Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 02, 2021 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-32472 | |
Entity Registrant Name | DAWSON GEOPHYSICAL COMPANY | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 74-2095844 | |
Entity Address, Address Line One | 508 West Wall, Suite 800 | |
Entity Address, City or Town | Midland | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 79701 | |
City Area Code | 432 | |
Local Phone Number | 684-3000 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | DWSN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 23,643,934 | |
Entity Central Index Key | 0000799165 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 36,018 | $ 40,955 |
Restricted cash | 5,000 | 5,000 |
Short-term investments | 583 | 583 |
Accounts receivable, net | 325 | 7,343 |
Prepaid expenses and other current assets | 2,516 | 4,709 |
Total current assets | 44,442 | 58,590 |
Property and equipment, net | 28,941 | 38,900 |
Right-of-use assets | 4,703 | 5,494 |
Intangibles, net | 394 | 393 |
Total assets | 78,480 | 103,377 |
Current liabilities: | ||
Accounts payable | 1,557 | 1,603 |
Accrued liabilities: | ||
Payroll costs and other taxes | 672 | 1,045 |
Other | 1,491 | 1,811 |
Deferred revenue | 96 | 1,779 |
Current maturities of notes payable and finance leases | 246 | 94 |
Current maturities of operating lease liabilities | 1,006 | 1,109 |
Total current liabilities | 5,068 | 7,441 |
Long-term liabilities: | ||
Notes payable and finance leases, net of current maturities | 10 | 44 |
Operating lease liabilities, net of current maturities | 4,177 | 4,899 |
Deferred tax liabilities, net | 19 | 19 |
Total long-term liabilities | 4,206 | 4,962 |
Operating commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock-par value $1.00 per share; 4,000,000 shares authorized, none outstanding | ||
Common stock-par value $0.01 per share; 35,000,000 shares authorized, 23,692,379 and 23,526,517 shares issued, and 23,643,934 and 23,478,072 shares outstanding at September 30, 2021 and December 31, 2020, respectively | 237 | 235 |
Additional paid-in capital | 155,101 | 154,866 |
Retained deficit | (85,037) | (62,927) |
Treasury stock, at cost; 48,445 shares | ||
Accumulated other comprehensive loss, net | (1,095) | (1,200) |
Total stockholders' equity | 69,206 | 90,974 |
Total liabilities and stockholders' equity | $ 78,480 | $ 103,377 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
CONSOLIDATED BALANCE SHEETS | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 4,000,000 | 4,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 35,000,000 | 35,000,000 |
Common stock, shares issued | 23,692,379 | 23,526,517 |
Common stock, shares outstanding | 23,643,934 | 23,478,072 |
Treasury stock, shares | 48,445 | 48,445 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||
Operating Revenues | $ 1,914 | $ 8,738 | $ 13,855 | $ 77,216 |
Operating costs: | ||||
Operating expenses | 3,975 | 9,441 | 18,247 | 58,189 |
General and administrative | 2,443 | 3,270 | 7,996 | 11,205 |
Depreciation and amortization | 3,249 | 4,125 | 10,083 | 13,412 |
Total cost and expenses | 9,667 | 16,836 | 36,326 | 82,806 |
Loss from operations | (7,753) | (8,098) | (22,471) | (5,590) |
Other income (expense): | ||||
Interest income | 50 | 106 | 176 | 326 |
Interest expense | (4) | (10) | (16) | (80) |
Other (expense) income, net | (158) | 177 | 201 | 12 |
Loss before income tax | (7,865) | (7,825) | (22,110) | (5,332) |
Income tax expense | (15) | (15) | ||
Net loss | (7,865) | (7,840) | (22,110) | (5,347) |
Other comprehensive (loss) income: | ||||
Net unrealized (loss) income on foreign exchange rate translation, net | (307) | 374 | 105 | (221) |
Comprehensive loss | $ (8,172) | $ (7,466) | $ (22,005) | $ (5,568) |
Basic loss per share of common stock | $ (0.33) | $ (0.33) | $ (0.94) | $ (0.23) |
Diluted loss per share of common stock | $ (0.33) | $ (0.33) | $ (0.94) | $ (0.23) |
Weighted average equivalent common shares outstanding | 23,632,112 | 23,423,437 | 23,545,693 | 23,350,204 |
Weighted average equivalent common shares outstanding - assuming dilution | 23,632,112 | 23,423,437 | 23,545,693 | 23,350,204 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (22,110) | $ (5,347) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 10,083 | 13,412 |
Operating lease cost | 796 | 916 |
Non-cash compensation | 312 | 600 |
Deferred income tax expense | 79 | |
Change in other long-term liabilities | (150) | |
Gain on disposal of assets | (131) | (3) |
Remeasurement and other | 20 | 68 |
Change in operating assets and liabilities: | ||
Decrease in accounts receivable | 7,037 | 19,373 |
Decrease in prepaid expenses and other assets | 2,194 | 4,505 |
Decrease in accounts payable | (365) | (2,957) |
Decrease in accrued liabilities | (696) | (2,011) |
Decrease in operating lease liabilities | (830) | (930) |
Decrease in deferred revenue | (1,683) | (3,107) |
Net cash (used in) provided by operating activities | (5,373) | 24,448 |
Cash flows from investing activities: | ||
Capital expenditures, net of non-cash capital expenditures summarized below | (11) | (2,822) |
Proceeds from maturity of short-term investments | 1,767 | |
Proceeds from disposal of assets | 384 | 225 |
Proceeds from notes receivable | 26 | |
Net cash provided by (used in) investing activities | 373 | (804) |
Cash flows from financing activities: | ||
Proceeds from notes payable | 550 | 6,374 |
Principal payments on notes payable | (387) | (8,393) |
Principal payments on finance leases | (46) | (2,291) |
Tax withholdings related to stock-based compensation awards | (75) | (70) |
