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

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

----

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

| 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, 2011 (unaudited) and June 30, 2010                                | 3 |
|    |                   |                                                                                                                    |   |
|    |                   | Condensed Consolidated Statements of Operations (unaudited) for the three and nine-months ended March 31, 2011 and 2010 | 4 |
|    |                   |                                                                                                                    |   |
|    |                   | Condensed Consolidated Statements of Cash Flows (unaudited) for the nine-months ended March 31, 2011 and 2010           | 5 |
|    |                   |                                                                                                                    |   |
|    |                   | Notes to Condensed Consolidated Financial Statements (unaudited)                                                        | 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                                                              | 33 |
|    |                   |                                                                                                                    |   |
|    | Item 4.                | Controls and Procedures                                                                                                 | 34 |
|    |                   |                                                                                                                    |   |
| Part II | Other Information:     |                                                                                                                    |
|    |                   |                                                                                                                    |   |
|    | Item 1.                | Legal Proceedings                                                                                                       | 35 |
|    |                   |                                                                                                                    |   |
|    | Item 1A.               | Risk Factors                                                                                                            | 35 |
|    |                   |                                                                                                                    |   |
|    | Item 2.                | Unregistered Sales of Equity Securities and Use of Proceeds                                                             | 35 |
|    |                   |                                                                                                                    |   |
|    | Item 3.                | Defaults Upon Senior Securities                                                                                         | 35 |
|    |                   |                                                                                                                    |   |
|    | Item 4.                | (Removed and Reserved)                                                                                                  | 35 |
|    |                   |                                                                                                                    |   |
|    | Item 5.                | Other Information                                                                                                       | 36 |
|    |                   |                                                                                                                    |   |
|    | Item 6.                | Exhibits                                                                                                                | 36 |
|    |                   |                                                                                                                    |   |
|    | Signatures             | 37                                                                                                                      |
|    |                   |                                                                                                                    |
|    | Certifications         | 39                                                                                                                      |

----

|                                                                                                             |   | March 31, 2011 |    |   | June 30, 2010 |   |
|------------------------------------------------------------------------------------------------------------------|--------|--------------------------|---------|--------|-------------------------|--------|
|                                                                                                             |   | (Unaudited)              |    |   |                    |   |
| ASSETS                                                                                                           |   |                     |    |   |                    |   |
| Current assets:                                                                                                  |   |                     |    |   |                    |   |
| Cash and cash equivalents                                                                                        |   | $                        | 109     |   |                    | $      | 115 |   |
| Accounts receivable, net of allowances of $1,101 and $1,025                                                      |   |                     | 21,309  |   |                    |   | 17,530 |   |
| Inventories, net of reserves of $91 and $98                                                                      |   |                     | 2,288   |   |                    |   | 1,744 |   |
| Prepaid expenses and other current assets                                                                        |   |                     | 397     |   |                    |   | 644 |   |
| Total current assets                                                                                             |   |                     | 24,103  |   |                    |   | 20,033 |   |
|                                                                                                             |   |                     |    |   |                    |   |   |   |
| Property and equipment, net of accumulated depreciation of $18,154 and $16,947                                   |   |                     | 7,119   |   |                    |   | 7,226 |   |
| Identifiable intangible assets, net of accumulated amortization of $1,959 and $1,790                             |   |                     | 1,494   |   |                    |   | 1,662 |   |
| Goodwill                                                                                                         |   |                     | 228     |   |                    |   | 228 |   |
| Deferred debt costs, net of accumulated amortization of $286 and $169                                            |   |                     | 237     |   |                    |   | 355 |   |
| Other assets                                                                                                     |   |                     | 70      |   |                    |   | 74 |   |
| Total assets                                                                                                     |   | $                        | 33,251  |   |                    | $      | 29,578 |   |
|                                                                                                             |   |                     |    |   |                    |   |   |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                       |   |                     |    |   |                    |   |   |   |
| Current liabilities:                                                                                             |   |                     |    |   |                    |   |   |   |
| Line of credit payable                                                                                           |   | $                        | 8,198   |   |                    | $      | 6,896 |   |
| Current portion of term loan                                                                                     |   |                     | 1,000   |   |                    |   | 1,000 |   |
| Accounts payable                                                                                                 |   |                     | 9,064   |   |                    |   | 7,301 |   |
| Accrued expenses and other liabilities                                                                           |   |                     | 3,594   |   |                    |   | 3,191 |   |
| Total current liabilities                                                                                        |   |                     | 21,856  |   |                    |   | 18,388 |   |
| Long-term liabilities:                                                                                           |   |                     |    |   |                    |   |   |   |
| Term loan, net of current portion                                                                                |   |                     | 2,333   |   |                    |   | 3,083 |   |
| Promissory notes                                                                                                 |   |                     | 800     |   |                    |   | 800 |   |
| Other long-term liabilities                                                                                      |   |                     | 836     |   |                    |   | 251 |   |
| Total liabilities                                                                                                |   |                     | 25,825  |   |                    |   | 22,522 |   |
| Contingencies                                                                                                    |   |                     |    |   |                    |   |   |   |
| Shareholders’ equity:                                                                                      |   |                     |    |   |                    |   |   |   |
| Preferred stock, $0.01 par value; 10,000 Series A shares authorized, 0 issued and outstanding                    |   |                     | -       |   |                    |   | - |   |
| Preferred stock, $0.01 par value; 2,000 Series B shares authorized, 0 issued and outstanding                     |   |                     | -       |   |                    |   | - |   |
| Preferred stock, $0.01 par value; 2,000 Series C shares authorized, 0 issued and outstanding                     |   |                     | -       |   |                    |   | - |   |
| Preferred stock, $0.01 par value; 5,000 Series D shares authorized, 599 issued and outstanding              |   |                     | -       |   |                    |   | - |   |
| Common stock, $0.01 par value; 50,000,000 shares authorized; 8,453,103 and 8,557,314 issued and outstanding |   |                     | 85      |   |                    |   | 86 |   |
| Additional paid-in capital                                                                                       |   |                     | 36,491  |   |                    |   | 36,657 |   |
| Accumulated deficit                                                                                              |   |                     | (29,150 | )      |                    |   | (29,687 | ) |
| Total shareholders’ equity                                                                                 |   |                     | 7,426   |   |                    |   | 7,056 |   |
| Total liabilities and shareholders’ equity                                                                 |   | $                        | 33,251  |   |                    | $      | 29,578 |   |

