GLYECO, INC. (OTCMKTS:GLYE) Files An 8-K Financial Statements and Exhibits
Item 9.01 of Form 8-K.
The Company’s unaudited pro forma consolidated financial information as of and for the nine months ended September 30, 2018 and for the year ended December 31, 2017 are attached as Exhibit 99.1 to this Form 8-K/A. As the Company did not have operations for its industrial segment in 2016, the Company’s unaudited pro forma consolidated statement of operations for the year ended December 31, 2016 has not been included. The Company’s unaudited pro forma consolidated financial information was derived from the Company’s historical consolidated financial statements and give effect to the Asset Sale. The Company’s unaudited pro forma consolidated statement of operations for the year ended December 31, 2017 reflect the Company’s results as if the Asset Sale had occurred as of January 1, 2017. The Company’s unaudited pro forma consolidated statement of operations for the nine months ended September 30, 2018 reflect the Company’s results as if the Asset Sale had occurred as of January 1, 2018. The Company’s unaudited pro forma consolidated balance sheet as of September 30, 2018 reflects the Company’s financial position as if the Asset Sale had occurred on September 30, 2018.
The Company’s unaudited pro forma consolidated financial information should be read together with the Company’s historical consolidated financial statements and accompanying notes.
The “Historical” column in the Company’s unaudited pro forma consolidated financial statements reflects the Company’s historical consolidated financial statements for the periods presented and does not reflect any adjustments related to the Asset Sale.
The “Sale of the Consumer Segment” column in the Company’s unaudited pro forma consolidated financial information reflects the financial results of the Company, adjusted to reflect assets and liabilities that were sold by the Company in connection with the Asset Sale and to exclude certain general corporate overhead expenses not specifically related to the Asset Sale. Such general corporate overhead expenses do not meet the requirements to be presented in discontinued operations, and thus will be presented as part of the Company’s continuing operations.
The Company’s unaudited pro forma consolidated financial information is not intended to be a complete presentation of the Company’s financial position or results of operations had the Asset Sale occurred as of and for the periods indicated. In addition, the Company’s unaudited pro forma consolidated financial information is provided for illustrative and informational purposes only and is not necessarily indicative of the Company’s future results of operations or financial condition had the Asset Sale been completed on the dates assumed. The pro forma adjustments are based on available information and assumptions that the Company’s management believes are reasonable, that reflect the impacts of events directly attributable to the Asset Sale and related transactions and agreements, that are factually supportable, and for purposes of the Company’s unaudited pro forma consolidated statements of operations, are expected to have a continuing impact on the Company.
Item 9.01. Financial Statements and Exhibits.
(b) Pro Forma Financial Information.
The following unaudited pro forma financial information of the Company is filed as Exhibit 99.1 to this Form 8-K/A and is incorporated herein by reference:
| ● | Unaudited pro forma consolidated statement of operations for the nine months ended September 30, 2018; |
| ● | Unaudited pro forma consolidated statement of operations for the fiscal year ended December 31, 2017; |
| ● | Unaudited pro forma consolidated balance sheet at September 30, 2018; and |
| ● | Notes to unaudited pro forma consolidated financial information. |
(d) Exhibits.
GlyEco, Inc. Exhibit
EX-99.1 2 s116214_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 GLYECO,…
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About GLYECO, INC. (OTCMKTS:GLYE)
GlyEco, Inc. is engaged in processing of waste glycol into recycled glycol products, specifically automotive antifreeze, and related specialty blended antifreeze, which it sells in the automotive and industrial end markets. The Company’s product offerings include High-Quality Recycled Glycols, Recycled Antifreeze, Recycled HVAC Fluids, Waste Glycol Disposal Services and Windshield Washer Fluid. The Company’s technology allows it to produce glycols, which can be used in industrial application. It formulates various universal recycled antifreeze products for engine coolants. In addition, it customs blend recycled antifreeze to customer specifications. It formulates a universal recycled, heating, ventilating and air conditioning (HVAC) coolant for HVAC fluids. Utilizing its fleet of collection/delivery trucks, the Company collects waste glycol from generators for recycling. It delivers Windshield Washer Fluid product into same store and new store customers as a non-recycled product.
