| x | QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|---|----------------------------------------------------------------------------------------------------|

|  ̈ | TRANSITION      REPORT PURSUANT TO SECTION 13 OF 15(D) OR THE SECURITIES EXCHANGE ACT OF      1934 |
|--------|----------------------------------------------------------------------------------------------------|

----

| Delaware                           |   | 65-0707824                                    |
|------------------------------------|--------|-----------------------------------------------|
| (State of Incorporation) |   | (IRS Employer IdentificationNumber) |

| 200 West Cypress Creek Road, Suite 400, Fort Lauderdale, Florida |   | 33309           |
|---------------------------------------------------------------------------------------------------------------|--------|-----------------|
| (Address of principal executive offices)                                                  |   | (Zip Code) |

----

|   | Large accelerated filer  ̈                                                                                      | Accelerated filer  ̈         |
|--------|------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|
|   | Non-accelerated filer  ̈ (Do not check if a smaller reporting company)  | Smaller reporting company x |

----

| Part I       | Financial      Information: |                                                                                                                            |
|--------------|-----------------------------|---------------------------------------------------------------------------------------------------------------------------------|
|         |                        |                                                                                                                            |
|         | Item      1.                | Condensed      Unaudited Consolidated Financial Statements                                                                      |   |
|         |                        |                                                                                                                            |   |
|         |                        | Condensed      Consolidated Balance Sheets as of March 31, 2009 (unaudited) and June 30,      2008                              | 3 |
|         |                        |                                                                                                                            |   |
|         |                        | Condensed      Unaudited Consolidated Statements of Operations for the three and      nine-months ended March 31, 2009 and 2008 | 4 |
|         |                        |                                                                                                                            |   |
|         |                        | Condensed      Unaudited Consolidated Statements of Cash Flows for the nine-months ended      March 31, 2009 and 2008           | 5 |
|         |                        |                                                                                                                            |   |
|         |                        | Notes      to Condensed Unaudited Consolidated Financial Statements                                                             | 7 |
|         |                        |                                                                                                                            |   |
|         | Item      2.                | Management’s      Discussion and Analysis of Financial Condition and Results of      Operations                           | 18 |
|         |                        |                                                                                                                            |   |
|         | Item      3.                | Quantitative      and Qualitative Disclosures About Market Risk                                                                 | 35 |
|         |                        |                                                                                                                            |   |
|         | Item      4.                | Controls      and Procedures                                                                                                    | 36 |
|         |                        |                                                                                                                            |   |
| Part      II | Other      Information:     |                                                                                                                            |
|         |                        |                                                                                                                            |
|         | Item      1.                | Legal      Proceedings                                                                                                          | 37 |
|         |                        |                                                                                                                            |   |
|         | Item      1A.               | Risk      Factors                                                                                                               | 37 |
|         |                        |                                                                                                                            |   |
|         | Item      2.                | Unregistered      Sales of Equity Securities and Use of Proceeds                                                                | 37 |
|         |                        |                                                                                                                            |   |
|         | Item      3.                | Defaults      Upon Senior Securities                                                                                            | 37 |
|         |                        |                                                                                                                            |   |
|         | Item      4.                | Submission      of Matters to a Vote of Security Holders                                                                        | 37 |
|         |                        |                                                                                                                            |   |
|         | Item      5.                | Other      Information                                                                                                          | 37 |
|         |                        |                                                                                                                            |   |
|         | Item      6.                | Exhibits                                                                                                                        | 37 |
|         |                        |                                                                                                                            |   |
|         | Signatures                  | 38                                                                                                                              |
|         |                        |                                                                                                                            |   |
|         | Certifications              | 40-42                                                                                                                           |

----

|                                                                                 |   | March 31, 2009 |    |   | June 30, 2008 |   |
|--------------------------------------------------------------------------------------|--------|--------------------------|---------|--------|-------------------------|--------|
|                                                                                 |   | (Unaudited)              |    |   |                    |   |
| ASSETS                                                                               |   |                     |    |   |                    |   |
| Current      assets:                                                                 |   |                     |    |   |                    |   |
| Cash      and cash equivalents                                                       |   | $                        | 59      |   |                    | $      | 48 |   |
| Accounts      receivable, net of allowances of $1,229 and $1,283                     |   |                     | 13,285  |   |                    |   | 30,169 |   |
| Inventories,      net of reserve of $85 and $99                                      |   |                     | 1,939   |   |                    |   | 2,535 |   |
| Prepaid      expenses and other current assets                                       |   |                     | 746     |   |                    |   | 855 |   |
| Total      current assets                                                            |   |                     | 16,029  |   |                    |   | 33,607 |   |
| Property      and equipment, net of accumulated                                      |   |                     |    |   |                    |   |   |   |
| depreciation      of $15,068 and $13,981                                             |   |                     | 8,953   |   |                    |   | 10,276 |   |
| Identifiable      intangible assets, net of                                          |   |                     |    |   |                    |   |   |   |
| accumulated      amortization of $1,345 and $1,060                                   |   |                     | 2,108   |   |                    |   | 2,392 |   |
| Goodwill                                                                             |   |                     | 228     |   |                    |   | 228 |   |
| Deferred      debt costs, net of accumulated amortization of $783 and    $556        |   |                     | 193     |   |                    |   | 348 |   |
| Other      assets                                                                    |   |                     | 90      |   |                    |   | 133 |   |
| Total      assets                                                                    |   | $                        | 27,601  |   |                    | $      | 46,984 |   |
|                                                                                 |   |                     |    |   |                    |   |   |   |
| LIABILITIES      AND SHAREHOLDERS’ EQUITY                                      |   |                     |    |   |                    |   |   |   |
| Current      liabilities:                                                            |   |                     |    |   |                    |   |   |   |
| Line      of credit payable                                                          |   | $                        | 5,853   |   |                    | $      | 19,789 |   |
| Current      portion of long-term debt, net of unamortized debt discount of      $34 |   |                     | 8,825   |   |                    |   | - |   |
| Accounts      payable                                                                |   |                     | 4,792   |   |                    |   | 9,921 |   |
| Accrued      expenses and other liabilities                                          |   |                     | 4,391   |   |                    |   | 4,938 |   |
| Total      current liabilities                                                       |   |                     | 23,861  |   |                    |   | 34,648 |   |
| Long-term      liabilities:                                                          |   |                     |    |   |                    |   |   |   |
| Promissory      notes, net of unamortized debt discount of $0 and $65                |   |                     | 725     |   |                    |   | 8,794 |   |
| Other      long-term liabilities                                                     |   |                     | 404     |   |                    |   | 490 |   |
| Total      liabilities                                                               |   |                     | 24,990  |   |                    |   | 43,932 |   |
| Contingencies                                                                        |   |                     |    |   |                    |   |   |   |
| Shareholders’      equity:                                                     |   |                     |    |   |                    |   |   |   |
| Preferred      stock, $0.01 par value; 10,000 Series A                               |   |                     |    |   |                    |   |   |   |
| Shares      authorized, 4,114 and 4,587 issued and outstanding                       |   |                     |    |   |                    |   |   |   |
| at      March 31, 2009 and June 30, 2008, respectively                               |   |                     | -       |   |                    |   | - |   |
| Preferred      stock, $0.01 par value; 2,000 Series B                                |   |                     |    |   |                    |   |   |   |
| Shares      authorized, 1,985 issued and outstanding                                 |   |                     |    |   |                    |   |   |   |
| at      March 31, 2009 and June 30, 2008                                             |   |                     | -       |   |                    |   | - |   |
| Preferred      stock, $0.01 par value; 2,000 Series C shares                         |   |                     |    |   |                    |   |   |   |
| authorized,      229 and 0 issued and outstanding                                    |   |                     |    |   |                    |   |   |   |
| at      March 31, 2009 and June 30, 2008, respectively                               |   |                     | -       |   |                    |   | - |   |
| Common      stock, $.01 par value; 50,000,000 shares authorized;                     |   |                     |    |   |                    |   |   |   |
| 15,200,122      and 14,556,295 issued and outstanding                                |   |                     |    |   |                    |   |   |   |
| at      March 31, 2009 and June 30, 2008, respectively                               |   |                     | 152     |   |                    |   | 146 |   |
| Additional      paid-in capital                                                      |   |                     | 30,663  |   |                    |   | 30,719 |   |
| Accumulated      deficit                                                             |   |                     | (28,204 | )      |                    |   | (27,813 | ) |
| Total      shareholders’ equity                                                |   |                     | 2,611   |   |                    |   | 3,052 |   |
| Total      liabilities and shareholders’ equity                                |   | $                        | 27,601  |   |                    | $      | 46,984 |   |