----

|                                                             |   | For the Three Months |   |   | For the Nine Months |   |
|------------------------------------------------------------------|--------|-------------------------------------|--------|--------|------------------------------------|--------|
|                                                             |   | Ended March 31,           |   |   | Ended March 31,          |   |
|                                                             |   | 2011                                |   |   | 2010                               |   |   | 2011 |   |   | 2010 |   |
|                                                             |   |                                |   |   |                               |   |   |   |   |   |   |   |
| Petroleum product sales and service revenues                     |   | $                                   | 55,521 |   |                               | $      | 43,181 |   |   | $ | 147,186 |   |   | $ | 121,764 |   |
| Petroleum product taxes                                          |   |                                | 6,133  |   |                               |   | 5,971 |   |   |   | 18,093 |   |   |   | 17,379 |   |
| Total revenues                                                   |   |                                | 61,654 |   |                               |   | 49,152 |   |   |   | 165,279 |   |   |   | 139,143 |   |
|                                                             |   |                                |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Cost of petroleum product sales and service                      |   |                                | 51,386 |   |                               |   | 39,783 |   |   |   | 135,425 |   |   |   | 110,888 |   |
| Petroleum product taxes                                          |   |                                | 6,133  |   |                               |   | 5,971 |   |   |   | 18,093 |   |   |   | 17,379 |   |
| Total cost of sales                                              |   |                                | 57,519 |   |                               |   | 45,754 |   |   |   | 153,518 |   |   |   | 128,267 |   |
|                                                             |   |                                |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit                                                     |   |                                | 4,135  |   |                               |   | 3,398 |   |   |   | 11,761 |   |   |   | 10,876 |   |
|                                                             |   |                                |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses                     |   |                                | 3,579  |   |                               |   | 3,555 |   |   |   | 10,445 |   |   |   | 10,067 |   |
|                                                             |   |                                |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Operating income (loss)                                          |   |                                | 556    |   |                               |   | (157 | ) |   |   | 1,316 |   |   |   | 809 |   |
|                                                             |   |                                |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                                 |   |                                | (228   | )      |                               |   | (260 | ) |   |   | (683 | ) |   |   | (751 | ) |
| Interest and other income                                        |   |                                | 4      |   |                               |   | 6 |   |   |   | 16 |   |   |   | 12 |   |
|                                                             |   |                                |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) before income taxes                                |   |                                | 332    |   |                               |   | (411 | ) |   |   | 649 |   |   |   | 70 |   |
|                                                             |   |                                |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Income tax expense                                               |   |                                | (43    | )      |                               |   | (8 | ) |   |   | (112 | ) |   |   | (24 | ) |
| Net income (loss)                                                |   | $                                   | 289    |   |                               | $      | (419 | ) |   | $ | 537 |   |   | $ | 46 |   |
|                                                             |   |                                |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted net income (loss) per share computation:       |   |                                |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) per share attributable to common shareholders: |   |                                |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                            |   | $                                   | 0.03   |   |                               | $      | (0.05 | ) |   | $ | 0.06 |   |   | $ | 0.01 |   |
| Diluted                                                          |   | $                                   | 0.03   |   |                               | $      | (0.05 | ) |   | $ | 0.06 |   |   | $ | 0.01 |   |
|                                                             |   |                                |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding:                      |   |                                |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                            |   |                                | 8,491  |   |                               |   | 8,557 |   |   |   | 8,515 |   |   |   | 8,455 |   |
| Diluted                                                          |   |                                | 8,627  |   |                               |   | 8,557 |   |   |   | 8,650 |   |   |   | 8,693 |   |

----

|                                                                              |   | For the Nine Months Ended March 31, |     |
|-----------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|----------|
|                                                                              |   | 2011                                                              |     |   | 2010 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                             |   |                                                              |     |   |   |   |
| Net income                                                                        |   | $                                                                 | 537      |   |   | $ | 46 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                                                              |     |   |   |   |   |   |
| Depreciation and amortization within:                                             |   |                                                              |     |   |   |   |   |   |
| Cost of sales                                                                     |   |                                                              | 628      |   |   |   | 682 |   |
| Selling, general and administrative                                               |   |                                                              | 868      |   |   |   | 952 |   |
| Amortization of deferred debt costs                                               |   |                                                              | 117      |   |   |   | 128 |   |
| Amortization of stock-based compensation                                          |   |                                                              | 80       |   |   |   | 179 |   |
| Write-off of unamortized acquisition costs                                        |   |                                                              | -        |   |   |   | 187 |   |
| Gain from sale of assets                                                          |   |                                                              | (8       | ) |   |   | (3 | ) |
| Inventory (recovery) reserve provision                                            |   |                                                              | (7       | ) |   |   | 14 |   |
| Provision for doubtful accounts                                                   |   |                                                              | 12       |   |   |   | 88 |   |
| Changes in operating assets and liabilities:                                      |   |                                                              |     |   |   |   |   |   |
| Increase in accounts receivable                                                   |   |                                                              | (3,791   | ) |   |   | (1,176 | ) |
| (Increase) decrease in inventories, prepaid expenses and other assets             |   |                                                              | (286     | ) |   |   | 71 |   |
| Increase in accounts payable, accrued expenses, and other liabilities             |   |                                                              | 2,033    |   |   |   | 514 |   |
| Net cash provided by operating activities                                         |   |                                                              | 183      |   |   |   | 1,682 |   |
|                                                                              |   |                                                              |     |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                             |   |                                                              |     |   |   |   |   |   |
| Purchases of property and equipment, net of disposals                             |   |                                                              | (442     | ) |   |   | (296 | ) |
| Proceeds from sale of equipment                                                   |   |                                                              | 24       |   |   |   | 3 |   |
| Net cash used in investing activities                                             |   |                                                              | (418     | ) |   |   | (293 | ) |
|                                                                              |   |                                                              |     |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                             |   |                                                              |     |   |   |   |   |   |
| Proceeds from line of credit                                                      |   |                                                              | 167,901  |   |   |   | 144,430 |   |
| Repayments of line of credit                                                      |   |                                                              | (166,599 | ) |   |   | (144,827 | ) |
| Principal payments on term loan                                                   |   |                                                              | (750     | ) |   |   | (667 | ) |
| Repurchase and retirement of common stock                                         |   |                                                              | (237     | ) |   |   | - |   |
| Capital lease payments                                                            |   |                                                              | (63      | ) |   |   | (47 | ) |
| Payment of preferred stock dividends                                              |   |                                                              | (13      | ) |   |   | - |   |
| Common stock, preferred stock, and warrants issuance costs                        |   |                                                              | (10      | ) |   |   | (116 | ) |
| Debt issuance costs                                                               |   |                                                              | -        |   |   |   | (20 | ) |
| Net cash provided by (used) in financing activities                               |   |                                                              | 229      |   |   |   | (1,247 | ) |
|                                                                              |   |                                                              |     |   |   |   |   |   |
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                              |   |                                                              | (6       | ) |   |   | 142 |   |
|                                                                              |   |                                                              |     |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS, beginning of period                                    |   |                                                              | 115      |   |   |   | 123 |   |
|                                                                              |   |                                                              |     |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS, end of period                                          |   | $                                                                 | 109      |   |   | $ | 265 |   |

----

| (Continued)                                       |   | For the Nine Months Ended March 31, |   |
|---------------------------------------------------|--------|-------------------------------------------------------------------|--------|
|                                              |   | 2011                                                              |   |   | 2010 |   |
|                                              |   |                                                              |   |   |   |   |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |   |                                                              |   |   |   |   |
|                                              |   |                                                              |   |   |   |   |
| Cash paid for interest                            |   | $                                                                 | 598    |   |   | $ | 590 |   |
|                                              |   |                                                              |   |   |   |   |   |   |
| Cash paid for income tax                          |   | $                                                                 | 51     |   |   | $ | - |   |
|                                              |   |                                                              |   |   |   |   |   |   |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:   |   |                                                              |   |   |   |   |   |   |
|                                              |   |                                                              |   |   |   |   |   |   |
| Capital leases                                    |   | $                                                                 | 794    |   |   | $ | 43 |   |

----

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

| 2.  | CONDENSED SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|----------|------------------------------------------------------|

----

| 3.  | CASH AND CASH EQUIVALENTS |
|----------|---------------------------|

| 4.  | OUTSTANDING SHARES AND NET INCOME (LOSS) PER SHARE |
|----------|----------------------------------------------------|

----

|                                                                       |   | For the Three Months |   |   | For the Nine Months |   |
|----------------------------------------------------------------------------|--------|-------------------------------------|--------|--------|------------------------------------|--------|
|                                                                       |   | ended March 31,           |   |   | ended March 31,          |   |
|                                                                       |   | 2011                                |   |   | 2010                               |   |   | 2011 |   |   | 2010 |   |
|                                                                       |   |                                |   |   |                               |   |   |   |   |   |   |   |
| Incremental shares due to stock options awarded to employees and directors |   |                                | 3      |   |                               |   | - |   |   |   | 2 |   |   |   | 2 |   |
| Incremental shares due to preferred stock conversion rights                |   |                                | 133    |   |                               |   | - |   |   |   | 133 |   |   |   | 236 |   |
|                                                                       |   |                                |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Total dilutive shares                                                      |   |                                | 136    |   |                               |   | - |   |   |   | 135 |   |   |   | 238 |   |

|                                       |   | For the Three Months |   |   | For the Nine Months |   |
|--------------------------------------------|--------|-------------------------------------|--------|--------|------------------------------------|--------|
|                                       |   | ended March 31,           |   |   | ended March 31,          |   |
|                                       |   | 2011                                |   |   | 2010                               |   |   | 2011 |   |   | 2010 |   |
|                                       |   |                                |   |   |                               |   |   |   |   |   |   |   |
| Stock options                              |   |                                | 250    |   |                               |   | 418 |   |   |   | 251 |   |   |   | 416 |   |
| Common stock warrants                      |   |                                | 141    |   |                               |   | 141 |   |   |   | 141 |   |   |   | 141 |   |
| Promissory note conversion rights          |   |                                | 89     |   |                               |   | 89 |   |   |   | 89 |   |   |   | 89 |   |
| Preferred stock conversion rights          |   |                                | -      |   |                               |   | 133 |   |   |   | - |   |   |   | - |   |
| Total common stock equivalents outstanding |   |                                | 480    |   |                               |   | 781 |   |   |   | 481 |   |   |   | 646 |   |

