What changed in this filing

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Item 1. Financial Statements

2024-11-08 compared with 2024-08-09 · 103 added, 153 removed, 326 unchanged (44% of the section changed)

3 unchanged sentences

(Dollars in thousands)

June 30, 2024

September 30, 2024

December 31, 2023

18 unchanged sentences

Liabilities and Stockholders’ Equity

Accounts payable, inclusive of the blenders’ tax credit rebates due customers of $ 890 and $ 890

Accounts payable, inclusive of the blenders’ tax credit rebates due customers of $ 890 and $ 890 , respectively

$ 11,587 $ 22,178

Accounts payable – related parties

Income tax payable

Deferred revenue – current

12 unchanged sentences

Preferred stock, $ 0.0001 par value, 5,000,000 shares authorized, none issued and outstanding

Common stock, $ 0.0001 par value, 75,000,000 shares authorized, 43,763,243 shares issued and outstanding as of June 30, 2024 and December 31, 2023

Common stock, $ 0.0001 par value, 75,000,000 shares authorized, 43,763,243 shares issued and outstanding as of September 30, 2024 and December 31, 2023

Additional paid in capital

10 unchanged sentences

Three Months Ended

Six Months Ended

$ 72,409 $ 85,308 $ 130,690 $ 159,469

Nine Months Ended

September 30,

Revenue – related parties

Cost of goods sold

62,788 92,626 115,492 144,562

Cost of goods sold – related parties

910 1,216 1,407 1,774

Distribution – related parties

Gross profit (loss)

8,657 ( 8,592 ) 13,664 13,031

Selling, general, and administrative expenses

Compensation expense

1,061 954 2,048 2,092

Other expense

1,076 874 1,839 1,883

Related party expense

153 156 306 309

Research and development expenses

916 1,007 1,822 2,079

Total operating expenses

3,206 2,991 6,015 6,363

Income (loss) from operations

5,451 ( 11,583 ) 7,649 6,668

(Loss) income from operations

Interest and dividend income

1,521 1,732 4,321 4,068

Interest expense

( 34 ) ( 34 ) ( 69 ) ( 67 )

Gain on marketable securities

Other income (expense)

2,639 ( 1 ) 2,638 -

Other income (expense), net

4,126 1,739 6,890 4,576

Income (loss) before taxes

9,577 ( 9,844 ) 14,539 11,244

Income tax provision

Net income (loss)

$ 9,571 $ ( 9,859 ) $ 13,901 $ 11,222

Earnings (loss) per common share

$ 0.22 $ ( 0.23 ) $ 0.32 $ 0.26

Other (expense) income

Other income, net

(Loss) income before taxes

Income tax (benefit) provision

Net (loss) income

(Loss) earnings per common share

Weighted average shares outstanding

43,763,243 43,763,243 43,763,243 43,763,243

43,763,243 43,763,243 43,763,243 43,764,890

Comprehensive income (loss)

Net income (loss)

$ 9,571 $ ( 9,859 ) $ 13,901 $ 11,222

Other comprehensive (loss) income from unrealized net (losses) gains on available-for-sale debt securities

Comprehensive (loss) income

Net (loss) income

Other comprehensive income from unrealized net gains on available-for-sale debt securities

Income tax effect

Total other comprehensive (loss) income, net of tax

Comprehensive income (loss)

$ 9,571 $ ( 9,875 ) $ 13,901 $ 11,223

Total other comprehensive income, net of tax

Comprehensive (loss) income

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

2 unchanged sentences

(Dollars in thousands)

For the Six Months Ended June 30, 2024

For the Nine Months Ended September 30, 2024

Comprehensive

13 unchanged sentences

43,763,243 $ 4 $ - $ 204,820 $ 9,571 $ 214,395

For the Six Months Ended June 30, 2023

Stock based compensation

- $ - $ - 91 - 91

- - - - ( 1,195 ) ( 1,195 )

Balance - September 30, 2024

43,763,243 $ 4 $ - $ 204,911 $ 8,376 $ 213,291

For the Nine Months Ended September 30, 2023

Comprehensive

6 unchanged sentences

Balance - June 30, 2023

Balance - September 30, 2023

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

2 unchanged sentences

(Dollars in thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash flows from operating activities

$ 13,901 $ 11,222

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of deferred financing costs

2 unchanged sentences

Change in fair value of derivative instruments

1,696 ( 3,259 )

