Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Dec. 20, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000319458 | |
Entity Registrant Name | Enservco Corporation | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36335 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-0811316 | |
Entity Address, Address Line One | 14133 Country Road 9 1/2 | |
Entity Address, City or Town | Longmont | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80504 | |
City Area Code | 303 | |
Local Phone Number | 333-3678 | |
Title of 12(b) Security | Common stock | |
Trading Symbol | ENSV | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,828,846 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 211,000 | $ 149,000 |
Accounts receivable, net | 1,268,000 | 2,845,000 |
Prepaid expenses and other current assets | 1,236,000 | 2,185,000 |
Inventories | 250,000 | 346,000 |
Assets held for sale | 673,000 | 68,000 |
Total current assets | 3,638,000 | 5,593,000 |
Property and equipment, net | 12,206,000 | 16,173,000 |
Goodwill | 546,000 | 546,000 |
Intangible assets, net | 236,000 | 399,000 |
Right-of-use asset - finance, net | 25,000 | 41,000 |
Right-of-use asset - operating, net | 1,612,000 | 2,060,000 |
Other assets | 320,000 | 336,000 |
TOTAL ASSETS | 18,583,000 | 25,148,000 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 4,437,000 | 2,857,000 |
Senior revolving credit facility, related party (including future interest payable of $0 and $38, respectively - see Note 5) | 0 | 8,698,000 |
Current portion of long-term debt | 61,000 | 58,000 |
Subordinated Debt, Current | 0 | 211,000 |
Lease liability - finance, current | 13,000 | 20,000 |
Lease liability - operating, current | 582,000 | 688,000 |
Other current liabilities | 619,000 | 0 |
Total current liabilities | 7,914,000 | 12,532,000 |
Non-Current Liabilities: | ||
Senior revolving credit facility, related party | 0 | 5,404,000 |
Long-term debt, less current portion | 8,000 | 54,000 |
Lease liability - finance, less current portion | 12,000 | 23,000 |
Lease liability - operating, less current portion | 1,146,000 | 1,496,000 |
Deferred tax liabilities | 273,000 | 273,000 |
Other non-current liabilities | 24,000 | 24,000 |
Total non-current liabilities | 8,371,000 | 7,274,000 |
TOTAL LIABILITIES | 16,285,000 | 19,806,000 |
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; 11,835,753 and 11,439,191 shares issued as of September 30, 2022 and December 31, 2021, respectively; 6,907 shares of treasury stock as of September 30, 2022 and December 31, 2021; and 11,828,846 and 11,432,284 shares outstanding as of September 30, 2022 and December 31, 2021, respectively | 57,000 | 57,000 |
Additional paid-in capital | 41,693,000 | 40,866,000 |
Accumulated deficit | (39,452,000) | (35,581,000) |
Total stockholders' equity | 2,298,000 | 5,342,000 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 18,583,000 | 25,148,000 |
March 2022 Convertible Note [Member] | ||
Current Liabilities: | ||
Note, current portion, related party (Note 2 and Note 5) | 70,000 | 0 |
Non-Current Liabilities: | ||
Note, noncurrent portion, related party (Note 2 and Note 5) | 1,130,000 | 0 |
July 2022 Convertible Note [Member] | ||
Current Liabilities: | ||
Note, current portion, related party (Note 2 and Note 5) | 30,000 | 0 |
Non-Current Liabilities: | ||
Note, noncurrent portion, related party (Note 2 and Note 5) | 1,170,000 | 0 |
Cross River Revolver [Member] | ||
Current Liabilities: | ||
Note, current portion, related party (Note 2 and Note 5) | 225,000 | 0 |
Utica [Member] | ||
Current Liabilities: | ||
Current portion of long-term debt | 1,027,000 | 0 |
Non-Current Liabilities: | ||
Long-term debt, less current portion | 4,535,000 | 0 |
Utica Residual Liability | 73,000 | 0 |
L S Q [Member] | ||
Current Liabilities: | ||
Current portion of long-term debt | $ 850,000 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Senior revolving credit facility, interest payable current | $ 0 | $ 38 |
Preferred stock, par value (in dollars per share) | $ 0.005 | $ 0.005 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.005 | $ 0.005 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 11,835,753 | 11,439,191 |
Common stock, shares outstanding (in shares) | 11,828,846 | 11,432,284 |
Treasury stock, shares (in shares) | 6,907 | 6,907 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues: | ||||
Revenue | $ 3,109 | $ 3,027 | $ 15,142 | $ 11,257 |
Expenses: | ||||
Cost of revenue | 3,489 | 3,678 | 14,700 | 12,482 |
Sales, general, and administrative expenses | 1,094 | 907 | 3,763 | 2,897 |
Severance and transition costs | 2 | 0 | 301 | 7 |
Loss on disposal of assets | 93 | 0 | 258 | 70 |
Depreciation and amortization | 1,069 | 1,302 | 3,317 | 3,975 |
Total operating expenses | 5,747 | 5,887 | 22,339 | 19,431 |
Loss from operations | (2,638) | (2,860) | (7,197) | (8,174) |
Other (expense) income: | ||||
Interest expense | (448) | (6) | (1,053) | (50) |
Gain on debt extinguishment (Note 5) | 0 | 0 | 4,277 | 0 |
Other income | 10 | 2,689 | 102 | 3,668 |
Total other (expense) income | (438) | 2,683 | 3,326 | 3,618 |
Loss from continuing operations before taxes | (3,076) | (177) | (3,871) | (4,556) |
Deferred income tax benefit (expense) | 546 | 0 | (402) | |
(Loss) income from continuing operations | (3,076) | 369 | (3,871) | (4,958) |
Loss from discontinued operations | 0 | 0 | 0 | (8) |
Net (loss) income | $ (3,076) | $ 369 | $ (3,871) | $ (4,966) |
(Loss) income from continuing operations per common share - basic and diluted (in dollars per share) | $ (0.27) | $ 0.03 | $ (0.34) | $ (0.46) |
Loss from discontinued operations per common share - basic and diluted (in dollars per share) | 0 | 0 | 0 | 0 |
Net (loss) income per share - basic and diluted (in dollars per share) | $ (0.27) | $ 0.03 | $ (0.34) | $ (0.46) |
Weighted average number of common shares outstanding - basic and diluted (in shares) | 11,536 | 11,433 | 11,494 | 10,692 |
Production Services [Member] | ||||
Revenues: | ||||
Revenue | $ 2,788 | $ 2,483 | $ 8,645 | $ 6,556 |
Expenses: | ||||
Cost of revenue | 2,599 | 2,489 | 7,976 | 6,802 |
Depreciation and amortization | 546 | 639 | 1,593 | 1,739 |
Completion Services [Member] | ||||
Revenues: | ||||
Revenue | 321 | 544 | 6,497 | 4,701 |
Expenses: | ||||
Cost of revenue | 890 | 1,189 | 6,724 | 5,680 |
Depreciation and amortization | $ 432 | $ 562 | $ 1,440 | $ 1,935 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 6,301 | |||
Balance at Dec. 31, 2020 | $ 32 | $ 30,052 | $ (27,529) | $ 2,555 |
Stock-based compensation | $ 0 | 24 | 0 | 24 |
Shares issued in offering, net of issuance costs (in shares) | 4,200 | |||
Shares issued in offering, net of issuance costs | $ 21 | 8,824 | 0 | 8,845 |
Shares and warrant issued to Cross River Partners, L.P. in subordinated debt and accrued interest conversion, net of discount (in shares) | 602 | |||
Shares and warrant issued to Cross River Partners, L.P. in subordinated debt and accrued interest conversion, net of discount | $ 3 | 1,550 | 0 | 1,553 |
Restricted share issuances (in shares) | 330 | |||
Restricted share issuances | $ 1 | 310 | 0 | 311 |
Net Income (Loss) Attributable to Parent, Total | $ 0 | 0 | (3,902) | (3,902) |
Balance (in shares) at Mar. 31, 2021 | 11,433 | |||
Balance at Mar. 31, 2021 | $ 57 | 40,760 | (31,431) | 9,386 |
Balance (in shares) at Dec. 31, 2020 | 6,301 | |||
Balance at Dec. 31, 2020 | $ 32 | 30,052 | (27,529) | 2,555 |
Net Income (Loss) Attributable to Parent, Total | (4,966) | |||
Balance (in shares) at Sep. 30, 2021 | 11,432 | |||
Balance at Sep. 30, 2021 | $ 57 | 40,806 | (32,495) | 8,368 |
Balance (in shares) at Mar. 31, 2021 | 11,433 | |||
Balance at Mar. 31, 2021 | $ 57 | 40,760 | (31,431) | 9,386 |
Stock-based compensation | 25 | 0 | 25 | |
Net Income (Loss) Attributable to Parent, Total | $ 0 | 0 | (1,433) | (1,433) |
Balance (in shares) at Jun. 30, 2021 | 11,433 | |||
Balance at Jun. 30, 2021 | $ 57 | 40,785 | (32,864) | 7,978 |
Stock-based compensation | 21 | 0 | 21 | |
Net Income (Loss) Attributable to Parent, Total | $ 0 | 0 | 369 | 369 |
Restricted share cancellation (in shares) | (1) | |||
Restricted share cancellations (in shares) | 1 | |||
Balance (in shares) at Sep. 30, 2021 | 11,432 | |||
Balance at Sep. 30, 2021 | $ 57 | 40,806 | (32,495) | 8,368 |
Balance (in shares) at Dec. 31, 2021 | 11,432 | |||
Balance at Dec. 31, 2021 | $ 57 | 40,866 | (35,581) | 5,342 |
Stock-based compensation | $ 0 | 21 | 0 | 21 |
Restricted share issuances (in shares) | 70 | |||
Restricted share issuances | $ 0 | 62 | 0 | 62 |
Net Income (Loss) Attributable to Parent, Total | $ 0 | 0 | 3,140 | 3,140 |
Balance (in shares) at Mar. 31, 2022 | 11,502 | |||
Balance at Mar. 31, 2022 | $ 57 | 40,949 | (32,441) | 8,565 |
Balance (in shares) at Dec. 31, 2021 | 11,432 | |||
Balance at Dec. 31, 2021 | $ 57 | 40,866 | (35,581) | 5,342 |
Net Income (Loss) Attributable to Parent, Total | (3,871) | |||
Balance (in shares) at Sep. 30, 2022 | 11,829 | |||
Balance at Sep. 30, 2022 | $ 57 | 41,693 | (39,452) | 2,298 |
Balance (in shares) at Mar. 31, 2022 | 11,502 | |||
Balance at Mar. 31, 2022 | $ 57 | 40,949 | (32,441) | 8,565 |
Stock-based compensation | $ 0 | 475 | 0 | 475 |
Restricted share issuances (in shares) | 50 | |||
Restricted share issuances | $ 0 | 110 | 0 | 110 |
Net Income (Loss) Attributable to Parent, Total | $ 0 | 0 | (3,935) | (3,935) |
Restricted share cancellation (in shares) | 61 | |||
Restricted share cancellations (in shares) | (61) | |||
Restricted share cancellations | $ 0 | 0 | 0 | 0 |
Balance (in shares) at Jun. 30, 2022 | 11,491 | |||
Balance at Jun. 30, 2022 | $ 57 | 41,534 | (36,376) | 5,215 |
Stock-based compensation | $ 0 | 159 | 0 | 159 |
Restricted share issuances (in shares) | 345 | |||
Net Income (Loss) Attributable to Parent, Total | $ 0 | 0 | (3,076) | (3,076) |
Restricted share cancellation (in shares) | (7) | |||
Restricted share cancellations (in shares) | 7 | |||
Balance (in shares) at Sep. 30, 2022 | 11,829 | |||
Balance at Sep. 30, 2022 | $ 57 | $ 41,693 | $ (39,452) | $ 2,298 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
OPERATING ACTIVITIES: | ||
Net (loss) income | $ (3,871,000) | $ (4,966,000) |
Net loss from discontinued operations | 0 | (8,000) |
Net loss from continuing operations | (3,871,000) | (4,958,000) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 3,317,000 | 3,975,000 |
Deferred income tax expense | 0 | 402,000 |
Loss on disposal of assets | 258,000 | 70,000 |
Board compensation issued in equity | 60,000 | 311,000 |
Write-off of inventories | 52,000 | 0 |
Gain on debt extinguishment | (4,277,000) | 0 |
Interest paid-in-kind on line of credit | 119,000 | 0 |
Stock-based compensation | 655,000 | 70,000 |
Severance cost incurred through issuance of restricted shares | 112,000 | 0 |
Amortization of debt issuance costs and discount | 46,000 | 8,000 |
Gain on forgiveness of PPP loan | (4,277,000) | 0 |
Provision for bad debt recovery | 0 | (15,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,577,000 | (531,000) |
Inventories | 44,000 | (76,000) |
Prepaid expense and other current assets | 950,000 | (1,292,000) |
Amortization of operating lease assets | 543,000 | 638,000 |
Other assets | (160,000) | 92,000 |
Accounts payable and accrued liabilities | 1,581,000 | (224,000) |
Operating lease liabilities | (552,000) | (633,000) |
Other liabilities | (304,000) | (64,000) |
Net cash provided by (used in) operating activities - continuing operations | 150,000 | (3,887,000) |
Net cash provided by operating activities - discontinued operations | 0 | 4,000 |
Net cash provided by (used in) operating activities | 150,000 | (3,883,000) |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (220,000) | (348,000) |
Proceeds from disposals of property and equipment | 361,000 | 65,000 |
Net cash provided by (used in) investing activities - continuing operations | 141,000 | (283,000) |
Net cash provided by investing activities - discontinued operations | 0 | 0 |
Net cash provided by (used in) investing activities | 141,000 | (283,000) |
FINANCING ACTIVITIES: | ||
Gross proceeds from stock issuance | 0 | 9,660,000 |
Stock issuance costs and registration fees | 0 | (815,000) |
Term loan repayment consummated in conjunction with Refinance (Note 5) | (8,400,000) | 0 |
