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Note 20 - Related Party Transactions | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Related Party Transactions Disclosure [Text Block] |
20. | Related party transactions
The Company enters into transactions with companies affiliated with or controlled by a director or significant stockholder. Revenues, expenses, accounts receivable, prepaid amounts, and unpaid amounts related to these transactions are captured on the consolidated financial statements as related party line items. These related party transactions are summarized in the following table and further described below. Related party balance sheet accounts
|  | 2023 |  |  | 2022 |
Accounts receivable |  |  |  |  |  |  |  |
Biodiesel, petrodiesel, blends and other petroleum products |  | $ | 1 |  |  | $ | 6 |
Total accounts receivable |  | $ | 1 |  |  | $ | 6 |
Prepaid expenses |  |  |  |  |  |  |  |
Administrative services and other |  | $ | 12 |  |  | $ | 12 |
Total prepaid expenses |  | $ | 12 |  |  | $ | 12 |
Accounts payable |  |  |  |  |  |  |  |
Natural gas and fuel purchases |  | $ | - |  |  | $ | 7,788 |
Travel and administrative services |  |  | 42 |  |  |  | 11 |
Total accounts payable |  | $ | 42 |  |  | $ | 7,799 |
Accrued liabilities |  |  |  |  |  |  |  |
Travel and administrative services |  | $ | - |  |  | $ | 1 |
Total accrued liabilities |  | $ | - |  |  | $ | 1 |
Related party income statement accounts
|  | Years ended December 31: |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Biodiesel, petrodiesel, blends and other petroleum products |  | $ | 22 |  |  | $ | 459 |  |  | $ | 1,261 |
Total revenues |  | $ | 22 |  |  | $ | 459 |  |  | $ | 1,261 |
Cost of goods sold |  |  |  |  |  |  |  |  |  |  |  |
Biodiesel, petrodiesel, blends, and other petroleum products |  | $ | - |  |  | $ | 5,425 |  |  | $ | 5,233 |
Natural gas purchases |  |  | (315 | ) |  |  | - |  |  |  | 11,360 |
Total cost of goods sold |  | $ | (315 | ) |  | $ | 5,425 |  |  | $ | 16,593 |
Distribution |  |  |  |  |  |  |  |  |  |  |  |
Distribution and related services |  | $ | 176 |  |  | $ | 174 |  |  | $ | 176 |
Total distribution |  | $ | 176 |  |  | $ | 174 |  |  | $ | 176 |
Selling, general and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |
Commodity trading advisory fees |  | $ | 308 |  |  | $ | 307 |  |  | $ | 308 |
Travel and administrative services |  |  | 188 |  |  |  | 184 |  |  |  | 221 |
Income tax, consulting services and other |  |  | 120 |  |  |  | 120 |  |  |  | 120 |
Total selling, general, and administrative expenses |  | $ | 616 |  |  | $ | 611 |  |  | $ | 649 |
Biodiesel, petrodiesel, blends, and other petroleum products The Company enters into agreements to buy and sell biofuels (biodiesel, petrodiesel, biodiesel/petrodiesel blends, RINs, and biodiesel production byproducts) and other petroleum products, such as gasoline, with an affiliate from time to time. Such agreements are priced at the then-current market price of the product as determined from bids from other customers and/or market pricing services. Cost of goods sold related to these sales includes variable costs and allocated fixed costs. The revenue amounts presented in the table above result when the Company sells biodiesel, petrodiesel, blends, and other petroleum products to a related party regardless of who the material was purchased from. Likewise, cost of goods sold amounts result when biodiesel, petrodiesel, blends, and other petroleum products are purchased from a related party regardless of who the material was sold to. Natural gas purchases The Company uses natural gas to generate steam for its manufacturing process and to support certain of its air and waste treatment utilities. During 2021, natural gas was purchased through an affiliate provider of natural gas marketing services. Expenses related to these purchases include the cost of the natural gas only; transportation charges were paid to an independent third party. The natural gas matter as discussed in Note 23, Legal proceedings, is in reference to the natural gas supplier, not the related party. The amount shown in 2023 reflects the settlement on the legal matter. Distribution and related services The Company leases oil storage capacity from an affiliate under a storage and throughput agreement. This agreement provides for the storage of biodiesel, diesel or biodiesel/petrodiesel blends, methanol, and biodiesel feedstocks in above-ground storage tankage at designated facilities of the affiliate. Expenses related to this agreement include monthly lease charges, generally on a per-barrel basis, and associated heating, throughput, and other customary terminalling charges. Commodity trading advisory fees The Company entered into a commodity trading advisory agreement with an affiliate. Pursuant to the terms of this agreement, the affiliate provides advice to the Company concerning the purchase, sale, exchange, conversion, and/or hedging of commodities as requested from time to time. Travel and administrative services The Company reimburses an affiliate for legal, trading, travel and other administrative services incurred on its behalf. Such reimbursement is performed at cost with the affiliate realizing no profit on the transaction. Income tax and consulting services An affiliate provides professional services to the Company, primarily in the area of income tax preparation and consulting. The Company also receives certain finance and accounting expertise from this affiliate as requested. Expenses related to these services comprise an agreed quarterly fee plus reimbursement of expense, at cost and are reported as selling, general, and administrative expenses.

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