Loss on the sale of investments

Stock based compensation

3 unchanged sentences

Accounts receivable

( 4,980 ) ( 2,369 )

Accounts receivable – related parties

3,462 ( 40,601 )

Income tax receivable

Prepaid expenses

555 ( 4,502 )

Accounts payable

( 11,649 ) ( 6,269 )

Accounts payable – related parties

Income tax payable

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities – related parties

Deferred revenue

( 1,713 ) ( 2,037 )

Other noncurrent liabilities

Net cash provided by (used in) operating activities

15,588 ( 40,665 )

Net cash provided by operating activities

Cash flows from investing activities

1 unchanged sentence

Proceeds from the sale of marketable securities

Proceeds from the sale of property and equipment

Capital expenditures

( 5,270 ) ( 3,875 )

Net cash (used in) provided by investing activities

( 5,312 ) 36,980

Cash flows from financing activities

Payment of dividends

( 114,660 ) ( 5,251 )

Deferred financing costs

Net cash used in financing activities

( 114,660 ) ( 5,265 )

Net change in cash and cash equivalents

( 104,384 ) ( 8,950 )

Cash and cash equivalents at beginning of period

219,444 175,640

Cash and cash equivalents at end of period

$ 115,060 $ 166,690

Cash paid for income taxes

Noncash capital expenditures

$ 1,182 $ 244

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

14 unchanged sentences

and Legacy Regional Transport, L.L.C.

The majority of FFC Grain, L.LC.'s assets were disposed of during the current three -month period as the idle subsidiary is being dissolved.

Intercompany transactions and balances have been eliminated in consolidation.

Recently Adopted Accounting Standards

No new accounting standards have been adopted recently.

Issued Accounting Standards Not Yet Adopted

In December 2023 , the FASB issued Accounting Standards Update (“ASU”) No.

The Company had no recently adopted accounting standards updates (“ASU”).

Accounting Standards Issued Not Yet Adopted as of September 30, 2024

2023 - 07 Segment Reporting (Topic 280 ):

Improvements to Reportable Segment Disclosures:

The FASB issued this update in November 2023 which aims to improve disclosures about a public entity’s reportable segments.

These changes will affect the Company’s segment reporting beginning with its Annual Report for the year ended December 31, 2024, and will be applied retrospectively to all prior periods presented.

The amendments in this ASU require public business entities to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and are included within each reported measure of segment profit or loss.

This update does not change how an entity identifies or aggregates its reportable segments or how it applies the quantitative thresholds to determine them.

Management believes the adoption of this ASU will have a minimal impact on the Company’s financial statements and related disclosures.

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.

Improvements to Income Tax Disclosures:

The FASB issued this update in December 2023 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.

1 unchanged sentence

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 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.

This update does not change how an entity identifies or aggregates its reportable segments or how it applies the quantitative thresholds to determine them.

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 this new standard on the Company's financial statements and related disclosures for the year ending December 31, 2024.

The Company will adopt the new standard effective for the year ended December 31, 2025, and does not expect the adoption to have a material impact on its financial statements and disclosures.

2024 - 03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220 - 40 ):

Disaggregation of Income Statement Expenses:

The FASB issued this update in November 2024 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 ASU require all public business entities to disclose disaggregated information about specific categories underlying certain income statement expense line items.

The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.

Early adoption is permitted.

The Company is evaluating this accounting standard and does not expect the adoption to have a material impact on its financial statements and disclosures.

Notes to Consolidated Financial Statements of FutureFuel Corp.

1 unchanged sentence

GOVERNMENT TAX CREDITS

BIODIESEL BLENDERS ’ TAX CREDIT and SMALL AGRI-BIODIESEL PRODUCER TAX CREDIT and CLEAN FUEL PRODUCTION TAX CREDIT

BIODIESEL BLENDERS' TAX CREDIT, SMALL AGRI-BIODIESEL PRODUCER TAX CREDIT, and CLEAN FUEL PRODUCTION TAX CREDIT

The biodiesel Blenders’ Tax Credit (“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.

10 unchanged sentences

For producers not meeting the prevailing wage and registered apprenticeship requirements, the maximum credit is 20 cents per nonaviation fuel gallon.

In June 2024, when the Internal Revenue Service gave notice of the requirement, the Company applied for registration as a producer that meets the wage and registered apprenticeship requirements to receive the credit applicable to the level of GHG emissions for the fuel the Company produces.

