Document and Entity Information - shares |
9 Months Ended | |
|---|---|---|
Sep. 30, 2016 |
Nov. 01, 2016 |
|
| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | TRECORA RESOURCES | |
| Entity Central Index Key | 0000007039 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Well-known Seasoned Issuer | No | |
| Entity Voluntary Filers | No | |
| Entity Current Reporting Status | Yes | |
| Entity Filer Category | Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 24,506,846 | |
| Document Fiscal Year Focus | 2016 | |
| Document Fiscal Period Focus | Q3 | |
| Document Type | 10-Q | |
| Amendment Flag | true | |
| Amendment Description | Trecora Resources (the “Company”) is filing this Amendment No. 1 on Form 10-Q/A (“Amendment No. 1”) in order to record its gain related to an additional equity issuance by Al Masane Al Kobra Mining Co. (“AMAK”), a Saudi Arabian closed joint stock company in which the Company has an investment accounted for by the equity method, and to correct its equity in earnings of AMAK. Restatement of Consolidated Financial Statements The unaudited consolidated statements of income for the three and nine months ended September 30, 2016, have been restated to properly reflect an error in the Company’s equity in earnings of AMAK and a gain from the additional equity issuance by AMAK for that three and nine month period, the unaudited consolidated balance sheet as of September 30, 2016, has been restated to reflect the effect of correcting the error on the balance of the investment in AMAK and associated deferred taxes, and the unaudited consolidated statements of stockholders’ equity and cash flows and the notes to the unaudited consolidated financial statements have been restated to make the associated changes required by the adjustments described above. For a discussion of the equity in earnings of AMAK and the accounting errors identified, see “Part I, Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—AMAK Review and Restatement” and Note 3 of Notes to Consolidated Financial Statements (Unaudited) included in “Part I, Item 1—Financial Statements.” Management’s Discussion and Analysis of Financial Condition and Results of Operations In addition, changes necessitated by the restatement of the Company’s September 30, 2016, unaudited consolidated financial statements have been made in Part I, Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations. Disclosure Controls and Procedures and Internal Control Over Financial Reporting Management reassessed its evaluation of the effectiveness of disclosure controls and procedures and our internal control over financial reporting as of June 30, 2016, and as of September 30, 2016, and concluded that a deficiency in the design and operating effectiveness of our internal controls represents a material weakness in our internal control over financial reporting and, therefore, that we did not maintain effective disclosure controls and procedures or internal control over financial reporting as of June 30, 2016, and September 30, 2016. For a description of the material weakness identified by management and management’s plan to remediate the material weakness, see “Part I, Item 4 — Controls and Procedures.” Risk Factors An additional risk factor has been added in Part II, Item 1A – Risk Factors. Amended Reports Except as set forth above, no other material changes have been made from the originally filed Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2016, and except as set forth above this Amendment No. 1 speaks as of the date of the original filing of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, and does not reflect events that may have occurred subsequent to the date of the original filing on Form 10-Q. This Amended Quarterly Report on Form 10-Q/A reflects amendments to the following items: • Part I, Item 1 — Financial Statements • Part I, Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations • Part I, Item 4 — Controls and Procedures • Part II, Item 1A — Risk Factors • Part II, Item 6 — Exhibits The Company’s Chief Executive Officer and Chief Financial Officer are providing currently dated certifications in connection with this Amended Quarterly Report on Form 10-Q/A. See Exhibits 31.1, 31.2, 32.1 and 32.2. | |
| Document Period End Date | Sep. 30, 2016 |