Delaware
(State or Other Jurisdiction
of Incorporation)
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0-15905
(Commission File Number)
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73-1268729
(IRS Employer Identification No.)
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(d)
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Exhibits.
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99.1
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Blue Dolphin Energy Company Press Release Issued May 25, 2012.
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Blue Dolphin Energy Company
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/s/JONATHAN P. CARROLL
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Jonathan P. Carroll
Chief Executive Officer, President, Assistant Treasurer
and Secretary
(Principal Executive Officer)
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99.1
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Blue Dolphin Energy Company Press Release Issued May 25, 2012.
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BLUE DOLPHIN ENERGY COMPANY
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March 31, 2012
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December 31, 2011
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|||||||
(Unaudited)
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||||||||
2012
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2011
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|||||||
ASSETS
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||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 1,109,821 | $ | 1,822 | ||||
Restricted cash
|
192,155 | 192,004 | ||||||
Accounts receivable
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16,447,101 | — | ||||||
Prepaid expenses and other current assets
|
329,718 | 58,713 | ||||||
Deposits
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1,140,447 | 473,026 | ||||||
Inventory
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5,143,569 | 4,533,961 | ||||||
Total current assets
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24,362,811 | 5,259,526 | ||||||
Total property and equipment, net
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43,132,695 | 32,307,929 | ||||||
Debt issue costs
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557,684 | 566,133 | ||||||
Other assets
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17,076 | 10,468 | ||||||
Trade name
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184,368 | — | ||||||
Goodwill
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8,667,401 | — | ||||||
TOTAL ASSETS
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$ | 76,922,035 | $ | 38,144,056 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
CURRENT LIABILITIES
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||||||||
Accounts payable
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$ | 21,663,071 | $ | 4,841,859 | ||||
Accounts payable, related party
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260,035 | 908,139 | ||||||
Note payable
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46,318 | 46,318 | ||||||
Asset retirement obligations, current portion
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242,299 | — | ||||||
Accrued expenses and other current liabilities
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1,094,408 | 744,921 | ||||||
Interest payable, current portion
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1,004,515 | 995,916 | ||||||
Other long-term liabilities, current portion
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1,841,852 | 1,839,501 | ||||||
Total current liabilities
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26,152,498 | 9,376,654 | ||||||
Asset retirement obligations, net of current portion
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2,480,402 | — | ||||||
Long term debt
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14,813,846 | 12,455,102 | ||||||
Long term interest payable, net of current portion
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703,211 | 650,214 | ||||||
Total long-term liabilities
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17,997,459 | 13,105,316 | ||||||
Commitments and contingencies
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||||||||
STOCKHOLDERS’ EQUITY
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||||||||
Common stock ($0.01 par value, 20,000,000 shares authorized, 10,533,070 and 2,098,390
shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively)
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105,331 | 20,984 | ||||||
Additional paid-in capital
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36,360,944 | 17,365,405 | ||||||
Accumulated deficit
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(3,694,197 | ) | (1,724,303 | ) | ||||
Total stockholders’ equity
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32,772,078 | 15,662,086 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
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$ | 76,922,035 | $ | 38,144,056 |
Three Months Ended March 31,
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||||||||
2012
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2011
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|||||||
REVENUE FROM OPERATIONS
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Refined product sales
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$ | 45,770,963 | $ | — | ||||
Pipeline operations
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69,910 | — | ||||||
Oil and gas sales
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200,340 | — | ||||||
Total revenue from operations
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46,041,213 | — | ||||||
COST OF OPERATIONS
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||||||||
Cost of refined products sold
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44,261,395 | — | ||||||
Refinery operating expenses
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2,445,437 | — | ||||||
Pipeline operating expenses
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109,618 | — | ||||||
Lease operating expenses
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201,713 | — | ||||||
Depletion, depreciation and amortization
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275,107 | 4,308 | ||||||
General and administrative expenses
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525,587 | 113,828 | ||||||
Accretion expense
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23,775 | — | ||||||
Total cost of operations
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47,842,632 | 118,136 | ||||||
Loss from operations
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(1,801,419 | ) | (118,136 | ) | ||||
OTHER INCOME (EXPENSE)
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Net tank rental revenue
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93,955 | 342,745 | ||||||
Interest and other income
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1,650 | 6,094 | ||||||
Interest expense
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(233,517 | ) | (12,311 | ) | ||||
Total other income (expense)
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(137,912 | ) | 336,528 | |||||
Income (loss) before income taxes
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(1,939,331 | ) | 218,392 | |||||
Income tax expense
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(30,563 | ) | — | |||||
Net income (loss)
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$ | (1,969,894 | ) | $ | 218,392 | |||
Loss per common share:
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||||||||
Basic
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$ | (0.37 | ) | $ | 218,392 | |||
Diluted
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$ | (0.37 | ) | $ | 218,392 | |||
Weighted average number of common shares outstanding:
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||||||||
Basic
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5,324,410 | 1 | ||||||
Diluted
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5,324,410 | 1 |