ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Mar. 31, 2021 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Accounts Payable and Accrued Liabilities |
For presentation purposes, accounts payable and accrued liabilities have
been combined. As of March 31, 2021 and December 31, 2020, accounts payable and accrued liabilities consists of:
| |
|
As of March 31, 2021 |
|
As of December 31, 2020 |
| Accounts payable |
|
$ |
12,237,029 |
|
|
$ |
9,724,136 |
|
| Accrued compensation and related liabilities |
|
|
3,163,254 |
|
|
|
3,034,688 |
|
| Accrued interest payable |
|
|
1,989,423 |
|
|
|
2,093,649 |
|
| Other accrued expenses |
|
|
7,363,687 |
|
|
|
3,146,478 |
|
| Current portion of asset retirement obligations |
|
|
4,400,410 |
|
|
|
3,716,000 |
|
| Current portion of environmental liabilities |
|
|
1,104,106 |
|
|
|
883,000 |
|
| |
|
$ |
30,257,909 |
|
|
$ |
22,597,951 |
|
|
| Schedule of Asset Retirement Obligations |
The following table provides a reconciliation of the
changes in asset retirement obligations for the quarter ended March 31, 2021 and the year ended December 31, 2020.
| |
|
Three months ended March 31, 2021 |
|
Year ended December 31, 2020 |
| Asset retirement obligations - beginning of period |
|
$ |
21,478,977 |
|
|
$ |
— |
|
| Additions related to acquisition of refinery |
|
|
— |
|
|
|
21,901,977 |
|
| Disbursements |
|
|
(775,249 |
) |
|
|
(135,000 |
) |
| Accretion |
|
|
245,000 |
|
|
|
652,000 |
|
| Revised obligation estimates |
|
|
— |
|
|
|
(940,000 |
) |
| Asset retirement obligations - end of period |
|
$ |
20,948,728 |
|
|
$ |
21,478,977 |
|
|
| Schedule of changes in derivative liability |
The following presents the change in the derivative liability for the three months ended March 31, 2020:
| |
|
Three Months Ended |
| |
|
March 31, 2020 |
| Beginning Balance |
|
$ |
24,767,000 |
|
| Conversion to note payable |
|
|
(19,291,000 |
) |
| Change in fair value recognized in earnings |
|
|
(5,476,000 |
) |
| Ending Balance |
|
$ |
— |
|
The carrying value of the mandatorily redeemable equity
instruments of subsidiary as of March 31, 2021:
| |
|
Carrying Value |
|
Total Fair Value |
|
Quoted prices in active markets for identical assets - Level 1 |
|
Significant other observable inputs - Level 2 |
|
Significant unobservable inputs - Level 3 |
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mandatorily redeemable equity instruments of subsidiary |
|
$ |
7,193,000 |
|
|
$ |
7,193,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,193,000 |
|
The following presents changes in the mandatorily
redeemable equity instruments of subsidiary (Class B Units) through the three months ended March 31, 2021 and the year ended December
31, 2020:
| |
|
Three months ended March 31, 2021 |
|
Year ended December 31, 2020 |
| Beginning Balance |
|
$ |
5,123,000 |
|
|
$ |
— |
|
| New unit issuances |
|
|
1,218,769 |
|
|
|
3,101,344 |
|
| Change in fair value recognized in earnings |
|
|
851,231 |
|
|
|
2,021,656 |
|
| Ending Balance |
|
$ |
7,193,000 |
|
|
$ |
5,123,000 |
|
|
| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
The following table presents: 1) instruments that
were dilutive for the quarter ended March 31, 2020 were included in the diluted earnings per share, and 2) instruments that were anti-dilutive
for the quarter ended March 31, 2021 that were excluded from diluted earnings per share as they would have been anti-dilutive:
| |
|
Three Months Ended March 31, 2021 |
|
Three Months Ended March 31, 2020 |
| Convertible notes and accrued interest |
|
|
8,906,773 |
|
|
|
10,007,550 |
|
| Convertible preferred stock - Series B |
|
|
1,181,818 |
|
|
|
1,181,818 |
|
| Compensation-based stock options and warrants |
|
|
19,220,714 |
|
|
|
17,705,000 |
|
|