Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-33816 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-0287117 | |
Entity Address, Address Line One | 11111 Katy Freeway | |
Entity Address, Address Line Two | Suite 1006 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77079 | |
City Area Code | 602 | |
Local Phone Number | 903-7802 | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Trading Symbol | NES | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding (in shares) | 16,000,080 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Registrant Name | Nuverra Environmental Solutions, Inc. | |
Entity Central Index Key | 0001403853 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 7,374 | $ 12,880 |
Restricted cash | 3,323 | 2,820 |
Accounts receivable, net of allowance for doubtful accounts of $1.0 million and $1.0 million at June 30, 2021 and December 31, 2020, respectively | 15,270 | 15,427 |
Inventories | 2,881 | 2,852 |
Prepaid expenses and other receivables | 2,421 | 3,119 |
Assets held for sale | 778 | 778 |
Total current assets | 32,047 | 37,876 |
Property, plant and equipment, net of accumulated depreciation of $129.7 million and $114.9 million at June 30, 2021 and December 31, 2020, respectively | 140,705 | 151,164 |
Operating lease assets | 1,526 | 1,691 |
Equity investments | 0 | 35 |
Intangibles, net | 168 | 194 |
Other assets | 86 | 106 |
Total assets | 174,532 | 191,066 |
Liabilities and Shareholders’ Equity | ||
Accounts payable | 4,851 | 5,130 |
Accrued and other current liabilities | 9,617 | 9,550 |
Current portion of long-term debt | 2,269 | 2,433 |
Total current liabilities | 16,737 | 17,113 |
Long-term debt | 26,740 | 31,673 |
Noncurrent operating lease liabilities | 1,259 | 1,360 |
Deferred income taxes | 120 | 120 |
Long-term contingent consideration | 500 | 500 |
Asset retirement obligations | 8,164 | 8,017 |
Total liabilities | 53,520 | 58,783 |
Commitments and contingencies | ||
Shareholder's equity: | ||
Preferred stock $0.01 par value (1,000 shares authorized, no shares issued and outstanding at June 30, 2021 and December 31, 2020) | 0 | 0 |
Common stock, $0.01 par value (75,000 shares authorized, 16,195 shares issued and 16,001 outstanding at June 30, 2021, and 15,833 shares issued and 15,772 outstanding at December 31, 2020) | 161 | 158 |
Additional paid-in capital | 340,185 | 339,663 |
Treasury stock (194 shares and 60 shares at June 30, 2021 and December 31, 2020, respectively) | (813) | (477) |
Accumulated deficit | (218,521) | (207,061) |
Total shareholders' equity | 121,012 | 132,283 |
Total liabilities and equity | $ 174,532 | $ 191,066 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 1 | $ 1 |
Property, plant and equipment, accumulated depreciation | $ 129.7 | $ 114.9 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares, issued (in shares) | 16,195,000 | 15,833,000 |
Common stock, shares outstanding (in shares) | 16,001,000 | 15,772,000 |
Treasury stock, shares (in shares) | 194,000 | 60,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue: | ||||
Service revenue | $ 23,113,000 | $ 22,956,000 | $ 45,439,000 | $ 57,427,000 |
Rental revenue | 1,661,000 | 1,510,000 | 3,000,000 | 4,981,000 |
Total revenue | 24,774,000 | 24,466,000 | 48,439,000 | 62,408,000 |
Costs and expenses: | ||||
Direct operating expenses | 21,437,000 | 18,551,000 | 42,418,000 | 50,027,000 |
General and administrative expenses | 4,844,000 | 4,445,000 | 8,371,000 | 9,369,000 |
Depreciation and amortization | 5,734,000 | 7,156,000 | 11,804,000 | 15,145,000 |
Impairment of long-lived assets | 0 | 0 | 0 | 15,579,000 |
Total costs and expenses | 32,015,000 | 30,152,000 | 62,593,000 | 90,120,000 |
Operating loss | (7,241,000) | (5,686,000) | (14,154,000) | (27,712,000) |
Interest expense, net | (641,000) | (1,116,000) | (1,319,000) | (2,276,000) |
Other income (expense), net | 4,025,000 | 38,000 | 4,013,000 | 180,000 |
Loss before income taxes | (3,857,000) | (6,764,000) | (11,460,000) | (29,808,000) |
Income tax expense | 0 | (15,000) | ||
Net loss | $ (3,857,000) | $ (6,779,000) | $ (11,460,000) | $ (29,823,000) |
Loss per common share: | ||||
Net loss per basic common share (in usd per share) | $ (0.24) | $ (0.43) | $ (0.72) | $ (1.89) |
Net loss per diluted common share (in usd per share) | $ (0.24) | $ (0.43) | $ (0.72) | $ (1.89) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 15,996 | 15,761 | 15,937 | 15,757 |
Diluted (in shares) | 15,996 | 15,761 | 15,937 | 15,757 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2019 | 15,781 | 46 | |||
Beginning balance at Dec. 31, 2019 | $ 174,432 | $ 158 | $ 337,628 | $ (436) | $ (162,918) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock to employees and Board of Directors (in shares) | 40 | ||||
Issuance of common stock to employees and Board of Directors | 0 | ||||
Treasury stock acquired through surrender of shares for tax withholding (in shares) | (14) | ||||
Treasury stock acquired through surrender of shares for tax withholding | (41) | $ (41) | |||
Stock-based compensation | 290 | 290 | |||
Net loss | (23,044) | (23,044) | |||
Ending balance (in shares) at Mar. 31, 2020 | 15,821 | 60 | |||
Ending balance at Mar. 31, 2020 | 151,637 | $ 158 | 337,918 | $ (477) | (185,962) |
Beginning balance (in shares) at Dec. 31, 2019 | 15,781 | 46 | |||
Beginning balance at Dec. 31, 2019 | 174,432 | $ 158 | 337,628 | $ (436) | (162,918) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (29,823) | ||||
Ending balance (in shares) at Jun. 30, 2020 | 15,821 | 60 | |||
Ending balance at Jun. 30, 2020 | 145,180 | $ 158 | 338,240 | $ (477) | (192,741) |
Beginning balance (in shares) at Mar. 31, 2020 | 15,821 | 60 | |||
Beginning balance at Mar. 31, 2020 | 151,637 | $ 158 | 337,918 | $ (477) | (185,962) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock to employees and Board of Directors | 0 | ||||
Treasury stock acquired through surrender of shares for tax withholding | 0 | ||||
Stock-based compensation | 322 | 322 | |||
Net loss | (6,779) | (6,779) | |||
Ending balance (in shares) at Jun. 30, 2020 | 15,821 | 60 | |||
Ending balance at Jun. 30, 2020 | 145,180 | $ 158 | 338,240 | $ (477) | (192,741) |
Beginning balance (in shares) at Dec. 31, 2020 | 15,833 | 60 | |||
Beginning balance at Dec. 31, 2020 | 132,283 | $ 158 | 339,663 | $ (477) | (207,061) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock to employees and Board of Directors (in shares) | 271 | ||||
Issuance of common stock to employees and Board of Directors | 0 | $ 3 | (3) | ||
Treasury stock acquired through surrender of shares for tax withholding (in shares) | (88) | ||||
Treasury stock acquired through surrender of shares for tax withholding | (217) | $ (217) | |||
Stock-based compensation | 133 | 133 | |||
Net loss | (7,603) | (7,603) | |||
Ending balance (in shares) at Mar. 31, 2021 | 16,104 | 148 | |||
Ending balance at Mar. 31, 2021 | 124,596 | $ 161 | 339,793 | $ (694) | (214,664) |
Beginning balance (in shares) at Dec. 31, 2020 | 15,833 | 60 | |||
Beginning balance at Dec. 31, 2020 | 132,283 | $ 158 | 339,663 | $ (477) | (207,061) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (11,460) | ||||
Ending balance (in shares) at Jun. 30, 2021 | 16,195 | 194 | |||
Ending balance at Jun. 30, 2021 | 121,012 | $ 161 | 340,185 | $ (813) | (218,521) |
Beginning balance (in shares) at Mar. 31, 2021 | 16,104 | 148 | |||
Beginning balance at Mar. 31, 2021 | 124,596 | $ 161 | 339,793 | $ (694) | (214,664) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock to employees and Board of Directors (in shares) | 91 | ||||
Issuance of common stock to employees and Board of Directors | 0 | ||||
Treasury stock acquired through surrender of shares for tax withholding (in shares) | (46) | ||||
Treasury stock acquired through surrender of shares for tax withholding | (119) | $ (119) | |||
Stock-based compensation | 392 | 392 | |||
Net loss | (3,857) | (3,857) | |||
Ending balance (in shares) at Jun. 30, 2021 | 16,195 | 194 | |||
Ending balance at Jun. 30, 2021 | $ 121,012 | $ 161 | $ 340,185 | $ (813) | $ (218,521) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (11,460,000) | $ (29,823,000) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
PPP Loan Forgiveness | 4,000,000 | 0 |
Depreciation and amortization | 11,804,000 | 15,145,000 |
Amortization of debt issuance costs, net | 122,000 | 81,000 |
Stock-based compensation | 525,000 | 612,000 |
Impairment of long-lived assets | 0 | 15,579,000 |
Gain on disposal of property, plant and equipment | (300,000) | (342,000) |
Bad debt (recoveries) expense | 27,000 | (160,000) |
Deferred income taxes | 0 | 40,000 |
Other, net | 398,000 | 375,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 130,000 | 9,772,000 |
Prepaid expenses and other receivables | 698,000 | 382,000 |
Accounts payable and accrued liabilities | (277,000) | (2,271,000) |
Other assets and liabilities, net | (60,000) | 435,000 |
Net cash provided by (used in) operating activities | (2,393,000) | 9,825,000 |
Cash flows from investing activities: | ||
Proceeds from the sale of property, plant and equipment | 247,000 | 1,548,000 |
Purchases of property, plant and equipment | (1,302,000) | (2,328,000) |
Net cash used in investing activities | (1,055,000) | (780,000) |
Cash flows from financing activities: | ||
Payments on Commercial real estate loan | (280,000) | 0 |
Payments on First and Second Lien Term Loans | 0 | (1,909,000) |
Proceeds from Revolving Facility | 0 | 76,202,000 |
Payments on Revolving Facility | 0 | (76,202,000) |
Proceeds from PPP Loan | 0 | 4,000,000 |
Payments on finance leases and other financing activities | (1,275,000) | (1,053,000) |
Net cash used in financing activities | (1,555,000) | 1,038,000 |
Change in cash, cash equivalents and restricted cash | (5,003,000) | 10,083,000 |
Cash and cash equivalents, beginning of period | 12,880,000 | 4,788,000 |
Restricted cash, beginning of period | 2,820,000 | 922,000 |
Cash, cash equivalents and restricted cash, beginning of period | 15,700,000 | 5,710,000 |
Cash and cash equivalents, end of period | 7,374,000 | 15,793,000 |
Restricted cash, end of period | 3,323,000 | 0 |
Cash, cash equivalents and restricted cash, end of period | 10,697,000 | 15,793,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 586,000 | 1,764,000 |
Cash paid for taxes, net | 0 | 181,000 |
Property, plant and equipment purchases in accounts payable | 128,000 | 481,000 |
Gain on Paycheck Protection Program, Loan Forgiveness | $ (4,000,000) | $ 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements of Nuverra Environmental Solutions, Inc. and its subsidiaries (collectively, “Nuverra,” the “Company,” “we,” “us,” or “our”) are unaudited, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Our condensed consolidated balance sheet as of December 31, 2020, included herein, has been derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (or “GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In our opinion, the condensed consolidated financial statements include the normal, recurring adjustments necessary for the fair statement of the results for the interim periods. These financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, contained in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 16, 2021 (the “2020 Annual Report on Form 10-K”). All dollar and share amounts in the footnote tabular presentations are in thousands, except per share amounts and unless otherwise noted. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates. There have been no other material changes or developments in our significant accounting policies or evaluation of accounting estimates and underlying assumptions or methodologies from those disclosed in our 2020 Annual Report on Form 10-K . Restricted Cash On November 16, 2020, we entered into a Loan Agreement (the “Master Loan Agreement”) with First International Bank & Trust, a North Dakota banking corporation (the “Lender”), for: (i) a $13.0 million equipment term loan (the “Equipment Loan”); (ii) a $10.0 million real estate term loan (the “CRE Loan”); (iii) a $5.0 million operating line of credit (the “Operating LOC Loan”); and (iv) a $4.839 million letter of credit facility (the “Letter of Credit Facility”), which collectively may be referred to as the “Loans”. The Letter of Credit Facility was amended on January 25, 2021, in order to increase by $510,000 the maximum availability thereunder, for up to $5.349 million. The Master Loan Agreement also required the Company deposit into a reserve account held by the Lender (the “Reserve Account”) the sum of $2.5 million and make additional monthly deposits of $100,000 into the Reserve Account. In connection with the closing of the Loans, the Company repaid all outstanding obligations in full under (a) our First Lien Credit Agreement (the “First Lien Credit Agreement”), by and among the lenders party thereto, ACF FinCo I, LP, as administrative agent, and the Company and (b) our Second Lien Term Loan Agreement (the “Second Lien Term Loan Agreement”) by and among the lenders party thereto, Wilmington Savings Fund Society, FSB, as administrative agent, and the Company, totaling $12.6 million and $8.3 million, respectively. Funds held in the Reserve Account are not accessible by the Company and are pledged as additional security for the CRE Loan, the Operating LOC Loan and the Letter of Credit Facility. We had a restricted cash balance of $3.3 million and $2.8 million as of June 30, 2021 and December 31, 2020, respectively. Fair Value Measurements Fair value represents an exit price, representing the amount that would be received from the sale of 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. GAAP 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 that are accessible at the measurement date for identical assets or liabilities; • 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. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. The standard removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The new standard will be effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. We adopted this Topic 740 on January 1, 2021. The adoption of the new tax standard did not have a material effect on our consolidated financial statements. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) . Due to the issuance of ASU No. 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), and the fact that we are a smaller reporting company, the new standard is effective for reporting periods beginning after December 15, 2022. The standard replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. The standard requires a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We plan to adopt the new credit loss standard effective January 1, 2023. We do not expect the new credit loss standard to have a material effect on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform, if certain criteria are met. ASU No. 2020-04 only applies to contracts and other transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The new standard is effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impact of the new reference rate reform practical expedient will have on our consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815–40). ASU No. 2020-06 simplifies the accounting for certain convertible instruments, amends the guidance for the derivatives scope exception for contracts in an entity’s own equity, and modifies the guidance on diluted earnings per share calculations as a result of these changes. The standard may be adopted using either a retrospective or modified retrospective method. The new standard will be effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We do not expect the adoption of the new standard to have a material effect on our consolidated financial statements. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | RevenuesRevenues are generated upon the performance of contracted services under formal and informal contracts with customers. Revenues are recognized when the contracted services for our customers are completed in an amount that reflects the consideration we expect to be entitled to in exchange for those services. Sales and usage-based taxes are excluded from revenues. Payment is due when the contracted services are completed in accordance with the payment terms established with each customer prior to providing any services. As such, there is no significant financing component for any of our revenues. Some of our contracts with customers involve multiple performance obligations as we are providing more than one service under the same contract, such as water transport services and disposal services. However, our core service offerings are capable of being distinct and also are distinct within the context of contracts with our customers. As such, these services represent separate performance obligations when included in a single contract. We have standalone pricing for all of our services which is negotiated with each of our customers in advance of providing the service. The contract consideration is allocated to the individual performance obligations based upon the standalone selling price of each service, and no discount is offered for a bundled services offering. Contract Assets There was no contract asset recorded on the consolidated balance sheets as of June 30, 2021 and December 31, 2020. Disaggregated Revenues The following tables present our revenues disaggregated by revenue source for each reportable segment for the three and six months ended June 30, 2021 and June 30, 2020: Three months ended June 30, 2021 Rocky Mountain Northeast Southern Corporate/Other Total Water Transport Services $ 9,000 $ 5,741 $ 2,521 $ — $ 17,262 Disposal Services 1,674 1,939 1,543 — 5,156 Other Revenue 501 172 23 — 696 Total Service Revenue 11,175 7,852 4,087 — 23,113 Rental Revenue 1,640 20 — — 1,661 Total Revenue $ 12,815 $ 7,872 $ 4,087 $ — $ 24,774 Three months ended June 30, 2020 Rocky Mountain Northeast Southern Corporate/Other Total Water Transport Services $ 8,649 $ 5,989 $ 2,125 $ — $ 16,763 Disposal Services 1,533 1,851 1,952 — 5,336 Other Revenue 565 289 3 — 857 Total Service Revenue 10,747 8,129 4,080 — 22,956 Rental Revenue 1,475 33 2 — 1,510 Total Revenue $ 12,222 $ 8,162 $ 4,082 $ — $ 24,466 Six months ended June 30, 2021 Rocky Mountain Northeast Southern Corporate/Other Total Water Transport Services $ 18,570 $ 11,131 $ 4,628 $ — $ 34,329 Disposal Services 3,027 3,689 2,996 — 9,712 Other Revenue 1,043 323 33 — 1,399 Total Service Revenue 22,640 15,143 7,657 — 45,439 Rental Revenue 2,964 35 — — 3,000 Total Revenue $ 25,604 $ 15,178 $ 7,657 $ — $ 48,439 Six months ended June 30, 2020 Rocky Mountain Northeast Southern Corporate/Other Total Water Transport Services $ 22,963 $ 13,133 $ 4,381 $ — $ 40,477 Disposal Services 5,389 4,014 4,298 — 13,701 Other Revenue 2,431 741 77 — 3,249 Total Service Revenue 30,783 17,888 8,756 — 57,427 Rental Revenue 4,907 68 6 — 4,981 Total Revenue $ 35,690 $ 17,956 $ 8,762 $ — $ 62,408 Water Transport Services The majority of our revenues are from the removal and disposal of produced water and flowback water originating from oil and natural gas wells or the transportation of fresh water and produced water to customer sites for use in drilling and hydraulic fracturing activities by trucks or through temporary or permanent water transfer pipelines. Water transport rates for trucking are based upon either a fixed fee per barrel or upon an hourly rate. Revenue is recognized once the water has been transported, or over time, based upon the number of barrels transported or disposed of, or at the agreed upon hourly rate, depending upon the customer contract. Contracts for the use of our water disposal pipeline are priced at a fixed fee per disposal barrel transported, with revenues recognized over time from when the water is injected into our pipeline until the transport is complete. Water transport services are all generally completed within 24 hours with no remaining performance obligation outstanding at the end of each month. Disposal Services Revenues for disposal services are generated through fees charged for disposal of fluids near disposal wells and disposal of oilfield wastes in our landfill. Disposal rates are generally based on a fixed fee per barrel of produced water, or on a per ton basis for landfill disposal, with revenues recognized once the disposal has occurred. The performance obligation for disposal services is considered complete once the disposal occurs. Therefore, disposal services revenues are recognized at a point in time. Other Revenue Other revenue includes revenues from the sale of “junk” or “slop” oil obtained through the skimming of disposal water. Revenue is recognized for “junk” or “slop” oil sales at a point in time once the goods are transferred. Rental Revenue We generate rental revenue from the rental of equipment used in wellsite services. Rental rates are based upon negotiated rates with our customers and revenue is recognized over the rental service period. Revenues from rental equipment are not within the scope of the new revenue standard, but rather are recognized under ASC 842, Leases . As the rental service period for our equipment is very short term in nature and does not include any sales-type or direct financing leases, nor any variable rental components, the adoption of ASC 842 in 2019 did not have a material impact upon our consolidated statement of operations. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases We lease vehicles, transportation equipment, real estate and certain office equipment. We determine if an arrangement is a lease at inception. Operating and finance lease assets represent our right to use an underlying asset for the lease term, and operating and finance lease liabilities represent our obligation to make lease payments arising from the lease. Operating and finance lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of the lease payments over the lease term. Absent a documented borrowing rate from the lessor, we use our estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments. Most of our leases have remaining lease terms of one year to 12 years, with one lease having a term of 99 years. Our lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. Leases with an initial term of twelve months or less are not recorded on the balance sheet and we recognize lease expense for these leases on a straight-line basis. Some of our vehicle leases include residual value guarantees. It is probable that we will owe approximately $2.5 million under the residual value guarantees, therefore this amount has been included in the measurement of the lease liability and leased asset. The components of lease expense were as follows: Three Months Ended Six Months Ended June 30, June 30, Lease Cost Classification 2021 2020 2021 2020 Operating lease cost (a) General and administrative expenses $ 228 $ 696 $ 486 $ 1,350 Finance lease cost: Amortization of leased assets Depreciation and amortization 525 546 1,062 1,164 Interest on lease liabilities Interest expense, net 123 140 250 288 Variable lease cost General and administrative expenses 601 669 1,143 1,596 Sublease income Other income, net (23) (8) (47) (32) Total net lease cost $ 1,454 $ 2,043 $ 2,894 $ 4,366 (a) Includes short-term leases, which represented $0.1 million and $0.1 million of the balance for the three months ended June 30, 2021 and June 30, 2020, respectively. Supplemental balance sheet, cash flow and other information related to leases was as follows (in thousands, except lease term and discount rate): Leases Classification June 30, December 31, Assets: Operating lease assets Operating lease assets $ 1,526 $ 1,691 Finance lease assets Property, plant and equipment, net of accumulated depreciation (a) 5,093 6,185 Total leased assets $ 6,619 $ 7,876 Liabilities: Current Operating lease liabilities Accrued and other current liabilities $ 268 $ 331 Finance lease liabilities Current portion of long-term debt 1,420 1,420 Noncurrent Operating lease liabilities Noncurrent operating lease liabilities 1,259 1,360 Finance lease liabilities Long-term debt 5,445 6,161 Total lease liabilities $ 8,392 $ 9,272 (a) Finance lease assets are recorded net of accumulated amortization of $4.9 million and $3.9 million as of June 30, 2021 and December 31, 2020, respectively. Lease Term and Discount Rate June 30, December 31, Weighted-average remaining lease term (in years): Operating leases 42.1 39.9 Finance leases 2.5 3.2 Weighted-average discount rate: Operating leases 10.00 % 10.08 % Finance leases 6.77 % 6.77 % Six Months Ended June 30, Supplemental Disclosure of Cash Flow Information and Other Information 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 486 $ 1,350 Operating cash flows from finance leases 250 288 Financing cash flows from finance leases 697 783 Leased assets obtained in exchange for new finance lease liabilities — 213 Maturities of lease liabilities are as follows: June 30, 2021 Operating Leases (a) Finance Leases (b) Remainder of 2021 $ 325 $ 932 2022 347 1,832 2023 200 3,447 2024 190 383 2025 189 423 Thereafter 6,522 1,063 Total lease payments 7,773 8,080 Less amount representing interest (6,246) (1,215) Present value of total lease liabilities 1,527 6,865 Less current lease liabilities (268) (1,420) Long-term lease liabilities $ 1,259 $ 5,445 (a) Operating lease payments do not include any options to extend lease terms that are reasonably certain of being exercised. (b) Finance lease payments include $1.7 million related to options to extend lease terms that are reasonably certain of being exercised. |