Net cash provided by (used in) financing activities | 42 | (4,380) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 21 | (113) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (4,937) | 19,151 |
Cash and cash equivalents and restricted cash at beginning of period | 45,955 | 31,271 |
Cash and cash equivalents and restricted cash at end of period | 41,018 | 50,422 |
Supplemental cash flow information: | ||
Cash paid for interest | 16 | 89 |
Cash paid for income taxes | 81 | 83 |
Cash received for income taxes | 206 | |
Non-cash operating, investing and financing activities: | ||
Increase (decrease) in accrued purchases of property and equipment | 318 | (61) |
Increase in right-of-use assets and operating lease liabilities | $ 1 | 63 |
Increase in right-of-use assets for prepaid rent | 3 | |
Financed insurance premiums | $ 433 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Deficit | Accumulated Other Comprehensive (Loss) Income | Total |
Balance at beginning of period at Dec. 31, 2019 | $ 233 | $ 154,235 | $ (49,731) | $ (1,572) | $ 103,165 |
Balance at beginning of period (in shares) at Dec. 31, 2019 | 23,335,855 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net (loss) income | 993 | 993 | |||
Unrealized income (loss) on foreign exchange rate translation | (1,199) | (1,199) | |||
Stock-based compensation expense | 203 | 203 | |||
Balance at end of period at Mar. 31, 2020 | $ 233 | 154,438 | (48,738) | (2,771) | 103,162 |
Balance at end of period (in shares) at Mar. 31, 2020 | 23,335,855 | ||||
Balance at beginning of period at Dec. 31, 2019 | $ 233 | 154,235 | (49,731) | (1,572) | 103,165 |
Balance at beginning of period (in shares) at Dec. 31, 2019 | 23,335,855 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net (loss) income | (5,347) | ||||
Balance at end of period at Sep. 30, 2020 | $ 235 | 154,763 | (55,078) | (1,793) | 98,127 |
Balance at end of period (in shares) at Sep. 30, 2020 | 23,526,517 | ||||
Balance at beginning of period at Mar. 31, 2020 | $ 233 | 154,438 | (48,738) | (2,771) | 103,162 |
Balance at beginning of period (in shares) at Mar. 31, 2020 | 23,335,855 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net (loss) income | 1,500 | 1,500 | |||
Unrealized income (loss) on foreign exchange rate translation | 604 | 604 | |||
Issuance of common stock under stock compensation plans | $ 1 | (1) | |||
Issuance of common stock under stock compensation plans (in shares) | 78,600 | ||||
Stock-based compensation expense | 271 | 271 | |||
Shares exchanged for taxes on stock-based compensation | (17) | (17) | |||
Shares exchanged for taxes on stock-based compensation (in shares) | (15,420) | ||||
Balance at end of period at Jun. 30, 2020 | $ 234 | 154,691 | (47,238) | (2,167) | 105,520 |
Balance at end of period (in shares) at Jun. 30, 2020 | 23,399,035 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net (loss) income | (7,840) | (7,840) | |||
Unrealized income (loss) on foreign exchange rate translation | 374 | 374 | |||
Issuance of common stock under stock compensation plans | $ 2 | (2) | |||
Issuance of common stock under stock compensation plans (in shares) | 157,500 | ||||
Stock-based compensation expense | 126 | 126 | |||
Shares exchanged for taxes on stock-based compensation | $ (1) | (52) | (53) | ||
Shares exchanged for taxes on stock-based compensation (in shares) | (30,018) | ||||
Balance at end of period at Sep. 30, 2020 | $ 235 | 154,763 | (55,078) | (1,793) | 98,127 |
Balance at end of period (in shares) at Sep. 30, 2020 | 23,526,517 | ||||
Balance at beginning of period at Dec. 31, 2020 | $ 235 | 154,866 | (62,927) | (1,200) | $ 90,974 |
Balance at beginning of period (in shares) at Dec. 31, 2020 | 23,526,517 | 23,478,072 | |||
Increase (Decrease) in Stockholders' Equity | |||||
Net (loss) income | (5,228) | $ (5,228) | |||
Unrealized income (loss) on foreign exchange rate translation | 201 | 201 | |||
Stock-based compensation expense | 101 | 101 | |||
Balance at end of period at Mar. 31, 2021 | $ 235 | 154,967 | (68,155) | (999) | 86,048 |
Balance at end of period (in shares) at Mar. 31, 2021 | 23,526,517 | ||||
Balance at beginning of period at Dec. 31, 2020 | $ 235 | 154,866 | (62,927) | (1,200) | $ 90,974 |
Balance at beginning of period (in shares) at Dec. 31, 2020 | 23,526,517 | 23,478,072 | |||
Increase (Decrease) in Stockholders' Equity | |||||
Net (loss) income | $ (22,110) | ||||
Balance at end of period at Sep. 30, 2021 | $ 237 | 155,101 | (85,037) | (1,095) | $ 69,206 |
Balance at end of period (in shares) at Sep. 30, 2021 | 23,692,379 | 23,643,934 | |||
Balance at beginning of period at Mar. 31, 2021 | $ 235 | 154,967 | (68,155) | (999) | $ 86,048 |
Balance at beginning of period (in shares) at Mar. 31, 2021 | 23,526,517 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net (loss) income | (9,017) | (9,017) | |||
Unrealized income (loss) on foreign exchange rate translation | 211 | 211 | |||
Issuance of common stock under stock compensation plans | $ 2 | (2) | |||
Issuance of common stock under stock compensation plans (in shares) | 174,000 | ||||
Stock-based compensation expense | 67 | 67 | |||
Issuance of common stock as compensation | 30 | 30 | |||
Issuance of common stock as compensation (in shares) | 11,320 | ||||
Shares exchanged for taxes on stock-based compensation | (75) | (75) | |||
Shares exchanged for taxes on stock-based compensation (in shares) | (31,410) | ||||
Balance at end of period at Jun. 30, 2021 | $ 237 | 154,987 | (77,172) | (788) | 77,264 |