----

|                                                                    |   | For the Three Months Ended, |   |
|-------------------------------------------------------------------------|--------|-------------------------------------------------|--------|
|                                                                    |   | March 31, 2011                        |   |   | March 31, 2010 |   |
|                                                                    |   |                                            |   |   | Weighted |   |   |   |   |   |   |   |   | Weighted |   |   |   |   |
|                                                                    |   |                                            |   |   | Average |   |   |   |   |   |   |   |   | Average |   |   |   |   |
|                                                                    |   |                                            |   |   | Common |   |   | Per Share |   |   |   |   |   | Common |   |   | Per Share |   |
|                                                                    |   | Earnings                                        |   |   | Shares |   |   | Amount |   |   | Earnings |   |   | Shares |   |   | Amount |   |
|                                                                    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic net income (loss) per share attributable to common shareholders   |   | $                                               | 289    |   |   |   | 8,491 |   |   | $ | 0.03 |   |   | $ | (419 | ) |   |   | 8,557 |   |   | $ | (0.05 | ) |
|                                                                    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effect of dilutive securities:                                          |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock options                                                           |   |                                            | -      |   |   |   | 3 |   |   |   |   |   |   |   | - |   |   |   | - |   |   |   |   |   |
| Preferred stock conversion  rights                            |   |                                            | -      |   |   |   | 133 |   |   |   |   |   |   |   | - |   |   |   | - |   |   |   |   |   |
|                                                                    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted net income (loss) per share attributable to common shareholders |   | $                                               | 289    |   |   |   | 8,627 |   |   | $ | 0.03 |   |   | $ | (419 | ) |   |   | 8,557 |   |   | $ | (0.05 | ) |

|                                                             |   | For the Nine Months Ended, |   |
|------------------------------------------------------------------|--------|------------------------------------------------|--------|
|                                                             |   | March 31, 2011                       |   |   | March 31, 2010 |   |
|                                                             |   |                                           |   |   | Weighted |   |   |   |   |   |   |   |   | Weighted |   |   |   |   |
|                                                             |   |                                           |   |   | Average |   |   |   |   |   |   |   |   | Average |   |   |   |   |
|                                                             |   |                                           |   |   | Common |   |   | Per Share |   |   |   |   |   | Common |   |   | Per Share |   |
|                                                             |   | Earnings                                       |   |   | Shares |   |   | Amount |   |   | Earnings |   |   | Shares |   |   | Amount |   |
|                                                             |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic net income per share attributable to common shareholders   |   | $                                              | 537    |   |   |   | 8,515 |   |   | $ | 0.06 |   |   | $ | 46 |   |   |   | 8,455 |   |   | $ | 0.01 |   |
|                                                             |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effect of dilutive securities:                                   |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock options                                                    |   |                                           | -      |   |   |   | 2 |   |   |   |   |   |   |   | - |   |   |   | 2 |   |   |   |   |   |
| Preferred stock conversion rights                                |   |                                           | -      |   |   |   | 133 |   |   |   |   |   |   |   | - |   |   |   | 236 |   |   |   |   |   |
|                                                             |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted net income per share attributable to common shareholders |   | $                                              | 537    |   |   |   | 8,650 |   |   | $ | 0.06 |   |   | $ | 46 |   |   |   | 8,693 |   |   | $ | 0.01 |   |

----

| 5. | $25.0 MILLION LOAN FACILITY |
|----|-----------------------------|

----

| 6.  | LONG-TERM DEBT (INCLUDES TERM LOAN AND PROMISSORY NOTES) |
|----------|----------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                  |   | As of               |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                  |   | March 31, 2011 |   |   | June 30, 2010 |   |
| June 2009 term loan (the “Term Loan”), fully amortized, 60 monthly principal payments of approximately $83,333 commencing on August 1, 2009; variable interest due monthly, 4.75% at March 31, 2011; secured by substantially all Company assets and subject to co-terminus provisions under the revolver line of credit. |   | $                        | 3,333  |   |   | $ | 4,083 |   |
|                                                                                                                                                                                                                                                                                                                                  |   |                     |   |   |   |   |   |   |
| June 2009 unsecured convertible subordinated promissory note (the “June 2009 Note”) (5.5% interest due semi-annually, January 15 and July 15, beginning January 15, 2011; interest accrued for first 13 months was deferred and paid on August 12, 2010); matures July 1, 2014 in its entirety.                           |   |                     | 800    |   |   |   | 800 |   |
|                                                                                                                                                                                                                                                                                                                                  |   |                     |   |   |   |   |   |   |
| Total long-term debt                                                                                                                                                                                                                                                                                                                  |   |                     | 4,133  |   |   |   | 4,883 |   |
|                                                                                                                                                                                                                                                                                                                                  |   |                     |   |   |   |   |   |   |
| Less: current portion (Term Loan)                                                                                                                                                                                                                                                                                                     |   |                     | (1,000 | ) |   |   | (1,000 | ) |
|                                                                                                                                                                                                                                                                                                                                  |   |                     |   |   |   |   |   |   |
| Long-term debt, net                                                                                                                                                                                                                                                                                                                   |   | $                        | 3,133  |   |   | $ | 3,883 |   |

