FutureFuel Corp. Files 10-K/A Amendment

TL;DR

<b>FutureFuel Corp. has filed an amendment to its 2023 10-K, detailing financial performance and reporting adjustments.</b>

AI Summary

FutureFuel Corp. (FF) filed a Amended Annual Report (10-K/A) with the SEC on May 10, 2024. FutureFuel Corp. filed an amendment to its 10-K for the fiscal year ending December 31, 2023. The filing includes financial data for the fiscal year 2023, with total revenue of $11,381 and $8,970 for the prior year. Net revenue for 2023 was $11,381, an increase from $8,970 in 2022, before accounting for allowances for bad debt. The company reported $55 million in allowances for bad debt in 2023, compared to $48 million in 2022. The filing references specific dates for financial reporting and amendments, including March 12, 2024, and April 9, 2024.

Why It Matters

For investors and stakeholders tracking FutureFuel Corp., this filing contains several important signals. This amendment provides updated or clarified financial information for the fiscal year 2023, which is crucial for investors to assess the company's current financial health and performance trends. The inclusion of specific figures for revenue, allowances for bad debt, and reporting dates allows for a precise understanding of the company's financial position and any changes from previous periods.

Risk Assessment

Risk Level: low — FutureFuel Corp. shows low risk based on this filing. The filing is an amendment to a 10-K, indicating a need for correction or clarification of previously filed information, but the core financial data presented appears consistent.

Analyst Insight

Review the specific changes and clarifications made in this 10-K/A filing to understand any material impact on FutureFuel Corp.'s financial reporting.

Revenue Breakdown

Key Numbers

• 11,381 — Total Revenue (2023) (Fiscal year 2023 revenue.)
• 8,970 — Total Revenue (2022) (Fiscal year 2022 revenue.)
• 55 — Allowances for Bad Debt (2023) (As of December 31, 2023.)
• 48 — Allowances for Bad Debt (2022) (As of December 31, 2022.)
• 2023-12-31 — Fiscal Year End (The end date of the fiscal year reported.)
• 2024-05-10 — Filing Date (Date the 10-K/A was filed.)

Key Players & Entities

• FutureFuel Corp. (company) — Filer of the 10-K/A amendment.
• Viceroy Acquisition CORP (company) — Former name of FutureFuel Corp.
• 2023-12-31 (date) — Fiscal year end date for the reported period.
• 2024-05-10 (date) — Filing date of the 10-K/A.
• $11,381 (dollar_amount) — Total revenue for fiscal year 2023.
• $8,970 (dollar_amount) — Total revenue for fiscal year 2022.
• $55 (dollar_amount) — Allowances for bad debt as of December 31, 2023.
• $48 (dollar_amount) — Allowances for bad debt as of December 31, 2022.

FAQ

Risk Factors

• Allowances for Bad Debt [medium — financial]: The company reported $55 million in allowances for bad debt in 2023, up from $48 million in 2022, indicating potential changes in credit risk or collection expectations.

Key Financial Figures

• $1.00 — hip requirements, the maximum credit is $1.00 per gallon of biodiesel. However, the m

Filing Documents

• ff20231231c_10ka.htm (10-K/A) — 1731KB
• ex_670055.htm (EX-23.1) — 3KB
• ex_670056.htm (EX-31.1) — 11KB
• ex_670057.htm (EX-31.2) — 11KB
• ex_670058.htm (EX-32.1) — 6KB
• ff20231231c_10kaimg001.jpg (GRAPHIC) — 4KB
• 0001437749-24-015973.txt (&nbsp;) — 8976KB
• ff-20231231.xsd (EX-101.SCH) — 83KB
• ff-20231231_def.xml (EX-101.DEF) — 513KB
• ff-20231231_lab.xml (EX-101.LAB) — 436KB
• ff-20231231_pre.xml (EX-101.PRE) — 567KB
• ff-20231231_cal.xml (EX-101.CAL) — 72KB
• ff20231231c_10ka_htm.xml (XML) — 1498KB

— Item 1A. Risk Factors

Part I — Item 1A. Risk Factors

— Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Part II — Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations

— Item 8. Financial Statements and Supplementary Data

Part II — Item 8. Financial Statements and Supplementary Data

— Item 9A. Controls and Procedures

Part II — Item 9A. Controls and Procedures

— Item 15. Exhibits, Financial Statement Schedules

Part IV — Item 15. Exhibits, Financial Statement Schedules In accordance with applicable SEC rules, this Amendment No. 1 includes new certifications specified in Rule 13a-14 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), from our Chief Executive Officer and Chief Financial Officer dated as of the date of this filing. This Amendment No. 1 also contains an opinion with an explanatory paragraph r eport of RSM US LLP ("RSM"), the Company's independent registered public accounting firm, on the financial statements for year ended December 31, 2023, an explanatory paragraph of RSM's opinion on the effectiveness of the Company's internal control over financial reporting as of December 31, 2023 and a new consent of RSM. Other than as described above, this Amendment No. 1 does not reflect adjustments for events occurring after the filing of the Original Form 10-K except to the extent that they are otherwise required to be included and discussed herein. See below for a detailed discussion of the effect of the restatement on the financial statements included in this Amendment No. 1. Pursuant to Rule 12b-15 under the Exchange Act, this Amendment No. 1 contains only the items and exhibits to the Original Form 10-K that are being amended and restated, and unaffected items and exhibits are not included herein. Except as noted herein, the information included in the Original Form 10-K remains unchanged. This Amendment No. 1 continues to describe the conditions as of the date of the Original Form 10-K, and except as contained herein, we have not updated or modified the disclosures contained in the Original Form 10-K to reflect any events that have occurred after the Original Form 10-K. Accordingly, forward-looking statements included in this Amendment No. 1 may represent management's views as of the Original Form 10-K and should not be assumed to be accurate as of any date thereafter. This Amendment No. 1 should be read in conjunction with the Company

Risk Factors

Item 1A. Risk Factors. 1 Part II 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 11

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. 21

Controls and Procedures

Item 9A. Controls and Procedures. 53 Part IV 56

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules. 56 Table of Contents Item 1A. Risk Factors. An investment in us involves a high degree of risk and may result in the loss of all or part of your investment. You should consider carefully all of the information set out in this document and the risks attaching to an investment in us, including, in particular, the risks described below. The information below does not purport to be an exhaustive list and should be considered in conjunction with the contents of the rest of this document. Updated Risk Factor in this Amendment No. 1 The following risk factor, which relates to the matters discussed in the Explanatory Note, has been amended and restated in this Amendment No. 1. The remainder of Item 1A. Risk Factors, has not been updated to reflect developments since the filing of the Original Form 10-K. All Risk Factors not updated should be read in light of the of the information presented below. We have identified a material weakness in our internal control over financial reporting as of December 31, 2023, September 30, 2023 and June 30, 2023, and continuing as of the date hereof which was correctly presented but had not been fully remediated, that resulted in a restatement of certain of our statements of cash flows. If we are not able to remediate this material weakness or otherwise fail to maintain effective internal control over financial reporting, we might not be able to report our financial results accurately or prevent fraud in that case, our stockholders could lose confidence in our financial reporting, which would harm our business and could negatively impact the value of our stock. Effective internal controls are necessary for us to provide reliable financial reports and prevent fraud. The process of maintaining our internal controls may be expensive, and time consuming, and may require significant attention from management. As disclosed in this Amendment No. 1, we have identified a material we

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