Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'ESSX | ' |
Entity Registrant Name | 'Essex Rental Corp. | ' |
Entity Central Index Key | '0001373988 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 24,743,513 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $3,030,137 | $8,389,321 |
Accounts receivable, net of allowances for doubtful accounts and credit memos of $2,630,000 and $2,775,000, respectively | 13,993,135 | 14,658,198 |
Other receivables | 2,237,217 | 2,282,104 |
Deferred tax assets | 3,123,912 | 3,022,625 |
Inventory | ' | ' |
Retail equipment | 3,804,929 | 1,815,670 |
Retail spare parts, net | 1,591,904 | 1,386,412 |
Prepaid expenses and other assets | 1,427,489 | 1,494,751 |
TOTAL CURRENT ASSETS | 29,208,723 | 33,049,081 |
Property and equipment, net | 5,273,936 | 6,610,976 |
Spare parts inventory, net | 3,254,460 | 3,145,129 |
Identifiable finite lived intangibles, net | 1,152,857 | 1,403,571 |
Goodwill | 1,796,126 | 1,796,126 |
Loan acquisition costs, net | 6,605,143 | 1,170,354 |
TOTAL ASSETS | 339,431,519 | 354,067,610 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 4,000,827 | 5,342,637 |
Accrued employee compensation and benefits | 1,921,634 | 1,999,143 |
Accrued taxes | 3,997,851 | 3,211,400 |
Accrued interest | 1,044,801 | 1,359,017 |
Accrued other expenses | 976,810 | 1,358,036 |
Unearned rental revenue | 1,692,382 | 1,520,701 |
Customer deposits | 179,350 | 73,795 |
Term loan - short-term | 2,000,000 | 0 |
Purchase money security interest debt - short-term | 1,009,865 | 828,610 |
Promissory notes | 5,202,968 | 5,130,870 |
Capital lease obligation | 0 | 3,154 |
TOTAL CURRENT LIABILITIES | 22,026,488 | 20,827,363 |
LONG-TERM LIABILITIES | ' | ' |
Revolving credit facilities | 166,814,982 | 210,592,909 |
Term loan | 37,000,000 | 0 |
Purchase money security interest debt | 2,180,806 | 2,147,349 |
Deferred tax liabilities | 42,405,015 | 46,258,254 |
TOTAL LONG-TERM LIABILITIES | 248,400,803 | 258,998,512 |
TOTAL LIABILITIES | 270,427,291 | 279,825,875 |
Commitments and contingencies | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock, $.0001 par value, Authorized 1,000,000 shares, none issued | 0 | 0 |
Common stock, $.0001 par value, Authorized 40,000,000 shares; issued and outstanding 24,653,513 shares at September 30, 2013 and 24,555,818 shares at December 31, 2012 | 2,465 | 2,456 |
Paid in capital | 125,226,630 | 124,460,238 |
Accumulated deficit | -56,228,764 | -50,230,938 |
Accumulated other comprehensive income, net of tax | 3,897 | 9,979 |
TOTAL STOCKHOLDERS' EQUITY | 69,004,228 | 74,241,735 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 339,431,519 | 354,067,610 |
Rental equipment | ' | ' |
Inventory | ' | ' |
Property and equipment, net | $292,140,274 | $306,892,373 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowances for doubtful accounts and credit memos | $2,630,000 | $2,775,000 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, Authorized | 1,000,000 | 1,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, Authorized | 40,000,000 | 40,000,000 |
Common stock, issued | 24,653,513 | 24,555,818 |
Common stock, outstanding | 24,653,513 | 24,555,818 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
REVENUES | ' | ' | ' | ' |
Equipment rentals | $11,802,108 | $12,555,822 | $35,446,954 | $33,740,727 |
Retail parts sales | 1,827,058 | 2,409,846 | 5,777,781 | 7,064,042 |
Transportation | 1,349,316 | 1,601,592 | 4,420,306 | 5,076,221 |
Equipment repairs and maintenance | 2,792,684 | 3,223,929 | 9,182,230 | 9,975,077 |
Revenues | 22,808,138 | 24,140,235 | 73,086,347 | 75,069,259 |
COST OF REVENUES | ' | ' | ' | ' |
Salaries, payroll taxes and benefits | 2,672,555 | 2,651,730 | 8,173,718 | 8,357,781 |
Depreciation | 4,652,113 | 5,102,680 | 13,980,856 | 15,488,491 |
Retail parts sales | 1,475,017 | 1,766,785 | 4,456,188 | 5,253,436 |
Transportation | 1,399,513 | 1,526,528 | 4,340,788 | 4,561,182 |
Equipment repairs and maintenance | 2,283,224 | 2,426,689 | 7,762,412 | 7,792,362 |
Yard operating expenses | 789,977 | 737,556 | 2,332,253 | 2,293,875 |
TOTAL COST OF REVENUES | 17,351,889 | 17,780,339 | 55,544,312 | 59,978,681 |
GROSS PROFIT | 5,456,249 | 6,359,896 | 17,542,035 | 15,090,578 |
Selling, general and administrative expenses | 5,722,543 | 6,625,267 | 18,116,553 | 20,158,088 |
Other depreciation and amortization | 250,914 | 321,893 | 793,241 | 958,348 |
LOSS FROM OPERATIONS | -517,208 | -587,264 | -1,367,759 | -6,025,858 |
OTHER INCOME (EXPENSES) | ' | ' | ' | ' |
Other income | 553,469 | 30,435 | 559,058 | 32,861 |
Interest expense | -3,075,077 | -2,875,405 | -8,575,553 | -8,658,387 |
Foreign currency exchange gains (losses) | 106,094 | 140,685 | -222,375 | 85,605 |
TOTAL OTHER INCOME (EXPENSES) | -2,415,514 | -2,704,285 | -8,238,870 | -8,539,921 |
LOSS BEFORE INCOME TAXES | -2,932,722 | -3,291,549 | -9,606,629 | -14,565,779 |
BENEFIT FOR INCOME TAXES | -1,030,118 | -1,231,923 | -3,608,803 | -4,917,814 |
NET LOSS | -1,902,604 | -2,059,626 | -5,997,826 | -9,647,965 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (shares) | 24,653,513 | 24,555,818 | 24,639,667 | 24,541,462 |
Diluted (shares) | 24,653,513 | 24,555,818 | 24,639,667 | 24,541,462 |
Loss per share: | ' | ' | ' | ' |
Basic (usd per share) | ($0.08) | ($0.08) | ($0.24) | ($0.39) |
Diluted (usd per share) | ($0.08) | ($0.08) | ($0.24) | ($0.39) |
Retail | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' |
Equipment sales | 3,772,051 | 1,231,984 | 8,336,980 | 3,425,936 |
COST OF REVENUES | ' | ' | ' | ' |
Equipment sales | 3,250,194 | 1,087,227 | 7,058,671 | 2,914,330 |
Used Rental | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' |
Equipment sales | 1,264,921 | 3,117,062 | 9,922,096 | 15,787,256 |
COST OF REVENUES | ' | ' | ' | ' |
Equipment sales | $829,296 | $2,481,144 | $7,439,426 | $13,317,224 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss | ($1,902,604) | ($2,059,626) | ($5,997,826) | ($9,647,965) |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Foreign currency translation adjustments | -2,106 | 17,697 | -6,082 | 33,233 |
Change in fair value of interest rate swap, net of tax of $241,397 and $652,826, respectively, for the three and nine months ended September 30, 2012 | 0 | 371,276 | 0 | 1,004,070 |
Other comprehensive income (loss) | -2,106 | 388,973 | -6,082 | 1,037,303 |
Comprehensive loss | ($1,904,710) | ($1,670,653) | ($6,003,908) | ($8,610,662) |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Loss (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Change in fair value of interest rate swap, net | $0 | $241,397 | $0 | $652,826 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($5,997,826) | ($9,647,965) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization of tangible assets | 14,523,382 | 16,174,843 |
Amortization of loan acquisition costs and other intangibles | 1,595,396 | 920,451 |
Amortization of promissory notes discount | 72,097 | 72,097 |
Deferred income taxes | -3,941,542 | -5,011,286 |
Share based compensation expense | 719,544 | 1,140,426 |
Change in fair value of interest rate swaps | 0 | -398,031 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | 1,676,922 | -2,790,035 |
Other receivables | 44,887 | 353,085 |
Prepaid expenses and other assets | 67,262 | 647,137 |
Retail equipment inventory | -1,989,259 | 85,063 |
Spare parts inventory | -318,970 | 491,327 |
Accounts payable and accrued expenses | -1,178,810 | 644,479 |
Unearned rental revenue | 171,681 | 430,991 |
Customer deposits | 105,555 | 299,599 |
Total change in operating assets and liabilities | -1,420,732 | 161,646 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,515,846 | 942,149 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchases of rental equipment | -5,510,271 | -7,713,011 |
Purchases of property and equipment | -691,604 | -792,047 |
Accounts receivable from rental equipment sales | -1,011,859 | 1,163,000 |
Proceeds from sale of rental equipment | 9,922,096 | 15,787,256 |
Proceeds from Sale of Property, Plant, and Equipment | 1,751,575 | 0 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 4,459,937 | 8,445,198 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from revolving credit facilities | 74,818,162 | 68,494,929 |
Payments on revolving credit facilities | -118,596,089 | -78,262,718 |
Proceeds from term loan | 40,000,000 | 0 |
Payments on term loan | -1,000,000 | 0 |
Payments on purchase money security interest debt | -767,104 | -505,053 |
Payments on capital lease obligation | -3,205 | -5,769 |
Employer repurchase of shares to satisfy minimum tax withholding | -102,642 | 0 |
Payments for loan acquisition costs | -6,782,921 | -191,862 |
NET CASH USED IN FINANCING ACTIVITIES | -12,433,799 | -10,470,473 |
Effect of exchange rate changes on cash and cash equivalents | 98,832 | -104,679 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -5,359,184 | -1,187,805 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 8,389,321 | 9,030,383 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 3,030,137 | 7,842,578 |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING / FINANCING ACTIVITIES | ' | ' |
Board of Directors fees paid in common stock | 149,500 | 121,943 |
Equipment obtained through capital lease | 51 | 2,619 |
Equipment purchased directly through short-term debt obligation | 981,817 | 0 |
Unrealized gain on designated derivative instruments, net of tax | 0 | -1,004,070 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Cash paid for interest and swaps | 6,682,952 | 7,210,412 |
Cash paid for income taxes, net | 27,439 | 42,476 |
Property, Plant and Equipment [Member] | ' | ' |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Gain on sale of rental equipment | 551,803 | 0 |
Rental equipment | ' | ' |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Gain on sale of rental equipment | ($2,482,670) | ($2,470,032) |
Business_and_Principles_of_Con
Business and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Business and Principles of Consolidation | ' |
Business and Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Essex Rental Corp. (“Essex Rental”) and its wholly owned subsidiaries Essex Holdings, LLC ("Holdings"), Essex Crane Rental Corp. ("Essex Crane"), Essex Finance Corp. (“Essex Finance”), CC Acquisition Holding Corp. (“CC Acquisition”), Coast Crane Company, formerly known as CC Bidding Corp. (“Coast Crane”) and Coast Crane Ltd. (“Coast Crane Ltd.") (collectively the "Company"). All intercompany accounts and transactions have been eliminated in consolidation. | |
The Company is engaged primarily in renting lattice boom crawler cranes and attachments, tower cranes and attachments, rough terrain cranes, boom trucks and other related heavy lifting machinery and equipment to the construction industry throughout the United States of America, including Hawaii and Alaska, and Canada. The assets are rented for use in building and maintaining power plants, refineries, bridge and road construction, alternative energy, water treatment facilities and other industrial, commercial, residential and infrastructure related projects. The Company is also engaged in servicing and distributing heavy lifting machinery and other construction related equipment and parts. | |
The accompanying consolidated financial statements of the Company include all adjustments (consisting of normal recurring adjustments) which management considers necessary for the fair presentation of the Company’s operating results, financial position and cash flows as of and for all periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted from these unaudited financial statements in accordance with applicable rules. | |
The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year ending December 31, 2013. For further information, please refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Significant Accounting Policies | |
Please refer to Note 2 of the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2012 for a complete description of our significant accounting policies. | |
Reclassifications | |
Certain prior year amounts in the consolidated cash flow statements and segment information note have been reclassified to conform to the current year presentation. The reclassifications had no effect on net loss, net cash flows or shareholders' equity. | |
Use of Estimates | |
The preparation of these financial statements requires management to make estimates and assumptions that affect certain reported amounts of assets, liabilities, revenues, expenses, contingent assets and liabilities, and the related disclosures. Accordingly, actual results could materially differ from those estimates. Significant estimates include the allowance for doubtful accounts and credit memos, spare parts inventory obsolescence reserve, useful lives for rental equipment and property and equipment, deferred income taxes, personal property tax receivable and accrual, loss contingencies and the fair value of interest rate swaps and other financial instruments. | |
Fair Value of Financial Instruments, Including Derivative Instruments | |
The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. | |
Segment Reporting | |
We have determined, in accordance with applicable accounting guidance regarding operating segments that we have three reportable segments. We derive our revenues from three principal business activities: (1) equipment rentals; (2) equipment distribution; and (3) parts and service. These segments are based upon how we allocate resources and assess performance. See Note 12 to the consolidated financial statements regarding our segment information. | |
Recently Issued and Adopted Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued authoritative guidance regarding the reporting of reclassifications out of accumulated other comprehensive income. Under the new guidance, an entity has the option to present either parenthetically on the face of the financial statements or in the notes, significant amounts reclassified from each component of accumulated other comprehensive income and the statement of operations line items affected by the reclassification. The amendment does not change the current requirements for reporting net income or other comprehensive income in the financial statements. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted this guidance during the three months ended March 31, 2013 and has disclosed the reclassifications out of other comprehensive income and the affect on the statement of operations line items within the notes to the consolidated financial statements. | |
