XML 69 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operating activities      
Net income $ (5,871,642)us-gaap_ProfitLoss $ 8,311,432us-gaap_ProfitLoss $ 3,658,267us-gaap_ProfitLoss
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:      
Stock-based compensation expense 332,266us-gaap_ShareBasedCompensation 175,152us-gaap_ShareBasedCompensation 178,968us-gaap_ShareBasedCompensation
Depreciation and amortization 4,277,843us-gaap_DepreciationDepletionAndAmortization 2,320,735us-gaap_DepreciationDepletionAndAmortization 711,555us-gaap_DepreciationDepletionAndAmortization
Bargain purchase gain (6,948,686)us-gaap_BusinessCombinationBargainPurchaseGainRecognizedAmount 0us-gaap_BusinessCombinationBargainPurchaseGainRecognizedAmount 0us-gaap_BusinessCombinationBargainPurchaseGainRecognizedAmount
Deferred federal income tax   (1,944,000)us-gaap_DeferredIncomeTaxExpenseBenefit (1,432,000)us-gaap_DeferredIncomeTaxExpenseBenefit
Inventory impairment charge 467,911us-gaap_InventoryWriteDown 0us-gaap_InventoryWriteDown 0us-gaap_InventoryWriteDown
Reduction of contingent consideration (5,248,588)us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 (2,238,750)us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 0us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
Changes in operating assets and liabilities:      
Accounts receivable 714,698us-gaap_IncreaseDecreaseInAccountsReceivable (3,468,033)us-gaap_IncreaseDecreaseInAccountsReceivable 128,184us-gaap_IncreaseDecreaseInAccountsReceivable
Accounts receivable- related parties     2,459us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties
Bad debt expense 2,013,167us-gaap_ProvisionForDoubtfulAccounts 0us-gaap_ProvisionForDoubtfulAccounts 0us-gaap_ProvisionForDoubtfulAccounts
Inventory 1,891,932us-gaap_IncreaseDecreaseInInventories (2,670,338)us-gaap_IncreaseDecreaseInInventories 551,438us-gaap_IncreaseDecreaseInInventories
Prepaid expenses (12,586)us-gaap_IncreaseDecreaseInPrepaidExpense (571,254)us-gaap_IncreaseDecreaseInPrepaidExpense (247,337)us-gaap_IncreaseDecreaseInPrepaidExpense
Costs in excess of billings (779,285)us-gaap_IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract 0us-gaap_IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract 0us-gaap_IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract
Accounts payable and accrued expenses 7,255,722us-gaap_IncreaseDecreaseInAccountsPayable 4,220,957us-gaap_IncreaseDecreaseInAccountsPayable 304,861us-gaap_IncreaseDecreaseInAccountsPayable
Deferred revenue 463,210us-gaap_IncreaseDecreaseInDeferredRevenue 0us-gaap_IncreaseDecreaseInDeferredRevenue 0us-gaap_IncreaseDecreaseInDeferredRevenue
Accounts payable-related parties     (620,724)us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties
Other deposits (81,450)us-gaap_IncreaseDecreaseInDeposits 256,729us-gaap_IncreaseDecreaseInDeposits (235,557)us-gaap_IncreaseDecreaseInDeposits
Net cash provided by (used in) operating activities (1,525,488)us-gaap_NetCashProvidedByUsedInOperatingActivities 4,392,630us-gaap_NetCashProvidedByUsedInOperatingActivities 3,000,114us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash flows from investing activities      
Bango note receivable (3,150,000)vtnr_PaymentsforLoantoAcquiree    
Refund of asset acquisition 0us-gaap_PaymentsForProceedsFromPreviousAcquisition 675,558us-gaap_PaymentsForProceedsFromPreviousAcquisition 0us-gaap_PaymentsForProceedsFromPreviousAcquisition