----

|                                                   |   | Three Months Ended March 31, |   |   | Nine Months Ended March 31, |   |
|--------------------------------------------------------|--------|--------------------------------------------------|--------|--------|-------------------------------------------------|--------|
|                                                   |   | 2009                                             |   |   | 2008                                            |   |   | 2009 |   |   | 2008 |   |
|                                                   |   |                                             |   |   |                                            |   |   |   |   |   |   |   |
| Petroleum      product sales and service revenues      |   | $                                                | 29,746 |   |                                            | $      | 57,744 |   |   | $ | 142,584 |   |   | $ | 159,838 |   |
| Petroleum      product taxes                           |   |                                             | 5,236  |   |                                            |   | 6,418 |   |   |   | 16,781 |   |   |   | 18,815 |   |
| Total      revenues                                    |   |                                             | 34,982 |   |                                            |   | 64,162 |   |   |   | 159,365 |   |   |   | 178,653 |   |
|                                                   |   |                                             |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Cost      of petroleum product sales and service       |   |                                             | 25,956 |   |                                            |   | 54,869 |   |   |   | 129,683 |   |   |   | 151,216 |   |
| Petroleum      product taxes                           |   |                                             | 5,236  |   |                                            |   | 6,418 |   |   |   | 16,781 |   |   |   | 18,815 |   |
| Total      cost of sales                               |   |                                             | 31,192 |   |                                            |   | 61,287 |   |   |   | 146,464 |   |   |   | 170,031 |   |
|                                                   |   |                                             |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Gross      profit                                      |   |                                             | 3,790  |   |                                            |   | 2,875 |   |   |   | 12,901 |   |   |   | 8,622 |   |
|                                                   |   |                                             |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Selling,      general and administrative expenses      |   |                                             | 3,455  |   |                                            |   | 3,445 |   |   |   | 11,354 |   |   |   | 11,036 |   |
|                                                   |   |                                             |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Operating      income (loss)                           |   |                                             | 335    |   |                                            |   | (570 | ) |   |   | 1,547 |   |   |   | (2,414 | ) |
|                                                   |   |                                             |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Interest      expense                                  |   |                                             | (575   | )      |                                            |   | (780 | ) |   |   | (1,938 | ) |   |   | (2,340 | ) |
| Interest      and other income                         |   |                                             | 5      |   |                                            |   | 60 |   |   |   | 24 |   |   |   | 100 |   |
| Loss      on extinguishment of promissory notes        |   |                                             | -      |   |                                            |   | (108 | ) |   |   | - |   |   |   | (1,749 | ) |
|                                                   |   |                                             |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Loss      before income taxes                          |   |                                             | (235   | )      |                                            |   | (1,398 | ) |   |   | (367 | ) |   |   | (6,403 | ) |
|                                                   |   |                                             |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Income      tax expense                                |   |                                             | (8     | )      |                                            |   | - |   |   |   | (24 | ) |   |   | - |   |
| Net      loss                                          |   | $                                                | (243   | )      |                                            | $      | (1,398 | ) |   | $ | (391 | ) |   | $ | (6,403 | ) |
|                                                   |   |                                             |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Basic      and diluted net loss per share computation: |   |                                             |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
|                                                   |   |                                             |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss                                          |   | $                                                | (243   | )      |                                            | $      | (1,398 | ) |   | $ | (391 | ) |   | $ | (6,403 | ) |
| Less:  Preferred      stock dividends        |   |                                             | (124   | )      |                                            |   | (56 | ) |   |   | (452 | ) |   |   | (56 | ) |
| Net      loss attributable to common shareholders      |   | $                                                | (367   | )      |                                            | $      | (1,454 | ) |   | $ | (843 | ) |   | $ | (6,459 | ) |
|                                                   |   |                                             |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Basic      and diluted net loss per share              |   |                                             |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| attributable      to common shareholders               |   | $                                                | (0.02  | )      |                                            | $      | (0.10 | ) |   | $ | (0.06 | ) |   | $ | (0.45 | ) |
|                                                   |   |                                             |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Basic      and diluted weighted average common         |   |                                             |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| shares      outstanding                                |   |                                             | 15,136 |   |                                            |   | 14,556 |   |   |   | 14,905 |   |   |   | 14,438 |   |

----

|                                                               |   | Nine Months Ended March 31, |     |
|--------------------------------------------------------------------|--------|-------------------------------------------------|----------|
|                                                               |   | 2009                                            |     |   | 2008 |   |
| CASH      FLOWS FROM OPERATING ACTIVITIES:                         |   |                                            |     |   |   |   |
| Net      loss                                                      |   | $                                               | (391     | ) |   | $ | (6,403 | ) |
| Adjustments      to reconcile net loss to net cash provided by     |   |                                            |     |   |   |   |   |   |
| operating      activities:                                         |   |                                            |     |   |   |   |   |   |
| Depreciation      and amortization:                                |   |                                            |     |   |   |   |   |   |
| Cost      of sales                                                 |   |                                            | 823      |   |   |   | 1,121 |   |
| Selling,      general and administrative                           |   |                                            | 1,017    |   |   |   | 897 |   |
| Amortization      of deferred debt costs                           |   |                                            | 227      |   |   |   | 224 |   |
| Amortization      of debt discount                                 |   |                                            | 31       |   |   |   | 74 |   |
| Amortization      of stock-based compensation                      |   |                                            | 243      |   |   |   | 382 |   |
| Gain      from sale of assets                                      |   |                                            | (4       | ) |   |   | (59 | ) |
| Inventory      reserve                                             |   |                                            | (14      | ) |   |   | (51 | ) |
| Provision      for doubtful accounts                               |   |                                            | 490      |   |   |   | 213 |   |
| Non-cash      interest expense deferral fee                        |   |                                            | 48       |   |   |   | - |   |
| Non-cash      loss on extinguishment of debt                       |   |                                            | -        |   |   |   | 1,479 |   |
| Changes      in operating assets and liabilities:                  |   |                                            |     |   |   |   |   |   |
| Decrease      in accounts receivable                               |   |                                            | 16,394   |   |   |   | 930 |   |
| Decrease      in inventories, prepaid expenses and other assets    |   |                                            | 717      |   |   |   | 55 |   |
| (Decrease)      increase in accounts payable and other liabilities |   |                                            | (5,832   | ) |   |   | 1,419 |   |
| Net      cash provided by operating activities                     |   |                                            | 13,749   |   |   |   | 281 |   |
|                                                               |   |                                            |     |   |   |   |   |   |
| CASH      FLOWS FROM INVESTING ACTIVITIES:                         |   |                                            |     |   |   |   |   |   |
| Purchases      of property and equipment                           |   |                                            | (273     | ) |   |   | (2,222 | ) |
| Proceeds      from sale of equipment                               |   |                                            | 91       |   |   |   | 85 |   |
| Decrease      in restricted cash                                   |   |                                            | 45       |   |   |   | 1,005 |   |
| Net      cash used in investing activities                         |   |                                            | (137     | ) |   |   | (1,132 | ) |
|                                                               |   |                                            |     |   |   |   |   |   |
| CASH      FLOWS FROM FINANCING ACTIVITIES:                         |   |                                            |     |   |   |   |   |   |
| Proceeds      from line of credit                                  |   |                                            | 169,687  |   |   |   | 184,908 |   |
| Repayments      of line of credit                                  |   |                                            | (183,623 | ) |   |   | (187,357 | ) |
| Proceeds      from issuance of promissory notes                    |   |                                            | 725      |   |   |   | 7,690 |   |
| Proceeds      from issuance of preferred stock                     |   |                                            | 149      |   |   |   | 516 |   |
| Proceeds      from issuance of common stock and warrants           |   |                                            | -        |   |   |   | 1,170 |   |
| Principal      payments on promissory notes                        |   |                                            | -        |   |   |   | (6,359 | ) |
| Debt      issuance costs                                           |   |                                            | (70      | ) |   |   | (541 | ) |
| Common      stock, preferred stock, and warrants issuance costs    |   |                                            | (39      | ) |   |   | (101 | ) |
| Payment      of dividends                                          |   |                                            | (390     | ) |   |   | - |   |
| Capital      lease payments                                        |   |                                            | (40      | ) |   |   | (26 | ) |
| Net      cash used in financing activities                         |   |                                            | (13,601  | ) |   |   | (100 | ) |
|                                                               |   |                                            |     |   |   |   |   |   |
| NET      INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS          |   |                                            | 11       |   |   |   | (951 | ) |
|                                                               |   |                                            |     |   |   |   |   |   |
| CASH      AND CASH EQUIVALENTS, beginning of period                |   |                                            | 48       |   |   |   | 987 |   |
|                                                               |   |                                            |     |   |   |   |   |   |
| CASH      AND CASH EQUIVALENTS, end of period                      |   | $                                               | 59       |   |   | $ | 36 |   |

----

| (Continued)                                                                                                                                                                                                                           |   | Nine Months Ended March 31, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|--------|
|                                                                                                                                                                                                                                  |   | 2009                                            |   |   | 2008 |   |
|                                                                                                                                                                                                                                  |   |                                            |   |   |   |   |
| SUPPLEMENTAL      DISCLOSURE OF CASH FLOW INFORMATION:                                                                                                                                                                                |   |                                            |   |   |   |   |
|                                                                                                                                                                                                                                  |   |                                            |   |   |   |   |
| Cash      paid for interest                                                                                                                                                                                                           |   | $                                               | 1,322  |   |   | $ | 2,183 |   |
|                                                                                                                                                                                                                                  |   |                                            |   |   |   |   |   |   |
| SUPPLEMENTAL      DISCLOSURE OF NON-CASH ACTIVITIES:                                                                                                                                                                                  |   |                                            |   |   |   |   |   |   |
|                                                                                                                                                                                                                                  |   |                                            |   |   |   |   |   |   |
| Accrued      dividends related to preferred stock                                                                                                                                                                                     |   | $                                               | 256    |   |   | $ | 56 |   |
|                                                                                                                                                                                                                                  |   |                                            |   |   |   |   |   |   |
| Capital      leases                                                                                                                                                                                                                   |   | $                                               | 47     |   |   | $ | - |   |
|                                                                                                                                                                                                                                  |   |                                            |   |   |   |   |   |   |
| Conversion      of preferred shares to common shares                                                                                                                                                                                  |   | $                                               | 260    |   |   | $ | - |   |
|                                                                                                                                                                                                                                  |   |                                            |   |   |   |   |   |   |
| Issuance      of common stock for the deferral fee relatedto      the August 2007 Notes and September 2008 Notes,January      1, 2009 and March 1, 2009 interest payments,respectively,      which were deferred until April 15, 2009 |   | $                                               | 47     |   |   | $ | - |   |
|                                                                                                                                                                                                                                  |   |                                            |   |   |   |   |   |   |
| Refinancing      of August 2003, January 2005, and September 2005                                                                                                                                                                     |   |                                            |   |   |   |   |   |   |
| notes      into August 2007 notes                                                                                                                                                                                                     |   | $                                               | -      |   |   | $ | 4,918 |   |
|                                                                                                                                                                                                                                  |   |                                            |   |   |   |   |   |   |
| Non-cash      costs related to issuance of stock, warrants and                                                                                                                                                                        |   |                                            |   |   |   |   |   |   |
| August      2007 notes                                                                                                                                                                                                                |   | $                                               | -      |   |   | $ | 134 |   |
|                                                                                                                                                                                                                                  |   |                                            |   |   |   |   |   |   |
| Debt      discount costs related to issuance of stock, warrants,                                                                                                                                                                      |   |                                            |   |   |   |   |   |   |
| extensions      of warrants and August 2007 notes                                                                                                                                                                                     |   | $                                               | -      |   |   | $ | 112 |   |
|                                                                                                                                                                                                                                  |   |                                            |   |   |   |   |   |   |
| Conversion      of promissory notes and accrued interest                                                                                                                                                                              |   |                                            |   |   |   |   |   |   |
| to      preferred stock                                                                                                                                                                                                               |   | $                                               | -      |   |   | $ | 3,793 |   |

