstocks including vegetable oils, animal fats, and separated food waste oils. We can receive feedstock by rail or truck, and we have substantial storage capacity to acquire feedstock at advantaged prices when market conditions permit. Our annual biodiesel production capacity is 59 million gallons per year.

 

There currently is uncertainty as to whether we will produce biodiesel in the future. This uncertainty results from changes in feedstock prices relative to biodiesel prices and the lack of permanency of government mandates including the BTC, the small producer’s tax credit, the CFPC (effective January 1, 2025), the renewable fuels program, and the California low carbon fuel program credits. See “Risk Factors” above as well as Note 3 to our consolidated financial statements. This uncertainty also results from government mandates that strengthen markets that we compete against including renewable diesel and electric vehicles.

 

 

While biodiesel is the principal component of the biofuels segment, we also generate revenue from the sale of petrodiesel both in blends with our biodiesel and, from time to time, with no biodiesel added. Petrodiesel and biodiesel blends are available to customers at our leased storage facility in North Little Rock, Arkansas and at our Batesville plant. In addition, we deliver blended product to a small group of customers within our region. We also sell D4 and D6 RINs from time to time. At December 31, 2023 we held 4.3 million RINs with a market value of $6,567 and at December 31, 2022, we held 1.5 million RINs in inventory with a market value of $2,557.

 

Most of our sales are FOB the Batesville plant, although some transfer points are in other states or foreign ports. While many of our chemicals are used to manufacture products that are shipped, further processed, and/or consumed throughout the world, the chemical products, with limited exceptions, generally leave the United States only after we have transferred ownership. Rarely are we the exporter of record, never are we the importer of record into foreign countries, and we are not always aware of the exact quantities of our products that are moved into foreign markets by our customers. We do track the addresses of our customers for invoicing purposes and use this address to determine whether a particular sale is within or outside the United States. Our revenue for the last three fiscal years attributable to the United States and foreign countries (based upon the billing addresses of our customers) is set forth in the following table.

 

						All Foreign
Period		United States				Countries				Total
Year ended December 31, 2023		$	367,368			$	882			$	368,250
Year ended December 31, 2022		$	394,671			$	1,343			$	396,014
Year ended December 31, 2021		$	320,148			$	1,238			$	321,386

 

The majority of our expenses are cost of goods sold. Cost of goods sold includes raw material costs as well as both fixed and variable conversion costs, such conversion costs being those expenses that are directly or indirectly related to the operation of our plant. Significant conversion costs include labor, benefits, energy, supplies, depreciation, and maintenance and repair. In addition to raw material and conversion costs, cost of goods sold includes environmental reserves and costs related to idle capacity. Finally, cost of goods sold includes hedging gains and losses recognized by us related to our biofuels segment. Cost of goods sold is allocated to the chemicals and biofuels business segments based on equipment and resource usage for most conversion costs and based on revenue for most other costs.

 

Operating costs include selling, general and administrative, and research and development expenses.

 

The discussion of results of operations that follows is based on revenue and expenses in total and for individual product lines and does not differentiate related party transactions.

 

Fiscal Year Ended December 31, 2023 Compared to Fiscal Year Ended December 31, 2022

 

Set forth below is a summary of certain financial information for the periods indicated.

 

(Dollars in thousands other than per share amounts)

 

		Year				Year
		Ended				Ended
		December 31,				December 31,				Dollar				%
		2023				2022*				Change				Change
Revenue		$	368,250			$	396,014			$	(27,764	)			(7	)%
Income from operations		$	27,368			$	17,546			$	9,822				56	%
Net income		$	37,382			$	15,211			$	22,171				146	%
Earnings per common share:
Basic		$	0.85			$	0.35			$	0.50				143	%
Diluted		$	0.85			$	0.35			$	0.50				143	%
Adjusted EBITDA*		$	34,983			$	27,763			$	7,220				26	%

 

*Adjusted EBITDA for 2022 has been restated to be consistent with 2023 reporting. Adjusted EBITDA in both years excludes the impact from unrealized gains or losses on derivatives.  Realized gains and losses are included in Adjusted EBITDA in both 2022 and 2023.

 

 

We use adjusted EBITDA as a key operating metric to measure both performance and liquidity. Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is not a substitute for operating income, net income, or cash flow from operating activities (each as determined in accordance with GAAP) as a measure of performance or liquidity. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results as reported under GAAP. We define adjusted EBITDA as net income before interest, income taxes, depreciation, and amortization expenses, excluding, when applicable, non-cash stock-based compensation expenses, public offering expenses, acquisition-related transaction costs, purchase accounting adjustments, losses on disposal of property and equipment, unrealized gains or losses on derivative instruments, and other non-operating income or expenses. Information relating to adjusted EBITDA is provided so that investors have the same data that we employ in assessing the overall operation and liquidity of our business. Our calculation of adjusted EBITDA may be different from similarly titled measures used by other companies; therefore, the results of our calculation are not necessarily comparable to the results of other companies.

 

Adjusted EBITDA allows our chief operating decision makers to assess the performance and liquidity of our business on a consolidated basis to assess the ability of our operating segments to produce operating cash flow to fund working capital needs, to fund capital expenditures and to pay dividends. In particular, our management believes that adjusted EBITDA permits a comparative assessment of our operating performance and liquidity, relative to a performance and liquidity based on GAAP results, while isolating the effects of depreciation and amortization, which may vary among our operating segments without any correlation to their underlying operating performance, and of non-cash stock-based compensation expense, which is a non-cash expense that varies widely among similar companies, and unrealized gains and losses on derivative instruments, which can cause net income to appear volatile from period to period relative to the sale of the underlying physical product.

 

We enter into commodity derivative instruments to protect our operations from downward movements in commodity prices and to provide greater certainty of cash flows associated with sales of our commodities. We enter into hedges, and we use mark-to-market accounting to account for these instruments. Thus, our results in any given period can be impacted, and sometimes significantly, by changes in market prices relative to our contract price along with the timing of the valuation change in the derivative instruments relative to the sale of biofuel. We include the unrealized gains and losses on the derivative instruments as an adjustment as we believe it provides a relevant indicator of the underlying performance of our business in a given period.

 

The following table reconciles adjusted EBITDA with net income, the most directly comparable GAAP financial measure. 

 

(Dollars in thousands)

 

		Years ended December 31:
		2023				2022*
Net income		$	37,382			$	15,211
Depreciation			10,348				10,454
Non-cash stock-based compensation			-				46
Interest and dividend income			(9,577	)			(4,870	)
Non-cash interest expense and amortization of deferred financing costs			135				128
Loss on disposal of property and equipment			29				64
Unrealized gain on derivative instruments			(1,878	)			(343	)
(Gain) loss on marketable securities			(575	)			8,546
Other income			(882	)			-
Income tax provision (benefit)			1				(1,473	)
Adjusted EBITDA*		$	34,983			$	27,763

 

The following table reconciles adjusted EBITDA with cash flows from operations, the most directly comparable GAAP liquidity financial measure:

 

(Dollars in thousands)

 

		Years ended December 31:
		(Restated)
		2023				2022*
Net cash provided by operating activities		$	21,299			$	52,451
Benefit for deferred income taxes			-				1,822
Interest and dividend income			(9,577	)			(4,870	)
Income tax provision (benefit)			1				(1,473	)
Changes in operating assets and liabilities, net			24,143				(20,168	)
Other non-operating (income) expense			(883	)			1
Adjusted EBITDA*		$	34,983			$	27,763

 

*Adjusted EBITDA for 2022 has been restated to be consistent with 2023 reporting. Adjusted EBITDA in both years excludes the impact from unrealized gains or losses on derivatives.  Realized gains and losses are included in Adjusted EBITDA in both 2022 and 2023.

 

 

Results of Operations

 

Consolidated

 

		2023 Compared to 2022:																2022 Compared to 2021:
										Change																Change
(Dollars in thousands)		2023				2022				$				%				2022				2021				$				%
Sales		$	368,250			$	396,014			$	(27,764	)			(7.0	)%		$	396,014			$	321,386			$	74,628				23.2	%
Volume/product mix effect										$	45,350				11.5	%										$	(30,301	)			(9.4	)%
Price effect										$	(73,114	)			(18.5	)%										$	104,929				32.6	%
Gross profit		$	40,979			$	28,993			$	11,986				41.3	%		$	28,993			$	23,537			$	5,456				23.2	%
Operating expense		$	13,611			$	11,447			$	2,164				18.9	%		$	11,447			$	10,639			$	808				7.6	%
Other (income) expense		$	(10,015	)		$	3,808			$	(13,823	)			NA			$	3,808			$	(3,032	)		$	6,840				NA
Pretax income		$	37,383			$	13,738			$	23,645				172.1	%		$	13,738			$	15,930			$	(2,192	)			(13.8	)%
Income tax provision (benefit)		$	1			$	(1,473	)		$	1,474				NA			$	(1,473	)		$	(10,325	)		$	8,852				(85.7	)%
Net income		$	37,382			$	15,211			$	22,171				145.8	%		$	15,211			$	26,255			$	(11,044	)			(42.1	)%

 

2023 Compared to 2022

 

Consolidated sales revenue decreased 7.0% or $27,764 in 2023 compared to 2022 primarily from lower average sales prices in the biofuel segment ($71,198) and, to a lesser extent, in the chemical segment ($1,916). This decrease was partially offset by higher biodiesel sales volumes in the biofuel segment ($44,994).

 

Gross profit increased 41.3% or $11,986 in 2023 compared to 2022. This comparative increase was primarily attributable to improved margins in both the biofuel and chemical segments inclusive of (i) the change in the realized activity of derivative instruments in comparison to the prior year with a gain of $694 as compared to a loss of $24,703 in the prior year; the prior year loss included an unfavorable impact of volatility in the NYMEX heating oil futures market of $10,500 and (ii) the change in the unrealized activity of derivative instruments in comparison to the prior year with a gain of $1,878 in the current year and a gain of $343 in the prior year.  Also contributing to this improved margin was the benefit from the change in adjustments in the carrying value of our inventory as determined utilizing the LIFO method of inventory accounting which increased gross profit $10,334 in 2023 and decreased gross profit $3,944 in 2022 (net of a liquidation of $1,850 from exiting the pipeline business).

 

Operating expenses increased $2,164 in 2023 compared to 2022. This increase was primarily the result of increased compensation expense.

 

Other income was $10,015 in 2023 as compared to other expenses of $3,808.  During 2023, we exited our position in marketable securities and transferred the funds to interest earning deposits.  As a result, interest and dividend income increased $4,707 in 2023 as compared to 2022. The net realized gain on the sale of marketable securities was $575 in 2023 as compared to an unrealized loss of $8,546 in 2022 (see Note 7 of our consolidated financial statements for further details).

 

Income tax provision (benefit) 

 

The income tax provision was $1 in 2023 or an effective tax rate of 0.0% as compared to a benefit in 2022 of ($1,473) or an effective tax rate of (10.7%). 

 

The Company’s effective tax rates for the years 2023 and 2022 reflect the positive effect of certain tax credits and incentives, the most significant of which are the BTC and the Small Agri-biodiesel Producer Tax Credit. Based on technical guidance from the Internal Revenue Service, the Company excludes the portion of the BTC not used to satisfy excise tax liabilities from income. See Note 3 to our consolidated financial statements for a discussion of the pretax earnings impact of the BTC.

 

The Company’s effective tax rate for 2023 and 2022 includes an expense of $6,821 or 18.2% and $7,392 or 53.8%, respectively, from the recording of a valuation allowance against its deferred tax assets. The Company evaluates its deferred tax assets and records a valuation allowance to reduce these assets to the amount that is more likely than not to be realized. As of December 31, 2023, based on all available and allowable evidence, the Company determined that its deferred tax assets are more likely than not realizable only to the extent of its deferred tax liabilities and recorded the resulting valuation allowance.

 

The Company’s unrecognized tax benefit totaled $0 at December 31, 2023 and 2022.

 

 

2022 Compared to 2021

 

Consolidated sales revenue increased 23.2% or $74,628 in 2022 compared to 2021 primarily from higher average sales prices in the biofuel segment and, to a lesser extent, in the chemical segment.  This increase was reduced in part by lower sales volumes primarily in the biofuels segment and, to a lesser extent, in the chemicals segment.

 

Gross profit increased 23.2% or $5,456 in 2022 compared to 2021. This comparative increase was primarily attributable to: (i) improved margins in the chemical segment, and (ii) the prior year was unfavorably impacted by significantly atypical natural gas prices incurred in February 2021 from Winter Storm Uri. Partially offsetting this improvement in gross profit was the unfavorable change in the realized and unrealized activity of derivative instruments which resulted in a reduction in gross profit of $10,500 in 2022. The comparative unfavorable change was primarily from the unprecedented volatility in the NYMEX heating oil futures market.

 

Operating expenses increased $808 in 2022 compared to 2021. This increase was primarily the result of increased compensation expense.

 

Other expense increased $6,840 from 2022 primarily from realized and unrealized losses on equity securities with a loss of $8,546 in 2022 as compared to a loss of $70 in 2021.

 

Income tax benefit (provision)

 

The income tax benefit in 2022 was $1,473 or an effective tax rate of (10.7%) as compared to a benefit in 2021 of $10,325 or an effective tax rate of (64.8%). 

 

The Company’s effective tax rates for the years 2022 and 2021 reflect the positive effect of certain tax credits and incentives, the most significant of which was the BTC and the Small Agri-biodiesel Producer Tax Credit. Based on technical guidance from the Internal Revenue Service, the Company excludes the portion of the BTC not used to satisfy excise tax liabilities from income.

 

The Company’s effective tax rate for 2022 includes an expense of $7,392 or 53.8% from the recording of a valuation allowance against its deferred tax assets. The Company evaluates its deferred tax assets and records a valuation allowance to reduce these assets to the amount that is more likely than not to be realized. As of December 31, 2022, based on all available and allowable evidence, the Company determined that its deferred tax assets are more likely than not realizable only to the extent of its deferred tax liabilities and recorded the resulting valuation allowance.

 

The Company’s unrecognized tax benefit totaled $0 at December 31, 2022 and 2021.

 

Chemicals Segment

 

		2023 Compared to 2022:																2022 Compared to 2021:
										Change																Change
(Dollars in thousands)		2023				2022				$				%				2022				2021				$				%
Sales		$	79,333			$	80,893			$	(1,560	)			(1.9	)%		$	80,893			$	67,542			$	13,351				19.8	%
Volume/product mix effect											356				0.4	%											(1,137	)			(1.7	)%
Price effect											(1,916	)			(2.4	)%											14,488				21.5	%
Gross profit		$	29,936			$	25,645			$	4,291				16.7	%		$	25,645			$	13,970			$	11,675				83.6	%

 

2023 Compared to 2022

 

Chemical sales revenue decreased 1.9% or $1,560 in 2023 compared with 2022. Sales revenue for our custom chemical product line (chemicals produced for specific customers) totaled $64,286, an increase of 9.4% or $5,549 from 2022. Included in this net increase was higher sales volumes of chemical intermediates in the oil and gas industry and contractual price increases partially offset by reduced amortization of deferred revenue of $3,081 (see Note 4 of our consolidated financial statements for further details). Performance chemicals revenue (comprised of multi-customer products which are sold based on specification) was $15,047 in 2023, a decrease of 32.1% or $7,109 from 2022. This decrease resulted from lower selling prices of our glycerin products partially offset by higher volumes.

 

Gross profit for the chemicals segment increased 16.7% or $4,291 in 2023 compared with 2022. This improvement was primarily from the change in adjustments in the carrying value of our inventory as determined utilizing the last-in, first-out (“LIFO”) method of inventory accounting which increased gross profit $1,920 in 2023 and decreased gross profit $1,093 in 2022. Also contributing to this increase was stronger margins and higher sales volumes in products sold into the oil and gas industry.  Partially reducing these improvements was the change in the timing of deferred revenue amortization of $3,081 and lower margins from glycerin products on reduced selling price from increased imports.

 

 

2022 Compared to 2021

 

Chemical sales revenue increased 19.8% or $13,351 in 2022 compared with 2021. Sales revenue for our custom chemical product line (chemicals produced for specific customers) totaled $58,737, an increase of 15.9% or $8,062 from 2021. This increase was primarily from higher sales volumes of chemical intermediates in the oil and gas industry. Performance chemicals revenue (comprised of multi-customer products which were sold based on specification) was $22,156 in 2022, an increase of 31.4% or $5,289 from 2021. This increase resulted from higher selling prices of our glycerin products partially offset by lower volumes of polymer modifiers.

 

Gross profit for the chemicals segment increased 83.6% or $11,675 in 2022 compared with 2021. This increase resulted primarily from stronger margins and higher sales volumes in products sold into the oil and gas industry and glycerin markets. In addition, the prior year gross profit was negatively impacted from higher natural gas prices incurred from Winter Storm Uri.

 

Biofuel Segment

 

		2023 Compared to 2022:																2022 Compared to 2021:
										Change																Change
(Dollars in thousands)		2023				2022				$				%				2022				2021				$				%
Sales		$	288,917			$	315,121			$	(26,204	)			(8.3	)%		$	315,121			$	253,844			$	61,277				24.1	%
Volume/product mix effect											44,994				14.3	%											(29,164	)			(11.5	)%
Price effect											(71,198	)			(22.6	)%											90,441				35.6	%
Gross profit		$	11,043			$	3,348			$	7,695				229.8	%		$	3,348			$	9,567			$	(6,219	)			(65.0	)%

 

2023 Compared to 2022

 

Biofuels sales revenue decreased 8.3% or $26,204 in 2023 compared to 2022, primarily from decreased selling prices of biodiesel and biodiesel blends, inclusive of a decline in separated RIN sale prices. RIN prices declined during 2023 as production levels exceeded the renewable volume obligations set by the EPA.

 

A portion of our biodiesel sold was to two major refiners in the United States in 2023 and 2022. No assurances can be given that we will continue to sell to such major refiners, or, if we do sell, the volume we will sell or the profit margin we will realize. We do not believe that the loss of this customer would have a material adverse effect on our biofuels segment or on us as a whole in that: (i) unlike our custom manufacturing products, biodiesel is a commodity with a large potential customer base; (ii) we believe that we could readily sell our biodiesel to other customers as potential demand from other customers for biodiesel exceeds our production capacity; (iii) our sales to this customer are not under fixed terms and the customer has no fixed obligation to purchase any minimum quantities except as stipulated by short term purchase orders; and (iv) the prices we receive from this customer are based upon then-market rates, as would be the case with sales of this commodity to other customers.

 

Biofuels gross profit increased $7,695 in 2023 compared to 2022. Gross profit primarily increased from the prior year from:  (i) the change in the realized activity of derivative instruments in comparison to the prior year with a gain of $694 as compared to a loss of $24,360 in the prior year; the prior year was unfavorably impacted by the volatility in the NYMEX heating oil futures market which generated realized losses of $10,500 and (ii) the change in the unrealized activity of derivative instruments in comparison to the prior year with a gain of $1,878 in the current year and a gain of $343 in the prior year. Also improving gross profit was the change in adjustments in the carrying value of our inventory as determined utilizing the LIFO method of inventory accounting increased gross profit $8,414 in 2023 as compared to a decrease in gross profit of $5,794 in 2022. In 2022, the liquidation effect of exiting the pipeline business increased gross profit $1,851 in 2022; no such liquidation occurred in 2023.

 

2022 Compared to 2021

 

Biofuels sales revenue increased 24.1% or $61,277 in 2022 compared to 2021, primarily from increased selling prices of biodiesel and biodiesel blends, inclusive of separated RIN sales. Sales revenue declined in part on lower sales volumes as margins narrowed from the prior year.

 

A portion of our biodiesel sold was to two major refiners in the United States in 2022 as compared with three major refiners in 2021. No assurances can be given that we will continue to sell to such major refiners, or, if we do sell, the volume we will sell or the profit margin we will realize. We do not believe that the loss of this customer would have a material adverse effect on our biofuels segment or on us as a whole in that: (i) unlike our custom manufacturing products, biodiesel is a commodity with a large potential customer base; (ii) we believe that we could readily sell our biodiesel to other customers as potential demand from other customers for biodiesel exceeds our production capacity; (iii) our sales to this customer are not under fixed terms and the customer has no fixed obligation to purchase any minimum quantities except as stipulated by short term purchase orders; and (iv) the prices we receive from this customer are based upon then-market rates, as would be the case with sales of this commodity to other customers.

 

 

Biofuels gross profit decreased 65.0% or $6,219 in 2022 compared to 2021. Gross profit primarily decreased due to the unprecedented volatility in the heating oil futures market which resulted in a basis risk loss of $10,500 and lower sales volumes. Partially improving gross profit was (i) the change in adjustments in the carrying value of our inventory as determined utilizing the LIFO method of inventory accounting reduced gross profit $9,921 in 2021 as compared to $5,794 in 2022, (ii) the liquidation effect of exiting the pipeline business, which increased profits $1,851 in 2022, and (iii) 2021 gross profit was unfavorably impacted by higher natural gas prices incurred from Winter Storm Uri.

 

Critical Accounting Policies and Estimates

 

Useful Lives of Property, Plant, and Equipment

 

We primarily base our estimate of an asset’s useful life on our experience with other similar assets. The actual useful life of an asset may differ significantly from our estimate for such reasons as the asset’s build quality, the manner in which the asset is used, or changes in the business climate. We monitor the estimated useful lives of our assets. Depreciation is provided for using the straight-line method over the associated asset’s estimated useful lives.

 

Revenue Recognition

 

We recognize revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers, when performance obligations of the customer contract are satisfied. We sell to customers through master sales agreements or standalone purchase orders. The majority of our revenue is from short-term contracts with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer is satisfied. Accordingly, we recognize revenue when control is transferred to the customer, which is when products are considered to meet customer specification per the customer contract and title and risk of loss are transferred. This typically occurs at the time of shipment or delivery; or for certain contracts, this occurs upon delivery of the material to one of our storage locations, ready for customer pickup and separated from our other inventory. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products and is generally based upon a negotiated price. We sell products directly to customers generally under agreements with payment terms of 30 to 75 days for chemical segment customers and 2 to 10 days for biofuels segment customers.

 

Certain long-term contracts have an upfront non-refundable payment considered a material right. The Company applies the renewal option approach in allocating the transaction price to the material right. For each of these contracts, the Company estimated the expected contractual term and expected volumes to be sold at the most likely expected sales price as a basis for allocating the transaction price to the material right. Each estimate is updated quarterly on a prospective basis. These custom chemical contracts have payment terms of 30 days. See Notes 2 and 4 of our consolidated financial statements for additional discussion.

 

For most product sales, revenue is recognized when product is shipped from our facilities and when control has transferred to the customer, which is in accordance with our customer contracts and the stated shipping terms. Nearly all custom manufactured products are manufactured under written master service agreements. Performance chemicals and biodiesel are generally sold pursuant to the terms of written purchase orders. In general, customers do not have any rights of return, except for quality disputes. All of our products are tested for quality before shipment, and historically returns have been inconsequential. We do not offer rebates, except those related to the BTC.

 

Biodiesel selling prices can at times fluctuate based on the timing of unsold, internally generated RINs. From time to time, sales of biodiesel are on a “RINs-free” basis. Such method of selling results in applicable RINs being held. The value of RINs is not reflected in revenue until such time as the RINs sale has been completed with the transfer of the RINs.

 

Revenue from bill-and-hold transactions in which a performance obligation exists is recognized when the total performance obligation has been met and control of the product has transferred. Bill-and-hold transactions for 2023 and 2022 were related to custom chemicals customers whereby revenue was recognized in accordance with contractual agreements based upon product being produced and ready for use by the customer. These sales were subject to written monthly purchase orders with agreement that production was reasonable. The product was custom manufactured and stored at the customer’s request and could not be sold to another buyer. Credit and payment terms for bill-and-hold customers are similar to other custom chemicals customers. Sales revenue under bill-and-hold arrangements were $43,766, $36,805, and $34,695 for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023 and 2022, $4,317 and $4,473, respectively, was included in revenue for products that had not shipped. The latter amounts do not include Contract Assets of $734 and $775 that have not been billed nor shipped at December 31, 2023 and 2022, respectively.

 

Taxes collected from customers and remitted to governmental authorities are recorded on a net basis within cost of goods sold. Shipping and handling fees related to sales transactions were billed to customers and recorded as sales revenue.

 

 

Income Taxes

 

The provision for (benefit from) income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for (benefit from) income taxes represent income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. 

 

A tax valuation allowance is recognized if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In assessing the recoverability of its deferred tax assets, the Company evaluates available positive and negative evidence to estimate whether it is more likely than not that sufficient future taxable income will be generated to permit use of the existing deferred tax assets in each taxing jurisdiction. In making this determination, the Company considers positive evidence in the form of projections of future taxable income, reversing temporary differences, and tax planning strategies. In years in which the Company has experienced objective negative evidence in the form of three cumulative years of tax losses, the Company no longer uses taxable income projections to overcome the presumption of losses and deferred tax asset valuations are computed taking into account tax planning strategies and the reversing net deferred tax liability from temporary differences as sources of income. 

 

The Company recognizes income tax positions that meet the more likely than not threshold and accrues interest related to unrecognized income tax positions which is recorded as a component of the income tax provision.

 

Liquidity and Capital Resources

 

Our net cash provided by (used in) operating activities, investing activities, and financing activities for the years ended December 31, 2023, 2022 and 2021 are set forth in the following table.

 

(Dollars in thousands) 

 

		2023				2022				2021
Net cash provided by operating activities		$	21,299			$	52,451			$	44,084
Net cash provided by (used in) investing activities		$	33,022			$	(3,829	)		$	14,993
Net cash used in financing activities		$	(10,517	)		$	(10,503	)		$	(119,678	)

 

Operating Activities

 

Cash provided by operating activities decreased in 2023 to $21,299 from $52,451 in 2022, a net decrease of $31,152. This decrease was attributed to the change in (i) accounts payable, including accounts payable - related parties, of $27,928, (ii) fair value of equity securities of $11,414 with the sale of marketable securities, (iii) income taxes receivable of $7,782, and (iv) inventory of $6,379. Partially offsetting the decrease in cash from operations was the increase of $22,171 in net income in 2023 compared to 2022.

 

Cash provided by operating activities increased in 2022 to $52,451 from $44,084 in 2021, a net increase of $8,367. This increase was attributed to the change in (i) accounts receivable, including accounts receivable - related parties, of $9,731 and (ii) accounts payable, including accounts payable-related parties, of $4,656. Primarily offsetting the increase in cash from operations was the increase of $6,807 in inventory in 2022 compared to 2021.