Acquisition, net (31,114,140)us-gaap_PaymentsForProceedsFromBusinessesAndInterestInAffiliates (539,325)us-gaap_PaymentsForProceedsFromBusinessesAndInterestInAffiliates (2,013,450)us-gaap_PaymentsForProceedsFromBusinessesAndInterestInAffiliates
Purchase of fixed assets (5,940,890)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (2,603,369)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (1,134,575)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Net cash used in investing activities (40,205,030)us-gaap_NetCashProvidedByUsedInInvestingActivities (2,467,136)us-gaap_NetCashProvidedByUsedInInvestingActivities (3,148,025)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash flows from financing activities      
Line of credit (payments) proceeds, net   (6,750,000)us-gaap_ProceedsFromRepaymentsOfLinesOfCredit 750,000us-gaap_ProceedsFromRepaymentsOfLinesOfCredit
Proceeds from exercise of common stock options and warrants 370,337vtnr_ProceedsfromWarrantandStockOptionExercises 60,936vtnr_ProceedsfromWarrantandStockOptionExercises 112,625vtnr_ProceedsfromWarrantandStockOptionExercises
Proceeds from primary stock offering 17,315,143us-gaap_ProceedsFromIssuanceOfCommonStock 8,628,346us-gaap_ProceedsFromIssuanceOfCommonStock  
Payments on contingent consideration (136,662)us-gaap_PaymentsForPreviousAcquisition    
Proceeds from notes payable 41,309,433us-gaap_ProceedsFromNotesPayable    
Payments made on notes payable (11,337,128)us-gaap_ProceedsFromRepaymentsOfNotesPayable (1,994,088)us-gaap_ProceedsFromRepaymentsOfNotesPayable (581,962)us-gaap_ProceedsFromRepaymentsOfNotesPayable
Debt issuance cost (2,452,157)us-gaap_PaymentsOfDebtIssuanceCosts    
Net cash provided by (used in) financing activities 45,068,966us-gaap_NetCashProvidedByUsedInFinancingActivities (54,806)us-gaap_NetCashProvidedByUsedInFinancingActivities 280,663us-gaap_NetCashProvidedByUsedInFinancingActivities
Net change in cash and cash equivalents 3,338,448us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 1,870,688us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 132,752us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of the period 2,678,628us-gaap_CashAndCashEquivalentsAtCarryingValue 807,940us-gaap_CashAndCashEquivalentsAtCarryingValue 675,188us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of period 6,017,076us-gaap_CashAndCashEquivalentsAtCarryingValue 2,678,628us-gaap_CashAndCashEquivalentsAtCarryingValue 807,940us-gaap_CashAndCashEquivalentsAtCarryingValue
SUPPLEMENTAL INFORMATION      
Cash paid for interest during the year 2,636,690us-gaap_InterestPaid 396,440us-gaap_InterestPaid 128,838us-gaap_InterestPaid
Cash paid for income taxes during the year 122,763us-gaap_IncomeTaxesPaid 136,334us-gaap_IncomeTaxesPaid 23,359us-gaap_IncomeTaxesPaid
NON-CASH TRANSACTIONS      
Conversion of Series A Preferred Stock into common stock 689us-gaap_ConversionOfStockAmountConverted1 194us-gaap_ConversionOfStockAmountConverted1 2,914us-gaap_ConversionOfStockAmountConverted1
Heartland Group Holdings, LLC and Omega Refining      
NON-CASH TRANSACTIONS      
Stock issued as part of business acquisition $ 9,004,000us-gaap_StockIssued1
/ us-gaap_BusinessAcquisitionAxis
= vtnr_HeartlandGroupHoldingsLLCandOmegaRefiningMember
$ 0us-gaap_StockIssued1
/ us-gaap_BusinessAcquisitionAxis
= vtnr_HeartlandGroupHoldingsLLCandOmegaRefiningMember
$ 0us-gaap_StockIssued1
/ us-gaap_BusinessAcquisitionAxis
= vtnr_HeartlandGroupHoldingsLLCandOmegaRefiningMember