----

| 1. | NATURE      OF OPERATIONS |
|----|---------------------------|

| 2.  | BASIS      OF PRESENTATION |
|----------|----------------------------|

----

| 3.  | RECENT      ACCOUNTING PRONOUNCEMENTS |
|----------|---------------------------------------|

----

| 4.  | CASH      AND CASH EQUIVALENTS |
|----------|--------------------------------|

| 5.  | NET      INCOME (LOSS) PER SHARE |
|----------|----------------------------------|

----

|                                            |   | March      31, |   |
|-------------------------------------------------|--------|----------------|--------|
|                                            |   | 2009           |   |   | 2008 |   |
|                                            |   |           |   |   |   |   |
| Stock      options                              |   |           | 1,931  |   |   |   | 1,989 |   |
| Common      stock warrants                      |   |           | 710    |   |   |   | 887 |   |
| Promissory      note conversion rights          |   |           | 4,149  |   |   |   | 3,034 |   |
| Preferred      stock conversion rights          |   |           | 6,328  |   |   |   | 6,572 |   |
| Total      common stock equivalents outstanding |   |           | 13,118 |   |   |   | 12,482 |   |

|                                              |   | Three Months Ended |   |   | Nine Months Ended |   |
|---------------------------------------------------|--------|------------------------------|--------|--------|-----------------------------|--------|
|                                              |   | March 31,               |   |   | March 31,              |   |
|                                              |   | 2009                         |   |   | 2008                        |   |   | 2009 |   |   | 2008 |   |
|                                              |   |                         |   |   |                        |   |   |   |   |   |   |   |
| Net      loss                                     |   | $                            | (243   | )      |                        | $      | (1,398 | ) |   | $ | (391 | ) |   | $ | (6,403 | ) |
| Less:  Preferred      stock dividends   |   |                         | (124   | )      |                        |   | (56 | ) |   |   | (452 | ) |   |   | (56 | ) |
| Net      loss attributable to common shareholders |   | $                            | (367   | )      |                        | $      | (1,454 | ) |   | $ | (843 | ) |   | $ | (6,459 | ) |
|                                              |   |                         |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss per share attributable to common    |   |                         |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| shareholders      – basic and diluted       |   | $                            | (0.02  | )      |                        | $      | (0.10 | ) |   | $ | (0.06 | ) |   | $ | (0.45 | ) |
|                                              |   |                         |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average shares outstanding:         |   |                         |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Basic      and diluted                            |   |                         | 15,136 |   |                        |   | 14,556 |   |   |   | 14,905 |   |   |   | 14,438 |   |

| 6. | LINE OF CREDIT      PAYABLE |
|----|-----------------------------|

----

----

| 7.  | LONG-TERM      DEBT |
|----------|---------------------|

|                                                                                                                                                                                                                                                                                                                                              |   | March 31, |   |   | June 30, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                                              |   | 2009           |   |   | 2008          |   |
|                                                                                                                                                                                                                                                                                                                                              |   |           |   |   |          |   |
| September      2008 unsecured convertible subordinated promissory notes (the “September      2008 Notes”) (12% interest due semi-annually, March 1 and September 1,      beginning March 1, 2009); matures September 1, 2010 in its entirety;      effective interest rate of 12%.  For additional details, see      below. |   | $              | 725    |   |          | $      | - |   |
|                                                                                                                                                                                                                                                                                                                                              |   |           |   |   |          |   |   |   |
| August      2007 senior secured convertible subordinated promissory notes (the “August      2007 Notes”) (11.5% interest due semi-annually, January 1 and July 1);      matures December 31, 2009 in its entirety; effective interest rate of      14.7% including cost of warrants and other debt issue    costs.                    |   |           | 8,859  |   |          |   | 8,859 |   |
|                                                                                                                                                                                                                                                                                                                                              |   |           |   |   |          |   |   |   |
| Unamortized      debt discount                                                                                                                                                                                                                                                                                                                    |   |           | (34    | )      |          |   | (65 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |           |   |   |          |   |   |   |
| Total      debt                                                                                                                                                                                                                                                                                                                                   |   |           | 9,550  |   |          |   | 8,794 |   |
|                                                                                                                                                                                                                                                                                                                                              |   |           |   |   |          |   |   |   |
| Less:      current portion                                                                                                                                                                                                                                                                                                                        |   |           | (8,825 | )      |          |   | - |   |
|                                                                                                                                                                                                                                                                                                                                              |   |           |   |   |          |   |   |   |
| Long-term      debt, net                                                                                                                                                                                                                                                                                                                          |   | $              | 725    |   |          | $      | 8,794 |   |

----

----

|                                                                                       | Nine Months Ended |   |
|--------------------------------------------------------------------------------------------|-----------------------------|--------|
|                                                                                       | March 31, 2008    |   |
| Write      offs of costs and gain related to the refinancing of the August      2003,      |                        |   |   |
| January      2005 and September 2005 Notes:                                                |                        |   |   |
| Unamortized      debt costs                                                                |                        | $      | 443 |   |
| Unamortized      debt discounts                                                            |                        |   | 978 |   |
| Cash      pre-payment penalty                                                              |                        |   | 270 |   |
| Gain      on extinguishment                                                                |                        |   | (50 | ) |
| Write      off of unamortized debt costs related to the exchanged November 2007      Notes |                        |   |   |   |
| for      Preferred Stock Series A                                                          |                        |   | 24 |   |
| Write      offs related to exchanged August 2007 Notes for Preferred Stock Series      B:  |                        |   |   |   |
| Unamortized      debt costs                                                                |                        |   | 69 |   |
| Unamortized      debt discounts                                                            |                        |   | 15 |   |
| Loss      on extinguishment of promissory notes, net                                       |                        | $      | 1,749 |   |

----

| 8.  | SHAREHOLDERS’      EQUITY |
|----------|---------------------------------|

|                                                                                                      |   | Preferred Stock |   |   | Preferred Stock |   |   | Preferred Stock |   |   |              |   |   | Additional |   |   |        |   |   |   |   |
|-----------------------------------------------------------------------------------------------------------|--------|----------------------|--------|--------|----------------------|--------|--------|----------------------|--------|--------|-------------------|--------|--------|------------|--------|--------|-------------|--------|--------|--------|--------|
|                                                                                                      |   | Series A        |   |   | Series B        |   |   | Series C        |   |   | Common Stock |   |   | Paid-In    |   |   | Accumulated |   |   |   |   |
|                                                                                                      |   | Shares               |   |   | Amount               |   |   | Shares               |   |   | Amount            |   |   | Shares     |   |   | Amount      |   |   | Shares |   |   | Amount |   |   | Capital |   |   | Deficit |   |   | Total |   |
|                                                                                                      |   |                 |   |   |                 |   |   |                 |   |   |              |   |   |       |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2008                                                                             |   |                 | 4,587  |   |                 | $      | -      |                 |   |   | 1,985             |   |   | $          | -      |   |        |   | -      |   |   | $ | - |   |   |   | 14,556,295 |   |   | $ | 146 |   |   | $ | 30,719 |   |   | $ | (27,813 | ) |   | $ | 3,052 |   |
| Net      loss                                                                                             |   |                 | -      |   |                 |   | -      |                 |   |   | -                 |   |   |       | -      |   |        |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (391 | ) |   |   | (391 | ) |
| Issuance      of Series C preferred stock, net of issuance costs of    $39                           |   |                 | -      |   |                 |   | -      |                 |   |   | -                 |   |   |       | -      |   |        |   | 229    |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 110 |   |   |   | - |   |   |   | 110 |   |
| Conversion      of Series A preferred stock to common stock                                          |   |                 | (473   | )      |                 |   | -      |                 |   |   | -                 |   |   |       | -      |   |        |   | -      |   |   |   | - |   |   |   | 473,000 |   |   |   | 4 |   |   |   | (4 | ) |   |   | - |   |   |   | - |   |
| Issuance      of common stock for payment of interest deferral fee and interest on      August 2007 Notes |   |                 | -      |   |                 |   | -      |                 |   |   | -                 |   |   |       | -      |   |        |   | -      |   |   |   | - |   |   |   | 158,328 |   |   |   | 2 |   |   |   | 44 |   |   |   | - |   |   |   | 46 |   |
| Issuance      of common stock for payment of interest deferral fee on September 2007      Notes           |   |                 | -      |   |                 |   | -      |                 |   |   | -                 |   |   |       | -      |   |        |   | -      |   |   |   | - |   |   |   | 12,499 |   |   |   | - |   |   |   | 3 |   |   |   | - |   |   |   | 3 |   |
| Series      A preferred stock dividend                                                                    |   |                 | -      |   |                 |   | -      |                 |   |   | -                 |   |   |       | -      |   |        |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (250 | ) |   |   | - |   |   |   | (250 | ) |
| Series      B preferred stock dividend                                                                    |   |                 | -      |   |                 |   | -      |                 |   |   | -                 |   |   |       | -      |   |        |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (189 | ) |   |   | - |   |   |   | (189 | ) |
| Series      C preferred stock dividend                                                                    |   |                 | -      |   |                 |   | -      |                 |   |   | -                 |   |   |       | -      |   |        |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (13 | ) |   |   | - |   |   |   | (13 | ) |
| Stock-based      compensation expense                                                                     |   |                 | -      |   |                 |   | -      |                 |   |   | -                 |   |   |       | -      |   |        |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 243 |   |   |   | - |   |   |   | 243 |   |
| Balance      at March 31, 2009                                                                            |   |                 | 4,114  |   |                 | $      | -      |                 |   |   | 1,985             |   |   | $          | -      |   |        |   | 229    |   |   | $ | - |   |   |   | 15,200,122 |   |   | $ | 152 |   |   | $ | 30,663 |   |   | $ | (28,204 | ) |   | $ | 2,611 |   |

