Financials

v3.4.0.3
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current Assets    
Cash and cash equivalents $ 1,588,779 $ 804,737
Accounts receivable, net 3,765,056 7,037,419
Prepaid expenses and other current assets 1,062,465 1,072,479
Inventories 295,978 308,297
Income tax receivable 237,055 222,447
Total current assets 6,949,333 9,445,379
Property and Equipment, net 39,251,365 36,494,661
Goodwill 301,087 301,087
Other Assets 180,730 180,730
TOTAL ASSETS 46,682,515 46,421,857
Current Liabilities    
Accounts payable and accrued liabilities 2,401,258 3,039,859
Current portion of long-term debt 387,751 314,263
Total current liabilities 2,789,009 3,354,122
Long-Term Liabilities    
Senior revolving credit facility, net of unamortized deferred loan costs of $547,299 and $532,870, respectively 22,600,423 20,173,371
Long-term debt, less current portion 481,488 590,505
Deferred income taxes, net 3,848,201 4,417,043
Total long-term liabilities 26,930,112 25,180,919
Total liabilities $ 29,719,121 $ 28,535,041
Commitments and Contingencies (Note 8)
Stockholders’ Equity    
Preferred stock. $.005 par value, 10,000,000 shares authorized, no shares issued or outstanding
Common stock. $.005 par value, 100,000,000 shares authorized, 38,233,760 and 38,230,729 shares issued, respectively; 103,600 shares of treasury stock; and 38,130,160 and 38,127,129 shares outstanding, respectively $ 190,650 $ 190,634
Additional paid-in-capital 14,004,694 13,852,563
Accumulated earnings 2,768,050 3,843,619
Total stockholders’ equity 16,963,394 17,886,816
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 46,682,515 $ 46,421,857
v3.4.0.3
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Revenues $ 8,307,059 $ 19,139,497
Cost of Revenue 6,770,085 11,264,286
Gross Profit 1,536,974 7,875,211
Operating Expenses    
General and administrative expenses 1,026,575 1,220,353
Patent litigation and defense costs 36,166 339,017
Depreciation and amortization 1,747,972 1,322,934
Total operating expenses 2,810,713 2,882,304
Income (Loss) from Operations (1,273,739) 4,992,907
Other Income (Expense)    
Interest expense (372,668) (253,210)
Other income 1,996 6,900
Total other expense (370,672) (246,310)
Income (Loss) Before Tax Expense (1,644,411) 4,746,597
Income Tax Expense (Benefit) 568,842 (1,854,717)
Net Income (Loss) $ (1,075,569) $ 2,891,880
Other Comprehensive Income (Loss)
Comprehensive Income (Loss) $ (1,075,569) $ 2,891,880
Earnings (Loss) per Common Share – Basic (in dollars per share) $ (0.03) $ 0.08
Earnings (Loss) per Common Share – Diluted (in dollars per share) $ (0.03) $ 0.07
Basic weighted average number of common shares outstanding (in shares) 38,129,660 37,350,668
Add: Dilutive shares assuming exercise of options and warrants (in shares) 1,859,527
Diluted weighted average number of common shares outstanding (in shares) 38,129,660 39,210,195
v3.4.0.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
OPERATING ACTIVITIES    
Net income (loss) $ (1,075,569) $ 2,891,880
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 1,747,972 1,322,934
Deferred income taxes (568,842) 1,661,682
Stock-based compensation 150,433 $ 91,060
Stock issued for services 1,714
Amortization of debt issuance costs 35,571 $ 28,892
Bad debt expense 39,159 4,255
Changes in operating assets and liabilities    
Accounts receivable 3,233,204 (531,120)
Inventories 12,319 46,244
Prepaid expense and other current assets 10,014 $ 385,643
Income taxes receivable (14,608)
Accounts payable and accrued liabilities $ (638,601) $ 214,192
Income taxes payable 56,205
Net cash provided by operating activities $ 2,932,766 6,171,867
INVESTING ACTIVITIES    
Purchases of property and equipment (4,504,676) (2,352,379)
Net cash used in investing activities (4,504,676) (2,352,379)
FINANCING ACTIVITIES    
Net line of credit borrowings (payments) 2,441,481 (4,093,140)
Repayment on long-term debt (35,529) $ (130,525)
Payment of debt issuance costs $ (50,000)
Proceeds from exercise of warrants $ 77,100
Proceeds from exercise of stock options 14,634
Excess tax benefits from exercise of options and warrants 136,831
Net cash provided by (used in) financing activities $ 2,355,952 (3,995,100)
Net Increase (Decrease) in Cash and Cash Equivalents 784,042 (175,612)
Cash and Cash Equivalents, Beginning of Period 804,737 954,058
Cash and Cash Equivalents, End of Period 1,588,779 778,446
Supplemental cash flow information:    
Cash paid for interest 259,936 $ 221,594
Cash paid for taxes $ 1,400
Supplemental Disclosure of Non-cash Investing and Financing Activities:    
Cashless exercise of stock options and warrants $ 2,968

Investor Relations