Financials

v3.7.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current Assets    
Cash and cash equivalents $ 142,592 $ 620,764
Accounts receivable, net 9,984,250 4,814,276
Prepaid expenses and other current assets 861,574 970,802
Inventories 409,403 407,379
Income tax receivable 223,847
Total current assets 11,397,819 7,037,068
Property and Equipment, net 33,662,516 34,617,961
Other Assets 467,804 714,967
TOTAL ASSETS 45,528,139 42,369,996
Current Liabilities    
Accounts payable and accrued liabilities 4,075,260 3,682,599
Current portion of long-term debt 217,054 318,499
Total current liabilities 4,292,314 4,001,098
Long-Term Liabilities    
Senior revolving credit facility 25,870,836 23,180,514
Long-term debt, less current portion 289,463 304,373
Deferred income taxes, net 493,896 468,565
Total long-term liabilities 26,654,195 23,953,452
Total liabilities 30,946,509 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 shares issued; 103,600 shares of treasury stock; and 51,067,660 shares outstanding 255,337 255,337
Additional paid-in-capital 18,983,529 18,867,702
Accumulated deficit (4,657,236) (4,707,593)
Total stockholders’ equity 14,581,630 14,415,446
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 45,528,139 $ 42,369,996
v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenue    
Revenues $ 13,774,901 $ 8,307,059
Expenses    
Cost of Revenue 10,378,404 6,769,920
General and administrative expenses 994,683 1,026,740
Patent litigation and defense costs 42,688 36,166
Depreciation and amortization 1,576,429 1,747,972
Total expenses 12,992,204 9,580,798
Income (loss) from Operations 782,697 (1,273,739)
Other income (expense)    
Interest expense (710,417) (372,668)
Other income 5,192 1,996
Total other expense (705,225) (370,672)
Income (loss) before tax benefit 77,472 (1,644,411)
Income tax (expense) benefit (27,115) 568,842
Net Income (loss) $ 50,357 $ (1,075,569)
Income (loss) per Common Share – Basic (in dollars per share) $ (0.03)
Income (loss) per Common Share – Diluted (in dollars per share) $ (0.03)
Basic weighted average number of common shares outstanding (in shares) 51,067,660 38,129,660
Add: Dilutive shares assuming exercise of options and warrants (in shares)
Diluted weighted average number of common shares outstanding (in shares) 51,067,660 38,129,660
Well Enhancement [Member]    
Revenue    
Revenues $ 11,983,629 $ 7,159,823
Expenses    
Cost of Revenue 8,448,546 4,956,290
Depreciation and amortization 1,155,022 1,330,998
Water Transfer Services [Member]    
Revenue    
Revenues 752,012 31,688
Expenses    
Cost of Revenue 675,788 458,937
Water Hauling [Member]    
Revenue    
Revenues 885,005 1,115,548
Expenses    
Cost of Revenue 912,685 1,190,004
Depreciation and amortization 156,621 168,802
Construction Services [Member]    
Revenue    
Revenues 154,255
Expenses    
Cost of Revenue 144,161
Depreciation and amortization
Unallocated and Other Segments [Member]    
Revenue    
Revenues
Expenses    
Cost of Revenue 197,224 164,689
Depreciation and amortization $ 24,127 $ 32,225
v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
OPERATING ACTIVITIES    
Net income (loss) $ 50,357 $ (1,075,569)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 1,576,429 1,747,972
Deferred income taxes 90,487 (568,842)
Stock-based compensation 115,827 150,433
Stock issued for services 1,714
Amortization of Debt Issuance Costs 255,734 35,571
Provision for bad debt expense 29,000 39,159
Changes in operating assets and liabilities    
Accounts receivable (5,198,974) 3,233,204
Inventories (2,024) 12,319
Prepaid expense and other current assets 74,248 10,014
Income taxes receivable 223,847 (14,608)
Other assets 11,253
Accounts payable and accrued liabilities 392,661 (638,601)
Net cash (used in) provided by operating activities (2,381,155) 2,932,766
INVESTING ACTIVITIES    
Purchases of property and equipment (620,984) (4,504,676)
Net cash used in investing activities (620,984) (4,504,676)
FINANCING ACTIVITIES    
Proceeds from revolving credit facility 3,800,322 5,797,382
Payments related to revolving credit facility (1,110,000) (3,355,901)
Repayment on long-term debt (116,355) (35,529)
Payment of debt issuance costs (50,000) (50,000)
Net cash provided by financing activities 2,523,967 2,355,952
Net Increase (Decrease) in Cash and Cash Equivalents (478,172) 784,042
Cash and Cash Equivalents, Beginning of Period 620,764 804,737
Cash and Cash Equivalents, End of Period 142,592 1,588,779
Supplemental cash flow information:    
Cash paid for interest 442,090 259,936
Cash (refunded) paid for taxes $ (222,110) $ 1,400

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