Net line of credit repayments | 0 | (701,000) |
Troubled debt restructuring accrued future interest payments | (176,000) | (585,000) |
Repayments of long-term debt | (43,000) | (86,000) |
Payments of finance leases | (18,000) | (99,000) |
Net cash (used in) provided by financing activities - continuing operations | (229,000) | 4,374,000 |
Net cash used in financing activities - discontinued operations | 0 | (2,000) |
Net cash (used in) provided by financing activities | (229,000) | 4,372,000 |
Net Increase in Cash and Cash Equivalents | 62,000 | 206,000 |
Cash and Cash Equivalents, beginning of period | 149,000 | 1,467,000 |
Cash and Cash Equivalents, end of period | 211,000 | 1,673,000 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 846,000 | 630,000 |
Supplemental Disclosure of Non-cash Investing and Financing Activities: | ||
Non-cash establishment of EWB Obligation consummated in conjunction with the Refinance (Note 5) | 1,000,000 | 0 |
Non-cash conversion of subordinated debt and accrued interest to Company common stock | 0 | 1,312,000 |
Non-cash conversion of unamortized subordinated debt discount | 0 | 61,000 |
L S Q [Member] | ||
FINANCING ACTIVITIES: | ||
Issuance of debt | 2,400,000 | 0 |
Net line of credit repayments | (1,550,000) | 0 |
Utica [Member] | ||
FINANCING ACTIVITIES: | ||
Issuance of debt | 6,000,000 | 0 |
Net line of credit repayments | (480,000) | 0 |
Equipment Term Loan [Member] | ||
FINANCING ACTIVITIES: | ||
Term loan contractual repayments | (350,000) | |
Term Loan [Member] | ||
FINANCING ACTIVITIES: | ||
Term loan contractual repayments | (3,000,000) | |
March 2022 Convertible Note [Member] | ||
FINANCING ACTIVITIES: | ||
March 2022 Convertible Note proceeds, net, related party | 963,000 | 0 |
July 2022 Convertible Note [Member] | ||
FINANCING ACTIVITIES: | ||
March 2022 Convertible Note proceeds, net, related party | 1,200,000 | 0 |
Cross River Revolver [Member] | ||
FINANCING ACTIVITIES: | ||
March 2022 Convertible Note proceeds, net, related party | 225,000 | 0 |
Paycheck Protection Program CARES Act [Member] | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Gain on debt extinguishment | 0 | (1,964,000) |
Gain on forgiveness of PPP loan | 0 | (1,964,000) |
Conversion of Subordinated Debt to Equity[Member] | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Fair value of warrant issued upon conversion of subordinated debt to equity | $ 0 | $ 304,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 Enservco Corporation ("Enservco") through its wholly-owned subsidiaries (collectively referred to as the "Company", "we" or "us") provides various services to the domestic onshore oil and natural gas industry. These services include hot oiling and acidizing ("Production Services") and frac water heating ("Completion and Other Services"). The accompanying unaudited condensed consolidated financial statements have been derived from the accounting records of Enservco Corporation, Heat Waves Hot Oil Service LLC ("Heat Waves"), . ("Dillco"), Heat Waves Water Management LLC ("HWWM"), and Adler Hot Oil Service, LLC ("Adler") (collectively, the "Company") as of September 30, 2022 December 31, 2021 three nine September 30, 2022 2021. The below table provides an overview of the Company ’s current ownership hierarchy: Name State of Formation Ownership Business Heat Waves Hot Oil Service LLC Colorado 100% by Enservco Oil and natural gas well services, including logistics and stimulation. Adler Hot Oil Service, LLC Delaware 100% by Enservco Operations integrated into Heat Waves during 2019. Adler Hot Oil Service, LLC was dissolved during the second quarter of 2021. Heat Waves Water Management LLC Colorado 100% by Enservco Discontinued operations in 2019. Heat Waves Water Management LLC was dissolved during the second quarter of 2021. Dillco Fluid Service, Inc Kansas 100% by Enservco Discontinued operations in 2018. Dillco Fluid Service, Inc was dissolved during the second quarter of 2021. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles for interim financial information and with the instructions to Form 10 8 X. not not The accompanying unaudited condensed consolidated financial statements were prepared in accordance with GAAP and follow the same accounting policies and methods of their application as the most recent annual financial statements. These interim financial statements should be read in conjunction with the financial statements and related footnotes included in the Annual Report on Form 10 December 31, 2021. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 – Summary of Significant Accounting Policies Liquidity and Capital Resources On August 10, 2017, "2017 three "2017 September 23, 2020, five 2017 October 15, 2021. February 1, 2021, October 15, 2022, 2017 April 26, 2021 ( 10 November 15, 2021 October 15, 2022. On November 12, 2021, October three November December not three November 30, 2021, November December 31, 2021 November December January 31, 2022 March 31, 2022, three April 30, 2022 September 30, 2022, three April 30, 2022 May 31, 2022, February 2022 March 2022. October In March 2022, 2017 "March 2022 2017 July 2022, second "July 2022 September 2022, March 2022 Note 5 Our condensed consolidated financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activities and the realization of assets and settlement of liabilities in the normal course of business. For the three nine September 30, 2022, nine September 30, 2022 Note 5 nine September 30, 2022, nine September 30, 2021. September 30, 2022, Although the Company believes the Refinancing, recent debt financing from Cross River, and cash from operations will provide sufficient liquidity for at least the next twelve may no Note 5 Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three one may Accounts Receivable Accounts receivable are stated at the amounts billed to customers, net of an allowance for uncollectible accounts. The Company provides an allowance for uncollectible accounts based on a review of outstanding receivables, historical collection information and existing economic conditions. The allowance for uncollectible amounts is continually reviewed and adjusted to maintain the allowance at a level considered adequate to cover potential future losses. This allowance is management's best estimate of uncollectible amounts and is determined based on historical collection experience related to accounts receivable coupled with a review of the current status of existing receivables. The losses ultimately incurred could differ materially in the near term from the amounts estimated in determining this allowance. As of September 30, 2022 December 31, 2021, d $482,000 three nine September 30, 2022, nine September 30, 2022, first 2022. three nine September 30, 2021, Inventories Inventories consist primarily of propane, diesel fuel and chemicals that are used in the servicing of oil wells and are carried at the lower of cost or net realizable value in accordance with the first first three nine September 30, 2022, hree and nine September 30, 202 1, y did not write-downs or write-offs of inventories . Property and Equipment Property and equipment consists of (i) trucks, trailers and pickups; (ii) (iii) real property which includes land and buildings used for office and shop facilities and wells used for the disposal of water; (iv) other equipment such as tools used for maintaining and repairing vehicles; and (v) office furniture and fixtures, and computer equipment. Property and equipment is stated at cost less accumulated depreciation. The Company capitalizes interest on certain qualifying assets that are undergoing activities to prepare them for their intended use. Interest costs incurred during the fabrication period are capitalized and amortized over the life of the assets. The Company did not three nine September 30, 2022 2021. Any difference between the net book value of the property and equipment and the proceeds of an asset’s sale, or settlement of an insurance claim, is recorded as a gain or loss in the Company’s condensed consolidated statements of operations. Leases The Company assesses whether an arrangement is a lease at inception. Leases with an initial term of 12 not not not The Company conducts a major part of its operations from leased facilities. Each of these leases is accounted for as an operating lease. Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not The Company amortizes leasehold improvements over the shorter of the life of the lease or the projected life of the improvements. The Company leases trucks and equipment in the normal course of business, which may rental expense on equipment under operating leases over the lease term as it becomes payable; there are no rent escalation terms associated with these equipment leases. The Company records amortization expense on equipment under finance leases on a straight-line basis, as well as interest expense based on our implicit borrowing rate at the date of the lease inception. The equipment leases contain purchase options that allow the Company to purchase the leased equipment at the end of the lease term, based on the market price of the equipment at the time of the lease termination. Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circum stances indicate that the carrying amount of the asset may not three nine September 30, 2022 2021, no Assets Held for Sale The Company classifies long-lived assets intended to be sold as held for sale 1 2 3 4 one one 5 6 We initially measure a long-lived asset or disposal group that is classified as held for sale not held for sale not held for sale . For the three nine September 30, 2022 2021, Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, the Company ceases depreciation and reports long-lived assets and/or the assets and liabilities of the disposal group, if material, in the line item "Assets held for sale" Goodwill and Other Intangible Assets Goodwill represents the excess purchase price over the fair value of identifiable assets received attributable to business acquisitions and combinations. Goodwill and other intangible assets are measured for impairment at least annually and/or whenever events and circumstances arise that indicate impairment may For the three nine September 30, 2022 2021, no Revenue Recognition The Company evaluates revenue when we can identify the contract with the customer, the performance obligations in the contract, the transaction price, and we are certain that the performance obligations have been met. Revenue is recognized when the service has been provided to the customer. The vast majority of the Company's services and product offerings are short-term in nature. The time between invoicing and when payment is due under these arrangements is generally thirty sixty no The Company’s agreements with its customers are often referred to as "price sheets" and sometimes provide pricing for multiple services. However, these agreements generally do not not Revenue is recognized for certain projects that take more than one Disaggregation of Revenues See Note 10 Earnings (Loss) Per Share Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net income (loss) by the diluted weighted average number of common shares outstanding for the period. The diluted weighted average number of common shares outstanding for the period is computed using the treasury stock method for Company common stock that may As of September 30, 2022 2021, three nine September 30, 2022, three nine September 30, 2022, As of September 30, 2022, Note 5 Note 9 September 30, 2022, September 30, 2022, not Further, as of September 30, 2022, two "March 2022 "July 2022 Note 5 March 2022 five July 2022 March 2022 July 2022 September 30, 2022 three nine September 30, 2022, ny had net income for either of the three nine September 30, 2022. As of September 30, 2021, Note 9 . As of September 30, 2021, September 30, 2021, not Income Taxes The Company recognizes deferred tax liabilities and assets based on the differences between the tax basis of assets and liabilities and their reported amounts in the condensed consolidated financial statements that will result in taxable or deductible amounts in future years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities will be recognized in income in the period that includes the enactment date. A deferred tax asset or liability that is not not The Company accounts for any uncertainty in income taxes by recognizing the tax benefit from an uncertain tax position only if, in the Company’s opinion, it is more likely than not 50% may The result of the reassessment of the Company’s tax positions did not Interest and penalties associated with tax positions are recorded in the period assessed as "Other expense" in the condensed consolidated statements of operations. The Company files income tax returns in the United States of America ("USA") and in the states in which it conducts its business operations. The Company ’s USA federal income tax filings for tax year s 2019 2021 2018 2021. Fair Value The Company follows authoritative guidance that applies to all financial assets and liabilities required to be measured and reported on a fair value basis. The Company also applies the guidance to non-financial assets and liabilities measured at fair value on a non-recurring basis, including non-competition agreements and goodwill. The guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability ( ) in an orderly transaction between market participants at the measurement date. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability based on the best information available in the circumstances. Beginning in 2017 ). Specific inputs used in the Lattice are the underlying stock price, the exercise price of the warrant, expected dividends, historical volatility, term to expiration and risk-free interest rates. The Company did not three nine September 30, 2022. The hierarchy is broken down into three Level 1: Quoted prices are available in active markets for identical assets or liabilities; Level 2: Quoted prices in active markets for similar assets and liabilities that are observable for the asset or liability; or Level 3: Unobservable pricing inputs that are generally less observable from objective sources, such as discounted cash flow models or valuations. Stock-based Compensation Stock-based compensation cost is measured at the date of grant, based on the calculated fair value of the award as described below, and is recognized over the requisite service period, which is generally the vesting period of the equity grant. The Company uses the Black-Scholes pricing model as a method for determining the estimated grant date fair value for all stock options awarded to employees, independent contractors, officers, and directors. The expected term of the options is based upon evaluation of historical and expected exercise behavior. The risk-free interest rate is based upon USA Treasury rates at the date of grant with maturity dates approximately equal to the expected life of the grant. Volatility is determined upon historical volatility of our stock and adjusted if future volatility is expected to vary from historical experience. The dividend yield is assumed to be zero not The Company uses a Lattice model to determine the fair value of certain warrants. The expected term used was the remaining contractual term. Expected volatility is based upon historical volatility over a term consistent with the remaining term. The risk-free interest rate is derived from the yield on zero The Company used the market-value of Company common stock to determine the fair value of the performance-based restricted stock awarded in 2018 2019. d in 2021 2020. Management Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the realization of accounts receivable, evaluation of impairment of long-lived assets, stock-based compensation expense, income tax provisions and the valuation of deferred taxes. Actual results could differ from those estimates. Reclassifications Certain prior period amounts may presentation. These reclassifications have no Recent Accounting Pronouncements In June 2016, 2016 13, 326 December 15, 2022. not 2016 13 In December 2019, 2019 12, 740 740, 2019 12 January 1, 2021, not |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 – Property and Equipment Property and equipment consist of the following (in thousands): September 30, 2022 December 31, 2021 Trucks and vehicles $ 53,313 $ 54,670 Other equipment 2,059 2,059 Buildings and improvements 2,600 3,140 Land 190 378 Total property and equipment 58,162 60,247 Accumulated depreciation (45,956 ) (44,074 ) Property and equipment, net $ 12,206 $ 16,173 For the three nine September 30, 2022, three nine September 30, 2021, |
Note 4 - Intangible Assets
Note 4 - Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 4 – The components of our intangible assets are as follows (in thousands): September 30 , 2022 December 31, 2021 Customer relationships $ 626 $ 626 Patents and trademarks 441 441 Total intangible assets 1,067 1,067 Accumulated amortization (831 ) (668 ) Net carrying value $ 236 $ 399 The useful lives of our intangible assets are estimated to be five three nine September 30, 2022 2021, roxima The following table represents the amortization expense for the twelve September 30 2023 2024 2025 2026 2027 Customer relationships $ 125 $ 10 $ - $ - $ - Patents and trademarks 93 8 - - - Total intangible asset amortization expense $ 218 $ 18 $ - $ - $ - |
Note 5 - Debt
Note 5 - Debt | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 – Debt East West Bank Revolving Credit Facility On August 10, 2017, 2017 2017 September 23, 2020 January 1, 2021 January 1, 2021. 2017 Credit Facility dated April 26, 2021 ( November 15, 2021 October 15, 2022. 2017 Credit Facility was fixed at 8.25%. Interest on the first October 15, 2022, 2017 Credit Facility was subject to an unused credit line fee of 0.5% per annum multiplied by the amount by which total availability exceeded the average monthly balance of the 2017 Credit Facility, payable monthly in arrears. The 2017 Credit Facility was collateralized by substantially all our assets and subject to financial covenants. Under the 2017 ( 1 December 31, 2021, not ( 2 three three March 31, 2022, seventy ( 3 On February 11, 2021, December 31, 2021, 2017 December 31, 2021, 2017 2017 December 31, 2021 2017 470 60, On November 12, 2021, October three November December not three November 30, 2021, November December 31, 2021 November December January 31, 2022 March 31, 2022, three April 30, 2022 September 30, 2022, three April 30, 2022 May 31, 2022, February 2022 March 2022. October In connection with amending the 2017 September 23, 2020, five 533,334 533,334 not March 23, 2021. 1,000,000 September 23, 2021 September 23, 2025. third 2020, $16.0 2017 Credit Facility; b) the value of the Company common stock issued; and c) the fair value of the warrant. In December 2021, no December 23, 2021. 2017 March 24, 2022 ( The Refinancing On March 24, 2022, 2017 March 18, 2022 2017 As part of the Refinancing, Heat Waves entered into a Master Lease Agreement (the “Utica Facility”) with Utica Leaseco, LLC (“Utica”), pursuant to which Utica provided an equipment-collateralized loan to the Company in the amount of $6.225 million. Under the Utica Facility, the Company is required to make 51 July 1, 2022 January 1, 2023, July 1 January 1 fifty-one twelve Additionally, as part of the Refinancing and in accordance with ASC 470 10 45, 2017 December 31, 2021. twelve December 31, 2021. 470 10 45. Further, as part of the Refinancing, Heat Waves entered into an Invoice Purchase Agreement (the “Receivables Financing” or “LSQ Facility,” and together with the Utica Facility, the “2022 18 The Utica Facility and the LSQ Facility are subject to an Intercreditor Agreement dated on or about March 24, 2022 Lastly, as part of the Refinancing, the Company issued a $1.2 million convertible subordinated note (the “March 2022 March 2022 six March 2022 first June 30, 2022, five ten March 2022 March 2022 five In accordance with ASC 470 60, not 2017 not 2022 2017 Subordinated Debt with Related Party On December 21, 2021, third 2017 June 21, 2022, 2017 three nine September 30, 2022, During the nine September 30, 2022, not third first 2022, On July 15, 2022, “July 2022 July 2022 six first September 30, 2022, five ten July 2022 may July 2022 On September 22, 2022, one September 22, 2023 thirty 30 not September 30, 2022, Debt Issuance Costs We capitalized certain debt issuance costs incurred in connection with the 2017 September 30, 2022. no 2017 December 31, 2021. three nine September 30, 2022, Notes Payable Long-term debt consists of the following (in thousands): September 30 , 2022 December 31, 2021 Senior Revolving Credit Facility with related party. All future interest through October 15, 2021 accrued to loan pursuant to the Fifth Amendment. Refinanced March 24, 2022. $ - $ 14,102 Utica Facility. Interest at 15.5% with monthly principal and interest payments on a fifty-one month amortization schedule. Additional elective interest rate surcharge. Collateralized by equipment of Heat Waves. Matures June 24, 2026. 5,746 - LSQ Facility. Upfront 0.1% invoice purchase fee on all invoices submitted. Funds daily usage fee of 0.021%. Maximum availability set at $10 million. 850 - March 2022 Convertible Note with related party. Interest at 7% with quarterly interest only payments until March 2023 followed by quarterly principal and interest payments on a ten-year amortization schedule. Matures March 22, 2028. 1,200 - July 2022 Convertible Note with related party. Interest at 7.75% with quarterly interest only payments until June 2023 followed by quarterly principal and interest payments on a ten-year amortization schedule. Matures July 15, 2028. 1,200 - Cross River Revolver Note with related party. Interest at 8% with principal payments due upon demand with thirty days notice. Matures September 22, 2023. 225 - Subordinated Promissory Note with related party. Non-interest bearing. $10,000 flat fee paid to consummate loan. Matured June 21, 2022. - 220 Real Estate Loan for a facility in North Dakota. Interest is at 5.75% with monthly principal and interest payment of $5,255 until October 3, 2023. Collateralized by land and property purchased with the loan. 69 112 Total long-term debt 9,290 14,434 Less debt discount and debt issuance costs (184 ) (9 ) Less current portion (2,263 ) (8,967 ) Long-term debt, net of debt discount and current portion $ 6,843 $ 5,458 Aggregate contractual principal maturities of debt for the twelve September 30 are as follows (in thousands): 2023 $ 2,263 2024 1,514 2025 1,801 2026 2,131 2027 240 Thereafter 1,341 Total $ 9,290 Subsequent Events On November 3, 2022, “November 2022 five November 2022 two March 30, 2023 November 2022 November 2022 two December 13, 2022, one two |
Note 6 - Income Taxes