----

|   | (A) | the      closing price of the Common Stock as reported on the Nasdaq Capital Stock      Market (or on such other public securities trading market, such as the OTC      Bulletin Board, as then constitutes the primary trading market for the      Common Stock) is equal to or greater than two times the Series C      Conversion Price then in effect (the “Series C Automatic Conversion      Price”), for a period of twenty (20) consecutive business days,      or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | at      any time upon the affirmative election of the holders of at least      sixty-six and two-thirds percent (66 2/3%) of the outstanding shares of      the Series C Preferred Stock, or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | upon      the closing of a firmly underwritten public offering pursuant to an      effective registration statement under the Securities Act covering the      offer and sale of Common Stock for the account of the Company in which (i)      the per share price is at least two times the Series C Automatic      Conversion Price and (ii) the cash proceeds to the Company (before      underwriting discounts, commissions and fees) are at least ten million      dollars ($10,000,000). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9.  | CONTINGENCIES |
|----------|---------------|

----

|   | · | Our      beliefs regarding our position in the market for commercial mobile fueling      and bulk fueling; lubricant and chemical packaging, distribution and      sales; integrated out-sourced fuel management services; and transportation      logistics; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Our      strategies, plan, objectives and expectations concerning our future      operations, cash flows, margins, revenues, profitability, liquidity and      capital resources; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Our      efforts to improve operational, financial and management controls and      reporting systems and procedures;and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------|

|   | · | Our      plans to expand and diversify our business through acquisitions of      existing companies or their operations and customer  bases. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The      avoidance of unanticipated netlosses; |
|--------|--------|------------------------------------------------|

|   | · | The      avoidance of adverse consequences relating to our outstanding      debt; |
|--------|--------|-----------------------------------------------------------------------------------|

|   | · | Our      continuing ability to pay interest and principal on our debt instruments,      and to pay our accounts payable and other liabilities when      due; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Our      continuing ability to comply with financial covenants contained in our      debt agreements and to replace, extend or refinance the debts evidenced by      those agreements as they mature; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Our      continuing ability to obtain all necessary waivers of covenant violations,      if any, in our debt agreements; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------|

|   | · | The      avoidance of significant provisions for bad debt reserves on our accounts      receivable; |
|--------|--------|-----------------------------------------------------------------------------------------------------|

|   | · | The      continuing demand for our products and services at competitive prices and      acceptable margins; |
|--------|--------|-------------------------------------------------------------------------------------------------------------|

|   | · | The      avoidance of negative customer reactions to new or existing marketing      strategies; |
|--------|--------|-------------------------------------------------------------------------------------------------|

|   | · | The      avoidance of significant inventory reserves for slow moving      products; |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | Our      continuing ability to acquire sufficient trade credit from fuel and      lubricants suppliers and othervendors; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------|

----

|   | · | The      successful integration of acquired companies and/or organic geographic      expansion into our existing operations, and enhancing the profitability of      the integrated businesses or newmarkets; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The      successful execution of our acquisition and diversification strategy,      including the availability of sufficient capital to acquire additional      businesses and to support the infrastructure requirements of a larger      combined company; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The      success in responding to competition from other providers of similar      services; and |
|--------|--------|--------------------------------------------------------------------------------------------------|

|   | · | The      avoidance of a substantial adverse impact from recent generally negative      economic and market conditions. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|

----

|   | · | During      the first three quarters of fiscal 2009, we have continued to better align      our business with the needs and demands of our customers, resulting in      improved financial results. While the difficult economic environment has      impacted the demand from our existing customers, we have maintained our      customer base, and we have added new customers, as evidenced by the      expansion of our services during this fiscal year into two new states and      five new territories. The trend of steadily improving financial      performance, which started in the fourth quarter of fiscal 2008, continued      during the third quarter of fiscal 2009, as we reported higher net      margins, reduced operating losses, and improved EBITDA versus the same      period a year ago.  We continue to operate more efficiently than in      prior periods, partly as the result of our ERP system, and partly because      of our timely reaction to changing economic conditions during the second      quarter of fiscal 2009, when we quickly adjusted our costs in response to      decreasing volumes as a result of the rapid contraction of the national      economy and the impact on the majority of our  customers. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We      responded with various cost cutting measures, including business      restructuring steps, beginning late in November 2008, continuing through      December 2008 and into the third quarter of fiscal 2009 to meet the      decrease in customer demand.  Our results reflect the impact of      eliminating operating and administrative personnel and maximizing the      productivity of equipment and reducing direct and office operating      expenses.  For example, we consolidated delivery routes to improve      efficiencies without sacrificing our high level of customer service.       Moreover, as the economy has contracted, we have continued to add      new customers seeking to reduce their costs of operations with mobile      fueling or replacing their prior service providers for the higher value      solution we provide, which includes greater reliability, a substantial      reduction in service issues and better reporting metrics. We have also      expanded the services we provide to existing customers, such as the recent      addition of mobile fueling services in North Carolina for the United      States Postal Service, which has been a customer for over 15      years. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Financial      results from commercial mobile and bulk fueling services continue to be      largely dependent on the number of gallons of fuel sold and the net margin      per gallon achieved. During the first nine months of fiscal 2009, we have      experienced a 6.7% decrease in the number of gallons sold compared to the      same period in 2008. This decrease is due to lower volumes demanded by      some of our existing customers in response to the weaker economy and to      our pursuit of business with higher net margin contributions, with the      overall decrease partially offset by the volume generated from new      customers. While these volumes clearly represent a decrease when compared      to prior years, in the third quarter of fiscal 2009 we began to see some      stabilization of existing customer demand. While there can be no assurance      that the recent downturn in customer volumes has in fact bottomed out, we      remain cautiously optimistic that, in light of the stabilization of      customer demand, our continuing success in adding new customers, and the      cost cutting measures made earlier in the fiscal year, our operations and      financial performance will continue to improve as they have during the      first three quarters of this fiscal year compared to last fiscal      year. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | In      light of the prevailing weak economic conditions and their negative impact      on almost all of our customers, we have placed special emphasis on the      optimization of cash flows. This includes, for example,  our strong      focus on collecting our receivables. At March 31, 2009, our receivables      were $13.3 million  compared to $30.2 million at June 30, 2008,      primarily a reflection of decreased commodity prices, but also partly from      strong credit, underwriting, and collection  efforts. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We      also moved to cautiously conserve cash in the third quarter of fiscal 2009      by entering into agreements to defer cash interest payments that were due      in January and March 2009 related to the August 2007 Notes and the      September 2008 Notes.  We paid a 1% fee of the outstanding balance as      consideration for the deferral. Fifty percent of this Deferral Fee was      paid in cash and the balance was paid with unregistered shares of our      common stock. We paid the deferred interest on April 15, 2009, as required      by the agreements with the Note holders. Additionally, on May 5, 2009, the      Company entered into an agreement with the holders of the Series A, Series      B, and Series C Preferred Stock to satisfy the outstanding $256,000      dividends payable through the issuance of 1,111,091 unregistered shares of      the common stock of the Company. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | During      the first nine months of fiscal 2009, we achieved improvements in our      bottom line and EBITDA results.  We reported a net loss of $243,000      and positive EBITDA of $974,000 for the third quarter of this fiscal year,      compared to a net loss of $1.4 million and EBITDA of $277,000 for the same      period a year ago, improvements of $1.2 million or 83% and $697,000 or      252% to our financial performance, respectively. During the nine months      ended March 31, 2009, we had a net loss of $391,000 and EBITDA of $3.7      million compared to a net loss of $6.4 million and EBITDA of $86,000 for      the same period a year ago, improvements of $6.0 million or 94% and $3.6      million or 4,149%, respectively. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | As      previously noted, we are reporting a net loss for the third quarter of      fiscal 2009 of $243,000 compared to a loss of $1.4 million a year ago.       The $243,000 net loss included $906,000 in non-cash charges, such as      depreciation and amortization of assets, debt costs, debt discounts,      stock-based compensation, and provision for doubtful accounts. The net      loss also included stated interest expense associated with servicing of      our debt of $495,000, legal expenses of $212,000 and public company costs      of $179,000. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The      net margin in the third quarter of fiscal 2009 and 2008 was $4.0 million      and $3.2 million, respectively, on 16.0 million and 18.1 million gallons      sold during those periods. The net margins per gallon in the third quarter      of fiscal 2009 and 2008 were 25.1 cents and 17.8 cents, respectively. The      increase in net margin per gallon in 2009 was primarily due to the      continuation of the higher net margin trend previously reported for the      fourth quarter of fiscal year 2008 and thereafter. The increase in net      margin per gallon can be attributed, in part, to the efficiencies of our      ERP system, which has helped us to identify and eliminate      non-contributory, lower margin business and has allowed for improved route      delivery efficiency including the consolidation of  routes. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We      began our 2009 fiscal year with a strong first quarter during which we      achieved improved results in several of our key financial categories when      compared to the fourth quarter of our 2008 fiscal year. These improvements      included increases in gross profit of 36%, a change from net loss to net      income of $878,000 and an EBITDA increase of 72%. While emergency storm      response work contributed to these strong results, we believe that the      most important factor was the significant margin contribution stemming      from the efficiencies generated by ERP system and our focus on higher      margin business. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | While      we ended our first quarter of fiscal 2009 with optimism in regards to our      improving bottom-line performance, we were materially impacted in the      second quarter of fiscal 2009 by the down spiraling worldwide economy and      its dramatic effect on our approximately 4,600 customers across virtually      all U.S. manufacturing and service sectors. When comparing the second      quarter of fiscal 2009 against the first quarter, this economic downturn      yielded a reduction in gallons sold of 11% net of any additions      attributable to new business, and contributed to a decrease in gross      profit of 43%, a $1.2 million change from net income to net loss and an      EBITDA decrease of 65%. We did respond decisively, however, in November      and December 2008 to this sudden reduction in customer demand by making      significant reductions in costs, improving the efficiencies in all      operating areas of the Company and expanding into five new markets and two      states to meet demand for ourservices. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We      believe that our fully operational ERP system underpinned our ability to      execute the tactical measures that we initiated in the second quarter of      fiscal 2009 and put us back on track toward the financial performance that      we had previously anticipated coming out of the first quarter of 2009.      When comparing the third and second quarters of fiscal year 2009, we      realized material improvements in all the key financial categories,      including an increase in gross profit of 15%, a reduction in net loss of      63%, together with an EBITDA increase of 41%. The key to our improved      performance was the 25-cent net margin per gallon we achieved in the third      fiscal quarter, a 4-cent or 19% improvement from the second quarter. We      currently expect the stabilization of customer demand that we saw emerging      in the third quarter to continue in the fourth quarter of the 2009 fiscal      year and believe that the demand from new customers for our services is      strong. However, we are unable to predict an improvement in demand from      our existing customers in the short run. There can be no assurance that a      continuation or a worsening of the current adverse economic condition will      not further adversely impact our customers and, in turn, our      business. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                            |   | For the three months ended |   |
|-------------------------------------------------|--------|------------------------------------------------|--------|
|                                            |   | September 30,                             |   |   | December 31, |   |   | March 31, |   |   | June 30, |   |   | September 30, |   |   | December 31, |   |   | March 31, |   |
|                                            |   | 2007                                           |   |   | 2007 |   |   | 2008 |   |   | 2008 |   |   | 2008 |   |   | 2008 |   |   | 2009 |   |
|                                            |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                        |   | $                                              | 55,497 |   |   | $ | 58,994 |   |   | $ | 64,162 |   |   | $ | 82,036 |   |   | $ | 79,271 |   |   | $ | 45,112 |   |   | $ | 34,982 |   |
| Gross      profit                               |   | $                                              | 3,182  |   |   | $ | 2,565 |   |   | $ | 2,875 |   |   | $ | 4,290 |   |   | $ | 5,819 |   |   | $ | 3,292 |   |   | $ | 3,790 |   |
| Selling,      general and administrative        |   | $                                              | 3,803  |   |   | $ | 3,788 |   |   | $ | 3,445 |   |   | $ | 3,845 |   |   | $ | 4,632 |   |   | $ | 3,267 |   |   | $ | 3,455 |   |
| Operating      income (loss)                    |   | $                                              | (621   | ) |   | $ | (1,223 | ) |   | $ | (570 | ) |   | $ | 445 |   |   | $ | 1,187 |   |   | $ | 25 |   |   | $ | 335 |   |
| Interest      expense and other income, net     |   | $                                              | (757   | ) |   | $ | (763 | ) |   | $ | (720 | ) |   | $ | (811 | ) |   | $ | (667 | ) |   | $ | (677 | ) |   | $ | (570 | ) |
| Loss      on extinguishment of promissory notes |   | $                                              | (1,641 | ) |   | $ | - |   |   | $ | (108 | ) |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Net      income (loss)                          |   | $                                              | (3,019 | ) |   | $ | (1,986 | ) |   | $ | (1,398 | ) |   | $ | (366 | ) |   | $ | 512 |   |   | $ | (660 | ) |   | $ | (243 | ) |
|                                            |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA1                                    |   | $                                              | 196    |   |   | $ | (387 | ) |   | $ | 277 |   |   | $ | 1,154 |   |   | $ | 1,990 |   |   | $ | 690 |   |   | $ | 974 |   |
|                                            |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      margin                                 |   | $                                              | 3,569  |   |   | $ | 2,945 |   |   | $ | 3,228 |   |   | $ | 4,611 |   |   | $ | 6,161 |   |   | $ | 3,534 |   |   | $ | 4,027 |   |
| Net      margin per gallon2                |   | $                                              | 0.19   |   |   | $ | 0.16 |   |   | $ | 0.18 |   |   | $ | 0.24 |   |   | $ | 0.33 |   |   | $ | 0.21 |   |   | $ | 0.25 |   |
| Gallons      sold                               |   |                                           | 18,695 |   |   |   | 18,050 |   |   |   | 18,102 |   |   |   | 19,024 |   |   |   | 18,550 |   |   |   | 16,602 |   |   |   | 16,041 |   |