In July 2013, the FASB issued authoritative guidance regarding the financial statement presentation of unrecognized tax benefits. Under the new guidance, unrecognized tax benefits, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax benefit is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be netted with the deferred tax asset. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The company will adopt this guidance for the fiscal year beginning January 1, 2014. Adoption of this guidance is not expected to have a material impact on the Company's financial results. |
Intangible_Assets
Intangible Assets | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Intangible Assets | ' | |||||||||||
Intangible Assets | ||||||||||||
As of September 30, 2013 and December 31, 2012, goodwill related to the acquisition of Coast Crane's assets was approximately $1.8 million. Goodwill represents the excess of the total consideration transferred over the fair value of the identifiable assets acquired, net of liabilities assumed. | ||||||||||||
The following table presents the gross carrying amount, accumulated amortization and net carrying amount of the Company’s other identifiable finite lived intangible assets at September 30, 2013: | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Carrying | Amortization | Carrying | ||||||||||
Amount | Amount | |||||||||||
Other identifiable intangible assets: | ||||||||||||
Essex Crane customer relationship | $ | 784,826 | $ | (784,826 | ) | $ | — | |||||
Essex Crane trademark | 804,130 | (804,130 | ) | — | ||||||||
Coast Crane customer relationship | 1,500,000 | (607,143 | ) | 892,857 | ||||||||
Coast Crane trademark | 600,000 | (340,000 | ) | 260,000 | ||||||||
$ | 3,688,956 | $ | (2,536,099 | ) | $ | 1,152,857 | ||||||
The following table presents the gross carrying amount, accumulated amortization and net carrying amount of the Company’s other identifiable intangible assets at December 31, 2012: | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Carrying | Amortization | Carrying | ||||||||||
Amount | Amount | |||||||||||
Other identifiable intangible assets: | ||||||||||||
Essex Crane customer relationship | $ | 784,826 | $ | (784,826 | ) | $ | — | |||||
Essex Crane trademark | 804,130 | (804,130 | ) | — | ||||||||
Coast Crane customer relationship | 1,500,000 | (446,429 | ) | 1,053,571 | ||||||||
Coast Crane trademark | 600,000 | (250,000 | ) | 350,000 | ||||||||
$ | 3,688,956 | $ | (2,285,385 | ) | $ | 1,403,571 | ||||||
The gross carrying amount of the Essex Crane customer relationship intangible was reduced by $0 for the three months ended September 30, 2012 and $64,591 for the nine months ended September 30, 2012 as a result of the recognition of the tax benefit related to excess tax deductible goodwill. The gross carrying amount of the Essex Crane trademark intangible was reduced by $0 for the three months ended September 30, 2012 and $70,191 for the nine months ended September 30, 2012 as a result of the recognition of the tax benefit related to excess tax deductible goodwill. The net carrying amounts of the Essex Crane customer relationship and trademark were reduced to zero as a result of the tax benefit related to excess tax deductible goodwill and amortization during the nine months ended September 30, 2012. | ||||||||||||
The Company’s amortization expense associated with other intangible assets was $83,571 for each of the three months ended September 30, 2013 and 2012. The Company’s amortization expense associated with other intangible assets was $250,714 and $271,995 for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||
The following table presents the estimated future amortization expense related to intangible assets as of September 30, 2013 for the years ended December 31: | ||||||||||||
2013 | $ | 83,571 | ||||||||||
2014 | 334,286 | |||||||||||
2015 | 324,286 | |||||||||||
2016 | 214,286 | |||||||||||
2017 | 196,428 | |||||||||||
Total | $ | 1,152,857 | ||||||||||
Revolving_Credit_Facilities_an
Revolving Credit Facilities and Other Debt Obligations | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Revolving Credit Facilities and Other Debt Obligations | ' | |||||||||||
Revolving Credit Facilities and Other Debt Obligations | ||||||||||||
The Company’s revolving credit facilities and other debt obligations consist of the following: | ||||||||||||
Principal Outstanding at | Weighted Average Interest as of | Maturity | ||||||||||
30-Sep-13 | 31-Dec-12 | 30-Sep-13 | Date Ranges | |||||||||
Essex Crane revolving credit facility | $ | 148,301,312 | $ | 151,286,537 | 3.95% | Oct-16 | ||||||
Coast Crane revolving credit facility | 18,513,670 | 59,306,372 | 5.49% | Mar-17 | ||||||||
Term loan | 37,000,000 | — | 5.25% | June 2014 - March 2017 | ||||||||
Term loan - short-term | 2,000,000 | — | 5.25% | within 1 year | ||||||||
Unsecured promissory notes (related party) (1) | 5,202,968 | 5,130,870 | 11.90% | Dec-13 | ||||||||
Purchase money security interest debt | 2,180,806 | 2,147,349 | 4.64% | September 2015-October 2018 | ||||||||
Purchase money security interest debt - short-term | 1,009,865 | 828,610 | 4.64% | within 1 year | ||||||||
Total debt obligations outstanding | $ | 214,208,621 | $ | 218,699,738 | ||||||||
(1) Includes the impact on interest expense from the accretion of the discount related to the detachable warrants issued with the debt. See "Unsecured Promissory Notes" discussion within this footnote for further discussion. | ||||||||||||
Essex Crane Revolving Credit Facility | ||||||||||||
In conjunction with the acquisition of Holdings on October 31, 2008, Essex Crane amended its senior secured revolving line of credit facility (“Essex Crane Revolving Credit Facility”), which permitted it to borrow up to $190.0 million with a $20.0 million aggregate sublimit for letters of credit. Essex Crane may borrow up to an amount equal to the sum of 85% of eligible net receivables and 75% of the net orderly liquidation value of eligible rental equipment. The Essex Crane Revolving Credit Facility is collateralized by a first priority security interest in substantially all of Essex Crane’s assets. | ||||||||||||
On March 15, 2013, the Essex Crane Revolving Credit Facility was amended and restated to extend the maturity to October 31, 2016. The amendment reduced the maximum amount Essex Crane is able to borrow to $175.0 million. The amendment also provided for increases in the applicable prime rate margin, Euro-dollar LIBOR margin and unused line commitment fee to 1.75%, 3.75% and 0.375%, respectively. Under the amendment, the springing covenant threshold is eliminated and, instead, Essex Crane is required to have availability in excess of 10% of the outstanding commitment and is subject to a fixed charge coverage ratio of 1.10 to 1.00. Further, under the amendment, the aggregate commitment will be reduced by: (i) on an individual transaction basis, 100% of the net cash proceeds from the sales of certain assets and (ii) on an annual basis commencing in 2014, 60% of free cash flow, other than net cash proceeds from certain asset sales, as defined within the amended and restated revolving credit facility. In addition, the maximum commitment may not exceed $165.0 million, $150.0 million and $130.0 million beginning on March 31, 2014, March 31, 2015 and February 28, 2016, respectively. The amendment also provides for an annual limit on certain capital expenditures of $2.0 million and limits the ability of Essex Crane to make distributions to affiliates. All other terms of the October 31, 2008 amendment remained in effect following such amendment. | ||||||||||||
Borrowings under the Essex Crane Revolving Credit Facility, as amended, accrue interest at the borrower’s option of either (a) the bank’s prime rate (3.25% at September 30, 2013) plus an applicable margin or (b) a Euro-dollar rate based on the rate the bank offers deposits of U.S. Dollars in the London interbank market (“LIBOR”) (0.18% at September 30, 2013) plus an applicable margin. Essex Crane is also required to pay a monthly commitment fee with respect to the undrawn commitments under the Essex Crane Revolving Credit Facility. At September 30, 2013, the applicable prime rate margin, Euro-dollar LIBOR margin, and unused line commitment fee were 1.75%, 3.75% and 0.375%, respectively. At December 31, 2012 (prior to the amendment described above), the applicable prime rate margin, Euro-dollar LIBOR margin, and unused line commitment fee were 0.25%, 2.25% and 0.25%, respectively. | ||||||||||||
The maximum amount that could be borrowed under the Essex Crane Revolving Credit Facility, net of letters of credit, interest rate swaps and other reserves was approximately $170.5 million and $185.8 million as of September 30, 2013 and December 31, 2012, respectively. Essex Crane’s available borrowing under its revolving credit facility was approximately $22.1 million and $34.5 million as of September 30, 2013 and December 31, 2012, respectively. As of September 30, 2013, there was $10.1 million of available formulated collateral in excess of the maximum borrowing amount of $170.5 million Although the Essex Crane Revolving Credit Facility limits Essex Crane’s ability to incur additional indebtedness, Essex Crane is permitted to incur certain additional indebtedness, including secured purchase money indebtedness of up to $1.5 million outstanding at any time, subject to certain conditions set forth in the Essex Crane Revolving Credit Facility. | ||||||||||||
As of September 30, 2013 and for the three and nine months then ended, Essex Crane was in compliance with the covenants and other provisions set forth in the Essex Crane Revolving Credit Facility, as amended. Any failure to be in compliance with any material provision or covenant of these agreements could have a material adverse effect on the Company’s liquidity and operations. | ||||||||||||
Coast Crane Revolving Credit Facility | ||||||||||||
On November 24, 2010, Coast Crane entered into a new revolving credit facility in conjunction with the acquisition of Coast Crane's assets (the “Coast Crane Revolving Credit Facility”). The Coast Crane Revolving Credit Facility provided for a revolving loan and letter of credit facility in the maximum aggregate principal amount of $75.0 million with a $2.0 million aggregate principal sublimit for letters of credit. Coast Crane’s ability to borrow under the Coast Crane Revolving Credit Facility is subject to, among other things, a borrowing base calculated based on the sum of (a) 85% of eligible accounts, (b) the lesser of 50% of eligible spare parts inventory and $5.0 million, (c) the lesser of 95% of the lesser of (x) the net orderly liquidation value and (y) the invoice cost, of eligible new equipment inventory and $15.0 million and (d) 85% of the net orderly liquidation value of eligible other equipment, less reserves established by the lenders and the liquidity reserve. | ||||||||||||
On November 14, 2011 the Coast Crane Revolving Credit Facility was amended and restated to include Coast Crane Ltd. as a signatory to the credit facility. The amendment provided that equipment owned by Coast Crane located in Canada may be included in the borrowing base calculation, which was previously prohibited. As amended, the Coast Crane Revolving Credit Facility agreement is collateralized by a first priority security interest in substantially all of Coast Crane’s and Coast Crane Ltd.’s assets. | ||||||||||||
Proceeds of the first borrowing under the amended Coast Crane Revolving Credit Facility in the amount of $1.5 million were used to pay off the remaining balance on the Coast Crane Ltd.'s revolving credit facility at the time of its termination in November 2011. | ||||||||||||
On May 7, 2012, the Coast Crane Revolving Credit Facility was amended to provide certain limitations on net capital expenditures and a $3.7 million “first amendment reserve” (as defined in the Coast Crane Revolving Credit Facility). The amendment also provides for a modified fixed charge coverage ratio of 1.20 to 1.00 as well as an obligation of Essex to contribute, or cause to be contributed, to Coast Crane up to $2.5 million to the extent that EBITDA for Coast Crane for the year ending December 31, 2012 was less than $6.0 million. Coast Crane EBITDA for the year ended December 31, 2012 exceeded the $6.0 million threshold and no contribution from Essex was required. The amendment also reduced the amount of certain additional indebtedness, including secured purchase money indebtedness, that Coast Crane may incur to $7.0 million for the year ending December 31, 2012 and $10.0 million thereafter. All other terms of the November 14, 2011 amendment and restatement remained in effect following such amendment. | ||||||||||||
A definitional interpretation resulted in Coast Crane's lenders determining that the springing fixed charge coverage ratio of 1.20 to 1.00 (which under the Coast Crane Revolving Credit Facility was triggered if Coast Crane's borrowing availability fell below $8.0 million) was triggered notwithstanding that Coast Crane and Coast Crane Ltd. had combined excess availability of $9.5 million, $8.4 million and $8.5 million as of January 31, 2012, February 29, 2012 and March 31, 2012, respectively. The modified fixed charge coverage ratio included in the May 7, 2012 amendment replaced the springing trailing twelve month fixed charge coverage ratio. The May 7, 2012 amendment also addressed and waived Coast Crane’s non-compliance (which existed as of March 31, 2012) with certain delivery and reporting requirements contained in the Coast Crane Revolving Credit Facility. | ||||||||||||
On March 12, 2013, the Coast Crane Revolving Credit Facility was amended and restated to extend the maturity date to March 12, 2017. The amendment also provides for a $40.0 million term loan and reduces the aggregate maximum principal amount of the revolving loan and letter of credit facility by a corresponding amount to $35.0 million. In addition, the amendment provides for scheduled quarterly term loan payments to reduce the term loan principal outstanding by $0.5 million beginning on June 30, 2013. The amounts borrowed under the term loan which are repaid or prepaid may not be reborrowed. All other terms of the May 7, 2012 amendment and restatement remained in effect following such amendment. | ||||||||||||
Interest accrues on Coast Crane's outstanding revolving loans and term loan under the revolving credit facility at either a per annum rate equal to (a) LIBOR plus 3.75%, with a 1.50% LIBOR floor or (b) the Base rate plus 2.75%, at Coast Crane’s election. Coast Crane will be obligated to pay a letter of credit fee on the outstanding letter of credit accommodations based on a per annum rate of 3.75%. Interest on the revolving loans and fees on the letter of credit accommodations is payable monthly in arrears. Coast Crane is also obligated to pay an unused line fee on the amount by which the maximum credit under the Coast Crane Revolving Credit Facility exceeds the aggregate amount of revolving loans and letter of credit accommodations based on a per annum rate of 0.50%. At September 30, 2013, the applicable LIBOR rate, Base rate, and unused line commitment fee were 0.25%, 3.25% and 0.50%, respectively. At December 31, 2012, the applicable LIBOR rate, Base rate, and unused line commitment fee were 0.31%, 3.25% and 0.50%, respectively. | ||||||||||||
The maximum amount that could be borrowed under the revolving loans under the Coast Crane Revolving Credit Facility was approximately $35.0 million and $66.2 million as of September 30, 2013 and December 31, 2012, respectively. Coast Crane’s available borrowing under the Coast Crane Revolving Credit Facility was approximately $8.3 million and $6.9 million, respectively, after certain lender reserves of $8.2 million and $8.8 million as of September 30, 2013 and December 31, 2012, respectively. As of September 30, 2013 and December 31, 2012, there was approximately $0.8 million and $0.2 million, respectively, of available formulated collateral in excess of the maximum borrowing amount of $75.0 million. Although the Coast Crane Revolving Credit Facility limits Coast Crane’s and Coast Crane Ltd.’s ability to incur additional indebtedness, Coast Crane and Coast Crane Ltd. are permitted to incur certain additional indebtedness, including secured purchase money indebtedness, subject to certain conditions set forth in the Coast Crane Revolving Credit Facility. | ||||||||||||
As of September 30, 2013, the outstanding balance on the term loan portion of the Coast Crane Revolving Credit Facility was $39.0 million with $2.0 million of the outstanding balance classified as a current liability as a result of the scheduled quarterly term loan payments of $0.5 million that began on June 30, 2013. | ||||||||||||
Coast Crane is currently in compliance with the covenants and other provisions set forth in the Coast Crane Revolving Credit Facility, as amended. Any failure to be in compliance with any material provision or covenant of these agreements could have a material adverse effect on the Company’s liquidity and operations. | ||||||||||||
Unsecured Promissory Notes | ||||||||||||
In November 2010, the Company entered into an agreement with the holders of certain Coast Crane indebtedness pursuant to which such holders agreed, in consideration of the assumption of such indebtedness by the Company, to exchange such indebtedness for one or more promissory notes issued by the Company in the aggregate principal amount of $5.2 million. As additional consideration under the agreement, the Company agreed to issue 90,000 warrants to the holders of such indebtedness entitling the holder thereof to purchase up to 90,000 shares of Essex Rental common stock at an exercise price of $0.01 per share, and to reimburse such holders for certain legal fees incurred in connection with the transaction. These warrants were exercised in full on October 24, 2013. | ||||||||||||
In accordance with accounting guidance related to debt issued with conversion or other options, the fair value of the detachable warrants of $296,400 is recorded as a discount to the principal balance outstanding with an offset to additional paid-in capital on the consolidated statements of stockholders’ equity and will be amortized on a straight-line basis over the three years life of the notes as additional interest expense on the consolidated statement of operations, which is not materially different than the effective interest method. The unamortized balance of this discount was $24,032 and $96,130 as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||
Interest accrues on the outstanding promissory notes at a per annum rate of 10% and is payable annually in arrears. | ||||||||||||
Purchase Money Security Interest Debt | ||||||||||||
As of September 30, 2013, the Company's purchase money security interest debt consisted of the financing of eleven pieces of equipment. Ten of these debt obligations accrue interest at rates that range from LIBOR plus 3.25% to LIBOR plus 5.38% per annum with interest payable in arrears. One of the debt obligations accrues interest at a rate of 8.29%. The obligations are secured by the equipment purchased and have maturity dates that range from September 2015 to October 2018. As these loans are amortizing, approximately $1.0 million of the total $3.2 million in principal payments is due prior to September 30, 2014 and as such, this amount is classified as a current liability in the accompanying consolidated balance sheets as of September 30, 2013. | ||||||||||||
As of December 31, 2012, the purchase money security interest debt consisted of the financing of nine pieces of equipment with an outstanding balance of approximately $3.0 million. The interest rates at December 31, 2012 ranged from LIBOR plus 3.25% to LIBOR plus 5.38%. | ||||||||||||
As described above, Essex Crane and Coast Crane (including Coast Crane Ltd.) are permitted to incur up to $1.5 million and $10.0 million, respectively, of secured purchase money indebtedness under the terms of, and subject to certain conditions set forth in, the Essex Crane Revolving Credit Facility and Coast Crane Revolving Credit Facility, respectively. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities - Interest Rate Swap Agreements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivatives and Hedging Activities - Interest Rate Swap Agreements | ' | ||||||||||||||||
Derivatives and Hedging Activities – Interest Rate Swap Agreements | |||||||||||||||||
Risk Management Objective of Using Derivatives | |||||||||||||||||
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. | |||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | |||||||||||||||||
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. During the three and nine months ended September 30, 2012, the Company had one and four interest rate swaps outstanding, respectively, which involved the receipt of variable-rate amounts from counterparties in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amounts. | |||||||||||||||||
Essex Crane Interest Rate Swap | |||||||||||||||||
In November 2008, Essex Crane entered into an interest rate swap agreement with the lead lender of the Essex Crane Revolving Credit Facility to hedge its exposure to interest rate fluctuations. The swap agreement had a notional principal amount of $100.0 million and matured in November 2012. Under the agreement, the Company paid a 2.71% fixed interest rate plus the applicable margin under the revolving credit facility (or a total interest rate of 4.96%). This interest rate swap was designated as a cash flow hedge. | |||||||||||||||||
The swap agreement established a fixed rate of interest for the Company and requires the Company or the bank to pay a settlement amount depending upon the difference between the 30 day floating LIBOR rate and the swap fixed rate of 2.71%. The differential to be paid or received under the swap agreement has been accrued and paid as interest rates changed and such amounts were included in interest expense for the respective period. Interest payment dates for the revolving loan were dependent upon the interest rate options selected by the Company. Interest rates on the revolving credit facility were determined based on Wells Fargo’s prime rate or LIBOR rate, plus a margin depending on certain criteria in the agreement. | |||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. There was no hedge ineffectiveness recognized during the three and nine months ended September 30, 2012. | |||||||||||||||||
For the three and nine months ended September 30, 2012, the change in net unrealized loss on the derivative designated as a cash flow hedge reported as a component of other accumulated comprehensive income was a decrease of $0.6 million ($0.4 million net of tax) and a decrease of $1.7 million ($1.0 million net of tax), respectively. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. | |||||||||||||||||
Coast Crane Interest Rate Swaps | |||||||||||||||||
The Company assumed three interest rate swaps in conjunction with the Coast Acquisition. The assumed interest rate swaps had a notional amount of $7.0 million each and expired on May 18, 2012. Under the agreements, the Company paid fixed interest of 5.62% and received an interest rate based on three-month LIBOR. The Company did not contemporaneously document the hedge designation on the date of assumption in order to qualify for hedge accounting treatment due to economic reasons and the projected inherent hedge ineffectiveness. The changes in fair values of the assumed swaps for the three and nine months ended September 30, 2012 was an unrealized gain of approximately $0 and $0.4 million and was reported as a component of interest expense in the consolidated statement of operations. | |||||||||||||||||
Essex Rental Corp. Summary | |||||||||||||||||
The Company’s consolidated weighted average interest rate of total debt outstanding, including the impact of the interest rate swaps was 4.52% and 3.49% at September 30, 2013 and December 31, 2012, respectively. The impact of the interest rate swaps resulted in an increase in interest expense of approximately $0.6 million for the three months ended September 30, 2012. The impact of the interest rate swaps resulted in an increase in interest expense of approximately $1.9 million for the nine months ended September 30, 2012. | |||||||||||||||||
The table below presents the effect of the Company’s derivative financial instruments on the consolidated statement of operations for the nine months ended September 30, 2013 and 2012. These amounts are presented as other comprehensive income (loss) (“OCI”). | |||||||||||||||||
Derivatives in Cash Flow | Amount of Gain | Location of Gain | Amount of Gain | Location of Gain or | Amount of Gain or | ||||||||||||
Hedging Relationships | or (Loss) | or (Loss) | or (Loss) | (Loss) Recognized in | (Loss) Recognized | ||||||||||||
Recognized in | Reclassified from | Reclassified from | Income on Derivative | in Income on | |||||||||||||
OCI on | Accumulated OCI | Accumulated | (Ineffective Portion | Derivative | |||||||||||||
Derivative | into Income | OCI into Income | and Amount Excluded | (Ineffective Portion | |||||||||||||
(Effective | (Effective Portion) | (Effective | from Effectiveness | and Amount | |||||||||||||
Portion) | Portion) | Testing) | Excluded from | ||||||||||||||
Effectiveness | |||||||||||||||||
Testing) | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
Interest Rate Swap | $ | — | Interest expense | $ | — | Other income / (expense) | $ | — | |||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||
Interest Rate Swap | $ | (219,421 | ) | Interest expense | $ | (1,876,317 | ) | Other income / (expense) | $ | — | |||||||
Credit-risk-related Contingent Features | |||||||||||||||||
Essex Crane had an agreement with its derivative counterparty that contains a provision where if it defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then it could also be declared in default on their derivative obligations. |
Fair_Value
Fair Value | 9 Months Ended | |
Sep. 30, 2013 | ||
Fair Value Disclosures [Abstract] | ' | |
Fair Value | ' | |
Fair Value | ||
The FASB issued a statement on Fair Value Measurements which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis and clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | ||
• | Level 1 - Observable inputs such as quoted prices in active markets: | |
• | Level 2- Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | |
• | Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |
The fair value of the Company’s total debt obligations was approximately $216.8 million and $217.2 million as of September 30, 2013 and December 31, 2012, respectively, calculated using a discounted cash flows approach at a market rate of interest. The inputs used in the calculation are classified within Level 2 of the fair value hierarchy. | ||
The fair values of the Company’s financial instruments, including cash and cash equivalents, approximate their carrying values. The Company bases its fair values on listed market prices or third party quotes when available. If not available, then the Company bases its estimates on instruments with similar terms and maturities. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income Reclassifications | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Income Reclassifications | ' | |||||||||||
Accumulated Other Comprehensive Income Reclassifications | ||||||||||||
The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the three months ended September 30, 2013: | ||||||||||||
Gains and Losses on Designated Cash Flow Hedge (1) | Foreign Currency Translation Adjustments (1) | Total (1) | ||||||||||
Beginning balance | $ | — | $ | 6,003 | $ | 6,003 | ||||||
Other comprehensive income (loss) before reclassifications | — | (2,106 | ) | (2,106 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | |||||||||
Net current period other comprehensive income (loss) | — | (2,106 | ) | (2,106 | ) | |||||||
Ending balance | $ | — | $ | 3,897 | $ | 3,897 | ||||||
(1) Amounts in parenthesis indicate debits. | ||||||||||||
The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the nine months ended September 30, 2013: | ||||||||||||
Gains and Losses on Designated Cash Flow Hedge (1) | Foreign Currency Translation Adjustments (1) | Total (1) | ||||||||||
Beginning balance | $ | — | $ | 9,979 | 9,979 | |||||||
Other comprehensive income (loss) before reclassifications | — | (6,082 | ) | (6,082 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | |||||||||
Net current period other comprehensive income (loss) | — | (6,082 | ) | (6,082 | ) | |||||||
Ending balance | $ | — | $ | 3,897 | 3,897 | |||||||
(1) Amounts in parenthesis indicate debits. | ||||||||||||
The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the three months ended September 30, 2012: | ||||||||||||
Gains and Losses on Designated Cash Flow Hedge (1) | Foreign Currency Translation Adjustments (1) | Total (1) | ||||||||||
Beginning balance | $ | (627,438 | ) | $ | 4,918 | $ | (622,520 | ) | ||||
Other comprehensive income (loss) before reclassifications | (11,977 | ) | 17,697 | 5,720 | ||||||||
Amounts reclassified from accumulated other comprehensive income | 383,253 | — | 383,253 | |||||||||
Net current period other comprehensive income (loss) | 371,276 | 17,697 | 388,973 | |||||||||
Ending balance | $ | (256,162 | ) | $ | 22,615 | $ | (233,547 | ) | ||||
(1) Amounts in parenthesis indicate debits. | ||||||||||||
The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the nine months ended September 30, 2012: | ||||||||||||
Gains and Losses on Designated Cash Flow Hedge (1) | Foreign Currency Translation Adjustments (1) | Total (1) | ||||||||||
Beginning balance | $ | (1,260,232 | ) | $ | (10,618 | ) | $ | (1,270,850 | ) | |||
Other comprehensive income (loss) before reclassifications | (134,188 | ) | 33,233 | (100,955 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | 1,138,258 | — | 1,138,258 | |||||||||
Net current period other comprehensive income (loss) | 1,004,070 | 33,233 | 1,037,303 | |||||||||
Ending balance | $ | (256,162 | ) | $ | 22,615 | $ | (233,547 | ) | ||||
(1) Amounts in parenthesis indicate debits. | ||||||||||||
The following table presents the impact of the reclassifications from accumulated other comprehensive income on the consolidated statement of operations for the three months ended September 30, 2012: | ||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statement of Operations | |||||||||||
Losses on designated cash flow hedge | ||||||||||||
Interest rate swap | $ | (632,437 | ) | Interest Expense | ||||||||
Tax benefit | 249,184 | Benefit for Income Taxes | ||||||||||
Effect on net loss | $ | (383,253 | ) | Net Loss | ||||||||
(1) Amounts in parenthesis indicate debits. | ||||||||||||
The following table presents the impact of the reclassifications from accumulated other comprehensive income on the consolidated statement of operations for the nine months ended September 30, 2012: | ||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statement of Operations | |||||||||||
Losses on designated cash flow hedge | ||||||||||||
Interest rate swap | $ | (1,876,317 | ) | Interest Expense | ||||||||
Tax benefit | 738,059 | Benefit for Income Taxes | ||||||||||
Effect on net loss | $ | (1,138,258 | ) | Net Loss |
Earnings_per_Share_and_Compreh
Earnings per Share and Comprehensive Income | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings per Share and Comprehensive Income | ' | |||||||||||||||
Earnings per Share and Comprehensive Income | ||||||||||||||||
The following tables set forth the computation of basic and diluted earnings per share: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net loss | $ | (1,902,604 | ) | $ | (2,059,626 | ) | $ | (5,997,826 | ) | $ | (9,647,965 | ) | ||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 24,653,513 | 24,555,818 | 24,639,667 | 24,541,462 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Warrants | — | — | — | — | ||||||||||||
Options | — | — | — | — | ||||||||||||
Diluted | 24,653,513 | 24,555,818 | 24,639,667 | 24,541,462 | ||||||||||||
Basic earnings (loss) per share | $ | (0.08 | ) | $ | (0.08 | ) | $ | (0.24 | ) | $ | (0.39 | ) | ||||
Diluted earnings (loss) per share | $ | (0.08 | ) | $ | (0.08 | ) | $ | (0.24 | ) | $ | (0.39 | ) | ||||
Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of common shares outstanding during the period. Included in the weighted average number of shares outstanding for the three and nine months ended September 30, 2013 are 493,670 weighted average shares of common stock for the effective conversion of the retained interest in Holdings into common stock of the Company. Included in weighted average number of shares outstanding for the three and nine months ended September 30, 2012 are 632,911 weighted average shares of common stock for the effective conversion of the retained interest in Holdings into common stock of the Company. Diluted EPS adjusts basic EPS for the effects of Warrants, Units and Options; only in the periods in which such effect is dilutive. | ||||||||||||||||
As part of the initial public offering in March 2007, the Company issued an Underwriter Purchase Option (“UPO”) to purchase 600,000 Units at an exercise price of $8.80 per unit. Each unit consisted of one share of the Company’s common stock and one warrant. Each warrant entitled the holder to purchase from the Company one share of common stock at an exercise price of $5.00 per share. The UPO expired unexercised on March 4, 2012. | ||||||||||||||||
The weighted average UPO Units that could be converted into zero common shares for the three and nine months ended September 30, 2012 were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. The weighted average restricted stock outstanding that could be converted into 3,931 and 82,685 common shares for the three months ended September 30, 2013 and 2012, respectively, and 1,738 and 83,469 common shares for the nine months ended September 30, 2013 and 2012, respectively, were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. Weighted average options outstanding that could be converted into 74,259 and 41,987 common shares for the three months ended September 30, 2013 and 2012, respectively, and 82,433 and 8,514 common shares for the nine months ended September 30, 2013 and 2012, respectively, were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. Weighted average warrants outstanding that could be converted into 89,779 and 89,764 common shares for the three months ended September 30, 2013 and 2012, respectively, and 89,783 and 89,749 common shares for the nine months ended September 30, 2013 and 2012, respectively, were outstanding but were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. | ||||||||||||||||
As of September 30, 2013 and 2012, there were 90,000 privately-issued warrants outstanding, which were exercisable at a weighted average exercise price of $0.01. These warrants were fully exercised on October 24, 2013. As of September 30, 2013 and 2012, there were 1,430,459 and 1,474,719 stock options, respectively, outstanding which are exercisable at weighted average exercise prices of $5.29 and $5.45, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company’s effective tax rate of 37.6% for the nine months ended September 30, 2013 was higher than the statutory federal rate due to state taxes. The Company’s effective tax rate of 33.8% for the nine months ended September 30, 2012 was lower than the statutory federal rate due to state taxes. | |
As of September 30, 2013, the Company has unused federal net operating loss carry-forwards totaling approximately $145.5 million that begin expiring in 2022. As of September 30, 2013, the Company also has unused state net operating loss carry-forwards totaling approximately $77.7 million which expire between 2013 and 2032. The net operating loss carry-forwards are primarily from the acquisition of Holdings and losses in recent years. The Company had unused federal and state net operating loss carry-forwards totaling approximately $138.9 million and $71.5 million, respectively, as of December 31, 2012. | |
The Company also has remaining excess tax goodwill of approximately $3.1 million as of September 30, 2013 associated with the acquisition of Holdings. The excess tax goodwill will be amortized and deducted for tax purposes over the remaining three year term. However, the excess tax goodwill has not been recorded for GAAP purposes and will not be realized as a benefit to the income tax provision until the amortization deductions are realized through the reduction of taxable income in future years. The Company had remaining excess tax goodwill of approximately $3.1 million as of December 31, 2012. | |
The Company is generally no longer subject to federal and state examinations for tax years prior to December 31, 2010. | |
The Company had unrecognized tax benefits of approximately $0.3 million as of September 30, 2013 primarily associated with tax positions taken in a prior year. The Company incurred approximately $15,000 of income tax related interest expense and penalties related to uncertain tax positions during the three and nine months ended September 30, 2013. The Company had unrecognized tax benefits of approximately $0.1 million as of December 31, 2012. | |
The Company utilizes a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. |
Stock_Based_Compensation
Stock Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stock Based Compensation | ' | |||||||||||||||
Stock Based Compensation | ||||||||||||||||
The Company may issue up to 1,500,000 shares of common stock pursuant to its 2011 Long-term Incentive Plan to employees, non-employee directors and consultants of the Company. The Company may issue up to 1,575,000 shares of common stock pursuant to its 2008 Long-term Incentive Plan to employees, non-employee directors and consultants of the Company. Options to purchase shares of common stock are granted at its market price on the grant date and expire ten years from issuance. | ||||||||||||||||
Stock Options | ||||||||||||||||
Stock options granted to employees have a 10 year life and vest one-third annually beginning one year from the date of issue. The Company calculates stock option compensation expense based on the grant date fair value of the award and recognizes expense on a straight-line basis over the three year service period of the award. The Company has granted to certain key members of management options to purchase 100,000 shares at $4.26 per share, 423,750 shares at $5.58 per share, 485,969 shares at $6.45 per share, and 565,000 shares at $4.50 per share on grant dates of June 18, 2013, January 14, 2011, March 18, 2010, and December 18, 2008, respectively. | ||||||||||||||||
The fair values of the stock options granted are estimated at the date of grant using the Black-Scholes option pricing model. The model is sensitive to changes in assumptions which can materially affect the fair value estimate. The Company’s method of estimating expected volatility for the 2008 and 2010 option grants was based on the volatility of its peers since the Company only had operations for a short period of time as of the grant date. The Company’s method of estimating the expected volatility for the 2011 and 2013 option grant was based on the volatility of its own common shares outstanding. The expected dividend yield was estimated based on the Company’s expected dividend rate over the term of the options. The expected term of the options was based on management’s estimate, and the risk-free rate is based on U.S. Treasuries with a term approximating the expected life of the options. | ||||||||||||||||
Based on the results of the model, the weighted average fair value of the stock options granted were $2.79, $3.19, $3.76 and $2.54 per share for the options granted on June 18, 2013, January 14, 2011, March 18, 2010, and December 18, 2008, respectively, using the following assumptions: | ||||||||||||||||
Grant Date | ||||||||||||||||
2013 | 2011 | 2010 | 2008 | |||||||||||||
Expected dividend yield | — | % | — | % | — | % | — | % | ||||||||
Risk-free interest rate | 1.33 | % | 2.31 | % | 2.79 | % | 1.43 | % | ||||||||
Expected volatility | 75 | % | 60 | % | 61 | % | 61 | % | ||||||||
Expected life of option | 6 years | 6 years | 6 years | 6 years | ||||||||||||
Grant date fair value | $ | 278,589 | $ | 1,351,763 | $ | 1,827,243 | $ | 1,434,671 | ||||||||
On May 31, 2013, the Company entered into a separation agreement with its former Chief Financial Officer. In accordance with the terms of the separation agreement, and as permitted under the terms of the applicable option awards, the Company agreed that options awarded to the former Chief Financial Officer on December 18, 2008 and January 14, 2011, to the extent vested, will remain exercisable until the ten year anniversary of the applicable grant date, instead of expiring 90 days following the date the former Chief Financial Officer's employment was terminated, as provided in the option award agreements. As a result of the modification, the Company incurred additional non-cash stock compensation expense of approximately $0.4 million during the nine months ended September 30, 2013. Additionally, the separation agreement resulted in the forfeiture of 111,773 vested options issued under the March 18, 2010 option grant. The unvested portion of options previously awarded to the Company's Chief Financial Officer were also forfeited upon the termination of his employment. | ||||||||||||||||
Restricted Shares of Common Stock | ||||||||||||||||
On June 18, 2013, the Company granted to a key member of management 67,500 shares of restricted common stock with an aggregate grant date fair value of $287,550. One-third of the restricted shares are scheduled to vest on June 18, 2014, June 18, 2015 and June 18, 2016, respectively, and as such, no shares were vested as of September 30, 2013. | ||||||||||||||||
On January 3, 2011, the Company granted to certain employees 166,943 shares of restricted common stock with an aggregate grant date fair value of $926,485. One half of these restricted shares vested on January 3, 2012 and the remainder vested on January 3, 2013, and as such, 166,943 were vested as of September 30, 2013. | ||||||||||||||||