Leases | Leases We lease vehicles, transportation equipment, real estate and certain office equipment. We determine if an arrangement is a lease at inception. Operating and finance lease assets represent our right to use an underlying asset for the lease term, and operating and finance lease liabilities represent our obligation to make lease payments arising from the lease. Operating and finance lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of the lease payments over the lease term. Absent a documented borrowing rate from the lessor, we use our estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments. Most of our leases have remaining lease terms of one year to 12 years, with one lease having a term of 99 years. Our lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. Leases with an initial term of twelve months or less are not recorded on the balance sheet and we recognize lease expense for these leases on a straight-line basis. Some of our vehicle leases include residual value guarantees. It is probable that we will owe approximately $2.5 million under the residual value guarantees, therefore this amount has been included in the measurement of the lease liability and leased asset. The components of lease expense were as follows: Three Months Ended Six Months Ended June 30, June 30, Lease Cost Classification 2021 2020 2021 2020 Operating lease cost (a) General and administrative expenses $ 228 $ 696 $ 486 $ 1,350 Finance lease cost: Amortization of leased assets Depreciation and amortization 525 546 1,062 1,164 Interest on lease liabilities Interest expense, net 123 140 250 288 Variable lease cost General and administrative expenses 601 669 1,143 1,596 Sublease income Other income, net (23) (8) (47) (32) Total net lease cost $ 1,454 $ 2,043 $ 2,894 $ 4,366 (a) Includes short-term leases, which represented $0.1 million and $0.1 million of the balance for the three months ended June 30, 2021 and June 30, 2020, respectively. Supplemental balance sheet, cash flow and other information related to leases was as follows (in thousands, except lease term and discount rate): Leases Classification June 30, December 31, Assets: Operating lease assets Operating lease assets $ 1,526 $ 1,691 Finance lease assets Property, plant and equipment, net of accumulated depreciation (a) 5,093 6,185 Total leased assets $ 6,619 $ 7,876 Liabilities: Current Operating lease liabilities Accrued and other current liabilities $ 268 $ 331 Finance lease liabilities Current portion of long-term debt 1,420 1,420 Noncurrent Operating lease liabilities Noncurrent operating lease liabilities 1,259 1,360 Finance lease liabilities Long-term debt 5,445 6,161 Total lease liabilities $ 8,392 $ 9,272 (a) Finance lease assets are recorded net of accumulated amortization of $4.9 million and $3.9 million as of June 30, 2021 and December 31, 2020, respectively. Lease Term and Discount Rate June 30, December 31, Weighted-average remaining lease term (in years): Operating leases 42.1 39.9 Finance leases 2.5 3.2 Weighted-average discount rate: Operating leases 10.00 % 10.08 % Finance leases 6.77 % 6.77 % Six Months Ended June 30, Supplemental Disclosure of Cash Flow Information and Other Information 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 486 $ 1,350 Operating cash flows from finance leases 250 288 Financing cash flows from finance leases 697 783 Leased assets obtained in exchange for new finance lease liabilities — 213 Maturities of lease liabilities are as follows: June 30, 2021 Operating Leases (a) Finance Leases (b) Remainder of 2021 $ 325 $ 932 2022 347 1,832 2023 200 3,447 2024 190 383 2025 189 423 Thereafter 6,522 1,063 Total lease payments 7,773 8,080 Less amount representing interest (6,246) (1,215) Present value of total lease liabilities 1,527 6,865 Less current lease liabilities (268) (1,420) Long-term lease liabilities $ 1,259 $ 5,445 (a) Operating lease payments do not include any options to extend lease terms that are reasonably certain of being exercised. (b) Finance lease payments include $1.7 million related to options to extend lease terms that are reasonably certain of being exercised. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Equity | Equity Preferred Stock The Board is authorized to issue up to 1.0 million shares of preferred stock, par value $0.01, and to determine the powers, preferences, privileges, rights, including voting rights, qualifications, limitations and restrictions of those shares without further vote or act by the common stockholders. There was no preferred stock outstanding as of June 30, 2021 and December 31, 2020. Series A Preferred Stock On December 21, 2020, the Board declared a dividend of one right (a “Right”) for each of the Company’s issued and outstanding shares of common stock, par value $0.01 per share (“Common Stock”). The dividend was paid to the stockholders of record at the close of business on January 4, 2021 (the “Record Date”). Each Right entitles the registered holder, subject to the terms of the Rights Agreement (as defined below), to purchase from the Company one one-thousandth of a share of the Company’s Series A Junior Participating Preferred Stock, par value $0.01 per share (the “Preferred Stock”), at a price of $7.02, subject to certain adjustments. The description and terms of the Rights are set forth in the Rights Agreement, dated as of December 21, 2020 (the “Rights Agreement”), between the Company and American Stock Transfer & Trust Company, LLC. The Rights, which are not exercisable until the Distribution Date (as defined in the Rights Agreement), will expire prior to the earliest of (i) the close of business on December 21, 2021, unless extended prior to expiration (provided any such extension will be submitted to the stockholders of the Company for ratification at the next annual meeting following such extension); (ii) the time at which the Rights are redeemed pursuant to the Rights Agreement; (iii) the time at which the Rights are exchanged pursuant to the Rights Agreement and (iv) the time at which the Rights are terminated upon the occurrence of certain transactions. Each share of Preferred Stock will be entitled, when, as and if declared, to a preferential per share quarterly dividend payment equal to the greater of (i) $1.00 per share or (ii) 1,000 times the aggregate per share amount of all cash dividends, and 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions, in each case, paid to holders of Common Stock during such period. Each share of Preferred Stock will entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the Company. In the event of any merger, consolidation or other transaction in which shares of Common Stock are converted or exchanged, each share of Preferred Stock will be entitled to receive 1,000 times the amount received per one share of Common Stock. Other Equity Issuances During the six months ended June 30, 2021, we issued common stock for our stock-based compensation program, which is discussed further in Note 13. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Net loss per basic and diluted common share have been computed using the weighted average number of shares of common stock outstanding during the period. For the three and six months ended June 30, 2021 and June 30, 2020, no shares of common stock underlying restricted stock or warrants were included in the computation of diluted earnings per common share because the inclusion of such shares would be anti-dilutive based on the net losses reported for those periods. The following table presents the calculation of basic and diluted net loss per common share, as well as the anti-dilutive stock-based awards that were excluded from the calculation of diluted net loss per share for the periods presented (in thousands except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator: Net loss $ (3,857) $ (6,779) $ (11,460) $ (29,823) Denominator: Weighted average shares—basic 15,996 15,761 15,937 15,757 Common stock equivalents — — — — Weighted average shares—diluted 15,996 15,761 15,937 15,757 Loss per common share: Net loss per basic common share $ (0.24) $ (0.43) $ (0.72) $ (1.89) Net loss per diluted common share $ (0.24) $ (0.43) $ (0.72) $ (1.89) Anti-dilutive stock-based awards excluded: 331 415 337 415 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets consist of the following: June 30, 2021 Gross Carrying Amount Accumulated Amortization Net Remaining Useful Life (Years) Disposal permits $ 540 $ (372) $ 168 4.5 Total intangible assets $ 540 $ (372) $ 168 4.5 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Remaining Useful Life (Years) Disposal permits $ 540 $ (346) $ 194 4.8 Trade name 799 (799) — 0.0 Total intangible assets $ 1,339 $ (1,145) $ 194 4.8 The disposal permits are related to the Rocky Mountain, Northeast and Southern divisions. The remaining weighted average useful lives shown are calculated based on the net book value and remaining amortization period of each respective intangible asset. Amortization expense was $14.0 thousand and $0.1 million for the three months ended June 30, 2021 and June 30, 2020, respectively, and $26.0 thousand and $0.2 million for the six months ended June 30, 2021 and June 30, 2020, respectively. |
Assets Held for Sale and Impair
Assets Held for Sale and Impairment | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Assets Held for Sale and Impairment | Assets Held for Sale and Impairment Impairment Charges We had no impairment charges during the six months ended June 30, 2021. Impairment charges of $15.6 million were recorded during the six months ended June 30, 2020. Assets Held for Sale During the six months ended June 30, 2020, certain property classified as “Assets held for sale” on the condensed consolidated balance sheet located in the Rocky Mountain division was re-evaluated for impairment based on an accepted offer from a buyer that indicated fair value of the real property was lower than its net book value, and impairment charges of $0.6 million were recorded during the six months ended June 30, 2020, which is included in “Impairment of long-lived assets” on our consolidated statements of operations. Impairment of Long-Lived Assets Long-lived assets, such as property, plant and equipment and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. During 2020, there was a significant decline in oil prices due to the impacts of the outbreak of COVID-19 and the oil supply conflict between two major oil producing countries, which resulted in a decrease in activities by our customers. As a result of these events, we determined that there were indicators that the carrying value of our assets may not be recoverable. Our impairment review during the six months ended June 30, 2020 concluded that the carrying values of the assets associated with the landfill in the Rocky Mountain division and trucking equipment in the Southern division were not recoverable as the carrying value exceeded our estimate of future undiscounted cash flows for these asset groups. As a result, we recorded an impairment charge of $15.0 million during the six months ended June 30, 2020 as the carrying value exceeded fair value, which is included in “Impairment of long-lived assets” on our condensed consolidated statements of operations. The fair value of the assets associated with the landfill and trucking equipment asset groups was determined using discounted estimated future cash flows (Level 3 in the fair value hierarchy). |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued and Other Current Liabilities | Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following at June 30, 2021 and December 31, 2020: June 30, December 31, Accrued payroll and employee benefits $ 1,993 $ 2,353 Accrued insurance 2,500 2,263 Accrued legal 130 294 Accrued taxes 1,004 1,282 Accrued interest 292 56 Accrued operating costs 3,095 2,683 Accrued other 335 288 Current operating lease liabilities 268 331 Total accrued and other current liabilities $ 9,617 $ 9,550 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consisted of the following at June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Interest Rate Maturity Date Carrying Value of Debt (k) Carrying Value of Debt (k) Operating LOC Loan (a) 7.00% Nov. 2021 $ — $ — Equipment Loan (b) 3.14% Nov. 2025 13,000 13,000 CRE Loan (c) 6.50% Nov. 2032 9,652 9,932 Letter of Credit Facility (d) 7.00% Nov. 2021 — — PPP Loan (e) 1.00% May 2022 — 4,000 Vehicle Term Loan (f) 5.27% Dec. 2021 181 363 Equipment Finance Loan (g) 6.50% Nov. 2022 117 158 Finance leases (h) 6.77% Various 6,864 7,581 Total debt 29,814 35,034 Debt issuance costs presented with debt (i) (805) (928) Total debt, net 29,009 34,106 Less: current portion of long-term debt (j) (2,269) (2,433) Long-term debt $ 26,740 $ 31,673 _____________________ (a) Interest on the Operating LOC Loan accrues at an annual rate equal to the Prime Rate of plus 3.75%, with an interest floor of 7.00%. (b) Interest on the Equipment Loan accrues at an annual rate equal to the LIBOR Rate plus 3.00%. (c) Interest on the CRE Loan accrues at an annual rate equal to the Federal Home Loan Bank Rate of Des Moines three-year advance rate plus 4.50%, with an interest rate floor of 6.50%. (d) The interest rate presented represented the interest rate on the $5.349 million Letter of Credit Facility. (e) Interest on the PPP Loan (as defined below) accrued at an annual rate of 1.00%. The PPP Loan forgiveness was granted in June 2021. (f) Interest on the Vehicle Term Loan (as defined below) accrues at an annual rate of 5.27%. (g) Interest on the Equipment Finance Loan (as defined below) accrues at an annual rate of 6.50%. (h) Our finance leases include finance lease arrangements related to fleet purchases and real property with a weighted-average annual interest rate of approximately 6.77%, which mature in varying installments between 2021 and 2029. (i) The debt issuance costs as of June 30, 2021 and December 31, 2020 resulted from refinancing the debt with First International Bank. (j) The principal payments due within one year for the CRE Loan, Vehicle Term Loan, Equipment Finance Loan and finance leases are included in current portion of long-term debt as of June 30, 2021 and December 31, 2020. (k) Our Operating LOC Loan, Equipment Loan, CRE Loan, Vehicle Term Loan, Equipment Finance Loan and finance leases bear interest at rates commensurate with market rates and therefore their respective carrying values approximate fair value. See below for a discussion of material changes and developments in our debt and its principal terms from those described in Note 12 to the consolidated financial statements in our 2020 Annual Report on Form 10-K . Indebtedness As of June 30, 2021, we had $29.8 million of indebtedness outstanding, consisting of $13.0 million under the Equipment Loan, $9.7 million under the CRE Loan, $0.2 million under the Vehicle Term Loan, $0.1 million under the Equipment Finance Loan and $6.9 million of finance leases for vehicle financings and real property leases. The PPP Loan forgiveness was granted in June 2021. As further described below, our Operating LOC Loan, CRE Loan, and Equipment Loan contain certain affirmative and negative covenants, including a minimum debt service coverage ratio (“DSCR”), beginning December 31, 2021, as well as other terms and conditions that are customary for loans of this type. As of June 30, 2021, we were in compliance with all covenants. Master Loan Agreement On November 16, 2020, the Company entered into the Master Loan Agreement with Lender. Pursuant to the Master Loan Agreement, Lender agreed to extend to the Company: (i) the Equipment Loan that is subject to the Main Street Priority Loan Facility (the “MSPLF”) as established by the Board of Governors of the Federal Reserve System under Section 13(3) of the Federal Reserve Act; (ii) the CRE Loan; (iii) the Operating LOC Loan; and (iv) the Letter of Credit Facility. On November 18, 2020, the Company was advised by Lender that the Equipment Loan had been approved as a MSPLF, and the Loans were funded and closed on November 20, 2020. In connection with the closing of the Loans, the Company repaid all outstanding obligations in full under the First Lien Credit Agreement and Second Lien Term Loan Agreement totaling $12.6 million and $8.3 million, respectively. The terms of the Master Loan Agreement provide for customary events of default, including, among others, those relating to a failure to make payment, bankruptcy, breaches of representations and covenants, and the occurrence of certain events. Pursuant to the Master Loan Agreement, the Company must maintain a minimum DSCR of 1.35 to 1.00 beginning December 31, 2021 and annually on December 31 of each year thereafter. The DSCR means the ratio of (i) Adjusted EBITDA to (ii) the annual debt service obligations (less subordinated debt annual debt service) of the Company, calculated based on the actual four quarters ended on the applicable December 31 measurement date. If the DSCR falls below 1.35 to 1.00, then in addition to all other rights and remedies available to Lender, the interest rates on the CRE Loan, the Operating LOC Loan and the Letter of Credit Facility will increase by 1.5% until the minimum DSCR is maintained. The Company may cure a failure to comply with the DSCR by issuing equity interests in the Company for cash and applying the proceeds to the applicable Adjusted EBITDA measurement. In addition, the Master Loan Agreement limits capital expenditures to $7.5 million annually and requires the Company to maintain a positive working capital position of at least $7.0 million at all times. The Master Loan Agreement also requires the Company deposit into the Reserve Account the sum of $2.5 million and make additional monthly deposits of $100 thousand into the Reserve Account. Funds held in the Reserve Account are not accessible by the Company and are pledged as additional security for the CRE Loan, the Operating LOC Loan and the Letter of Credit Facility. Equipment Loan The Equipment Loan is evidenced by that certain Promissory Note (Equipment Loan) executed by the Company in the original principal amount of $13.0 million. The Equipment Loan bears interest at a rate of one-month US dollar LIBOR plus 3.00%. Interest payments during the first year will be deferred and added to the loan balance and principal payments during the first two years will be deferred. Monthly amortization of principal will commence on December 1, 2022, with principal amortization payments due in annual installments of 15% on November 16, 2023, 15% on November 16, 2024, and the remaining 70% on the maturity date of November 16, 2025. The Equipment Loan, plus accrued and unpaid interest, may be prepaid at any time at par. The entire outstanding principal balance of the Equipment Loan together with all accrued and unpaid interest is due and payable in full on November 16, 2025. In connection with the Equipment Loan, the Company paid a $130 thousand origination fee to Lender and a $130 thousand origination fee to MSPLF. The Equipment Loan includes all covenants and certifications required by the MSPLF, including, without limitation, the MSPLF Borrower Certifications and Covenants Instructions and Guidance. In connection with the same, the Company delivered a Borrower Certifications and Covenants (the “MS Certifications and Covenants”) to MS Facilities LLC, a Delaware limited liability company, a special purpose vehicle of the Federal Reserve. Under the MS Certifications and Covenants, the Company is subject to certain restrictive covenants during the period that the Equipment Loan is outstanding and, with respect to certain of those restrictive covenants, for an additional one year period after the Equipment Loan is repaid, including restrictions on the Company’s ability to repurchase stock, pay dividends or make other distributions and limitations on executive compensation and severance arrangements. The Equipment Loan is secured by a first lien security interest in all equipment and titled vehicles of the Company and its subsidiaries. CRE Loan The CRE Loan is evidenced by that certain Promissory Note (Real Estate) executed by the Company in the original principal amount of $10.0 million. The CRE Loan bears interest at the Federal Home Loan Bank Rate of Des Moines three-year advance rate plus 4.50% with an interest rate floor of 6.50%. The CRE Loan has a twelve-year maturity. The Company is required to make monthly principal and interest payments, and monthly escrow deposits for real estate taxes and insurance. The entire outstanding principal balance of the CRE Loan together with all accrued and unpaid interest is due and payable in full on November 13, 2032. In connection with the CRE Loan, the Company paid a $150 thousand origination fee to Lender. The CRE Loan is secured by a first lien real estate mortgage on certain real estate owned by the Company and its subsidiaries and by the Reserve Account. The Company will incur a declining prepayment premium of 6%, 5%, 4%, 3%, 2%, and 1% of the outstanding principal balance of the CRE Loan over the first six years of the loan, respectively. The Company is not permitted to prepay the principal of the CRE Loan more than 5% per year without Lender’s prior written approval. Operating LOC Loan The Operating LOC Loan is evidenced by that certain Revolving Promissory Note (Operating Line of Credit Loan) executed by the Company in the original maximum principal amount of $5.0 million. The Operating LOC Loan bears interest at a variable rate, adjusting daily, equal to the Prime Rate plus 3.75%, with an interest rate floor of 7.00%. In connection with the Operating LOC Loan, the Company paid a $50 thousand origination fee to Lender. The Operating LOC Loan is currently undrawn and fully available to the Company. The Operating LOC Loan is secured by a first lien security interest in all business assets of the Company and its subsidiaries, including without limitation all accounts receivable, inventory, trademarks and intellectual property licenses to which it is a party and by the Reserve Account. The entire outstanding principal balance of the Operating LOC Loan together with all accrued and unpaid interest is due and payable in full on November 14, 2021. Letter of Credit Facility The Letter of Credit Facility provides for the issuance of letters of credit of up to $4.839 million in aggregate face amount and is evidenced by that certain Promissory Note (Letter of Credit Loan) executed by the Company. Amounts drawn on letters of credit issued under the Letter of Credit Facility bear interest at a variable rate, adjusting daily, equal to the Prime Rate plus 3.75%, with an interest rate floor of 7.00%. The Letter of Credit Facility has a one-year final maturity on November 19, 2021. On January 25, 2021, the Letter of Credit Facility was amended in order to increase by $510,000 the maximum availability thereunder. As amended, the Letter of Credit Facility provides for the issuance of letters of credit of up to $5.349 million in aggregate face amount and is evidenced by that certain Amended and Restated Promissory Note (Letter of Credit Loan), dated January 25, 2021, executed by the Company. In connection with the Letter of Credit Facility, the Company is required to pay an annual fee equal to 3.00% of the maximum undrawn face amount of each letter of credit issued thereunder. The Letter of Credit Facility is secured by a first lien security interest in all business assets of the Company and its subsidiaries and by the Reserve Account. Paycheck Protection Program Loan On May 8, 2020, pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) enacted on March 27, 2020, an indirect wholly-owned subsidiary of the Company (the “PPP Borrower”) received proceeds of a loan (the “PPP Loan”) from First International Bank & Trust (the “PPP Lender”) in the