ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Accounts Payable and Accrued Liabilities |
As of December 31, 2020 and 2019, accounts payable and accrued liabilities
consists of:
| |
|
2020 |
|
2019 |
| Accounts payable |
|
$ |
9,724,136 |
|
|
$ |
501,931 |
|
| Accrued compensation and related liabilities |
|
|
3,034,688 |
|
|
|
2,055,167 |
|
| Accrued interest payable |
|
|
2,093,649 |
|
|
|
1,734,527 |
|
| Other accrued expenses |
|
|
3,146,478 |
|
|
|
1,276,503 |
|
| Current portion of asset retirement obligations |
|
|
3,716,000 |
|
|
|
— |
|
| Current portion of environmental liabilities |
|
|
883,000 |
|
|
|
— |
|
| |
|
$ |
22,597,951 |
|
|
$ |
5,568,128 |
|
|
| Schedule of Asset Retirement Obligations |
The following table provides a reconciliation of the
changes in asset retirement obligations during 2020.
| |
|
2020 |
| Asset retirement obligations - beginning of year |
|
$ |
— |
|
| Additions related to acquisition of refinery |
|
|
21,901,977 |
|
| Disbursements |
|
|
(135,000 |
) |
| Accretion |
|
|
652,000 |
|
| Revised obligation estimates |
|
|
(940,000 |
) |
| Asset retirement obligations - end of year |
|
$ |
21,478,977 |
|
|
| Schedule of changes in derivative liability |
The following presents changes in the derivative liability
for the years ended December 31, 2020 and 2019:
| |
|
December 31, 2020 |
|
December 31, 2019 |
| Beginning Balance |
|
$ |
24,767,000 |
|
|
$ |
11,917,000 |
|
| New contract/contract additions |
|
|
— |
|
|
|
4,000,000 |
|
| Conversion to note payable |
|
|
(19,291,000 |
) |
|
|
— |
|
| Change in fair value recognized in earnings |
|
|
(5,476,000 |
) |
|
|
8,850,000 |
|
| Ending Balance |
|
$ |
— |
|
|
$ |
24,767,000 |
|
| |
|
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 |
|
$ |
5,123,000 |
|
|
$ |
5,123,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,123,000 |
|
The following presents changes in the mandatorily
redeemable equity instruments of subsidiary (Class B Units) through December 31, 2020:
| Beginning Balance |
|
$ |
— |
|
| New unit issuances |
|
|
3,101,344 |
|
| Change in fair value recognized in earnings |
|
|
2,021,656 |
|
| Ending Balance |
|
$ |
5,123,000 |
|
|
| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
The following instruments are currently antidilutive
and have been excluded from the calculations of dilutes income of loss per share at December 31, 2019 and 2020, as follows:
| |
|
Year Ended
December 31, 2020 |
|
|
Year Ended
December 31, 2019 |
|
| Convertible notes and accrued interest |
|
|
10,319,152 |
|
|
|
9,879,439 |
|
| Convertible preferred stock - Series B |
|
|
1,181,818 |
|
|
|
1,181,818 |
|
| Compensation-based stock options and warrants |
|
|
19,230,214 |
|
|
|
19,902,732 |
|
|