CARES ACT – EMPLOYEE RETENTION TAX CREDIT

1 unchanged sentence

The Consolidated Appropriations Act, effective January 1, 2021, broadened the eligibility of the credit.

FutureFuel has 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.

FutureFuel has applied for this credit and will recognize the benefit of the credit once reasonable assurance can be made as to the receipt of the credit.

Notes to Consolidated Financial Statements of FutureFuel Corp.

1 unchanged sentence

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.

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 is satisfied.

Certain of the Company's custom chemical contracts within the chemical segment contain a material right as defined by ASC Topic 606, Revenue from Contracts with Customers, 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.

7 unchanged sentences

Contract assets consist of unbilled amounts typically resulting from revenue recognized through bill-and-hold arrangements.

The contract assets at June 30, 2024 and December 31, 2023 consist of unbilled revenue from one customer and unbilled capital reimbursement from another customer and are recorded as accounts receivable in the consolidated balance sheets.

The contract assets at September 30, 2024 and December 31, 2023 consist of unbilled revenue from one customer and unbilled capital reimbursement from another customer and are recorded as accounts receivable in the consolidated balance sheets.

Contract liabilities consist of advance payment arrangements related to material rights recorded as deferred revenue in the consolidated balance sheets.

Increases to contract liabilities from cash received or due for a performance obligation of chemical segment plant expansions were $ 0 and $ 32 for both the three and six months ended June 30, 2024 and 2023, respectively.

Increases to contract liabilities from cash received or due for a performance obligation of chemical segment plant expansions were $ 0 and $ 506 for the three months and $ 0 and $ 538 for the nine months ended September 30, 2024 and 2023, 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 was $ 797 and $ 739 for the three months and $ 1,603 and $ 1,958 for the six months ended June 30, 2024 and 2023 , respectively.

Revenue recognized in the chemical segment from the contract liability reductions was $ 936 and $ 444 for the three months and $ 2,539 and $ 2,402 for the nine months ended September 30, 2024 and 2023 , 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.

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

Contract Assets and Liability Balances

June 30, 2024

September 30, 2024

December 31, 2023

Trade receivables, included in accounts receivable*

$ 16,962 $ 15,897

Contract assets, included in accounts receivable

3 unchanged sentences

Transaction price allocated to the remaining performance obligations:

At June 30, 2024 , approximately $ 11,371 of revenue is expected to be recognized from remaining performance obligations.

FutureFuel expects to recognize this revenue ratably over expected sales over the expected term of its long-term contracts ranging from two to four years.

At September 30, 2024 , approximately $ 10,434 of revenue is expected to be recognized from the remaining performance obligations.

FutureFuel expects to recognize this revenue ratably over the expected sales over the expected term of its long-term contracts ranging from two to six years.

Approximately 38 % of this revenue is expected to be recognized over the next 12 months, and 62 % is expected to be recognized over the subsequent 63 months.

6 unchanged sentences

Disaggregation of revenue - contractual and non-contractual:

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Contract revenue from customers with > one-year arrangements

$ 8,735 $ 9,562 $ 17,975 $ 20,027

Contract revenue from customers with < one-year arrangements

63,618 75,690 112,604 139,351

Revenue from non-contractual arrangements

56 56 111 111

Total revenue

$ 72,409 $ 85,308 $ 130,690 $ 159,489

Timing of revenue :

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Bill-and-hold revenue

$ 11,020 $ 10,765 $ 22,664 $ 21,355

Non-bill-and-hold revenue

61,389 74,543 108,026 138,134

Total revenue

$ 72,409 $ 85,308 $ 130,690 $ 159,489

As of June 30, 2024 and December 31, 2023 , $ 3,651 and $ 4,317 of bill-and-hold revenue had not shipped, respectively.

As of September 30, 2024 and December 31, 2023 , $ 4,482 and $ 4,317 of bill-and-hold revenue had not shipped, respectively.

The carrying values of inventory were as follows as of:

June 30, 2024

September 30, 2024

December 31, 2023

1 unchanged sentence

Finished goods

$ 9,427 $ 16,235

Work in process

Raw materials and supplies

23,993 25,532

34,576 42,378

( 5,060 ) ( 9,400 )

Total inventory

$ 29,516 $ 32,978

A LIFO liquidation of $ 444 occurred in the six months ended June 30, 2024.