Balance at end of period (in shares) at Jun. 30, 2021 | 23,680,427 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net (loss) income | (7,865) | (7,865) | |||
Unrealized income (loss) on foreign exchange rate translation | (307) | (307) | |||
Stock-based compensation expense | 84 | 84 | |||
Issuance of common stock as compensation | 30 | 30 | |||
Issuance of common stock as compensation (in shares) | 11,952 | ||||
Balance at end of period at Sep. 30, 2021 | $ 237 | $ 155,101 | $ (85,037) | $ (1,095) | $ 69,206 |
Balance at end of period (in shares) at Sep. 30, 2021 | 23,692,379 | 23,643,934 |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2021 | |
ORGANIZATION AND NATURE OF OPERATIONS | |
ORGANIZATION AND NATURE OF OPERATIONS | 1. ORGANIZATION AND NATURE OF OPERATIONS Dawson Geophysical Company (the “Company”) is a leading provider of North American onshore seismic data acquisition services with operations throughout the continental United States (“U.S.”) and Canada. The Company acquires and processes 2-D, 3-D and multicomponent seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators as well as providers of multi-client data libraries. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Certain prior period amounts in the condensed consolidated financial statements may have been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements have been prepared using accounting principles generally accepted in the U.S. for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements presented in accordance with accounting principles generally accepted in the U.S. have been omitted. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Significant Accounting Policies Principles of Consolidation. Allowance for Doubtful Accounts. Leases Property and Equipment. exist in the seismic industry and information available at the time of the purchase of the asset. As circumstances change and new information becomes available, these estimates could change. Depreciation is computed using the straight-line method. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheet, and any resulting gain or loss is reflected in the results of operations for the period. Impairment of Long-lived Assets . Stock-Based Compensation Use of Estimates in the Preparation of Financial Statements. Revenue Recognition The Company receives reimbursements for certain out-of-pocket expenses under the terms of the service contracts. The amounts billed to clients are included at their gross amount in the total estimated revenue for the service contract. Clients are billed as permitted by the service contract. Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections. If billing occurs prior to the revenue recognition or billing exceeds the revenue recognized, the amount is considered deferred revenue and a contract liability. Conversely, if the revenue recognition exceeds the billing, the excess is considered an unbilled receivable and a contract asset. As services are performed, those deferred revenue amounts are recognized as revenue. In some instances, third-party permitting, surveying, drilling, helicopter, equipment rental and mobilization costs that directly relate to the contract are utilized to fulfill the contract obligations. These fulfillment costs are capitalized in other current assets and generally amortized based on the total square miles of data recorded compared to total square miles anticipated to be recorded on the survey using the total estimated fulfillment costs for the service contract. Estimates for total revenue and total fulfillment cost on any service contract are based on significant qualitative and quantitative judgments. Management considers a variety of factors such as whether various components of the performance obligation will be performed internally or externally, cost of third party services, and facts and circumstances unique to the performance obligation in making these estimates. Recently Issued Accounting Pronouncements In October 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-10, Codification Improvements, which clarifies the Codification or corrects unintended application of guidance by improving the consistency of the Codification for disclosure on multiple topics. They are not expected to change current practice. This ASU is effective for the annual period beginning after December 15, 2020, including interim periods within that annual period and should be applied on a retrospective basis for all periods presented. The Company adopted this guidance in the first quarter of 2021 and it did not have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (“Topic 740”): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740 and by clarifying and amending existing guidance to improve consistent application. This ASU is effective for the annual period beginning after December 15, 2020, including interim periods within that annual period. Certain amendments within this ASU are required to be applied on a retrospective basis for all periods presented; others are to be applied using a modified retrospective approach with a cumulative-effect adjustment to retained earnings, if any, as of the beginning of the first reporting period in which the guidance is adopted; and yet others are to be applied using either basis. All other amendments not specified in the ASU should be applied on a prospective basis. The Company adopted this guidance in the first quarter of 2021 prospectively as it relates to currency translation adjustments in other comprehensive income and it did not have a material impact on its consolidated financial statements |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value of Financial Instruments | |