 

Investing Activities

 

Cash provided by investing activities was $33,022 in 2023 compared to cash used by investing activities of $3,829 in 2022 for a net increase in cash of $36,851. This increase was primarily attributable to the sale of marketable securities in 2023 of $37,701 compared to sales of marketable securities in 2022 of $1,292. Increased capital expenditures decreased cash from investing activities by $1,244.

 

Cash used by investing activities was $3,829 in 2022 compared to cash provided by investing activities of $14,993 in 2021 for a net decrease in cash of $18,822. This decrease was primarily attributable to sales of marketable securities in 2022 of $1,292 compared to the net sales of marketable securities in 2021 of $17,106. Increased capital expenditures decreased cash from investing activities by $3,322.

 

 

Financing Activities

 

Cash used in financing activities was $10,517 in 2023, primarily from the payment of dividends of $10,503.

 

Cash used in financing activities decreased to $10,503 in 2022, from $119,678 in 2021, a net decrease of $109,175. This decrease resulted from the payment of special cash dividends in 2021 of $109,408 compared to $0 in 2022.

 

Capital Expenditure Commitments

 

We had $560 of infrastructure capital repair projects that generated commitments as of December 31, 2023.

 

Historically, we finance capital requirements for our business with cash flows from operations and have not had the need to incur bank indebtedness to finance any of our operations during the periods discussed herein.

 

Credit Facility

 

On March 30, 2020, the Company, with FutureFuel Chemical Company as the borrower and certain of the Company’s other subsidiaries as guarantors, amended and restated its credit agreement (the “Credit Agreement”) originally entered into on April 16, 2015 (as amended, the “Prior Credit Agreement”) with the lenders party thereto, Regions Bank as administrative agent and collateral agent, and PNC Bank, N.A., as syndication agent. The Credit Agreement consists of a five-year revolving credit facility in a dollar amount of up to $100,000, which includes a sublimit of $30,000 for letters of credit and $15,000 for swingline loans (collectively, the “Credit Facility”). The Credit Facility expires on March 30, 2025. The primary amendments from the Prior Credit Agreement were a reduction in the facility’s credit limit by $65,000, a reduction in the facility’s applicable interest rate by 0.25%, a reduction in the commitment fee, and elimination of the minimum consolidated fixed charge coverage ratio.

 

We will be permitted to use net proceeds of any borrowings under the Credit Facility for working capital and other general corporate purposes. No borrowings were made under the Credit Agreement or the Prior Credit Agreement as of December 31, 2023 and 2022. See Note 13 of the consolidated financial statements for additional information regarding our Credit Agreement.

 

The Credit Facility contains certain affirmative and negative covenants, including negative covenants that limit or restrict, among other things, indebtedness, liens and encumbrances, dividends, burdensome agreements, mergers and fundamental changes, assets sales, investments, transactions with affiliates, changes in fiscal years, and other matters customarily restricted in such agreements.

 

On March 1, 2023, the Company entered into a First Amendment to the Credit Agreement (the “First Amendment”). The First Amendment primarily amends the Credit Agreement to transition the Credit Facility from LIBOR to SOFR and to reflect other conforming changes, in each case as more specifically set forth in the First Amendment.  The First Amendment does not modify the aggregate amount, or expiration date, of the Credit Facility. We do not expect the transition from LIBOR to have a material impact on the Credit Facility. Pursuant to the First Amendment, the interest rate floats at the following margins over SOFR or base rate based upon our leverage ratio. We do not expect the transition from LIBOR to have a material impact on the Credit Facility or any new agreement we might enter into.

 

		Adjusted SOFR
		Rate Loans
Consolidated Leverage Ratio		and Letter of Credit Fee				Base Rate Loans				Commitment Fee
< 1.00:1.0			1.00	%			0.00	%			0.15	%
≥ 1.00:1.0 And < 1.50:1.0			1.25	%			0.25	%			0.15	%
≥ 1.50:1.0 And < 2.00:1.0			1.50	%			0.50	%			0.20	%
≥ 2.00:1.0 And < 2.50:1.0			1.75	%			0.75	%			0.20	%
≥ 2.50:1.0			2.00	%			1.00	%			0.25	%

 

Certain of our subsidiaries have entered into guarantees of payment on behalf of the Company for amounts outstanding under the Credit Facility. In addition, we and certain subsidiaries have entered into a pledge and security agreement with the lender parties to secure the obligations under the Credit Facility. Pursuant to the pledge and security agreement, we and certain of our subsidiaries have pledged certain collateral, including but not limited to, interests in intellectual property rights and certain equity interests in our subsidiaries.

 

We intend to fund future capital requirements for our businesses from cash flow generated by us as well as from existing cash, cash investments, and, if the need should arise, borrowings under our credit facility. We do not believe there will be a need to issue any securities to fund such capital requirements.

 

 

Dividends

 

In 2023, we paid regular cash dividends aggregating $0.24 per share on our common stock with record dates and payment dates as previously discussed. The regular cash dividends declared in 2023 totaled $10,503 to be paid in 2024.

 

In 2022, we paid regular cash dividends aggregating $0.24 per share on our common stock with record dates and payment dates as previously discussed. The regular cash dividends declared in 2022 totaled $21,006; $10,503 paid in 2022 and $10,503 paid in 2023.

 

In 2021, we paid regular cash dividends aggregating $0.24 per share on our common stock with record dates and payment dates as previously discussed. The regular cash dividends totaled $10,498. On May 10, 2021, we also declared a special cash dividend of $2.50 per share on our common stock. This special cash dividend paid on June 4, 2021, amounted to $109,408. Total cash dividends paid in 2021 were $119,906.

 

Capital Management

 

As a result of positive operating results, we accumulated excess working capital. We intend to retain the remaining cash to fund infrastructure and capacity expansion at our Batesville plant or to otherwise fund our future growth. Third parties have not placed significant restrictions on our working capital management decisions.

 

A significant portion of these funds were held in cash or cash equivalents at multiple financial institutions. In the first six months of 2023 and the twelve months of 2022, we also had investments in certain preferred stock and other equity instruments measured at fair value and changes in fair value recognized in net income. We also held certain trust preferred securities. We classified these investments as current assets in the accompanying consolidated balance sheets and designate them as being “available-for-sale”. Accordingly, they were recorded at fair value with the unrealized gains and losses, net of taxes, reported as a component of stockholders’ equity. We exited our position in these marketable securities during 2023. The fair value of these preferred stock, trust preferred securities, and other equity instruments, including accrued dividends and interest, totaled $0 and $37,126 as of December 31, 2023 and 2022, respectively.

 

The unrealized losses on equity securities were $0 and $8,297 as of December 31, 2023 and 2022, respectively.

 

Lastly, we maintain depository accounts such as checking accounts, money market accounts, and other similar accounts at selected financial institutions. As of December 31, 2023, approximately 55% of these deposits were insured by the Federal Deposit Insurance Corporation.

 

Off-Balance Sheet Arrangements

 

We engage in two types of hedging transactions. First, we hedge our biofuels sales through the purchase and sale of futures contracts and options on futures contracts of energy commodities. This activity was captured on our consolidated balance sheets at December 31, 2023 and 2022. Second, we hedge our biofuels feedstock through the execution of purchase contracts and supply agreements with certain vendors which meet the normal purchase and normal sales exception of ASC 815 Derivatives and Hedging. These hedging transactions are recognized in earnings and do not qualify as a hedge accounting treatment on our consolidated balance sheets at December 31, 2023 or 2022, as they do not meet the definition of a hedge instrument as defined under GAAP. The purchase of biofuels feedstock generally involves two components: basis and price. Basis covers any refining or processing required as well as transportation. Price covers the purchases of the actual agricultural commodity. Both basis and price fluctuate over time. A supply agreement with a vendor constitutes a hedge when we have committed to a certain volume of feedstock in a future period and have fixed the basis for that volume.

 

Contractual Obligations

 

Purchase obligations include the purchase of biodiesel feedstock and various other infrastructure and capital repairs as follows:

 

Less than 1 year		$	45,389
1-3 years			43
4-5 years			-
More than 5 years			-
Total		$	45,432

 

A component of other noncurrent liabilities is a reserve for asset retirement obligations and environmental contingencies of $1,431 at December 31, 2023. We are liable for these asset retirement obligations and environmental contingencies only in certain events, primarily the closure of our Batesville, Arkansas facility. As such, we do not expect a payment related to these liabilities in the foreseeable future and therefore we have excluded this amount from the table above.

 

 

FutureFuel Corp.

Consolidated Balance Sheets

As of December 31, 2023 and 2022

(Dollars in thousands)

 

 

The accompanying notes are an integral part of these financial statements.

 

 

FutureFuel Corp.

Consolidated Statements of Income and Comprehensive Income

For the Years Ended December 31, 2023, 2022 and 2021

(Dollars in thousands, except per share amounts)

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 

FutureFuel Corp.

Consolidated Statements of Cash Flows

For the Years Ended December 31, 2023, 2022 and 2021

(Dollars in thousands)

 

 

The accompanying notes are an integral part of these financial statements.

 

 

FutureFuel Corp.

Consolidated Statements of Changes in Stockholders’ Equity

For the Years Ended December 31, 2023, 2022 and 2021

(Dollars in thousands)

 

 

The accompanying notes are an integral part of these financial statements

 

 

Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

 

1.	DESCRIPTION OF BUSINESS AND OPERATIONS

 

FutureFuel Corp. (the “Company”) is a Delaware corporation with its wholly owned subsidiaries, FutureFuel Chemical Company; FFC Grain, L.L.C.; FutureFuel Warehouse Company, L.L.C.; and Legacy Regional Transport, L.L.C.

 

The Company’s sole operating facility is FutureFuel Chemical Company located in Batesville, Arkansas, a manufacturer of specialty and performance chemicals and biofuels.

 

 

2.	SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

 

Financial Presentation

 

The consolidated financial statements of FutureFuel Corp. and subsidiaries are prepared in conformity with accounting principles generally accepted (“GAAP”) in the United States and include amounts that are based upon management estimates and judgments which could differ from actual future results.  Intercompany transactions and balances are eliminated in consolidation. Certain reclassifications were made to prior year amounts to conform to the 2023 presentation.

 

Cash and cash equivalents

 

Cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates market. The Company places its temporary cash investments with high credit quality financial institutions. At times, bank deposits may be in excess of the Federal Deposit Insurance Corporation insurance limit, however, no loss has occurred.

 

Accounts receivable and allowance for credit losses

 

Accounts receivable are recorded at the invoiced amount and only bear interest if outstanding beyond the agreed upon payment terms. The Company has established procedures to monitor credit risk and has not experienced significant credit losses in prior years. Accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based upon management’s evaluation of the collectability of individual invoices and is based upon management’s evaluation of the financial condition of its customers and historical bad debt experience. Write-offs are recorded at the time a customer receivable is deemed uncollectible.

 

In accordance with Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments the Company recognizes expected credit losses based on a broader range of reasonable and supportable information to inform credit loss estimates.

 

Customer concentrations

 

For the year ended December 31, 2023, 2022 and 2021, significant portions of the Company’s sales were made to a relatively small number of customers. Sales to two biodiesel customers totaled $127,763 (35% of revenue) in 2023. Sales to two biodiesel customers totaled $107,898 (27% of total revenue) in 2022 and sales to three customers totaled $133,231 (41% of revenue) in 2021. Receivables for the significant customers at December 31, 2023 and 2022, were 0.2% and 2% of total receivables, respectively.

 

No chemical customer represented a greater than 10% of total sales revenue in 2023, 2022, or 2021.

 

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Table of Contents

Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

Inventory

 

Inventories are valued at the lower of cost or market. The Company determines the cost of raw materials, work in process, and finished goods inventories by the last-in, first-out (“LIFO”) method. The cost of all other inventories is determined by the average cost method, which approximates the first-in, first-out (“FIFO”) method. The Company writes-down its inventories for estimated obsolescence or unmarketable inventory equal to the difference between the carrying value of inventory and the estimated market value based upon assumptions about future demand and market conditions.

 

Derivative instruments

 

The Company records all derivative instruments at fair value. Fair value is determined by using the closing prices of the derivative instruments on the New York Mercantile Exchange at the end of an accounting period. Changes in the fair value of derivative instruments are recognized at the end of each accounting period and recorded in the statement of income as a component of cost of goods sold.

 

In order to manage commodity price risk caused by market fluctuations in biofuel prices, future purchases of feedstock used in biodiesel production, physical feedstock, finished product inventories attributed to the process, and other petroleum products purchased or sold, the Company may enter into exchange-traded commodity futures and options contracts. The Company accounts for these derivative instruments in accordance with Accounting Standards Codification (“ASC”) 815-20-25, Derivatives and Hedging. Under this standard, the accounting for changes in the fair value of a derivative instrument depends upon whether it has been designated as an accounting hedging relationship and, further, on the type of hedging relationship. To qualify for designation as an accounting hedging relationship, specific criteria must be met and appropriate documentation maintained. The Company had no derivative instruments that qualified under these rules as designated accounting hedges in 2023 or 2022. The Company has elected the normal purchase and normal sales exception for certain feedstock purchase contracts and supply agreements and for certain biodiesel sales contracts.

 

Marketable securities

 

Investments consist of marketable equity and debt securities stated at fair value. The debt securities are designated as available-for-sale securities at the time of purchase based upon the intended holding period. Gains and losses from the sale of marketable securities and the changes in the fair value of equity securities are recognized as “gains (losses) on marketable securities” as a component of other income (expense) in the consolidated statements of income and comprehensive income. The cost basis used for all marketable securities is specific identification. Changes in the fair value of debt securities are recognized in “accumulated other comprehensive income” on the consolidated balance sheets, unless the Company determines that an unrealized loss will not be recovered before it is sold, in which case, the Company will recognize the loss as a component of other income (expense).

 

See Notes 7 and 8 for further information on marketable securities and fair value measurements.

 

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Table of Contents

Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

Fair value measurements

 

The Company records recurring and non-recurring financial assets and liabilities as well as all non-financial assets and liabilities subject to fair value measurement at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. These fair value principles prioritize valuation inputs across three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. An asset or liability's classification within the various levels is determined based on the lowest level input that is significant to the fair value measurement.

 

Property, plant, and equipment

 

Property, plant, and equipment is carried at cost. Maintenance and repairs are charged to earnings; replacements and betterments are capitalized. When the Company retires or otherwise disposes of an asset, it removes the cost of such asset and related accumulated depreciation from the accounts. The Company records any profit and loss on retirement or other disposition in earnings.

 

Depreciation expense is calculated based on historical cost and the estimated useful lives of the assets, generally using the straight-line method with the following useful lives:

 

Building & building equipment (years)		20	–	39
Machinery and equipment (years)		3	–	33
Transportation equipment (years)		5	–	33
Other (years)		5	–	33

 

Impairment of assets

 

The Company evaluates the carrying value of long-lived tangible assets when events or changes in circumstances indicate that the carrying value may not be recoverable. Such events and circumstances include, but are not limited to, significant decreases in the market value of the asset, adverse changes in the extent or manner in which the asset is being used, significant changes in business climate, or current or projected cash flow losses associated with the use of the assets. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from such assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. For long-lived assets to be held for use in future operations and for tangible assets, fair value is determined primarily using either the projected cash flows discounted at a rate commensurate with the risk involved or an appraisal. For long-lived assets to be disposed of by sale or other than sale, fair value is determined in a similar manner, except those fair values are reduced for disposal costs.

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

Asset retirement obligations and environmental costs

 

The Company establishes reserves for closure/post-closure costs associated with the environmental and other assets it maintains, which include, but are not limited to, waste management units, such as a chemical waste destructor, storage tanks, and boilers. When these types of assets are constructed or installed, a liability is established with a corresponding asset for the future costs anticipated to be associated with the closure of the site based on an expected life of the environmental assets, the applicable regulatory closure requirements, and the Company’s environmental policies and practices. These expenses are charged into earnings over the estimated useful life of the assets. Currently, the Company estimates the useful life of each individual asset up to 27 years. Changes made in estimates of the asset retirement obligation costs or the estimate of the useful lives of these assets are reflected in earnings as an increase or decrease in the period such changes are made.

 

Environmental costs are capitalized if they extend the life of the related property, increase its capacity, and/or mitigate or prevent future contamination. The cost of operating and maintaining environmental control facilities is charged to expense.

 

Litigation 

 

The Company and its operations from time to time may be parties to or targets of lawsuits, claims, investigations, and proceedings including product liability, personal injury, patent and intellectual property, commercial, contract, environmental, health and safety, and environmental matters, which are handled and defended in the ordinary course of business. The Company accrues a liability for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When a single amount cannot be reasonably estimated but the cost can be estimated within a range, the Company accrues the minimum amount.

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

Revenue recognition  

 

In accordance with ASC Topic 606, Revenue from Contracts with Customers, the Company recognizes revenue when performance obligations of the customer contract are satisfied. The Company sells to customers through master sales agreements or standalone purchase orders. The majority of the Company’s revenue is from short-term contracts with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer is satisfied. Accordingly, the Company recognizes revenue when control is transferred to the customer, which is when products are considered to meet customer specification per the customer contract and title and risk of loss are transferred. This typically occurs at the time of shipment or delivery; or for certain contracts, this occurs upon delivery of the material to a Company storage location, ready for customer pickup and separated from other Company inventory. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products and is generally based upon a negotiated price. The Company sells its products directly to customers generally under agreements with payment terms of 30 to 75 days for chemical segment customers and 2 to 10 days for biofuels segment customers.

 

The Company applies the practical expedient and excludes the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less; and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed.

 

Revenue within the biofuel segment includes revenue from biodiesel RINs. RINs are renewable identification numbers under the Renewable Fuel Standard (“RFS2”) used to incent the use of renewable fuels domestically. RINs are generated at 1.5 RINs per gallon of biodiesel produced and sold. Revenue is recognized from RINs when transferred to the buyer in the government provided tracking system. No cost is incurred in the generation of a RIN.

 

Taxes collected from customers remitted to governmental authorities are excluded from revenue. Shipping and handling fees related to sales transactions are billed to customers and recorded as sales revenue.

 

Cost of goods sold and distribution

 

Cost of goods sold consists of raw and packaging materials, direct manufacturing costs, depreciation, analytical lab costs, inbound freight, purchasing, and other indirect costs necessary to manufacture products. Biodiesel cost of goods sold also includes a credit for the one dollar per gallon Blenders’ Tax Credit (“BTC”) for blending biodiesel with petroleum diesel when in law. The BTC was in law during 2021, 2022, and 2023 and is in effect until December 31, 2024. See Note 3 for further discussion.

 

Distribution expense includes outbound freight costs, depreciation of distribution equipment, and other indirect costs necessary to distribute product.

 

Selling, general, and administrative expenses

 

Selling, general, and administrative expenses include personnel costs associated with sales, marketing, and administration; legal and related costs; consulting and professional service fees; advertising expenses; and other similar costs.

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

Research and development expenses

 

Research and development expenses include direct salaries, depreciation of equipment, material expenditures, contractor fees, and other indirect costs. All costs identified as research and development costs are charged to expense when incurred.

 

Comprehensive income

 

Comprehensive income is comprised of net income and other comprehensive income (loss) (“OCI”). Comprehensive income comprises all changes in stockholders’ equity from transactions and other events and circumstances from non-owner sources. The Company’s OCI comprises unrealized gains and losses resulting from its investments in marketable debt securities classified as available-for-sale (see Note 7).

 

Unrealized gains and losses were determined using the specific identification method and are classified in OCI.

 

Income taxes

 

The income tax (benefit) provision is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for (benefit from) income taxes represent income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. 

 

A tax valuation allowance is recognized if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In assessing the recoverability of its deferred tax assets, the Company evaluates available positive and negative evidence to estimate whether it is more likely than not that sufficient future taxable income will be generated to permit use of the existing deferred tax assets in each taxpaying jurisdiction. In making this determination, the Company considers positive evidence in the form of projections of future taxable income, reversing temporary differences, and tax planning strategies.  In years in which the Company has experienced objective negative evidence in the form of three cumulative years of tax losses, the Company no longer uses taxable income projections to overcome the presumption of losses and deferred tax asset valuations are computed using only the reversing net deferred tax liability from temporary differences as a source of income.

 

Issued accounting standards not yet adopted

 

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (ASU) No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which aims to address requests for improved income tax disclosures from investors that use the financial statements to make capital allocation decisions. The amendments in this ASU address the investor requests for more transparency of income tax information and apply to all entities that are subject to income taxes. The ASU is effective for years beginning after December 15, 2024, but early adoption is permitted.  This ASU should be applied on a prospective basis, although retrospective application is permitted. Management is currently evaluating the impact of the changes required by the new standard on the Company's financial statements and related disclosures.

 

In November 2023, the FASB issued Accounting Standard Update (ASU) No. 2023-07, Segment Reporting (Topic 280):  Improvements to Reportable Segment Disclosures, which aims to improve disclosures about a public entity’s reportable segments.  This update addresses requests from investors for more detailed information about a reportable segment’s expenses in order to improve understanding of a public entity’s business activities, overall performance, and potential future cash flows.  The amendments in this ASU include a requirement for public business entities to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and are included within each reported measure of segment profit or loss. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years starting after December 15, 2024. This ASU must be applied retrospectively to all prior periods presented. Management is currently evaluating the impact of the changes required by the new standard on the Company's financial statements and related disclosures.

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

Proposed accounting standards

 

In July 2023, the FASB issued Proposed Accounting Standards Update (ASU) No. 2023-ED500 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which aims to provide investors with more useful information about an entity’s expenses by improving disclosures on income statement expenses.  The amendments in this Proposed ASU would require public business entities to disclose disaggregated information about specific categories underlying certain income statement expense line items. The Company is evaluating this proposed accounting standard.

 

Recently adopted accounting standards

 

None.

 

3.	GOVERNMENT TAX CREDITS

 

BTC and Small Agri-Biodiesel Producer Tax Credit and Clean Fuel Production Tax Credit

 

The BTC provides a one dollar per gallon tax credit to the blender of biomass-based diesel with at least 0.1% petroleum-based diesel fuel.  The Company recorded this credit as a reduction to cost of goods sold as applicable sales were made.

 

The Further Consolidated Appropriations Act of 2020 was passed by Congress and signed into law on December 20, 2019, retroactively reinstating the BTC for 2018 and 2019 and extending it through December 31, 2022.  With the passage of the Inflation Reduction Act (“IRA”) in August 2022, the BTC was extended through December 31, 2024.

 

As part of each law from which the BTC mentioned above was reinstated, small agri-biodiesel producers with production capacity not in excess of 60 million gallons were eligible for an additional income tax credit of $0.10 per gallon on the first 15 million gallons of agri-biodiesel sold (the “Small Agri-biodiesel Producer Tax Credit”). The Company was eligible for this credit and recognized $1,500 for 2023, 2022, and 2021 in the same accounting period as the benefit from the BTC as described above.  The benefit of this credit is recognized as a component of income tax (benefit) provision.

 

The Inflation Reduction Act (IRA), created the clean fuel production credit (“CFPC”) for qualifying transportation fuel produced after 2024 and sold on or before December 31, 2027. The CFPC consolidates and replaces several fuel related credits set to expire December 31, 2024 including the BTC and the Small Agri-biodiesel Producer Tax Credit. 

 

The CFPC is an income tax credit structured on a sliding scale so that producers become eligible for larger credits as the GHG emissions of the fuels they produce approach zero.  For producers meeting the prevailing wage and registered apprenticeship requirements, the maximum credit is $1.00 per gallon of nonaviation fuel.  For producers not meeting the prevailing wage and registered apprenticeship requirements, the maximum credit is 20 cents per nonaviation fuel gallon.

 

CARES ACT – EMPLOYEE RETENTION TAX CREDIT

 

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), was enacted on  March 27, 2020, to encourage eligible employers to retain employees on their payroll.  The Consolidated Appropriations Act, effective  January 1, 2021, broadened the eligibility of the credit.  The Company applied for this credit and will recognize the benefit of the credit once reasonable assurance can be made as to the retention of the credit. 

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

4.	REVENUE RECOGNITION

 

The majority of revenue is from short term contracts with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer are satisfied.

 

Certain of the Company’s custom chemical contracts within the chemical segment contain a material right, as defined by ASC Topic 606, from the provision of a customer option to purchase future goods or services at a discounted price as a result of upfront payments provided by customers. Each contract also has a performance obligation to transfer products with 30-day payment terms. The Company recognizes revenue when the customer takes control of the inventory, either upon shipment or when the material is made available for pick up. If the customer is deemed to take control of the inventory prior to pick up, the Company recognizes the revenue as a bill-and-hold transaction in accordance with ASC Topic 606. The Company applies the renewal option approach in allocating the transaction price to these material rights and transfer of product. As a basis for allocating the transaction price to the material right and transfer of product, the Company estimates the expected life of the contract, the expected contractual volumes to be sold over that life, and the most likely expected sales price. Each estimate is updated quarterly on a prospective basis.

 

Contract Assets and Liabilities:

 

Contract assets consist of unbilled amounts resulting from revenue recognized through bill-and-hold arrangements. The contract assets for 2023 and 2022 consist of unbilled revenue from only one customer and are recorded as accounts receivable in the consolidated balance sheets. Contract liabilities consist of advance payments related to material rights recorded as deferred revenue in the consolidated balance sheets. Increases to contract liabilities from cash received for a performance obligation of chemical segment plant expansions were $538 and $1,983 in 2023 and 2022, respectively. Contract liabilities are reduced as the Company transfers product to the customer under the renewal option approach. Revenue recognized in the chemical segment from the contract liability reductions were $2,734 and $5,816 in 2023 and 2022, respectively. These contract asset and liability balances are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period.

 

The following table provides the balances of receivables, contract assets, and contract liabilities from contracts with customers.

 

Contract balances

 

Contract Assets and Liabilities

 

		December 31,
		2023				2022
Trade receivables, included in accounts receivable*		$	15,897			$	16,459
Contract assets, included in accounts receivable			1,128				775
Contract liabilities, included in Deferred revenue - short-term			3,656				3,565
Contract liabilities, included in Deferred revenue - long-term			9,318				11,605

 

*Exclusive of the BTC of $11,381 and $8,970, respectively, and net of allowances for bad debt of $55 and $48, respectively, as of the dates noted.

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

Transaction price allocated to the remaining performance obligations

 

As of December 31, 2023, approximately $12,974 of revenue is expected to be recognized in the future from remaining performance obligations. The Company expects to recognize this revenue ratably based upon the expected sales over the expected term of its long-term contracts which range from one to four years. Approximately 28% of this revenue is expected to be recognized over the next 12 months, and 72% is expected to be recognized between one and three years. These amounts are subject to change based upon changes in the estimated contract life, estimated quantities, and most-likely expected sales price over the contract life. See Note 2 for further information.

 

Disaggregation of revenue - contractual and non-contractual

 

		Year ended December 31,
		2023				2022				2021
Contract revenue from customers with > 1-year arrangement		$	37,055			$	33,686			$	25,918
Contract revenue from customer with < 1-year arrangement			330,973				362,106				295,246
Revenue from non-contractual arrangements			222				222				222
Total revenue		$	368,250			$	396,014			$	321,386

 

Timing of revenue

 

		Year ended December 31,
		2023				2022				2021
Bill-and-hold revenue		$	43,766			$	36,805			$	34,695
Non-bill-and-hold revenue			324,484				359,209				286,691
Total revenue		$	368,250			$	396,014			$	321,386

 

Bill-and-hold transactions consisted of five specialty chemical customers in 2023, and four in each of 2022 and 2021, whereby revenue was recognized in accordance with contractual agreements based on product produced, readied for use and loaded into customer provided containers. These sales were subject to written monthly purchase orders with revenue recognized upon production and loading into customer provided containers. The inventory was segregated from other Company inventory as it was custom manufactured and stored at the customer’s request and could not be sold to another buyer. Credit and payment terms for bill-and-hold transactions are similar to other specialty chemical customers. Sales revenue under bill-and-hold arrangements totaled $43,766, $36,805, and $34,695, for the years ended December 31, 2023, 2022, and 2021, respectively. Of the bill-and-hold sales revenue recognized, $4,317, $4,473, and $3,154 had not been shipped for the years ended December 31, 2023, 2022, and 2021, respectively. These balances do not include contract assets that have not been billed or shipped as described above.

 

The Company’s revenues for the years ended December 31, 2023, 2022 and 2021 attributable to the United States and foreign countries (based upon the billing addresses of its customers) were as follows.

 

		Year ended December 31,
		2023				2022				2021
United States		$	367,368			$	394,671			$	320,148
All Foreign Countries			882				1,343				1,238
Total		$	368,250			$	396,014			$	321,386

 

For the years ended December 31, 2023, 2022 and 2021, no revenues from a single foreign country were greater than 1% of total revenues.

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

5.

INVENTORY

 

The carrying values of inventory were as follows as of December 31:

 

		2023				2022
At average cost (approximates current cost)
Finished goods		$	16,235			$	11,719
Work in process			611				879
Raw and indirect materials			25,532				33,897
			42,378				46,495
LIFO reserve			(9,400	)			(19,734	)
Total inventory		$	32,978			$	26,761

 

In 2022, a LIFO liquidation resulted in a decrease of $2,124 to “Cost of goods sold”. There was no LIFO liquidation in 2023. 

 

 

6.	DERIVATIVE INSTRUMENTS

 

Realized and unrealized gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the consolidated statements of income as a component of cost of goods sold and amounted to a net gain of $2,571 for the year ended December 31,2023 and a net loss of $24,360 and $10,377 for the years ended December 31, 2022 and 2021, respectively.

 

The volumes and carrying values of the Company’s derivative instruments were as follows at December 31:

 

		Asset/ (Liability)
		2023								2022
		Contract				Fair				Contract				Fair
		Quantity				Value				Quantity				Value
Regulated fixed price future commitments, included in other current assets (in thousand barrels)			354			$	1,736				305			$	(142	)

 

The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $745 and $2,088 at December 31, 2023 and 2022, respectively, and is classified as other current assets in the consolidated balance sheet. 

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

7.	MARKETABLE SECURITIES

 

At December 31, 2023, the Company held no marketable equity or trust preferred (debt) securities.  The previous sale of these securities was recorded as a component of net income with a gain of $575 in the year ended December 31, 2023. At December 31, 2022, the Company had investments in certain marketable equity and debt securities which had a fair market value of $37,126. These investments were classified as current assets in the consolidated balance sheets.

 

The Company had designated the trust preferred securities as being available-for-sale. Accordingly, these securities were recorded at fair value of $3,675 at December 31, 2022, with the unrealized loss of $1 and an unrealized gain of $226, net of taxes, as a component of stockholders' equity.

 

For the years ended December 31, 2022 and 2021, in accordance with ASC 321, the change in the fair value of equity securities (preferred and other equity instruments) was reported as a loss on marketable securities as a component of net income in the amount of $8,297 and $904, respectively. 

 

In 2023, 2022, and 2021, the Company had no recategorized net gain or loss to report from accumulated other comprehensive income.

 

 

8.	FAIR VALUE MEASUREMENTS

 

Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants as of the measurement date. Fair value accounting pronouncements also include a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy is broken down into three levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

 

Marketable securities and derivative instruments were fair value measurements using inputs considered as Level 1 holdings in the year ended December 31, 2023. The Company had no Level 2 or Level 3 securities. 

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

9.	PROPERTY, PLANT, AND EQUIPMENT

 

Property, plant, and equipment consisted of the following at December 31:

 

		2023				2022
Land and land improvements		$	6,044			$	5,923
Buildings and building equipment			27,182				27,226
Machinery and equipment			188,794				183,999
Construction in progress			1,809				771
Accumulated depreciation			(151,118	)			(140,978	)
Total		$	72,711			$	76,941

 

Depreciation expense totaled $10,348, $10,454, and $10,452 for the years ended December 31, 2023, 2022 and 2021, respectively. 

 

 

10.	OTHER ASSETS

 

Other assets primarily comprise supplies and parts which are not expected to be used in the twelve-month period subsequent to the consolidated balance sheet date. The balance related to these items totaled $3,409 and $4,114 at December 31, 2023 and 2022, respectively.

 

 

11.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

 

Accrued expenses and other current liabilities consisted of the following at December 31:

 

		2023				2022
Accrued employee liabilities		$	2,179			$	3,287
Accrued property, franchise, motor fuel and other taxes			1,346				1,165
Lease liability, current			389				630
Other current liabilities			844				395
Total		$	4,758			$	5,477

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

12.	BORROWINGS

 

On March 30, 2020, the Company, with FutureFuel Chemical Company as the borrower and certain of the Company’s other subsidiaries as guarantors, amended and restated its credit agreement (the “Credit Agreement”) originally entered into on April 16, 2015 (as amended, the “Prior Credit Agreement”) with the lenders party, Regions Bank as administrative agent and collateral agent, and PNC Bank, N.A., as syndication agent. The Credit Agreement consists of a five-year revolving credit facility in a dollar amount of up to $100,000, which includes a sublimit of $30,000 for letters of credit and $15,000 for swingline loans (collectively, the “Credit Facility”). The Credit Facility expires on March 30, 2025.

 

On March 1, 2023, the Company entered into a First Amendment to the Credit Agreement (the “First Amendment”). The First Amendment primarily amends the Credit Agreement to transition the Credit Facility from LIBOR to the Secured overnight financing rate (“SOFR”) and other conforming changes, in each case as more specifically set forth in the First Amendment. The First Amendment does not modify the aggregate amount, or expiration date, of the Credit Facility. We do not expect the transition from LIBOR to have a material impact on the Credit Facility. Pursuant to the First Amendment, the interest rate floats at the following margins over SOFR or base rate based upon our leverage ratio.

 

		Adjusted SOFR
		Rate Loans
Consolidated Leverage Ratio		and Letter of Credit Fee				Base Rate Loans				Commitment Fee
< 1.00:1.0			1.00	%			0.00	%			0.15	%
≥ 1.00:1.0 And < 1.50:1.0			1.25	%			0.25	%			0.15	%
≥ 1.50:1.0 And < 2.00:1.0			1.50	%			0.50	%			0.20	%
≥ 2.00:1.0 And < 2.50:1.0			1.75	%			0.75	%			0.20	%
≥ 2.50:1.0			2.00	%			1.00	%			0.25	%

 

The terms of the Credit Facility contain certain negative covenants and conditions including a maximum consolidated leverage ratio and a minimum consolidated interest coverage ratio.    

 

There were no borrowings under the Credit Agreement at December 31, 2023 or 2022.

 

At December 31, 2023 and 2022, the Company had $7 and $46 outstanding with a domestic financing company for computer technology under a three-year financing agreement.

 

 

13.	ASSET RETIREMENT OBLIGATIONS AND ENVIRONMENTAL RESERVES

 

The Batesville plant generates hazardous and non-hazardous wastes, the treatment, storage, transportation, and disposal of which are regulated by various governmental agencies. In addition, the Batesville plant may be required to incur costs for environmental and closure and post-closure costs under the Resource Conservation and Recovery Act. The Company’s liability for asset retirement obligations and environmental contingencies was $1,431 and $1,396 as of December 31, 2023 and 2022, respectively. These amounts are recorded in other noncurrent liabilities in the accompanying consolidated balance sheet. The accretion expense for 2023, 2022, and 2021 was $35, $32, and $32, respectively. The periodic review of the asset retirement obligation calculations resulted in an addition to the reserve of $0 in 2023, 2022, and 2021.

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

14.	LEASE COMMITMENTS AND PURCHASE OBLIGATIONS

 

The Company leases railcars under multi-year arrangements primarily for delivery of feedstock and biodiesel within its biofuels segment. The lease fees are fixed with no option to purchase and no upfront fees or residual value guarantees. All railcar leases are direct, and no subleases exist. The Company determines lease existence and classification at inception when an agreement conveys the right to control the identified property for a period of time in exchange for consideration. These leases expire by the end of December 31, 2024. As operating leases do not provide a readily determinable implicit interest rate, the Company uses an incremental borrowing rate based on information available at the commencement date in determining present value of the lease payments.

 

Following are supplemental income statement and cash flow information related to leases.

 

		Year ended December 31,
		2023				2022				2021
Operating lease expense		$	881			$	862			$	887
Short-term lease expense		$	8			$	31			$	23
Cash paid for operating leases		$	881			$	862			$	887
Right of use assets obtained in exchange for lease obligations		$	-			$	707			$	269
Weighted average discount rate, per annum			5.5	%			5.2	%			3.6	%

 

On December 31, 2023 and 2022, a right of use asset was reported as other noncurrent assets of $389 and $1,019, other current liabilities of $389 and $630, and other noncurrent liabilities of $0 and $389, respectively.

 

The imputed interest of the other noncurrent asset at December 31,2023 was $9.

 

Purchase obligations

 

The Company has entered into contracts for the purchase of goods and services including contracts for feedstocks for biodiesel, expansion of the Company’s specialty chemicals segment, and related infrastructure with less than one-year terms.

 

The Company holds one non-cancelable obligation for software maintenance with payment obligations presented as follows.

 

2024			$	37
2025 - 2026				43
Total			$	80

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

15.	INCOME TAX BENEFIT

 

The following table summarizes the income tax provision (benefit) for the years ended:

 

		2023				2022				2021
Income before taxes - U.S.		$	37,383			$	13,738			$	15,930
Income tax provision (benefit):
Federal
Current			-				290				142
Deferred			-				(1,998	)			(10,417	)
State and other
Current			1				60				(13	)
Deferred			-				175				(37	)
Total		$	1			$	(1,473	)		$	(10,325	)

 

Differences between the income tax provision (benefit) computed using the U.S. federal statutory income tax rate were as follows:

 

		2023				2022				2021
Amount computed using the statutory rate of 21% for 2023, 2022, and 2021			21.0	%			21.0	%			21.0	%
Agri-biodiesel production credit			(3.2	)			(8.6	)			(7.4	)
Federal BTC benefit			(32.3	)			(76.2	)			(75.2	)
State BTC benefit			(4.4	)			(7.0	)			(8.9	)
Credit for increasing research activities			(0.5	)			(1.0	)			(0.7	)
Dividends received deduction			(0.1	)			(1.6	)			(1.6	)
State income taxes, net			2.3				5.1				3.5
State rate change and other deferred adjustments			(1.0	)			3.6				5.0
Valuation allowance for deferred tax assets			18.2				53.8				-
CARES Act			-				-				-
Other			-				0.2				(0.5	)
Income tax benefit			0.0	%			(10.7	)%			(64.8	)%

 

The income tax provision in 2023 was $1 or an effective tax rate of 0.0% as compared to an income tax benefit of $1,473 or an effective tax rate of 10.7% in 2022 and an income tax benefit of $10,325 or an effective tax rate of 64.8% in 2021.

 

The Company’s effective tax rates for the years 2023, 2022, and 2021 reflect the positive effect of the BTC and Small Agri-biodiesel Producer Tax Credit. Based on technical guidance from the Internal Revenue Service, the Company excludes the portion of the BTC not used to satisfy excise tax liabilities from income. Both incentives are currently due to expire in December 2024.

 

The Company’s 2022 and 2021 effective tax rate provisions reflect the negative impact to the Company’s overall state income tax position of its 2021 decision to phase out its shipments on the petroleum products common carrier pipelines and the termination of these operations in 2022. This operational change shifts the Company’s business among various states such that its net deferred tax liabilities will be realized at higher rates. Additionally, the Company’s 2023 and 2021 state deferred tax provision reflects a one-time benefit from state legislation enacted during the year which applies a lower tax rate to future reversals of deferred tax liabilities.

 

In 2023 and 2022, the Company determined that its deferred tax assets are realizable only to the extent of its deferred tax liabilities and recorded a valuation allowance that reduces its net deferred tax asset to $0.

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

The significant components of deferred tax assets and liabilities were as follows as of December 31:

 

		2023				2022
Deferred tax assets
Compensation		$	43			$	391
Inventory reserves			618				601
Self-insurance			65				70
Asset retirement obligation			316				323
Deferred revenue			3,693				4,081
Federal net operating loss carryforwards			15,240				9,360
State net operating loss carryforwards			2,765				1,884
Accrued expenses			742				2,648
Stock based compensation			24				24
Federal credit carryforwards			6,915				5,216
State credit carryforwards			676				687
Research & development costs			1,451				749
Derivative instruments			-				29
Capital loss carryforwards			1,898				1,241
Trading securities			-				656
Other			89				96
Subtotal deferred tax assets			34,535				28,056
Valuation Allowance			(14,216	)			(7,392	)
Total deferred tax assets			20,319				20,664
Deferred tax liabilities
Derivative instruments			(403	)			-
LIFO inventory			(3,957	)			(2,740	)
Depreciation			(14,978	)			(17,046	)
Prepaid expenses			(981	)			(878	)
Total deferred tax liabilities			(20,319	)			(20,664	)
Net deferred tax liabilities		$	-			$	-

 

The Company’s federal net operating loss carryforwards at December 31, 2023 do not expire and can be carried forward indefinitely. Utilization of these carryforwards is limited to 80% of taxable income in any given year. State net operating loss carryforwards at December 31, 2023 reflect losses generated in 2019 through 2023 and, if unused, will expire in years 2024 through 2033. Federal and state tax losses are primarily a function of the nontaxable nature of the BTC.

 

Federal tax credit carryforwards at December 31, 2023 include the Small Agri-biodiesel Producer Credit and Credit for Increasing Research generated in years 2019 through 2023 and expiring in 2039 through 2043. State credit carryforwards comprise Arkansas In-house Research Credits generated in 2019 through 2020 and expiring in 2028 through 2029.

 

Capital loss carryforwards were generated in 2019 through 2023 and will expire in 2024 through 2028. 

 

A tax valuation allowance is recognized if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In assessing the recoverability of its deferred tax assets, the Company evaluates available positive and negative evidence to estimate whether it is more likely than not that sufficient future taxable income will be generated to permit use of the existing deferred tax assets in each taxing jurisdiction. In making this determination, the Company considers positive evidence in the form of projections of future taxable income, reversing temporary differences, and tax planning strategies. In years in which the Company has experienced objective negative evidence in the form of three cumulative years of tax losses, the Company no longer uses taxable income projections to overcome the presumption of losses and deferred tax asset valuations are computed taking into account tax planning strategies and the reversing net deferred tax liability from temporary differences as sources of income.

 

As of December 31, 2023 and 2022, the Company recorded valuation allowances of $14,216 and $7,392, respectively, after determining that its total deferred tax assets are more likely than not realizable only to the extent of its deferred tax liabilities.

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

There are no unrecognized tax positions as of December 31, 2023, 2022, or 2021, and the Company does not anticipate any change over the next twelve months.

 

The Company records interest expense (income) and penalties, net, as a component of income tax (benefit) provision and had accrued interest and penalties of $0, ($95), and ($60) for December 31, 2023, 2022 and 2021, respectively. Liabilities for accrued interest and tax penalties on unrecognized tax benefits were $0 at both December 31, 2023 and 2022, respectively.

 

The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and with various state jurisdictions. In general, the Company is subject to U.S., state, and local examinations by tax authorities from 2020 forward.

 

16.	EARNINGS PER SHARE

 

In the year ended December 31, 2023, 2022 and 2021, the Company used the treasury method in computing earnings per share as all shares with participating security holders had vested.

 

There were no outstanding restricted stock units for the year ended December 31, 2023, 2022 and 2021.

 

Basic and diluted earnings per common share were computed as follows:  

 

		Years ended December 31:
		2023				2022				2021
Numerator:
Net income		$	37,382			$	15,211			$	26,255
Denominator:
Weighted average shares outstanding – basic			43,763,243				43,763,243				43,756,065
Effect of dilutive securities:
Stock options			1,440				246				48
Weighted average shares outstanding – diluted			43,764,683				43,763,489				43,756,113
Basic earnings per share		$	0.85			$	0.35			$	0.60
Diluted earnings per share		$	0.85			$	0.35			$	0.60

 

Certain options to purchase the Company’s common stock were not included in the computation of diluted earnings per share for the years ended December 31, 2023, 2022, and 2021 because they were anti-dilutive in the period. The weighted number of options excluded on this basis was 40,060, 33,754, and 28,953, respectively.

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

17.	STOCK-BASED COMPENSATION

 

The Board of Directors of the Company adopted an omnibus incentive plan which was approved by the shareholders of the Company at its 2017 annual shareholder meeting (the “Incentive Plan”). The purpose of the plan is to:

 

	●	Encourage ownership in the Company by key personnel whose long-term employment with or engagement by the Company or its subsidiaries is considered essential to its continued progress and, thereby, encourage recipients to act in the Company’s shareholders’ interests and share in its success;
	●	Encourage such persons to remain in the Company’s employ or in the employ of its subsidiaries; and
	●	Provide incentives to persons who are not the Company employees to promote the Company’s success.

 

The Incentive Plan authorizes the Company to issue stock options (including incentive stock options and nonqualified stock options), common stock awards, and stock appreciation rights. Eligible participants in the plan include: (i) members of the Company’s board of directors and its executive officers; (ii) regular, active employees of the Company and any of its subsidiaries; and (iii) persons engaged by the Company or any of its subsidiaries to render services to the Company or its subsidiaries as an advisor or consultant.

 

Awards under the Incentive Plan are limited to shares of the Company’s common stock, which may be shares acquired by the Company, including shares purchased in the open market, or authorized but un-issued shares. Awards are limited to 10% of the issued and outstanding shares of the Company’s common stock in the aggregate.

 

The Incentive Plan became effective upon its approval by the Company’s shareholders on September 7, 2017 and continues in effect for a term of ten years thereafter unless amended and extended by the Company or unless otherwise terminated.

 

The Company recognizes compensation expense in its financial statements for common stock-based options based upon the grant-date fair value over the requisite service period.

 

No common stock awards were issued in 2023, 2022, or 2021.

 

No stock options were granted under the Incentive Plan in 2023 or 2021. In August 2022, the Company granted a total of 20,000 stock options, respectively, to two new members of the Board of Directors and to the Chief Operating Officer. The options awarded have an exercise price equal to the mean between the highest and lowest quoted sales prices for the Company’s common stock as of the grant date as reported by the New York Stock Exchange. All options awarded in 2022 vested immediately and expire in August 2027. The Company has used the Black Scholes Merton option pricing model, which relies on certain assumptions, to estimate the fair value of the options it granted. The weighted average fair value of options granted was $2.30 per option in 2022.

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

There were no stock options exercised in 2023 or 2022. All of the options exercised in 2021 were exercised on a cash basis.

 

The assumptions used in the determination of the fair value of the options granted are provided in the following table: 

 

2023

2022

2021

Assumptions

Options

Options

Options

Expected volatility rate

n/a

56.61

%

n/a

Expected dividend yield

n/a

3.34

%

n/a

Risk-free interest rate

n/a

3.20

%

n/a

Expected forfeiture rate

n/a

0.00

%

n/a

Expected term in years

n/a

2.3

n/a

 

The volatility rate for the options granted in 2022 were derived from the historical stock price volatility of the Company’s common stock over the same time period as the expected term of each stock option award. The volatility rate is derived by a mathematical formula using the daily closing stock price data over the expected term.

 

The expected dividend yield is calculated using the Company’s expected dividend amount at the date of the option grant over the expected term divided by the fair market value of the Company’s common stock.

 

For the years ended December 31, 2023, 2022 and 2021, total share-based compensation expense (before tax) totaled $0, $46, and $0, respectively. In the year ended December 31, 2022, this balance was recorded as an element of selling, general, and administrative expenses. As of December 31, 2023 and 2022, there was no unrecognized compensation expense related to stock options.

 

A summary of the activity of the Company’s stock options and awards for the period beginning January 1, 2021 and ending December 31, 2023 is presented below.

 

						Weighted
						Average
		Options				Exercise Price
Outstanding at January 1, 2021			44,000			$	12.73
Granted			-				-
Exercised			(20,000	)			11.56
Canceled, forfeited, or expired			-				-
Outstanding at December 31, 2021			24,000				13.71
Granted			20,000				7.18
Exercised			-				-
Canceled, forfeited, or expired			-				-
Outstanding at December 31, 2022			44,000				10.74
Granted			-				-
Exercised			-				-
Canceled, forfeited, or expired			(10,000	)			16.21
Outstanding at December 31, 2023			34,000				9.13

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

There were 4,310,167 options available for grant under the Incentive Plan. The following table provides the remaining contractual term and weighted average exercise prices of stock options outstanding and exercisable from the Incentive Plan at December 31, 2023.

 

				Options Outstanding												Options Exercisable
								Weighted
				Number				Average				Weighted				Number				Weighted
				Outstanding at				Remaining				Average				Exercisable at				Average
Exercise				December 31,				Contractual				Exercise				December 31,				Exercise
Price				2023				Life				Price				2022				Price
$	12.07				10,000				0.71			$	12.07				10,000			$	12.07
	11.56				4,000				1.06				11.56				4,000				11.56
	7.18				20,000				3.61				7.18				20,000				7.18
					34,000				2.46				9.13				34,000				9.13

 

The aggregate intrinsic values of total options outstanding and exercisable at December 31, 2023 and 2022 were $0 and $19, respectively. Intrinsic value is the amount by which the last trade price of the common stock closest to December 31, 2023 and 2022, respectively, exceeded the exercise price of the options granted.

 

 

18.	STOCKHOLDERS’ EQUITY

 

St. Albans Global Management, LLC (“St. Albans”), an entity affiliated with Mr. P. A. Novelly II, a member of the board, is entitled to demand that the Company register under the Securities Act of 1933, as amended (the “Securities Act”), the resale of all shares of the Company’s common stock beneficially owned by it. If St. Albans exercises its registration rights with respect to all 17,085,100 shares of the Company’s common stock currently owned by it, there will be an additional 6,637,600 registered shares of common stock available for trading in the public market. 

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

19.	EMPLOYEE BENEFIT PLANS

 

Defined contribution savings plan

 

The Company currently offers its employees a company 401(k) matching savings plan, which covers substantially all employees. Under this plan, the Company matches the amount of eligible employees’ contributions, subject to specified limits, up to 6% of earnings. Company contributions totaled $1,923, $1,719, and $1,770 for the years ended December 31, 2023, 2022 and 2021, respectively.

 

 

20.	RELATED PARTY TRANSACTIONS

 

The Company enters into transactions with companies affiliated with or controlled by a director or significant stockholder. Revenues, expenses, accounts receivable, prepaid amounts, and unpaid amounts related to these transactions are captured on the consolidated financial statements as related party line items. These related party transactions are summarized in the following table and further described below.

 

Related party balance sheet accounts

 

		2023				2022
Accounts receivable
Biodiesel, petrodiesel, blends and other petroleum products		$	1			$	6
Total accounts receivable		$	1			$	6
Prepaid expenses
Administrative services and other		$	12			$	12
Total prepaid expenses		$	12			$	12
Accounts payable
Natural gas and fuel purchases		$	-			$	7,788
Travel and administrative services			42				11
Total accounts payable		$	42			$	7,799
Accrued liabilities
Travel and administrative services		$	-			$	1
Total accrued liabilities		$	-			$	1

 

Related party income statement accounts

 

		Years ended December 31:
		2023				2022				2021
Revenues
Biodiesel, petrodiesel, blends and other petroleum products		$	22			$	459			$	1,261
Total revenues		$	22			$	459			$	1,261
Cost of goods sold
Biodiesel, petrodiesel, blends, and other petroleum products		$	-			$	5,425			$	5,233
Natural gas purchases			(315	)			-				11,360
Total cost of goods sold		$	(315	)		$	5,425			$	16,593
Distribution
Distribution and related services		$	176			$	174			$	176
Total distribution		$	176			$	174			$	176
Selling, general and administrative expenses
Commodity trading advisory fees		$	308			$	307			$	308
Travel and administrative services			188				184				221
Income tax, consulting services and other			120				120				120
Total selling, general, and administrative expenses		$	616			$	611			$	649

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

Biodiesel, petrodiesel, blends, and other petroleum products

 

The Company enters into agreements to buy and sell biofuels (biodiesel, petrodiesel, biodiesel/petrodiesel blends, RINs, and biodiesel production byproducts) and other petroleum products, such as gasoline, with an affiliate from time to time. Such agreements are priced at the then-current market price of the product as determined from bids from other customers and/or market pricing services. Cost of goods sold related to these sales includes variable costs and allocated fixed costs. The revenue amounts presented in the table above result when the Company sells biodiesel, petrodiesel, blends, and other petroleum products to a related party regardless of who the material was purchased from.  Likewise, cost of goods sold amounts result when biodiesel, petrodiesel, blends, and other petroleum products are purchased from a related party regardless of who the material was sold to.  

 

Natural gas purchases

 

The Company uses natural gas to generate steam for its manufacturing process and to support certain of its air and waste treatment utilities. During 2021, natural gas was purchased through an affiliate provider of natural gas marketing services. Expenses related to these purchases include the cost of the natural gas only; transportation charges were paid to an independent third party. The natural gas matter as discussed in Note 23, Legal proceedings, is in reference to the natural gas supplier, not the related party. The amount shown in 2023 reflects the settlement on the legal matter.

 

Distribution and related services

 

The Company leases oil storage capacity from an affiliate under a storage and throughput agreement. This agreement provides for the storage of biodiesel, diesel or biodiesel/petrodiesel blends, methanol, and biodiesel feedstocks in above-ground storage tankage at designated facilities of the affiliate. Expenses related to this agreement include monthly lease charges, generally on a per-barrel basis, and associated heating, throughput, and other customary terminalling charges.

 

Commodity trading advisory fees

 

The Company entered into a commodity trading advisory agreement with an affiliate. Pursuant to the terms of this agreement, the affiliate provides advice to the Company concerning the purchase, sale, exchange, conversion, and/or hedging of commodities as requested from time to time.

 

Travel and administrative services

 

The Company reimburses an affiliate for legal, trading, travel and other administrative services incurred on its behalf. Such reimbursement is performed at cost with the affiliate realizing no profit on the transaction.

 

Income tax and consulting services

 

An affiliate provides professional services to the Company, primarily in the area of income tax preparation and consulting. The Company also receives certain finance and accounting expertise from this affiliate as requested. Expenses related to these services comprise an agreed quarterly fee plus reimbursement of expense, at cost and are reported as selling, general, and administrative expenses.

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

21.	SEGMENT INFORMATION

 

The Company has two reportable segments organized along similar product lines – chemicals and biofuels. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2.

 

Chemicals

 

The Company’s chemicals segment manufactures diversified chemical products that are sold to third party customers. This segment comprises two product groups: “custom manufacturing” (manufacturing chemicals for specific customers) and “performance chemicals” (multi-customer specialty chemicals).

 

Biofuels

 

The Company’s biofuels segment manufactures and markets biodiesel. Biodiesel revenues are generated through the sale of biodiesel to customers through the Company’s distribution network at the Batesville plant, through distribution facilities available at leased oil storage facilities, and through a network of remotely located tanks. Results of the biofuels business segment also reflect the sale of biodiesel blends with petrodiesel, petrodiesel with no biodiesel added, RINs, and biodiesel production byproducts.

 

Summary of business by segment

 

		Years ended December 31,
		2023				2022				2021
Revenue
Custom chemicals		$	64,286			$	58,737			$	50,675
Performance chemicals			15,047				22,156				16,867
Chemicals revenue			79,333				80,893				67,542
Biofuels revenue			288,917				315,121				253,844
Total Revenue		$	368,250			$	396,014			$	321,386
Segment gross profit
Chemicals		$	29,936			$	25,645			$	13,970
Biofuels			11,043				3,348				9,567
Total gross profit		$	40,979			$	28,993			$	23,537

 

Depreciation is allocated to segment cost of goods sold based on plant usage. The total assets and capital expenditures of the Company have not been allocated to individual segments as large portions of these assets are shared to varying degrees by each segment, causing such an allocation to be of little value.

 

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Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share amounts)

 

 

22.	QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

 

		Quarter
		1st				2nd				3rd				4th
2023
Revenues		$	74,181			$	85,308			$	116,752			$	92,009
Gross profit (loss)		$	21,623			$	(8,592	)		$	3,870			$	24,078
Net income (loss)		$	21,081			$	(9,859	)		$	2,776			$	23,384
Net income (loss) per common share:
Basic		$	0.48			$	(0.23	)		$	0.06			$	0.53
Diluted		$	0.48			$	(0.23	)		$	0.06			$	0.53
2022
Revenues		$	42,261			$	117,796			$	118,141			$	117,816
Gross (loss) profit		$	(7,155	)		$	977			$	19,985			$	15,186
Net (loss) income		$	(12,398	)		$	(3,104	)		$	15,780			$	14,933
Net (loss) income per common share:
Basic		$	(0.28	)		$	(0.07	)		$	0.36			$	0.34
Diluted		$	(0.28	)		$	(0.07	)		$	0.36			$	0.34

 

Earnings per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly amounts will not necessarily equal the total for the year.

 

 

23.	LEGAL PROCEEDINGS

 

The Company is not a party to, nor is any of its property subject to, any material pending legal proceedings, other than ordinary routine litigation incidental to its business. However, from time to time, the Company may be a party to, or a target of, lawsuits, claims, investigations, and proceedings, including product liability, personal injury, asbestos, patent and intellectual property, commercial, contract, environmental, antitrust, health and safety, and employment matters, which the Company expects to be handled and defended in the ordinary course of business. While the Company is unable to predict the outcome of any matters currently pending, the Company does not believe that the ultimate resolution of any such pending matters will have a material adverse effect on its overall financial condition, results of operations, or cash flows. However, adverse developments could negatively impact earnings or cash flows in future periods.

 

The Company entered into a settlement agreement to resolve the previously reported dispute regarding its February 2021 natural gas bill.

 

The natural gas settlement was a reduction to Cost of goods sold-related parties in the Consolidated Statements of Operations and Comprehensive Income in the period ended December 31, 2023 in the amount of $882. This settlement reduced Cost of goods sold for each segment equally.

 

As discussed in Note 21, Related Party Transactions, the “ultimate” natural gas supplier was not a related party of the Company.

 

 

24.	SUBSEQUENT EVENT

 

On  March 12, 2024, the Company’s board of directors authorized the repurchase of up to $25.0 million of Company common stock through a stock repurchase program expiring March 12, 2026. The program could be suspended or discontinued at any time, based on market, economic, or business conditions. The timing and amount of repurchase transactions will be determined by management based on its evaluation of market conditions, share price, and other factors.  

 

The Company's board of directors also authorized on March 12, 2024 a special cash dividend of $2.50 per share on our common stock payable on April 9, 2024, to the holders of record of all the issued and outstanding shares of common stock as of the close of business on March 26, 2024.

 

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25.	Restatement

 

The Company identified a correction required to be made to its consolidated statements of cash flows for the year ended December 31, 2023.  The correction relates solely to the reported amount of “Other assets” and the resulting total amount of “Net Cash Flows From Operating Activities” and the reported amount of “Collateralization of derivative instruments” and the resulting total amount of “Net Cash Flows from Investing Activities” in the consolidated statement of cash flows for the year ended December 31, 2023. The correction does not impact the Company’s overall cash position, its consolidated balance sheets, its consolidated statements of income and comprehensive income, or its consolidated statements of changes in stockholders’ equity as of or for the year ended December 31, 2023.

 

A summary of the impact on the consolidated statement of cash flows is as follows:

 

		For the Year Ended December 31, 2023
		As Originally Reported				Adjustment				As Restated
Cash flows from operating activities:
Other assets		$	3,523			$	(2,686	)		$	837
Net cash provided by operating activities		$	23,985			$	(2,686	)		$	21,299
Cash flows from investing activities:
Collateralization of derivative instruments		$	(1,343	)		$	2,686			$	1,343
Net cash provided by (used in) investing activities		$	30,336			$	2,686			$	33,022

 

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Item 9A.

Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

Under the supervision and with the participation of our chief executive officer and our principal financial officer and other senior management personnel, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15(d)-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on that evaluation, our chief executive officer and our principal financial officer concluded at the time the Original Form 10-K was filed that these disclosure controls and procedures as of December 31, 2023 were effective to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms.

 

Subsequent to that evaluation, our chief executive officer and our principal financial officer concluded that our disclosure controls and procedures were not effective as of December 31, 2023, because of a material weakness in our internal control over financial reporting discussed below.

 

Management’s Annual Report on Internal Control Over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Management assessed the effectiveness of our internal control over financial reporting as of December 31, 2023. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013). Based on this assessment, management concluded at the time the Original Form 10-K was filed that, as of December 31, 2023, our internal control over financial reporting was effective based on those criteria. Subsequent to that assessment, management identified a material weakness in internal controls as described below. Consequently, management concluded that the Company did not maintain effective internal control over financial reporting as of December 31, 2023. 

 

Material Weakness in Internal Control over Financial Reporting

 

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.  Management identified a material weakness in our internal control over financial reporting at each of June 30, 2023, September 30, 2023, and December 31, 2023, due to a deficiency in our review control in accordance with applicable accounting guidance over cash flows from investments within the statements of cash flows for the six months ended June 30, 2023, for the nine months ended September 30, 2023 and for the year ended December 31, 2023. Therefore, the Company has an ineffective financial reporting control over the review of the statement of cash flows.  The control did not operate at a level precise enough to detect material errors in calculations and formulas and as a result did not detect material differences between the operating and investing sections of the statement of cash flows.

 

Remediation Plan

 

The Company’s management, under the oversight of the Audit Committee, is implementing additional review procedures to enhance our internal control over financial reporting with respect to the statement of cash flows. These review procedures include the development of a review checklist to ensure that the Company applies the applicable accounting guidance under ASC 230, Statement of Cash Flows. 

 

Changes in Internal Control Over Financial Reporting

 

Except as described above, there has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Notwithstanding the identified material weakness described above, management believes that the consolidated financial statements included in this Amendment No. 1 present fairly in all material respects our consolidated financial position, results of operations and cash flows for the period presented.

 

 

Report of Independent Registered Public Accounting Firm

 

 

To the Shareholders and the Board of Directors of FutureFuel Corp.

 

 

Opinion on the Internal Control Over Financial Reporting

We have audited FutureFuel Corp. and its subsidiaries' (the Company) internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. In our opinion, because of the effect of the material weakness described below on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.

 

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2023 and 2022, the related consolidated statements of income and comprehensive income, cash flows and changes in stockholders’ equity for each of the three years in the period ended December 31, 2023, and the related notes to the consolidated financial statements (collectively, the financial statements) of the Company and our report dated March 14, 2024 (May 10, 2024, as to the restatement described in Note 25 to the consolidated financial statements) expressed an unqualified opinion on those financial statements and included an explanatory paragraph regarding the restatement.

 

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. The following material weakness has been identified and included in management's assessment.

 

The Company has an ineffective financial reporting control over the review of the statement of cash flows.

The control did not operate at a level precise enough to detect material errors in calculations and formulas and as a result did not detect material differences between the operating and investing sections of the statement of cash flows.

 

This material weakness was considered in determining the nature, timing and extent of audit tests applied in our audit of the 2023 financial statements, and this report does not affect our report dated March 14, 2024 (May 10, 2024, as to the restatement described in Note 25 to the consolidated financial statements) on those financial statements.

 

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

 

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

 

Definition and Limitations of Internal Control Over Financial Reporting

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

/s/RSM US LLP

 

St. Louis, Missouri

March 14, 2024 (May 10, 2024, as to the restatement described in Note 25 to the consolidated financial statements)  

 

 

PART IV

 

 

Item 15. Exhibits and Financial Statement Schedules.

 

(a)	List separately all financial statements filed as part of this report.

 

1.

FutureFuel Corp.’s audited consolidated Balance Sheets as at December 31, 2023 and 2022 and the related consolidated Statements of Operations, Statements of Changes in Stockholders’ Equity, and Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021.

 

(b)	Exhibits required by Item 601 of Regulation S-K.

 

3.1.

Fourth Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit No. 3.3.f to Amendment No. 2 to Form 10 filed February 29, 2008)

 

3.2.

FutureFuel Corp.’s Bylaws (incorporated by reference to Exhibit No. 3.2.a to Form 10 filed April 24, 2007)

 

4.1.

Registration Rights Agreement dated July 12, 2006 among FutureFuel Corp., St. Albans Global Management, Limited Partnership, LLLP, Lee E. Mikles as Trustee of the Lee E. Mikles Gift Trust dated October 6, 1999, Lee E. Mikles as Trustee of the Lee E. Mikles Revocable Trust dated March 26, 1996, Douglas D. Hommert as Trustee of the Douglas D. Hommert Revocable Trust, Edwin A. Levy, Joe C. Leach, Mark R. Miller, RAS LLC, Edwin L. Wahl, Jeffery H. Call and Ken Fenton (incorporated by reference to Exhibit No. 4.5 to Form 10 filed April 24, 2007)

 

4.2.

Description of common stock (incorporated by reference to Exhibit No.4.2 to Form 10-K filed March 16, 2021).

 

10.1.

Registrar Agreement dated June 27, 2008 between FutureFuel Corp. and Computershare Investor Services (Channel Islands) Limited (incorporated by reference to Exhibit No. 10.2 to Form 10-K filed March 16, 2009)

 

10.2.

Storage and Thruput Agreement dated November 1, 2006 between FutureFuel Chemical Company and Center Point Terminal Company (incorporated by reference to Exhibit No. 10.4 to Form 10 filed April 24, 2007)

 

10.3

Commodity Trading Advisor Agreement dated November 1, 2006 between FutureFuel Chemical Company and Apex Oil Company, Inc., as amended (incorporated by reference to Exhibit No. 10.5 to Form 10 filed April 24, 2007 and Exhibit No. 10.3 to Form 10-Q filed August 10, 2015)

 

10.4.

Service Agreement dated November 1, 2006 between FutureFuel Corp. and Pinnacle Consulting, Inc. (incorporated by reference to Exhibit No. 10.6 to Form 10 filed April 24, 2007)

 

10.5.

Time Sharing Agreement dated April 18, 2007 between Apex Oil Company, Inc. and FutureFuel Corp. (incorporated by reference to Exhibit No. 10.15 to Form 10 filed April 24, 2007)

 

 

10.6

Omnibus Incentive Plan (incorporated by reference to Appendix A to Schedule 14A filed July 26,2017)

 

10.7

Amended and Restated Credit Agreement dated as of March 30, 2020 by and among FutureFuel Corp. and FutureFuel Chemical Company, certain Subsidiaries from time to time party thereto, as guarantors, the Lenders from time to time party thereto, and Regions Bank, as administrative agent and collateral agent (incorporated by reference to Exhibit 10.20 to Form 10-Q filed May 8, 2020)

 

10.8

Amended and Restated Pledge and Security Agreement dated as of March 30, 2020 among the Obligors party thereto and Regions Bank, in its capacity as collateral agent (incorporated by reference to Exhibit 10.21 to Form 10-Q filed May 8, 2020)

 

10.9

First Amendment to Amended and Restated Credit Agreement, dated as of March 1, 2023, by and among FutureFuel Corp. and FutureFuel Chemical Company, certain Subsidiaries from time to time party thereto, as guarantors, the Lenders from time to time party thereto, and Regions Bank as administrative agent and collateral agent (incorporated by reference to Exhibit 10.10 to Form 10-K filed March 14, 2023).

 

19.1

FutureFuel Corp. Insider Trading Policy (incorporated by reference to Exhibit 19.1 to Form 10-K filed March 14, 2024)

 

21.1

Subsidiaries of FutureFuel Corp. (incorporated by reference to Exhibit 21 to Form 10-K filed March 14, 2024)

 

23.1

Consent of RSM US LLP

 

31.1

Rule 13a-15(e)/15d-15(e) Certification of chief executive officer

 

31.2

Rule 13a-15(e)/15d-15(e) Certification of principal financial officer

 

32.1

Section 1350 Certification of chief executive officer and principal financial officer

 

97.1

FutureFuel Corp. Clawback Policy (incorporated by reference to Exhibit 97.1 to Form 10-K filed March 14, 2024)

 

	101.1	Interactive Data Files**
	101.INS	Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL
	101.SCH	Inline XBRL Taxonomy Extension Schema Document
	101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
	101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
	101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
	101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
	104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

**

Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files in Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

FUTUREFUEL CORP.

 

By:   /s/ Rose M. Sparks

 

Rose M. Sparks, Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer

 

By: /s/ Tom McKinlay

 

Tom McKinlay, Chief Executive Officer

 

Exhibit 23.1

 

Consent of Independent Registered Public Accounting Firm

 

 

We consent to the incorporation by reference in the Registration Statement (No. 333-221457) on Form S‑8 of FutureFuel Corp. of our reports dated March 14, 2024 (May 10, 2024 as to the effects of the restatement disclosed in Note 25 of the consolidated financial statements), relating to the consolidated financial statements and the effectiveness of internal control over financial reporting (which report expresses an adverse opinion on the effectiveness of the Company’s internal control over financial reporting because of a material weakness) of FutureFuel Corp., appearing in this Annual Report on Form 10-K of FutureFuel Corp. for the year ended December 31, 2023.

 

/s/RSM US LLP

 

 

St. Louis, Missouri

May 10, 2024

 

 

Exhibit 31.1
Certification

 

 

I, Tom McKinlay, certify that:

 

1.

I have reviewed this report on Form 10-K/A of FutureFuel Corp. (the “registrant”).

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

 

3.

Based on my knowledge, the financial statements, and the other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

 

4.

The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially effect, the registrant's internal control over financial reporting.

 

5.

The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: May 9, 2024

 

/s/ Tom McKinlay

 

Tom McKinlay
Chief Executive Officer

 

 

 

Exhibit 31.2
Certification

 

 

I, Rose M. Sparks, certify that:

 

1.

I have reviewed this report on Form 10-K/A of FutureFuel Corp. (the “registrant”​).

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

 

3.

Based on my knowledge, the financial statements, and the other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

 

4.

The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially effect, the registrant's internal control over financial reporting.

 

5.

The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: May 9, 2024

 

/s/ Rose M. Sparks

 

Rose M. Sparks

Chief Financial Officer and Principal Financial Officer

 

 

 

Exhibit 32
Certification
Pursuant to 18 U.S.C.
1350, As Adopted
Pursuant to
§906 of the Sarbanes-Oxley
Act of 2002

 

In connection with the Annual Report of Future Fuel Corp. (the “Company”​) on Form 10-K/A for the period ended December 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certify pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

 

1.	The Report fully complies with the requirements of §13(a) of the Securities Exchange Act of 1934, as amended.

 

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

	/s/ Tom McKinlay
	Tom McKinlay,
	Chief Executive Officer
	/s/ Rose M. Sparks
	Rose M. Sparks,
	Chief Financial Officer and Principal Financial Officer
	May 9, 2024

 

 

v3.24.1.1.u2

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 14, 2024	Jun. 30, 2023
Document Information [Line Items]
Entity Central Index Key	0001337298
Entity Registrant Name	FUTUREFUEL CORP.
Amendment Flag	true
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Type	10-K/A
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	0-52577
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3340900
Entity Address, Address Line One	8235 Forsyth Blvd., Suite 400
Entity Address, City or Town	St Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63105
City Area Code	314
Local Phone Number	854-8352
Title of 12(b) Security	Common Stock
Trading Symbol	F
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Document Financial Statement Error Correction [Flag]	true
Entity Shell Company	false
Entity Public Float			$ 228,789,156
Entity Common Stock, Shares Outstanding		43,763,243
Amendment Description	FutureFuel Corp. (sometimes referred to as the “Company,” “we,” “us,” or “our,” and includes our wholly-owned subsidiaries) is filing this Amendment No. 1 on Form 10-K/A (“Amendment No. 1”) to amend and restate certain items presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 14, 2024 (the “Original Form 10-K”). This Amendment No. 1 contains our audited restated annual financial statements as of, and for the year ended, December 31, 2023, which have been restated to correct certain errors with respect to the statement of cash flows included in the Original Form 10-K, as described in further detail below. In addition, we have filed an amendment (the “Form 10-Q Amendments” and collectively with this Amendment No. 1, the “Amendments”) to each of the Company’s Quarterly Reports on Form 10-Q for the quarters ended September 30, 2023 (the “Q3.2023 Form 10-Q”), and June 30, 2023 (the “Q2.2023 Form 10-Q”), respectively, to correct similar errors contained in the statements of cash flows included in each such original filing. All material restatement information that relates to these errors will be included in the Amendments.   This Amendment No. 1 also includes amendments to and restates and revises the following items of the Original Form 10-K:     • Part I — Item 1A. Risk Factors   • Part II — Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations   • Part II — Item 8. Financial Statements and Supplementary Data   • Part II — Item 9A. Controls and Procedures   • Part IV — Item 15. Exhibits, Financial Statement Schedules   In accordance with applicable SEC rules, this Amendment No. 1 includes new certifications specified in Rule 13a-14 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), from our Chief Executive Officer and Chief Financial Officer dated as of the date of this filing. This Amendment No. 1 also contains an opinion with an explanatory paragraph report of RSM US LLP (“RSM”), the Company’s independent registered public accounting firm, on the financial statements for year ended December 31, 2023, an explanatory paragraph of RSM’s opinion on the effectiveness of the Company’s internal control over financial reporting as of December 31, 2023 and a new consent of RSM.   Other than as described above, this Amendment No. 1 does not reflect adjustments for events occurring after the filing of the Original Form 10-K except to the extent that they are otherwise required to be included and discussed herein. See below for a detailed discussion of the effect of the restatement on the financial statements included in this Amendment No. 1.   Pursuant to Rule 12b-15 under the Exchange Act, this Amendment No. 1 contains only the items and exhibits to the Original Form 10-K that are being amended and restated, and unaffected items and exhibits are not included herein. Except as noted herein, the information included in the Original Form 10-K remains unchanged. This Amendment No. 1 continues to describe the conditions as of the date of the Original Form 10-K, and except as contained herein, we have not updated or modified the disclosures contained in the Original Form 10-K to reflect any events that have occurred after the Original Form 10-K. Accordingly, forward-looking statements included in this Amendment No. 1 may represent management’s views as of the Original Form 10-K and should not be assumed to be accurate as of any date thereafter. This Amendment No. 1 should be read in conjunction with the Company’s filings made with the SEC subsequent to the filing of the Original Form 10-K, including any amendment to those filings.
Auditor Firm ID	49
Auditor Name	RSM US LLP
Auditor Location	St Louis, Missouri

v3.24.1.1.u2

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Cash and cash equivalents	$ 219,444	$ 175,640
Accounts receivable, inclusive of the blenders’ tax credit of $11,381 and $8,970, and net of allowances for credit losses of $55 and $48, respectively	28,406	26,198
Accounts receivable – related parties	1	6
Inventory	32,978	26,761
Income tax receivable	1,940	1,959
Prepaid expenses	4,346	3,694
Prepaid expenses – related parties	12	12
Marketable securities	0	37,126
Other current assets	3,419	2,380
Total current assets	290,546	273,776
Property, plant and equipment, net	72,711	76,941
Other Assets, Noncurrent	3,824	5,252
Total noncurrent assets	76,535	82,193
Total Assets	367,081	355,969
Liabilities and Stockholders’ Equity
Accounts payable	22,178	28,546
Accounts payable – related parties	42	7,799
Deferred revenue – current	3,863	3,772
Dividends payable	10,503	10,503
Accrued Liabilities, Current	4,758	5,477
Accrued expenses and other current liabilities – related parties	0	1
Total current liabilities	41,344	56,098
Deferred revenue – non-current	12,570	15,079
Other Liabilities, Noncurrent	3,287	1,792
Total noncurrent liabilities	15,857	16,871
Total liabilities	57,201	72,969
Commitments and contingencies:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.0001 par value, 75,000,000 shares authorized, 43,763,243 and 43,763,243 issued and outstanding as of December 31, 2023 and 2022	4	4
Accumulated other comprehensive income	0	(1)
Additional paid in capital	282,489	282,489
Retained earnings	27,387	508
Total stockholders’ equity	309,880	283,000
Total Liabilities and Stockholders’ Equity	$ 367,081	$ 355,969

v3.24.1.1.u2

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Allowance for bad debt	$ 55	$ 48
Accounts receivable, tax credits	11,381	8,970
Accounts payable, Blenders' Tax Credit Rebates	$ 890	$ 890
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	43,763,243	43,763,243
Common stock, shares outstanding (in shares)	43,763,243	43,763,243

v3.24.1.1.u2

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue	$ 368,250	$ 396,014	$ 321,386
Gross profit	40,979	28,993	23,537
Selling, general, and administrative expenses
Compensation expense	4,545	3,540	2,586
Other expense	4,052	3,881	3,920
Related party expense	616	611	649
Research and development expenses	4,398	3,415	3,484
Total operating expenses	13,611	11,447	10,639
Income from operations	27,368	17,546	12,898
Interest and dividend income	9,577	4,870	3,119
Interest expense	(138)	(128)	(131)
Gain (loss) on marketable securities	575	(8,546)	(70)
Other income (expense)	1	(4)	114
Other income (expense)	10,015	(3,808)	3,032
Income before income taxes	37,383	13,738	15,930
Income tax provision (benefit)	1	(1,473)	(10,325)
Net income	$ 37,382	$ 15,211	$ 26,255
Earnings per common share
Basic (in dollars per share)	$ 0.85	$ 0.35	$ 0.6
Diluted (in dollars per share)	$ 0.85	$ 0.35	$ 0.6
Weighted average shares outstanding
Basic (in shares)	43,763,243	43,763,243	43,756,065
Diluted (in shares)	43,764,683	43,763,489	43,756,113
Non-related Parties [Member]
Revenue	$ 368,228	$ 395,555	$ 320,125
Non-related Parties [Member] | Excluding Shipping and Handling [Member]
Cost of goods sold	324,311	357,182	274,293
Non-related Parties [Member] | Shipping and Handling [Member]
Cost of goods sold	3,099	4,240	6,787
Related Parties [Member]
Revenue	22	459	1,261
Related Parties [Member] | Excluding Shipping and Handling [Member]
Cost of goods sold – related parties	(315)	5,425	16,593
Related Parties [Member] | Shipping and Handling [Member]
Cost of goods sold	$ 176	$ 174	$ 176

v3.24.1.1.u2

Consolidated Statements of Income and Comprehensive Income 2 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income	$ 37,382	$ 15,211	$ 26,255
Other comprehensive income (loss) from unrealized net losses on available-for- sale debt securities	2	(227)	(38)
Income tax effect	(1)	48	8
Total unrealized gain (loss), net of tax	1	(179)	(30)
Comprehensive income	$ 37,383	$ 15,032	$ 26,225

v3.24.1.1.u2

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Cash flows from operating activities
Net income	$ 37,382	$ 15,211	$ 26,255
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	10,348	10,454	10,452
Amortization of deferred financing costs	101	95	95
Benefit for deferred income taxes	0	(1,822)	(10,454)
Change in fair value of equity securities	(3,117)	8,297	904
Change in fair value of derivative instruments	(1,878)	(343)	609
Loss (gain) on the sale of investments	2,543	248	(834)
Stock based compensation	0	46	0
Loss on disposal of property, plant, and equipment	29	64	11
Impairment of intangible asset	0	0	1,315
Noncash interest expense	34	33	32
Changes in operating assets and liabilities:
Accounts receivable	(2,208)	3,118	(7,929)
Accounts receivable – related parties	5	52	1,368
Inventory	(6,217)	162	6,969
Income tax receivable	19	7,801	7,908
Prepaid expenses	(652)	(106)	379
Prepaid expenses – related party	0	(8)	(4)
Other assets	837	799	732
Accounts payable	(6,493)	13,790	2,095
Accounts payable - related parties	(7,757)	(112)	6,927
Accrued expenses and other current liabilities	(719)	(948)	870
Accrued expenses and other current liabilities – related parties	(1)	0	1
Deferred revenue	(2,418)	(4,055)	(2,931)
Other noncurrent liabilities	1,461	(325)	(686)
Net cash provided by operating activities	21,299	52,451	44,084
Cash flows from investing activities
Collateralization of derivative instruments	1,343	(404)	(750)
Purchase of marketable securities	0	0	(23,546)
Proceeds from the sale of marketable securities	37,701	1,292	40,652
Proceeds from the sale of property, plant, and equipment	0	61	0
Proceeds from the sale of intangible assets	0	0	93
Capital expenditures	(6,022)	(4,778)	(1,456)
Net cash provided by (used in) investing activities	33,022	(3,829)	14,993
Cash flows from financing activities
Minimum tax withholding on stock options exercised	0	0	(3)
Deferred financing costs	(14)	0	0
Proceeds from the issuance of stock	0	0	231
Payment of dividends	(10,503)	(10,503)	(119,906)
Net cash used in financing activities	(10,517)	(10,503)	(119,678)
Net change in cash and cash equivalents	43,804	38,119	(60,601)
Cash and cash equivalents at beginning of period	175,640	137,521	198,122
Cash and cash equivalents at end of period	219,444	175,640	137,521
Cash paid for interest	0	3	47
Cash paid for income taxes	20	69	83
Noncash investing and financing activities:
Noncash capital expenditures included in accounts payable	333	208	364
Noncash operating leases	0	707	269
Dividends payable	$ 10,503	$ 10,503	$ 0

v3.24.1.1.u2

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	AOCI Attributable to Parent [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2020	43,743,243
Balance at Dec. 31, 2020	$ 4	$ 208	$ 282,215	$ 89,456	$ 371,883
Cash dividends declared	$ 0	0	0	(109,408)	(109,408)
Proceeds from the issuance of stock (in shares)	20,000
Proceeds from the issuance of stock	$ 0	0	231		231
Minimum tax withholding	0	0	(3)	0	(3)
Other comprehensive gain (loss)	0	(30)	0	0	(30)
Net income	$ 0	0	0	26,255	26,255
Balance (in shares) at Dec. 31, 2021	43,763,243
Balance at Dec. 31, 2021	$ 4	178	282,443	6,303	288,928
Cash dividends declared	0	0	0	(21,006)	(21,006)
Other comprehensive gain (loss)	0	(179)	0	0	(179)
Net income	0	0	0	15,211	15,211
Stock based compensation	$ 0	0	46		46
Balance (in shares) at Dec. 31, 2022	43,763,243
Balance at Dec. 31, 2022	$ 4	(1)	282,489	508	283,000
Cash dividends declared	0	0	0	(10,503)	(10,503)
Other comprehensive gain (loss)	0	1	0		1
Net income	$ 0	0	0	37,382	37,382
Balance (in shares) at Dec. 31, 2023	43,763,243
Balance at Dec. 31, 2023	$ 4	$ 0	$ 282,489	$ 27,387	$ 309,880

v3.24.1.1.u2

Note 1 - Description of Business and Operations	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Nature of Operations [Text Block]	1. DESCRIPTION OF BUSINESS AND OPERATIONS   FutureFuel Corp. (the “Company”) is a Delaware corporation with its wholly owned subsidiaries, FutureFuel Chemical Company; FFC Grain, L.L.C.; FutureFuel Warehouse Company, L.L.C.; and Legacy Regional Transport, L.L.C.   The Company’s sole operating facility is FutureFuel Chemical Company located in Batesville, Arkansas, a manufacturer of specialty and performance chemicals and biofuels.