principal amount of $4.0 million. The PPP Loan was evidenced by a promissory note (the “Promissory Note”), dated May 8, 2020. The Promissory Note was unsecured, expected to mature on May 8, 2022, bore interest at a rate of 1.00% per annum, and was subject to the terms and conditions applicable to loans administered by the U.S. Small Business Administration (the “SBA”) under the CARES Act. Under the terms of the PPP, up to the entire principal amount of the PPP Loan, and accrued interest, may be forgiven if the proceeds are used for certain qualifying expenses over the covered period as described in the CARES Act and applicable implementing guidance issued by the SBA, subject to potential reduction based on the level of full-time employees maintained by the organization during the covered period as compared to a baseline period. The PPP Borrower used the PPP Loan proceeds for designated qualifying expenses over the covered period and applied for forgiveness of the PPP Loan during September 2020 in accordance with the terms of the PPP. On June 11, 2021, the Company received notification from the PPP Lender that the SBA had approved the PPP Borrower’s application for forgiveness of the entire PPP Loan balance effective June 10, 2021 and that the SBA had remitted to the PPP Lender payment in full of all outstanding principal and interest under the PPP Loan. The Company recognized a gain on the forgiveness that is included on the statement of operations in other income (expense), net. Vehicle Term Loan On December 27, 2019, we entered into a Direct Loan Security Agreement (the “Vehicle Term Loan”) with PACCAR Financial Corp as the Secured Party. The Vehicle Term Loan was used to refinance 38 trucks that were previously recorded as finance leases with balloon payments that would have been due in January of 2020. The Vehicle Term Loan matures on December 27, 2021, when the entire unpaid principal balance and interest, plus any other accrued charges, shall become due and payable. The Vehicle Term Loan shall be repaid in installments of $31,879 beginning on January 27, 2020 and on the same day of each month thereafter, with interest accruing at an annual rate of 5.27%. Equipment Finance Loan On November 20, 2019, we entered into a Retail Installment Contract (the “Equipment Finance Loan”) with a secured party to finance $0.2 million of equipment. The Equipment Finance Loan matures on November 15, 2022, and shall be repaid in monthly installments of approximately $7 thousand beginning December 2019 and then each month thereafter, with interest accruing at an annual rate of 6.50%. |
Derivative Warrants
Derivative Warrants | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Derivative Warrants | Derivative Warrants Upon emergence from chapter 11 on August 7, 2017 (the “Effective Date”), pursuant to the prepackaged plans of reorganization (together, and as amended, the “Plan”), we issued to the holder s of the pre-Effective Date 9.875% Senior Notes due 2018 (the “2018 Notes”) and holders of certain claims relating to the rejection of executory contracts and unexpired leases warrants to purchase an aggregate of 118,137 shares of common stock, par value $0.01, at an exercise price of $39.82 per share and a term |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective income tax rate for the three and six months ended June 30, 2021 was 0.0% , which differed from the federal statutory rate of 21.0%. The difference is primarily due to the increase in the valuation allowance on deferred tax assets resulting from current year losses. The effective income tax rate for the three and six months ended June 30, 2020 was (0.2)% and (0.1)%, respectively, which differed from the federal statutory rate of 21.0% primarily due to the increase in the valuation allowance on deferred tax assets resulting from current year losses. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Award Plans 2017 Long Term Incentive Plan Pursuant to the requirements of the Plan, on February 22, 2018, the Board approved the Nuverra Environmental Solutions, Inc. 2017 Long Term Incentive Plan (the “Incentive Plan”). The Incentive Plan is intended to provide for the grant of equity-based awards to designated members of the Company’s management and employees. Pursuant to the terms of the Plan, the Incentive Plan became effective on the Effective Date. The maximum number of shares of the Company’s common stock that is available for the issuance of awards under the Incentive Plan is 1,772,058. As of June 30, 2021, approximately 435,238 shares were available for issuance under the Incentive Plan. 2018 Restricted Stock Plan for Directors Further, the Compensation Committee on February 22, 2018 adopted the 2018 Restricted Stock Plan for Directors (the “Director Plan”), which was ratified by the Company’s stockholders at the Company’s 2018 Annual Meeting. The Director Plan provides for the grant of restricted stock to the non-employee directors of the Company. On December 18, 2020, our stockholders approved at our annual stockholder meeting an amendment to increase the number of shares that may be issued under the Director Plan to 250,000 shares of common stock from 100,000 shares of common stock. As of June 30, 2021, 103,679 shares were available for issuance under the Director Plan. There were 65,823 and 45,919 grants awarded under the Incentive Plan and the Director Plan, respectively, during the three and six months ended June 30, 2021 and June 30, 2020. The total grants awarded under both the Incentive Plan and the Director Plan during the three and six months ended June 30, 2021 and June 30, 2020 are presented in the table below: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Restricted stock grants (1) 112 75 112 75 Total expense 112 75 112 75 (1) Includes expense related to restricted stock awards, performance-based restricted stock units, and time-based restricted stock units granted under the Incentive Plan and the Director Plan. The total stock-based compensation expense, net of estimated forfeitures, included in “General and administrative expenses” in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2021 and June 30, 2020 was as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Restricted stock (1) $ 392 $ 322 $ 525 $ 612 Total expense $ 392 $ 322 $ 525 $ 612 (1) Includes expense related to restricted stock awards, performance-based restricted stock units, and time-based restricted stock units granted under the Incentive Plan and the Director Plan. At June 30, 2021, the total unrecognized share-based compensation expense, net of estimated forfeitures, was $0.4 million and is expected to be recognized over a weighted average period of 1.4 years. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Environmental Liabilities We are subject to the environmental protection and health and safety laws and related rules and regulations of the United States and of the individual states, municipalities and other local jurisdictions where we operate. Our operations are subject to rules and regulations promulgated by the Texas Railroad Commission, the Texas Commission on Environmental Quality, the Louisiana Department of Natural Resources, the Louisiana Department of Environmental Quality, the Ohio Department of Natural Resources, the Pennsylvania Department of Environmental Protection, the North Dakota Department of Health, the North Dakota Industrial Commission, Oil and Gas Division, the North Dakota State Water Commission, the Montana Department of Environmental Quality and the Montana Board of Oil and Gas, among others. These laws, rules and regulations address environmental, health and safety and related concerns, including water quality and employee safety. We have installed safety, monitoring and environmental protection equipment such as pressure sensors, containment walls, supervisory control and data acquisition systems and relief valves, and have established reporting and responsibility protocols for environmental protection and reporting to such relevant local environmental protection departments as required by law. We believe we are in material compliance with all applicable environmental protection laws and regulations in the United States and the states in which we operate. We believe that there are no unrecorded liabilities as of the periods reported herein in connection with our compliance with applicable environmental laws and regulations. The condensed consolidated balance sheets at June 30, 2021 and December 31, 2020 did not include any accruals for environmental matters. Contingent Consideration for Ideal Settlement On July 25, 2017, the Bankruptcy Court entered an order (the “Confirmation Order”) confirming the Plan. On June 28, 2017, the Company and certain of its material subsidiaries (collectively with the Company, the “Nuverra Parties”) filed a motion with the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) seeking authorization to resolve unsecured claims related to the $8.5 million contingent consideration from the Ideal Oilfield Disposal LLC acquisition (the “Ideal Settlement”). On July 11, 2017, the Bankruptcy Court entered an order authorizing the Ideal Settlement. Pursuant to the approved settlement terms, the $8.5 million contingent claim was replaced with an obligation on the part of the applicable Nuverra Party to transfer $0.5 million to the counterparties to the Ideal Settlement upon emergence from chapter 11, and $0.5 million when the Ideal Settlement counterparties deliver the required permits and certificates necessary for the issuance of the second special waste disposal permit. The $0.5 million due upon emergence from chapter 11 was paid during the five months ended December 31, 2017. The remaining $0.5 million, due when the counterparties deliver the required permits and certificates necessary for the issuance of the second special waste disposal permit, has been classified as noncurrent and is reported in “Long-term contingent consideration” on the condensed consolidated balance sheets, as these permits and certificates are not expected to be received within one year. State Sales and Use Tax Liabilities During the year ended December 31, 2017, the Pennsylvania Department of Revenue (or “DOR”) completed an audit of our sales and use tax compliance for the period January 1, 2012 through May 31, 2017. As a result of the audit, we were assessed by the DOR for additional state and local sales and use tax plus penalties and interest. During the years ended December 31, 2017 and 2018, we disputed various claims in the assessment made by the DOR through the appropriate boards of appeal and were able to obtain relief for many of the contested claims. However, in January of 2019, the final appeals board upheld an assessment of sales tax and interest that relates to one material position. We have appealed this decision to the Commonwealth of Pennsylvania as we continue to believe that the transactions involved are exempt from sales tax in Pennsylvania, and therefore we have not recorded an accrual as of June 30, 2021. If we lose this appeal, which could take several years to settle, we estimate that we would be required to pay between $1.0 million and $1.5 million to the DOR. Surety Bonds and Letters of Credit At June 30, 2021, and December 31, 2020, we had surety bonds outstanding of approximately $4.1 million and $4.2 million respectively, primarily to support financial assurance obligations related to our landfill and disposal wells. Additionally, at June 30, 2021 and December 31, 2020, we had outstanding irrevocable letters of credit each totaling $5.4 million, to support various agreements, leases and insurance policies. |
Legal Matters
