Financials

v3.10.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Current Assets    
Cash and cash equivalents $ 235 $ 391
Accounts receivable, net 5,131 11,761
Prepaid expenses and other current assets 657 868
Inventories 494 576
Income tax receivable, current 57 57
Total current assets 6,574 13,653
Property and equipment, net 27,456 29,417
Income tax receivable, noncurrent 57 57
Other assets 1,191 1,123
TOTAL ASSETS 35,278 44,250
Current Liabilities    
Accounts payable and accrued liabilities 2,350 5,465
Current portion of long-term debt 142 182
Total current liabilities 2,492 5,647
Long-Term Liabilities    
Senior revolving credit facility 21,729 27,066
Subordinated debt 1,808 2,229
Long-term debt, less current portion 225 252
Warrant liability 831
Total long-term liabilities 23,762 30,378
Total liabilities 26,254 36,025
Commitments and Contingencies (Note 8)
Stockholders' Equity    
Preferred stock, $.005 par value, 10,000,000 shares authorized, no shares issued or outstanding 0 0
Common stock, $.005 par value, 100,000,000 shares authorized, 54,464,829 and 51,197,989 shares issued, respectively; 103,600 shares of treasury stock; and 54,361,229 and 51,094,389 shares outstanding, respectively 272 255
Additional paid-in capital 21,594 19,571
Accumulated deficit (12,842) (11,601)
Total stockholders' equity 9,024 8,225
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 35,278 $ 44,250
v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues        
Revenues $ 8,792,000 $ 7,106,000 $ 29,913,000 $ 20,881,000
Expenses        
Cost of Revenue 8,013,000 6,433,000 23,154,000 16,812,000
Sales, general, and administrative expenses 1,241,000 1,290,000 2,611,000 2,284,000
Patent litigation and defense costs 55,000 24,000 75,000 67,000
Severance and Transition Costs 593,000 768,000 633,000 768,000
Depreciation and amortization 1,597,000 1,675,000 3,186,000 3,251,000
Total operating expenses 11,499,000 10,190,000 29,659,000 23,182,000
(Loss) Income from Operations (2,707,000) (3,084,000) 254,000 (2,301,000)
Other (Expense) Income        
Interest expense (511,000) (500,000) (1,011,000) (1,210,000)
Gain on disposals 53,000 53,000
Other (expense) income (85,000) 38,000 (505,000) 42,000
Total other expense (543,000) (462,000) (1,463,000) (1,168,000)
Loss Before Tax Benefit (Expense) (3,250,000) (3,546,000) (1,209,000) (3,469,000)
Income Tax (Expense) Benefit (32,000) 1,019,000 (32,000) 992,000
Net Loss $ (3,282,000) $ (2,527,000) $ (1,241,000) $ (2,477,000)
Earnings per Common Share - Basic (in dollars per share) $ (0.06) $ (0.05) $ (0.02) $ (0.05)
Earnings per Common Share – Diluted (in dollars per share) $ (0.06) $ (0.05) $ (0.02) $ (0.05)
Basic weighted average number of common shares outstanding (in shares) 51,677 51,068 51,413 51,068
Add: Dilutive shares (in shares)
Diluted weighted average number of common shares outstanding (in shares) 51,677 51,068 51,413 51,068
Well Enhancement Services Segment [Member]        
Revenues        
Revenues $ 7,005,000 $ 5,819,000 $ 26,290,000 $ 17,803,000
Expenses        
Cost of Revenue 5,900,000 4,325,000 18,991,000 12,774,000
Depreciation and amortization 1,226,000 1,253,000 2,455,000 2,424,000
Water Transfer Services Segment [Member]        
Revenues        
Revenues 929,000 306,000 1,924,000 1,058,000
Expenses        
Cost of Revenue 979,000 616,000 1,936,000 1,292,000
Depreciation and amortization 289,000 246,000 552,000 478,000
Water Hauling Services Segment [Member]        
Revenues        
Revenues 858,000 881,000 1,699,000 1,766,000
Expenses        
Cost of Revenue 953,000 1,192,000 1,901,000 2,105,000
Depreciation and amortization 77,000 168,000 167,000 333,000
Unallocated and Other Segments [Member]        
Revenues        
Revenues 100,000 254,000
Expenses        
Cost of Revenue 181,000 300,000 326,000 641,000
Depreciation and amortization $ 5,000 $ 8,000 $ 12,000 $ 16,000
v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
OPERATING ACTIVITIES    
Net loss $ (1,241,000) $ (2,477,000)
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation and amortization 3,186,000 3,251,000
Deferred income taxes (879,000)
Gain on disposal of equipment (53,000)
Stock-based compensation 188,000 446,000
Change in fair value of warrant 540,000
Amortization of debt issuance costs and discount 126,000 298,000
Provision for bad debt expense 33,000 49,000
Changes in operating assets and liabilities    
Accounts receivable 6,598,000 729,000
Inventories 82,000 (3,000)
Prepaid expense and other current assets 241,000 152,000
Income taxes receivable 224,000
Other assets (60,000) (32,000)
Accounts payable and accrued liabilities (3,115,000) 260,000
Net cash provided by operating activities 6,525,000 2,018,000
INVESTING ACTIVITIES    
Purchases of property and equipment (1,470,000) (971,000)
Proceeds from insurance claims 122,000
Proceeds from disposal of equipment 145,000 121,000
Net cash used in investing activities (1,203,000) (850,000)
FINANCING ACTIVITIES    
Net line of credit payments (5,386,000) (2,000,000)
Proceeds from issuance of long-term debt 1,000,000
Repayment of long-term debt (66,000) (168,000)
Other financing (26,000)
Net cash used in financing activities (5,478,000) (1,168,000)
Net Increase (Decrease) in Cash and Cash Equivalents (156,000)
Cash and Cash Equivalents, beginning of period 391,000 621,000
Cash and Cash Equivalents, end of period 235,000 621,000
Supplemental cash flow information:    
Cash paid for interest 863,000 36,000
Cash paid (received) for taxes 32,000 (222,000)
Supplemental Disclosure of Non-cash Investing and Financing Activities:    
Non-cash proceeds from revolving credit facilities 49,000 815,000
Cashless exercise of stock options 994,000
Non-cash proceeds from warrant exercise 500,000
Non-cash subordinated debt principal repayment (500,000)
Non-cash conversion of warrant liability to equity 1,371,000
Non-cash proceeds from subordinated debt borrowings 1,500,000
Non-cash repayment of revolving credit facility $ (1,500,000)

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