Note 6 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 6 – Income Taxes Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The provision for income taxes for the three nine September 30, 2022 2021 -tax income primarily because of state income taxes and estimated permanent differences. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not may In assessing the realization of deferred tax assets, management considers whether it is more likely than not not During the first 2021, 382, September 30, 2021, $0.4 nine September 30, 2021. nine September 30, 2022, $0.9 zero |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 7 – Commitments and Contingencies As of September 30, 2022 , the Company leases facilities and certain equipment under lease commitments that expire thro September 2026. F u twelve September 30 Operating Leases Finance Leases 2023 $ 675 $ 14 2024 583 12 2025 384 1 2026 269 - Total future lease payments 1,911 27 Impact of discounting (183 ) (2 ) Discounted value of lease obligations $ 1,728 $ 25 The following table summarizes the components of our gross operating and finance lease costs incurred for the three nine September 30, 2022 2021 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Operating lease cost: Current lease cost $ 13 $ 24 $ 62 $ 57 Long-term lease cost 183 256 637 768 Total operating lease cost $ 196 $ 280 $ 699 $ 825 Finance lease cost: Amortization of right-of-use assets $ 3 $ 7 $ 16 $ 54 Interest on lease liabilities - 1 1 5 Total finance lease cost $ 3 $ 8 $ 17 $ 59 Our weighted-average lease term and discount rate used for the nine September 30, 2022 2021 For the Nine Months Ended September 30, 2022 2021 Operating: Weighted-average lease term (years) 3.07 3.57 Weighted-average discount rate 6.38 % 6.09 % Finance: Weighted-average lease term (years) 1.99 2.36 Weighted-average discount rate 5.59 % 5.72 % Self-Insurance In June 2015, first $50,000 in medical costs per indiv September 30, 2022 December 31, 2021, December 31, 2021. December 31, 2021, ve January 1, 2021, no Effective April 1, 2015, March 31, 2018. March 31, 2022, fourth 2021, no fourth 2021, second 2022. Litigation On November 8, 2021, two November 19, 2019. August 9, 2022, September 2022. On May 22, 2022, 10 2021 November 28, 2022, Jan We believe the claims are without merit and have engaged counsel to vigorously defend the Company against such claims. The Company has Director’s and Officer’s insurance coverage to defend against such claims and the Company's insurance carriers have been notified about the lawsuit. While we believe the claims are without merit, there can be no may may not may no |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 8 – Stockholders ’ Equity Conversion of Subordinated Debt to Equity On February 11, 2021, one February 11, 2022 February 11, 2026. February 3, 2021. Warrants On February 11, 2021, one five one February 11, 2022 February 11, 2026. The issuance of warrants to Cross River was reviewed and approved by the independent directors of the Company. On April 12, 2021, may A summary of warrant activity for the nine months ended September 30, 2022 Weighted Average Weighted Average Remaining Shares Exercise Price Contractual Life (Years) Outstanding as of December 31, 2021 1,192,085 $ 3.57 3.75 Issued - - - Expired - - - Outstanding as of September 30, 2022 1,192,085 $ 3.57 3.00 Exercisable as of September 30, 2022 1,192,085 $ 3.57 3.00 |
Note 9 - Stock Options and Rest
Note 9 - Stock Options and Restricted Stock | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 9 – Stock Options and Restricted Stock Stock Options On July 27, 2010, 2010 "2010 2010 January 1, 2016, 2010 one three 5 2010 no 2010 September 30, 2022, 2010 On July 18, 2016, 2016 "2016 September 29, 2016. may 2016 2010 September 30, 2022, September 30, 2022, 2016 For the nine September 30, 2022 2021, The following is a summary of stock option activity for all equity plans for the nine September 30, 2022: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Outstanding as of December 31, 2021 1,334 $ 5.55 0.42 Forfeited or expired (1,334 ) 5.55 - Outstanding as of September 30, 2022 - $ - - Vested as of September 30, 2022 - $ - - Exercisable as of September 30, 2022 - $ - - For the three nine September 30, 2022 2021, September 30, 2022, Restricted Stock Restricted shares issued pursuant to restricted stock awards under the 2016 three may not A summary of the restricted stock activity is presented below: Shares Weighted Average Grant Date Fair Value Restricted shares as of December 31, 2021 181,221 $ 1.58 Granted 345,000 2.68 Vested (178,721 ) 2.12 Forfeited (80,000 ) 2.21 Restricted shares as of September 30, 2022 267,500 $ 2.44 For the three nine September 30 2022, three nine September 30, 2021, ely $21,000 and $70,000, res As of September 30, 2022, The following table sets forth the weighted average outstanding of potentially dilutive instruments for the three nine September 30, 2022 2021: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Stock options - 2,934 747 4,201 Warrants 1,192,085 1,192,085 1,192,085 1,170,204 Weighted average 1,192,085 1,195,019 1,192,832 1,174,405 The Company awarded 70,340 restricted shares for the 2022 nine September 30, 2022. The Company issued 50,000 restricted shares for the nine September 30, 2022 nine September 30, 2022. The Company granted Mark Patterson, the Company's Chief Financial Officer, a 300,000 share restricted stock award for the nine September 30, 2022 two January 1, 2023 January 1, 2024, not 2016 nine September 30, 2022, two January 1, 2023 January 1, 2024, 2016 one |
Note 10 - Segment Reporting
Note 10 - Segment Reporting | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 10 – Segment Reporting Enservco’s reportable operating segments are Production Services and Completion and Other Services. These segments have been selected based on management’s resource allocation and performance assessment in making decisions regarding the Company. The following is a description of the segments. Production Services This segment utilizes a fleet of hot oiling trucks and acidizing units to provide maintenance services to the domestic oil and gas industry. These services include hot oiling services and acidizing services. Hot oiling is utilized by customers to remove paraffins from wellbores, pipes and vessels. Acidizing services are utilized by customers to clean reservoir surfaces and increase flow rates. Completion and Other Services This segment utilizes a fleet of frac water heating units to provide frac water heating services and related support services to the domestic oil and gas industry. These services also include other services for other industries, which consist primarily of hauling and transport of materials and heat treating for customers. Frac water heating is utilized by customers during the completion of oil and gas wells. Unallocated This segment includes general overhead expenses and assets associated with managing all reportable operating segments which have not The following tables set forth certain financial information with respect to Enservco’s reportable segments (in thousands): Production Services Completion and Other Services Unallocated Total For the Three Months Ended September 30 , 2022: Revenues $ 2,788 $ 321 $ - $ 3,109 Cost of revenues 2,599 890 - 3,489 Segment profit (loss) $ 189 $ (569 ) $ - $ (380 ) Depreciation and amortization $ 546 $ 432 $ 91 $ 1,069 Capital expenditures $ 34 $ 27 $ - $ 61 Identifiable assets (1) $ 9,017 $ 7,131 $ 206 $ 16,354 For the Three Months Ended September 30, 2021: Revenues $ 2,483 $ 544 $ - $ 3,027 Cost of revenues 2,489 1,189 - 3,678 Segment loss $ (6 ) $ (645 ) $ - $ (651 ) Depreciation and amortization $ 639 $ 562 $ 101 $ 1,302 Capital expenditures $ 77 $ 68 $ 8 $ 153 Identifiable assets (1) $ 11,906 $ 10,460 $ 614 $ 22,980 Production Services Completion and Other Services Unallocated Total For the Nine Months Ended September 30, 2022: Revenues $ 8,645 $ 6,497 $ - $ 15,142 Cost of revenues 7,976 6,724 - 14,700 Segment profit (loss) $ 669 $ (227 ) $ - $ 442 Depreciation and amortization $ 1,593 $ 1,440 $ 284 $ 3,317 Capital expenditures $ 116 $ 104 $ - $ 220 Identifiable assets (1) $ 9,017 $ 7,131 $ 206 $ 16,354 For the Nine Months Ended September 30, 2021: Revenues $ 6,556 $ 4,701 $ - $ 11,257 Cost of revenues 6,802 5,680 - 12,482 Segment loss $ (246 ) $ (979 ) $ - $ (1,225 ) Depreciation and amortization $ 1,739 $ 1,935 $ 301 $ 3,975 Capital expenditures $ 166 $ 174 $ 8 $ 348 Identifiable assets (1) $ 11,906 $ 10,460 $ 614 $ 22,980 Note to tables: ( 1 Identifiable assets is calculated by summing the balances of accounts receivable, net; inventories; property and equipment, net; net right-of-use lease assets; assets held for sale; and other assets. The following table reconciles the segment losses reported above to the loss from operations reported in the condensed consolidated statements of operations (in thousands): For the Three Months Ended September 30 , 2022 2021 Segment loss $ (380 ) $ (651 ) Sales, general, and administrative expenses (1,094 ) (907 ) Severance and transition costs (2 ) - Loss on disposal of equipment (93 ) - Depreciation and amortization (1,069 ) (1,302 ) Loss from operations $ (2,638 ) $ (2,860 ) For the Nine Months Ended September 30 , 2022 2021 Segment profit (loss) $ 442 $ (1,225 ) Sales, general, and administrative expenses (3,763 ) (2,897 ) Severance and transition costs (301 ) (7 ) Loss on disposal of equipment (258 ) (70 ) Depreciation and amortization (3,317 ) (3,975 ) Loss from operations $ (7,197 ) $ (8,174 ) Geographic Areas The Company only conducts business in the USA, in what it believes are three three For the Three Months Ended September 30 , 2022 2021 BY GEOGRAPHY Production Services: Rocky Mountain Region (1) $ 325 $ 676 Central USA Region (2) 2,249 1,651 Eastern USA Region (3) 214 156 Total Production Services 2,788 2,483 Completion and Other Services: Rocky Mountain Region (1) 52 435 Central USA Region (2) 233 38 Eastern USA Region (3) 36 71 Total Completion and Other Services 321 544 Total Revenues $ 3,109 $ 3,027 For the Nine Months Ended September 30 , 2022 2021 BY GEOGRAPHY Production Services: Rocky Mountain Region (1) $ 1,494 $ 1,708 Central USA Region (2) 6,587 4,304 Eastern USA Region (3) 564 544 Total Production Services 8,645 6,556 Completion and Other Services: Rocky Mountain Region (1) 4,932 3,142 Central USA Region (2) 481 38 Eastern USA Region (3) 1,084 1,521 Total Completion and Other Services 6,497 4,701 Total Revenues $ 15,142 $ 11,257 Notes to tables: ( 1 Includes the DJ Basin/Niobrara field (northeastern Colorado and southeastern Wyoming), the San Juan Basin (southeastern Colorado and northeastern New Mexico), the Powder River and Green River Basins (northeastern and southwestern Wyoming), the Bakken area (western North Dakota and eastern Montana). ( 2 Includes the Eagle Ford Shale in Southern Texas and the East Texas Oil Field beginning during the second 2021. ( 3 Consists of the southern region of the Marcellus Shale formation (southwestern Pennsylvania and northern West Virginia) and the |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Going Concern, Policy [Policy Text Block] | Liquidity and Capital Resources On August 10, 2017, "2017 three "2017 September 23, 2020, five 2017 October 15, 2021. February 1, 2021, October 15, 2022, 2017 April 26, 2021 ( 10 November 15, 2021 October 15, 2022. On November 12, 2021, October three November December not three November 30, 2021, November December 31, 2021 November December January 31, 2022 March 31, 2022, three April 30, 2022 September 30, 2022, three April 30, 2022 May 31, 2022, February 2022 March 2022. October In March 2022, 2017 "March 2022 2017 July 2022, second "July 2022 September 2022, March 2022 Note 5 Our condensed consolidated financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activities and the realization of assets and settlement of liabilities in the normal course of business. For the three nine September 30, 2022, nine September 30, 2022 Note 5 nine September 30, 2022, nine September 30, 2021. September 30, 2022, Although the Company believes the Refinancing, recent debt financing from Cross River, and cash from operations will provide sufficient liquidity for at least the next twelve may no Note 5 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three one may |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable are stated at the amounts billed to customers, net of an allowance for uncollectible accounts. The Company provides an allowance for uncollectible accounts based on a review of outstanding receivables, historical collection information and existing economic conditions. The allowance for uncollectible amounts is continually reviewed and adjusted to maintain the allowance at a level considered adequate to cover potential future losses. This allowance is management's best estimate of uncollectible amounts and is determined based on historical collection experience related to accounts receivable coupled with a review of the current status of existing receivables. The losses ultimately incurred could differ materially in the near term from the amounts estimated in determining this allowance. As of September 30, 2022 December 31, 2021, d $482,000 three nine September 30, 2022, nine September 30, 2022, first 2022. three nine September 30, 2021, |