v3.24.1.1.u2

Note 2 - Significant Accounting Policies and Basis of Presentation	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION   Financial Presentation   The consolidated financial statements of FutureFuel Corp. and subsidiaries are prepared in conformity with accounting principles generally accepted (“GAAP”) in the United States and include amounts that are based upon management estimates and judgments which could differ from actual future results.  Intercompany transactions and balances are eliminated in consolidation. Certain reclassifications were made to prior year amounts to conform to the 2023 presentation.   Cash and cash equivalents   Cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates market. The Company places its temporary cash investments with high credit quality financial institutions. At times, bank deposits may be in excess of the Federal Deposit Insurance Corporation insurance limit, however, no loss has occurred.   Accounts receivable and allowance for credit losses   Accounts receivable are recorded at the invoiced amount and only bear interest if outstanding beyond the agreed upon payment terms. The Company has established procedures to monitor credit risk and has not experienced significant credit losses in prior years. Accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based upon management’s evaluation of the collectability of individual invoices and is based upon management’s evaluation of the financial condition of its customers and historical bad debt experience. Write-offs are recorded at the time a customer receivable is deemed uncollectible.   In accordance with Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments the Company recognizes expected credit losses based on a broader range of reasonable and supportable information to inform credit loss estimates.   Customer concentrations   For the year ended December 31, 2023, 2022 and 2021, significant portions of the Company’s sales were made to a relatively small number of customers. Sales to two biodiesel customers totaled $127,763 (35% of revenue) in 2023. Sales to two biodiesel customers totaled $107,898 (27% of total revenue) in 2022 and sales to three customers totaled $133,231 (41% of revenue) in 2021. Receivables for the significant customers at December 31, 2023 and 2022, were 0.2% and 2% of total receivables, respectively.   No chemical customer represented a greater than 10% of total sales revenue in 2023, 2022, or 2021.   Inventory   Inventories are valued at the lower of cost or market. The Company determines the cost of raw materials, work in process, and finished goods inventories by the last-in, first-out (“LIFO”) method. The cost of all other inventories is determined by the average cost method, which approximates the first-in, first-out (“FIFO”) method. The Company writes-down its inventories for estimated obsolescence or unmarketable inventory equal to the difference between the carrying value of inventory and the estimated market value based upon assumptions about future demand and market conditions.   Derivative instruments   The Company records all derivative instruments at fair value. Fair value is determined by using the closing prices of the derivative instruments on the New York Mercantile Exchange at the end of an accounting period. Changes in the fair value of derivative instruments are recognized at the end of each accounting period and recorded in the statement of income as a component of cost of goods sold.   In order to manage commodity price risk caused by market fluctuations in biofuel prices, future purchases of feedstock used in biodiesel production, physical feedstock, finished product inventories attributed to the process, and other petroleum products purchased or sold, the Company may enter into exchange-traded commodity futures and options contracts. The Company accounts for these derivative instruments in accordance with Accounting Standards Codification (“ASC”) 815-20-25, Derivatives and Hedging. Under this standard, the accounting for changes in the fair value of a derivative instrument depends upon whether it has been designated as an accounting hedging relationship and, further, on the type of hedging relationship. To qualify for designation as an accounting hedging relationship, specific criteria must be met and appropriate documentation maintained. The Company had no derivative instruments that qualified under these rules as designated accounting hedges in 2023 or 2022. The Company has elected the normal purchase and normal sales exception for certain feedstock purchase contracts and supply agreements and for certain biodiesel sales contracts.   Marketable securities   Investments consist of marketable equity and debt securities stated at fair value. The debt securities are designated as available-for-sale securities at the time of purchase based upon the intended holding period. Gains and losses from the sale of marketable securities and the changes in the fair value of equity securities are recognized as “gains (losses) on marketable securities” as a component of other income (expense) in the consolidated statements of income and comprehensive income. The cost basis used for all marketable securities is specific identification. Changes in the fair value of debt securities are recognized in “accumulated other comprehensive income” on the consolidated balance sheets, unless the Company determines that an unrealized loss will not be recovered before it is sold, in which case, the Company will recognize the loss as a component of other income (expense).   See Notes 7 and 8 for further information on marketable securities and fair value measurements.   Fair value measurements   The Company records recurring and non-recurring financial assets and liabilities as well as all non-financial assets and liabilities subject to fair value measurement at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. These fair value principles prioritize valuation inputs across three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. An asset or liability's classification within the various levels is determined based on the lowest level input that is significant to the fair value measurement.   Property, plant, and equipment   Property, plant, and equipment is carried at cost. Maintenance and repairs are charged to earnings; replacements and betterments are capitalized. When the Company retires or otherwise disposes of an asset, it removes the cost of such asset and related accumulated depreciation from the accounts. The Company records any profit and loss on retirement or other disposition in earnings.   Depreciation expense is calculated based on historical cost and the estimated useful lives of the assets, generally using the straight-line method with the following useful lives:   Building & building equipment (years)   20 – 39   Machinery and equipment (years)   3 – 33   Transportation equipment (years)   5 – 33   Other (years)   5 – 33     Impairment of assets   The Company evaluates the carrying value of long-lived tangible assets when events or changes in circumstances indicate that the carrying value may not be recoverable. Such events and circumstances include, but are not limited to, significant decreases in the market value of the asset, adverse changes in the extent or manner in which the asset is being used, significant changes in business climate, or current or projected cash flow losses associated with the use of the assets. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from such assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. For long-lived assets to be held for use in future operations and for tangible assets, fair value is determined primarily using either the projected cash flows discounted at a rate commensurate with the risk involved or an appraisal. For long-lived assets to be disposed of by sale or other than sale, fair value is determined in a similar manner, except those fair values are reduced for disposal costs.   Asset retirement obligations and environmental costs   The Company establishes reserves for closure/post-closure costs associated with the environmental and other assets it maintains, which include, but are not limited to, waste management units, such as a chemical waste destructor, storage tanks, and boilers. When these types of assets are constructed or installed, a liability is established with a corresponding asset for the future costs anticipated to be associated with the closure of the site based on an expected life of the environmental assets, the applicable regulatory closure requirements, and the Company’s environmental policies and practices. These expenses are charged into earnings over the estimated useful life of the assets. Currently, the Company estimates the useful life of each individual asset up to 27 years. Changes made in estimates of the asset retirement obligation costs or the estimate of the useful lives of these assets are reflected in earnings as an increase or decrease in the period such changes are made.   Environmental costs are capitalized if they extend the life of the related property, increase its capacity, and/or mitigate or prevent future contamination. The cost of operating and maintaining environmental control facilities is charged to expense.   Litigation    The Company and its operations from time to time may be parties to or targets of lawsuits, claims, investigations, and proceedings including product liability, personal injury, patent and intellectual property, commercial, contract, environmental, health and safety, and environmental matters, which are handled and defended in the ordinary course of business. The Company accrues a liability for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When a single amount cannot be reasonably estimated but the cost can be estimated within a range, the Company accrues the minimum amount.   Revenue recognition     In accordance with ASC Topic 606, Revenue from Contracts with Customers, the Company recognizes revenue when performance obligations of the customer contract are satisfied. The Company sells to customers through master sales agreements or standalone purchase orders. The majority of the Company’s revenue is from short-term contracts with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer is satisfied. Accordingly, the Company recognizes revenue when control is transferred to the customer, which is when products are considered to meet customer specification per the customer contract and title and risk of loss are transferred. This typically occurs at the time of shipment or delivery; or for certain contracts, this occurs upon delivery of the material to a Company storage location, ready for customer pickup and separated from other Company inventory. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products and is generally based upon a negotiated price. The Company sells its products directly to customers generally under agreements with payment terms of 30 to 75 days for chemical segment customers and 2 to 10 days for biofuels segment customers.   The Company applies the practical expedient and excludes the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less; and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed.   Revenue within the biofuel segment includes revenue from biodiesel RINs. RINs are renewable identification numbers under the Renewable Fuel Standard (“RFS2”) used to incent the use of renewable fuels domestically. RINs are generated at 1.5 RINs per gallon of biodiesel produced and sold. Revenue is recognized from RINs when transferred to the buyer in the government provided tracking system. No cost is incurred in the generation of a RIN.   Taxes collected from customers remitted to governmental authorities are excluded from revenue. Shipping and handling fees related to sales transactions are billed to customers and recorded as sales revenue.   Cost of goods sold and distribution   Cost of goods sold consists of raw and packaging materials, direct manufacturing costs, depreciation, analytical lab costs, inbound freight, purchasing, and other indirect costs necessary to manufacture products. Biodiesel cost of goods sold also includes a credit for the one dollar per gallon Blenders’ Tax Credit (“BTC”) for blending biodiesel with petroleum diesel when in law. The BTC was in law during 2021, 2022, and 2023 and is in effect until December 31, 2024. See Note 3 for further discussion.   Distribution expense includes outbound freight costs, depreciation of distribution equipment, and other indirect costs necessary to distribute product.   Selling, general, and administrative expenses   Selling, general, and administrative expenses include personnel costs associated with sales, marketing, and administration; legal and related costs; consulting and professional service fees; advertising expenses; and other similar costs.   Research and development expenses   Research and development expenses include direct salaries, depreciation of equipment, material expenditures, contractor fees, and other indirect costs. All costs identified as research and development costs are charged to expense when incurred.   Comprehensive income   Comprehensive income is comprised of net income and other comprehensive income (loss) (“OCI”). Comprehensive income comprises all changes in stockholders’ equity from transactions and other events and circumstances from non-owner sources. The Company’s OCI comprises unrealized gains and losses resulting from its investments in marketable debt securities classified as available-for-sale (see Note 7).   Unrealized gains and losses were determined using the specific identification method and are classified in OCI.   Income taxes   The income tax (benefit) provision is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for (benefit from) income taxes represent income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted.    A tax valuation allowance is recognized if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In assessing the recoverability of its deferred tax assets, the Company evaluates available positive and negative evidence to estimate whether it is more likely than not that sufficient future taxable income will be generated to permit use of the existing deferred tax assets in each taxpaying jurisdiction. In making this determination, the Company considers positive evidence in the form of projections of future taxable income, reversing temporary differences, and tax planning strategies.  In years in which the Company has experienced objective negative evidence in the form of three cumulative years of tax losses, the Company no longer uses taxable income projections to overcome the presumption of losses and deferred tax asset valuations are computed using only the reversing net deferred tax liability from temporary differences as a source of income.   Issued accounting standards not yet adopted   In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (ASU) No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which aims to address requests for improved income tax disclosures from investors that use the financial statements to make capital allocation decisions. The amendments in this ASU address the investor requests for more transparency of income tax information and apply to all entities that are subject to income taxes. The ASU is effective for years beginning after December 15, 2024, but early adoption is permitted.  This ASU should be applied on a prospective basis, although retrospective application is permitted. Management is currently evaluating the impact of the changes required by the new standard on the Company's financial statements and related disclosures.   In November 2023, the FASB issued Accounting Standard Update (ASU) No. 2023-07, Segment Reporting (Topic 280):  Improvements to Reportable Segment Disclosures, which aims to improve disclosures about a public entity’s reportable segments.  This update addresses requests from investors for more detailed information about a reportable segment’s expenses in order to improve understanding of a public entity’s business activities, overall performance, and potential future cash flows.  The amendments in this ASU include a requirement for public business entities to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and are included within each reported measure of segment profit or loss. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years starting after December 15, 2024. This ASU must be applied retrospectively to all prior periods presented. Management is currently evaluating the impact of the changes required by the new standard on the Company's financial statements and related disclosures.   Proposed accounting standards   In July 2023, the FASB issued Proposed Accounting Standards Update (ASU) No. 2023-ED500 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which aims to provide investors with more useful information about an entity’s expenses by improving disclosures on income statement expenses.  The amendments in this Proposed ASU would require public business entities to disclose disaggregated information about specific categories underlying certain income statement expense line items. The Company is evaluating this proposed accounting standard.   Recently adopted accounting standards   None.

v3.24.1.1.u2

Note 3 - Government Tax Credits	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Other Income and Other Expense Disclosure [Text Block]	3. GOVERNMENT TAX CREDITS   BTC and Small Agri-Biodiesel Producer Tax Credit and Clean Fuel Production Tax Credit   The BTC provides a one dollar per gallon tax credit to the blender of biomass-based diesel with at least 0.1% petroleum-based diesel fuel.  The Company recorded this credit as a reduction to cost of goods sold as applicable sales were made.   The Further Consolidated Appropriations Act of 2020 was passed by Congress and signed into law on December 20, 2019, retroactively reinstating the BTC for 2018 and 2019 and extending it through December 31, 2022.  With the passage of the Inflation Reduction Act (“IRA”) in August 2022, the BTC was extended through December 31, 2024.   As part of each law from which the BTC mentioned above was reinstated, small agri-biodiesel producers with production capacity not in excess of 60 million gallons were eligible for an additional income tax credit of $0.10 per gallon on the first 15 million gallons of agri-biodiesel sold (the “Small Agri-biodiesel Producer Tax Credit”). The Company was eligible for this credit and recognized $1,500 for 2023, 2022, and 2021 in the same accounting period as the benefit from the BTC as described above.  The benefit of this credit is recognized as a component of income tax (benefit) provision.   The Inflation Reduction Act (IRA), created the clean fuel production credit (“CFPC”) for qualifying transportation fuel produced after 2024 and sold on or before December 31, 2027. The CFPC consolidates and replaces several fuel related credits set to expire December 31, 2024 including the BTC and the Small Agri-biodiesel Producer Tax Credit.    The CFPC is an income tax credit structured on a sliding scale so that producers become eligible for larger credits as the GHG emissions of the fuels they produce approach zero.  For producers meeting the prevailing wage and registered apprenticeship requirements, the maximum credit is $1.00 per gallon of nonaviation fuel.  For producers not meeting the prevailing wage and registered apprenticeship requirements, the maximum credit is 20 cents per nonaviation fuel gallon.   CARES ACT – EMPLOYEE RETENTION TAX CREDIT   The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), was enacted on  March 27, 2020, to encourage eligible employers to retain employees on their payroll.  The Consolidated Appropriations Act, effective  January 1, 2021, broadened the eligibility of the credit.  The Company applied for this credit and will recognize the benefit of the credit once reasonable assurance can be made as to the retention of the credit.

v3.24.1.1.u2

Note 4 - Revenue Recognition	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	4. REVENUE RECOGNITION   The majority of revenue is from short term contracts with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer are satisfied.   Certain of the Company’s custom chemical contracts within the chemical segment contain a material right, as defined by ASC Topic 606, from the provision of a customer option to purchase future goods or services at a discounted price as a result of upfront payments provided by customers. Each contract also has a performance obligation to transfer products with 30-day payment terms. The Company recognizes revenue when the customer takes control of the inventory, either upon shipment or when the material is made available for pick up. If the customer is deemed to take control of the inventory prior to pick up, the Company recognizes the revenue as a bill-and-hold transaction in accordance with ASC Topic 606. The Company applies the renewal option approach in allocating the transaction price to these material rights and transfer of product. As a basis for allocating the transaction price to the material right and transfer of product, the Company estimates the expected life of the contract, the expected contractual volumes to be sold over that life, and the most likely expected sales price. Each estimate is updated quarterly on a prospective basis.   Contract Assets and Liabilities:   Contract assets consist of unbilled amounts resulting from revenue recognized through bill-and-hold arrangements. The contract assets for 2023 and 2022 consist of unbilled revenue from only one customer and are recorded as accounts receivable in the consolidated balance sheets. Contract liabilities consist of advance payments related to material rights recorded as deferred revenue in the consolidated balance sheets. Increases to contract liabilities from cash received for a performance obligation of chemical segment plant expansions were $538 and $1,983 in 2023 and 2022, respectively. Contract liabilities are reduced as the Company transfers product to the customer under the renewal option approach. Revenue recognized in the chemical segment from the contract liability reductions were $2,734 and $5,816 in 2023 and 2022, respectively. These contract asset and liability balances are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period.   The following table provides the balances of receivables, contract assets, and contract liabilities from contracts with customers.   Contract balances   Contract Assets and Liabilities       December 31,       2023     2022   Trade receivables, included in accounts receivable*   $ 15,897     $ 16,459   Contract assets, included in accounts receivable     1,128       775   Contract liabilities, included in Deferred revenue - short-term     3,656       3,565   Contract liabilities, included in Deferred revenue - long-term     9,318       11,605     *Exclusive of the BTC of $11,381 and $8,970, respectively, and net of allowances for bad debt of $55 and $48, respectively, as of the dates noted.   Transaction price allocated to the remaining performance obligations   As of December 31, 2023, approximately $12,974 of revenue is expected to be recognized in the future from remaining performance obligations. The Company expects to recognize this revenue ratably based upon the expected sales over the expected term of its long-term contracts which range from one to four years. Approximately 28% of this revenue is expected to be recognized over the next 12 months, and 72% is expected to be recognized between one and three years. These amounts are subject to change based upon changes in the estimated contract life, estimated quantities, and most-likely expected sales price over the contract life. See Note 2 for further information.   Disaggregation of revenue - contractual and non-contractual       Year ended December 31,       2023     2022     2021   Contract revenue from customers with > 1-year arrangement   $ 37,055     $ 33,686     $ 25,918   Contract revenue from customer with < 1-year arrangement     330,973       362,106       295,246   Revenue from non-contractual arrangements     222       222       222   Total revenue   $ 368,250     $ 396,014     $ 321,386     Timing of revenue       Year ended December 31,       2023     2022     2021   Bill-and-hold revenue   $ 43,766     $ 36,805     $ 34,695   Non-bill-and-hold revenue     324,484       359,209       286,691   Total revenue   $ 368,250     $ 396,014     $ 321,386     Bill-and-hold transactions consisted of five specialty chemical customers in 2023, and four in each of 2022 and 2021, whereby revenue was recognized in accordance with contractual agreements based on product produced, readied for use and loaded into customer provided containers. These sales were subject to written monthly purchase orders with revenue recognized upon production and loading into customer provided containers. The inventory was segregated from other Company inventory as it was custom manufactured and stored at the customer’s request and could not be sold to another buyer. Credit and payment terms for bill-and-hold transactions are similar to other specialty chemical customers. Sales revenue under bill-and-hold arrangements totaled $43,766, $36,805, and $34,695, for the years ended December 31, 2023, 2022, and 2021, respectively. Of the bill-and-hold sales revenue recognized, $4,317, $4,473, and $3,154 had not been shipped for the years ended December 31, 2023, 2022, and 2021, respectively. These balances do not include contract assets that have not been billed or shipped as described above.   The Company’s revenues for the years ended December 31, 2023, 2022 and 2021 attributable to the United States and foreign countries (based upon the billing addresses of its customers) were as follows.       Year ended December 31,       2023     2022     2021   United States   $ 367,368     $ 394,671     $ 320,148   All Foreign Countries     882       1,343       1,238   Total   $ 368,250     $ 396,014     $ 321,386     For the years ended December 31, 2023, 2022 and 2021, no revenues from a single foreign country were greater than 1% of total revenues.

v3.24.1.1.u2

Note 5 - Inventory	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Inventory Disclosure [Text Block]	5. INVENTORY   The carrying values of inventory were as follows as of December 31:       2023     2022   At average cost (approximates current cost)                 Finished goods   $ 16,235     $ 11,719   Work in process     611       879   Raw and indirect materials     25,532       33,897         42,378       46,495   LIFO reserve     (9,400 )     (19,734 ) Total inventory   $ 32,978     $ 26,761     In 2022, a LIFO liquidation resulted in a decrease of $2,124 to “Cost of goods sold”. There was no LIFO liquidation in 2023.

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Note 6 - Derivative Instruments	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	6. DERIVATIVE INSTRUMENTS   Realized and unrealized gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the consolidated statements of income as a component of cost of goods sold and amounted to a net gain of $2,571 for the year ended December 31,2023 and a net loss of $24,360 and $10,377 for the years ended December 31, 2022 and 2021, respectively.   The volumes and carrying values of the Company’s derivative instruments were as follows at December 31:       Asset/ (Liability)       2023     2022       Contract     Fair     Contract     Fair       Quantity     Value     Quantity     Value   Regulated fixed price future commitments, included in other current assets (in thousand barrels)     354     $ 1,736       305     $ (142 )   The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $745 and $2,088 at December 31, 2023 and 2022, respectively, and is classified as other current assets in the consolidated balance sheet.

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Note 7 - Marketable Securities	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Cash, Cash Equivalents, and Marketable Securities [Text Block]	7. MARKETABLE SECURITIES   At December 31, 2023, the Company held no marketable equity or trust preferred (debt) securities.  The previous sale of these securities was recorded as a component of net income with a gain of $575 in the year ended December 31, 2023. At December 31, 2022, the Company had investments in certain marketable equity and debt securities which had a fair market value of $37,126. These investments were classified as current assets in the consolidated balance sheets.   The Company had designated the trust preferred securities as being available-for-sale. Accordingly, these securities were recorded at fair value of $3,675 at December 31, 2022, with the unrealized loss of $1 and an unrealized gain of $226, net of taxes, as a component of stockholders' equity.   For the years ended December 31, 2022 and 2021, in accordance with ASC 321, the change in the fair value of equity securities (preferred and other equity instruments) was reported as a loss on marketable securities as a component of net income in the amount of $8,297 and $904, respectively.    In 2023, 2022, and 2021, the Company had no recategorized net gain or loss to report from accumulated other comprehensive income.

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Note 8 - Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	8. FAIR VALUE MEASUREMENTS   Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants as of the measurement date. Fair value accounting pronouncements also include a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy is broken down into three levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.   Marketable securities and derivative instruments were fair value measurements using inputs considered as Level 1 holdings in the year ended December 31, 2023. The Company had no Level 2 or Level 3 securities.

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Note 9 - Property, Plant, and Equipment	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	9. PROPERTY, PLANT, AND EQUIPMENT   Property, plant, and equipment consisted of the following at December 31:       2023     2022   Land and land improvements   $ 6,044     $ 5,923   Buildings and building equipment     27,182       27,226   Machinery and equipment     188,794       183,999   Construction in progress     1,809       771   Accumulated depreciation     (151,118 )     (140,978 ) Total   $ 72,711     $ 76,941     Depreciation expense totaled $10,348, $10,454, and $10,452 for the years ended December 31, 2023, 2022 and 2021, respectively.

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Note 10 - Other Assets	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Other Assets Disclosure [Text Block]	10. OTHER ASSETS   Other assets primarily comprise supplies and parts which are not expected to be used in the twelve-month period subsequent to the consolidated balance sheet date. The balance related to these items totaled $3,409 and $4,114 at December 31, 2023 and 2022, respectively.