The Company recorded $0.1 million and $0.4 million of non-cash compensation expense associated with stock options and restricted shares in selling, general and administrative expenses for the three months ended September 30, 2013 and 2012, respectively. The Company recorded $0.7 million and $1.1 million of non-cash compensation expense associated with stock options and restricted shares in selling, general and administrative expenses for nine months ended September 30, 2013 and 2012, respectively. There was approximately $0.6 million and $0.5 million of total unrecognized compensation cost as of September 30, 2013 and December 31, 2012, respectively related to non-vested stock option and restricted share awards. The remaining cost is expected to be recognized ratably over the remaining respective vesting periods. |
Common_Stock_and_Warrants
Common Stock and Warrants | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Common Stock and Warrants | ' |
Common Stock and Warrants | |
In October 2008 our Board of Directors authorized a stock and warrant repurchase program, under which the Company may purchase, from time to time, in open market transactions at prevailing prices or through privately negotiated transactions as conditions permit, up to $12.0 million of the Company’s outstanding common stock and warrants. The Company’s stock repurchase program was suspended in May 2010 in conjunction with the launching of the cashless exercise warrant offer. Repurchases of our common stock and warrants were funded with cash flows of the business. | |
In November 2010, in conjunction with the issuance of the unsecured promissory notes, the Company issued 90,000 warrants entitling the holders to purchase from the Company one share of common stock at an exercise price of $0.01, which expire on December 31, 2013. The fair value of the warrants on the issuance date was $296,400. See Note 4 for further discussion. | |
The Company issued 43,715 and 56,868 shares of common stock, respectively, for services provided by the members of the Strategic Planning and Finance Committee of the Board of Directors during the nine months ended September 30, 2013 and 2012, respectively. The Company issued 83,469 and 83,474 shares of restricted common stock to certain employees during the nine months ended September 30, 2013 and 2012, respectively. The Company withheld 29,489 and 12,616 common shares to cover the employee tax obligation related to the restricted shares issuance during the nine months ended September 30, 2013 and 2012, respectively. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
We have identified three reportable segments: equipment rentals, equipment distribution, and parts and service. These segments are based upon how management of the Company allocates resources and assesses performance. The equipment rental segment includes rental, transportation and used rental equipment sales. There were no sales between segments for any of the periods presented. Selling, general, and administrative expenses as well as all other income and expense items below gross profit are not generally allocated to our reportable segments. | ||||||||||||||||
We do not compile discrete financial information by our segments other than the information presented below. The following table presents information about our reportable segments related to revenues and gross profit: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Segment revenues | ||||||||||||||||
Equipment rentals | $ | 14,416,345 | $ | 17,274,476 | $ | 49,789,356 | $ | 54,604,204 | ||||||||
Equipment distribution | 3,772,051 | 1,231,984 | 8,336,980 | 3,425,936 | ||||||||||||
Parts and service | 4,619,742 | 5,633,775 | 14,960,011 | 17,039,119 | ||||||||||||
Total revenues | $ | 22,808,138 | $ | 24,140,235 | $ | 73,086,347 | $ | 75,069,259 | ||||||||
Segment gross profit | ||||||||||||||||
Equipment rentals | $ | 3,805,321 | $ | 4,680,065 | $ | 12,553,710 | $ | 10,459,460 | ||||||||
Equipment distribution | 368,143 | (4,427 | ) | 806,861 | 60,237 | |||||||||||
Parts and service | 1,282,785 | 1,684,258 | 4,181,464 | 4,570,881 | ||||||||||||
Total gross profit | $ | 5,456,249 | $ | 6,359,896 | $ | 17,542,035 | $ | 15,090,578 | ||||||||
The following table presents information about our reportable segments related to total assets: | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Segment identified assets | ||||||||||||||||
Equipment rentals | $ | 311,704,773 | $ | 328,177,713 | ||||||||||||
Equipment distribution | 4,968,420 | 2,001,273 | ||||||||||||||
Parts and service | 5,607,122 | 6,593,538 | ||||||||||||||
Total segment identified assets | 322,280,315 | 336,772,524 | ||||||||||||||
Non-segmented identified assets | 17,151,204 | 17,295,086 | ||||||||||||||
Total assets | $ | 339,431,519 | $ | 354,067,610 | ||||||||||||
The Company operates primarily in the United States. Our sales to international customers for the three months ended September 30, 2013 were 8% of total revenues. Sales to customers in Canada represented 8% of total revenues. No customer accounted for more than 10% of our revenues on a consolidated basis. Within the equipment distribution segment for the three months ended September 30, 2013, four customers individually accounted for approximately 23%, 13%, 12% and 10% of revenues on a segmented basis. The concentration of revenues from these customers within the equipment distribution segment is directly attributable to the large dollar value of individual transactions and the small number of individual transactions. | ||||||||||||||||
Our sales to international customers for the three months ended September 30, 2012 were 9% of total revenues. Sales to customers in Canada represented 8% of total revenues. No customer accounted for more than 10% of our revenues on a consolidated basis. Within the equipment distribution segment for the three months ended September 30, 2012, three customers individually accounted for approximately 42%, 30% and 23% of revenues on a segmented basis. The concentration of revenues from these customers within the equipment distribution segment is directly attributable to the large dollar value of individual transactions and the small number of individual transactions. | ||||||||||||||||
Our sales to international customers for the nine months ended September 30, 2013 were 9% of total revenues. Sales to customers in Canada represented 8% of total revenues. No customer accounted for more than 10% of our revenues on a consolidated basis. Within the equipment distribution segment for the nine months ended September 30, 2013, two customers individually accounted for approximately 34% and 11% of revenues on a segmented basis. The concentration of revenues from these customers within the equipment distribution segment is directly attributable to the large dollar value of individual transactions and the small number of individual transactions. | ||||||||||||||||
Our sales to international customers for the nine months ended September 30, 2012 were 12% of total revenues. Sales to customers in Canada represented 10% of total revenues. No customer accounted for more than 10% of our revenues on a consolidated basis. Within the equipment distribution segment for the nine months ended September 30, 2012, five customers individually accounted for approximately 17%, 16%, 15%, 14% and 11% of revenues on a segmented basis. The concentration of revenues from these customers within the equipment distribution segment is directly attributable to the large dollar value of individual transactions and the small number of individual transactions. | ||||||||||||||||
The Company maintains assets in Canada associated with our Coast Crane Ltd. subsidiary. Total assets located in Canada at September 30, 2013 totaled approximately $5.5 million, including long-lived assets totaling approximately $4.4 million. At December 31, 2012, total assets located in Canada totaled approximately $7.2 million, including long-lived assets totaling approximately $5.8 million. |
Commitments_Contingencies_and_
Commitments, Contingencies and Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments, Contingencies and Related Party Transactions | ' |
Commitments, Contingencies and Related Party Transactions | |
Since December 2010, the Company has occupied office space at 500 Fifth Avenue, 50th Floor, New York, NY 10110, provided by Hyde Park Real Estate LLC, an affiliate of Laurence S. Levy, our chairman of the board. Such affiliate has agreed that it will make such office space, as well as certain office and administrative services, available to the Company, as may be required by the Company from time to time. Effective January 1, 2012, the Company has agreed to pay such entity $7,688 per month for such services with the terms of such arrangement being reconsidered from time to time. The Company’s statements of operations for the three and nine months ended September 30, 2013 and 2012 each include approximately $23,000 and $69,000, respectively, of rent expense related to these agreements. | |
In November 2010, the Company entered into an agreement with the holders of certain Coast Crane indebtedness pursuant to which such holders agreed, in consideration of the assumption of such indebtedness by the Company, to exchange such indebtedness of $5.2 million for unsecured promissory notes issued by the Company in the aggregate principal amount of $5.2 million plus the receipt of up to 90,000 warrants to purchase Essex common stock at $0.01 per share. The unsecured promissory notes mature in December 2013. The holders of the unsecured promissory notes are related parties to the Company as they owned a significant amount of the Company’s outstanding shares of common stock at the time of the transaction. | |
The Company maintains reserves for personal property taxes. These reserves are based on a variety of factors including: duration of rental in each county jurisdiction, tax rates, rental contract terms, customer filings, tax-exempt nature of projects or jurisdictions, statutes of limitations and potential related penalties and interest. Additionally, most customer rental contracts contain a provision that provides that personal property taxes are an obligation to be borne by the lessee. Where provided in the rental contract, management will invoice the customer for any personal property taxes paid by the Company. An estimated receivable has been recorded, net of an estimated allowance in connection with this liability. This customer receivable has been presented as other receivables in current assets while the property tax reserve has been included in accrued taxes. | |
Management estimated the gross personal property taxes liability and related contractual customer receivable of the Company to be approximately $3.2 million and $1.9 million, respectively, as of September 30, 2013 and approximately $3.0 million and $2.0 million, respectively, as of December 31, 2012. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Reclassifications [Text Block] | ' |
Reclassifications | |
Certain prior year amounts in the consolidated cash flow statements and segment information note have been reclassified to conform to the current year presentation. The reclassifications had no effect on net loss, net cash flows or shareholders' equity. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of these financial statements requires management to make estimates and assumptions that affect certain reported amounts of assets, liabilities, revenues, expenses, contingent assets and liabilities, and the related disclosures. Accordingly, actual results could materially differ from those estimates. Significant estimates include the allowance for doubtful accounts and credit memos, spare parts inventory obsolescence reserve, useful lives for rental equipment and property and equipment, deferred income taxes, personal property tax receivable and accrual, loss contingencies and the fair value of interest rate swaps and other financial instruments. | |
Fair Value of Financial Instruments, Including Derivative Instruments | ' |
Fair Value of Financial Instruments, Including Derivative Instruments | |
The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. | |
Segment Reporting | ' |
Segment Reporting | |
We have determined, in accordance with applicable accounting guidance regarding operating segments that we have three reportable segments. We derive our revenues from three principal business activities: (1) equipment rentals; (2) equipment distribution; and (3) parts and service. These segments are based upon how we allocate resources and assess performance. See Note 12 to the consolidated financial statements regarding our segment information. | |
Recently Issued and Adopted Accounting Pronouncements | ' |
Recently Issued and Adopted Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued authoritative guidance regarding the reporting of reclassifications out of accumulated other comprehensive income. Under the new guidance, an entity has the option to present either parenthetically on the face of the financial statements or in the notes, significant amounts reclassified from each component of accumulated other comprehensive income and the statement of operations line items affected by the reclassification. The amendment does not change the current requirements for reporting net income or other comprehensive income in the financial statements. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted this guidance during the three months ended March 31, 2013 and has disclosed the reclassifications out of other comprehensive income and the affect on the statement of operations line items within the notes to the consolidated financial statements. | |
In July 2013, the FASB issued authoritative guidance regarding the financial statement presentation of unrecognized tax benefits. Under the new guidance, unrecognized tax benefits, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax benefit is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be netted with the deferred tax asset. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The company will adopt this guidance for the fiscal year beginning January 1, 2014. Adoption of this guidance is not expected to have a material impact on the Company's financial results. |
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Schedule of Finite-Lived Intangible Assets | ' | |||||||||||
The following table presents the gross carrying amount, accumulated amortization and net carrying amount of the Company’s other identifiable finite lived intangible assets at September 30, 2013: | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Carrying | Amortization | Carrying | ||||||||||
Amount | Amount | |||||||||||
Other identifiable intangible assets: | ||||||||||||
Essex Crane customer relationship | $ | 784,826 | $ | (784,826 | ) | $ | — | |||||
Essex Crane trademark | 804,130 | (804,130 | ) | — | ||||||||
Coast Crane customer relationship | 1,500,000 | (607,143 | ) | 892,857 | ||||||||
Coast Crane trademark | 600,000 | (340,000 | ) | 260,000 | ||||||||
$ | 3,688,956 | $ | (2,536,099 | ) | $ | 1,152,857 | ||||||
The following table presents the gross carrying amount, accumulated amortization and net carrying amount of the Company’s other identifiable intangible assets at December 31, 2012: | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Carrying | Amortization | Carrying | ||||||||||
Amount | Amount | |||||||||||
Other identifiable intangible assets: | ||||||||||||
Essex Crane customer relationship | $ | 784,826 | $ | (784,826 | ) | $ | — | |||||
Essex Crane trademark | 804,130 | (804,130 | ) | — | ||||||||
Coast Crane customer relationship | 1,500,000 | (446,429 | ) | 1,053,571 | ||||||||
Coast Crane trademark | 600,000 | (250,000 | ) | 350,000 | ||||||||
$ | 3,688,956 | $ | (2,285,385 | ) | $ | 1,403,571 | ||||||
Schedule of Estimated Future Amortization Expense | ' | |||||||||||
The following table presents the estimated future amortization expense related to intangible assets as of September 30, 2013 for the years ended December 31: | ||||||||||||
2013 | $ | 83,571 | ||||||||||
2014 | 334,286 | |||||||||||
2015 | 324,286 | |||||||||||
2016 | 214,286 | |||||||||||
2017 | 196,428 | |||||||||||
Total | $ | 1,152,857 | ||||||||||
Revolving_Credit_Facilities_an1
Revolving Credit Facilities and Other Debt Obligations (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Schedule of Revolving Credit Facilities and Other Debt Obligations | ' | |||||||||||
The Company’s revolving credit facilities and other debt obligations consist of the following: | ||||||||||||
Principal Outstanding at | Weighted Average Interest as of | Maturity | ||||||||||
30-Sep-13 | 31-Dec-12 | 30-Sep-13 | Date Ranges | |||||||||
Essex Crane revolving credit facility | $ | 148,301,312 | $ | 151,286,537 | 3.95% | Oct-16 | ||||||
Coast Crane revolving credit facility | 18,513,670 | 59,306,372 | 5.49% | Mar-17 | ||||||||
Term loan | 37,000,000 | — | 5.25% | June 2014 - March 2017 | ||||||||
Term loan - short-term | 2,000,000 | — | 5.25% | within 1 year | ||||||||
Unsecured promissory notes (related party) (1) | 5,202,968 | 5,130,870 | 11.90% | Dec-13 | ||||||||
Purchase money security interest debt | 2,180,806 | 2,147,349 | 4.64% | September 2015-October 2018 | ||||||||
Purchase money security interest debt - short-term | 1,009,865 | 828,610 | 4.64% | within 1 year | ||||||||
Total debt obligations outstanding | $ | 214,208,621 | $ | 218,699,738 | ||||||||
(1) Includes the impact on interest expense from the accretion of the discount related to the detachable warrants issued with the debt. See "Unsecured Promissory Notes" discussion within this footnote for further discussion. |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities - Interest Rate Swap Agreements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of the Effect of Derivative Financial Instruments on Income Statement | ' | ||||||||||||||||
The table below presents the effect of the Company’s derivative financial instruments on the consolidated statement of operations for the nine months ended September 30, 2013 and 2012. These amounts are presented as other comprehensive income (loss) (“OCI”). | |||||||||||||||||
Derivatives in Cash Flow | Amount of Gain | Location of Gain | Amount of Gain | Location of Gain or | Amount of Gain or | ||||||||||||
Hedging Relationships | or (Loss) | or (Loss) | or (Loss) | (Loss) Recognized in | (Loss) Recognized | ||||||||||||
Recognized in | Reclassified from | Reclassified from | Income on Derivative | in Income on | |||||||||||||
OCI on | Accumulated OCI | Accumulated | (Ineffective Portion | Derivative | |||||||||||||
Derivative | into Income | OCI into Income | and Amount Excluded | (Ineffective Portion | |||||||||||||
(Effective | (Effective Portion) | (Effective | from Effectiveness | and Amount | |||||||||||||
Portion) | Portion) | Testing) | Excluded from | ||||||||||||||
Effectiveness | |||||||||||||||||
Testing) | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
Interest Rate Swap | $ | — | Interest expense | $ | — | Other income / (expense) | $ | — | |||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||
Interest Rate Swap | $ | (219,421 | ) | Interest expense | $ | (1,876,317 | ) | Other income / (expense) | $ | — | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income Reclassifications (Tables) | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Income by Component of Net Tax | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the three months ended September 30, 2013: | The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the three months ended September 30, 2012: | The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the nine months ended September 30, 2013: | The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the nine months ended September 30, 2012: | ||||||||||||||||||||||||||||||||||||||||||||
Gains and Losses on Designated Cash Flow Hedge (1) | Foreign Currency Translation Adjustments (1) | Total (1) | Gains and Losses on Designated Cash Flow Hedge (1) | Foreign Currency Translation Adjustments (1) | Total (1) | ||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | — | $ | 6,003 | $ | 6,003 | Beginning balance | $ | (627,438 | ) | $ | 4,918 | $ | (622,520 | ) | Gains and Losses on Designated Cash Flow Hedge (1) | Foreign Currency Translation Adjustments (1) | Total (1) | Gains and Losses on Designated Cash Flow Hedge (1) | Foreign Currency Translation Adjustments (1) | Total (1) | ||||||||||||||||||||||||||
Beginning balance | $ | — | $ | 9,979 | 9,979 | Beginning balance | $ | (1,260,232 | ) | $ | (10,618 | ) | $ | (1,270,850 | ) | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | — | (2,106 | ) | (2,106 | ) | Other comprehensive income (loss) before reclassifications | (11,977 | ) | 17,697 | 5,720 | Other comprehensive income (loss) before reclassifications | (134,188 | ) | 33,233 | (100,955 | ) | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | — | (6,082 | ) | (6,082 | ) | ||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | Amounts reclassified from accumulated other comprehensive income | 383,253 | — | 383,253 | Amounts reclassified from accumulated other comprehensive income | 1,138,258 | — | 1,138,258 | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | — | (2,106 | ) | (2,106 | ) | Net current period other comprehensive income (loss) | 371,276 | 17,697 | 388,973 | Net current period other comprehensive income (loss) | 1,004,070 | 33,233 | 1,037,303 | ||||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | — | (6,082 | ) | (6,082 | ) | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | — | $ | 3,897 | $ | 3,897 | Ending balance | $ | (256,162 | ) | $ | 22,615 | $ | (233,547 | ) | Ending balance | $ | (256,162 | ) | $ | 22,615 | $ | (233,547 | ) | |||||||||||||||||||||||
Ending balance | $ | — | $ | 3,897 | 3,897 | ||||||||||||||||||||||||||||||||||||||||||
(1) Amounts in parenthesis indicate debits. | (1) Amounts in parenthesis indicate debits. | (1) Amounts in parenthesis indicate debits. | |||||||||||||||||||||||||||||||||||||||||||||
(1) Amounts in parenthesis indicate debits. | |||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Impact of Reclassification from Accumulated Other Comprehensive Income | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
The following table presents the impact of the reclassifications from accumulated other comprehensive income on the consolidated statement of operations for the three months ended September 30, 2012: | The following table presents the impact of the reclassifications from accumulated other comprehensive income on the consolidated statement of operations for the nine months ended September 30, 2012: | ||||||||||||||||||||||||||||||||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statement of Operations | ||||||||||||||||||||||||||||||||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statement of Operations | Losses on designated cash flow hedge | |||||||||||||||||||||||||||||||||||||||||||||
Losses on designated cash flow hedge | Interest rate swap | $ | (1,876,317 | ) | Interest Expense | ||||||||||||||||||||||||||||||||||||||||||
Interest rate swap | $ | (632,437 | ) | Interest Expense | Tax benefit | 738,059 | Benefit for Income Taxes | ||||||||||||||||||||||||||||||||||||||||
Tax benefit | 249,184 | Benefit for Income Taxes | |||||||||||||||||||||||||||||||||||||||||||||
Effect on net loss | $ | (1,138,258 | ) | Net Loss | |||||||||||||||||||||||||||||||||||||||||||
Effect on net loss | $ | (383,253 | ) | Net Loss | |||||||||||||||||||||||||||||||||||||||||||
(1) Amounts in parenthesis indicate debits. |
Earnings_per_Share_and_Compreh1
Earnings per Share and Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | |||||||||||||||
The following tables set forth the computation of basic and diluted earnings per share: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net loss | $ | (1,902,604 | ) | $ | (2,059,626 | ) | $ | (5,997,826 | ) | $ | (9,647,965 | ) | ||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 24,653,513 | 24,555,818 | 24,639,667 | 24,541,462 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Warrants | — | — | — | — | ||||||||||||
Options | — | — | — | — | ||||||||||||
Diluted | 24,653,513 | 24,555,818 | 24,639,667 | 24,541,462 | ||||||||||||
Basic earnings (loss) per share | $ | (0.08 | ) | $ | (0.08 | ) | $ | (0.24 | ) | $ | (0.39 | ) | ||||
Diluted earnings (loss) per share | $ | (0.08 | ) | $ | (0.08 | ) | $ | (0.24 | ) | $ | (0.39 | ) |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of Assumptions Used To Determine Fair Value of Options Granted | ' | |||||||||||||||
Based on the results of the model, the weighted average fair value of the stock options granted were $2.79, $3.19, $3.76 and $2.54 per share for the options granted on June 18, 2013, January 14, 2011, March 18, 2010, and December 18, 2008, respectively, using the following assumptions: | ||||||||||||||||
Grant Date | ||||||||||||||||
2013 | 2011 | 2010 | 2008 | |||||||||||||
Expected dividend yield | — | % | — | % | — | % | — | % | ||||||||
Risk-free interest rate | 1.33 | % | 2.31 | % | 2.79 | % | 1.43 | % | ||||||||
Expected volatility | 75 | % | 60 | % | 61 | % | 61 | % | ||||||||
Expected life of option | 6 years | 6 years | 6 years | 6 years | ||||||||||||
Grant date fair value | $ | 278,589 | $ | 1,351,763 | $ | 1,827,243 | $ | 1,434,671 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Reportable Segments Related to Revenues and Gross Profit | ' | |||||||||||||||
The following table presents information about our reportable segments related to revenues and gross profit: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Segment revenues | ||||||||||||||||
Equipment rentals | $ | 14,416,345 | $ | 17,274,476 | $ | 49,789,356 | $ | 54,604,204 | ||||||||
Equipment distribution | 3,772,051 | 1,231,984 | 8,336,980 | 3,425,936 | ||||||||||||
Parts and service | 4,619,742 | 5,633,775 | 14,960,011 | 17,039,119 | ||||||||||||
Total revenues | $ | 22,808,138 | $ | 24,140,235 | $ | 73,086,347 | $ | 75,069,259 | ||||||||
Segment gross profit | ||||||||||||||||
Equipment rentals | $ | 3,805,321 | $ | 4,680,065 | $ | 12,553,710 | $ | 10,459,460 | ||||||||
Equipment distribution | 368,143 | (4,427 | ) | 806,861 | 60,237 | |||||||||||
Parts and service | 1,282,785 | 1,684,258 | 4,181,464 | 4,570,881 | ||||||||||||
Total gross profit | $ | 5,456,249 | $ | 6,359,896 | $ | 17,542,035 | $ | 15,090,578 | ||||||||
Reportable Segments Related to Total Assets | ' | |||||||||||||||
The following table presents information about our reportable segments related to total assets: | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Segment identified assets | ||||||||||||||||
Equipment rentals | $ | 311,704,773 | $ | 328,177,713 | ||||||||||||
Equipment distribution | 4,968,420 | 2,001,273 | ||||||||||||||
Parts and service | 5,607,122 | 6,593,538 | ||||||||||||||
Total segment identified assets | 322,280,315 | 336,772,524 | ||||||||||||||
Non-segmented identified assets | 17,151,204 | 17,295,086 | ||||||||||||||
Total assets | $ | 339,431,519 | $ | 354,067,610 | ||||||||||||
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Accounting Policies [Abstract] | ' |
Number of reportable segments | 3 |
Intangible_Assets_Detail
Intangible Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Customer Relationships [Member] | Essex Crane Customer Relationship Intangible [Member] | Essex Crane Customer Relationship Intangible [Member] | Essex Crane Customer Relationship Intangible [Member] | Essex Crane Customer Relationship Intangible [Member] | Essex Crane Trademark [Member] | Essex Crane Trademark [Member] | Essex Crane Trademark [Member] | Essex Crane Trademark [Member] | Coast Crane customer relationship | Coast Crane customer relationship | Coast Crane trademark | Coast Crane trademark | Other Intangible Assets | Other Intangible Assets | Other Intangible Assets | Other Intangible Assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $1,796,126 | $1,796,126 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount | 3,688,956 | 3,688,956 | ' | ' | ' | 784,826 | 784,826 | ' | ' | 804,130 | 804,130 | 1,500,000 | 1,500,000 | 600,000 | 600,000 | ' | ' | ' | ' |
Accumulated Amortization | -2,536,099 | -2,285,385 | ' | ' | ' | -784,826 | -784,826 | ' | ' | -804,130 | -804,130 | -607,143 | -446,429 | -340,000 | -250,000 | ' | ' | ' | ' |
Net Carrying Amount | 1,152,857 | 1,403,571 | 0 | ' | ' | 0 | 0 | ' | ' | 0 | 0 | 892,857 | 1,053,571 | 260,000 | 350,000 | ' | ' | ' | ' |
Reduced amount of gross carrying amount | ' | ' | ' | 0 | 64,591 | ' | ' | 0 | 70,191 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $83,571 | $83,571 | $250,714 | $271,995 |
Intangible_Assets_Intangible_A
Intangible Assets Intangible Assets (Future Amortization) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Estimated Future Amortization Expense Related to Intangible Assets | ' | ' |
2013 | $83,571 | ' |
2014 | 334,286 | ' |
2015 | 324,286 | ' |
2016 | 214,286 | ' |
2017 | 196,428 | ' |
Net Carrying Amount | $1,152,857 | $1,403,571 |
Revolving_Credit_Facilities_an2
Revolving Credit Facilities and Other Debt Obligations (Detail) (USD $) | 9 Months Ended | ||||||
Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Feb. 29, 2012 | Jan. 31, 2012 | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ||
Term loan | $37,000,000 | $0 | ' | ' | ' | ||
Term loan - short-term | 2,000,000 | 0 | ' | ' | ' | ||
Purchase money security interest debt | 2,180,806 | 2,147,349 | ' | ' | ' | ||
Total debt obligations outstanding | 214,208,621 | 218,699,738 | ' | ' | ' | ||
Essex Crane revolving credit facility | ' | ' | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ||
Available collateral in excess of maximum borrowing amount | 10,100,000 | ' | ' | ' | ' | ||
Revolving credit facility | 148,301,312 | 151,286,537 | ' | ' | ' | ||
Weighted Average Interest | 3.95% | ' | ' | ' | ' | ||
Maturity Date Ranges | 'October 2016 | ' | ' | ' | ' | ||
Coast Crane revolving credit facility | ' | ' | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ||
Available collateral in excess of maximum borrowing amount | ' | ' | 8,500,000 | 8,400,000 | 9,500,000 | ||
Revolving credit facility | 18,513,670 | 59,306,372 | ' | ' | ' | ||
Weighted Average Interest | 5.49% | ' | ' | ' | ' | ||
Maturity Date Ranges | 'March 2017 | ' | ' | ' | ' | ||
Term loan | ' | ' | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ||
Term loan | 37,000,000 | 0 | ' | ' | ' | ||
Term loan - short-term | 2,000,000 | 0 | ' | ' | ' | ||
Weighted Average Interest | 5.25% | ' | ' | ' | ' | ||
Maturity Date Ranges | 'June 2014 - March 2017 | ' | ' | ' | ' | ||
Term loan | Short-term | ' | ' | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ||
Weighted Average Interest | 5.25% | ' | ' | ' | ' | ||
Maturity Date Ranges | 'within 1 year | ' | ' | ' | ' | ||
Unsecured promissory notes (related party) | ' | ' | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ||
Unsecruted promissory notes (related party) | 5,202,968 | [1] | 5,130,870 | [1] | ' | ' | ' |
Weighted Average Interest | 11.90% | [1] | ' | ' | ' | ' | |
Maturity Date Ranges | 'December 2013 | [1] | ' | ' | ' | ' | |
Purchase money security interest debt | ' | ' | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ||
Purchase money security interest debt | 2,180,806 | 2,147,349 | ' | ' | ' | ||
Purchase money security interest debt - short-term | $1,009,865 | $828,610 | ' | ' | ' | ||
Weighted Average Interest | 4.64% | ' | ' | ' | ' | ||
Maturity Date Ranges | 'September 2015-October 2018 | ' | ' | ' | ' | ||
Purchase money security interest debt | Short-term | ' | ' | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ||
Weighted Average Interest | 4.64% | ' | ' | ' | ' | ||
Maturity Date Ranges | 'within 1 year | ' | ' | ' | ' | ||
[1] | Includes the impact on interest expense from the accretion of the discount related to the detachable warrants issued with the debt. See "Unsecured Promissory Notes" discussion within this footnote for further discussion. |
Revolving_Credit_Facilities_an3
Revolving Credit Facilities and Other Debt Obligations - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 15, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 31, 2008 | 7-May-12 | Nov. 14, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 12, 2013 | Mar. 31, 2012 | Feb. 29, 2012 | Jan. 31, 2012 | Nov. 24, 2010 | Dec. 31, 2012 | Nov. 24, 2010 | Nov. 24, 2010 | Nov. 24, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 30, 2010 | Nov. 30, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
Coast Crane Ltd. | Essex Crane revolving credit facility | Essex Crane revolving credit facility | Essex Crane revolving credit facility | Essex Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Term loan | Term loan | Unsecured promissory notes (related party) | Unsecured promissory notes (related party) | Unsecured promissory notes (related party) | Unsecured promissory notes (related party) | Purchase money security interest debt | Purchase money security interest debt | Purchase money security interest debt | Purchase money security interest debt | Purchase money security interest debt | Purchase money security interest debt | Purchase Money Security Interest Non LIBOR [Member] | ||||
December Thirty First Two Thousand Twelve | Option Two | Option Three | Option Four | Maximum | equipment | equipment | LIBOR | LIBOR | LIBOR | LIBOR | ||||||||||||||||||||||||
Maximum | Maximum | Minimum | Minimum | |||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing amount | ' | ' | ' | ' | $175,000,000 | ' | ' | $190,000,000 | ' | ' | ' | ' | $35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sublimit for letter of credit | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of borrowing of net receivables | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of net orderly liquidation value of eligible rental equipment. | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable prime rate margin | ' | ' | ' | ' | ' | 1.75% | 0.25% | ' | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Euro-dollar LIBOR margin | ' | ' | ' | ' | ' | 3.75% | 2.25% | ' | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused line commitment fee | ' | ' | ' | ' | ' | 0.38% | 0.25% | ' | ' | ' | 0.50% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum required availability as a percentage of outstanding commitment | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | 1.1 | ' | ' | ' | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of net proceeds from sales of certain assets to reduce aggregate commitment | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of free cash flows to reduce aggregate commitment | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum commitment on March 31, 2014 | ' | ' | ' | ' | 165,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum commitment on March 31, 2015 | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum commitment on February, 28, 2016 | ' | ' | ' | ' | 130,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limit on certain capital expenditures | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank's prime rate | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | 3.25% | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable LIBOR rate | ' | ' | ' | ' | ' | 0.18% | ' | ' | ' | ' | 0.25% | 0.31% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum current borrowing capacity under revolving credit facility | ' | ' | ' | ' | ' | 170,500,000 | 185,800,000 | ' | ' | ' | 35,000,000 | 66,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing under revolving credit facility | ' | ' | ' | ' | ' | 22,100,000 | 34,500,000 | ' | ' | ' | 8,300,000 | 6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available collateral in excess of maximum borrowing amount | ' | ' | ' | ' | ' | 10,100,000 | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | 8,400,000 | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured purchase money indebtedness | ' | ' | ' | 10,000,000 | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum aggregate principal amount, letter of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of eligible accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of eligible spare parts inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of the lesser of net orderly liquidation value and invoice cost of eligible new equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of net orderly liquidation value of eligible other equipment less reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds of the first borrowing under credit facility | 74,818,162 | 68,494,929 | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
First amendment reserve | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Essex contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum EBITDA Threshold (less than $6 million) | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional contributions paid during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum availability level of borrowing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 39,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Scheduled quarterly term loan payment amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest in addition to LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.38% | 5.38% | 3.25% | 3.25% | ' |
LIBOR floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit fee, rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lender reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,200,000 | 8,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available formulated collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan - short-term | 2,000,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal balance assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares that the warrants entitle the holder to purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' |
Fair value of the detachable warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 296,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized balance of debt discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,032.46 | 96,130 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on outstanding debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.29% |
Pieces of equipment financed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 9 | ' | ' | ' | ' | ' |
Purchase money security interest debt - short-term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,009,865 | 828,610 | ' | ' | ' | ' | ' |
Obligations payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,200,000 | $3,000,000 | ' | ' | ' | ' | ' |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities - Interest Rate Swap Agreements - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Nov. 30, 2008 | Nov. 24, 2010 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | |
interest_rate_swap | Essex Crane Interest Rate Swap | Essex Crane Interest Rate Swap | Essex Crane Interest Rate Swap | Coast Crane Interest Rate Swap | Coast Crane Interest Rate Swap | Coast Crane Interest Rate Swap | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | |||
interest_rate_swap | Interest rate swap agreements | Interest rate swap agreements | Interest rate swap agreements | Interest rate swap agreements | |||||||||
Interest Expense [Member] | |||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate swaps | 4 | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | ' | $100,000,000 | $7,000,000 | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | 2.71% | 5.62% | ' | ' | ' | ' | ' | ' |
Total interest rate | ' | ' | ' | ' | ' | 4.96% | ' | ' | ' | ' | ' | ' | ' |
Hedge ineffectiveness recorded | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in net unrealized loss on derivative designated as cash flow hedge | ' | ' | ' | 600,000 | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Change in net unrealized loss on derivative designated as cash flow hedge, net of tax | ' | ' | ' | 400,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative maturity date | ' | ' | ' | ' | ' | ' | 18-May-12 | ' | ' | ' | ' | ' | ' |
Unrealized gain from change in fair value of assumed swaps | ' | ' | ' | ' | ' | ' | ' | 0 | 400,000 | ' | ' | ' | ' |
Weighted average interest rate of total debt outstanding | ' | 4.52% | 3.49% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000 | $0 | $1,876,317 | $1,900,000 |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities - Interest Rate Swap Agreements - Effect of Derivative Financial Instruments (Detail) (Designated as Hedging Instrument, Interest rate swap agreements, USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Designated as Hedging Instrument | Interest rate swap agreements | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | ' | $0 | ($219,421) |
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ' | 'Interest expense | 'Interest expense |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -600,000 | 0 | -1,876,317 |
Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ' | 'Other income / (expense) | 'Other income / (expense) |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ' | $0 | $0 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Fair value of total debt obligations | $216.80 | $217.20 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Reclassifications - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Beginning Balance | $6,003 | ($622,520) | $9,979 | ($1,270,850) |
Other comprehensive income (loss) before reclassifications | -2,106 | 5,720 | -6,082 | -100,955 |
Amounts reclassified from accumulated other comprehensive income | 0 | 383,253 | 0 | 1,138,258 |
Other comprehensive income (loss) | -2,106 | 388,973 | -6,082 | 1,037,303 |
Ending Balance | 3,897 | -233,547 | 3,897 | -233,547 |
Gains and Losses on Designated Cash Flow Hedge | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Beginning Balance | 0 | -627,438 | 0 | -1,260,232 |
Other comprehensive income (loss) before reclassifications | 0 | -11,977 | 0 | -134,188 |
Amounts reclassified from accumulated other comprehensive income | 0 | 383,253 | 0 | 1,138,258 |
Other comprehensive income (loss) | 0 | 371,276 | 0 | 1,004,070 |
Ending Balance | 0 | -256,162 | 0 | -256,162 |
Foreign Currency Translation Adjustments | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Beginning Balance | 6,003 | 4,918 | 9,979 | -10,618 |
Other comprehensive income (loss) before reclassifications | -2,106 | 17,697 | -6,082 | 33,233 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | -2,106 | 17,697 | -6,082 | 33,233 |
Ending Balance | 3,897 | 22,615 | 3,897 | 22,615 |
Amount Reclassified from Accumulated Other Comprehensive Income | Gains and Losses on Designated Cash Flow Hedge | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ($383,253) | ' | ($1,138,258) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income Reclassifications - Reclassifications from Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Interest Expense | ($3,075,077) | ($2,875,405) | ($8,575,553) | ($8,658,387) |
Benefit for Income Taxes | 1,030,118 | 1,231,923 | 3,608,803 | 4,917,814 |
Net Loss | 0 | 383,253 | 0 | 1,138,258 |
Gains and Losses on Designated Cash Flow Hedge | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net Loss | 0 | 383,253 | 0 | 1,138,258 |
Gains and Losses on Designated Cash Flow Hedge | Amount Reclassified from Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Interest Expense | ' | -632,437 | ' | -1,876,317 |
Benefit for Income Taxes | ' | 249,184 | ' | 738,059 |
Net Loss | ' | ($383,253) | ' | ($1,138,258) |
Earnings_per_Share_and_Compreh2
Earnings per Share and Comprehensive Income - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' |
Net loss | ($1,902,604) | ($2,059,626) | ($5,997,826) | ($9,647,965) |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (shares) | 24,653,513 | 24,555,818 | 24,639,667 | 24,541,462 |
Effect of dilutive securities: | ' | ' | ' | ' |
Diluted (shares) | 24,653,513 | 24,555,818 | 24,639,667 | 24,541,462 |
Basic earnings (loss) per share | ($0.08) | ($0.08) | ($0.24) | ($0.39) |
Diluted earnings (loss) per share | ($0.08) | ($0.08) | ($0.24) | ($0.39) |
Warrants | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' |
Effect of dilutive securities | 0 | 0 | 0 | 0 |
Stock Options | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' |
Effect of dilutive securities | 0 | 0 | 0 | 0 |
Earnings_per_Share_and_Compreh3
Earnings per Share and Comprehensive Income - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Nov. 30, 2010 | Mar. 30, 2007 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Underwriters Purchase Option | Underwriters Purchase Option | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Stock Options | Stock Options | Stock Options | Stock Options | Warrants | Warrants | Warrants | Warrants | ||||||
stock_warrant | |||||||||||||||||||
unit | |||||||||||||||||||
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock for effective conversion of retained interest in Holdings | 493,670 | 632,911 | 493,670 | 632,911 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial public offering units | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
UPO exercisable, weighted average exercise price | ' | ' | ' | ' | ' | $8.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock per each Underwriter Purchase Option | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stock warrants per each Underwriter Purchase Option | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock issued upon exercise of each warrant | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercise price | ' | ' | ' | ' | ' | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
UPO expires | ' | ' | ' | ' | ' | 4-Mar-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares/Units that were not included in computation of diluted earnings per share | ' | ' | ' | ' | ' | ' | 0 | 3,931 | 82,685 | 1,738 | 83,469 | 74,259 | 41,987 | 82,433 | 8,514 | 89,779 | 89,764 | 89,783 | 89,749 |
Warrants, outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000 | ' | 90,000 |
Stock options, outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,430,459 | 1,474,719 | 1,430,459 | 1,474,719 | ' | ' | ' | ' |
Warrants exercisable, weighted average exercise price | ' | ' | ' | ' | 0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.01 | ' | 0.01 |
Stock options exercisable, weighted average exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.29 | $5.45 | $5.29 | $5.45 | ' | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Income Taxes [Line Items] | ' | ' | ' |
Effective tax rate | 37.60% | 33.80% | ' |
Unrecorded excess tax goodwill | $3,100,000 | ' | $3,100,000 |
Excess tax goodwill remaining amortization period | '3 years | ' | ' |
Unrecognized tax benefits | 300,000 | ' | 100,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 15,000 | ' | ' |
Federal | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Unused net operating loss carry-forwards | 145,500,000 | ' | 138,900,000 |
State | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Unused net operating loss carry-forwards | $77,700,000 | ' | $71,500,000 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 29 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||||||
Mar. 18, 2010 | Dec. 18, 2008 | Jan. 14, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 18, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jan. 03, 2011 | Sep. 30, 2013 | Jan. 03, 2012 | Jun. 18, 2013 | Jan. 14, 2011 | Mar. 18, 2010 | Dec. 18, 2008 | Sep. 30, 2013 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 18, 2013 | Sep. 30, 2013 | |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Restricted Stock | Restricted Stock | Restricted Stock | Other key managers | Other key managers | Other key managers | Other key managers | Other key managers | Chief Financial Officer (former) | Chief Financial Officer (former) | 2011 Long Term Incentive Plan | 2008 Long Term Incentive Plan | Chief Operating Officer [Member] [Member] | Chief Operating Officer [Member] [Member] | |||||||
Coast Crane Ltd. | Coast Crane Ltd. | Coast Crane Ltd. | Stock Options | Stock Options | Restricted Stock | Restricted Stock | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 1,575,000 | ' | ' |
Share-based compensation, option expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Annual vesting perectage of stock options | ' | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time period after issuance options begin to vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' |
Service period of stock option awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' |
Aggregate grant date fair value of stock issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166,943 | ' | ' | 100,000 | 423,750 | 485,969 | 565,000 | ' | ' | ' | ' | ' | 67,500 | ' |
Weighted average exercise price of stock options granted (use per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.26 | $5.58 | $6.45 | $4.50 | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value of stock options granted (usd per share) | $3.76 | $2.54 | $3.19 | ' | ' | $2.79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, exercise period following termination (prior) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' |
Additional non-cash stock compensation expense resulting from modification to stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | ' | ' | ' | ' |
Stock options, forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111,773 | ' | ' | ' | ' | ' |
Aggregate grant date fair value of stock issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 926,485 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 287,550 | ' |
Options outstanding and vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166,943 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Annual vesting percentage of restricted common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash compensation expense | ' | ' | ' | 719,544 | 1,140,426 | ' | 100,000 | 400,000 | 700,000 | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | ' | ' | $600,000 | ' | $600,000 | ' | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Based_Compensation_Weigh
Stock Based Compensation - Weighted Average Fair value of Stock Options Granted (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 29 Months Ended | |
Mar. 18, 2010 | Dec. 18, 2008 | Jan. 14, 2011 | Jun. 18, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 2.79% | 1.43% | 2.31% | 1.33% |
Expected volatility | 61.00% | 61.00% | 60.00% | 75.00% |
Expected life of option | '6 years | '6 years | '6 years | '6 years |
Grant date fair value | $1,827,243 | $1,434,671 | $1,351,763 | $278,589 |
Common_Stock_and_Warrants_Addi
Common Stock and Warrants - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | ||||||
Nov. 30, 2010 | Oct. 31, 2008 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Coast Crane [Member] [Member] | Coast Crane [Member] [Member] | Restricted Stock | Restricted Stock | Strategic Planning and Finance Committee | Strategic Planning and Finance Committee | |||
Coast Crane [Member] [Member] | Coast Crane [Member] [Member] | |||||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, authorized amount | ' | $12,000,000 | ' | ' | ' | ' | ' | ' |
Warrant issued | 90,000 | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock exchanged by warrants | 1 | ' | ' | ' | ' | ' | ' | ' |
Warrant exercise price | 0.01 | ' | ' | ' | ' | ' | ' | ' |
Warrant expiration date | 31-Dec-13 | ' | ' | ' | ' | ' | ' | ' |
Fair value of warrants | $296,400 | ' | ' | ' | ' | ' | ' | ' |
Common stock issued for services (in shares) | ' | ' | ' | ' | ' | ' | 43,715 | 56,868 |
Shares of restricted common stock issued to employees of Coast Crane | ' | ' | 83,469 | 83,474 | ' | ' | ' | ' |
Shares withheld to cover Employee Tax | ' | ' | ' | ' | 29,489 | 12,616 | ' | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Segment | |||||
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' |
Number of reportable operating segment | ' | ' | 3 | ' | ' |
Sales between segments | ' | ' | $0 | $0 | ' |
Total revenues | 22,808,138 | 24,140,235 | 73,086,347 | 75,069,259 | ' |
TOTAL ASSETS | 339,431,519 | ' | 339,431,519 | ' | 354,067,610 |
Equipment distribution | ' | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 3,772,051 | 1,231,984 | 8,336,980 | 3,425,936 | ' |
Number of major customers | ' | 3 | ' | 5 | ' |
Customer 1 | ' | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' |
Number of major customers | ' | 0 | ' | ' | ' |
Customer 1 | Equipment distribution | ' | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' |
Number of major customers | 4 | ' | 2 | ' | ' |
Canada | ' | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' |
TOTAL ASSETS | 5,500,000 | ' | 5,500,000 | ' | 7,200,000 |
Long-lived assets | $4,400,000 | ' | $4,400,000 | ' | $5,800,000 |
Net revenues | ' | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' |
Number of major customers | 0 | ' | 0 | 0 | ' |
Net revenues | Geographic concentration risk | International customers | ' | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' |
Concentration risk percentage | 0.00% | 0.00% | 0.00% | 0.00% | ' |
Net revenues | Geographic concentration risk | Canada | ' | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' |
Concentration risk percentage | 0.00% | 0.00% | 0.00% | 0.00% | ' |
Net revenues | Customer concentration risk | Customer 1 | Equipment distribution | ' | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' |
Concentration risk percentage | 0.00% | 0.00% | 0.00% | 0.00% | ' |
Net revenues | Customer concentration risk | Customer 2 | Equipment distribution | ' | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' |
Concentration risk percentage | 0.00% | 0.00% | 0.00% | 0.00% | ' |
Net revenues | Customer concentration risk | Customer 3 | Equipment distribution | ' | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' |
Concentration risk percentage | 0.00% | 0.00% | ' | 0.00% | ' |
Net revenues | Customer concentration risk | Customer Four [Member] | Equipment distribution | ' | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' |
Concentration risk percentage | 0.00% | ' | ' | 0.00% | ' |
Net revenues | Customer concentration risk | Customer Five [Member] | Equipment distribution | ' | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' |
Concentration risk percentage | ' | ' | ' | 0.00% | ' |
Segment_Information_Reportable
Segment Information - Reportable Segments Related to Revenues and Gross Profit (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Segment revenues | ' | ' | ' | ' |
Total revenues | $22,808,138 | $24,140,235 | $73,086,347 | $75,069,259 |
Segment gross profit | ' | ' | ' | ' |
Total gross profit | 5,456,249 | 6,359,896 | 17,542,035 | 15,090,578 |
Equipment rentals | ' | ' | ' | ' |
Segment revenues | ' | ' | ' | ' |
Total revenues | 14,416,345 | 17,274,476 | 49,789,356 | 54,604,204 |
Segment gross profit | ' | ' | ' | ' |
Total gross profit | 3,805,321 | 4,680,065 | 12,553,710 | 10,459,460 |
Equipment distribution | ' | ' | ' | ' |
Segment revenues | ' | ' | ' | ' |
Total revenues | 3,772,051 | 1,231,984 | 8,336,980 | 3,425,936 |
Segment gross profit | ' | ' | ' | ' |
Total gross profit | 368,143 | -4,427 | 806,861 | 60,237 |
Parts and service | ' | ' | ' | ' |
Segment revenues | ' | ' | ' | ' |
Total revenues | 4,619,742 | 5,633,775 | 14,960,011 | 17,039,119 |
Segment gross profit | ' | ' | ' | ' |
Total gross profit | $1,282,785 | $1,684,258 | $4,181,464 | $4,570,881 |
Segment_Information_Reportable1
Segment Information - Reportable Segments Related to Total Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $339,431,519 | $354,067,610 |
Segment identified assets | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 322,280,315 | 336,772,524 |
Segment identified assets | Equipment rentals | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 311,704,773 | 328,177,713 |
Segment identified assets | Equipment distribution | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 4,968,420 | 2,001,273 |
Segment identified assets | Parts and service | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 5,607,122 | 6,593,538 |
Non-segmented identified assets | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $17,151,204 | $17,295,086 |
Commitments_Contingencies_and_1
Commitments, Contingencies and Related Party Transactions - Additional Information (Detail) (USD $) | 1 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Nov. 30, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 30, 2010 | Nov. 30, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Coast Crane Ltd. | Coast Crane Ltd. | Hyde Park Real Estate LLC | Hyde Park Real Estate LLC | Hyde Park Real Estate LLC | Hyde Park Real Estate LLC | ||||
Maximum | |||||||||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly rent payment | ' | ' | ' | ' | ' | ' | ' | $7,688 | ' |
Rent expense | ' | ' | ' | ' | ' | 23,000 | 23,000 | 69,000 | 69,000 |
Debt conversion, converted instrument, amount | ' | ' | ' | 5,200,000 | ' | ' | ' | ' | ' |
Unsecured promissory notes | ' | ' | ' | 5,200,000 | ' | ' | ' | ' | ' |
Warrants issued | 90,000 | ' | ' | ' | 90,000 | ' | ' | ' | ' |
Share price | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' |
Gross personal property taxes liability | ' | 3,200,000 | 3,000,000 | ' | ' | ' | ' | ' | ' |
Contractual customer receivable | ' | $1,900,000 | $2,000,000 | ' | ' | ' | ' | ' | ' |