Inventory, Policy [Policy Text Block] | Inventories Inventories consist primarily of propane, diesel fuel and chemicals that are used in the servicing of oil wells and are carried at the lower of cost or net realizable value in accordance with the first first three nine September 30, 2022, hree and nine September 30, 202 1, y did not write-downs or write-offs of inventories . |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment consists of (i) trucks, trailers and pickups; (ii) (iii) real property which includes land and buildings used for office and shop facilities and wells used for the disposal of water; (iv) other equipment such as tools used for maintaining and repairing vehicles; and (v) office furniture and fixtures, and computer equipment. Property and equipment is stated at cost less accumulated depreciation. The Company capitalizes interest on certain qualifying assets that are undergoing activities to prepare them for their intended use. Interest costs incurred during the fabrication period are capitalized and amortized over the life of the assets. The Company did not three nine September 30, 2022 2021. Any difference between the net book value of the property and equipment and the proceeds of an asset’s sale, or settlement of an insurance claim, is recorded as a gain or loss in the Company’s condensed consolidated statements of operations. |
Lessee, Leases [Policy Text Block] | Leases The Company assesses whether an arrangement is a lease at inception. Leases with an initial term of 12 not not not The Company conducts a major part of its operations from leased facilities. Each of these leases is accounted for as an operating lease. Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not The Company amortizes leasehold improvements over the shorter of the life of the lease or the projected life of the improvements. The Company leases trucks and equipment in the normal course of business, which may rental expense on equipment under operating leases over the lease term as it becomes payable; there are no rent escalation terms associated with these equipment leases. The Company records amortization expense on equipment under finance leases on a straight-line basis, as well as interest expense based on our implicit borrowing rate at the date of the lease inception. The equipment leases contain purchase options that allow the Company to purchase the leased equipment at the end of the lease term, based on the market price of the equipment at the time of the lease termination. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circum stances indicate that the carrying amount of the asset may not three nine September 30, 2022 2021, no Assets Held for Sale The Company classifies long-lived assets intended to be sold as held for sale 1 2 3 4 one one 5 6 We initially measure a long-lived asset or disposal group that is classified as held for sale not held for sale not held for sale . For the three nine September 30, 2022 2021, Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, the Company ceases depreciation and reports long-lived assets and/or the assets and liabilities of the disposal group, if material, in the line item "Assets held for sale" |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Goodwill represents the excess purchase price over the fair value of identifiable assets received attributable to business acquisitions and combinations. Goodwill and other intangible assets are measured for impairment at least annually and/or whenever events and circumstances arise that indicate impairment may For the three nine September 30, 2022 2021, no |
Revenue [Policy Text Block] | Revenue Recognition The Company evaluates revenue when we can identify the contract with the customer, the performance obligations in the contract, the transaction price, and we are certain that the performance obligations have been met. Revenue is recognized when the service has been provided to the customer. The vast majority of the Company's services and product offerings are short-term in nature. The time between invoicing and when payment is due under these arrangements is generally thirty sixty no The Company’s agreements with its customers are often referred to as "price sheets" and sometimes provide pricing for multiple services. However, these agreements generally do not not Revenue is recognized for certain projects that take more than one Disaggregation of Revenues See Note 10 |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) Per Share Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net income (loss) by the diluted weighted average number of common shares outstanding for the period. The diluted weighted average number of common shares outstanding for the period is computed using the treasury stock method for Company common stock that may As of September 30, 2022 2021, three nine September 30, 2022, three nine September 30, 2022, As of September 30, 2022, Note 5 Note 9 September 30, 2022, September 30, 2022, not Further, as of September 30, 2022, two "March 2022 "July 2022 Note 5 March 2022 five July 2022 March 2022 July 2022 September 30, 2022 three nine September 30, 2022, ny had net income for either of the three nine September 30, 2022. As of September 30, 2021, Note 9 . As of September 30, 2021, September 30, 2021, not |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company recognizes deferred tax liabilities and assets based on the differences between the tax basis of assets and liabilities and their reported amounts in the condensed consolidated financial statements that will result in taxable or deductible amounts in future years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities will be recognized in income in the period that includes the enactment date. A deferred tax asset or liability that is not not The Company accounts for any uncertainty in income taxes by recognizing the tax benefit from an uncertain tax position only if, in the Company’s opinion, it is more likely than not 50% may The result of the reassessment of the Company’s tax positions did not Interest and penalties associated with tax positions are recorded in the period assessed as "Other expense" in the condensed consolidated statements of operations. The Company files income tax returns in the United States of America ("USA") and in the states in which it conducts its business operations. The Company ’s USA federal income tax filings for tax year s 2019 2021 2018 2021. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value The Company follows authoritative guidance that applies to all financial assets and liabilities required to be measured and reported on a fair value basis. The Company also applies the guidance to non-financial assets and liabilities measured at fair value on a non-recurring basis, including non-competition agreements and goodwill. The guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability ( ) in an orderly transaction between market participants at the measurement date. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability based on the best information available in the circumstances. Beginning in 2017 ). Specific inputs used in the Lattice are the underlying stock price, the exercise price of the warrant, expected dividends, historical volatility, term to expiration and risk-free interest rates. The Company did not three nine September 30, 2022. The hierarchy is broken down into three Level 1: Quoted prices are available in active markets for identical assets or liabilities; Level 2: Quoted prices in active markets for similar assets and liabilities that are observable for the asset or liability; or Level 3: Unobservable pricing inputs that are generally less observable from objective sources, such as discounted cash flow models or valuations. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based Compensation Stock-based compensation cost is measured at the date of grant, based on the calculated fair value of the award as described below, and is recognized over the requisite service period, which is generally the vesting period of the equity grant. The Company uses the Black-Scholes pricing model as a method for determining the estimated grant date fair value for all stock options awarded to employees, independent contractors, officers, and directors. The expected term of the options is based upon evaluation of historical and expected exercise behavior. The risk-free interest rate is based upon USA Treasury rates at the date of grant with maturity dates approximately equal to the expected life of the grant. Volatility is determined upon historical volatility of our stock and adjusted if future volatility is expected to vary from historical experience. The dividend yield is assumed to be zero not The Company uses a Lattice model to determine the fair value of certain warrants. The expected term used was the remaining contractual term. Expected volatility is based upon historical volatility over a term consistent with the remaining term. The risk-free interest rate is derived from the yield on zero The Company used the market-value of Company common stock to determine the fair value of the performance-based restricted stock awarded in 2018 2019. d in 2021 2020. |
Use of Estimates, Policy [Policy Text Block] | Management Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the realization of accounts receivable, evaluation of impairment of long-lived assets, stock-based compensation expense, income tax provisions and the valuation of deferred taxes. Actual results could differ from those estimates. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain prior period amounts may presentation. These reclassifications have no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, 326 December 15, 2022. not 2016 13 In December 2019, 2019 12, 740 740, 2019 12 January 1, 2021, not |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Current Ownership Hierarchy [Table Text Block] | Name State of Formation Ownership Business Heat Waves Hot Oil Service LLC Colorado 100% by Enservco Oil and natural gas well services, including logistics and stimulation. Adler Hot Oil Service, LLC Delaware 100% by Enservco Operations integrated into Heat Waves during 2019. Adler Hot Oil Service, LLC was dissolved during the second quarter of 2021. Heat Waves Water Management LLC Colorado 100% by Enservco Discontinued operations in 2019. Heat Waves Water Management LLC was dissolved during the second quarter of 2021. Dillco Fluid Service, Inc Kansas 100% by Enservco Discontinued operations in 2018. Dillco Fluid Service, Inc was dissolved during the second quarter of 2021. |
Note 3 - Property and Equipme_2
Note 3 - Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, 2022 December 31, 2021 Trucks and vehicles $ 53,313 $ 54,670 Other equipment 2,059 2,059 Buildings and improvements 2,600 3,140 Land 190 378 Total property and equipment 58,162 60,247 Accumulated depreciation (45,956 ) (44,074 ) Property and equipment, net $ 12,206 $ 16,173 |
Note 4 - Intangible Assets (Tab
Note 4 - Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30 , 2022 December 31, 2021 Customer relationships $ 626 $ 626 Patents and trademarks 441 441 Total intangible assets 1,067 1,067 Accumulated amortization (831 ) (668 ) Net carrying value $ 236 $ 399 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2023 2024 2025 2026 2027 Customer relationships $ 125 $ 10 $ - $ - $ - Patents and trademarks 93 8 - - - Total intangible asset amortization expense $ 218 $ 18 $ - $ - $ - |
Note 5 - Debt (Tables)
Note 5 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | September 30 , 2022 December 31, 2021 Senior Revolving Credit Facility with related party. All future interest through October 15, 2021 accrued to loan pursuant to the Fifth Amendment. Refinanced March 24, 2022. $ - $ 14,102 Utica Facility. Interest at 15.5% with monthly principal and interest payments on a fifty-one month amortization schedule. Additional elective interest rate surcharge. Collateralized by equipment of Heat Waves. Matures June 24, 2026. 5,746 - LSQ Facility. Upfront 0.1% invoice purchase fee on all invoices submitted. Funds daily usage fee of 0.021%. Maximum availability set at $10 million. 850 - March 2022 Convertible Note with related party. Interest at 7% with quarterly interest only payments until March 2023 followed by quarterly principal and interest payments on a ten-year amortization schedule. Matures March 22, 2028. 1,200 - July 2022 Convertible Note with related party. Interest at 7.75% with quarterly interest only payments until June 2023 followed by quarterly principal and interest payments on a ten-year amortization schedule. Matures July 15, 2028. 1,200 - Cross River Revolver Note with related party. Interest at 8% with principal payments due upon demand with thirty days notice. Matures September 22, 2023. 225 - Subordinated Promissory Note with related party. Non-interest bearing. $10,000 flat fee paid to consummate loan. Matured June 21, 2022. - 220 Real Estate Loan for a facility in North Dakota. Interest is at 5.75% with monthly principal and interest payment of $5,255 until October 3, 2023. Collateralized by land and property purchased with the loan. 69 112 Total long-term debt 9,290 14,434 Less debt discount and debt issuance costs (184 ) (9 ) Less current portion (2,263 ) (8,967 ) Long-term debt, net of debt discount and current portion $ 6,843 $ 5,458 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2023 $ 2,263 2024 1,514 2025 1,801 2026 2,131 2027 240 Thereafter 1,341 Total $ 9,290 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases Finance Leases 2023 $ 675 $ 14 2024 583 12 2025 384 1 2026 269 - Total future lease payments 1,911 27 Impact of discounting (183 ) (2 ) Discounted value of lease obligations $ 1,728 $ 25 |