Fair Value of Financial Instruments | 3. FAIR VALUE OF FINANCIAL INSTRUMENTS At September 30, 2021 and December 31, 2020, the Company’s financial instruments included cash and cash equivalents, restricted cash, short-term investments in certificates of deposit, accounts receivable, other current assets, accounts payable, other current liabilities, notes payable, finance leases and operating lease liabilities. Due to the short-term maturities of cash and cash equivalents, restricted cash, accounts receivable, other current assets, accounts payable and other current liabilities, the carrying amounts approximate fair value at the respective balance sheet dates. The carrying value of the notes payable, finance leases and operating lease liabilities approximate their fair value based on a comparison with the prevailing market interest rate. Due to the short-term maturities of the Company’s investments in certificates of deposit, the carrying amounts approximate fair value at the respective balance sheet dates. The fair values of the Company’s notes payable and investments in certificates of deposit are level 2 measurements in the fair value hierarchy. |
SUPPLEMENTAL CONSOLIDATED FINAN
SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Consolidated Financial Statement Information | |
Supplemental Consolidated Financial Statement Information | 4 . SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION Disaggregated Revenues The Company has one line of business, acquiring and processing seismic data in North America. Our chief operating decision maker (President, Chief Executive Officer and Chairman of the Board) makes operating decisions and assesses performance based on the Company as a whole. Accordingly, the Company is considered to be in a single reportable segment. The following table presents the Company’s operating revenues (unaudited and in thousands) disaggregated by geographic region: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating Revenues United States $ 1,914 $ 8,738 $ 10,891 $ 65,408 Canada — — 2,964 11,808 Total $ 1,914 $ 8,738 $ 13,855 $ 77,216 Deferred Costs (in thousands) Deferred costs were $1,847 and $2,525 at January 1, 2021 and 2020, respectively. The Company’s prepaid expenses and other current assets at September 30, 2021 and 2020 included deferred costs incurred to fulfill contracts with customers of $210 and $417, respectively. Deferred costs at September 30, 2021 compared to January 1, 2021 and at September 30, 2020 compared to January 1, 2020 decreased primarily as a result of the completion of several projects during those nine month periods that had significant deferred fulfillment costs at January 1, 2021 and 2020, respectively. The amount of total deferred costs amortized for the three and nine months ended September 30, 2021 was $453 and $4,360, respectively. The amount of total deferred costs amortized for the three and nine months ended September 30, 2020 was $1,128 and $12,023, respectively. There were no material impairment losses incurred during these periods. Deferred Revenue (in thousands) Deferred revenue was $1,779 and $3,481 at January 1, 2021 and 2020, respectively. The Company’s deferred revenue at September 30, 2021 and 2020 was $96 and $374, respectively. Deferred revenue at September 30, 2021 compared to January 1, 2021 and at September 30, 2020 compared to January 1, 2020 decreased primarily as a result of completing projects for clients with large prepayments for third party reimbursables. Revenue recognized for the three and nine months ended September 30, 2021 that was included in the contract liability balance at the beginning of 2021 was $0 and $1,779, respectively. Revenue recognized for the three and nine months ended September 30, 2020 that was included in the contract liability balance at the beginning of 2020 was $129 and $3,476, respectively. |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2021 | |
Debt | |
Debt | 5 . DEBT Dominion Loan Agreement On September 30, 2019, the Company entered into a Loan and Security Agreement with Dominion Bank, a Texas state bank (“Dominion Bank”). On September 30, 2021, the Company entered into a Second Loan Modification Agreement (the “Second Modification”) to the Loan and Security Agreement (as amended by the Loan Modification Agreement, the “Loan Agreement”) for the purpose of (a) amending and extending the maturity of its line of credit with Dominion Bank by one year and (b) amending the Company's obligation to maintain a certain tangible net worth. The Loan Agreement provides for a revolving credit facility (the “Revolving Credit Facility”) in an amount up to the lesser of (i) $15,000,000 or (ii) a sum equal to (a) 80% of the Company’s eligible accounts receivable plus 100% of the amount on deposit with Dominion Bank in the Company’s collateral account, consisting of a restricted CDARS account of $5,000,000 (the “Deposit”). As of September 30, 2021, the Company has not borrowed any amounts under the Revolving Credit Facility. Under the Revolving Credit Facility, interest will accrue at an annual rate equal to the lesser of (i) 6.00% and (ii) the greater of (a) the prime rate as published from time to time in The Wall Street Journal or (b) 3.50%. The Company will pay a commitment fee of 0.10% per annum on the difference of (a) $15,000,000 minus the Deposit minus (b) the daily average usage of the Revolving Credit Facility. The Loan Agreement contains customary covenants for credit facilities of this type, including limitations on disposition