REVENUES

Revenue Recognition

We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when our performance obligations under the terms of a contract with our customers are satisfied. Recognition occurs when the Company transfers control by completing the specified services at the point in time the customer benefits from the services performed or once our products are delivered. Revenue is measured as the amount of consideration we expect to receive in exchange for completing our performance obligations. Sales tax and other taxes we collect with revenue-producing activities are excluded from revenue. In the case of contracts with multiple performance obligations, the Company allocates the transaction price to each performance obligation based on the relative stand-alone selling prices of the various goods and/or services encompassed by the contract. We do not have any material significant payment terms, as payment is generally due within 30 days after the performance obligation has been satisfactorily completed. The Company has elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that we otherwise would have recognized is one year or less. In applying the guidance in Topic 606, there were no judgments or estimates made that the Company deems significant.

Disaggregation of Revenue

The following table presents our revenues disaggregated by revenue source:



	Three Months Ended June 30, 2018
	Black Oil		Refining & Marketing		Recovery		Total
Primary Geographical Markets
Northern United States	$	10,115,827	$	—	$	—	$	10,115,827
Southern United States	28,353,304		4,392,870		4,055,769		36,801,943
	$	38,469,131	$	4,392,870	$	4,055,769	$	46,917,770
Sources of Revenue
Petroleum products	$	38,469,131	$	4,392,870	$	683,270	$	43,545,271
Metals	—		—		3,372,499		3,372,499
Total revenues	$	38,469,131	$	4,392,870	$	4,055,769	$	46,917,770



	Six Months Ended June 30, 2018
	Black Oil		Refining & Marketing		Recovery		Total
Primary Geographical Markets
Northern United States	$	18,953,057	$	—	$	—	$	18,953,057
Southern United States	51,753,320		10,068,111		7,511,477		69,332,908
	$	70,706,377	$	10,068,111	$	7,511,477	$	88,285,965
Sources of Revenue
Petroleum products	$	70,706,377	$	10,068,111	$	1,060,412	$	81,834,900
Metals	—		—		6,451,065		6,451,065
Total revenues	$	70,706,377	$	10,068,111	$	7,511,477	$	88,285,965



	Three Months Ended June 30, 2017
	Black Oil		Refining & Marketing		Recovery		Total
Primary Geographical Markets
Northern United States	$	8,782,587	$	—	$	—	$	8,782,587
Southern United States	18,601,815		5,186,358		4,342,019		28,130,192
	$	27,384,402	$	5,186,358	$	4,342,019	$	36,912,779
Sources of Revenue
Petroleum products	$	27,384,402	$	5,186,358	$	1,904,485	$	34,475,245
Metals	—		—		2,437,534		2,437,534
Total revenues	$	27,384,402	$	5,186,358	$	4,342,019	$	36,912,779



	Six Months Ended June 30, 2017
	Black Oil		Refining & Marketing		Recovery		Total
Primary Geographical Markets
Northern United States	$	14,535,599	$	—	$	—	$	14,535,599
Southern United States	37,652,886		10,580,399		8,914,509		57,147,794
	$	52,188,485	$	10,580,399	$	8,914,509	$	71,683,393
Sources of Revenue
Petroleum products	$	52,188,485	$	10,580,399	$	6,104,703	$	68,873,587
Metals	—		—		2,809,806		2,809,806
Total revenues	$	52,188,485	$	10,580,399	$	8,914,509	$	71,683,393

Petroleum products- We derive a majority of our revenues from the sale of recovered/re-refined petroleum products, which include Base Oil, VGO (Vacuum Gas Oil), Pygas, Gasoline, Cutterstock and Fuel Oils.

Metals- Consists of recoverable ferrous and non-ferrous recyclable metals from manufacturing and consumption. Scrap metal can be recovered from pipes, barges, boats, building supplies, surplus equipment, tanks, and other items consisting of metal composition. These materials are segregated, processed, cut-up and sent back to a steel mill for re-purposing.