Legal Matters | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters | Legal Matters Litigation There are various lawsuits, claims, investigations and proceedings that have been brought or asserted against us, which arise in the ordinary course of business, including actions with respect to securities and shareholder class actions, personal injury, vehicular and industrial accidents, commercial contracts, legal and regulatory compliance, securities disclosure, labor and employment, and employee benefits and environmental matters, the more significant of which are summarized below. We record a provision for these matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Any provisions are reviewed at least quarterly and are adjusted to reflect the impact and status of settlements, rulings, advice of counsel and other information and events pertinent to a particular matter. We believe that we have valid defenses with respect to legal matters pending against us. Based on our experience, we also believe that the damage amounts claimed in pending lawsuits are not necessarily a meaningful indicator of our potential liability. Litigation is inherently unpredictable, and it is possible that our financial condition, results of operations or cash flow could be materially affected in any particular period by the resolution of one or more of the legal matters pending against us. Based on information currently known to our management, we do not expect the outcome in any of these known legal proceedings, individually or collectively, to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. Confirmation Order Appeal On July 26, 2017, David Hargreaves, an individual holder of 2018 Notes, appealed the Confirmation Order to the District Court of the District of Delaware (the “District Court”) and filed a motion for a stay pending appeal from the District Court. Although the motion for a stay pending appeal was denied, the appeal remained pending and the District Court heard oral arguments in May 2018, and in August 2018, the District Court issued an order dismissing the appeal. Hargreaves subsequently appealed the District Court’s decision to the United States Court of Appeals for the Third Circuit (the “Appellate Court”). The parties filed appellate briefs in December 2018 and January 2019, and presented oral arguments to a three-judge panel of the Appellate Court in November 2020. On January 6, 2021, the Appellate Court issued a decision in favor of Nuverra, affirming the dismissal of the appeal. Hargreaves subsequently filed a petition for rehearing, either by the three-judge panel or en banc by the full Appellate Court, and on February 4, 2021 the Appellate Court issued an order denying the petition for rehearing. On July 6, 2021, Hargreaves filed a petition for a writ of certiorari (the “Petition”) with the Supreme Court of the United States (the “Supreme Court”). On July 21, 2021, Nuverra filed a waiver indicating that it does not intend to file a response to the Petition unless one is requested by the Supreme Court. The Supreme Court has not yet issued a ruling on the Petition. |
Related Party and Affiliated Co
Related Party and Affiliated Company Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party and Affiliated Company Transactions | Related Party and Affiliated Company Transactions There have been no significant changes to the other related party transactions as described in Note 23 to the consolidated financial statements in our 2020 Annual Report on Form 10-K . |
Segments
Segments | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segments | Segments We evaluate business segment performance based on income (loss) before income taxes exclusive of corporate general and administrative costs and interest expense, which are not allocated to the segments. Our business is comprised of three operating divisions, which we consider to be operating and reportable segments of our operations: (1) the Rocky Mountain division comprising the Bakken Shale area, (2) the Northeast division comprising the Marcellus and Utica Shale areas and (3) the Southern division comprising the Haynesville Shale area. Corporate/Other includes certain corporate costs and certain other corporate assets. Financial information for our reportable segments related to operations is presented below. Rocky Mountain Northeast Southern Corporate/ Other Total Three months ended June 30, 2021 Revenue $ 12,815 $ 7,872 $ 4,087 $ — $ 24,774 Direct operating expenses 11,151 7,198 3,088 — 21,437 General and administrative expenses 741 326 185 3,592 4,844 Depreciation and amortization 2,293 2,282 1,148 11 5,734 Operating loss (1,370) (1,934) (334) (3,603) (7,241) Loss before income taxes 2,510 (2,034) (385) (3,948) (3,857) Six months ended June 30, 2021 Revenue $ 25,604 $ 15,178 $ 7,657 $ — $ 48,439 Direct operating expenses 22,514 13,851 6,053 — 42,418 General and administrative expenses 1,662 685 343 5,681 8,371 Depreciation and amortization 4,605 4,637 2,540 22 11,804 Operating loss (3,177) (3,995) (1,279) (5,703) (14,154) Loss before income taxes 550 (4,198) (1,381) (6,431) (11,460) As of June 30, 2021 Total assets (a) $ 52,737 $ 48,618 $ 60,358 $ 12,819 $ 174,532 Total assets held for sale — — — 778 778 Three months ended June 30, 2020 Revenue $ 12,222 $ 8,162 $ 4,082 $ — $ 24,466 Direct operating expenses 10,458 5,593 2,500 — 18,551 General and administrative expenses 1,524 434 240 2,247 4,445 Depreciation and amortization 2,874 2,532 1,746 4 7,156 Impairment of long-lived assets — — — — — Operating income (loss) (2,634) (397) (404) (2,251) (5,686) Income (loss) before income taxes (2,786) (504) (457) (3,017) (6,764) Six months ended June 30, 2020 Revenue $ 35,690 $ 17,956 $ 8,762 $ — $ 62,408 Direct operating expenses 30,009 13,964 6,054 — 50,027 General and administrative expenses 3,013 1,068 510 4,778 9,369 Depreciation and amortization 6,339 5,083 3,715 8 15,145 Operating income (loss) (15,854) (2,159) (4,913) (4,786) (27,712) Income (loss) before income taxes (16,041) (2,379) (5,020) (6,368) (29,808) As of June 30, 2020 Total assets (a) $ 64,093 $ 59,668 $ 64,535 $ 17,023 $ 205,319 Total assets held for sale — — — 778 778 _____________________ |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Amendment to Loan Agreement On August 19, 2021, the Company entered into a Second Amendment to Loan Agreement (the “Second Amendment”) with First International Bank & Trust, a North Dakota banking corporation (the “Lender”), pursuant to which the Company and the Lender agreed to amend that certain Master Loan Agreement, dated November 16, 2020 (as previously amended, the “Loan Agreement”), between the Company and Lender in order to increase by $531,166 the maximum availability under the letter of credit facility (the “Letter of Credit Facility”) and make certain other modifications to the terms of the Loan Agreement, including (i) modifying the debt service coverage ratio covenant, contained in section 5(N) of the Loan Agreement, so that it would first be tested for the fiscal year ending December 31, 2022, (ii) permitting the sale or other disposition of certain assets and other equipment, and (iii) temporarily increasing the interest rate on the CRE Loan (as such term defined in the Loan Agreement) by 1.5% per annum. The Second Amendment also provides for the addition of certain real property located in Mackenzie County, North Dakota to a mortgage previously granted by the Company in favor of the Lender. As amended, the Letter of Credit Facility provides for the issuance of letters of credit of up to $5.880 million in aggregate face amount, and all other terms of the Letter of Credit Facility remain unchanged. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements of Nuverra Environmental Solutions, Inc. and its subsidiaries (collectively, “Nuverra,” the “Company,” “we,” “us,” or “our”) are unaudited, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Our condensed consolidated balance sheet as of December 31, 2020, included herein, has been derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (or “GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In our opinion, the condensed consolidated financial statements include the normal, recurring adjustments necessary for the fair statement of the results for the interim periods. These financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, contained in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 16, 2021 (the “2020 Annual Report on Form 10-K”). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates. |
Fair Value Measurements | Fair Value Measurements Fair value represents an exit price, representing the amount that would be received from the sale of 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. GAAP 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 that are accessible at the measurement date for identical assets or liabilities; • Level 2 — Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and |
Recently Adopted / Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. The standard removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The new standard will be effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. We adopted this Topic 740 on January 1, 2021. The adoption of the new tax standard did not have a material effect on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) . Due to the issuance of ASU No. 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), and the fact that we are a smaller reporting company, the new standard is effective for reporting periods beginning after December 15, 2022. The standard replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. The standard requires a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We plan to adopt the new credit loss standard effective January 1, 2023. We do not expect the new credit loss standard to have a material effect on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform, if certain criteria are met. ASU No. 2020-04 only applies to contracts and other transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The new standard is effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impact of the new reference rate reform practical expedient will have on our consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815–40). ASU No. 2020-06 simplifies the accounting for certain convertible instruments, amends the guidance for the derivatives scope exception for contracts in an entity’s own equity, and modifies the guidance on diluted earnings per share calculations as a result of these changes. The standard may be adopted using either a retrospective or modified retrospective method. The new standard will be effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We do not expect the adoption of the new standard to have a material effect on our consolidated financial statements. |
Revenue Recognition | Revenues are generated upon the performance of contracted services under formal and informal contracts with customers. Revenues are recognized when the contracted services for our customers are completed in an amount that reflects the consideration we expect to be entitled to in exchange for those services. Sales and usage-based taxes are excluded from revenues. Payment is due when the contracted services are completed in accordance with the payment terms established with each customer prior to providing any services. As such, there is no significant financing component for any of our revenues. Some of our contracts with customers involve multiple performance obligations as we are providing more than one service under the same contract, such as water transport services and disposal services. However, our core service offerings are capable of being distinct and also are distinct within the context of contracts with our customers. As such, these services represent separate performance obligations when included in a single contract. We have standalone pricing for all of our services which is negotiated with each of our customers in advance of providing the service. The contract consideration is allocated to the individual performance obligations based upon the standalone selling price of each service, and no discount is offered for a bundled services offering. Water Transport Services The majority of our revenues are from the removal and disposal of produced water and flowback water originating from oil and natural gas wells or the transportation of fresh water and produced water to customer sites for use in drilling and hydraulic fracturing activities by trucks or through temporary or permanent water transfer pipelines. Water transport rates for trucking are based upon either a fixed fee per barrel or upon an hourly rate. Revenue is recognized once the water has been transported, or over time, based upon the number of barrels transported or disposed of, or at the agreed upon hourly rate, depending upon the customer contract. Contracts for the use of our water disposal pipeline are priced at a fixed fee per disposal barrel transported, with revenues