ff20250630_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended June 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from __________ to ___________
	Commission file number: 0-52577

(Exact Name of Registrant as Specified in Its Charter)

Delaware		20-3340900
(State or Other Jurisdiction of		(IRS Employer Identification No.)
Incorporation or Organization)

8235 Forsyth Blvd., Suite 900, St Louis, Missouri		63105
(Address of Principal Executive Offices)		(Zip Code)

	(314) 854-8352
	(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	FF	NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐	Accelerated filer	☑
Non-accelerated filer ☐	Smaller reporting company	☑
	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of August 11, 2025: 43,803,243

PART I FINANCIAL INFORMATION

Item 1. Financial Statements.

FutureFuel Corp.

Consolidated Balance Sheets

(Dollars in thousands)

		(Unaudited)
	*June 30, 2025*			*December 31, 2024*
Assets
Cash and cash equivalents	$	95,152		$	109,541
Accounts receivable, inclusive of the blenders' tax credit of $0 and $6,683, respectively, and net of allowances for expected credit losses of $44 and $29, respectively		10,946			21,896
Inventory, net		9,620			20,643
Income tax receivable		50			53
Prepaid expenses		2,096			3,978
Prepaid expenses – related parties		12			-
Other current assets		10,875			8,675
Total current assets		128,751			164,786
Property, plant and equipment, net		84,610			78,538
Other assets		4,851			4,367
Total noncurrent assets		89,461			82,905
Total Assets	$	218,212		$	247,691
Liabilities and Stockholders’ Equity
Accounts payable, inclusive of the blenders’ tax credit rebates due customers of $890 and $890, respectively	$	9,449		$	10,483
Accounts payable – related parties		43			139
Deferred revenue – current		1,136			904
Dividends payable		5,443			10,699
Accrued expenses and other current liabilities		14,868			11,082
Total current liabilities		30,939			33,307
Deferred revenue – noncurrent		5,996			6,324
Noncurrent deferred income taxes		801			773
Other noncurrent liabilities		2,252			1,466
Total noncurrent liabilities		9,049			8,563
Total liabilities		39,988			41,870
Commitments and contingencies
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding		-			-
Common stock, $0.0001 par value, 75,000,000 shares authorized, 43,803,243 shares issued and outstanding as of June 30, 2025 and December 31, 2024		4			4
Additional paid in capital		205,898			205,434
Retained earnings (accumulated deficit)		(27,678	)		383
Total stockholders’ equity		178,224			205,821
Total Liabilities and Stockholders’ Equity	$	218,212		$	247,691

The accompanying notes are an integral part of these consolidated financial statements.

FutureFuel Corp.

Consolidated Statements of Operations and Net (Loss) Income

(Dollars in thousands, except per share amounts)

(Unaudited)

	*Three Months Ended*						*Six Months Ended*
	*June 30,*						*June 30,*
	*2025*			*2024*			*2025*			*2024*
Revenue	$	35,673		$	72,409		$	53,211		$	130,690
Cost of goods sold		43,761			62,788			75,321			115,492
Cost of goods sold – related parties		1			12			3			27
Distribution		641			910			1,131			1,407
Distribution – related parties		37			42			86			100
Gross (loss) profit		(8,767	)		8,657			(23,330	)		13,664
Selling, general, and administrative expenses
Compensation expense		1,191			1,061			3,131			2,048
Other expense		868			1,076			1,651			1,839
Related party expense		169			153			330			306
Research and development expenses		933			916			2,324			1,822
Total operating expenses		3,161			3,206			7,436			6,015
(Loss) income from operations		(11,928	)		5,451			(30,766	)		7,649
Interest and dividend income		1,068			1,521			2,305			4,321
Interest expense		(26	)		(34	)		(62	)		(69	)
Other income		505			2,639			505			2,638
Other income, net		1,547			4,126			2,748			6,890
(Loss) income before taxes		(10,381	)		9,577			(28,018	)		14,539
Income tax provision		35			6			41			638
Net (loss) income	$	(10,416	)	$	9,571		$	(28,059	)	$	13,901

(Loss) earnings per common share
Basic	$	(0.24	)	$	0.22		$	(0.64	)	$	0.32
Diluted	$	(0.24	)	$	0.22		$	(0.64	)	$	0.32
Weighted average shares outstanding
Basic		43,803,243			43,763,243			43,803,243			43,763,243
Diluted		43,803,243			43,763,243			43,803,243			43,763,243

The accompanying notes are an integral part of these consolidated financial statements.

FutureFuel Corp.

Consolidated Statements of Stockholders’ Equity

(Dollars in thousands)

(Unaudited)

	*For the Six Months Ended June 30, 2025*
							*Retained*
					*Additional*		*Earnings*			*Total*
	*Common Stock*				*paid in*		*(Accumulated*			*Stockholders’*
	*Shares*		*Amount*		*Capital*		*Deficit)*			*Equity*
Balance - December 31, 2024		43,803,243	$	4	$	205,434	$	383		$	205,821
Stock based compensation		-		-		227		(1	)		226
Net loss		-		-		-		(17,643	)		(17,643	)
Balance - March 31, 2025		43,803,243	$	4	$	205,661	$	(17,261	)	$	188,404
Stock based compensation		-		-		237		(1	)		236
Net loss		-		-		-		(10,416	)		(10,416	)
Balance - June 30, 2025		43,803,243	$	4	$	205,898	$	(27,678	)	$	178,224

	*For the Six Months Ended June 30, 2024*

					*Additional*						*Total*
	*Common Stock*				*paid in*			*Retained*			*Stockholders’*
	*Shares*		*Amount*		*Capital*			*Earnings*			*Equity*
Balance - December 31, 2023		43,763,243	$	4	$	282,489		$	27,387		$	309,880
Cash dividends declared, $2.50 per common share		-		-		(77,691	)		(31,717	)		(109,408	)
Stock based compensation		-		-		22			-			22
Net income		-		-		-			4,330			4,330
Balance - March 31, 2024		43,763,243	$	4	$	204,820		$	-		$	204,824
Net income		-		-		-			9,571			9,571
Balance - June 30, 2024		43,763,243	$	4	$	204,820		$	9,571		$	214,395

The accompanying notes are an integral part of these consolidated financial statements.

FutureFuel Corp.

Consolidated Statements of Cash Flows

(Dollars in thousands)

(Unaudited)

	*Six Months Ended June 30,*
	*2025*			*2024*
Cash flows from operating activities
Net (loss) income	$	(28,059	)	$	13,901
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation		4,739			4,760
Amortization of deferred financing costs		44			51
Provision for deferred income taxes		28			626
Change in fair value of derivative instruments		(281	)		1,696
Stock based compensation		462			22
Gain on disposal of property and equipment		(34	)		-
Noncash interest expense		18			18
Changes in operating assets and liabilities:
Accounts receivable		10,950			(4,980	)
Accounts receivable – related parties		-			(7	)
Inventory		11,023			3,802
Income tax receivable		3			(20	)
Prepaid expenses		1,882			2,156
Prepaid expenses – related parties		(12	)		-
Other assets		(2,941	)		215
Accounts payable		(2,367	)		(11,649	)
Accounts payable – related parties		(96	)		-
Accrued expenses and other current liabilities		3,786			6,710
Deferred revenue		(96	)		(1,713	)
Other noncurrent liabilities		768			-
Net cash (used in) provided by operating activities		(183	)		15,588
Cash flows from investing activities
Collateralization of derivative instruments		859			(42	)
Proceeds from the sale of property and equipment		34			-
Capital expenditures		(9,478	)		(5,270	)
Net cash used in investing activities		(8,585	)		(5,312	)
Cash flows from financing activities
Payment of dividends		(5,256	)		(114,660	)
Deferred financing costs		(365	)		-
Net cash used in financing activities		(5,621	)		(114,660	)
Net change in cash and cash equivalents		(14,389	)		(104,384	)
Cash and cash equivalents at beginning of period		109,541			219,444
Cash and cash equivalents at end of period	$	95,152		$	115,060

Cash paid for income taxes	$	10		$	-
Noncash investing and financing activities:
Noncash capital expenditures	$	1,333		$	1,182

The accompanying notes are an integral part of these consolidated financial statements.

Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share and per gallon amounts)

(Unaudited)

1)	SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared by FutureFuel Corp. (“FutureFuel” or “the Company”) in accordance and consistent with the accounting policies stated in the Company's 2024 Annual Report on Form 10-K, inclusive of the audited consolidated financial statements, and should be read in conjunction with these consolidated financial statements. Certain reclassifications were made to prior year amounts to conform to the 2025 presentation.

In the opinion of FutureFuel, all normal recurring adjustments necessary for a fair presentation have been included in the unaudited consolidated financial statements. The unaudited consolidated financial statements have been prepared in compliance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the unaudited consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements and do include amounts that are based upon management estimates and judgments. Future actual results could differ from such current estimates. The unaudited consolidated financial statements include assets, liabilities, revenues, and expenses of FutureFuel and its direct and indirect wholly owned subsidiaries; namely, FutureFuel Chemical Company; FutureFuel Warehouse Company, L.L.C.; and Legacy Regional Transport, L.L.C. Intercompany transactions and balances have been eliminated in consolidation.

Some of the Company's manufacturing equipment requires periodic, planned shutdowns of significant parts of our facility in order to perform necessary inspections, cleanings, and maintenance activities, referred to as turnarounds. The cost of turnarounds incurred for routine repairs and maintenance or unplanned outages at our facility are expensed as incurred.

Recently Adopted Accounting Standards

Accounting standards updates (“ASU”) No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures: The FASB issued this ASU in December 2023 which aims to address requests for improved income tax disclosures from investors that use the financial statements to make capital allocation decisions. The amendments in this ASU address the investor requests for more transparency of income tax information and apply to all entities that are subject to income taxes. The ASU is effective for years beginning after December 15, 2024, but early adoption is permitted. This ASU should be applied on a prospective basis, although retrospective application is permitted. The Company has adopted the new standard effective for the year ended December 31, 2025; however, the required disclosures are effective for our 2025 annual report. The adoption will have an immaterial impact on the Company's financial statements but additional disclosures will be included in the notes to the financial statements for the year ended December 31, 2025.

Accounting Standards Issued Not Yet Adopted as of June 30, 2025

ASU No. 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses: The FASB issued this ASU in November 2024 which aims to provide investors with more useful information about an entity’s expenses by improving disclosures on income statement expenses. The amendments in this ASU require all public business entities to disclose disaggregated information about specific categories underlying certain income statement expense line items. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating this accounting standard and currently does not expect the adoption to have a material impact on its financial statements and disclosures.

Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share and per gallon amounts)

(Unaudited)

2)	GOVERNMENT TAX CREDITS

BIODIESEL BLENDERS' TAX CREDIT

The biodiesel Blenders’ Tax Credit (“BTC”) provided a one dollar per gallon tax credit to the blender of biomass-based diesel with at least 0.1% petroleum-based diesel fuel. The Company recorded this credit as a reduction in the cost of goods sold as applicable sales were made. The BTC expired December 31, 2024.

SMALL AGRI-BIODIESEL PRODUCER TAX CREDIT

The Small Agri-Biodiesel Producer Tax Credit also expired December 31, 2024. This tax credit was available to producers with production capacity not in excess of 60 million gallons and provided a $0.10 per gallon income tax credit on the first 15 million gallons of agri-biodiesel sold. The Company was eligible for this credit and recognized the credit in the same accounting period as the benefit from the BTC. The benefit of this credit was recognized as a component of income tax provision.

CLEAN FUEL PRODUCTION TAX CREDIT

The Inflation Reduction Act of 2022 (“IRA”) created the clean fuel production credit (“CFPC”) in August 2022 for qualifying transportation fuel produced and sold in the years 2025 through 2027. The CFPC is a nonrefundable and transferable income tax credit structured on a sliding scale so that producers become eligible for larger credits as the greenhouse gas (“GHG”) emissions of the fuels they produce approach zero. For producers meeting the prevailing wage and registered apprenticeship requirements, the maximum credit is $1.00 per gallon of non-aviation fuel. For producers not meeting the prevailing wage and registered apprenticeship requirements, the maximum credit is $0.20 per non-aviation fuel gallon. The Company is a registered producer that meets the wage and apprenticeship requirements to receive the credit applicable to the level of GHG emissions for the fuel the Company produces. Due to the lack of a specific generally accepted accounting principle for the CFPC—a transferable, nonrefundable credit—the company has elected to follow the principles of International Accounting Standard 20 (IAS 20), "Accounting for Government Grants and Disclosure of Government Assistance." Accordingly, the credit has been recognized as a reduction in the cost of goods sold, net of estimated selling expenses, which management believes estimates fair value when generated. In the three and six months ended June 30, 2025, the CFPC was $2.5 million.

See Note 13 Subsequent Events, regarding additional information related to the Small Agri-Biodiesel Tax Credit and the CFPC.

Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share and per gallon amounts)

(Unaudited)

3)	REVENUE RECOGNITION

The majority of revenue is from short-term contracts with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer is satisfied.

Certain of the Company's custom chemical contracts within the chemical segment contain a material right as defined by ASC Topic 606, Revenue from Contracts with Customers, from the provision of a customer option to purchase future goods or services at a discounted price as a result of upfront payments provided by customers. Each contract also has a performance obligation to transfer products with 30-day payment terms. The Company recognizes revenue when the customer takes control of the inventory, either upon shipment or when the material is made available for pick up. If the customer is deemed to take control of the inventory prior to pick up, the Company recognizes the revenue as a bill-and-hold transaction in accordance with ASC Topic 606. The Company applies the renewal option approach in allocating the transaction price to these material rights and transfer of product. As a basis for allocating the transaction price to the material right and transfer of product, the Company estimates the expected life of the contract, the expected contractual volumes to be sold over that life, and the most likely expected sales price. Each estimate is updated quarterly on a prospective basis.

The Company leases warehouse space under a short-term lease agreement with a term of twelve months. Lease revenue recognized under this agreement was $170 and $170 for the three months and $340 and $329 for the six months ended June 30, 2025 and 2024, respectively.

Contract Assets and Liabilities:

Contract assets consist of unbilled amounts typically resulting from revenue recognized through bill-and-hold arrangements. The contract assets at June 30, 2025 and December 31, 2024 consist of unbilled revenue from one customer and unbilled capital reimbursement from another customer and are recorded as accounts receivable in the consolidated balance sheets. Contract liabilities consist of advance payment arrangements related to material rights recorded as deferred revenue in the consolidated balance sheets. Increases to contract liabilities from cash received or due for a performance obligation of chemical segment plant expansions were $125 and $0 for the three months and $125 and $0 for the six months ended June 30, 2025 and 2024, respectively. Contract liabilities are reduced as the Company transfers product to the customer under the renewal option approach. Revenue recognized in the chemical segment from the contract liability reductions was $80 and $797 for the three months and $110 and $1,603 for the six months ended June 30, 2025 and 2024, respectively. These contract asset and liability balances are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period.

The following table provides the balance of receivables, contract assets, and contract liabilities from contracts with customers.

Contract Assets and Liability Balances	*June 30, 2025*		*December 31, 2024*		*December 31, 2023*
Trade receivables, included in accounts receivable*	$	10,724	$	14,991	$	15,897
Contract assets, included in accounts receivable		222		222		1,128
Contract liabilities, included in deferred revenue - short-term		929		697		3,656
Contract liabilities, included in deferred revenue - long-term		3,076		3,293		9,318

*Exclusive of the BTC of $0, $6,683, and $11,381, respectively, and net of allowances for expected credit losses of $44, $29, and $55, respectively, as of the dates noted.

Transaction price allocated to the remaining performance obligations:

At June 30, 2025, approximately $4,005 of revenue is expected to be recognized from the remaining performance obligations. The Company expects to recognize this revenue ratably over the expected sales over the expected term of its long-term contracts ranging from two to six years. Approximately 23% of this revenue is expected to be recognized over the next 12 months, and 77% is expected to be recognized over the subsequent 54 months. These amounts are subject to change based upon changes in the estimated contract life and estimated quantities to be sold over the contract life.

The Company applies the practical expedient in ASC 606-10-50-14 and excludes the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less; and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed.

Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share and per gallon amounts)

(Unaudited)

The following tables provide revenue from customers disaggregated by the type of arrangement and by the timing of the recognized revenue.

Disaggregation of revenue - contractual and non-contractual:

	*Three Months Ended June 30,*				*Six Months Ended June 30,*
	*2025*		*2024*		*2025*		*2024*
Contract revenue from customers with > one-year arrangements	$	3,129	$	8,735	$	5,098	$	17,975
Contract revenue from customers with < one-year arrangements		32,488		63,618		48,002		112,604
Revenue from non-contractual arrangements		56		56		111		111
Total revenue	$	35,673	$	72,409	$	53,211	$	130,690

Timing of revenue:

	*Three Months Ended June 30,*				*Six Months Ended June 30,*
	*2025*		*2024*		*2025*		*2024*
Bill-and-hold revenue	$	9,845	$	11,020	$	14,435	$	22,664
Non-bill-and-hold revenue		25,828		61,389		38,776		108,026
Total revenue	$	35,673	$	72,409	$	53,211	$	130,690

As of June 30, 2025 and December 31, 2024, $6,309 and $7,301 of bill-and-hold revenue had not shipped, respectively.

4)	INVENTORY

The carrying values of inventory were as follows as of:

	*June 30, 2025*			*December 31, 2024*
At average cost (approximates current cost)
Finished goods	$	6,438		$	10,809
Work in process		568			872
Raw materials		4,736			15,335
		11,742			27,016
LIFO reserve		(2,122	)		(6,373	)
Total inventory	$	9,620		$	20,643

There was $2,934 liquidation in the six months ended June 30, 2025 primarily from biodiesel related inventories. A liquidation of $435 occurred in the twelve months ended December 31, 2024.

Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share and per gallon amounts)

(Unaudited)

5)	DERIVATIVE INSTRUMENTS

The Company records all derivative instruments at fair value. Fair value is determined by using the closing prices of the derivative instruments on the New York Mercantile Exchange at the end of an accounting period. Changes in the fair value of derivative instruments are recognized at the end of each accounting period and recorded in the statements of operations as a component of cost of goods sold. These instruments use inputs considered Level 1 holdings.

Fair value accounting pronouncements include a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of FutureFuel. Unobservable inputs are inputs that reflect FutureFuel’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy is broken down into three levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

In order to manage commodity price risk caused by market fluctuations in biofuel prices, future purchases of feedstock used in biodiesel production, physical feedstock, finished product inventories attributed to the process, and other petroleum products purchased or sold, the Company may enter into exchange-traded commodity futures and options contracts. The Company accounts for these derivative instruments in accordance with ASC 815-20-25, Derivatives and Hedging. Under this standard, the accounting for changes in the fair value of a derivative instrument depends upon whether it has been designated as an accounting hedging relationship and, further, on the type of hedging relationship. To qualify for designation as an accounting hedging relationship, specific criteria must be met and appropriate documentation maintained. The Company had no derivative instruments that qualified under these rules as designated accounting hedges in 2025 or 2024. The Company has elected the normal purchase and normal sales exception for certain feedstock purchase contracts and supply agreements.

Total gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the consolidated statements of operations as a component of cost of goods sold and amounted to a net gain of $617 (including settlements of $77) and a net gain of $450 (including settlements of $169) for the three and six months ended June 30, 2025, respectively, and a net gain of $1,414 (including settlements of $836) and a net loss of $2,050 (including settlements of $354) for the three and six months ended June 30, 2024, respectively.

The volumes and carrying values of FutureFuel’s derivative instruments were as follows at:

	*Asset (Liability)*
	*June 30, 2025*				*December 31, 2024*
	*Contract Quantity*		*Fair Value*		*Contract Quantity*		*Fair Value*
Regulated fixed price future commitments, included in other current assets (in thousand barrels)		13	$	46		100	$	(235	)

The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $18 and $877 at June 30, 2025 and December 31, 2024, respectively, and was classified as other current assets in the consolidated balance sheets. The carrying values of the margin account and of the derivative instruments are included net in other current assets.

Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share and per gallon amounts)

(Unaudited)

6)	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following at:

SEC Form 10-Q filed by FutureFuel Corp.