Financials

v3.19.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
Current Assets    
Cash and cash equivalents $ 257 $ 391
Accounts receivable, net 10,729 11,160
Prepaid expenses and other current assets 1,081 801
Inventories 514 552
Income tax receivable, current 85 57
Current assets of discontinued operations 864 692
Total current assets 13,530 13,653
Property and Equipment, net 33,057 28,312
Goodwill and intangible assets, net 1,580 301
Income tax receivable, non-current 28 57
Other Assets 649 822
Non-current assets of discontinued operations 177 1,105
TOTAL ASSETS 49,021 44,250
Current Liabilities    
Accounts payable and accrued liabilities 3,391 5,276
Note payable 3,868
Current portion of long-term debt 149 182
Current liabilities of discontinued operations 44 189
Total current liabilities 7,452 5,647
Long-Term Liabilities    
Senior revolving credit facility 33,882 27,066
Subordinated debt 1,832 2,229
Long-term debt, less current portion 312 252
Warrant liability 831
Other liability 941
Total long-term liabilities 36,967 30,378
Total liabilities 44,419 36,025
Commitments and Contingencies (Note 12)
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, 54,389,829 and 51,197,989 shares issued as of December 31, 2018 and December 31, 2017, respectively; 103,600 shares of treasury stock; and 54,286,229 and 51,094,389 shares outstanding December 31, 2018 and December 31, 2017, respectively 271 255
Additional paid-in-capital 21,797 19,571
Accumulated deficit (17,466) (11,601)
Total stockholders’ equity 4,602 8,225
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 49,021 $ 44,250
v3.19.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Revenues    
Revenues $ 46,919 $ 37,068
Expenses    
Cost of Revenue 37,450 29,625
Selling, general and administrative expenses 5,225 4,392
Patent litigation and defense costs 80 129
Severance and Transition Costs 633 784
(Gain) loss on disposal of equipment (108) 62
Depreciation and amortization 5,989 5,833
Total operating expenses 49,269 40,825
Loss from operations (2,350) (3,757)
Other income (expense)    
Interest expense (2,228) (2,261)
Other (expense) (407) (463)
Total other expense (2,635) (2,724)
Loss from continuing operations before tax benefit (4,985) (6,481)
Income tax (expense) benefit (32) 561
Loss from continuing operations (5,017) (5,920)
Loss from operations of discontinued operations (including gain on disposal of $129,000 and loss on impairment of $130,000) (848) (973)
Income tax benefit
Loss on discontinued operations (848) (973)
Net loss $ (5,865) $ (6,893)
Loss from continuing operations per common share – basic and diluted (in dollars per share) $ (0.09) $ (0.12)
Loss from discontinued operations per common share – basic and diluted (in dollars per share) (0.02) (0.02)
Net loss per share (in dollars per share) $ (0.11) $ (0.14)
Basic weighted average number of common shares outstanding (in shares) 52,865 51,070
Well Enhancement Services Segment [Member]    
Revenues    
Revenues $ 42,759 $ 34,686
Expenses    
Cost of Revenue 32,852 25,902
Depreciation and amortization 4,848 4,817
Water Transfer Services Segment [Member]    
Revenues    
Revenues 4,160 2,128
Expenses    
Cost of Revenue 3,972 2,666
Depreciation and amortization 1,118 985
Unallocated and Other Segments [Member]    
Revenues    
Revenues 254
Expenses    
Cost of Revenue 626 1,057
Depreciation and amortization $ 23 $ 31
v3.19.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES    
Net loss $ (5,865,000) $ (6,893,000)
Net loss from discontinued operations (848,000) (973,000)
Net loss from continuing operations (5,017,000) (5,920,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,989,000 5,833,000
(Gain) loss on disposal of equipment (108,000) 62,000
Change in fair value of warrants 540,000 524,000
Deferred income taxes 146,000
Stock-based compensation 393,000 704,000
Amortization of debt issuance costs and discount 297,000 484,000
Provision for bad debt expense 43,000 37,000
Changes in operating assets and liabilities    
Accounts receivable 1,691,000 (6,845,000)
Inventories 38,000 (166,000)
Prepaid expenses and other current assets 1,082,000 133,000
Income taxes receivable (28,000) 111,000
Other assets (120,000) (403,000)
Accounts payable and accrued liabilities (2,616,000) 2,446,000
Other liabilities 25,000
Net cash provided by (used in) operating activities - continuing operations 2,209,000 (2,854,000)
Net cash used in operating activities - discontinued operations (873,000) (1,135,000)
Net cash provided by (used in) operating activities 1,336,000 (3,989,000)
INVESTING ACTIVITIES    
Acquisition of Adler Hot Oil Service, LLC (6,164,000)
Purchases of property and equipment (1,781,000) (1,677,000)
Proceeds from insurance claims 122,000 183,000
Proceeds from disposal of equipment 578,000 279,000
Net cash used in investing activities - continuing operations (7,245,000) (1,215,000)
Net cash used in investing activities - discontinued operations (29,000) (89,000)
Net cash used in investing activities (7,274,000) (1,304,000)
FINANCING ACTIVITIES    
Stock issuance costs and registration fees (1,000)
Net line of credit borrowings 6,728,000 4,312,000
Proceeds from issuance of long-term debt 1,000,000
Repayment of note payable (800,000)
Repayment of long-term debt (93,000) (189,000)
Other financing (31,000) (59,000)
Net cash provided by financing activities 5,804,000 5,063,000
Net decrease in Cash and Cash Equivalents (134,000) (230,000)
Cash and Cash Equivalents, beginning of period 391,000 621,000
Cash and Cash Equivalents, end of period 257,000 391,000
Supplemental cash flow information:    
Cash paid for interest 1,838,000 674,000
Cash paid (refunded) for income taxes 32,000 (222,000)
Supplemental Disclosure of Non-cash Investing and Financing Activities:    
Non-cash proceeds from revolving credit facilities 141,000 1,124,000
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 4,800,000 1,500,000
Non-cash repayment of revolving credit facility $ (1,500,000)

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