Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current Assets    
Cash and cash equivalents $ 620,764 $ 804,737
Accounts receivable, net 4,814,276 7,037,419
Prepaid expenses and other current assets 970,802 1,213,049
Inventories 407,379 308,297
Income tax receivable 223,847 222,447
Total current assets 7,037,068 9,585,949
Property and Equipment, net 34,617,961 36,494,661
Other Assets 714,967 874,117
TOTAL ASSETS 42,369,996 46,954,727
Current Liabilities    
Accounts payable and accrued liabilities 3,682,599 3,039,859
Current portion of long-term debt 318,499 314,263
Total current liabilities 4,001,098 3,354,122
Long-Term Liabilities    
Senior revolving credit facility 23,180,514 20,706,241
Long-term debt, less current portion 304,373 590,505
Deferred income taxes, net 468,565 4,417,043
Total long-term liabilities 23,953,452 25,713,789
Total liabilities 27,954,550 29,067,911
Commitments and Contingencies (Note 11)
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 38,230,729 shares issued, respectively; 103,600 shares of treasury stock; and 51,067,660 and 38,127,129 shares outstanding, respectively 255,337 190,634
Additional paid-in-capital 18,867,702 13,852,563
Accumulated (deficit) earnings (4,707,593) 3,843,619
Total stockholders’ equity 14,415,446 17,886,816
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 42,369,996 $ 46,954,727
v3.7.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Revenue    
Revenues $ 24,608,453 $ 38,777,860
Cost of Revenue 24,821,546 28,808,599
General and administrative expenses 3,779,794 4,260,539
Patent litigation and defense costs 151,533 536,582
Depreciation and amortization 6,864,670 5,792,366
Total operating expenses 35,617,543 39,398,086
Loss from operations (11,009,090) (620,226)
Other income (expense)    
Interest expense (1,765,957) (1,113,544)
Gain (loss) on disposal of equipment 242,244 (8,160)
Other income 44,187 62,655
Total other expense (1,479,526) (1,059,049)
Loss before tax benefit (12,488,616) (1,679,275)
Income tax benefit 3,937,404 418,253
Net loss $ (8,551,212) $ (1,261,022)
Loss per common share – basic (in dollars per share) $ (0.22) $ (0.03)
Loss per common share – diluted (in dollars per share) $ (0.22) $ (0.03)
Basic weighted average number of common shares outstanding (in shares) 38,978,396 37,835,637
Add: dilutive shares assuming exercise of options and warrants (in shares)
Diluted weighted average number of common shares outstanding (in shares) 38,978,396 37,835,637
Well Enhancement [Member]    
Revenue    
Revenues $ 17,864,121 $ 32,828,068
Cost of Revenue 15,654,162 22,101,958
Depreciation and amortization 4,931,878 5,116,501
Water Transfer Services [Member]    
Revenue    
Revenues 184,310
Cost of Revenue 1,628,688
Water Hauling [Member]    
Revenue    
Revenues 3,837,844 5,874,792
Cost of Revenue 3,797,644 5,932,372
Depreciation and amortization 668,894 641,860
Construction Services [Member]    
Revenue    
Revenues 2,712,762
Cost of Revenue 2,992,104
Depreciation and amortization
Unallocated and Other Segments [Member]    
Revenue    
Revenues 9,416 75,000
Cost of Revenue 748,948 774,269
Depreciation and amortization $ 118,151 $ 34,005
v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
OPERATING ACTIVITIES    
Net loss $ (8,551,212) $ (1,261,022)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 6,864,670 5,792,366
(Gain) loss on disposal of equipment (242,244) 8,160
Deferred income taxes (3,937,404) (399,436)
Stock-based compensation 661,924 617,530
Stock issued for services 1,714 10,380
Amortization of Debt Issuance Costs 152,724 125,404
Provision for bad debt expense 156,978 135,434
Changes in operating assets and liabilities    
Accounts receivable 2,066,168 7,507,005
Inventories (99,082) 81,784
Prepaid expenses and other current assets 261,349 352,618
Income taxes receivable (1,400) 1,553,588
Other assets 26,250 93,402
Accounts payable and accrued liabilities 642,740 (2,432,304)
Net cash provided by (used in) operating activities (1,996,828) 12,143,762
INVESTING ACTIVITIES    
Purchases of property and equipment (5,165,015) (4,533,352)
Proceeds from insurance claim 280,660
Proceeds from disposal of equipment 138,629 27,169
Net cash used in investing activities (4,745,726) (4,506,183)
FINANCING ACTIVITIES    
Gross proceeds from stock issuance 5,175,000
Stock issuance costs and registration fees (758,796)
Proceeds from revolving credit facility 16,367,049 16,767,204
Payments related to revolving credit facility (13,892,776) (24,695,000)
Repayment on long-term debt (281,896) (237,720)
Payment of debt issuance costs for credit facility (50,000) (100,000)
Proceeds from exercise of warrants 77,100
Proceeds from exercise of stock options 198,285
Excess tax benefits from exercise of options and warrants 203,231
Net cash provided by (used in) financing activities 6,558,581 (7,786,900)
Net decrease in Cash and Cash Equivalents (183,973) (149,321)
Cash and Cash Equivalents, beginning of period 804,737 954,058
Cash and Cash Equivalents, end of period 620,764 804,737
Supplemental cash flow information:    
Cash paid for interest 1,677,077 814,013
Cash paid (refund) for income taxes 14,474 (1,742,057)
Supplemental Disclosure of Non-cash Investing and Financing Activities:    
Cashless exercise of stock options and warrants $ 2,751

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