v3.24.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
CURRENT ASSETS    
Cash and cash equivalents $ 18,713,000 $ 520,000
Prepaid expenses and other current assets 1,591,000 3,466,000
Deposits 110,000 110,000
Inventory 24,576,000 19,844,000
Total current assets 49,290,000 25,088,000
LONG-TERM ASSETS    
Total property and equipment, net 54,958,000 57,436,000
Operating lease right-of-use assets, net 158,000 149,000
Restricted cash, noncurrent 5,000 1,001,000
Surety bonds 230,000 230,000
Deferred tax assets, net 1,436,000 0
Total long-term assets 56,787,000 58,816,000
TOTAL ASSETS 106,077,000 83,904,000
CURRENT LIABILITIES    
Current portion of lease liabilities 147,000 156,000
Income taxes payable 951,000 307,000
Asset retirement obligations, current portion 4,504,000 3,710,000
Accrued expenses and other current liabilities 5,084,000 6,114,000
Total current liabilities 55,425,000 70,334,000
LONG-TERM LIABILITIES    
Unearned contract renewal income, net of current 0 660,000
Total long-term liabilities 9,053,000 2,982,000
TOTAL LIABILITIES 64,478,000 73,316,000
Commitments and contingencies (Note 15)
STOCKHOLDERS' EQUITY    
Common stock ($0.01 par value, 20,000,000 shares authorized; 14,921,968 shares issued and outstanding at December 31, 2023 and 2022, respectively)(1) [1] 149,000 149,000
Additional paid-in capital 39,758,000 39,758,000
Retained earnings (deficit) 1,692,000 (29,319,000)
TOTAL STOCKHOLDERS' EQUITY 41,599,000 10,588,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 106,077,000 83,904,000
Nonrelated Party [Member]    
CURRENT ASSETS    
Accounts receivable 116,000 1,148,000
CURRENT LIABILITIES    
Long-term debt less unamortized debt issue costs, current portion 39,440,000 42,155,000
Less: Accrued interest payable, related party, current portion 2,596,000 6,271,000
Accounts payable 1,814,000 2,161,000
LONG-TERM LIABILITIES    
Long-term debt, net of current portion 3,745,000 2,322,000
Long-term interest payable, net of current portion 0 0
Related Party [Member]    
CURRENT ASSETS    
Accounts receivable 4,184,000 0
CURRENT LIABILITIES    
Long-term debt less unamortized debt issue costs, current portion 0 5,211,000
Less: Accrued interest payable, related party, current portion 0 4,094,000
Accounts payable 889,000 155,000
LONG-TERM LIABILITIES    
Long-term debt, net of current portion 4,000,000 0
Long-term interest payable, net of current portion $ 1,308,000 $ 0
[1] Blue Dolphin has 2,500,000 shares of preferred stock, par value $0.10 per share, authorized. At both December 31, 2023 and 2022, there were no shares of preferred stock issued and outstanding.