Lease, Cost [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Operating lease cost: Current lease cost $ 13 $ 24 $ 62 $ 57 Long-term lease cost 183 256 637 768 Total operating lease cost $ 196 $ 280 $ 699 $ 825 Finance lease cost: Amortization of right-of-use assets $ 3 $ 7 $ 16 $ 54 Interest on lease liabilities - 1 1 5 Total finance lease cost $ 3 $ 8 $ 17 $ 59 For the Nine Months Ended September 30, 2022 2021 Operating: Weighted-average lease term (years) 3.07 3.57 Weighted-average discount rate 6.38 % 6.09 % Finance: Weighted-average lease term (years) 1.99 2.36 Weighted-average discount rate 5.59 % 5.72 % |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Weighted Average Weighted Average Remaining Shares Exercise Price Contractual Life (Years) Outstanding as of December 31, 2021 1,192,085 $ 3.57 3.75 Issued - - - Expired - - - Outstanding as of September 30, 2022 1,192,085 $ 3.57 3.00 Exercisable as of September 30, 2022 1,192,085 $ 3.57 3.00 |
Note 9 - Stock Options and Re_2
Note 9 - Stock Options and Restricted Stock (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Outstanding as of December 31, 2021 1,334 $ 5.55 0.42 Forfeited or expired (1,334 ) 5.55 - Outstanding as of September 30, 2022 - $ - - Vested as of September 30, 2022 - $ - - Exercisable as of September 30, 2022 - $ - - |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Restricted shares as of December 31, 2021 181,221 $ 1.58 Granted 345,000 2.68 Vested (178,721 ) 2.12 Forfeited (80,000 ) 2.21 Restricted shares as of September 30, 2022 267,500 $ 2.44 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Stock options - 2,934 747 4,201 Warrants 1,192,085 1,192,085 1,192,085 1,170,204 Weighted average 1,192,085 1,195,019 1,192,832 1,174,405 |
Note 10 - Segment Reporting (Ta
Note 10 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Production Services Completion and Other Services Unallocated Total For the Three Months Ended September 30 , 2022: Revenues $ 2,788 $ 321 $ - $ 3,109 Cost of revenues 2,599 890 - 3,489 Segment profit (loss) $ 189 $ (569 ) $ - $ (380 ) Depreciation and amortization $ 546 $ 432 $ 91 $ 1,069 Capital expenditures $ 34 $ 27 $ - $ 61 Identifiable assets (1) $ 9,017 $ 7,131 $ 206 $ 16,354 For the Three Months Ended September 30, 2021: Revenues $ 2,483 $ 544 $ - $ 3,027 Cost of revenues 2,489 1,189 - 3,678 Segment loss $ (6 ) $ (645 ) $ - $ (651 ) Depreciation and amortization $ 639 $ 562 $ 101 $ 1,302 Capital expenditures $ 77 $ 68 $ 8 $ 153 Identifiable assets (1) $ 11,906 $ 10,460 $ 614 $ 22,980 Production Services Completion and Other Services Unallocated Total For the Nine Months Ended September 30, 2022: Revenues $ 8,645 $ 6,497 $ - $ 15,142 Cost of revenues 7,976 6,724 - 14,700 Segment profit (loss) $ 669 $ (227 ) $ - $ 442 Depreciation and amortization $ 1,593 $ 1,440 $ 284 $ 3,317 Capital expenditures $ 116 $ 104 $ - $ 220 Identifiable assets (1) $ 9,017 $ 7,131 $ 206 $ 16,354 For the Nine Months Ended September 30, 2021: Revenues $ 6,556 $ 4,701 $ - $ 11,257 Cost of revenues 6,802 5,680 - 12,482 Segment loss $ (246 ) $ (979 ) $ - $ (1,225 ) Depreciation and amortization $ 1,739 $ 1,935 $ 301 $ 3,975 Capital expenditures $ 166 $ 174 $ 8 $ 348 Identifiable assets (1) $ 11,906 $ 10,460 $ 614 $ 22,980 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | For the Three Months Ended September 30 , 2022 2021 Segment loss $ (380 ) $ (651 ) Sales, general, and administrative expenses (1,094 ) (907 ) Severance and transition costs (2 ) - Loss on disposal of equipment (93 ) - Depreciation and amortization (1,069 ) (1,302 ) Loss from operations $ (2,638 ) $ (2,860 ) For the Nine Months Ended September 30 , 2022 2021 Segment profit (loss) $ 442 $ (1,225 ) Sales, general, and administrative expenses (3,763 ) (2,897 ) Severance and transition costs (301 ) (7 ) Loss on disposal of equipment (258 ) (70 ) Depreciation and amortization (3,317 ) (3,975 ) Loss from operations $ (7,197 ) $ (8,174 ) |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | For the Three Months Ended September 30 , 2022 2021 BY GEOGRAPHY Production Services: Rocky Mountain Region (1) $ 325 $ 676 Central USA Region (2) 2,249 1,651 Eastern USA Region (3) 214 156 Total Production Services 2,788 2,483 Completion and Other Services: Rocky Mountain Region (1) 52 435 Central USA Region (2) 233 38 Eastern USA Region (3) 36 71 Total Completion and Other Services 321 544 Total Revenues $ 3,109 $ 3,027 For the Nine Months Ended September 30 , 2022 2021 BY GEOGRAPHY Production Services: Rocky Mountain Region (1) $ 1,494 $ 1,708 Central USA Region (2) 6,587 4,304 Eastern USA Region (3) 564 544 Total Production Services 8,645 6,556 Completion and Other Services: Rocky Mountain Region (1) 4,932 3,142 Central USA Region (2) 481 38 Eastern USA Region (3) 1,084 1,521 Total Completion and Other Services 6,497 4,701 Total Revenues $ 15,142 $ 11,257 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation - Current Ownership Hierarchy (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Heat Waves Hot Oil Service LLC at Colorado [Member] | |
Subsidiary or Equity Method Investee | 100% |
Adler Hot Oil Service, LLC [Member] | |
Subsidiary or Equity Method Investee | 100% |
Heat Waves Water Management LLC at Colorado [Member] | |
Subsidiary or Equity Method Investee | 100% |
Dillco Fluid Service, Inc. at Kansas [Member] | |
Subsidiary or Equity Method Investee | 100% |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||||||||
Jul. 15, 2022 | Apr. 26, 2021 | Sep. 23, 2020 | Aug. 10, 2017 | Mar. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | May 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 22, 2022 | Nov. 12, 2021 | |
Net Income (Loss) Attributable to Parent, Total | $ (3,076,000) | $ (3,935,000) | $ 3,140,000 | $ 369,000 | $ (1,433,000) | $ (3,902,000) | $ (3,871,000) | $ (4,966,000) | |||||||||||
Gain (Loss) on Extinguishment of Debt, Total | 0 | 0 | 4,277,000 | 0 | |||||||||||||||
Operating Income (Loss), Total | (2,638,000) | (2,860,000) | (7,197,000) | (8,174,000) | |||||||||||||||
Cash and Cash Equivalents, at Carrying Value, Total | $ 149,000 | 211,000 | $ 211,000 | 211,000 | |||||||||||||||
Working Capital Deficit | 4,300,000 | 4,300,000 | 4,300,000 | ||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Current | $ 482,000 | 245,000 | $ 245,000 | 245,000 | |||||||||||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 0 | (18,000) | 0 | (15,000) | |||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 237,000 | ||||||||||||||||||
Inventory Write-down | 52,000 | 0 | 52,000 | 0 | |||||||||||||||
Interest Costs Capitalized | 0 | 0 | 0 | 0 | |||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Warrants, Outstanding, Number (in shares) | 1,192,085 | 1,195,019 | 1,192,085 | 1,192,085 | 1,195,019 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Warrants, Outstanding, Aggregate Intrinsic Value | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||
Payments of Dividends, Total | $ 0 | ||||||||||||||||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||||||||||||||||||
Open Tax Year | 2019 2020 2021 | ||||||||||||||||||
State and Local Jurisdiction [Member] | |||||||||||||||||||
Open Tax Year | 2018 2019 2020 2021 | ||||||||||||||||||
Service-based Restricted Stock [Member] | |||||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 242,500 | 25,000 | 242,500 | 25,000 | |||||||||||||||
Minimum [Member] | |||||||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||||||||||||||||
Maximum [Member] | |||||||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 30 years | ||||||||||||||||||
Warrant Issued in Connection with Amended 2017 Credit Agreement [Member] | |||||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1,000,000 | ||||||||||||||||||
Conversion from 2017 Credit Agreement Loan Concession to Common Stock [Member] | |||||||||||||||||||
Debt Conversion, Forgiven Debt, Amount | $ 16,000,000 | ||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 533,334 | ||||||||||||||||||
The 2017 Credit Agreement [Member] | East West Bank [Member] | |||||||||||||||||||
Debt Instrument, Covenant, Percentage of Projected Gross Revenue Achieved | 80% | 80% | 80% | 80% | 70% | 70% | |||||||||||||
Debt Instrument, Fee Amount | $ 70,000 | ||||||||||||||||||
The 2017 Credit Agreement [Member] | East West Bank [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument, Term (Year) | 10 years | 3 years | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | $ 37,000,000 | |||||||||||||||||
Debt Instrument, Covenant, Percentage of Projected Gross Revenue Achieved | 80% | 80% | 80% | 80% | 70% | ||||||||||||||
Debt Instrument, Fee Amount | $ 70,000 | ||||||||||||||||||
Debt Instrument, Decrease, Forgiveness | $ 4,300,000 | ||||||||||||||||||
July 2022 Convertible Note [Member] | |||||||||||||||||||
Proceeds from Convertible Debt | $ 1,200,000 | ||||||||||||||||||
Debt Instrument, Face Amount | $ 1,200,000 | $ 1,200,000 | $ 1,200,000 | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 1.69 | $ 1.69 | $ 1.69 | $ 1.69 | |||||||||||||||
Cross River Revolver [Member] | Cross River [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 750,000 | ||||||||||||||||||
March 2022 Convertible Note [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 1,200,000 | $ 1,200,000 | $ 1,200,000 | ||||||||||||||||
March 2022 Convertible Note and July 2022 Convertible Note [Member] | |||||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities (in shares) | 1,532,239 | 850,289 |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Depreciation, Total | $ 1 | $ 1.2 | $ 3.1 | $ 3.8 |
Note 3 - Property and Equipme_4
Note 3 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property and equipment, gross | $ 58,162 | $ 60,247 |
Accumulated depreciation | (45,956) | (44,074) |
Property and equipment, net | 12,206 | 16,173 |
Vehicles [Member] | ||
Property and equipment, gross | 53,313 | 54,670 |
Property, Plant and Equipment, Other Types [Member] | ||
Property and equipment, gross | 2,059 | 2,059 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 2,600 | 3,140 |
Land [Member] | ||
Property and equipment, gross | $ 190 | $ 378 |
Note 4 - Intangible Assets (Det
Note 4 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |||
Amortization of Intangible Assets | $ 54,000 | $ 54,000 | $ 163,000 | $ 163,000 |
Note 4 - Intangible Assets - Co
Note 4 - Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Intangible assets, gross | $ 1,067 | $ 1,067 |
Accumulated amortization | (831) | (668) |
Net carrying value | 236 | 399 |
Customer Relationships [Member] | ||
Intangible assets, gross | 626 | 626 |
Intellectual Property [Member] | ||
Intangible assets, gross | $ 441 | $ 441 |
Note 4 - Intangible Assets - Ex
Note 4 - Intangible Assets - Expected Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Expected amortization expense, 2022 | $ 218 |
Expected amortization expense, 2023 | 18 |
Expected amortization expense, 2024 | 0 |
Expected amortization expense, 2025 | 0 |
Expected amortization expense, 2026 | 0 |
Customer Relationships [Member] | |
Expected amortization expense, 2022 | 125 |
Expected amortization expense, 2023 | 10 |
Expected amortization expense, 2024 | 0 |
Expected amortization expense, 2025 | 0 |
Expected amortization expense, 2026 | 0 |
Patents and Trademarks [Member] | |
Expected amortization expense, 2022 | 93 |
Expected amortization expense, 2023 | 8 |
Expected amortization expense, 2024 | 0 |
Expected amortization expense, 2025 | 0 |
Expected amortization expense, 2026 | $ 0 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||||||||||||||||
Nov. 03, 2022 | Sep. 22, 2022 | Jul. 15, 2022 | Mar. 24, 2022 | Mar. 09, 2022 | Apr. 26, 2021 | Mar. 18, 2021 | Feb. 11, 2021 | Sep. 23, 2020 | Aug. 10, 2017 | Dec. 31, 2021 | Nov. 30, 2021 | May 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 13, 2022 | Mar. 22, 2022 | Dec. 21, 2021 | Nov. 12, 2021 | Mar. 24, 2021 | Dec. 31, 2020 | |
Repayments of Long-term Debt, Total | $ 43,000 | $ 86,000 | |||||||||||||||||||||||||
Long-term Debt, Total | $ 14,434,000 | $ 9,290,000 | $ 9,290,000 | $ 9,290,000 | |||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 3.57 | $ 3.57 | $ 3.57 | $ 3.57 | |||||||||||||||||||||||
Proceeds from Sale of Productive Assets, Total | $ 272,000 | ||||||||||||||||||||||||||
Interest Expense, Total | $ 448,000 | $ 6,000 | $ 1,053,000 | $ 50,000 | |||||||||||||||||||||||
Subsequent Event [Member] | One Parcels of Real Property in North Dakota [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 550,000 | ||||||||||||||||||||||||||
Heat Waves Hot Oil Service LLC at Colorado [Member] | |||||||||||||||||||||||||||
Maximum Percentage on Advance to Accounts Receivable Factored | 85% | ||||||||||||||||||||||||||
Maximum Amount on Advance to Accounts Receivable Factored | $ 10,000,000 | ||||||||||||||||||||||||||
Receivable Fee, Percentage of Receivable Purchased in Addition to Fund Usage Daily Fee | 0.10% | ||||||||||||||||||||||||||
Funds Usage Daily Fee, Percentage | 0.021% | ||||||||||||||||||||||||||
Warrant Issued in Connection with Amended 2017 Credit Agreement [Member] | |||||||||||||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1,000,000 | ||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 3.75 | ||||||||||||||||||||||||||
Warrants and Rights Outstanding | $ 1,400,000 | ||||||||||||||||||||||||||
Cross River Warrants [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.11 | ||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 568,720 | ||||||||||||||||||||||||||
Conversion from 2017 Credit Agreement Loan Concession to Common Stock [Member] | |||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 533,334 | ||||||||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.0775 | ||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 1,100,000 | ||||||||||||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||||||||||||
Long-term Debt, Total | $ 14,102,000 | 0 | $ 0 | 0 | |||||||||||||||||||||||
Utica Leaseco, LLC [Member] | Master Lease Agreement [Member] | Heat Waves Hot Oil Service LLC at Colorado [Member] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 6,225,000 | ||||||||||||||||||||||||||
Debt Instrument, Term (Year) | 51 months | ||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 168,075 | ||||||||||||||||||||||||||
Debt Instrument, Surcharge Percentage Per Month | 1% | ||||||||||||||||||||||||||
Debt Instrument, Percentage That Exceeds Prime Rate for Surcharge | 0.25% | ||||||||||||||||||||||||||
Debt Instrument, Minimum Prime Rate Percentage That Triggers Surcharge | 3.25% | ||||||||||||||||||||||||||
Debt Instrument, Covenant, Option, Payment of Lease Facility in Exchange for Reduced Payment schedule | $ 1,000,000 | ||||||||||||||||||||||||||
Utica Leaseco, LLC [Member] | Master Lease Agreement [Member] | Heat Waves Hot Oil Service LLC at Colorado [Member] | Minimum [Member] | |||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid, Percentage of Principle | 1% | ||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 62,250 | ||||||||||||||||||||||||||
Utica Leaseco, LLC [Member] | Master Lease Agreement [Member] | Heat Waves Hot Oil Service LLC at Colorado [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid, Percentage of Principle | 10% | ||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 622,500 | ||||||||||||||||||||||||||
The 2017 Credit Agreement [Member] | East West Bank [Member] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Calculated Monthly and Paid in Arrears | 5.25% | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Accrued on Principal Balance | 3% | ||||||||||||||||||||||||||
Debt Instrument, Covenant, Minimum Liquidity | $ 1,500,000 | ||||||||||||||||||||||||||
Debt Instrument, Covenant, Percentage of Projected Gross Revenue Achieved | 80% | 80% | 80% | 80% | 70% | 70% | |||||||||||||||||||||
Debt Instrument, Covenant, Maximum Capital Expenditures | $ 1,200,000 | ||||||||||||||||||||||||||
Repayments of Long-term Debt, Total | $ 3,000,000 | ||||||||||||||||||||||||||
Long-term Debt, Total | $ 13,500,000 | ||||||||||||||||||||||||||
Debt, Weighted Average Interest Rate | 8.25% | ||||||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,000,000 | ||||||||||||||||||||||||||
Long-term Debt, Gross | 14,100,000 | ||||||||||||||||||||||||||
Interest Payable | $ 38,000 | ||||||||||||||||||||||||||
Debt Instrument, Fee Amount | $ 70,000 | ||||||||||||||||||||||||||
Gains (Losses) on Restructuring of Debt | $ 11,900,000 | ||||||||||||||||||||||||||
Interest Expense, Total | 20,000 | 41,000 | |||||||||||||||||||||||||
Unamortized Debt Issuance Expense | 184,000 | $ 184,000 | 184,000 | ||||||||||||||||||||||||
The 2017 Credit Agreement [Member] | East West Bank [Member] | Equipment Term Loan [Member] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 17,000,000 | ||||||||||||||||||||||||||
The 2017 Credit Agreement [Member] | East West Bank [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity, Percent of Eligible Receivables | 85% | ||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Trucks and Equipment | 85% | ||||||||||||||||||||||||||
Line of Credit Facility, Decrease, Forgiveness | 16,000,000 | ||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | $ 37,000,000 | |||||||||||||||||||||||||
Debt Instrument, Term (Year) | 10 years | 3 years | |||||||||||||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ||||||||||||||||||||||||||
Debt Instrument, Covenant, Percentage of Projected Gross Revenue Achieved | 80% | 80% | 80% | 80% | 70% | ||||||||||||||||||||||
Debt Instrument, Fee Amount | $ 70,000 | ||||||||||||||||||||||||||
The 2022 Refinancing Agreement [Member] | East West Bank [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||
Long-term Debt, Gross | $ 14,100,000 | ||||||||||||||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 13,800,000 | ||||||||||||||||||||||||||
Repayments of Lines of Credit | $ 8,400,000 | ||||||||||||||||||||||||||
Lines of Credit, Percentage of Net Proceeds From Receivables Financing, Payments for Refinancing. | 5% | ||||||||||||||||||||||||||
Lines of Credit, Value of Net Proceeds From Receivables Financing, Payments for Refinancing. | $ 1,000,000 | ||||||||||||||||||||||||||
Long-Term Line of Credit, Noncurrent | 5,400,000 | ||||||||||||||||||||||||||
Cross River Working Capital Note [Member] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 1,200,000 | ||||||||||||||||||||||||||
Debt Instrument, Term (Year) | 6 years | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7% | ||||||||||||||||||||||||||
Subordinated Debt with Related Party [Member] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 220,000 | ||||||||||||||||||||||||||
Long-term Debt, Total | 220,000 | 0 | $ 0 | 0 | |||||||||||||||||||||||
Interest Payable | 10,000 | ||||||||||||||||||||||||||
Deposit Assets, Total | $ 210,000 | ||||||||||||||||||||||||||
Interest Expense, Total | 0 | 5,000 | |||||||||||||||||||||||||
Repayments of Subordinated Debt, Total | $ 162,000 | ||||||||||||||||||||||||||
July 2022 Convertible Note [Member] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | 1,200,000 | 1,200,000 | 1,200,000 | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | ||||||||||||||||||||||||||
Long-term Debt, Total | 0 | $ 1,200,000 | $ 1,200,000 | $ 1,200,000 | |||||||||||||||||||||||
Proceeds from Convertible Debt | $ 1,200,000 | ||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 1.69 | $ 1.69 | $ 1.69 | $ 1.69 | |||||||||||||||||||||||
Cross River Revolver [Member] | |||||||||||||||||||||||||||
Long-term Debt, Total | $ 0 | $ 225,000 | $ 225,000 | $ 225,000 | |||||||||||||||||||||||
Cross River Revolver [Member] | Cross River [Member] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 750,000 | ||||||||||||||||||||||||||
Debt Instrument, Term (Year) | 1 year | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | ||||||||||||||||||||||||||
Long-term Debt, Total | $ 225,000 | $ 225,000 | $ 225,000 | ||||||||||||||||||||||||
Cross River Revolver [Member] | Cross River [Member] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 750,000 | ||||||||||||||||||||||||||
Cross River Exchange Note [Member] | Cross River [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||
Payment of Financing and Stock Issuance Costs, Total | $ 450,000 | ||||||||||||||||||||||||||
Extinguishment of Debt, Amount | 750,000 | ||||||||||||||||||||||||||
November 2022 Convertible Note [Member] | Cross River [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 1,200,000 | ||||||||||||||||||||||||||
Debt Instrument, Term (Year) | 2 years | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | ||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 2.11 |
Note 5 - Debt - Summary of Long
Note 5 - Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Long-term debt | $ 9,290 | $ 14,434 |
Less debt discount and debt issuance costs | (184) | (9) |
Less current portion | (2,263) | (8,967) |
Long-term debt, net of debt discount and current portion | 6,843 | 5,458 |
March 2022 Convertible Note [Member] | ||
Long-term debt | 1,200 | 0 |
July 2022 Convertible Note [Member] | ||
Long-term debt | 1,200 | 0 |
Cross River Revolver [Member] | ||
Long-term debt | 225 | 0 |
Subordinated Debt with Related Party [Member] | ||
Long-term debt | 0 | 220 |
Real Estate Loan 1 [Member] | ||
Long-term debt | 69 | 112 |
Revolving Credit Facility [Member] | ||
Long-term debt | 0 | 14,102 |
Utica Leaseco, LLC [Member] | ||
Long-term debt | 5,746 | 0 |
L S Q [Member] | ||
Long-term debt | $ 850 | $ 0 |
Note 5 - Debt - Summary of Lo_2
Note 5 - Debt - Summary of Long-term Debt (Details) (Parentheticals) | Jul. 15, 2022 |
July 2022 Convertible Note [Member] | |
Interest rate | 7.75% |
Note 5 - Debt - Summary of Matu
Note 5 - Debt - Summary of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
2023 | $ 2,263 | |
2024 | 1,514 | |
2025 | 1,801 | |
2026 | 2,131 | |
2027 | 240 | |
Thereafter | 1,341 | |
Total | $ 9,290 | $ 14,434 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | 21% | ||
Change in Control Pursuant to Issuance of Common Stock, Shares (in shares) | 4,199,998 | |||||
Deferred Income Tax Expense (Benefit), Total | $ (546) | $ 0 | $ 402 | |||
Income Tax Provision, Before Adjustment | $ 900 | |||||
Income Tax Provision, After Adjustment | $ 0 |
Note 7 - Commitments and Cont_3
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) | 1 Months Ended | 51 Months Ended | ||
Dec. 31, 2021 | Sep. 30, 2022 | Jun. 30, 2015 | Mar. 31, 2022 | |
Self-insured Amount per Individual Claim | $ 50,000 | |||
Self-insured, Maximum Coverage Policy | $ 1,800,000 | |||
Self Insurance Reserve | $ 0 | $ 0 | ||
Other Income | 92,000 | |||
Workers' Compensation, Maximum Coverage Policy | 1,800,000 | |||
Workers' Compensation, Accumulated Payments on Claims | 1,800,000 | |||
Workers' Compensation, Estimated Accruals | $ 1,600,000 | |||
Worker's Compensation, Prepaid Amount | $ 126,000 | |||
Payments for Legal Settlements | $ 9,300,000 |
Note 7 - Commitments and Cont_4
Note 7 - Commitments and Contingencies - Future Minimum Lease Commitments (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
2023, operating leases | $ 675 |
2023, finance leases | 14 |
2024, operating leases | 583 |
2024, finance leases | 12 |
2025, operating leases | 384 |
2025, finance leases | 1 |
2026, operating leases | 269 |
2026, finance leases | 0 |
Total future lease payments, operating leases | 1,911 |
Total future lease payments, finance leases | 27 |
Impact of discounting, operating leases | (183) |
Impact of discounting, finance leases | (2) |
Discounted value of lease obligations, operating leases | 1,728 |
Discounted value of lease obligations, finance leases | $ 25 |
Note 7 - Commitments and Cont_5
Note 7 - Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Current lease cost | $ 13 | $ 24 | $ 62 | $ 57 |
Long-term lease cost | 183 | 256 | 637 | 768 |
Total operating lease cost | 196 | 280 | 699 | 825 |
Amortization of right-of-use assets | 3 | 7 | 16 | 54 |
Interest on lease liabilities | 0 | 1 | 1 | 5 |
Total finance lease cost | $ 3 | $ 8 | $ 17 | $ 59 |
Weighted-average lease term (years), operating (Year) | 3 years 25 days | 3 years 6 months 25 days | 3 years 25 days | 3 years 6 months 25 days |
Weighted-average discount rate, operating | 6.38% | 6.09% | 6.38% | 6.09% |
Weighted-average lease term (years), financing (Year) | 1 year 11 months 26 days | 2 years 4 months 9 days | 1 year 11 months 26 days | 2 years 4 months 9 days |
Weighted-average discount rate, financing | 5.59% | 5.72% | 5.59% | 5.72% |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) - USD ($) | Feb. 11, 2021 | Sep. 30, 2022 | Dec. 31, 2021 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 3.57 | $ 3.57 | |
Warrant Issued in connection with Conversion of Subordinated Debt [Member] | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 150,418 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.507 | ||
Class of Warrant or Right, Grant Date Fair Value (in dollars per share) | $ 2.02 | ||
Class of Warrant or Right, Period Following Issuance at which Warrants are Exercisable (Year) | 1 year | ||
Warrants and Rights Outstanding | $ 304,000 | ||
Warrants Issued in Connection With the Conversion of Subordinated Loan Agreement to Common Stock [Member] | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 150,418 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.507 | ||
Class of Warrant or Right, Period Following Issuance at which Warrants are Exercisable (Year) | 1 year | ||
Class of Warrant or Right, Grants in Period, Grant Date Fair Value (in dollars per share) | $ 2.02 | ||
Conversion from Subordinated Promissory Note to Common Stock [Member] | |||
Debt Conversion, Original Debt, Amount | $ 625,000 | ||
Debt Conversion, Accrued Interest, Amount | $ 62,000 | ||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 601,674 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Summary of Warrant Activity (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Outstanding (in shares) | 1,192,085 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.57 | |
Outstanding, weighted average remaining contractual life (Year) | 3 years | 3 years 9 months |
Issued (in shares) | 0 | |
Issued, weighted average exercise price (in dollars per share) | $ 0 | |
Expired (in shares) | 0 | |
Expired, weighted average exercise price (in dollars per share) | $ 0 | |
Outstanding (in shares) | 1,192,085 | 1,192,085 |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.57 | $ 3.57 |
Exercisable (in shares) | 1,192,085 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 3.57 | |
Exercisable, weighted average remaining contractual life (Year) | 3 years |
Note 9 - Stock Options and Re_3
Note 9 - Stock Options and Restricted Stock (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
Jan. 01, 2024 | Jan. 01, 2023 | Jan. 01, 2016 | Jul. 27, 2010 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Jul. 18, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 0 | 1,334 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 0 | 0 | ||||||||
Restricted Stock [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 267,500 | 267,500 | 181,221 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 323,000 | $ 323,000 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 3 months | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 345,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 80,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 178,721 | |||||||||
Restricted Stock [Member] | Former Chief Financial Officer [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 50,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grant Date Fair Value | $ 112,000 | $ 112,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 61,000 | |||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 200,000 | 200,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 300,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 100,000 | |||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | Forecast [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 100,000 | 100,000 | ||||||||
Restricted Stock [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | ||||||||||
Share-Based Payment Arrangement, Expense | $ 60,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 70,340 | |||||||||
Restricted Stock [Member] | Selling, General and Administrative Expenses [Member] | ||||||||||
Share-Based Payment Arrangement, Expense | $ 159,000 | $ 21,000 | $ 655,000 | $ 70,000 | ||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||
Share-Based Payment Arrangement, Expense | 0 | $ 0 | 0 | $ 0 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 | $ 0 | ||||||||
Option Plan 2010 Member | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 15% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 381,272 | 0 | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 2,541,809 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 159,448 | |||||||||
Option Plan 2010 Member | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||||
Option Plan 2010 Member | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||
The 2016 Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 692,782 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 0 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 533,334 | |||||||||
The 2016 Plan [Member] | Restricted Stock [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 226,221 | 226,221 | ||||||||
The 2016 Plan [Member] | Restricted Stock [Member] | Chief Financial Officer [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 30,000 | 30,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 45,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 15,000 | |||||||||
The 2016 Plan [Member] | Restricted Stock [Member] | Chief Financial Officer [Member] | Forecast [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 15,000 | 15,000 |
Note 9 - Stock Options and Re_4
Note 9 - Stock Options and Restricted Stock - Summary of Stock Option Activity (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Outstanding (in shares) | 1,334 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 5.55 | |
Outstanding, weighted average remaining contractual life (Year) | 5 months 1 day | |
Forfeited or expired (in shares) | (1,334) | |
Forfeited or Expired, weighted average exercise price (in dollars per share) | $ 5.55 | |
Outstanding (in shares) | 0 | 1,334 |
Outstanding, weighted average exercise price (in dollars per share) | $ 0 | $ 5.55 |
Vested (in shares) | 0 | |
Vested, weighted average exercise price (in dollars per share) | $ 0 | |
Exercisable (in shares) | 0 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 0 |
Note 9 - Stock Options and Re_5
Note 9 - Stock Options and Restricted Stock - Summary of Restricted Stock Options (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Balance, Restricted shares (in shares) | shares | 181,221 |
Balance, Restricted shares, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.58 |
Granted, Restricted shares (in shares) | shares | 345,000 |
Granted, Restricted shares, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.68 |
Vested, Restricted shares (in shares) | shares | (178,721) |
Vested, Restricted shares, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.12 |
Forfeited, Restricted shares (in shares) | shares | (80,000) |
Forfeited, Restricted shares, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.21 |
Balance, Restricted shares (in shares) | shares | 267,500 |
Balance, Restricted shares, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.44 |
Note 9 - Stock Options and Re_6
Note 9 - Stock Options and Restricted Stock - Potentially Dilutive Instruments (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Potentially dilutive instruments (in shares) | 1,192,085 | 1,195,019 | 1,192,832 | 1,174,405 |
Share-Based Payment Arrangement, Option [Member] | ||||
Potentially dilutive instruments (in shares) | 0 | 2,934 | 747 | 4,201 |
Warrant [Member] | ||||
Potentially dilutive instruments (in shares) | 1,192,085 | 1,192,085 | 1,192,085 | 1,170,204 |
Note 10 - Segment Reporting - R
Note 10 - Segment Reporting - Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Revenues | $ 3,109 | $ 3,027 | $ 15,142 | $ 11,257 | |
Cost of revenues | 3,489 | 3,678 | 14,700 | 12,482 | |
Segment profit (loss) | (380) | (651) | 442 | (1,225) | |
Depreciation and amortization | 1,069 | 1,302 | 3,317 | 3,975 | |
Capital expenditures | 61 | 153 | 220 | 348 | |
Identifiable assets | [1] | 16,354 | 22,980 | 16,354 | 22,980 |
Production Services [Member] | |||||
Revenues | 2,788 | 2,483 | 8,645 | 6,556 | |
Cost of revenues | 2,599 | 2,489 | 7,976 | 6,802 | |
Segment profit (loss) | 189 | (6) | 669 | (246) | |
Depreciation and amortization | 546 | 639 | 1,593 | 1,739 | |
Capital expenditures | 34 | 77 | 116 | 166 | |
Identifiable assets | [1] | 9,017 | 11,906 | 9,017 | 11,906 |
Completion Services [Member] | |||||
Revenues | 321 | 544 | 6,497 | 4,701 | |
Cost of revenues | 890 | 1,189 | 6,724 | 5,680 | |
Segment profit (loss) | (569) | (645) | (227) | (979) | |
Depreciation and amortization | 432 | 562 | 1,440 | 1,935 | |
Capital expenditures | 27 | 68 | 104 | 174 | |
Identifiable assets | [1] | 7,131 | 10,460 | 7,131 | 10,460 |
Unallocated and Other Segments [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Cost of revenues | 0 | 0 | 0 | 0 | |
Segment profit (loss) | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 91 | 101 | 284 | 301 | |
Capital expenditures | 0 | 8 | 0 | 8 | |
Identifiable assets | [1] | $ 206 | $ 614 | $ 206 | $ 614 |
[1]Identifiable assets is calculated by summing the balances of accounts receivable, net; inventories; property and equipment, net; net right-of-use lease assets; assets held for sale; and other assets. |
Note 10 - Segment Reporting - I
Note 10 - Segment Reporting - Income From Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment loss | $ (380) | $ (651) | $ 442 | $ (1,225) |
Sales, general, and administrative expenses | (1,094) | (907) | (3,763) | (2,897) |
Severance and transition costs | (2) | 0 | (301) | (7) |
Loss on disposal of equipment | (93) | 0 | (258) | (70) |
Depreciation and amortization | (1,069) | (1,302) | (3,317) | (3,975) |
Loss from operations | (2,638) | (2,860) | (7,197) | (8,174) |
Operating Income (Loss), Total | $ (2,638) | $ (2,860) | $ (7,197) | $ (8,174) |
Note 10 - Segment Reporting -_2
Note 10 - Segment Reporting - Revenues by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Revenue | $ 3,109 | $ 3,027 | $ 15,142 | $ 11,257 | |
Production Services [Member] | |||||
Revenue | 2,788 | 2,483 | 8,645 | 6,556 | |
Completion Services [Member] | |||||
Revenue | 321 | 544 | 6,497 | 4,701 | |
Rocky Mountain Region [Member] | Production Services [Member] | |||||
Revenue | [1] | 325 | 676 | 1,494 | 1,708 |
Rocky Mountain Region [Member] | Completion Services [Member] | |||||
Revenue | [1] | 52 | 435 | 4,932 | 3,142 |
Central USA Region [Member] | Production Services [Member] | |||||
Revenue | [2] | 2,249 | 1,651 | 6,587 | 4,304 |
Central USA Region [Member] | Completion Services [Member] | |||||
Revenue | [2] | 233 | 38 | 481 | 38 |
Eastern USA Region [Member] | Production Services [Member] | |||||
Revenue | [3] | 214 | 156 | 564 | 544 |
Eastern USA Region [Member] | Completion Services [Member] | |||||
Revenue | [3] | $ 36 | $ 71 | $ 1,084 | $ 1,521 |
[1]Includes the DJ Basin/Niobrara field (northeastern Colorado and southeastern Wyoming), the San Juan Basin (southeastern Colorado and northeastern New Mexico), the Powder River and Green River Basins (northeastern and southwestern Wyoming), the Bakken area (western North Dakota and eastern Montana).[2]Includes the Eagle Ford Shale in Southern Texas and the East Texas Oil Field beginning during the second quarter of 2021.[3]Consists of the southern region of the Marcellus Shale formation (southwestern Pennsylvania and northern West Virginia) and the Utica Shale formation (eastern Ohio). |