No liquidation occurred in the six months ended June 30, 2023.

A Last In First Out (“LIFO”) liquidation of $ 935 occurred in the nine months ended September 30, 2024 .

There was no liquidation in the twelve months ended December 31, 2023.

Notes to Consolidated Financial Statements of FutureFuel Corp.

19 unchanged sentences

The Company has elected the normal purchase and normal sales exception for certain feedstock purchase contracts and supply agreements.

Total gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the consolidated statements of operations as a component of cost of goods sold and amounted to a net gain of $ 1,414 (including settlements of $ 836 ) and a net loss of $ 2,050 (including settlements of $ 354 ) for the three and six months ended June 30, 2024 , and a net gain of $ 4,389 (including settlements of $ 6,032 ) and $ 12,695 (including settlements of $ 9,436 ) for the three and six months ended June 30, 2023 .

Total gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the consolidated statements of operations as a component of cost of goods sold and amounted to a net gain of $ 1,947 (including settlements of $ 1,691 ) and a net loss of $ 102 (including settlement gains of $ 1,337 ) for the three and nine months ended September 30, 2024 , and a net loss of $ 14,068 (includin g settlements of $ 7,286 ) and $ 1,373 (includingsettlement gains of $ 2,150 ) for the three and nine months ended September 30, 2023 .

The volumes and carrying values of FutureFuel’s derivative instruments were as follows at:

Asset (Liability)

June 30, 2024

September 30, 2024

December 31, 2023

2 unchanged sentences

Regulated fixed price future commitments, included in other current assets (in thousand barrels)

126 $ 40 354 $ 1,736

The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $ 787 and $ 745 at June 30, 2024 and December 31, 2023 , respectively, and was classified as other current assets in the consolidated balance sheets.

The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $ 322 and $ 745 at September 30, 2024 and December 31, 2023 , respectively, and was classified as other current assets in the consolidated balance sheets.

The carrying values of the margin account and of the derivative instruments are included net, in other current assets.

2 unchanged sentences

MARKETABLE SECURITIES

At June 30, 2024 and December 31, 2023, FutureFuel held no marketable equity and trust preferred (debt) securities.

At September 30, 2024 and December 31, 2023 , FutureFuel held no marketable equity and trust preferred (debt) securities.

During the three months ended June 30, 2023, FutureFuel exited its position in marketable equity and trust preferred (debt) securities.

The sale of these securities was recorded as a component of net income with gains of $ 42 and $ 575 in the three and six months ended June 30, 2023, respectively.

The sale of these securities was recorded as a component of net income with gains of $ 575 in the nine months ended September 30, 2023.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

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

June 30, 2024

September 30, 2024

December 31, 2023

3 unchanged sentences

Lease liability, current

$ 11,468 $ 4,758

Notes to Consolidated Financial Statements of FutureFuel Corp.

4 unchanged sentences

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 the London Interbank Offered Rate (“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 primarily amends the Credit Agreement to transition the Credit Facility from the London Interbank Offered Rate 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.

14 unchanged sentences

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

There were no borrowings under the Credit Agreement at June 30, 2024 or December 31, 2023 .

There were no borrowings under the Credit Agreement at September 30, 2024 or December 31, 2023 .

Notes to Consolidated Financial Statements of FutureFuel Corp.

2 unchanged sentences

The following table summarizes the income tax provision.

Three Months Ended June 30,

Six Months Ended June 30,

Income tax provision

$ 6 $ 15 $ 638 $ 22

Three Months Ended September 30,

Nine Months Ended September 30,

Income tax (benefit) provision

Effective tax rate

0.1 % ( 0.2 )% 4.4 % 0.2 %

The Company’s income tax provision for the three and six months ended June 30, 2024 comprises primarily an increase in the valuation allowance against net deferred assets, plus immaterial state taxes and miscellaneous items.

The Company’s income tax benefit was insignificant in the three months ended September 30, 2024.

In the nine months ended September 30, 2024, the provision was comprised primarily of an increase in the valuation allowance against net deferred assets, plus immaterial state taxes and miscellaneous items.

No deferred tax benefits on ongoing tax losses or other deferred tax assets have been recognized, reflecting management’s determination that none of the net deferred tax assets are more likely than not to be realized.

The three - and six -month periods in 2023 reflected immaterial state taxes and miscellaneous items.

The three - and nine -month periods in 2023 reflected immaterial state taxes and miscellaneous items.

The Company evaluates its deferred tax assets quarterly and records a valuation allowance to reduce these assets to the amount that is more likely than not to be realized.

EARNINGS PER SHARE

In the three and six months ended June 30, 2024 and 2023 , FutureFuel used the treasury method in computing earnings per share.

In the three and nine months ended September 30, 2024 and 2023 , FutureFuel used the treasury method in computing earnings per share.

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

Three Months Ended June 30,

Six Months Ended June 30,

Net income (loss)

Three Months Ended September 30,

Nine Months Ended September 30,

Net (loss) income

Weighted average shares outstanding – basic

2 unchanged sentences

Weighted average shares outstanding – diluted

Basic earnings (loss) per share

Diluted earnings (loss) per share

For the three and six months ended June 30, 2024, 22,000 and 44,000 options to purchase FutureFuel’s common stock were excluded, respectively, in the computation of diluted earnings per share as all were anti-dilutive.

In the three and six months ended June 30, 2023, 22,000 and 42,354 options, respectively, were excluded as all were anti-dilutive.

Basic (loss) earnings per share

Diluted (loss) earnings per share

For each of the three and nine months ended September 30, 2024 , 44,000 options to purchase FutureFuel’s common stock were excluded in the computation of diluted earnings per share as all were anti-dilutive.

In the three and nine months ended September 30, 2023 , 41,534 and 42,080 options, respectively, were excluded as all were anti-dilutive.

RELATED PARTY TRANSACTIONS

19 unchanged sentences

The benefit derived from the eventual sale of the RINs is not reflected in results of operations until such time as the RINs sale has been completed, which may lead to variability in reported operating results.

As of June 30, 2024 , FutureFuel held 2.1 million RINs with a fair market value of $ 1,055 and no cost.

Comparatively, at June 30, 2023 , FutureFuel held 11.8 million RINs with a fair market value of $ 19,461 and no cost and at December 31, 2023 4.3 million RINs were held with a fair market value of $ 6,567 and no cost.

As of September 30, 2024 , FutureFuel held 5.0 million RINs with a fair market value of $ 2,556 and no cost.

Comparatively, at September 30, 2023 , FutureFuel held 4.2 million RINs with a fair market value of $ 6,971 and no cost and at December 31, 2023 4.3 million RINs were held with a fair market value of $ 6,567 and no cost.

These fair values are considered Level 1 inputs.

Summary of business by segment

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Custom chemicals

$ 15,583 $ 15,576 $ 31,010 $ 32,196

Performance chemicals

3,653 3,180 6,285 8,441

Chemical revenue

19,236 18,756 37,295 40,637

Biofuel revenue

53,173 66,552 93,395 118,852

Total Revenue

$ 72,409 $ 85,308 $ 130,690 $ 159,489

Segment gross profit (loss)

$ 4,677 $ 6,416 $ 8,698 $ 15,039

3,980 ( 15,008 ) 4,966 ( 2,008 )

Total gross profit (loss)

$ 8,657 $ ( 8,592 ) $ 13,664 $ 13,031

Total gross profit

Operating expenses

$ 3,206 $ 2,991 $ 6,015 $ 6,363

Income (loss) from operations

5,451 ( 11,583 ) 7,649 6,668

Other income (expense), net

4,126 1,739 6,890 4,576

Income (loss) before taxes

$ 9,577 $ ( 9,844 ) $ 14,539 $ 11,244

(Loss) income from operations

Other income, net

(Loss) income before taxes

Depreciation is allocated to segment cost of goods sold based on plant usage.

5 unchanged sentences

While FutureFuel is unable to predict the outcomes of these matters, it does not believe, based upon currently available facts, 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.

During the three months ended June 30, 2024, the Company resolved a prior-year legal dispute which resulted in a cash payment of $ 2,750 to FutureFuel which was reflected in Other income (expense) in the Consolidated Statements of Operations and Comprehensive Income in the three and six months ended June 30, 2024.

During the three months ended June 30, 2024, the Company resolved a prior-year legal dispute which resulted in a cash payment of $ 2,750 to FutureFuel which is reflected in Other (expense) income in the Consolidated Statements of Operations and Comprehensive Income in the nine months ended September 30, 2024.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements