Financials

v3.7.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current Assets    
Cash and cash equivalents $ 620,635 $ 620,764
Accounts receivable, net 3,950,781 4,814,276
Prepaid expenses and other current assets 783,979 970,802
Inventories 410,017 407,379
Income tax receivable 223,847
Total current assets 5,765,412 7,037,068
Property and Equipment, net 32,270,514 34,617,961
Deferred Tax Asset, net 547,248
Other Assets 506,091 714,967
TOTAL ASSETS 39,089,265 42,369,996
Current Liabilities    
Accounts payable and accrued liabilities 3,300,089 3,682,599
Current portion of long-term debt 176,403 318,499
Total current liabilities 3,476,492 4,001,098
Long-Term Liabilities    
Senior revolving credit facility 20,445,049 23,180,514
Subordinated debt 2,198,463
Long-term debt, less current portion 278,412 304,373
Deferred income taxes, net 468,565
Warrant liability 306,648
Total long-term liabilities 23,228,572 23,953,452
Total liabilities 26,705,064 27,954,550
Commitments and Contingencies (Note 9)
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, 51,171,260 and 51,171,260 shares issued, respectively; 103,600 shares of treasury stock; and 51,067,660 and 51,067,660 shares outstanding, respectively 255,337 255,337
Additional paid-in capital 19,313,457 18,867,702
Accumulated deficit (7,184,593) (4,707,593)
Total stockholders' equity 12,384,201 14,415,446
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 39,089,265 $ 42,369,996
v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenue        
Revenues $ 7,106,041 $ 4,138,352 $ 20,880,942 $ 12,445,411
Expenses        
Cost of Revenue 6,432,753 4,938,181 16,811,157 11,708,266
General and administrative expenses 1,289,616 901,321 2,284,299 1,927,896
Patent litigation and defense costs 24,542 39,446 67,230 75,612
Severance and Transition Costs (1) [1] 767,755 767,755
Depreciation and amortization 1,674,875 1,617,620 3,251,304 3,365,592
Total operating expenses 10,189,541 7,496,568 23,181,745 17,075,366
Income (loss) from Operations (3,083,501) (3,358,216) (2,300,803) (4,631,955)
Other Income (Expense)        
Interest expense (499,288) (500,783) (1,209,705) (873,451)
Gain (Loss) on disposals of equipment 233,473 233,473
Other income 36,787 5,010 41,979 7,006
Total other expense (462,501) (262,300) (1,167,726) (632,972)
Income (Loss) Before Tax Expense (3,546,001) (3,620,516) (3,468,529) (5,264,927)
Income Tax Benefit (Expense) 1,018,644 1,239,865 991,529 1,808,707
Net Loss $ (2,527,357) $ (2,380,651) $ (2,477,000) $ (3,456,220)
Earnings (Loss) per Common Share - Basic (in dollars per share) $ (0.05) $ (0.06) $ (0.05) $ (0.09)
Earnings (Loss) per Common Share – Diluted (in dollars per share) $ (0.05) $ (0.06) $ (0.05) $ (0.09)
Basic weighted average number of common shares outstanding (in shares) 51,067,660 38,130,160 51,067,660 38,129,910
Add: Dilutive shares assuming exercise of options and warrants (in shares)
Diluted weighted average number of common shares outstanding (in shares) 51,067,660 38,130,160 51,067,660 38,129,910
Well Enhancement [Member]        
Revenue        
Revenues $ 5,819,435 $ 2,660,526 $ 17,803,064 $ 9,820,349
Expenses        
Cost of Revenue 4,324,845 2,790,690 12,773,391 7,747,146
Depreciation and amortization 1,252,801 1,224,851 2,424,124 2,577,218
Water Transfer Services [Member]        
Revenue        
Revenues 305,994 1,058,006 31,688
Expenses        
Cost of Revenue 616,468 420,316 1,292,256 879,252
Water Hauling [Member]        
Revenue        
Revenues 880,801 888,892 1,765,806 2,004,440
Expenses        
Cost of Revenue 1,192,372 830,872 2,105,057 2,020,876
Depreciation and amortization 167,866 169,396 333,487 338,198
Construction Services [Member]        
Revenue        
Revenues 99,811 588,934 254,066 588,934
Expenses        
Cost of Revenue 67,483 712,326 211,644 712,326
Depreciation and amortization
Unallocated and Other Segments [Member]        
Revenue        
Revenues
Expenses        
Cost of Revenue 231,585 183,977 428,809 348,666
Depreciation and amortization $ 8,071 $ 7,427 $ 15,897 $ 18,283
[1] Severance and transition costs comprise (i) payments and accruals for future payments to our former Chief Executive Officer and Chielf Financial Officer and (ii) legal fees directly related to separation and transition activities.
v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
OPERATING ACTIVITIES    
Net loss $ (2,477,000) $ (3,456,220)
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation and amortization 3,251,304 3,365,592
(Gain) loss on disposal of equipment (233,473)
Deferred income taxes (878,657) (1,808,707)
Stock-based compensation 445,755 317,504
Stock issued for services 1,714
Amortization of debt issuance costs and warrants 297,557 74,694
Bad debt expense 49,402 86,949
Changes in operating assets and liabilities    
Accounts receivable 729,113 4,247,742
Inventories (2,638) (49,834)
Prepaid expense and other current assets 151,843 (35,030)
Income taxes receivable 223,847 (1,400)
Other assets (32,335)
Accounts payable and accrued liabilities 260,025 (336,229)
Net cash provided by operating activities 2,018,216 2,173,302
INVESTING ACTIVITIES    
Purchases of property and equipment (970,825) (4,572,318)
Proceeds from disposal of equipment 120,537 321,725
Net cash used in investing activities (850,288) (4,250,593)
FINANCING ACTIVITIES    
Net line of credit (repayments) borrowings (2,000,000) 1,911,099
Proceeds from issuance of long-term debt 1,000,000
Repayment of long-term debt (168,057) (71,359)
Net cash (used in) provided by financing activities (1,168,057) 1,839,740
Net Decrease in Cash and Cash Equivalents (129) (237,551)
Cash and Cash Equivalents, beginning of period 620,764 804,737
Cash and Cash Equivalents, end of period 620,635 567,186
Supplemental cash flow information:    
Cash paid for interest 35,967 38,430
Cash (received) paid for taxes (222,110) 1,400
Supplemental Disclosure of Non-cash Investing and Financing Activities:    
Non-cash proceeds from subordinated debt borrowings (1) [1] 1,500,000
Non-cash proceeds from revolving credit facility (2) [2] 814,535 584,029
Non-cash repayment of revolving credit facility (1) [1] $ (1,500,000)
[1] As discussed in more detail in Note 5, during the six months ended June 30, 2017, we received proceeds from two subordinated promissory notes issued by our largest shareholder. Proceeds from such borrowings were remitted directly to our lender to reduce the outstanding balance under our senior revolving credit facility.
[2] Interest and other charges incurred pursuant to our senior revolving credit facility are calculated periodically and added to the principal balance of the loan. As such, we do not make cash payments for interest charges related to this facility.

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