of assets. The Company is also obligated to meet certain financial covenants under the Loan Agreement, including maintaining a tangible net worth of not less than $55,000,000 and specified ratios with respect to current assets and liabilities and debt to tangible net worth. The Company’s obligations under the Loan Agreement are secured by a security interest in the collateral account (including the Deposit) with Dominion Bank and future accounts receivable and related collateral. The maturity date of the Loan Agreement is September 30, 2022. The Company does not currently have any notes payable under the Revolving Credit Facility. Dominion Letters of Credit As of September 30, 2021, Dominion Bank has issued one letter of credit in the amount of $265,000 to support the Company’s workers compensation insurance. The letter of credit is secured by a certificate of deposit with Dominion Bank. Other Indebtedness As of September 30, 2021, the Company has one short-term note payable to a finance company for various insurance premiums totaling $203,000. In addition, the Company leases certain seismic recording equipment and vehicles under leases classified as finance leases. The Company’s Condensed Consolidated Balance Sheet as of September 30, 2021 includes finance leases of $53,000. Maturities and Interest Rates of Debt The following tables set forth the aggregate principal amount (in thousands) under the Company’s outstanding notes payable and the interest rates as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Notes payable to finance company for insurance Aggregate principal amount outstanding $ 203 $ 40 Interest rate 4.99% 4.99% The aggregate maturities of finance leases as of September 30, 2021 are as follows (in thousands): October 2021 - September 2022 $ 43 October 2022 - September 2023 10 Obligations under finance leases $ 53 Interest rates on these leases range from 4.83% to 5.37%. |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2021 | |
Leases | |
Leases | 6. LEASES The Company leases certain vehicles, seismic recording equipment, real property and office equipment under lease agreements. The Company evaluates each lease to determine its appropriate classification as an operating lease or finance lease for financial reporting purposes. The majority of our operating leases are non-cancelable operating leases for office and shop space in Midland, Plano, Houston, Denver, Oklahoma City and Calgary, Alberta. There have been no material changes to our leases since the Company’s most recent Annual Report on Form 10-K that was filed with the SEC on March 16, 2021. Maturities of lease liabilities as of September 30, 2021 are as follows (in thousands): Operating Leases Finance Leases October 2021 - September 2022 $ 1,243 $ 45 October 2022 - September 2023 1,166 10 October 2023 - September 2024 1,188 — October 2024 - September 2025 943 — October 2025 - September 2026 892 — Thereafter 451 — Total payments under lease agreements 5,883 55 Less imputed interest (700) (2) Total lease liabilities $ 5,183 $ 53 |
OPERATING COMMITMENTS AND CONTI
OPERATING COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
OPERATING COMMITMENTS AND CONTINGENCIES | |
OPERATING COMMITMENTS AND CONTINGENCIES | 7 . OPERATING COMMITMENTS AND CONTINGENCIES From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. Although the Company cannot predict the outcomes of any such legal proceedings, management believes that the resolution of pending legal actions will not have a material adverse effect on the Company’s financial condition, results of operations or liquidity, as the Company believes it is adequately indemnified and insured. We are also party to the following legal proceeding: On April 1, 2019, Weatherford International, LLC and Weatherford U.S., L.P. (collectively, “Weatherford”) filed a petition in state district court for Midland County, Texas, in which the Company and eighteen other parties were named as defendants, alleging the Company and/or the other named defendants contributed to or caused contamination of groundwater at and around property owned by Weatherford. Weatherford is seeking declaratory judgment, recovery and contribution for past and future costs incurred in responding to or correcting the contamination at and around the property from each defendant. The Company disputes Weatherford’s allegations with respect to the Company and intends to vigorously defend itself in this case. On October 28, 2020, the trial court granted a plea to jurisdiction in favor the City of Midland, a co-defendant in the case. Weatherford is appealing that decision and the case is stayed, pending the appellate ruling. While the outcome and impact of this legal proceeding on the Company cannot be predicted with certainty, based on currently available information, management believes that the resolution of this proceeding will not have a material adverse effect on our financial condition, results of operations or liquidity. Additionally, the Company experiences contractual disputes with its clients from time to time regarding the payment of invoices or other matters. While the Company seeks to minimize these disputes and maintain good relations with its clients, the Company has experienced in the past, and may experience in the future, disputes that could affect its revenues and results of operations in any period. |
NET LOSS PER SHARE
NET LOSS PER SHARE | 9 Months Ended |
Sep. 30, 2021 | |
Net Loss per Share | |
Net Loss per Share | 8. NET LOSS PER SHARE Basic loss per share is computed by dividing the net loss by the weighted average shares outstanding. Diluted loss per share is computed by dividing the net loss by the weighted average diluted shares outstanding. The computation of basic and diluted loss per share (in thousands, except share and per share data) was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net loss $ (7,865) $ (7,840) $ (22,110) $ (5,347) Weighted average common shares outstanding Basic 23,632,112 23,423,437 23,545,693 23,350,204 Dilutive common stock options, restricted stock unit awards and restricted stock awards — — — — Diluted 23,632,112 23,423,437 23,545,693 23,350,204 Basic loss per share of common stock $ (0.33) $ (0.33) $ (0.94) $ (0.23) Diluted loss per share of common stock $ (0.33) $ (0.33) $ (0.94) $ (0.23) The Company had a net loss for the three and nine months ended September 30, 2021 and 2020. As a result, all stock options, restricted stock unit awards and restricted stock awards were anti-dilutive and excluded from weighted average shares used in determining the diluted loss per share of common stock for those periods. The following weighted average numbers of stock options, restricted stock unit awards and restricted stock awards have been excluded from the calculation of diluted loss per share of common stock, as their effect would be anti-dilutive for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock options — — — — Restricted stock units 167,500 242,478 151,413 332,868 Restricted stock awards — — — — Total 167,500 242,478 151,413 332,868 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Taxes | |
Income Taxes | 9 . INCOME TAXES For each of the three and nine months ended September 30, 2021, the Company's effective tax rate was 0.0%. For the three and nine months ended September 30, 2020, the Company’s effective tax rate was -0.2% and -0.3%, respectively. The Company’s nominal or no effective tax rate for the periods above was due to the presence of net operating loss carryovers and adjustments to the valuation allowance on deferred tax assets. The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over an extended amount of time. Such objective evidence limits the ability to consider other subjective evidence, such as projections for taxable earnings. If the Company had any income tax benefit for the three and nine months ended September 30, 2021, it would not include income tax benefits for all of the losses incurred because the Company has recorded valuation allowances against significantly all of its federal, state and foreign deferred tax assets. The Company has recorded valuation allowances against the associated deferred tax assets for the amounts it deems are not more likely than not realizable. Based on management’s belief that not all the net operating losses are realizable, a federal valuation allowance and additional state valuation allowances were maintained during the nine months ended September 30, 2021 and 2020. In addition, due to the Company’s recent operating losses and valuation allowances, the Company may recognize reduced or no tax benefits on future losses on the condensed consolidated financial statements. The amount of the valuation allowances considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased, or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as projections for future growth. On December 27, 2020, Congress passed the Consolidated Appropriations Act, 2021 which included changes to federal income tax law which did not have a material impact on the Company’s consolidated financial statements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
SUBSEQUENT EVENTS. | |
SUBSEQUENT EVENTS | 10. SUBSEQUENT EVENTS stock for $2.34 per share in cash (the “Offer”) on November 1, 2021. Subject to the closing of the Offer, the merger agreement also contemplates that Wilks will acquire any shares of the Company’s common stock that are not tendered into the Offer at the same price per share through a second-step merger, which will be completed as soon as practicable following the closing of the Offer, subject to the approval of at least 80% of the outstanding shares of the Company’s common stock. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts. |
Leases | Leases |
Property and Equipment | Property and Equipment. exist in the seismic industry and information available at the time of the purchase of the asset. As circumstances change and new information becomes available, these estimates could change. Depreciation is computed using the straight-line method. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheet, and any resulting gain or loss is reflected in the results of operations for the period. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets . |
Stock-Based Compensation | Stock-Based Compensation |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements. |
Revenue Recognition | Revenue Recognition The Company receives reimbursements for certain out-of-pocket expenses under the terms of the service contracts. The amounts billed to clients are included at their gross amount in the total estimated revenue for the service contract. Clients are billed as permitted by the service contract. Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections. If billing occurs prior to the revenue recognition or billing exceeds the revenue recognized, the amount is considered deferred revenue and a contract liability. Conversely, if the revenue recognition exceeds the billing, the excess is considered an unbilled receivable and a contract asset. As services are performed, those deferred revenue amounts are recognized as revenue. In some instances, third-party permitting, surveying, drilling, helicopter, equipment rental and mobilization costs that directly relate to the contract are utilized to fulfill the contract obligations. These fulfillment costs are capitalized in other current assets and generally amortized based on the total square miles of data recorded compared to total square miles anticipated to be recorded on the survey using the total estimated fulfillment costs for the service contract. Estimates for total revenue and total fulfillment cost on any service contract are based on significant qualitative and quantitative judgments. Management considers a variety of factors such as whether various components of the performance obligation will be performed internally or externally, cost of third party services, and facts and circumstances unique to the performance obligation in making these estimates. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In October 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-10, Codification Improvements, which clarifies the Codification or corrects unintended application of guidance by improving the consistency of the Codification for disclosure on multiple topics. They are not expected to change current practice. This ASU is effective for the annual period beginning after December 15, 2020, including interim periods within that annual period and should be applied on a retrospective basis for all periods presented. The Company adopted this guidance in the first quarter of 2021 and it did not have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (“Topic 740”): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740 and by clarifying and amending existing guidance to improve consistent application. This ASU is effective for the annual period beginning after December 15, 2020, including interim periods within that annual period. Certain amendments within this ASU are required to be applied on a retrospective basis for all periods presented; others are to be applied using a modified retrospective approach with a cumulative-effect adjustment to retained earnings, if any, as of the beginning of the first reporting period in which the guidance is adopted; and yet others are to be applied using either basis. All other amendments not specified in the ASU should be applied on a prospective basis. The Company adopted this guidance in the first quarter of 2021 prospectively as it relates to currency translation adjustments in other comprehensive income and it did not have a material impact on its consolidated financial statements |
SUPPLEMENTAL CONSOLIDATED FIN_2
SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Consolidated Financial Statement Information | |
Schedule of operating revenues disaggregated by geographic region | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating Revenues United States $ 1,914 $ 8,738 $ 10,891 $ 65,408 Canada — — 2,964 11,808 Total $ 1,914 $ 8,738 $ 13,855 $ 77,216 |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt | |
Schedule of aggregate principal amount of outstanding notes payable and the interest rates | The following tables set forth the aggregate principal amount (in thousands) under the Company’s outstanding notes payable and the interest rates as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Notes payable to finance company for insurance Aggregate principal amount outstanding $ 203 $ 40 Interest rate 4.99% 4.99% |
Schedule of aggregate maturities of finance leases | The aggregate maturities of finance leases as of September 30, 2021 are as follows (in thousands): October 2021 - September 2022 $ 43 October 2022 - September 2023 10 Obligations under finance leases $ 53 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases | |
Schedule of maturities of lease liabilities | Maturities of lease liabilities as of September 30, 2021 are as follows (in thousands): Operating Leases Finance Leases October 2021 - September 2022 $ 1,243 $ 45 October 2022 - September 2023 1,166 10 October 2023 - September 2024 1,188 — October 2024 - September 2025 943 — October 2025 - September 2026 892 — Thereafter 451 — Total payments under lease agreements 5,883 55 Less imputed interest (700) (2) Total lease liabilities $ 5,183 $ 53 |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Net Loss per Share | |
Schedule of computation of basic and diluted loss per share | The computation of basic and diluted loss per share (in thousands, except share and per share data) was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net loss $ (7,865) $ (7,840) $ (22,110) $ (5,347) Weighted average common shares outstanding Basic 23,632,112 23,423,437 23,545,693 23,350,204 Dilutive common stock options, restricted stock unit awards and restricted stock awards — — — — Diluted 23,632,112 23,423,437 23,545,693 23,350,204 Basic loss per share of common stock $ (0.33) $ (0.33) $ (0.94) $ (0.23) Diluted loss per share of common stock $ (0.33) $ (0.33) $ (0.94) $ (0.23) |
Schedule of weighted average numbers of stock options, restricted stock unit awards, and restricted stock awards that have been excluded from the calculation of diluted loss per share of common stock | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock options — — — — Restricted stock units 167,500 242,478 151,413 332,868 Restricted stock awards — — — — Total 167,500 242,478 151,413 332,868 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Summary of Significant Accounting Policies | ||
Threshold period of past due (in days) | 90 days | |
Allowance for doubtful accounts | $ 250,000 | $ 250,000 |
Maximum original expected duration of cancelable service contracts (in years) | 1 year |
SUPPLEMENTAL CONSOLIDATED FIN_3
SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Disaggregated Revenues (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | |
Number of business segments | segment | 1 | |||
Operating Revenues | $ 1,914 | $ 8,738 | $ 13,855 | $ 77,216 |
United States | ||||
Operating Revenues | $ 1,914 | $ 8,738 | 10,891 | 65,408 |
Canada | ||||
Operating Revenues | $ 2,964 | $ 11,808 |
SUPPLEMENTAL CONSOLIDATED FIN_4
SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Deferred Costs and Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jan. 01, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | |
Deferred costs | $ 1,847 | $ 2,525 | |||||
Total deferred costs amortized | $ 453 | $ 1,128 | $ 4,360 | $ 12,023 | |||
Deferred revenue | 96 | 374 | 96 | 374 | $ 1,779 | $ 1,779 | $ 3,481 |
Revenue recognized that was included in deferred revenue balances at beginning of period | 0 | 129 | 1,779 | 3,476 | |||
Prepaid expenses and other current assets | |||||||
Deferred costs | $ 210 | $ 417 | $ 210 | $ 417 |
DEBT (Details)
DEBT (Details) | Sep. 30, 2021USD ($)item | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2020USD ($) |
DEBT | ||||
Restricted CDARS account | $ 5,000,000 | $ 5,000,000 | ||
Finance lease | $ 53,000 | |||
Dominion Loan Agreement | ||||
DEBT | ||||
Maturity of line of credit extended | 1 year | |||
Maximum borrowing capacity | $ 15,000,000 | $ 15,000,000 | ||
Percentage of maximum borrowing capacity on eligible accounts receivable | 80.00% | |||
Percentage of maximum borrowing capacity on deposit with lender | 100.00% | |||
Restricted CDARS account | $ 5,000,000 | |||
Commitment fee (as a percent) | 0.10% | |||
Minimum tangible net worth | $ 55,000,000 | |||
Dominion Loan Agreement | Minimum | ||||
DEBT | ||||
Interest rate (as a percent) | 3.50% | |||
Dominion Loan Agreement | Maximum | ||||
DEBT | ||||
Interest rate (as a percent) | 6.00% | |||
Dominion Letters of Credit | ||||
DEBT | ||||
Number of letters of credit | item | 1 | |||
Amount of letter of credit | $ 265,000 | |||
Notes payable to finance companies for insurance | ||||
DEBT | ||||
Interest rate (as a percent) | 4.99% | 4.99% | ||
Number of notes payable | item | 1 | |||
Aggregate principal amount outstanding | $ 203,000 | $ 40,000 | ||
Notes payable to finance companies for insurance | Minimum | ||||
DEBT | ||||
Interest rate (as a percent) | 4.99% |
DEBT - Aggregate principal amou
DEBT - Aggregate principal amount and interest rates (Details) - Notes payable to finance companies for insurance - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
DEBT | ||
Aggregate principal amount outstanding | $ 203,000 | $ 40,000 |
Interest rate (as a percent) | 4.99% | 4.99% |
DEBT - Maturities (Details)
DEBT - Maturities (Details) | Sep. 30, 2021USD ($) |
Aggregate maturities of finance leases | |
October 2021 - September 2022 | $ 43,000 |
October 2022 - September 2023 | 10,000 |
Total finance lease liabilities | $ 53,000 |
Minimum | |
Aggregate maturities of finance leases | |
Interest rate on leases | 4.83% |
Maximum | |
Aggregate maturities of finance leases | |
Interest rate on leases | 5.37% |
LEASES (Details)
LEASES (Details) | Sep. 30, 2021USD ($) |
Operating Leases | |
October 2021 - September 2022 | $ 1,243,000 |
October 2022 - September 2023 | 1,166,000 |
October 2023 - September 2024 | 1,188,000 |
October 2024 - September 2025 | 943,000 |
October 2025 - September 2026 | 892,000 |
Thereafter | 451,000 |
Total payments under lease agreements | 5,883,000 |
Less imputed interest | (700,000) |
Total lease liabilities | 5,183,000 |
Finance Leases | |
October 2021 - September 2022 | 45,000 |
October 2022 - September 2023 | 10,000 |
Total payments under lease agreements | 55,000 |
Less imputed interest | (2,000) |
Total lease liabilities | $ 53,000 |
OPERATING COMMITMENTS AND CON_2
OPERATING COMMITMENTS AND CONTINGENCIES (Details) | Apr. 01, 2019defendant |
Weatherford Litigation | |
OPERATING COMMITMENTS AND CONTINGENCIES | |
Number of other parties named as defendants | 18 |
NET (LOSS) INCOME PER SHARE (De
NET (LOSS) INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Loss per Share | ||||||||
Net loss | $ (7,865) | $ (9,017) | $ (5,228) | $ (7,840) | $ 1,500 | $ 993 | $ (22,110) | $ (5,347) |
Weighted average common shares outstanding: | ||||||||
Basic | 23,632,112 | 23,423,437 | 23,545,693 | 23,350,204 | ||||
Diluted | 23,632,112 | 23,423,437 | 23,545,693 | 23,350,204 | ||||
Basic loss per share of common stock | $ (0.33) | $ (0.33) | $ (0.94) | $ (0.23) | ||||
Diluted loss per share of common stock | $ (0.33) | $ (0.33) | $ (0.94) | $ (0.23) |
NET (LOSS) INCOME PER SHARE - A
NET (LOSS) INCOME PER SHARE - Anti-Dilutive Awards Excluded from Calculation (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Anti-dilutive Securities Excluded from Calculation of Earnings Per Share | ||||
Number of securities excluded from calculation | 167,500 | 242,478 | 151,413 | 332,868 |
Restricted stock units | ||||
Anti-dilutive Securities Excluded from Calculation of Earnings Per Share | ||||
Number of securities excluded from calculation | 167,500 | 242,478 | 151,413 | 332,868 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Taxes | ||||
Effective tax rate (as percent) | 0.00% | (0.20%) | 0.00% | (0.30%) |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Events - Wilks Brothers, LLC | Oct. 25, 2021$ / shares |
SUBSEQUENT EVENTS | |
Outstanding common stock price (USD per share) | $ 2.34 |
Percentage of outstanding common shares | 80.00% |