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Note 11 - Accrued Expenses and Other Current Liabilities	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	11. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES   Accrued expenses and other current liabilities consisted of the following at December 31:       2023     2022   Accrued employee liabilities   $ 2,179     $ 3,287   Accrued property, franchise, motor fuel and other taxes     1,346       1,165   Lease liability, current     389       630   Other current liabilities     844       395   Total   $ 4,758     $ 5,477

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Note 12 - Borrowings	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	12. BORROWINGS   On March 30, 2020, the Company, with FutureFuel Chemical Company as the borrower and certain of the Company’s other subsidiaries as guarantors, amended and restated its credit agreement (the “Credit Agreement”) originally entered into on April 16, 2015 (as amended, the “Prior Credit Agreement”) with the lenders party, Regions Bank as administrative agent and collateral agent, and PNC Bank, N.A., as syndication agent. The Credit Agreement consists of a five-year revolving credit facility in a dollar amount of up to $100,000, which includes a sublimit of $30,000 for letters of credit and $15,000 for swingline loans (collectively, the “Credit Facility”). The Credit Facility expires on March 30, 2025.   On March 1, 2023, the Company entered into a First Amendment to the Credit Agreement (the “First Amendment”). The First Amendment primarily amends the Credit Agreement to transition the Credit Facility from LIBOR to the Secured overnight financing rate (“SOFR”) and other conforming changes, in each case as more specifically set forth in the First Amendment. The First Amendment does not modify the aggregate amount, or expiration date, of the Credit Facility. We do not expect the transition from LIBOR to have a material impact on the Credit Facility. Pursuant to the First Amendment, the interest rate floats at the following margins over SOFR or base rate based upon our leverage ratio.       Adjusted SOFR                       Rate Loans                   Consolidated Leverage Ratio   and Letter of Credit Fee     Base Rate Loans     Commitment Fee   < 1.00:1.0     1.00 %     0.00 %     0.15 % ≥ 1.00:1.0 And < 1.50:1.0     1.25 %     0.25 %     0.15 % ≥ 1.50:1.0 And < 2.00:1.0     1.50 %     0.50 %     0.20 % ≥ 2.00:1.0 And < 2.50:1.0     1.75 %     0.75 %     0.20 % ≥ 2.50:1.0     2.00 %     1.00 %     0.25 %   The terms of the Credit Facility contain certain negative covenants and conditions including a maximum consolidated leverage ratio and a minimum consolidated interest coverage ratio.       There were no borrowings under the Credit Agreement at December 31, 2023 or 2022.   At December 31, 2023 and 2022, the Company had $7 and $46 outstanding with a domestic financing company for computer technology under a three-year financing agreement.

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Note 13 - Asset Retirement Obligations and Environmental Reserves	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Asset Retirement Obligation Disclosure [Text Block]	13. ASSET RETIREMENT OBLIGATIONS AND ENVIRONMENTAL RESERVES   The Batesville plant generates hazardous and non-hazardous wastes, the treatment, storage, transportation, and disposal of which are regulated by various governmental agencies. In addition, the Batesville plant may be required to incur costs for environmental and closure and post-closure costs under the Resource Conservation and Recovery Act. The Company’s liability for asset retirement obligations and environmental contingencies was $1,431 and $1,396 as of December 31, 2023 and 2022, respectively. These amounts are recorded in other noncurrent liabilities in the accompanying consolidated balance sheet. The accretion expense for 2023, 2022, and 2021 was $35, $32, and $32, respectively. The periodic review of the asset retirement obligation calculations resulted in an addition to the reserve of $0 in 2023, 2022, and 2021.

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Note 14 - Lease Commitments and Purchase Obligations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Other Assets, Noncurrent	$ 3,824	$ 5,252
Liabilities, Current [Abstract]
Accrued Liabilities, Current	4,758	5,477
Liabilities, Noncurrent [Abstract]
Liabilities, Noncurrent	15,857	16,871
Other Liabilities, Noncurrent	$ 3,287	$ 1,792
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	14. LEASE COMMITMENTS AND PURCHASE OBLIGATIONS   The Company leases railcars under multi-year arrangements primarily for delivery of feedstock and biodiesel within its biofuels segment. The lease fees are fixed with no option to purchase and no upfront fees or residual value guarantees. All railcar leases are direct, and no subleases exist. The Company determines lease existence and classification at inception when an agreement conveys the right to control the identified property for a period of time in exchange for consideration. These leases expire by the end of December 31, 2024. As operating leases do not provide a readily determinable implicit interest rate, the Company uses an incremental borrowing rate based on information available at the commencement date in determining present value of the lease payments.   Following are supplemental income statement and cash flow information related to leases.       Year ended December 31,       2023     2022     2021   Operating lease expense   $ 881     $ 862     $ 887   Short-term lease expense   $ 8     $ 31     $ 23   Cash paid for operating leases   $ 881     $ 862     $ 887   Right of use assets obtained in exchange for lease obligations   $ -     $ 707     $ 269   Weighted average discount rate, per annum     5.5 %     5.2 %     3.6 %   On December 31, 2023 and 2022, a right of use asset was reported as other noncurrent assets of $389 and $1,019, other current liabilities of $389 and $630, and other noncurrent liabilities of $0 and $389, respectively.   The imputed interest of the other noncurrent asset at December 31,2023 was $9.   Purchase obligations   The Company has entered into contracts for the purchase of goods and services including contracts for feedstocks for biodiesel, expansion of the Company’s specialty chemicals segment, and related infrastructure with less than one-year terms.   The Company holds one non-cancelable obligation for software maintenance with payment obligations presented as follows.   2024     $ 37   2025 - 2026       43   Total     $ 80

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Note 15 - Income Tax Benefit	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	15. INCOME TAX BENEFIT   The following table summarizes the income tax provision (benefit) for the years ended:       2023     2022     2021   Income before taxes - U.S.   $ 37,383     $ 13,738     $ 15,930   Income tax provision (benefit):                         Federal                         Current     -       290       142   Deferred     -       (1,998 )     (10,417 ) State and other                         Current     1       60       (13 ) Deferred     -       175       (37 ) Total   $ 1     $ (1,473 )   $ (10,325 )   Differences between the income tax provision (benefit) computed using the U.S. federal statutory income tax rate were as follows:       2023     2022     2021   Amount computed using the statutory rate of 21% for 2023, 2022, and 2021     21.0 %     21.0 %     21.0 % Agri-biodiesel production credit     (3.2 )     (8.6 )     (7.4 ) Federal BTC benefit     (32.3 )     (76.2 )     (75.2 ) State BTC benefit     (4.4 )     (7.0 )     (8.9 ) Credit for increasing research activities     (0.5 )     (1.0 )     (0.7 ) Dividends received deduction     (0.1 )     (1.6 )     (1.6 ) State income taxes, net     2.3       5.1       3.5   State rate change and other deferred adjustments     (1.0 )     3.6       5.0   Valuation allowance for deferred tax assets     18.2       53.8       -   CARES Act     -       -       -   Other     -       0.2       (0.5 ) Income tax benefit     0.0 %     (10.7 )%     (64.8 )%   The income tax provision in 2023 was $1 or an effective tax rate of 0.0% as compared to an income tax benefit of $1,473 or an effective tax rate of 10.7% in 2022 and an income tax benefit of $10,325 or an effective tax rate of 64.8% in 2021.   The Company’s effective tax rates for the years 2023, 2022, and 2021 reflect the positive effect of the BTC and Small Agri-biodiesel Producer Tax Credit. Based on technical guidance from the Internal Revenue Service, the Company excludes the portion of the BTC not used to satisfy excise tax liabilities from income. Both incentives are currently due to expire in December 2024.   The Company’s 2022 and 2021 effective tax rate provisions reflect the negative impact to the Company’s overall state income tax position of its 2021 decision to phase out its shipments on the petroleum products common carrier pipelines and the termination of these operations in 2022. This operational change shifts the Company’s business among various states such that its net deferred tax liabilities will be realized at higher rates. Additionally, the Company’s 2023 and 2021 state deferred tax provision reflects a one-time benefit from state legislation enacted during the year which applies a lower tax rate to future reversals of deferred tax liabilities.   In 2023 and 2022, the Company determined that its deferred tax assets are realizable only to the extent of its deferred tax liabilities and recorded a valuation allowance that reduces its net deferred tax asset to $0.   The significant components of deferred tax assets and liabilities were as follows as of December 31:       2023     2022   Deferred tax assets                 Compensation   $ 43     $ 391   Inventory reserves     618       601   Self-insurance     65       70   Asset retirement obligation     316       323   Deferred revenue     3,693       4,081   Federal net operating loss carryforwards     15,240       9,360   State net operating loss carryforwards     2,765       1,884   Accrued expenses     742       2,648   Stock based compensation     24       24   Federal credit carryforwards     6,915       5,216   State credit carryforwards     676       687   Research & development costs     1,451       749   Derivative instruments     -       29   Capital loss carryforwards     1,898       1,241   Trading securities     -       656   Other     89       96   Subtotal deferred tax assets     34,535       28,056   Valuation Allowance     (14,216 )     (7,392 ) Total deferred tax assets     20,319       20,664                     Deferred tax liabilities                 Derivative instruments     (403 )     -   LIFO inventory     (3,957 )     (2,740 ) Depreciation     (14,978 )     (17,046 ) Prepaid expenses     (981 )     (878 ) Total deferred tax liabilities     (20,319 )     (20,664 ) Net deferred tax liabilities   $ -     $ -     The Company’s federal net operating loss carryforwards at December 31, 2023 do not expire and can be carried forward indefinitely. Utilization of these carryforwards is limited to 80% of taxable income in any given year. State net operating loss carryforwards at December 31, 2023 reflect losses generated in 2019 through 2023 and, if unused, will expire in years 2024 through 2033. Federal and state tax losses are primarily a function of the nontaxable nature of the BTC.   Federal tax credit carryforwards at December 31, 2023 include the Small Agri-biodiesel Producer Credit and Credit for Increasing Research generated in years 2019 through 2023 and expiring in 2039 through 2043. State credit carryforwards comprise Arkansas In-house Research Credits generated in 2019 through 2020 and expiring in 2028 through 2029.   Capital loss carryforwards were generated in 2019 through 2023 and will expire in 2024 through 2028.    A tax valuation allowance is recognized if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In assessing the recoverability of its deferred tax assets, the Company evaluates available positive and negative evidence to estimate whether it is more likely than not that sufficient future taxable income will be generated to permit use of the existing deferred tax assets in each taxing jurisdiction. In making this determination, the Company considers positive evidence in the form of projections of future taxable income, reversing temporary differences, and tax planning strategies. In years in which the Company has experienced objective negative evidence in the form of three cumulative years of tax losses, the Company no longer uses taxable income projections to overcome the presumption of losses and deferred tax asset valuations are computed taking into account tax planning strategies and the reversing net deferred tax liability from temporary differences as sources of income.   As of December 31, 2023 and 2022, the Company recorded valuation allowances of $14,216 and $7,392, respectively, after determining that its total deferred tax assets are more likely than not realizable only to the extent of its deferred tax liabilities.   There are no unrecognized tax positions as of December 31, 2023, 2022, or 2021, and the Company does not anticipate any change over the next twelve months.   The Company records interest expense (income) and penalties, net, as a component of income tax (benefit) provision and had accrued interest and penalties of $0, ($95), and ($60) for December 31, 2023, 2022 and 2021, respectively. Liabilities for accrued interest and tax penalties on unrecognized tax benefits were $0 at both December 31, 2023 and 2022, respectively.   The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and with various state jurisdictions. In general, the Company is subject to U.S., state, and local examinations by tax authorities from 2020 forward.

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Note 16 - Earnings Per Share	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	16. EARNINGS PER SHARE   In the year ended December 31, 2023, 2022 and 2021, the Company used the treasury method in computing earnings per share as all shares with participating security holders had vested.   There were no outstanding restricted stock units for the year ended December 31, 2023, 2022 and 2021.   Basic and diluted earnings per common share were computed as follows:         Years ended December 31:       2023     2022     2021   Numerator:                         Net income   $ 37,382     $ 15,211     $ 26,255   Denominator:                         Weighted average shares outstanding – basic     43,763,243       43,763,243       43,756,065   Effect of dilutive securities:                         Stock options     1,440       246       48   Weighted average shares outstanding – diluted     43,764,683       43,763,489       43,756,113                             Basic earnings per share   $ 0.85     $ 0.35     $ 0.60   Diluted earnings per share   $ 0.85     $ 0.35     $ 0.60     Certain options to purchase the Company’s common stock were not included in the computation of diluted earnings per share for the years ended December 31, 2023, 2022, and 2021 because they were anti-dilutive in the period. The weighted number of options excluded on this basis was 40,060, 33,754, and 28,953, respectively.

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Note 17 - Stock-based Compensation	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	17. STOCK-BASED COMPENSATION   The Board of Directors of the Company adopted an omnibus incentive plan which was approved by the shareholders of the Company at its 2017 annual shareholder meeting (the “Incentive Plan”). The purpose of the plan is to:     ● Encourage ownership in the Company by key personnel whose long-term employment with or engagement by the Company or its subsidiaries is considered essential to its continued progress and, thereby, encourage recipients to act in the Company’s shareholders’ interests and share in its success;   ● Encourage such persons to remain in the Company’s employ or in the employ of its subsidiaries; and   ● Provide incentives to persons who are not the Company employees to promote the Company’s success.   The Incentive Plan authorizes the Company to issue stock options (including incentive stock options and nonqualified stock options), common stock awards, and stock appreciation rights. Eligible participants in the plan include: (i) members of the Company’s board of directors and its executive officers; (ii) regular, active employees of the Company and any of its subsidiaries; and (iii) persons engaged by the Company or any of its subsidiaries to render services to the Company or its subsidiaries as an advisor or consultant.   Awards under the Incentive Plan are limited to shares of the Company’s common stock, which may be shares acquired by the Company, including shares purchased in the open market, or authorized but un-issued shares. Awards are limited to 10% of the issued and outstanding shares of the Company’s common stock in the aggregate.   The Incentive Plan became effective upon its approval by the Company’s shareholders on September 7, 2017 and continues in effect for a term of ten years thereafter unless amended and extended by the Company or unless otherwise terminated.   The Company recognizes compensation expense in its financial statements for common stock-based options based upon the grant-date fair value over the requisite service period.   No common stock awards were issued in 2023, 2022, or 2021.   No stock options were granted under the Incentive Plan in 2023 or 2021. In August 2022, the Company granted a total of 20,000 stock options, respectively, to two new members of the Board of Directors and to the Chief Operating Officer. The options awarded have an exercise price equal to the mean between the highest and lowest quoted sales prices for the Company’s common stock as of the grant date as reported by the New York Stock Exchange. All options awarded in 2022 vested immediately and expire in August 2027. The Company has used the Black Scholes Merton option pricing model, which relies on certain assumptions, to estimate the fair value of the options it granted. The weighted average fair value of options granted was $2.30 per option in 2022.   There were no stock options exercised in 2023 or 2022. All of the options exercised in 2021 were exercised on a cash basis.   The assumptions used in the determination of the fair value of the options granted are provided in the following table:        2023     2022     2021   Assumptions   Options     Options     Options   Expected volatility rate     n/a       56.61 %     n/a   Expected dividend yield     n/a       3.34 %     n/a   Risk-free interest rate     n/a       3.20 %     n/a   Expected forfeiture rate     n/a       0.00 %     n/a   Expected term in years     n/a       2.3       n/a     The volatility rate for the options granted in 2022 were derived from the historical stock price volatility of the Company’s common stock over the same time period as the expected term of each stock option award. The volatility rate is derived by a mathematical formula using the daily closing stock price data over the expected term.   The expected dividend yield is calculated using the Company’s expected dividend amount at the date of the option grant over the expected term divided by the fair market value of the Company’s common stock.   For the years ended December 31, 2023, 2022 and 2021, total share-based compensation expense (before tax) totaled $0, $46, and $0, respectively. In the year ended December 31, 2022, this balance was recorded as an element of selling, general, and administrative expenses. As of December 31, 2023 and 2022, there was no unrecognized compensation expense related to stock options.   A summary of the activity of the Company’s stock options and awards for the period beginning January 1, 2021 and ending December 31, 2023 is presented below.               Weighted               Average       Options     Exercise Price   Outstanding at January 1, 2021     44,000     $ 12.73   Granted     -       -   Exercised     (20,000 )     11.56   Canceled, forfeited, or expired     -       -   Outstanding at December 31, 2021     24,000       13.71   Granted     20,000       7.18   Exercised     -       -   Canceled, forfeited, or expired     -       -   Outstanding at December 31, 2022     44,000       10.74   Granted     -       -   Exercised     -       -   Canceled, forfeited, or expired     (10,000 )     16.21   Outstanding at December 31, 2023     34,000       9.13     There were 4,310,167 options available for grant under the Incentive Plan. The following table provides the remaining contractual term and weighted average exercise prices of stock options outstanding and exercisable from the Incentive Plan at December 31, 2023.           Options Outstanding     Options Exercisable                   Weighted                                   Number     Average     Weighted     Number     Weighted           Outstanding at     Remaining     Average     Exercisable at     Average   Exercise     December 31,     Contractual     Exercise     December 31,     Exercise   Price     2023     Life     Price     2022     Price   $ 12.07       10,000       0.71     $ 12.07       10,000     $ 12.07     11.56       4,000       1.06       11.56       4,000       11.56     7.18       20,000       3.61       7.18       20,000       7.18             34,000       2.46       9.13       34,000       9.13     The aggregate intrinsic values of total options outstanding and exercisable at December 31, 2023 and 2022 were $0 and $19, respectively. Intrinsic value is the amount by which the last trade price of the common stock closest to December 31, 2023 and 2022, respectively, exceeded the exercise price of the options granted.

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Note 18 - Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Equity [Text Block]	18. STOCKHOLDERS’ EQUITY   St. Albans Global Management, LLC (“St. Albans”), an entity affiliated with Mr. P. A. Novelly II, a member of the board, is entitled to demand that the Company register under the Securities Act of 1933, as amended (the “Securities Act”), the resale of all shares of the Company’s common stock beneficially owned by it. If St. Albans exercises its registration rights with respect to all 17,085,100 shares of the Company’s common stock currently owned by it, there will be an additional 6,637,600 registered shares of common stock available for trading in the public market.

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Note 19 - Employee Benefit Plans	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Retirement Benefits [Text Block]	19. EMPLOYEE BENEFIT PLANS   Defined contribution savings plan   The Company currently offers its employees a company 401(k) matching savings plan, which covers substantially all employees. Under this plan, the Company matches the amount of eligible employees’ contributions, subject to specified limits, up to 6% of earnings. Company contributions totaled $1,923, $1,719, and $1,770 for the years ended December 31, 2023, 2022 and 2021, respectively.

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Note 20 - Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	20. RELATED PARTY TRANSACTIONS   The Company enters into transactions with companies affiliated with or controlled by a director or significant stockholder. Revenues, expenses, accounts receivable, prepaid amounts, and unpaid amounts related to these transactions are captured on the consolidated financial statements as related party line items. These related party transactions are summarized in the following table and further described below.   Related party balance sheet accounts       2023     2022   Accounts receivable                 Biodiesel, petrodiesel, blends and other petroleum products   $ 1     $ 6   Total accounts receivable   $ 1     $ 6   Prepaid expenses                 Administrative services and other   $ 12     $ 12   Total prepaid expenses   $ 12     $ 12   Accounts payable                 Natural gas and fuel purchases   $ -     $ 7,788   Travel and administrative services     42       11   Total accounts payable   $ 42     $ 7,799   Accrued liabilities                 Travel and administrative services   $ -     $ 1   Total accrued liabilities   $ -     $ 1     Related party income statement accounts       Years ended December 31:       2023     2022     2021   Revenues                         Biodiesel, petrodiesel, blends and other petroleum products   $ 22     $ 459     $ 1,261   Total revenues   $ 22     $ 459     $ 1,261   Cost of goods sold                         Biodiesel, petrodiesel, blends, and other petroleum products   $ -     $ 5,425     $ 5,233   Natural gas purchases     (315 )     -       11,360   Total cost of goods sold   $ (315 )   $ 5,425     $ 16,593   Distribution                         Distribution and related services   $ 176     $ 174     $ 176   Total distribution   $ 176     $ 174     $ 176   Selling, general and administrative expenses                         Commodity trading advisory fees   $ 308     $ 307     $ 308   Travel and administrative services     188       184       221   Income tax, consulting services and other     120       120       120   Total selling, general, and administrative expenses   $ 616     $ 611     $ 649     Biodiesel, petrodiesel, blends, and other petroleum products   The Company enters into agreements to buy and sell biofuels (biodiesel, petrodiesel, biodiesel/petrodiesel blends, RINs, and biodiesel production byproducts) and other petroleum products, such as gasoline, with an affiliate from time to time. Such agreements are priced at the then-current market price of the product as determined from bids from other customers and/or market pricing services. Cost of goods sold related to these sales includes variable costs and allocated fixed costs. The revenue amounts presented in the table above result when the Company sells biodiesel, petrodiesel, blends, and other petroleum products to a related party regardless of who the material was purchased from.  Likewise, cost of goods sold amounts result when biodiesel, petrodiesel, blends, and other petroleum products are purchased from a related party regardless of who the material was sold to.     Natural gas purchases   The Company uses natural gas to generate steam for its manufacturing process and to support certain of its air and waste treatment utilities. During 2021, natural gas was purchased through an affiliate provider of natural gas marketing services. Expenses related to these purchases include the cost of the natural gas only; transportation charges were paid to an independent third party. The natural gas matter as discussed in Note 23, Legal proceedings, is in reference to the natural gas supplier, not the related party. The amount shown in 2023 reflects the settlement on the legal matter.   Distribution and related services   The Company leases oil storage capacity from an affiliate under a storage and throughput agreement. This agreement provides for the storage of biodiesel, diesel or biodiesel/petrodiesel blends, methanol, and biodiesel feedstocks in above-ground storage tankage at designated facilities of the affiliate. Expenses related to this agreement include monthly lease charges, generally on a per-barrel basis, and associated heating, throughput, and other customary terminalling charges.   Commodity trading advisory fees   The Company entered into a commodity trading advisory agreement with an affiliate. Pursuant to the terms of this agreement, the affiliate provides advice to the Company concerning the purchase, sale, exchange, conversion, and/or hedging of commodities as requested from time to time.   Travel and administrative services   The Company reimburses an affiliate for legal, trading, travel and other administrative services incurred on its behalf. Such reimbursement is performed at cost with the affiliate realizing no profit on the transaction.   Income tax and consulting services   An affiliate provides professional services to the Company, primarily in the area of income tax preparation and consulting. The Company also receives certain finance and accounting expertise from this affiliate as requested. Expenses related to these services comprise an agreed quarterly fee plus reimbursement of expense, at cost and are reported as selling, general, and administrative expenses.

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Note 21 - Segment Information	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	21. SEGMENT INFORMATION   The Company has two reportable segments organized along similar product lines – chemicals and biofuels. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2.   Chemicals   The Company’s chemicals segment manufactures diversified chemical products that are sold to third party customers. This segment comprises two product groups: “custom manufacturing” (manufacturing chemicals for specific customers) and “performance chemicals” (multi-customer specialty chemicals).   Biofuels   The Company’s biofuels segment manufactures and markets biodiesel. Biodiesel revenues are generated through the sale of biodiesel to customers through the Company’s distribution network at the Batesville plant, through distribution facilities available at leased oil storage facilities, and through a network of remotely located tanks. Results of the biofuels business segment also reflect the sale of biodiesel blends with petrodiesel, petrodiesel with no biodiesel added, RINs, and biodiesel production byproducts.   Summary of business by segment       Years ended December 31,       2023     2022     2021   Revenue                         Custom chemicals   $ 64,286     $ 58,737     $ 50,675   Performance chemicals     15,047       22,156       16,867   Chemicals revenue     79,333       80,893       67,542   Biofuels revenue     288,917       315,121       253,844   Total Revenue   $ 368,250     $ 396,014     $ 321,386                             Segment gross profit                         Chemicals   $ 29,936     $ 25,645     $ 13,970   Biofuels     11,043       3,348       9,567   Total gross profit   $ 40,979     $ 28,993     $ 23,537     Depreciation is allocated to segment cost of goods sold based on plant usage. The total assets and capital expenditures of the Company have not been allocated to individual segments as large portions of these assets are shared to varying degrees by each segment, causing such an allocation to be of little value.

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Note 22 - Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Quarterly Financial Information [Text Block]	22. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)       Quarter       1st     2nd     3rd     4th   2023                                 Revenues   $ 74,181     $ 85,308     $ 116,752     $ 92,009   Gross profit (loss)   $ 21,623     $ (8,592 )   $ 3,870     $ 24,078   Net income (loss)   $ 21,081     $ (9,859 )   $ 2,776     $ 23,384   Net income (loss) per common share:                                 Basic   $ 0.48     $ (0.23 )   $ 0.06     $ 0.53   Diluted   $ 0.48     $ (0.23 )   $ 0.06     $ 0.53                                     2022                                 Revenues   $ 42,261     $ 117,796     $ 118,141     $ 117,816   Gross (loss) profit   $ (7,155 )   $ 977     $ 19,985     $ 15,186   Net (loss) income   $ (12,398 )   $ (3,104 )   $ 15,780     $ 14,933   Net (loss) income per common share:                                 Basic   $ (0.28 )   $ (0.07 )   $ 0.36     $ 0.34   Diluted   $ (0.28 )   $ (0.07 )   $ 0.36     $ 0.34     Earnings per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly amounts will not necessarily equal the total for the year.

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Note 23 - Legal Proceedings	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	23. LEGAL PROCEEDINGS   The Company is not a party to, nor is any of its property subject to, any material pending legal proceedings, other than ordinary routine litigation incidental to its business. However, from time to time, the Company may be a party to, or a target of, lawsuits, claims, investigations, and proceedings, including product liability, personal injury, asbestos, patent and intellectual property, commercial, contract, environmental, antitrust, health and safety, and employment matters, which the Company expects to be handled and defended in the ordinary course of business. While the Company is unable to predict the outcome of any matters currently pending, the Company does not believe that the ultimate resolution of any such pending matters will have a material adverse effect on its overall financial condition, results of operations, or cash flows. However, adverse developments could negatively impact earnings or cash flows in future periods.   The Company entered into a settlement agreement to resolve the previously reported dispute regarding its February 2021 natural gas bill.   The natural gas settlement was a reduction to Cost of goods sold-related parties in the Consolidated Statements of Operations and Comprehensive Income in the period ended December 31, 2023 in the amount of $882. This settlement reduced Cost of goods sold for each segment equally.   As discussed in Note 21, Related Party Transactions, the “ultimate” natural gas supplier was not a related party of the Company.

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Note 24 - Subsequent Event	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	24. SUBSEQUENT EVENT   On  March 12, 2024, the Company’s board of directors authorized the repurchase of up to $25.0 million of Company common stock through a stock repurchase program expiring March 12, 2026. The program could be suspended or discontinued at any time, based on market, economic, or business conditions. The timing and amount of repurchase transactions will be determined by management based on its evaluation of market conditions, share price, and other factors.     The Company's board of directors also authorized on March 12, 2024 a special cash dividend of $2.50 per share on our common stock payable on April 9, 2024, to the holders of record of all the issued and outstanding shares of common stock as of the close of business on March 26, 2024.

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Note 25 - Restatement	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Error Correction [Text Block]	25. Restatement   The Company identified a correction required to be made to its consolidated statements of cash flows for the year ended December 31, 2023.  The correction relates solely to the reported amount of “Other assets” and the resulting total amount of “Net Cash Flows From Operating Activities” and the reported amount of “Collateralization of derivative instruments” and the resulting total amount of “Net Cash Flows from Investing Activities” in the consolidated statement of cash flows for the year ended December 31, 2023. The correction does not impact the Company’s overall cash position, its consolidated balance sheets, its consolidated statements of income and comprehensive income, or its consolidated statements of changes in stockholders’ equity as of or for the year ended December 31, 2023.   A summary of the impact on the consolidated statement of cash flows is as follows:       For the Year Ended December 31, 2023       As Originally Reported     Adjustment     As Restated   Cash flows from operating activities:                           Other assets   $ 3,523     $ (2,686 )   $ 837   Net cash provided by operating activities   $ 23,985     $ (2,686 )   $ 21,299   Cash flows from investing activities:                         Collateralization of derivative instruments   $ (1,343 )   $ 2,686     $ 1,343   Net cash provided by (used in) investing activities   $ 30,336     $ 2,686     $ 33,022

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Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Financial Presentation   The consolidated financial statements of FutureFuel Corp. and subsidiaries are prepared in conformity with accounting principles generally accepted (“GAAP”) in the United States and include amounts that are based upon management estimates and judgments which could differ from actual future results.  Intercompany transactions and balances are eliminated in consolidation. Certain reclassifications were made to prior year amounts to conform to the 2023 presentation.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and cash equivalents   Cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates market. The Company places its temporary cash investments with high credit quality financial institutions. At times, bank deposits may be in excess of the Federal Deposit Insurance Corporation insurance limit, however, no loss has occurred.
Receivable [Policy Text Block]	Accounts receivable and allowance for credit losses   Accounts receivable are recorded at the invoiced amount and only bear interest if outstanding beyond the agreed upon payment terms. The Company has established procedures to monitor credit risk and has not experienced significant credit losses in prior years. Accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based upon management’s evaluation of the collectability of individual invoices and is based upon management’s evaluation of the financial condition of its customers and historical bad debt experience. Write-offs are recorded at the time a customer receivable is deemed uncollectible.   In accordance with Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments the Company recognizes expected credit losses based on a broader range of reasonable and supportable information to inform credit loss estimates.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Customer concentrations   For the year ended December 31, 2023, 2022 and 2021, significant portions of the Company’s sales were made to a relatively small number of customers. Sales to two biodiesel customers totaled $127,763 (35% of revenue) in 2023. Sales to two biodiesel customers totaled $107,898 (27% of total revenue) in 2022 and sales to three customers totaled $133,231 (41% of revenue) in 2021. Receivables for the significant customers at December 31, 2023 and 2022, were 0.2% and 2% of total receivables, respectively.   No chemical customer represented a greater than 10% of total sales revenue in 2023, 2022, or 2021.
Inventory, Policy [Policy Text Block]	Inventory   Inventories are valued at the lower of cost or market. The Company determines the cost of raw materials, work in process, and finished goods inventories by the last-in, first-out (“LIFO”) method. The cost of all other inventories is determined by the average cost method, which approximates the first-in, first-out (“FIFO”) method. The Company writes-down its inventories for estimated obsolescence or unmarketable inventory equal to the difference between the carrying value of inventory and the estimated market value based upon assumptions about future demand and market conditions.
Derivatives, Policy [Policy Text Block]	Derivative instruments   The Company records all derivative instruments at fair value. Fair value is determined by using the closing prices of the derivative instruments on the New York Mercantile Exchange at the end of an accounting period. Changes in the fair value of derivative instruments are recognized at the end of each accounting period and recorded in the statement of income as a component of cost of goods sold.   In order to manage commodity price risk caused by market fluctuations in biofuel prices, future purchases of feedstock used in biodiesel production, physical feedstock, finished product inventories attributed to the process, and other petroleum products purchased or sold, the Company may enter into exchange-traded commodity futures and options contracts. The Company accounts for these derivative instruments in accordance with Accounting Standards Codification (“ASC”) 815-20-25, Derivatives and Hedging. Under this standard, the accounting for changes in the fair value of a derivative instrument depends upon whether it has been designated as an accounting hedging relationship and, further, on the type of hedging relationship. To qualify for designation as an accounting hedging relationship, specific criteria must be met and appropriate documentation maintained. The Company had no derivative instruments that qualified under these rules as designated accounting hedges in 2023 or 2022. The Company has elected the normal purchase and normal sales exception for certain feedstock purchase contracts and supply agreements and for certain biodiesel sales contracts.
Marketable Securities, Policy [Policy Text Block]	Marketable securities   Investments consist of marketable equity and debt securities stated at fair value. The debt securities are designated as available-for-sale securities at the time of purchase based upon the intended holding period. Gains and losses from the sale of marketable securities and the changes in the fair value of equity securities are recognized as “gains (losses) on marketable securities” as a component of other income (expense) in the consolidated statements of income and comprehensive income. The cost basis used for all marketable securities is specific identification. Changes in the fair value of debt securities are recognized in “accumulated other comprehensive income” on the consolidated balance sheets, unless the Company determines that an unrealized loss will not be recovered before it is sold, in which case, the Company will recognize the loss as a component of other income (expense).   See Notes 7 and 8 for further information on marketable securities and fair value measurements.
Fair Value Measurement, Policy [Policy Text Block]	Fair value measurements   The Company records recurring and non-recurring financial assets and liabilities as well as all non-financial assets and liabilities subject to fair value measurement at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. These fair value principles prioritize valuation inputs across three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. An asset or liability's classification within the various levels is determined based on the lowest level input that is significant to the fair value measurement.
Property, Plant and Equipment, Policy [Policy Text Block]	Property, plant, and equipment   Property, plant, and equipment is carried at cost. Maintenance and repairs are charged to earnings; replacements and betterments are capitalized. When the Company retires or otherwise disposes of an asset, it removes the cost of such asset and related accumulated depreciation from the accounts. The Company records any profit and loss on retirement or other disposition in earnings.   Depreciation expense is calculated based on historical cost and the estimated useful lives of the assets, generally using the straight-line method with the following useful lives:   Building & building equipment (years)   20 – 39   Machinery and equipment (years)   3 – 33   Transportation equipment (years)   5 – 33   Other (years)   5 – 33
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of assets   The Company evaluates the carrying value of long-lived tangible assets when events or changes in circumstances indicate that the carrying value may not be recoverable. Such events and circumstances include, but are not limited to, significant decreases in the market value of the asset, adverse changes in the extent or manner in which the asset is being used, significant changes in business climate, or current or projected cash flow losses associated with the use of the assets. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from such assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. For long-lived assets to be held for use in future operations and for tangible assets, fair value is determined primarily using either the projected cash flows discounted at a rate commensurate with the risk involved or an appraisal. For long-lived assets to be disposed of by sale or other than sale, fair value is determined in a similar manner, except those fair values are reduced for disposal costs.
Asset Retirement Obligation [Policy Text Block]	Asset retirement obligations and environmental costs   The Company establishes reserves for closure/post-closure costs associated with the environmental and other assets it maintains, which include, but are not limited to, waste management units, such as a chemical waste destructor, storage tanks, and boilers. When these types of assets are constructed or installed, a liability is established with a corresponding asset for the future costs anticipated to be associated with the closure of the site based on an expected life of the environmental assets, the applicable regulatory closure requirements, and the Company’s environmental policies and practices. These expenses are charged into earnings over the estimated useful life of the assets. Currently, the Company estimates the useful life of each individual asset up to 27 years. Changes made in estimates of the asset retirement obligation costs or the estimate of the useful lives of these assets are reflected in earnings as an increase or decrease in the period such changes are made.   Environmental costs are capitalized if they extend the life of the related property, increase its capacity, and/or mitigate or prevent future contamination. The cost of operating and maintaining environmental control facilities is charged to expense.
Commitments and Contingencies, Policy [Policy Text Block]	Litigation    The Company and its operations from time to time may be parties to or targets of lawsuits, claims, investigations, and proceedings including product liability, personal injury, patent and intellectual property, commercial, contract, environmental, health and safety, and environmental matters, which are handled and defended in the ordinary course of business. The Company accrues a liability for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When a single amount cannot be reasonably estimated but the cost can be estimated within a range, the Company accrues the minimum amount.
Revenue from Contract with Customer [Policy Text Block]	Revenue recognition     In accordance with ASC Topic 606, Revenue from Contracts with Customers, the Company recognizes revenue when performance obligations of the customer contract are satisfied. The Company sells to customers through master sales agreements or standalone purchase orders. The majority of the Company’s revenue is from short-term contracts with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer is satisfied. Accordingly, the Company recognizes revenue when control is transferred to the customer, which is when products are considered to meet customer specification per the customer contract and title and risk of loss are transferred. This typically occurs at the time of shipment or delivery; or for certain contracts, this occurs upon delivery of the material to a Company storage location, ready for customer pickup and separated from other Company inventory. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products and is generally based upon a negotiated price. The Company sells its products directly to customers generally under agreements with payment terms of 30 to 75 days for chemical segment customers and 2 to 10 days for biofuels segment customers.   The Company applies the practical expedient and excludes the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less; and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed.   Revenue within the biofuel segment includes revenue from biodiesel RINs. RINs are renewable identification numbers under the Renewable Fuel Standard (“RFS2”) used to incent the use of renewable fuels domestically. RINs are generated at 1.5 RINs per gallon of biodiesel produced and sold. Revenue is recognized from RINs when transferred to the buyer in the government provided tracking system. No cost is incurred in the generation of a RIN.   Taxes collected from customers remitted to governmental authorities are excluded from revenue. Shipping and handling fees related to sales transactions are billed to customers and recorded as sales revenue.
Cost of Goods and Service [Policy Text Block]	Cost of goods sold and distribution   Cost of goods sold consists of raw and packaging materials, direct manufacturing costs, depreciation, analytical lab costs, inbound freight, purchasing, and other indirect costs necessary to manufacture products. Biodiesel cost of goods sold also includes a credit for the one dollar per gallon Blenders’ Tax Credit (“BTC”) for blending biodiesel with petroleum diesel when in law. The BTC was in law during 2021, 2022, and 2023 and is in effect until December 31, 2024. See Note 3 for further discussion.   Distribution expense includes outbound freight costs, depreciation of distribution equipment, and other indirect costs necessary to distribute product.
Selling, General and Administrative Expenses, Policy [Policy Text Block]	Selling, general, and administrative expenses   Selling, general, and administrative expenses include personnel costs associated with sales, marketing, and administration; legal and related costs; consulting and professional service fees; advertising expenses; and other similar costs.
Research and Development Expense, Policy [Policy Text Block]	Research and development expenses   Research and development expenses include direct salaries, depreciation of equipment, material expenditures, contractor fees, and other indirect costs. All costs identified as research and development costs are charged to expense when incurred.
Comprehensive Income, Policy [Policy Text Block]	Comprehensive income   Comprehensive income is comprised of net income and other comprehensive income (loss) (“OCI”). Comprehensive income comprises all changes in stockholders’ equity from transactions and other events and circumstances from non-owner sources. The Company’s OCI comprises unrealized gains and losses resulting from its investments in marketable debt securities classified as available-for-sale (see Note 7).   Unrealized gains and losses were determined using the specific identification method and are classified in OCI.
Income Tax, Policy [Policy Text Block]	Income taxes   The income tax (benefit) provision is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for (benefit from) income taxes represent income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted.    A tax valuation allowance is recognized if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In assessing the recoverability of its deferred tax assets, the Company evaluates available positive and negative evidence to estimate whether it is more likely than not that sufficient future taxable income will be generated to permit use of the existing deferred tax assets in each taxpaying jurisdiction. In making this determination, the Company considers positive evidence in the form of projections of future taxable income, reversing temporary differences, and tax planning strategies.  In years in which the Company has experienced objective negative evidence in the form of three cumulative years of tax losses, the Company no longer uses taxable income projections to overcome the presumption of losses and deferred tax asset valuations are computed using only the reversing net deferred tax liability from temporary differences as a source of income.
New Accounting Pronouncements, Policy [Policy Text Block]	Issued accounting standards not yet adopted   In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (ASU) No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which aims to address requests for improved income tax disclosures from investors that use the financial statements to make capital allocation decisions. The amendments in this ASU address the investor requests for more transparency of income tax information and apply to all entities that are subject to income taxes. The ASU is effective for years beginning after December 15, 2024, but early adoption is permitted.  This ASU should be applied on a prospective basis, although retrospective application is permitted. Management is currently evaluating the impact of the changes required by the new standard on the Company's financial statements and related disclosures.   In November 2023, the FASB issued Accounting Standard Update (ASU) No. 2023-07, Segment Reporting (Topic 280):  Improvements to Reportable Segment Disclosures, which aims to improve disclosures about a public entity’s reportable segments.  This update addresses requests from investors for more detailed information about a reportable segment’s expenses in order to improve understanding of a public entity’s business activities, overall performance, and potential future cash flows.  The amendments in this ASU include a requirement for public business entities to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and are included within each reported measure of segment profit or loss. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years starting after December 15, 2024. This ASU must be applied retrospectively to all prior periods presented. Management is currently evaluating the impact of the changes required by the new standard on the Company's financial statements and related disclosures.   Proposed accounting standards   In July 2023, the FASB issued Proposed Accounting Standards Update (ASU) No. 2023-ED500 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which aims to provide investors with more useful information about an entity’s expenses by improving disclosures on income statement expenses.  The amendments in this Proposed ASU would require public business entities to disclose disaggregated information about specific categories underlying certain income statement expense line items. The Company is evaluating this proposed accounting standard.   Recently adopted accounting standards   None.

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Note 2 - Significant Accounting Policies and Basis of Presentation (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Property Plant And Equipment Estimated Useful Lives [Table Text Block]	Building & building equipment (years)   20 – 39   Machinery and equipment (years)   3 – 33   Transportation equipment (years)   5 – 33   Other (years)   5 – 33

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Note 4 - Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	December 31,       2023     2022   Trade receivables, included in accounts receivable*   $ 15,897     $ 16,459   Contract assets, included in accounts receivable     1,128       775   Contract liabilities, included in Deferred revenue - short-term     3,656       3,565   Contract liabilities, included in Deferred revenue - long-term     9,318       11,605
Disaggregation of Revenue [Table Text Block]	Year ended December 31,       2023     2022     2021   Contract revenue from customers with > 1-year arrangement   $ 37,055     $ 33,686     $ 25,918   Contract revenue from customer with < 1-year arrangement     330,973       362,106       295,246   Revenue from non-contractual arrangements     222       222       222   Total revenue   $ 368,250     $ 396,014     $ 321,386       Year ended December 31,       2023     2022     2021   Bill-and-hold revenue   $ 43,766     $ 36,805     $ 34,695   Non-bill-and-hold revenue     324,484       359,209       286,691   Total revenue   $ 368,250     $ 396,014     $ 321,386
Revenue from External Customers by Geographic Areas [Table Text Block]	Year ended December 31,       2023     2022     2021   United States   $ 367,368     $ 394,671     $ 320,148   All Foreign Countries     882       1,343       1,238   Total   $ 368,250     $ 396,014     $ 321,386

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Note 5 - Inventory (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	2023     2022   At average cost (approximates current cost)                 Finished goods   $ 16,235     $ 11,719   Work in process     611       879   Raw and indirect materials     25,532       33,897         42,378       46,495   LIFO reserve     (9,400 )     (19,734 ) Total inventory   $ 32,978     $ 26,761

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Note 6 - Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Derivative Instruments [Table Text Block]	Asset/ (Liability)       2023     2022       Contract     Fair     Contract     Fair       Quantity     Value     Quantity     Value   Regulated fixed price future commitments, included in other current assets (in thousand barrels)     354     $ 1,736       305     $ (142 )

v3.24.1.1.u2

Note 9 - Property, Plant, and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Property, Plant and Equipment [Table Text Block]	2023     2022   Land and land improvements   $ 6,044     $ 5,923   Buildings and building equipment     27,182       27,226   Machinery and equipment     188,794       183,999   Construction in progress     1,809       771   Accumulated depreciation     (151,118 )     (140,978 ) Total   $ 72,711     $ 76,941

v3.24.1.1.u2

Note 11 - Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	2023     2022   Accrued employee liabilities   $ 2,179     $ 3,287   Accrued property, franchise, motor fuel and other taxes     1,346       1,165   Lease liability, current     389       630   Other current liabilities     844       395   Total   $ 4,758     $ 5,477

v3.24.1.1.u2

Note 12 - Borrowings (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	Adjusted SOFR                       Rate Loans                   Consolidated Leverage Ratio   and Letter of Credit Fee     Base Rate Loans     Commitment Fee   < 1.00:1.0     1.00 %     0.00 %     0.15 % ≥ 1.00:1.0 And < 1.50:1.0     1.25 %     0.25 %     0.15 % ≥ 1.50:1.0 And < 2.00:1.0     1.50 %     0.50 %     0.20 % ≥ 2.00:1.0 And < 2.50:1.0     1.75 %     0.75 %     0.20 % ≥ 2.50:1.0     2.00 %     1.00 %     0.25 %

v3.24.1.1.u2

Note 14 - Lease Commitments and Purchase Obligations (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Lease, Cost [Table Text Block]	Year ended December 31,       2023     2022     2021   Operating lease expense   $ 881     $ 862     $ 887   Short-term lease expense   $ 8     $ 31     $ 23   Cash paid for operating leases   $ 881     $ 862     $ 887   Right of use assets obtained in exchange for lease obligations   $ -     $ 707     $ 269   Weighted average discount rate, per annum     5.5 %     5.2 %     3.6 %
Contractual Obligation, Fiscal Year Maturity [Table Text Block]	2024     $ 37   2025 - 2026       43   Total     $ 80

v3.24.1.1.u2

Note 15 - Income Tax Benefit (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	2023     2022     2021   Income before taxes - U.S.   $ 37,383     $ 13,738     $ 15,930   Income tax provision (benefit):                         Federal                         Current     -       290       142   Deferred     -       (1,998 )     (10,417 ) State and other                         Current     1       60       (13 ) Deferred     -       175       (37 ) Total   $ 1     $ (1,473 )   $ (10,325 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2023     2022     2021   Amount computed using the statutory rate of 21% for 2023, 2022, and 2021     21.0 %     21.0 %     21.0 % Agri-biodiesel production credit     (3.2 )     (8.6 )     (7.4 ) Federal BTC benefit     (32.3 )     (76.2 )     (75.2 ) State BTC benefit     (4.4 )     (7.0 )     (8.9 ) Credit for increasing research activities     (0.5 )     (1.0 )     (0.7 ) Dividends received deduction     (0.1 )     (1.6 )     (1.6 ) State income taxes, net     2.3       5.1       3.5   State rate change and other deferred adjustments     (1.0 )     3.6       5.0   Valuation allowance for deferred tax assets     18.2       53.8       -   CARES Act     -       -       -   Other     -       0.2       (0.5 ) Income tax benefit     0.0 %     (10.7 )%     (64.8 )%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2023     2022   Deferred tax assets                 Compensation   $ 43     $ 391   Inventory reserves     618       601   Self-insurance     65       70   Asset retirement obligation     316       323   Deferred revenue     3,693       4,081   Federal net operating loss carryforwards     15,240       9,360   State net operating loss carryforwards     2,765       1,884   Accrued expenses     742       2,648   Stock based compensation     24       24   Federal credit carryforwards     6,915       5,216   State credit carryforwards     676       687   Research & development costs     1,451       749   Derivative instruments     -       29   Capital loss carryforwards     1,898       1,241   Trading securities     -       656   Other     89       96   Subtotal deferred tax assets     34,535       28,056   Valuation Allowance     (14,216 )     (7,392 ) Total deferred tax assets     20,319       20,664                     Deferred tax liabilities                 Derivative instruments     (403 )     -   LIFO inventory     (3,957 )     (2,740 ) Depreciation     (14,978 )     (17,046 ) Prepaid expenses     (981 )     (878 ) Total deferred tax liabilities     (20,319 )     (20,664 ) Net deferred tax liabilities   $ -     $ -

v3.24.1.1.u2

Note 16 - Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Years ended December 31:       2023     2022     2021   Numerator:                         Net income   $ 37,382     $ 15,211     $ 26,255   Denominator:                         Weighted average shares outstanding – basic     43,763,243       43,763,243       43,756,065   Effect of dilutive securities:                         Stock options     1,440       246       48   Weighted average shares outstanding – diluted     43,764,683       43,763,489       43,756,113                             Basic earnings per share   $ 0.85     $ 0.35     $ 0.60   Diluted earnings per share   $ 0.85     $ 0.35     $ 0.60

v3.24.1.1.u2

Note 17 - Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	2023     2022     2021   Assumptions   Options     Options     Options   Expected volatility rate     n/a       56.61 %     n/a   Expected dividend yield     n/a       3.34 %     n/a   Risk-free interest rate     n/a       3.20 %     n/a   Expected forfeiture rate     n/a       0.00 %     n/a   Expected term in years     n/a       2.3       n/a
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Weighted               Average       Options     Exercise Price   Outstanding at January 1, 2021     44,000     $ 12.73   Granted     -       -   Exercised     (20,000 )     11.56   Canceled, forfeited, or expired     -       -   Outstanding at December 31, 2021     24,000       13.71   Granted     20,000       7.18   Exercised     -       -   Canceled, forfeited, or expired     -       -   Outstanding at December 31, 2022     44,000       10.74   Granted     -       -   Exercised     -       -   Canceled, forfeited, or expired     (10,000 )     16.21   Outstanding at December 31, 2023     34,000       9.13
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block]	Options Outstanding     Options Exercisable                   Weighted                                   Number     Average     Weighted     Number     Weighted           Outstanding at     Remaining     Average     Exercisable at     Average   Exercise     December 31,     Contractual     Exercise     December 31,     Exercise   Price     2023     Life     Price     2022     Price   $ 12.07       10,000       0.71     $ 12.07       10,000     $ 12.07     11.56       4,000       1.06       11.56       4,000       11.56     7.18       20,000       3.61       7.18       20,000       7.18             34,000       2.46       9.13       34,000       9.13

v3.24.1.1.u2

Note 20 - Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Condensed Balance Sheet [Table Text Block]	2023     2022   Accounts receivable                 Biodiesel, petrodiesel, blends and other petroleum products   $ 1     $ 6   Total accounts receivable   $ 1     $ 6   Prepaid expenses                 Administrative services and other   $ 12     $ 12   Total prepaid expenses   $ 12     $ 12   Accounts payable                 Natural gas and fuel purchases   $ -     $ 7,788   Travel and administrative services     42       11   Total accounts payable   $ 42     $ 7,799   Accrued liabilities                 Travel and administrative services   $ -     $ 1   Total accrued liabilities   $ -     $ 1
Condensed Income Statement [Table Text Block]	Years ended December 31:       2023     2022     2021   Revenues                         Biodiesel, petrodiesel, blends and other petroleum products   $ 22     $ 459     $ 1,261   Total revenues   $ 22     $ 459     $ 1,261   Cost of goods sold                         Biodiesel, petrodiesel, blends, and other petroleum products   $ -     $ 5,425     $ 5,233   Natural gas purchases     (315 )     -       11,360   Total cost of goods sold   $ (315 )   $ 5,425     $ 16,593   Distribution                         Distribution and related services   $ 176     $ 174     $ 176   Total distribution   $ 176     $ 174     $ 176   Selling, general and administrative expenses                         Commodity trading advisory fees   $ 308     $ 307     $ 308   Travel and administrative services     188       184       221   Income tax, consulting services and other     120       120       120   Total selling, general, and administrative expenses   $ 616     $ 611     $ 649

v3.24.1.1.u2

Note 21 - Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Years ended December 31,       2023     2022     2021   Revenue                         Custom chemicals   $ 64,286     $ 58,737     $ 50,675   Performance chemicals     15,047       22,156       16,867   Chemicals revenue     79,333       80,893       67,542   Biofuels revenue     288,917       315,121       253,844   Total Revenue   $ 368,250     $ 396,014     $ 321,386                             Segment gross profit                         Chemicals   $ 29,936     $ 25,645     $ 13,970   Biofuels     11,043       3,348       9,567   Total gross profit   $ 40,979     $ 28,993     $ 23,537

v3.24.1.1.u2

Note 22 - Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Quarterly Financial Information [Table Text Block]	Quarter       1st     2nd     3rd     4th   2023                                 Revenues   $ 74,181     $ 85,308     $ 116,752     $ 92,009   Gross profit (loss)   $ 21,623     $ (8,592 )   $ 3,870     $ 24,078   Net income (loss)   $ 21,081     $ (9,859 )   $ 2,776     $ 23,384   Net income (loss) per common share:                                 Basic   $ 0.48     $ (0.23 )   $ 0.06     $ 0.53   Diluted   $ 0.48     $ (0.23 )   $ 0.06     $ 0.53                                     2022                                 Revenues   $ 42,261     $ 117,796     $ 118,141     $ 117,816   Gross (loss) profit   $ (7,155 )   $ 977     $ 19,985     $ 15,186   Net (loss) income   $ (12,398 )   $ (3,104 )   $ 15,780     $ 14,933   Net (loss) income per common share:                                 Basic   $ (0.28 )   $ (0.07 )   $ 0.36     $ 0.34   Diluted   $ (0.28 )   $ (0.07 )   $ 0.36     $ 0.34

v3.24.1.1.u2

Note 25 - Restatement (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	For the Year Ended December 31, 2023       As Originally Reported     Adjustment     As Restated   Cash flows from operating activities:                           Other assets   $ 3,523     $ (2,686 )   $ 837   Net cash provided by operating activities   $ 23,985     $ (2,686 )   $ 21,299   Cash flows from investing activities:                         Collateralization of derivative instruments   $ (1,343 )   $ 2,686     $ 1,343   Net cash provided by (used in) investing activities   $ 30,336     $ 2,686     $ 33,022

v3.24.1.1.u2

Note 2 - Significant Accounting Policies and Basis of Presentation (Details Textual) $ in Thousands	3 Months Ended										12 Months Ended
	Dec. 31, 2023 USD ($)		Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	[1]	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Revenue from Contract with Customer, Excluding Assessed Tax	$ 92,009	[1]	$ 116,752	$ 85,308	$ 74,181	$ 117,816		$ 118,141	$ 117,796	$ 42,261	$ 368,250	$ 396,014	$ 321,386
Environmental Assets [Member]
Property, Plant and Equipment, Useful Life (Year)	27 years										27 years
Biodiesel [Member] | Two Customers [Member]
Revenue from Contract with Customer, Excluding Assessed Tax											$ 127,763	$ 107,898
Biodiesel [Member] | Three Customers [Member]
Revenue from Contract with Customer, Excluding Assessed Tax													$ 133,231
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Chemicals [Member]
Number Of Major Customers											0	0	0
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Biodiesel [Member]
Number Of Major Customers											2	2	3
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Biodiesel [Member] | Two Customers [Member]
Concentration Risk, Percentage											35.00%	27.00%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Biodiesel [Member] | Three Customers [Member]
Concentration Risk, Percentage													41.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Biodiesel [Member] | Two Customers [Member]
Concentration Risk, Percentage											0.20%	2.00%
[1] The fourth quarter of 2019 includes the retroactive reinstatement of the BTC in revenue and gross profit (see Note 3 for further information).

v3.24.1.1.u2

Note 2 - Significant Accounting Policies and Basis of Presentation - Estimated Useful Lives of Property, Plant, and Equipment (Details)	Dec. 31, 2023
Building and Building Improvements [Member] | Minimum [Member]
Estimated useful life (Year)	20 years
Building and Building Improvements [Member] | Maximum [Member]
Estimated useful life (Year)	39 years
Machinery and Equipment [Member] | Minimum [Member]
Estimated useful life (Year)	3 years
Machinery and Equipment [Member] | Maximum [Member]
Estimated useful life (Year)	33 years
Transportation Equipment [Member] | Minimum [Member]
Estimated useful life (Year)	5 years
Transportation Equipment [Member] | Maximum [Member]
Estimated useful life (Year)	33 years
Other Capitalized Property Plant and Equipment [Member] | Minimum [Member]
Estimated useful life (Year)	5 years
Other Capitalized Property Plant and Equipment [Member] | Maximum [Member]
Estimated useful life (Year)	33 years

v3.24.1.1.u2

Note 3 - Government Tax Credits (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Small Agri Biodiesel Producers Credit [Member]
Benefit From Tax Credit, Pretax	$ 1.5

v3.24.1.1.u2

Note 4 - Revenue Recognition 1 (Details Textual) - USD ($) $ in Thousands	3 Months Ended										12 Months Ended
	Dec. 31, 2023		Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022		Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Contract with Customer, Liability											$ (2,418)	$ (4,055)	$ (2,931)
Contract with Customer, Liability, Revenue Recognized											2,734	5,816
Accounts Receivable, Blenders' Tax Credit	$ 11,381					$ 8,970					11,381	8,970
Accounts Receivable, Allowance for Credit Loss	55					48					55	48
Revenue from Contract with Customer, Excluding Assessed Tax	92,009	[1]	$ 116,752	$ 85,308	$ 74,181	117,816	[1]	$ 118,141	$ 117,796	$ 42,261	368,250	396,014	321,386
Bill and Hold Arrangements [Member] | Four Customers [Member]
Revenue from Contract with Customer, Excluding Assessed Tax											43,766	36,805	34,695
Contract with Customer, Liability	$ 4,317					$ 4,473					4,317	4,473	$ 3,154
Chemicals [Member]
Increase (Decrease) in Contract with Customer, Liability											$ 538	$ 1,983
[1] The fourth quarter of 2019 includes the retroactive reinstatement of the BTC in revenue and gross profit (see Note 3 for further information).

v3.24.1.1.u2

Note 4 - Revenue Recognition 2 (Details Textual) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Amount	$ 12,974
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	12 months
Revenue, Remaining Performance Obligation, Percentage	28.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Percentage	72.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	3 years

v3.24.1.1.u2

Note 4 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Trade receivables, included in accounts receivable*	[1]	$ 15,897	$ 16,459
Contract assets, included in accounts receivable		1,128	775
Contract liabilities, included in Deferred revenue - short-term		3,656	3,565
Contract liabilities, included in Deferred revenue - long-term		$ 9,318	$ 11,605
[1] Exclusive of the BTC of $11,381 and $8,970, respectively, and net of allowances for bad debt of $55 and $48, respectively, as of the dates noted.

v3.24.1.1.u2

Note 4 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended										12 Months Ended
	Dec. 31, 2023	[1]	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	[1]	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue	$ 92,009		$ 116,752	$ 85,308	$ 74,181	$ 117,816		$ 118,141	$ 117,796	$ 42,261	$ 368,250	$ 396,014	$ 321,386
Revenue from non-contractual arrangements											222	222	222
Revenue from Contract with Customer, Excluding Assessed Tax	$ 92,009		$ 116,752	$ 85,308	$ 74,181	$ 117,816		$ 118,141	$ 117,796	$ 42,261	368,250	396,014	321,386
Bill and Hold Revenue [Member]
Revenue											43,766	36,805	34,695
Revenue from Contract with Customer, Excluding Assessed Tax											43,766	36,805	34,695
Non-bill and Hold Revenue [Member]
Revenue											324,484	359,209	286,691
Revenue from Contract with Customer, Excluding Assessed Tax											324,484	359,209	286,691
Long-term Contract Revenue [Member]
Revenue											37,055	33,686	25,918
Revenue from Contract with Customer, Excluding Assessed Tax											37,055	33,686	25,918
Short-term Contract Revenue [Member]
Revenue											330,973	362,106	295,246
Revenue from Contract with Customer, Excluding Assessed Tax											$ 330,973	$ 362,106	$ 295,246
[1] The fourth quarter of 2019 includes the retroactive reinstatement of the BTC in revenue and gross profit (see Note 3 for further information).

v3.24.1.1.u2

Note 4 - Revenue Recognition - Revenues Based Upon the Billing Addresses of Customers (Details) - USD ($) $ in Thousands	3 Months Ended										12 Months Ended
	Dec. 31, 2023	[1]	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	[1]	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue	$ 92,009		$ 116,752	$ 85,308	$ 74,181	$ 117,816		$ 118,141	$ 117,796	$ 42,261	$ 368,250	$ 396,014	$ 321,386
UNITED STATES
Revenue											367,368	394,671	320,148
Non-US [Member]
Revenue											$ 882	$ 1,343	$ 1,238
[1] The fourth quarter of 2019 includes the retroactive reinstatement of the BTC in revenue and gross profit (see Note 3 for further information).

v3.24.1.1.u2

Note 5 - Inventory (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Effect of LIFO Inventory Liquidation on Income	$ 2,124

v3.24.1.1.u2

Note 5 - Inventory - Carrying Values of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finished goods	$ 16,235	$ 11,719
Work in process	611	879
Raw and indirect materials	25,532	33,897
Inventory, Gross	42,378	46,495
LIFO reserve	(9,400)	(19,734)
Total inventory	$ 32,978	$ 26,761

v3.24.1.1.u2

Note 6 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total	$ 2,571	$ (24,360)	$ (10,377)
Restricted Cash and Cash Equivalents	$ 745	$ 2,088

v3.24.1.1.u2

Note 6 - Derivative Instruments - Carrying Value of Derivative Instruments (Details) - Future [Member] Pure in Thousands, $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Regulated fixed price future commitments, included in other current assets (in thousand barrels)	354	305
Regulated fixed price future commitments, included in other current assets (in thousand barrels)	$ 1,736	$ (142)

v3.24.1.1.u2

Note 7 - Marketable Securities (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Marketable Security, Gain (Loss)	$ 575	$ (8,546)	$ (70)
Marketable Securities		37,126
Debt Securities, Available-for-Sale, Total		3,675
Debt Securities, Available-for-Sale, Unrealized Gain (Loss), Total		(1)	226
Equity Securities, FV-NI, Unrealized Gain (Loss), Total	3,117	(8,297)	(904)
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale	$ 0	$ 0	$ 0

v3.24.1.1.u2

Note 9 - Property, Plant, and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Depreciation	$ 10,348	$ 10,454	$ 10,452

v3.24.1.1.u2

Note 9 - Property, Plant, and Equipment - Property, Plant, and Equipment Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Land and land improvements	$ 6,044	$ 5,923
Buildings and building equipment	27,182	27,226
Machinery and equipment	188,794	183,999
Construction in progress	1,809	771
Accumulated depreciation	(151,118)	(140,978)
Total	$ 72,711	$ 76,941

v3.24.1.1.u2

Note 10 - Other Assets (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets, Noncurrent	$ 3,824	$ 5,252
Other Assets [Member]
Other Assets, Noncurrent	$ 3,409	$ 4,114

v3.24.1.1.u2

Note11 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued employee liabilities	$ 2,179	$ 3,287
Accrued property, franchise, motor fuel and other taxes	1,346	1,165
Lease liability, current	389	630
Other current liabilities	844	395
Total	$ 4,758	$ 5,477

v3.24.1.1.u2

Note 12 - Borrowings (Details Textual) - USD ($) $ in Thousands	Mar. 30, 2020	Dec. 31, 2023	Dec. 31, 2022
Secured Debt [Member] | Domestic Financing Company for Computer Technology [Member]
Long-Term Debt		$ 7	$ 46
Regions Bank and PNC Bank N.A. [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Expiration Period (Year)	5 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000
Line of Credit Facility Sublimit for Letters of Credit	30,000
Line of Credit Facility Swingline Loans	$ 15,000
Long-Term Line of Credit, Total		$ 0	$ 0

v3.24.1.1.u2

Note 12 - Borrowings - Leverage Ratio (Details)	12 Months Ended
	Dec. 31, 2023
Leverage Ratio1 [Member]
Commitment Fee	0.15%
Leverage Ratio1 [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Spread on variable rate	1.00%
Leverage Ratio1 [Member] | Base Rate [Member]
Spread on variable rate	0.00%
Leverage Ratio1 [Member] | Maximum [Member]
Leverage ratio	1
Leverage Ratio 2 [Member]
Commitment Fee	0.15%
Leverage Ratio 2 [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Spread on variable rate	1.25%
Leverage Ratio 2 [Member] | Base Rate [Member]
Spread on variable rate	0.25%
Leverage Ratio 2 [Member] | Maximum [Member]
Leverage ratio	1.5
Leverage Ratio 2 [Member] | Minimum [Member]
Leverage ratio	1
Leverage Ratio 3 [Member]
Commitment Fee	0.20%
Leverage Ratio 3 [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Spread on variable rate	1.50%
Leverage Ratio 3 [Member] | Base Rate [Member]
Spread on variable rate	0.50%
Leverage Ratio 3 [Member] | Maximum [Member]
Leverage ratio	2
Leverage Ratio 3 [Member] | Minimum [Member]
Leverage ratio	1.5
Leverage Ratio 4 [Member]
Commitment Fee	0.20%
Leverage Ratio 4 [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Spread on variable rate	1.75%
Leverage Ratio 4 [Member] | Base Rate [Member]
Spread on variable rate	0.75%
Leverage Ratio 4 [Member] | Maximum [Member]
Leverage ratio	2.5
Leverage Ratio 4 [Member] | Minimum [Member]
Leverage ratio	2
Leverage Ratio 5 [Member]
Commitment Fee	0.25%
Leverage Ratio 5 [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Spread on variable rate	2.00%
Leverage Ratio 5 [Member] | Base Rate [Member]
Spread on variable rate	1.00%
Leverage Ratio 5 [Member] | Minimum [Member]
Leverage ratio	2.5

v3.24.1.1.u2

Note 13 - Asset Retirement Obligations and Environmental Reserves (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset Retirement Obligation	$ 1,431	$ 1,396
Asset Retirement Obligation, Accretion Expense	35	32	$ 32
Asset Retirement Obligation, Revision of Estimate	$ 0	$ 0	$ 0

v3.24.1.1.u2

Note 14 - Lease Commitments and Purchase Obligations (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Other Assets, Noncurrent	$ 3,824	$ 5,252
Liabilities, Current [Abstract]
Accrued Liabilities, Current	4,758	5,477
Liabilities, Noncurrent [Abstract]
Liabilities, Noncurrent	15,857	16,871
Other Liabilities, Noncurrent	$ 3,287	1,792
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent
Operating Lease, Right-of-Use Asset	$ 389	1,019
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current
Operating Lease, Liability, Current	$ 389	630
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent
Operating Lease, Liability, Noncurrent	$ 0	$ 389
Imputed Interest, Other Noncurrent Asset	$ 9

v3.24.1.1.u2

Note 14 - Lease Commitments and Purchase Obligations - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating lease expense	$ 881	$ 862	$ 887
Short-term lease expense	8	31	23
Cash paid for operating leases	881	862	887
Noncash operating leases	$ 0	$ 707	$ 269
Weighted average discount rate, per annum	5.50%	5.20%	3.60%

v3.24.1.1.u2

Note 14 - Lease Commitments and Purchase Obligations - Payment Obligations (Details) $ in Thousands	Dec. 31, 2023 USD ($)
2024	$ 37
2025 - 2026	43
Total	$ 80

v3.24.1.1.u2

Note 15 - Income Tax Benefit (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Expense (Benefit)	$ 1	$ (1,473)	$ (10,325)
Effective Income Tax Rate Reconciliation, Percent	0.00%	(10.70%)	(64.80%)
Operating Loss Carryforward, Percent Limited to Taxable Income	80.00%
Deferred Tax Assets, Valuation Allowance	$ 14,216	$ 7,392
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	0	(95)	$ (60)
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 0	$ 0

v3.24.1.1.u2

Note 15 - Income Tax Benefit - Summary of Provisions for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income before taxes - U.S.	$ 37,383	$ 13,738	$ 15,930
Current	0	290	142
Deferred	0	(1,998)	(10,417)
Current	1	60	(13)
Deferred	0	175	(37)
Total	$ 1	$ (1,473)	$ (10,325)

v3.24.1.1.u2

Note 15 - Income Tax Benefit - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amount computed using the statutory rate of 21% for 2023, 2022, and 2021	21.00%	21.00%	21.00%
Agri-biodiesel production credit	(3.20%)	(8.60%)	(7.40%)
Federal BTC benefit	(32.30%)	(76.20%)	(75.20%)
State BTC benefit	(4.40%)	(7.00%)	(8.90%)
Credit for increasing research activities	(0.50%)	(1.00%)	(0.70%)
Dividends received deduction	(0.10%)	(1.60%)	(1.60%)
State income taxes, net	2.30%	5.10%	3.50%
State rate change and other deferred adjustments	(1.00%)	3.60%	5.00%
Valuation allowance for deferred tax assets	18.20%	53.80%	0.00%
CARES Act	0.00%	0.00%	0.00%
Other	0.00%	0.20%	(0.50%)
Income tax benefit	0.00%	(10.70%)	(64.80%)

v3.24.1.1.u2

Note 15 - Income Tax Benefit - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Compensation	$ 43	$ 391
Inventory reserves	618	601
Self-insurance	65	70
Asset retirement obligation	316	323
Deferred revenue	3,693	4,081
Federal net operating loss carryforwards	15,240	9,360
State net operating loss carryforwards	2,765	1,884
Accrued expenses	742	2,648
Stock based compensation	24	24
Federal credit carryforwards	6,915	5,216
State credit carryforwards	676	687
Research & development costs	1,451	749
Derivative instruments	0	29
Capital loss carryforwards	1,898	1,241
Trading securities	0	656
Other	89	96
Subtotal deferred tax assets	34,535	28,056
Valuation Allowance	(14,216)	(7,392)
Total deferred tax assets	20,319	20,664
Derivative instruments	(403)	0
LIFO inventory	(3,957)	(2,740)
Depreciation	(14,978)	(17,046)
Prepaid expenses	(981)	(878)
Total deferred tax liabilities	(20,319)	(20,664)
Net deferred tax liabilities	$ 0	$ 0

v3.24.1.1.u2

Note 16 - Earnings Per Share (Details Textual) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	40,060	33,754	28,953

v3.24.1.1.u2

Note 16 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended										12 Months Ended
	Dec. 31, 2023	[1]	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	[1]	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income	$ 23,384		$ 2,776	$ (9,859)	$ 21,081	$ 14,933		$ 15,780	$ (3,104)	$ (12,398)	$ 37,382	$ 15,211	$ 26,255
Weighted average shares outstanding – basic (in shares)											43,763,243	43,763,243	43,756,065
Stock options (in shares)											1,440	246	48
Weighted average shares outstanding – diluted (in shares)											43,764,683	43,763,489	43,756,113
Basic (in dollars per share)	$ 0.53		$ 0.06	$ (0.23)	$ 0.48	$ 0.34		$ 0.36	$ (0.07)	$ (0.28)	$ 0.85	$ 0.35	$ 0.6
Diluted (in dollars per share)	$ 0.53		$ 0.06	$ (0.23)	$ 0.48	$ 0.34		$ 0.36	$ (0.07)	$ (0.28)	$ 0.85	$ 0.35	$ 0.6
[1] The fourth quarter of 2019 includes the retroactive reinstatement of the BTC in revenue and gross profit (see Note 3 for further information).

v3.24.1.1.u2

Note 17 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Sep. 07, 2017	Aug. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum	10.00%
Share Based Compensation Arrangement By Share Based Payment Award Award Term (Year)	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares)			0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)			0	20,000	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)				$ 2.3
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)			(0)	(0)	20,000
Share-Based Payment Arrangement, Expense			$ 0	$ 46	$ 0
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount			$ 0	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)			4,310,167
Restricted Stock [Member]
Share-Based Payment Arrangement, Expense, Tax Benefit			$ 0	$ 19
New Members of Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)		20,000

v3.24.1.1.u2

Note 17 - Stock-based Compensation - Assumptions Used in the Determination of the Fair Value of the Options Granted (Details) - September 2019 Options [Member]	12 Months Ended
	Dec. 31, 2022
Expected volatility rate	56.61%
Expected dividend yield	3.34%
Risk-free interest rate	3.20%
Expected forfeiture rate	0.00%
Expected term in years (Year)	2 years 3 months 18 days

v3.24.1.1.u2

Note 17 - Stock Based Compensation - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Outstanding (in shares)	44,000	24,000	44,000
Outstanding, weighted average exercise price (in dollars per share)	$ 10.74	$ 13.71	$ 12.73
Granted (in shares)	0	20,000	0
Granted, weighted average exercise price (in dollars per share)	$ 0	$ 7.18	$ 0
Exercised (in shares)	0	0	(20,000)
Exercised, weighted average exercise price (in dollars per share)	$ 0	$ 0	$ 11.56
Canceled, forfeited, or expired (in shares)	(10,000)	0	0
Canceled, forfeited, or expired, weighted average exercise price (in dollars per share)	$ 16.21	$ 0	$ 0
Outstanding (in shares)	34,000	44,000	24,000
Outstanding, weighted average exercise price (in dollars per share)	$ 9.13	$ 10.74	$ 13.71

v3.24.1.1.u2

Note 17 - Stock-based Compensation - Stock Options Activities, by Exercise Price Range (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 9.13
Number outstanding (in shares) | shares	34,000
Number outstanding, weighted average remaining contractual life (Year)	2 years 5 months 15 days
Number exercisable (in shares) | shares	34,000
Number exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 9.13
Price Range 1 [Member]
Number outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 12.07
Number outstanding (in shares) | shares	10,000
Number outstanding, weighted average remaining contractual life (Year)	8 months 15 days
Number exercisable (in shares) | shares	10,000
Number exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 12.07
Price Range 2 [Member]
Number outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 11.56
Number outstanding (in shares) | shares	4,000
Number outstanding, weighted average remaining contractual life (Year)	1 year 21 days
Number exercisable (in shares) | shares	4,000
Number exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 11.56
Price Range3 [Member]
Number outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 7.18
Number outstanding (in shares) | shares	20,000
Number outstanding, weighted average remaining contractual life (Year)	3 years 7 months 9 days
Number exercisable (in shares) | shares	20,000
Number exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 7.18

v3.24.1.1.u2

Note 18 - Stockholders' Equity (Details Textual)	Dec. 31, 2023 shares
Number Of Shares Of Common Stock Subject To Registration Rights Agreement (in shares)	17,085,100
Additional Shares Available for Trading if Exercise Registration Rights (in shares)	6,637,600

v3.24.1.1.u2

Note 19 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	6.00%
Defined Contribution Plan, Cost	$ 1,923	$ 1,719	$ 1,770

v3.24.1.1.u2

Note 20 - Related Party Transactions - Related Party Balance Sheet Accounts (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Accounts receivable, related parties	[1]	$ 15,897	$ 16,459
Prepaid expenses – related parties		12	12
Related Party [Member]
Accounts receivable, related parties		1	6
Prepaid expenses – related parties		12	12
Natural gas and fuel purchases		42	7,799
Accrued liabilities, related parties		0	1
Related Party [Member] | Administrative Servicesand Other [Member]
Prepaid expenses – related parties		12	12
Related Party [Member] | Fuel [Member]
Natural gas and fuel purchases		0	7,788
Related Party [Member] | Travel and Administrative Services [Member]
Natural gas and fuel purchases		42	11
Accrued liabilities, related parties		0	1
Related Party [Member] | Biodiesel [Member]
Accounts receivable, related parties		$ 1	$ 6
[1] Exclusive of the BTC of $11,381 and $8,970, respectively, and net of allowances for bad debt of $55 and $48, respectively, as of the dates noted.

v3.24.1.1.u2

Note 20 - Related Party Transactions - Related Party Income Statement Accounts (Details) - Related Party [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues, related parties	$ 22	$ 459	$ 1,261
Cost of goods sold, related parties	(315)	5,425	16,593
Distribution, related parties	176	174	176
Selling, general, and administrative expenses, related parties	616	611	649
Biodeisel, Petrodiesel Blends, and Other Petroleum Products [Member]
Revenues, related parties	22	459	1,261
Cost of goods sold, related parties	0	5,425	5,233
Natural Gas Purchases [Member]
Cost of goods sold, related parties	(315)	0	11,360
Distribution Related [Member]
Distribution, related parties	176	174	176
Commodity Trading Advisory Fees [Member]
Selling, general, and administrative expenses, related parties	308	307	308
Travel and Administrative Services [Member]
Selling, general, and administrative expenses, related parties	188	184	221
Income Tax Consulting Services and Other [Member]
Cost of goods sold, related parties	$ 120	$ 120	$ 120

v3.24.1.1.u2

Note 21 - Segment Information (Details Textual)	12 Months Ended
	Dec. 31, 2023
Number of Reportable Segments	2
Chemicals [Member]
Number of Reportable Segments	2

v3.24.1.1.u2

Note 21 - Segment Information - Summary of Business by Segment (Details) - USD ($) $ in Thousands	3 Months Ended										12 Months Ended
	Dec. 31, 2023	[1]	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	[1]	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer, Excluding Assessed Tax	$ 92,009		$ 116,752	$ 85,308	$ 74,181	$ 117,816		$ 118,141	$ 117,796	$ 42,261	$ 368,250	$ 396,014	$ 321,386
Gross profit	$ 24,078		$ 3,870	$ (8,592)	$ 21,623	$ 15,186		$ 19,985	$ 977	$ (7,155)	40,979	28,993	23,537
Operating Segments [Member] | Chemicals [Member]
Revenue from Contract with Customer, Excluding Assessed Tax											79,333	80,893	67,542
Gross profit											29,936	25,645	13,970
Operating Segments [Member] | Chemicals [Member] | Custom Chemicals [Member]
Revenue from Contract with Customer, Excluding Assessed Tax											64,286	58,737	50,675
Operating Segments [Member] | Chemicals [Member] | Performance Chemicals [Member]
Revenue from Contract with Customer, Excluding Assessed Tax											15,047	22,156	16,867
Operating Segments [Member] | Biofuels [Member]
Revenue from Contract with Customer, Excluding Assessed Tax											288,917	315,121	253,844
Gross profit											$ 11,043	$ 3,348	$ 9,567
[1] The fourth quarter of 2019 includes the retroactive reinstatement of the BTC in revenue and gross profit (see Note 3 for further information).

v3.24.1.1.u2

Note 22 - Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended										12 Months Ended
	Dec. 31, 2023	[1]	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	[1]	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer, Excluding Assessed Tax	$ 92,009		$ 116,752	$ 85,308	$ 74,181	$ 117,816		$ 118,141	$ 117,796	$ 42,261	$ 368,250	$ 396,014	$ 321,386
Gross profit	24,078		3,870	(8,592)	21,623	15,186		19,985	977	(7,155)	40,979	28,993	23,537
Net income	$ 23,384		$ 2,776	$ (9,859)	$ 21,081	$ 14,933		$ 15,780	$ (3,104)	$ (12,398)	$ 37,382	$ 15,211	$ 26,255
Basic (in dollars per share)	$ 0.53		$ 0.06	$ (0.23)	$ 0.48	$ 0.34		$ 0.36	$ (0.07)	$ (0.28)	$ 0.85	$ 0.35	$ 0.6
Diluted (in dollars per share)	$ 0.53		$ 0.06	$ (0.23)	$ 0.48	$ 0.34		$ 0.36	$ (0.07)	$ (0.28)	$ 0.85	$ 0.35	$ 0.6
[1] The fourth quarter of 2019 includes the retroactive reinstatement of the BTC in revenue and gross profit (see Note 3 for further information).

v3.24.1.1.u2

Note 23 - Legal Proceedings (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Gain (Loss) Related to Litigation Settlement	$ 882

v3.24.1.1.u2

Note 24 - Subsequent Event (Details Textual) - Subsequent Event [Member] $ / shares in Units, $ in Millions	Mar. 12, 2024 USD ($) $ / shares
Share Repurchase Program, Authorized, Amount | $	$ 25
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares	$ 2.5
Dividends Payable, Date Declared	Mar. 12, 2024
Dividends Payable, Date to be Paid	Apr. 09, 2024

v3.24.1.1.u2

Note 25 - Restatement - Impact on Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other assets	$ 837	$ 799	$ 732
Net cash provided by operating activities	21,299	52,451	44,084
Collateralization of derivative instruments	1,343	(404)	(750)
Net cash provided by (used in) investing activities	33,022	$ (3,829)	$ 14,993
Previously Reported [Member]
Other assets	3,523
Net cash provided by operating activities	23,985
Collateralization of derivative instruments	(1,343)
Net cash provided by (used in) investing activities	30,336
Revision of Prior Period, Adjustment [Member]
Other assets	(2,686)
Net cash provided by operating activities	(2,686)
Collateralization of derivative instruments	2,686
Net cash provided by (used in) investing activities	$ 2,686

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