----

|   |   | For the three months ended   September 30,  December      31,  March      31,  June      30,  September      30,  December      31,  March      31,   2007  2007  2008  2008  2008  2008  2009                       Net      income (loss) $(3,019) $(1,986) $(1,398) $(366) $512  $(660) $(243)Add      back:                            Interest      expense  778   782   780   720   683   680   575 Income      tax expense  -   -   -   -   8   8   8 Depreciation      and amortization expense:                            Cost      of sales  388   380   353   321   342   242   239 Selling,      general and administrative expenses  282   304   311   357   341   342   334 Stock-based      compensation amortization expense  126   133   123   122   104   78   61 Loss      on extinguishment of promissory notes  1,641   -   108   -   -   -   - EBITDA $196  $ (387) $ 277  $ 1,154  $ 1,990  $ 690  $ 974 23 RESULTSOF OPERATIONS:Tomonitor our results of operations, we review key financial information,including net revenues, gross profit, selling, general and administrativeexpenses, net income or losses, and non-GAAP measures, such as EBITDA. Wecontinue to seek ways to more efficiently manage and monitor our businessperformance. We also review other key operating metrics, such as the number ofgallons sold and net margins per gallon sold. As our business is dependent onthe supply of fuel and lubricants, we closely monitor pricing and fuelavailability from our suppliers in order to purchase the most cost effectiveproducts. We calculate our net margin per gallon by adding gross profit and thedepreciation and amortization components of cost of sales, and dividing that sumby the number of gallons sold. Comparisonof Three Months Ended March 31, 2009 (“third quarter of fiscal 2009”) to ThreeMonths Ended March 31, 2008 (“third quarter of fiscal 2008”)RevenuesRevenueswere $35.0 million in the third quarter of fiscal 2009, as compared to $64.2million in the same period of the prior year, a decrease of $29.2 million, or45%, primarily as a result of price variances due to recent decreases in marketprices of petroleum products.  Market fuel prices have decreasedapproximately 54% in the third quarter of fiscal 2009 compared to the sameperiod in the prior year, which resulted in a decrease of $24.7 million inrevenues.  The decrease in revenues is also partially due to adecrease in $4.5 million, or an 11% reduction, in gallons sold compared to thesame period in the prior year.  Starting in November 2008, as theeconomy was rapidly contracting, we experienced a dramatic and significantoverall decrease in volume demand from our existing customers resulting in theoverall reduction in volume sold during the quarter compared to the same periodin the prior year.  During the third quarter of fiscal 2009, we haveseen some stabilization in the demand for our services from existing customersand a strong increase in new customer business as companies seek to reduce theircosts of operation.  We cannot be certain that this trend willcontinue into the future or that the new business will offset possible futuredecreases in demand from our existing customer base.  We remaincautiously optimistic, however, that overall customer demand for our serviceswill not decline further and that we can maintain or increase present volumelevels by attracting new customers. GrossProfitGrossprofit was $3.8 million in the third quarter of fiscal 2009, as compared to $2.9million in the same period of the prior year, an increase of $915,000, or 32%.  The net margin per gallon for the third quarters of fiscal 2009and 2008 was 25.1 cents and 17.8 cents,respectively, an increase of 7.3 cents.  This improvement in grossprofit and margin can be attributed to the improved efficiencies related to ourroute structure consolidation and other steps we have taken to increaseproductivity since we recognized the lowering of customer volumes in the secondquarter of fiscal 2009. Selling,General and Administrative Expenses Selling,general and administrative (“SG&A”) expenses were $3.5 million in the thirdquarter of fiscal 2009 and $3.4 million in the third quarter of fiscal2008.  SG&A has basically remained flat as a result of the costcutting and business restructuring steps taken beginning in late November 2008to meet the decrease in customer demand.  These steps, which helpeddecrease employee expense by $132,000, were offset by increases in the provisionfor doubtful accounts of $181,000, and depreciation expense of$22,000. 24 InterestExpenseInterestexpense was $575,000 in the third quarter of fiscal 2009, as compared to$780,000 in the same period of the prior year, a decrease of $205,000, or26%.  The decrease was primarily due to lower interest expense relatedto the line of credit as the base interest rate hasdecreased.  Additionally, the average outstanding balance on the lineof credit was $7.6 million lower during the third quarter of fiscal 2009 thanduring the third quarter of fiscal 2008 primarily due to lower commodity fuelprices.  At March 31, 2009, the effective rate on our line of creditwas 4%, as compared to 6% at March 31, 2008, while the weighted average rate was4.00% this quarter compared to 7.18% last year.  Included in long-termdebt interest expense in the three months ended March 31, 2009 is the $96,000deferral fee that we incurred to extend the interest payment on the August 2007and September 2008 Notes to April 15, 2009. Without the Deferral Fee, thereduction in interest expense would have been $301,000 lower, or 39%, from thethird quarter of fiscal 2008.Thecomponents of interest expense were as follows (in thousands):        Three Months Ended         March 31,         2009  2008 Stated      Rate Interest Expense:      Line      of credit $96  $295 Long-term      debt  324   356 Other  75   24            Total      stated rate interest expense  495   675                Non-Cash      Interest Amortization:        Amortization      of deferred debt costs  69   94 Amortization      of debt discount  11   11             Total      non-cash interest amortization  80   105                Total      interest expense $575  $780  Losson Extinguishment of DebtIn thethird quarter of fiscal 2008, we recorded losses on extinguishment of debt of$108,000.  The losses were primarily due to the extinguishment of $3.8million in debt by the exchange of $2.0 million of the November 2007 Notes and$1.8 million of the August 2007 Notes into shares of Series A and Series BPreferred Stock, respectively.  The loss on extinguishment of debt wasthe result of the write-off of unamortized debt discounts of $15,000, the write-off ofunamortized debt costs of $69,000 related to the August 2007 Notes, and thewrite-off of $24,000 of unamortized debt costs related to the November 2007Notes.  No similar losses were recorded in the third quarter of fiscalyear 2009. IncomeTaxes Stateincome tax expense of $8,000 was recorded for the third quarter of fiscal2009.  No federal income tax expense was recorded for the thirdquarters of fiscals 2009 and 2008.  The federal net operating losscarryforward at June 30, 2008 was $29.8 million, which includes a $2.2 millionnet operating loss carryforward acquired in connection with the H & Wacquisition. 25 NetLoss  Netloss was $243,000 in the third quarter of fiscal 2009, as compared to a loss of$1.4 million in the same period in the prior year.  The $1.2 millionor 83% improvement was primarily attributable to the higher gross profit of$915,000 resulting from the 7.3 cents improvement in net margin per gallon andthe lower interest expense of $301,000 offset by the $96,000 deferral fee, asdiscussed above. EBITDA EBITDAwas $974,000 in the third quarter of fiscal 2009, as compared to $277,000 in thesame period of the prior year, an increase of $697,000; a 252%improvement.  The increase was primarily due to the continued highernet margin per gallon traction we achieved in the fourth quarter of fiscal year2008 which represents a $915,000 improvement in gross profit over the sameperiod a year ago. Thereconciliation of EBITDA to net loss for the third quarters of fiscals 2009 and2008 was as follows (in thousands):         Three Months Ended         March 31,         2009  2008              Net      loss $(243) $(1,398)Add      back:           Interest      expense  575   780    Income      tax expense  8   -    Depreciation      and amortization expense:                Cost      of sales  239   353         Selling,      general and administrative expenses  334   311         Stock-based      compensation amortization expense  61   123    Loss      on extinguishment of debt  -   108 EBITDA $974  $277  As notedabove, EBITDA is a non-GAAP financial measure within the meaning of Regulation Gpromulgated by the Securities and Exchange Commission.  EBITDA isdefined as earnings before interest, taxes, depreciation, andamortization.  To the extent that loss on extinguishment of debtconstitutes the recognition of previously deferred interest, it isconsidered interest expense for the calculation of interest expense.  Webelieve that EBITDA provides useful information to investors because it excludestransactions not related to the core cash operating businessactivities.  We believe that excluding these transactions allowsinvestors to meaningfully trend and analyze the performance of our core cashoperations. 26 Comparisonof Nine Months Ended March 31, 2009 to Nine Months Ended March 31,2008RevenuesRevenueswere $159.4 million in the nine months ended March 31, 2009, as compared to$178.7 million in the same period of the prior year, a decrease of $19.3million, or 11%, primarily as a result of a decrease in gallons sold, whichresulted in a decrease of $11.4 million in revenues compared to the same periodin the prior year.  The decrease in revenues is also partially due toprice variances due to lower market prices of petroleum products during the ninemonths ended March 31, 2009, as compared to the same period in the prioryear.  Overall, for the first nine months of fiscal 2009, market fuelprices were approximately 14% lower compared to the same period a year ago, asdisclosed by the Energy Information Administration for spot prices forlow-sulfur No. 2 Diesel Fuel in the U.S. Gulf Coast.  Accordingly, theCompany estimates that price variances resulted in a decrease of $7.9 million inrevenues.As theresult of the rapid contraction of the American economy during the first half offiscal 2009, we saw a dramatic and significant overall decrease in volume demandfrom our existing customers beginning in November 2008.  Accordingly,notwithstanding our addition of new customers during the period, the overallreduction in gallons sold was 3.7 million gallons, or 6.7% during the ninemonths ended March 31, 2009 versus the previous year.  On the otherhand, during the third quarter of fiscal 2009, we have begun to see somestabilization in the demand for our services from existing customers. While fuelprices have decreased dramatically since the beginning of fiscal 2009, we havenot seen any direct connection between the decrease of fuel prices and increasedfuel usage by our existing customers, as the overall recessionary condition ofthe economy and its impact on our customers’ businesses appears to beoutweighing any elasticity of demand based on price.  We continue toremain cautiously optimistic, however, that customer demand for our serviceswill not decline further and that we can maintain or increase present volumelevels by attracting new customers. GrossProfitGrossprofit was $12.9 million in the nine months ended March 31, 2009, as compared to$8.6 million in the same period of the prior year, an increase of $4.3 million,or 50%.  The net margin per gallon for the nine months ended March 31,2009 and 2008 was 26.8 cents and 17.8 cents,respectively, an increase of 9.0 cents.  This improvement was theresult of the continued trend in higher net margin per gallon established in thefourth quarter of fiscal year 2008, the improved efficiencies related to ourroute structure consolidation and increased productivity as well as theincremental margin contribution from the emergency response services provided inLouisiana and Texas for Hurricanes Gustav and Ike. Selling,General and Administrative Expenses Selling,general and administrative expenses were $11.4 million in the nine months endedMarch 31, 2009, as compared to $11.0 million in the same period of the prioryear, an increase of $318,000, or 3%.  The increase in selling,general and administrative expenses was due to increases of $278,000 in theprovision for doubtful accounts, $266,000 in legal expense, $120,000 indepreciation reflecting additions in fixed assets, $50,000 increase in travelexpense on account of the active hurricane season in the first quarter of thisfiscal year and an increase of $25,000 in other expenses.  Partiallyoffsetting these increases were decreases in payroll related expenses of$421,000 due to our efforts to reduce costs.27InterestExpenseInterestexpense was $1.9 million in the nine months ended March 31, 2009, ascompared to $2.3 million in the same period of the prior year, a decrease of$402,000, or 17 %.  The decrease was primarily due to lower interestexpense associated with our line of credit as the base interest rate hasdecreased to 4% at March 31, 2009 from 6% at March 31, 2008, and the weightedaverage rate has decreased to 5.40% this fiscal year from 8.17% during the prioryear.  Additionally, the average outstanding balance on the line ofcredit was $1.4 million lower period over period primarily due to lowercommodity fuel prices.  The decrease in interest expense is also dueto the reduction in our long-term debt as the outstanding secured promissorynotes issued on August 2003, January 2005 and September 2005 were refinanced inAugust 2007 with new senior secured convertible subordinated notes and theNovember 2007 notes were converted into preferred stock.  Included inthe long-term debt interest expense for the nine months ended March 31, 2009 isthe $96,000 deferral fee that we incurred to extend the interest payment on theAugust 2007 and September 2008 Notes.  Without the Deferral Fee, thereduction in interest expense would have been $498,000, or 21%, from the ninemonths ended March 31, 2008.Thecomponents of interest expense were as follows (in thousands):        Nine Months Ended         March 31,         2009  2008 Stated      Rate Interest Expense:      Line      of credit $685  $972 Long-term      debt  874   1,012 Other  121   58             Total      stated rate interest expense  1,680   2,042                Non-Cash      Interest Amortization:        Amortization      of deferred debt costs  227   224 Amortization      of debt discount  31   74             Total      non-cash interest amortization  258   298                Total      interest expense $1,938  $2,340  Losson Extinguishment of DebtIn fiscalyear 2008, we have recorded losses on extinguishment of debt of $1.7million.  The losses are related to write offs of costs and gainrealized as a result of the August 2007 refinancing of our outstanding securedpromissory notes issued on August 2003, January 2005 and September 2005 with newsenior secured convertible subordinated notes and the exchange of $3.8 millionof the debt of the November 2007 Notes and a portion of the August 2007 Notesinto Series A and Series B Preferred Stock.  No similar losses wererecorded in fiscal 2009. 28Thefollowing summarizes the components of the net loss on extinguishment ofpromissory notes that the Company recorded in its condensed unauditedconsolidated statements of operations during the nine months ended March 31,2008 (in thousands):Write      offs of costs and gain related to the converted August 2003, January 2005      and September 2005 Notes:   Unamortized      debt costs $443 Unamortized      debt discounts  978 Cash      pre-payment penalty  270 Gain      on extinguishment  (50)Write      off of unamortized debt costs related to exchanged November 2007      Notes  24 Write      offs related to exchanged August 2007 Notes:    Unamortized      debt costs  69 Unamortized      debt discounts  15 Loss      on extinguishment of promissory notes, net $1,749  IncomeTaxes Stateincome tax expense of $24,000 was recorded for the nine months ended March 31,2009.  No federal income tax expense was recorded for the nine monthsended March 31, 2009 and 2008. NetLoss Net losswas $391,000 in the nine months ended March 31, 2009, as compared to a loss of$6.4 million in the same period in the prior year.  The $6.0 millionor 94% improvement was primarily due to an increase of $4.3 million in grossprofit, which stemmed from an overall higher net margin per gallon, includinghigher margin contributions from emergency response services performed duringthe first quarter of the year, efficiencies derived from our ERP system, and avariety of cost cutting measures implemented this year in response to decreasesin customer demand.  The loss on extinguishment of debt of $1.7million recorded in the nine months ended March 31, 2008, from the refinancingof our promissory notes with new senior secured convertible subordinated notesand the conversion of debt into preferred stock, also contributed to the reducednet loss for the period.  Additionally, interest expense was $402,000lower this year due to a combination of lower line of credit balances, and lowerinterest rates.   These decreases were partially offset by theincrease of $318,000 in selling, general and administrativeexpenses. EBITDA EBITDAwas $3.7 million in the nine months ended March 31, 2009, as compared to $86,000in the same period of the prior year, an increase of $3.6 million or 4,149%improvement.  The increase in EBITDA was due to the increase in grossprofit of $4.3 million due to higher net margin per gallon for the period,including the incremental margin contribution from the emergency responseservices, partially offset by an increase in selling, general, andadministrative expenses of $318,000. 29 Thereconciliation of EBITDA to net loss for the nine months ended March 31, 2009and 2008 was as follows (in thousands):        Nine Months Ended         March 31,         2009  2008              Net      loss $(391) $(6,403)Add      back:           Interest      expense  1,938   2,340    Income      tax expense  24   -    Depreciation      and amortization expense:                Cost      of sales  823   1,121         Selling,      general and administrative expenses  1,017   897         Stock-based      compensation amortization expense  243   382    Loss      on extinguishment of debt  -   1,749 EBITDA $3,654  $86  CapitalResources and LiquidityAt March31, 2009, we had total cash and cash availability of $1.7 million, whichconsisted of cash and cash equivalents of $59,000 and additional cashavailability of approximately $1.7 million through our line ofcredit.  As of May 12, 2009, our cash and cash availability wasapproximately $2.5 million.  We are able to draw on our line of crediton a daily basis subject to debt covenant requirements.The rapidescalation of fuel prices in fiscal 2008, which continued into most of the firstquarter of fiscal 2009, adversely affected our capitalresources.  Historically, while we generally avoided the impact ofhigher fuel prices by passing along the higher prices to our customers, thehigher costs for operating our own delivery fleet and the decreased demand forthe services and goods provided by most of our customer base, and in turn, thosecustomers’ demand for fuel, had an indirect effect on our profitability withincreased costs and lower volumes.  The higher fuel prices had alsosubstantially increased the amount of credit that we needed to obtain from oursuppliers of fuel.  In turn, this higher demand for credit led tolimitations on the adequacy of the supplier credit historically available to usand increased our costs of obtaining additional credit.  We addressedthe limitations on supplier credit by issuing short-term notes to a limitednumber of investors in November 2007, the proceeds from which we used for creditenhancements in those markets where our credit was mostlimited.  These notes were subsequently exchanged for Series APreferred Stock in February 2008, which strengthened our balance sheet andhelped us achieve compliance with listing standards of the Nasdaq StockMarket.  The exchange of the November 2007 notes for Series APreferred Stock and the March 2008 exchange of $1.7 million in senior securedpromissory notes for Series B Preferred Stock, improved our access to suppliercredit.  In September 2008, we also sold $725,000 in unsecuredconvertible promissory notes to accredited investors to further bolster our cashresources and liquidity during this unusual stressful period.Thechallenges of the second quarter of fiscal 2009 were substantially different,however, from those we faced in the first quarter.  