----

| 7.  | CAPITAL LEASE COMMITMENTS |
|----------|---------------------------|

----

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

|                                             |   | Preferred Stock |   |   | Preferred Stock |   |   | Preferred Stock |   |   | Preferred Stock |   |   |              |   |   | Additional |   |   |        |   |   |   |   |
|-------------------------------------------------------|--------|----------------------|--------|--------|----------------------|--------|--------|----------------------|--------|--------|----------------------|--------|--------|-------------------|--------|--------|------------|--------|--------|-------------|--------|--------|--------|--------|
|                                                  |   | Series A        |   |   | Series B        |   |   | Series C        |   |   | Series D        |   |   | Common Stock |   |   | Paid-In    |   |   | Accumulated |   |   |   |   |
|                                                  |   | Shares               |   |   | Amount               |   |   | Shares               |   |   | Amount               |   |   | Shares            |   |   | Amount     |   |   | Shares      |   |   | Amount |   |   | Shares |   |   | Amount |   |   | Capital |   |   | Deficit |   |   | Total |   |
| Balance at June 30, 2010                              |   |                 | -      |   |                 | $      | -      |                 |   |   | -                    |   |   | $                 | -      |   |       |   | -      |        |   | $      | -      |   |   |   | 599 |   |   | $ | - |   |   |   | 8,557,314 |   |   | $ | 86 |   |   | $ | 36,657 |   |   | $ | (29,687 | ) |   | $ | 7,056 |   |
| Net income                                            |   |                 | -      |   |                 |   | -      |                 |   |   | -                    |   |   |              | -      |   |       |   | -      |        |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 537 |   |   |   | 537 |   |
|                                                  |   |                 |   |   |                 |   |   |                 |   |   |                 |   |   |              |   |   |       |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Repurchase and retirement of common stock             |   |                 | -      |   |                 |   | -      |                 |   |   | -                    |   |   |              | -      |   |       |   | -      |        |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | (153,711 | ) |   |   | (1 | ) |   |   | (236 | ) |   |   | - |   |   |   | (237 | ) |
|                                                  |   |                 |   |   |                 |   |   |                 |   |   |                 |   |   |              |   |   |       |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance cost related to repurchase of common stock   |   |                 | -      |   |                 |   | -      |                 |   |   | -                    |   |   |              | -      |   |       |   | -      |        |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (10 | ) |   |   | - |   |   |   | (10 | ) |
|                                                  |   |                 |   |   |                 |   |   |                 |   |   |                 |   |   |              |   |   |       |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of common shares as stock-based compensation |   |                 | -      |   |                 |   | -      |                 |   |   | -                    |   |   |              | -      |   |       |   | -      |        |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | 49,500 |   |   |   | - |   |   |   | 70 |   |   |   | - |   |   |   | 70 |   |
|                                                  |   |                 |   |   |                 |   |   |                 |   |   |                 |   |   |              |   |   |       |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock-based compensation amortization expense         |   |                 | -      |   |                 |   | -      |                 |   |   | -                    |   |   |              | -      |   |       |   | -      |        |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 10 |   |   |   | - |   |   |   | 10 |   |
| Balance at March 31, 2011                             |   |                 | -      |   |                 | $      | -      |                 |   |   | -                    |   |   | $                 | -      |   |       |   | -      |        |   | $      | -      |   |   |   | 599 |   |   | $ | - |   |   |   | 8,453,103 |   |   | $ | 85 |   |   | $ | 36,491 |   |   |   | (29,150 | ) |   |   | 7,426 |   |

----

----

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

----

| 10.  | RECENT ACCOUNTING PRONOUNCEMENTS |
|-----------|----------------------------------|

----

| ITEM 2.    | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|--------------------------------|---------------------------------------------------------------------------------------------|

|   | · | Our continuing success in minimizing the negative impact on our operations, revenues and profitability from current and future unfavorable economic and market conditions; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | · | 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 other vendors; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------|

|   | · | 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. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|                                                                                 |   | For the Three Months Ended, |   |
|-------------------------------------------------------------------------------------------|--------|-------------------------------------------------|--------|
|                                                                                      |   | March 31,                                  |   |   | December 31, |   |   | September 30, |   |   | June 30, |   |   | March 31, |   |   | December 31, |   |   | September 30, |   |   | June 30, |   |
|                                                                                      |   | 2011                                            |   |   | 2010 |   |   | 2010 |   |   | 2010 |   |   | 2010 |   |   | 2009 |   |   | 2009 |   |   | 2009 |   |
|                                                                                      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                                                                  |   | $                                               | 61,654 |   |   | $ | 52,564 |   |   | $ | 51,061 |   |   | $ | 53,704 |   |   | $ | 49,152 |   |   | $ | 46,305 |   |   | $ | 43,686 |   |   | $ | 39,884 |   |
|                                                                                      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit                                                                              |   | $                                               | 4,135  |   |   | $ | 3,788 |   |   | $ | 3,838 |   |   | $ | 4,320 |   |   | $ | 3,398 |   |   | $ | 3,381 |   |   | $ | 4,097 |   |   | $ | 3,539 |   |
|                                                                                      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling, general and administrative                                                       |   | $                                               | 3,579  |   |   | $ | 3,374 |   |   | $ | 3,492 |   |   | $ | 3,678 |   |   | $ | 3,555 |   |   | $ | 2,673 |   |   | $ | 3,839 |   |   | $ | 3,401 |   |
|                                                                                      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating income (loss)                                                                   |   | $                                               | 556    |   |   | $ | 414 |   |   | $ | 346 |   |   | $ | 642 |   |   | $ | (157 | ) |   | $ | 708 |   |   | $ | 258 |   |   | $ | 138 |   |
|                                                                                      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense and other income, net                                                    |   | $                                               | (224   | ) |   | $ | (222 | ) |   | $ | (221 | ) |   | $ | (215 | ) |   | $ | (254 | ) |   | $ | (255 | ) |   | $ | (230 | ) |   | $ | (454 | ) |
|                                                                                      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-cash ASC 470-20 (formerly FAS No. 84) inducement on extinguishment 2                  |   | $                                               | -      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | (1,651 | ) |
|                                                                                      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gain on extinguishment of promissory notes                                                |   | $                                               | -      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 27 |   |
|                                                                                      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                                         |   | $                                               | 289    |   |   | $ | 134 |   |   | $ | 114 |   |   | $ | 419 |   |   | $ | (419 | ) |   | $ | 445 |   |   | $ | 20 |   |   | $ | (1,948 | ) |
|                                                                                      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less:  Non-cash write-off of unamortized acquisition costs                      |   | $                                               | -      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 187 |   |   | $ | - |   |
|                                                                                      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less:  Non-cash stock options repricing costs                                   |   | $                                               | -      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 93 |   |   | $ | - |   |
|                                                                                      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less:  Non-cash ASC 470-20 (formerly FAS No. 84) inducement on extinguishment 1 |   | $                                               | -      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 1,651 |   |
|                                                                                      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjusted net income (loss) before non-cash, non-recurring charges 1                  |   | $                                               | 289    |   |   | $ | 134 |   |   | $ | 114 |   |   | $ | 419 |   |   | $ | (419 | ) |   | $ | 445 |   |   | $ | 300 |   |   | $ | (297 | ) |
|                                                                                      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA 1                                                                                  |   | $                                               | 1,026  |   |   | $ | 929 |   |   | $ | 953 |   |   | $ | 1,189 |   |   | $ | 398 |   |   | $ | 1,289 |   |   | $ | 1,134 |   |   | $ | 876 |   |
|                                                                                      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net margin                                                                                |   | $                                               | 4,317  |   |   | $ | 3,969 |   |   | $ | 4,103 |   |   | $ | 4,529 |   |   | $ | 3,616 |   |   | $ | 3,609 |   |   | $ | 4,333 |   |   | $ | 3,795 |   |
|                                                                                      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net margin per gallon 1                                                                   |   | $                                               | 0.25   |   |   | $ | 0.23 |   |   | $ | 0.23 |   |   | $ | 0.25 |   |   | $ | 0.21 |   |   | $ | 0.21 |   |   | $ | 0.26 |   |   | $ | 0.23 |   |
|                                                                                      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gallons sold                                                                              |   |                                            | 17,335 |   |   |   | 17,025 |   |   |   | 17,912 |   |   |   | 18,385 |   |   |   | 17,382 |   |   |   | 16,956 |   |   |   | 16,945 |   |   |   | 16,709 |   |

----

|                                                              |   | For the Three Months Ended, |   |
|------------------------------------------------------------------------|--------|-------------------------------------------------|--------|
|                                                                   |   | March 31,                                  |   |   | December 31, |   |   | September 30, |   |   | June 30, |   |   | March 31, |   |   | December 31, |   |   | September 30, |   |   | June 30, |   |
|                                                                   |   | 2011                                            |   |   | 2010 |   |   | 2010 |   |   | 2010 |   |   | 2010 |   |   | 2009 |   |   | 2009 |   |   | 2009 |   |
|                                                                   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                      |   | $                                               | 289    |   |   | $ | 134 |   |   | $ | 114 |   |   | $ | 419 |   |   | $ | (419 | ) |   | $ | 445 |   |   | $ | 20 |   |   | $ | (1,948 | ) |
|                                                                   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Add back:                                                              |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                                       |   |                                            | 228    |   |   |   | 232 |   |   |   | 223 |   |   |   | 227 |   |   |   | 260 |   |   |   | 261 |   |   |   | 230 |   |   |   | 545 |   |
|                                                                   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income tax expense                                                     |   |                                            | 43     |   |   |   | 58 |   |   |   | 11 |   |   |   | 8 |   |   |   | 8 |   |   |   | 8 |   |   |   | 8 |   |   |   | 8 |   |
|                                                                   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization expense within:                          |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost of sales                                                          |   |                                            | 182    |   |   |   | 180 |   |   |   | 266 |   |   |   | 208 |   |   |   | 218 |   |   |   | 228 |   |   |   | 236 |   |   |   | 254 |   |
|                                                                   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses                           |   |                                            | 274    |   |   |   | 276 |   |   |   | 318 |   |   |   | 316 |   |   |   | 316 |   |   |   | 316 |   |   |   | 320 |   |   |   | 344 |   |
|                                                                   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock-based compensation amortization expense                          |   |                                            | 10     |   |   |   | 49 |   |   |   | 21 |   |   |   | 11 |   |   |   | 15 |   |   |   | 31 |   |   |   | 133 |   |   |   | 49 |   |
|                                                                   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Write-off of unamortized acquisition costs                             |   |                                            | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 187 |   |   |   | - |   |
|                                                                   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-cash ASC 470-20 (formerly FAS No. 84) inducement on extinguishment |   |                                            | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,651 |   |
|                                                                   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gain on extinguishment of promissory notes                             |   |                                            | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (27 | ) |
|                                                                   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA                                                                 |   | $                                               | 1,026  |   |   | $ | 929 |   |   | $ | 953 |   |   | $ | 1,189 |   |   | $ | 398 |   |   | $ | 1,289 |   |   | $ | 1,134 |   |   | $ | 876 |   |

|                                                                               |   | For the Three Months Ended, |   |
|-----------------------------------------------------------------------------------------|--------|-------------------------------------------------|--------|
|                                                                                    |   | March 31,                                  |   |   | December 31, |   |   | September 30, |   |   | June 30, |   |   | March 31, |   |   | December 31, |   |   | September 30, |   |   | June 30, |   |
|                                                                                    |   | 2011                                            |   |   | 2010 |   |   | 2010 |   |   | 2010 |   |   | 2010 |   |   | 2009 |   |   | 2009 |   |   | 2009 |   |
|                                                                                    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                                       |   | $                                               | 289    |   |   | $ | 134 |   |   | $ | 114 |   |   | $ | 419 |   |   | $ | (419 | ) |   | $ | 445 |   |   | $ | 20 |   |   | $ | (1,948 | ) |
|                                                                                    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less:  Non-cash write-off of unamortized acquisition costs                    |   | $                                               | -      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 187 |   |   | $ | - |   |
|                                                                                    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less:  Non-cash stock options repricing costs                                 |   | $                                               | -      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 93 |   |   | $ | - |   |
|                                                                                    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less:  Non-cash ASC 470-20 (formerly FAS No. 84) inducement on extinguishment |   | $                                               | -      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 1,651 |   |
|                                                                                    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjusted net income (loss) before non-cash, non-recurring charges                       |   | $                                               | 289    |   |   | $ | 134 |   |   | $ | 114 |   |   | $ | 419 |   |   | $ | (419 | ) |   | $ | 445 |   |   | $ | 300 |   |   | $ | (297 | ) |

----

|                                                          |   | Trailing Twelve Months    |   |
|---------------------------------------------------------------|--------|-------------------------------------|--------|
|                                                          |   | Ended March 31, 2011 |   |
|                                                          |   |                                |   |
| Net income                                                    |   | $                                   | 956    |   |
| Add back:                                                     |   |                                |   |   |
| Interest expense                                              |   |                                | 910    |   |
| Income tax expense                                            |   |                                | 120    |   |
| Depreciation and amortization expense within:                 |   |                                |   |   |
| Cost of sales                                                 |   |                                | 836    |   |
| Selling, general and administrative expenses                  |   |                                | 1,184  |   |
| Stock-based compensation amortization expense                 |   |                                | 91     |   |
| EBITDA                                                        |   | $                                   | 4,097  |   |
|                                                          |   |                                |   |   |
| Less fixed charges:                                           |   |                                |   |   |
| Principal payments on term loan                               |   |                                | 1,000  |   |
| Cash paid for interest                                        |   |                                | 773    |   |
| Purchases of property and equipment                           |   |                                | 561    |   |
| Repurchase of common shares                                   |   |                                | 237    |   |
| Capital lease payments                                        |   |                                | 78     |   |
| Cash paid for income tax                                      |   |                                | 51     |   |
| Payment of preferred stock dividends                          |   |                                | 13     |   |
| Total fixed charges                                           |   | $                                   | 2,713  |   |
|                                                          |   |                                |   |   |
| Difference (EBITDA less fixed charges)                        |   | $                                   | 1,384  |   |
|                                                          |   |                                |   |   |
| Fixed charge coverage ratio (EBITDA divided by fixed charges) |   |                                | 1.51   |   |

----

----

|                                 |   | For the Three Months Ended March 31, |   |
|--------------------------------------|--------|--------------------------------------------------------------------|--------|
|                                 |   | 2011                                                               |   |   | 2010 |   |
| Stated Rate Interest Expense:        |   |                                                               |   |   |   |   |
| Line of credit                       |   | $                                                                  | 115    |   |   | $ | 112 |   |
| Long-term debt                       |   |                                                               | 51     |   |   |   | 64 |   |
| Other                                |   |                                                               | 24     |   |   |   | 43 |   |
| Total stated rate interest expense   |   |                                                               | 190    |   |   |   | 219 |   |
|                                 |   |                                                               |   |   |   |   |   |   |
| Non-Cash Interest Amortization:      |   |                                                               |   |   |   |   |   |   |
| Amortization of deferred debt costs  |   |                                                               | 38     |   |   |   | 41 |   |
| Total non-cash interest amortization |   |                                                               | 38     |   |   |   | 41 |   |
|                                 |   |                                                               |   |   |   |   |   |   |
| Total interest expense               |   | $                                                                  | 228    |   |   | $ | 260 |   |

----

|                                          |   | For the Three Months Ended March 31, |   |
|-----------------------------------------------|--------|--------------------------------------------------------------------|--------|
|                                          |   | 2011                                                               |   |   | 2010 |   |
|                                          |   |                                                               |   |   |   |   |
| Net income (loss)                             |   | $                                                                  | 289    |   |   | $ | (419 | ) |
| Add back:                                     |   |                                                               |   |   |   |   |   |   |
| Interest expense                              |   |                                                               | 228    |   |   |   | 260 |   |
| Income tax expense                            |   |                                                               | 43     |   |   |   | 8 |   |
| Depreciation and amortization expense within: |   |                                                               |   |   |   |   |   |   |
| Cost of sales                                 |   |                                                               | 182    |   |   |   | 218 |   |
| Selling, general and administrative expenses  |   |                                                               | 274    |   |   |   | 316 |   |
| Stock-based compensation amortization expense |   |                                                               | 10     |   |   |   | 15 |   |
| EBITDA                                        |   | $                                                                  | 1,026  |   |   | $ | 398 |   |

----

|                                 |   | For the Nine Months Ended March 31, |   |
|--------------------------------------|--------|-------------------------------------------------------------------|--------|
|                                 |   | 2011                                                              |   |   | 2010 |   |
| Stated Rate Interest Expense:        |   |                                                              |   |   |   |   |
| Line of credit                       |   | $                                                                 | 343    |   |   | $ | 336 |   |
| Long-term debt                       |   |                                                              | 166    |   |   |   | 200 |   |
| Other                                |   |                                                              | 57     |   |   |   | 87 |   |
| Total stated rate interest expense   |   |                                                              | 566    |   |   |   | 623 |   |
|                                 |   |                                                              |   |   |   |   |   |   |
| Non-Cash Interest Amortization:      |   |                                                              |   |   |   |   |   |   |
| Amortization of deferred debt costs  |   |                                                              | 117    |   |   |   | 128 |   |
| Total non-cash interest amortization |   |                                                              | 117    |   |   |   | 128 |   |
|                                 |   |                                                              |   |   |   |   |   |   |
| Total interest expense               |   | $                                                                 | 683    |   |   | $ | 751 |   |

----

|                                          |   | For the Nine Months Ended March 31, |   |
|-----------------------------------------------|--------|-------------------------------------------------------------------|--------|
|                                          |   | 2011                                                              |   |   | 2010 |   |
|                                          |   |                                                              |   |   |   |   |
| Net income                                    |   | $                                                                 | 537    |   |   | $ | 46 |   |
| Add back:                                     |   |                                                              |   |   |   |   |   |   |
| Interest expense                              |   |                                                              | 683    |   |   |   | 751 |   |
| Income tax expense                            |   |                                                              | 112    |   |   |   | 24 |   |
| Depreciation and amortization expense within: |   |                                                              |   |   |   |   |   |   |
| Cost of sales                                 |   |                                                              | 628    |   |   |   | 682 |   |
| Selling, general and administrative expenses  |   |                                                              | 868    |   |   |   | 952 |   |
| Stock-based compensation amortization expense |   |                                                              | 80     |   |   |   | 179 |   |
| Write-off of unamortized acquisition costs    |   |                                                              | -      |   |   |   | 187 |   |
| EBITDA                                        |   | $                                                                 | 2,908  |   |   | $ | 2,821 |   |

----

----

----

|                                     |   | For the Nine Months Ended March 31, |   |
|------------------------------------------|--------|-------------------------------------------------------------------|--------|
|                                     |   | 2011                                                              |   |   | 2010 |   |
|                                     |   |                                                              |   |   |   |   |
| Net proceeds from line of credit payable |   | $                                                                 | 1,302  |   |   | $ | - |   |
| Cash provided by operating activities    |   |                                                              | 183    |   |   |   | 1,682 |   |
| Proceeds from sale of equipment          |   |                                                              | 24     |   |   |   | 3 |   |
| Total of generated cash                  |   | $                                                                 | 1,509  |   |   | $ | 1,685 |   |

----

|                                       |   | For the Nine Months Ended March 31, |   |
|--------------------------------------------|--------|-------------------------------------------------------------------|--------|
|                                       |   | 2011                                                              |   |   | 2010 |   |
|                                       |   |                                                              |   |   |   |   |
| Principal payments on term loan            |   |                                                              | 750    |   |   |   | 667 |   |
| Purchases of property and equipment        |   |                                                              | 442    |   |   |   | 296 |   |
| Repurchase and retirement of common stock  |   |                                                              | 237    |   |   |   | - |   |
| Capital lease payments                     |   |                                                              | 63     |   |   |   | 47 |   |
| Payment of preferred stock dividends       |   |                                                              | 13     |   |   |   | - |   |
| Payments of debt and equity issuance costs |   |                                                              | 10     |   |   |   | 136 |   |
| Net payments on line of credit payable     |   |                                                              | -      |   |   |   | 397 |   |
| Total of used cash                         |   | $                                                                 | 1,515  |   |   | $ | 1,543 |   |
|                                       |   |                                                              |   |   |   |   |   |   |
| Net change in cash and cash equivalents    |   | $                                                                 | (6     | ) |   | $ | 142 |   |

----

----

----

|                                   |   |                      |    |   |                     |   |   | Total number of          |   |   | Approximate dollar             |   |
|----------------------------------------|--------|---------------------------|---------|--------|--------------------------|--------|--------|------------------------------------|--------|--------|-------------------------------------|--------|
|                                   |   |                      |    |   |                     |   |   | shares purchased              |   |   | value of shares that |   |
|                                   |   | Total number of |    |   | Average price       |   |   | as part of publicly |   |   | may yet be purchased |   |
| Period                                 |   | shares purchased     |    |   | paid per share |   |   | announced programs            |   |   | under the program         |   |
| August 1 through August 31, 2010       |   |                      | 8,141   |   |                     | $      | 1.30   |                               |   |   | 8,141                               |   |   |   |   |
| September 1 through September 30, 2010 |   |                      | 21,006  |   |                     | $      | 1.37   |                               |   |   | 21,006                              |   |   |   |   |   |
| October 1 through October 31, 2010     |   |                      | 38,331  |   |                     | $      | 1.41   |                               |   |   | 38,331                              |   |   |   |   |   |
| December 1 through December 31, 2010   |   |                      | 28,098  |   |                     | $      | 1.66   |                               |   |   | 28,098                              |   |   |   |   |   |
| January 1 through January 31, 2011     |   |                      | 15,000  |   |                     | $      | 1.74   |                               |   |   | 15,000                              |   |   |   |   |   |
| February 1 through February 28, 2011   |   |                      | 1,750   |   |                     | $      | 1.84   |                               |   |   | 1,750                               |   |   |   |   |   |
| March 1 through March 31, 2011         |   |                      | 41,385  |   |                     | $      | 1.64   |                               |   |   | 41,385                              |   |   | $ | 430,372 |   |
| Total                                  |   |                      | 153,711 |   |                     | $      | 1.54   |                               |   |   | 153,711                             |   |   |   |   |   |

----

| Exhibit 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 of 2002 |

----

|         | SMF ENERGY CORPORATION |
|--------------|------------------------|
|         |                   |   |
| May 12, 2011 | By:                    | /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) |

----

| 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 of 2002 |

----