recognized over time from when the water is injected into our pipeline until the transport is complete. Water transport services are all generally completed within 24 hours with no remaining performance obligation outstanding at the end of each month. Disposal Services Revenues for disposal services are generated through fees charged for disposal of fluids near disposal wells and disposal of oilfield wastes in our landfill. Disposal rates are generally based on a fixed fee per barrel of produced water, or on a per ton basis for landfill disposal, with revenues recognized once the disposal has occurred. The performance obligation for disposal services is considered complete once the disposal occurs. Therefore, disposal services revenues are recognized at a point in time. Other Revenue Other revenue includes revenues from the sale of “junk” or “slop” oil obtained through the skimming of disposal water. Revenue is recognized for “junk” or “slop” oil sales at a point in time once the goods are transferred. Rental Revenue We generate rental revenue from the rental of equipment used in wellsite services. Rental rates are based upon negotiated rates with our customers and revenue is recognized over the rental service period. Revenues from rental equipment are not within the scope of the new revenue standard, but rather are recognized under ASC 842, Leases . As the rental service period for our equipment is very short term in nature and does not include any sales-type or direct financing leases, nor any variable rental components, the adoption of ASC 842 in 2019 did not have a material impact upon our consolidated statement of operations. |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenues Disaggregated by Revenue Source | The following tables present our revenues disaggregated by revenue source for each reportable segment for the three and six months ended June 30, 2021 and June 30, 2020: Three months ended June 30, 2021 Rocky Mountain Northeast Southern Corporate/Other Total Water Transport Services $ 9,000 $ 5,741 $ 2,521 $ — $ 17,262 Disposal Services 1,674 1,939 1,543 — 5,156 Other Revenue 501 172 23 — 696 Total Service Revenue 11,175 7,852 4,087 — 23,113 Rental Revenue 1,640 20 — — 1,661 Total Revenue $ 12,815 $ 7,872 $ 4,087 $ — $ 24,774 Three months ended June 30, 2020 Rocky Mountain Northeast Southern Corporate/Other Total Water Transport Services $ 8,649 $ 5,989 $ 2,125 $ — $ 16,763 Disposal Services 1,533 1,851 1,952 — 5,336 Other Revenue 565 289 3 — 857 Total Service Revenue 10,747 8,129 4,080 — 22,956 Rental Revenue 1,475 33 2 — 1,510 Total Revenue $ 12,222 $ 8,162 $ 4,082 $ — $ 24,466 Six months ended June 30, 2021 Rocky Mountain Northeast Southern Corporate/Other Total Water Transport Services $ 18,570 $ 11,131 $ 4,628 $ — $ 34,329 Disposal Services 3,027 3,689 2,996 — 9,712 Other Revenue 1,043 323 33 — 1,399 Total Service Revenue 22,640 15,143 7,657 — 45,439 Rental Revenue 2,964 35 — — 3,000 Total Revenue $ 25,604 $ 15,178 $ 7,657 $ — $ 48,439 Six months ended June 30, 2020 Rocky Mountain Northeast Southern Corporate/Other Total Water Transport Services $ 22,963 $ 13,133 $ 4,381 $ — $ 40,477 Disposal Services 5,389 4,014 4,298 — 13,701 Other Revenue 2,431 741 77 — 3,249 Total Service Revenue 30,783 17,888 8,756 — 57,427 Rental Revenue 4,907 68 6 — 4,981 Total Revenue $ 35,690 $ 17,956 $ 8,762 $ — $ 62,408 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Three Months Ended Six Months Ended June 30, June 30, Lease Cost Classification 2021 2020 2021 2020 Operating lease cost (a) General and administrative expenses $ 228 $ 696 $ 486 $ 1,350 Finance lease cost: Amortization of leased assets Depreciation and amortization 525 546 1,062 1,164 Interest on lease liabilities Interest expense, net 123 140 250 288 Variable lease cost General and administrative expenses 601 669 1,143 1,596 Sublease income Other income, net (23) (8) (47) (32) Total net lease cost $ 1,454 $ 2,043 $ 2,894 $ 4,366 (a) Includes short-term leases, which represented $0.1 million and $0.1 million of the balance for the three months ended June 30, 2021 and June 30, 2020, respectively. |
Schedule of Assets and Liabilities, Lease Term and Discount Rate and Supplemental Disclosure | Supplemental balance sheet, cash flow and other information related to leases was as follows (in thousands, except lease term and discount rate): Leases Classification June 30, December 31, Assets: Operating lease assets Operating lease assets $ 1,526 $ 1,691 Finance lease assets Property, plant and equipment, net of accumulated depreciation (a) 5,093 6,185 Total leased assets $ 6,619 $ 7,876 Liabilities: Current Operating lease liabilities Accrued and other current liabilities $ 268 $ 331 Finance lease liabilities Current portion of long-term debt 1,420 1,420 Noncurrent Operating lease liabilities Noncurrent operating lease liabilities 1,259 1,360 Finance lease liabilities Long-term debt 5,445 6,161 Total lease liabilities $ 8,392 $ 9,272 (a) Finance lease assets are recorded net of accumulated amortization of $4.9 million and $3.9 million as of June 30, 2021 and December 31, 2020, respectively. Lease Term and Discount Rate June 30, December 31, Weighted-average remaining lease term (in years): Operating leases 42.1 39.9 Finance leases 2.5 3.2 Weighted-average discount rate: Operating leases 10.00 % 10.08 % Finance leases 6.77 % 6.77 % Six Months Ended June 30, Supplemental Disclosure of Cash Flow Information and Other Information 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 486 $ 1,350 Operating cash flows from finance leases 250 288 Financing cash flows from finance leases 697 783 Leased assets obtained in exchange for new finance lease liabilities — 213 |
Schedule of Maturities of Operating Lease Liabilities | Maturities of lease liabilities are as follows: June 30, 2021 Operating Leases (a) Finance Leases (b) Remainder of 2021 $ 325 $ 932 2022 347 1,832 2023 200 3,447 2024 190 383 2025 189 423 Thereafter 6,522 1,063 Total lease payments 7,773 8,080 Less amount representing interest (6,246) (1,215) Present value of total lease liabilities 1,527 6,865 Less current lease liabilities (268) (1,420) Long-term lease liabilities $ 1,259 $ 5,445 (a) Operating lease payments do not include any options to extend lease terms that are reasonably certain of being exercised. (b) Finance lease payments include $1.7 million related to options to extend lease terms that are reasonably certain of being exercised. |
Schedule of Maturities of Finance Lease Liabilities | Maturities of lease liabilities are as follows: June 30, 2021 Operating Leases (a) Finance Leases (b) Remainder of 2021 $ 325 $ 932 2022 347 1,832 2023 200 3,447 2024 190 383 2025 189 423 Thereafter 6,522 1,063 Total lease payments 7,773 8,080 Less amount representing interest (6,246) (1,215) Present value of total lease liabilities 1,527 6,865 Less current lease liabilities (268) (1,420) Long-term lease liabilities $ 1,259 $ 5,445 (a) Operating lease payments do not include any options to extend lease terms that are reasonably certain of being exercised. (b) Finance lease payments include $1.7 million related to options to extend lease terms that are reasonably certain of being exercised. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculation of basic and diluted net loss per common share, as well as the anti-dilutive stock-based awards that were excluded from the calculation of diluted net loss per share for the periods presented (in thousands except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator: Net loss $ (3,857) $ (6,779) $ (11,460) $ (29,823) Denominator: Weighted average shares—basic 15,996 15,761 15,937 15,757 Common stock equivalents — — — — Weighted average shares—diluted 15,996 15,761 15,937 15,757 Loss per common share: Net loss per basic common share $ (0.24) $ (0.43) $ (0.72) $ (1.89) Net loss per diluted common share $ (0.24) $ (0.43) $ (0.72) $ (1.89) Anti-dilutive stock-based awards excluded: 331 415 337 415 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets consist of the following: June 30, 2021 Gross Carrying Amount Accumulated Amortization Net Remaining Useful Life (Years) Disposal permits $ 540 $ (372) $ 168 4.5 Total intangible assets $ 540 $ (372) $ 168 4.5 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Remaining Useful Life (Years) Disposal permits $ 540 $ (346) $ 194 4.8 Trade name 799 (799) — 0.0 Total intangible assets $ 1,339 $ (1,145) $ 194 4.8 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following at June 30, 2021 and December 31, 2020: June 30, December 31, Accrued payroll and employee benefits $ 1,993 $ 2,353 Accrued insurance 2,500 2,263 Accrued legal 130 294 Accrued taxes 1,004 1,282 Accrued interest 292 56 Accrued operating costs 3,095 2,683 Accrued other 335 288 Current operating lease liabilities 268 331 Total accrued and other current liabilities $ 9,617 $ 9,550 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt consisted of the following at June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Interest Rate Maturity Date Carrying Value of Debt (k) Carrying Value of Debt (k) Operating LOC Loan (a) 7.00% Nov. 2021 $ — $ — Equipment Loan (b) 3.14% Nov. 2025 13,000 13,000 CRE Loan (c) 6.50% Nov. 2032 9,652 9,932 Letter of Credit Facility (d) 7.00% Nov. 2021 — — PPP Loan (e) 1.00% May 2022 — 4,000 Vehicle Term Loan (f) 5.27% Dec. 2021 181 363 Equipment Finance Loan (g) 6.50% Nov. 2022 117 158 Finance leases (h) 6.77% Various 6,864 7,581 Total debt 29,814 35,034 Debt issuance costs presented with debt (i) (805) (928) Total debt, net 29,009 34,106 Less: current portion of long-term debt (j) (2,269) (2,433) Long-term debt $ 26,740 $ 31,673 _____________________ (a) Interest on the Operating LOC Loan accrues at an annual rate equal to the Prime Rate of plus 3.75%, with an interest floor of 7.00%. (b) Interest on the Equipment Loan accrues at an annual rate equal to the LIBOR Rate plus 3.00%. (c) Interest on the CRE Loan accrues at an annual rate equal to the Federal Home Loan Bank Rate of Des Moines three-year advance rate plus 4.50%, with an interest rate floor of 6.50%. (d) The interest rate presented represented the interest rate on the $5.349 million Letter of Credit Facility. (e) Interest on the PPP Loan (as defined below) accrued at an annual rate of 1.00%. The PPP Loan forgiveness was granted in June 2021. (f) Interest on the Vehicle Term Loan (as defined below) accrues at an annual rate of 5.27%. (g) Interest on the Equipment Finance Loan (as defined below) accrues at an annual rate of 6.50%. (h) Our finance leases include finance lease arrangements related to fleet purchases and real property with a weighted-average annual interest rate of approximately 6.77%, which mature in varying installments between 2021 and 2029. (i) The debt issuance costs as of June 30, 2021 and December 31, 2020 resulted from refinancing the debt with First International Bank. (j) The principal payments due within one year for the CRE Loan, Vehicle Term Loan, Equipment Finance Loan and finance leases are included in current portion of long-term debt as of June 30, 2021 and December 31, 2020. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The total grants awarded under both the Incentive Plan and the Director Plan during the three and six months ended June 30, 2021 and June 30, 2020 are presented in the table below: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Restricted stock grants (1) 112 75 112 75 Total expense 112 75 112 75 (1) Includes expense related to restricted stock awards, performance-based restricted stock units, and time-based restricted stock units granted under the Incentive Plan and the Director Plan. The total stock-based compensation expense, net of estimated forfeitures, included in “General and administrative expenses” in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2021 and June 30, 2020 was as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Restricted stock (1) $ 392 $ 322 $ 525 $ 612 Total expense $ 392 $ 322 $ 525 $ 612 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Financial Information for Reportable Segments | Financial information for our reportable segments related to operations is presented below. Rocky Mountain Northeast Southern Corporate/ Other Total Three months ended June 30, 2021 Revenue $ 12,815 $ 7,872 $ 4,087 $ — $ 24,774 Direct operating expenses 11,151 7,198 3,088 — 21,437 General and administrative expenses 741 326 185 3,592 4,844 Depreciation and amortization 2,293 2,282 1,148 11 5,734 Operating loss (1,370) (1,934) (334) (3,603) (7,241) Loss before income taxes 2,510 (2,034) (385) (3,948) (3,857) Six months ended June 30, 2021 Revenue $ 25,604 $ 15,178 $ 7,657 $ — $ 48,439 Direct operating expenses 22,514 13,851 6,053 — 42,418 General and administrative expenses 1,662 685 343 5,681 8,371 Depreciation and amortization 4,605 4,637 2,540 22 11,804 Operating loss (3,177) (3,995) (1,279) (5,703) (14,154) Loss before income taxes 550 (4,198) (1,381) (6,431) (11,460) As of June 30, 2021 Total assets (a) $ 52,737 $ 48,618 $ 60,358 $ 12,819 $ 174,532 Total assets held for sale — — — 778 778 Three months ended June 30, 2020 Revenue $ 12,222 $ 8,162 $ 4,082 $ — $ 24,466 Direct operating expenses 10,458 5,593 2,500 — 18,551 General and administrative expenses 1,524 434 240 2,247 4,445 Depreciation and amortization 2,874 2,532 1,746 4 7,156 Impairment of long-lived assets — — — — — Operating income (loss) (2,634) (397) (404) (2,251) (5,686) Income (loss) before income taxes (2,786) (504) (457) (3,017) (6,764) Six months ended June 30, 2020 Revenue $ 35,690 $ 17,956 $ 8,762 $ — $ 62,408 Direct operating expenses 30,009 13,964 6,054 — 50,027 General and administrative expenses 3,013 1,068 510 4,778 9,369 Depreciation and amortization 6,339 5,083 3,715 8 15,145 Operating income (loss) (15,854) (2,159) (4,913) (4,786) (27,712) Income (loss) before income taxes (16,041) (2,379) (5,020) (6,368) (29,808) As of June 30, 2020 Total assets (a) $ 64,093 $ 59,668 $ 64,535 $ 17,023 $ 205,319 Total assets held for sale — — — 778 778 _____________________ |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) | Nov. 16, 2020 | Jun. 30, 2021 | Jan. 25, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Nov. 20, 2019 |
Line of Credit Facility [Line Items] | |||||||
Deposits | $ 2,500,000 | ||||||
Additional monthly deposits of reserve account | 100,000 | ||||||
Restricted cash | $ 3,323,000 | $ 2,820,000 | $ 0 | $ 922,000 | |||
Letter of Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Additional term loan from credit agreement | $ 5,349,000 | ||||||
Line of credit facility | 510,000 | ||||||
Line of Credit | Letter of Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility | 5,349,000 | ||||||
Line of credit facility, increase | $ 510,000 | ||||||
Equipment Finance Loan | |||||||
Line of Credit Facility [Line Items] | |||||||
Additional term loan from credit agreement | $ 13,000,000 | $ 200,000 | |||||
Real Estate Term Loan | |||||||
Line of Credit Facility [Line Items] | |||||||
Additional term loan from credit agreement | 10,000,000 | ||||||
Operating Line Of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility | 5,000,000 | ||||||
Letter of Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility | 4,839,000 | ||||||
Master Loan Agreement | |||||||
Line of Credit Facility [Line Items] | |||||||
Deposits | 2,500,000 | ||||||
Additional monthly deposits of reserve account | 100,000 | ||||||
First Lien Term Loan | |||||||
Line of Credit Facility [Line Items] | |||||||
Repayments of long-term debt | 12,600,000 | ||||||
Second Lien Term Loan | |||||||
Line of Credit Facility [Line Items] | |||||||
Repayments of long-term debt | $ 8,300,000 |
Revenues - Schedule of Revenues
Revenues - Schedule of Revenues Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | $ 23,113 | $ 22,956 | $ 45,439 | $ 57,427 |
Rental Revenue | 1,661 | 1,510 | 3,000 | 4,981 |
Total Revenue | 24,774 | 24,466 | 48,439 | 62,408 |
Water Transport Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 17,262 | 16,763 | $ 34,329 | 40,477 |
Contract with customer, timing of satisfaction of performance obligation and payment | Water transport services are all generally completed within 24 hours with no remaining performance obligation outstanding at the end of each month. | |||
Disposal Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 5,156 | 5,336 | $ 9,712 | 13,701 |
Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 696 | 857 | 1,399 | 3,249 |
Operating Segments | Rocky Mountain | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 11,175 | 10,747 | 22,640 | 30,783 |
Rental Revenue | 1,640 | 1,475 | 2,964 | 4,907 |
Total Revenue | 12,815 | 12,222 | 25,604 | 35,690 |
Operating Segments | Rocky Mountain | Water Transport Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 9,000 | 8,649 | 18,570 | 22,963 |
Operating Segments | Rocky Mountain | Disposal Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 1,674 | 1,533 | 3,027 | 5,389 |
Operating Segments | Rocky Mountain | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 501 | 565 | 1,043 | 2,431 |
Operating Segments | Northeast | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 7,852 | 8,129 | 15,143 | 17,888 |
Rental Revenue | 20 | 33 | 35 | 68 |
Total Revenue | 7,872 | 8,162 | 15,178 | 17,956 |
Operating Segments | Northeast | Water Transport Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 5,741 | 5,989 | 11,131 | 13,133 |
Operating Segments | Northeast | Disposal Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 1,939 | 1,851 | 3,689 | 4,014 |
Operating Segments | Northeast | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 172 | 289 | 323 | 741 |
Operating Segments | Southern | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 4,087 | 4,080 | 7,657 | 8,756 |
Rental Revenue | 0 | 2 | 0 | 6 |
Total Revenue | 4,087 | 4,082 | 7,657 | 8,762 |
Operating Segments | Southern | Water Transport Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 2,521 | 2,125 | 4,628 | 4,381 |
Operating Segments | Southern | Disposal Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 1,543 | 1,952 | 2,996 | 4,298 |
Operating Segments | Southern | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 23 | 3 | 33 | 77 |
Corporate/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 0 | 0 | 0 | 0 |
Rental Revenue | 0 | 0 | 0 | 0 |
Total Revenue | 0 | 0 | 0 | 0 |
Corporate/Other | Water Transport Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 0 | 0 | 0 | 0 |
Corporate/Other | Disposal Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | 0 | 0 | 0 | 0 |
Corporate/Other | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Service Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | Jun. 30, 2021USD ($) |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 99 years |
Residual value guarantee | $ 2.5 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 12 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 228 | $ 696 | $ 486 | $ 1,350 |
Finance lease cost: | ||||
Amortization of leased assets | 525 | 546 | 1,062 | 1,164 |
Interest on lease liabilities | 123 | 140 | 250 | 288 |
Variable lease cost | 601 | 669 | 1,143 | 1,596 |
Sublease income | (23) | (8) | (47) | (32) |
Total net lease cost | 1,454 | 2,043 | $ 2,894 | $ 4,366 |
Short-term lease cost | $ 100 | $ 100 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet, Cash Flow and Other Information (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Operating lease assets | $ 1,526 | $ 1,691 |
Finance lease assets | 5,093 | 6,185 |
Total leased assets | 6,619 | 7,876 |
Current | ||
Operating lease liabilities | 268 | 331 |
Finance lease liabilities | 1,420 | 1,420 |
Noncurrent | ||
Operating lease liabilities | 1,259 | 1,360 |
Finance lease liabilities | 5,445 | 6,161 |
Total lease liabilities | $ 8,392 | $ 9,272 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current portion of long-term debt | Current portion of long-term debt |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term debt | Long-term debt |
Accumulated amortization, finance lease assets | $ 4,900 | $ 3,900 |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Details) | Jun. 30, 2021 | Dec. 31, 2020 |
Weighted-average remaining lease term (in years): | ||
Operating leases | 42 years 1 month 6 days | 39 years 10 months 24 days |
Finance leases | 2 years 6 months | 3 years 2 months 12 days |
Weighted-average discount rate: | ||
Operating leases | 10.00% | 10.08% |
Finance leases | 6.77% | 6.77% |
Leases - Supplemental Disclosur
Leases - Supplemental Disclosure of Cash Flow Information and Other Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 486 | $ 1,350 |
Operating cash flows from finance leases | 250 | 288 |
Financing cash flows from finance leases | 697 | 783 |
Leased assets obtained in exchange for new finance lease liabilities | $ 0 | $ 213 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Operating Leases | ||
Remainder of 2021 | $ 325 | |
2022 | 347 | |
2023 | 200 | |
2024 | 190 | |
2025 | 189 | |
Thereafter | 6,522 | |
Total lease payments | 7,773 | |
Less amount representing interest | (6,246) | |
Present value of total lease liabilities | 1,527 | |
Less current lease liabilities | (268) | $ (331) |
Long-term lease liabilities | 1,259 | 1,360 |
Finance Leases | ||
Remainder of 2021 | 932 | |
2022 | 1,832 | |
2023 | 3,447 | |
2024 | 383 | |
2025 | 423 | |
Thereafter | 1,063 | |
Total lease payments | 8,080 | |
Less amount representing interest | (1,215) | |
Present value of total lease liabilities | 6,865 | |
Less current lease liabilities | (1,420) | (1,420) |
Long-term lease liabilities | 5,445 | $ 6,161 |
Finance lease payments | $ 1,700 |
Equity (Details)
Equity (Details) | 6 Months Ended | ||
Jun. 30, 2021vote$ / sharesshares | Dec. 31, 2020$ / sharesshares | Dec. 21, 2020$ / sharesshares | |
Equity [Abstract] | |||
Preferred stock, shares authorized (in shares) | shares | 1,000,000 | 1,000,000 | |
Preferred stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares outstanding (in shares) | shares | 0 | 0 | |
Common stock dividend, number of rights per share (in shares) | shares | 1 | ||
Common stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Number of securities call by each right (in shares) | shares | 0.001 | ||
Purchase price (in usd per share) | $ / shares | $ 7.02 | ||
Preferred stock, quarter dividend amount per share (in usd per share) | $ / shares | $ 1 | ||
Preferred Stock, quarterly dividend, number of times the aggregate per share amount of all cash dividends | 1,000 | ||
Preferred Stock, quarterly dividend, number of times the aggregate per share amount of all non-cash dividends | 1,000 | ||
Preferred stock, number of votes per share (in shares) | vote | 1,000 | ||
Preferred stock, conversion ratio in event of merger or consolidation transaction | 1,000 |
Earnings Per Common Share - Nar
Earnings Per Common Share - Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive shares of common stock (in shares) | 0 | 0 | 0 | 0 |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||||
Numerator: Net loss | $ (3,857) | $ (7,603) | $ (6,779) | $ (23,044) | $ (11,460) | $ (29,823) |
Denominator: | ||||||
Weighted average shares—basic (in shares) | 15,996,000 | 15,761,000 | 15,937,000 | 15,757,000 | ||
Common stock equivalents (in shares) | 0 | 0 | 0 | 0 | ||
Weighted average shares—diluted (in shares) | 15,996,000 | 15,761,000 | 15,937,000 | 15,757,000 | ||
Loss per common share: | ||||||
Net loss per basic common share (in usd per share) | $ (0.24) | $ (0.43) | $ (0.72) | $ (1.89) | ||
Net loss per diluted common share (in usd per share) | $ (0.24) | $ (0.43) | $ (0.72) | $ (1.89) | ||
Antidilutive stock-based awards excluded (in shares) | 331,000 | 415,000 | 337,000 | 415,000 |
Intangible Assets (Detail)
Intangible Assets (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $ 540,000 | $ 540,000 | $ 1,339,000 | ||
Accumulated Amortization | (372,000) | (372,000) | (1,145,000) | ||
Net | 168,000 | $ 168,000 | $ 194,000 | ||
Remaining Useful Life (Years) | 4 years 6 months | 4 years 9 months 18 days | |||
Amortization of intangible assets | 14,000 | $ 100,000 | $ 26,000 | $ 200,000 | |
Disposal permits | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 540,000 | 540,000 | $ 540,000 | ||
Accumulated Amortization | (372,000) | (372,000) | (346,000) | ||
Net | $ 168,000 | $ 168,000 | $ 194,000 | ||
Remaining Useful Life (Years) | 4 years 6 months | 4 years 9 months 18 days | |||
Trade name | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $ 799,000 | ||||
Accumulated Amortization | (799,000) | ||||
Net | $ 0 | ||||
Remaining Useful Life (Years) | 0 years |
Assets Held for Sale and Impa_2
Assets Held for Sale and Impairment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill [