Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Current Assets    
Cash and cash equivalents $ 391 $ 621
Accounts receivable, net 11,761 4,814
Prepaid expenses and other current assets 868 971
Inventories 576 407
Income tax receivable, current 57 224
Total current assets 13,653 7,037
Property and Equipment, net 29,417 34,618
Income tax receivable, noncurrent 57
Other Assets 1,123 715
TOTAL ASSETS 44,250 42,370
Current Liabilities    
Accounts payable and accrued liabilities 5,465 3,683
Current portion of long-term debt 182 318
Total current liabilities 5,647 4,001
Long-Term Liabilities    
Senior revolving credit facility 27,066 23,181
Subordinated debt 2,229
Long-term debt, less current portion 252 304
Deferred income taxes, net 469
Warrant liability 831
Total long-term liabilities 30,378 23,954
Total liabilities 36,025 27,955
Commitments and Contingencies (Note 11)
Stockholders’ Equity    
Preferred stock. $0.005 par value, 10,000,000 shares authorized, no shares issued or outstanding 0 0
Common stock. $0.005 par value, 100,000,000 shares authorized, 51,197,989 and 51,171,260 shares issued, respectively; 103,600 shares of treasury stock; and 51,094,389 and 51,067,660 shares outstanding, respectively 255 255
Additional paid-in-capital 19,571 18,868
Accumulated deficit (11,601) (4,708)
Total stockholders’ equity 8,225 14,415
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 44,250 $ 42,370
v3.8.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Revenue    
Revenues $ 40,752 $ 24,608
Expenses    
Cost of Revenue 33,604 24,821
General and administrative expenses 5,243 3,780
Patent litigation and defense costs 129 151
Severance and Transition Costs 784
Depreciation and amortization 6,488 6,865
Total operating expenses 45,464 35,617
Loss from operations (4,712) (11,009)
Other income (expense)    
Interest expense (2,261) (1,766)
(Loss) gain on disposal of equipment (18) 242
Other (expense) income (463) 44
Total other expense (2,742) (1,480)
Loss before tax benefit (7,454) (12,489)
Income tax benefit 561 3,938
Net loss $ (6,893) $ (8,551)
Loss per common share – basic and diluted (in dollars per share) $ (0.13) $ (0.22)
Basic and diluted weighted average number of common shares outstanding (in shares) 51,070 39,117
Well Enhancement Services Segment [Member]    
Revenue    
Revenues $ 34,686 $ 17,864
Expenses    
Cost of Revenue 25,902 15,654
Depreciation and amortization 4,817 4,932
Water Transfer Services Segment [Member]    
Revenue    
Revenues 2,128 184
Expenses    
Cost of Revenue 2,666 1,629
Depreciation and amortization 985 1,146
Water Hauling Services Segment [Member]    
Revenue    
Revenues 3,684 3,838
Expenses    
Cost of Revenue 3,979 3,797
Depreciation and amortization 655 669
Construction Services Segment [Member]    
Revenue    
Revenues 254 2,713
Expenses    
Cost of Revenue 212 2,992
Depreciation and amortization
Unallocated and Other Segments [Member]    
Revenue    
Revenues 9
Expenses    
Cost of Revenue 845 749
Depreciation and amortization $ 31 $ 118
v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
OPERATING ACTIVITIES    
Net loss $ (6,893,000) $ (8,551,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 6,488,000 6,865,000
Loss (gain) on disposal of equipment 18,000 (242,000)
Unrealized loss on fair value of warrants 524,000
Deferred income taxes (331,000) (3,938,000)
Stock-based compensation 704,000 662,000
Stock issued for services 2,000
Amortization of debt issuance costs and discount 484,000 153,000
Provision for bad debt expense 37,000 157,000
Changes in operating assets and liabilities    
Accounts receivable (7,069,000) 2,066,000
Inventories (168,000) (99,000)
Prepaid expenses and other current assets 84,000 261,000
Income taxes receivable 111,000 (1,000)
Other assets (403,000) 26,000
Accounts payable and accrued liabilities 2,425,000 642,000
Net cash used in operating activities (3,989,000) (1,997,000)
INVESTING ACTIVITIES    
Purchases of property and equipment (1,766,000) (5,165,000)
Proceeds from insurance claims 183,000 280,000
Proceeds from disposal of equipment 279,000 139,000
Net cash used in investing activities (1,304,000) (4,746,000)
FINANCING ACTIVITIES    
Gross proceeds from stock issuance 5,175,000
Stock issuance costs and registration fees (1,000) (758,000)
Net line of credit borrowings 4,312,000 2,474,000
Proceeds from issuance of long-term debt 1,000,000
Repayment of long-term debt (189,000) (282,000)
Payment of debt issuance costs for credit facilities (59,000) (50,000)
Net cash provided by financing activities 5,063,000 6,559,000
Net decrease in Cash and Cash Equivalents (230,000) (184,000)
Cash and Cash Equivalents, beginning of period 621,000 805,000
Cash and Cash Equivalents, end of period 391,000 621,000
Supplemental cash flow information:    
Cash paid for interest 674,000 67,000
Cash paid (refunded) for income taxes (222,000) 14,000
Supplemental Disclosure of Non-cash Investing and Financing Activities:    
Non-cash proceeds from subordinated debt borrowings 1,500,000
Non-cash repayment of revolving credit facility (1,500,000)
Non-cash proceeds from revolving credit facility $ 1,124,000 $ 1,543,000

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