During thatquarter, dramatically lower fuel prices somewhat eased the availability ofcredit for fuel purchases but rapidly diminishing demand from existing customersled to overall decreases in volumes of petroleum products and chemicals sold,which reduced our revenues and our profitability, which is based on a per gallonservice fee. 30Duringthe third quarter of fiscal 2009, while our sales volume from existing customerscontinued to decrease, the decline slowed considerably from the rate we saw fromthe first to the second quarter, and  our volumes seemed to stabilizeas the quarter progressed.  We also saw an increase in new customerbusiness and prospective business at the end of the third quarter as companiessought to reduce their costs of operation with mobile fueling and our otherservices.  Naturally, we cannot be certain that this will continue inthe future or that any new business will be sufficient to offset possible futuredecreases in demand from our existing customer base.  Future marketrisks cannot be reliably predicted, as the economy and the demand from ourcustomers could improve, and fuel prices could return to or exceed their recenthistoric highs in the future, irrespective of whether there is any higher demandfrom our customers for fuel.  We presently believe that we haveestablished adequate credit enhancements, such as the letters of creditdescribed below, to meaningfully respond to increases in volumes, irrespectiveof whether they are accompanied by fuel price increases, but there can be noassurance that we will in fact be successful in the face of whatever marketforces affect us and our customers in the future.Sourcesof CashDebt Financing and EquityOfferingsWe have a$25 million line of credit facility with Wachovia N.A., a subsidiary of WellsFargo & Company (NYSE:WFC), which permits us to borrow up to 85% of thetotal amount of eligible accounts receivable and 65% of eligible inventory, bothas defined.  Outstanding letters of credit reduce the maximum amountavailable for borrowing.  Our line of credit finances the timingdifference between petroleum product purchases payable generally in 10 to 12days from date of delivery and the collection of receivables from our customers,generally in 30 to 45 days from date of delivery. Interestis payable monthly at prime plus 0.75% and may increase up to prime plus 2.75%based on the Company meeting certain fixed charge coverage ratios.  AtMarch 31, 2009 the interest rate was 4.0%.  Outstanding borrowingsunder the line of credit are secured by substantially all of our assets otherthan our truck fleet and related equipment.  The maturity date of theline of credit is July 1, 2009.As ofMarch 31, 2009, we issued letters of credit for an aggregate amount of $1.6million.  These letters of credit were issued to obtain betterpurchasing terms and pricing than was then available in certainmarkets.  The letters of credit have twelve-month expirations andrenew automatically.  No amounts have been drawn on any of the lettersof credit; however, as described above, outstanding letters of credit reduce ourcash availability under our line of credit facility.As ofMarch 31, 2009 and June 30, 2008, we had outstanding borrowings of $5.9 millionand $19.8 million, respectively, under our $25.0 million line ofcredit.  The line of credit is classified as a current liability inaccordance with EITF 95-22, “Balance Sheet Classification of BorrowingsOutstanding under Revolving Credit Agreements” due to certain provisions in theagreement providing for subjective acceleration rights and requiring the Companyto maintain a lockbox arrangement whereby cash deposits are automaticallyutilized to reduce amounts outstanding under the line ofcredit.  Based on eligible receivables and inventories, and letters ofcredit outstanding at March 31, 2009 and June 30, 2008, we had $1.7 million and$1.8 million, respectively, of cash availability under the line ofcredit.   Our line of credit agreement with Wachovia N.A. willexpire on July 1, 2009, unless the parties agree to extend it beyond thatdate.  We are confident that we will be able to extend the existingline of credit facility or replace it with another comparable facility by theJuly 1st, 2009, expiration date, though there can be no assurance that we willin fact be successful in doing so.  A failure to extend or replace ourline of credit would have negative consequences for our business, our results ofoperation and our financial condition.On August15, 2008, we issued 229 shares of our Series C Convertible Preferred Stock,$0.01 par value, at a price of $650 per share, or an aggregate of $148,850 (the“Series C Preferred Stock”).  Each share of Series C Preferred Stockis convertible into 1,000 shares of the Company’s common stock at a price pershare of $0.65 per share, which was greater than the $0.49 closing price of theCompany’s common stock on August 14, 2008. 31Dividendsare currently payable on the Series C Preferred Stock when, as and if declaredby the Board of Directors, but only out of funds that are legally available, inquarterly cash dividends at the rate of twelve percent (12%) per annum of thesum of the Original Issue Price of $650 per share.Cumulativedividends on the Series A, Series B, and Series C Preferred Stock are declaredquarterly.  During the first nine months of fiscal 2009, the Companydeclared $452,000 in cumulative dividends on the Series A, Series B, and SeriesC Preferred Stock, of which $256,000 remain outstanding as of the date of thisfiling.  On May 6, 2009, we entered into an agreement with thePreferred Stock holders to satisfy the payment of the dividends through theissuance of our common shares.  During the last nine months of fiscal2008, the Company declared dividends of $249,000 of which $56,000 was paidduring fiscal 2008 and the remainder was paid during fiscal 2009. OnSeptember 2, 2008, we sold $725,000 in 12% unsecured convertible promissorynotes maturing on September 1, 2010.  The promissory notes areunsecured and are expressly subordinated to any amounts owed now or in thefuture to our primary lender pursuant to a subordination agreement between thenote holders and the lender.  Interest on the notes is payablesemi-annually, on each March 1 and September 1, beginning March 1,2009.  The notes may be redeemed by us, in whole or in part, withoutprepayment penalty or premium, except that, if such pre-payment is proposed tobe made before September 2, 2009, a 1% prepayment penalty shall bepaid.  The unpaid principal amount of the promissory notes and theaccrued but unpaid interest thereon may be converted into shares of our commonstock at $0.65 per share.  In addition, the notes will automaticallybe converted into common stock: (A) if the closing price of the common stock isequal to or greater than two times the conversion price then in effect for aperiod of twenty (20) consecutive business days, or (B) upon the election of theholders of two thirds of the principal outstanding under the Notes, or (C) uponthe closing of a firmly underwritten public offering at a price that is twotimes the conversion price with cash proceeds to the Company of at least$10,000,000. Our debtagreements have covenants that define certain financial requirements andoperating restrictions.  Our failure to comply with any covenant ormaterial obligation contained in these debt agreements, absent a waiver orforbearance from the lenders, would result in an event of default which couldaccelerate debt repayment terms under the debt agreements.  Due tocross-default provisions contained in our debt agreements, an event of defaultunder one agreement could accelerate repayment terms under the other agreements,which would have a material adverse effect on our liquidity and capitalresources.  At the date of this filing, we are in compliance with therequirements of the applicable covenants required by our debtagreements. CashFlowsDuringthe nine months ended March 31, 2009 and 2008, cash and cash equivalentsincreased $11,000 and decreased $951,000, respectively. Wegenerated cash from the following sources (in thousands):        Nine Months Ended         March 31,         2009  2008              Cash      provided by operating activities $13,749  $281 Proceeds      from issuance of promissory notes  725   7,690 Proceeds      from issuance of preferred stock  149   516 Proceeds      from issuance of common stock and warrants  -   1,170 Decrease      in restricted cash  45   1,005 Proceeds      from sale of equipment  91   85         $14,759  $10,747  32 We usedcash primarily for (in thousands):        Nine Months Ended         March 31,         2009  2008              Net      payments on line of credit payable $13,936  $2,449 Principal      payments on promissory notes  -   6,359 Payment      of dividends  390   - Purchases      of property and equipment  273   2,222 Payments      of debt and equity issuance costs  109   642 Capital      lease payments  40   26         $14,748  $11,698                Net      change in cash and cash equivalents $11  $(951) As ofMarch 31, 2009, we had $5.9 million outstanding under our line ofcredit.  The amounts disclosed in the captions titled “Proceeds fromline of credit” and “Repayments of line of credit” in the accompanying condensedunaudited consolidated statements of cash flows for the nine months ended March31, 2009 include the cumulative activity of the daily borrowings and repayments,$169.7 million and $183.6 million, respectively, under the line ofcredit.  The availability under the line of credit at March 31, 2009amounted to $1.7 million.  The net cash borrowings from, or repaymentsof, the line of credit during the nine months ended March 31, 2009 and 2008,respectively, have been included as sources or uses of cash in the tablesabove. Adequacyof Capital ResourcesOurliquidity and ability to meet financial obligations is dependent on, among otherthings, the generation of cash flow from operating activities, obtaining ormaintaining sufficient trade credit from vendors, complying with our debtcovenants, continuing renewal of our line of credit facility, and/or raising anyrequired additional capital through the issuance of debt or equity securities oradditional borrowings.Oursources of cash during the remainder of fiscal 2009 and fiscal 2010 are expectedto be cash on hand, cash generated from operations, borrowings under our creditfacility, and any other capital sources that may be deemednecessary.  There is no assurance, however, that if additional capitalis required, it will be available to us or available on acceptableterms. Wereacted quickly to the current economic crisis, which we recognized assignificantly impacting our business in November 2008, when we implemented anextensive program of cost reductions and business restructuring steps to improvemargins in order to offset reductions in the volumes of fuel, lubricants,chemicals and other products and services sold to our customers.  Pooreconomic conditions have significantly impacted the businesses of our customers,as less freight is being transported and manufacturing demand is down,correspondingly reducing the consumption of fuel and other petroleumproducts.  As a result, we have been concentrating our efforts onreducing costs and conserving cash availability in order to meet the challengesof a slowing economy.  We have also sought to offset the reduceddemand from existing customers by aggressively seeking new customers, with somesuccess. 33In orderto conserve cash during the early stages of this deepening economic recession,on February 3, 2009, we entered into a series of agreements (the “Agreements”)with each of the holders (“Holders”) of our 111⁄2% Senior Secured ConvertiblePromissory Notes dated August 8, 2007 (the “Notes”) to defer the interestpayments on the Notes scheduled for January 1, 2009 (the “Payment”) until April15, 2009, in exchange for the immediate payment to the Holders of a deferral feeequal to one percent (1%) of the current outstanding balance of the Note (the“Deferral Fee”) or to accept the Payment in the form of unregistered shares ofour Common Stock (“Shares”). Fifty percent (50%) of the Deferral Fee was paid incash and fifty percent (50%) was paid in Shares. For purposes of determining thenumber of Shares to be issued for the stock portion of the Deferral Fee or uponconversion of the Payment, Shares were valued at $0.29 per share, the officialclosing price on the Nasdaq Stock Market on January 22, 2009, the trading dayimmediately preceding the effective date of the Agreements. The total cashpayment was $45,909, and an aggregate 158,328 unregistered Shares wereissued to Holders, either as part of the Deferral Fee or for conversion of thePayment. In March 2009, the holders of the September 2008 Notes agreed to deferthe $44,000 interest payment due March 1, 2009 to April 15, 2009. Asconsideration for the deferral, the Company paid a deferral fee equal to 1% ofthe outstanding principal balance, or $7,000 of which 50% was paid in cash, withthe remainder satisfied through issuance of 12,499 unregistered shares of theCompany’s common stock. The stock was valued at $0.29 per share, the same priceused for the Deferral fee on the August 2007 Notes.Our usesof cash over the next twelve months are expected to be principally for operatingworking capital needs, maintaining our line of credit, servicing any principaland interest on our debt and dividend requirements on our preferred stock. Wewill continue to pursue additional conversions of debt into equity or othercapital infusions to reduce the amounts owed under our long-term debt. Our lineof credit with our principal lender matures on July 1, 2009 and the August 2007Notes mature on December 31, 2009. We are pursuing various financingalternatives in order to satisfy our obligations prior to the maturity dates ofthe August 2007 Notes and the line of credit, respectively. We currentlyanticipate that, so long as we continue to meet the terms of all of our existingbank line of credit covenants, we will be able to successfully extend, renew orreplace our line of credit before it expires. Our ability to do so, however, maybe tied to our success in recapitalizing the Company generally, including arefinancing or conversion to equity of the August 2007 Notes. There can be noassurance that we will be able to effect such a recapitalization or that we willbe able to extend, renew or replace our line of credit at acceptable terms.While we are optimistic that, in light of our steadily improving financialresults, such new financing will be available to us, we recognize that theunprecedented deterioration of the national economy and the financial marketsover the past several months make almost any financing potentially problematic.If we are not successful in refinancing or repaying the August 2007 Notes andextending or replacing our bank line of credit before their respectivematurities, our business, our results of operation and our financial conditionwould be adversely affected. Off-BalanceSheet ArrangementsAt March31, 2009, we do not have any material off-balance sheetarrangements. 34 RecentAccounting Pronouncements See Note3 in the footnotes to financial statements included in this Form10-Q. CriticalAccounting Policies Webelieve there are several accounting policies that are critical to understandingour historical and future performance as these policies affect the reportedamount of revenues and expenses and other significant areas involvingmanagement's judgments and estimates. On an ongoing basis, management evaluatesand adjusts its estimates and judgments, if necessary. The preparation offinancial statements in conformity with accounting principles generally acceptedin the United States of America requires management to make estimates andassumptions that affect the reported amounts of assets, liabilities, revenuesand expenses and the disclosure of contingencies. Due to the inherentuncertainty involved in making estimates, actual results reported in futureperiods may be materially different from those estimates. There were no changesto our critical accounting policies as previously disclosed in our Annual Reporton Form 10-K for the fiscal year ended June 30, 2008.ITEM3. QUANTITIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.NotApplicable. 35 ITEM4.  CONTROLS AND PROCEDURESEvaluationof disclosure controls and proceduresWecarried out an evaluation, under the supervision and with the participation ofour management, including the Chief Executive Officer and the Chief FinancialOfficer, of the effectiveness of the design and operation of our disclosurecontrols and procedures as defined in the Exchange Act Rules 13a-15(e) and15d-15(e), as of the end of the period covered by this Quarterly Report on Form10-Q.  Based upon this evaluation, the Chief Executive Officer and theChief Financial Officer concluded that the Company’s disclosure controls andprocedures were effective as of March 31, 2009.Changesin Internal Controls over Financial Reporting    Nochange in our internal control over financial reporting, as defined in Rules13a-15(f) and 15d-15(f) under the Exchange Act, occurred during the quarterended March 31, 2009 that has materially affected, or is reasonably likely tomaterially affect, our internal control over financial reporting. InherentLimitations on Effectiveness of Controls Due toits inherent limitations, internal control over financial reporting may notprevent or detect misstatements.  In addition, projections of anyevaluation of effectiveness to future periods are subject to the risk thatcontrols may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures maydeteriorate. A controlsystem, no matter how well designed and operated, can provide only reasonable,not absolute, assurance that the control system’s objectives will bemet.  The design of a control system must reflect the fact that thereare resource constraints, and the benefits of controls must be consideredrelative to their costs.  Furthermore, due to the inherent limitationsin all control systems, no evaluation of controls can provide absolute assurancethat misstatements due to error or fraud will not occur or that all controlissues and instances of fraud, if any, within the Company have beendetected.  These inherent limitations include the realities thatjudgments in decision-making can be faulty and that breakdowns can occur becauseof a simple error or mistake.  Controls can also be circumvented bythe individual acts of some persons, by collusion of two or more people, or bymanagement override of the controls.  The design of any system ofcontrols is based in part on certain assumptions about the likelihood of futureevents, and there can be no assurance that any system’s design will succeed inachieving its stated goals under all potential futureconditions. 36 PARTII.  Other InformationITEM1.  LEGAL PROCEEDINGSNotapplicable.ITEM1A.  RISK FACTORSNotapplicable.ITEM2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OFPROCEEDSNot Applicable.ITEM3.  DEFAULTS UPON SENIOR SECURITIESNotApplicable.ITEM4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSNotapplicable.ITEM5.  OTHER INFORMATIONNotApplicable.ITEM6.  EXHIBITSExhibitsExhibit No. Description               31.1 Certification      of Principal Executive Officer pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002               31.2 Certification      of Principal Financial Officer pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002               32.1 Certification      of Principal Executive Officer and Principal Financial Officer pursuant to      Section 906 of the Sarbanes-Oxley Act of2002 37 SIGNATURES Pursuantto the requirements of the Securities Exchange Act of 1934, the Registrant hasduly caused this report to be signed on its behalf by the undersigned hereuntoduly authorized.       SMF      ENERGY CORPORATION                     May      15, 2009By:/s/ Richard E. Gathright              Richard      E. Gathright              Chairman      of the Board, Chief Executive Officer and President (Principal Executive      Officer)                            By:/s/ Michael S. Shore              Michael      S. Shore              Chief      Financial Officer, Treasurer and Senior Vice President (Principal      Financial Officer) 38 INDEXOF EXHIBITS31.1Certification      of Principal Executive Officer pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002              31.2Certification      of Principal Financial Officer pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002              32.1Certification      of Principal Executive Officer and Principal Financial Officer pursuant to      Section 906 of the Sarbanes-Oxley Act of2002 39  |
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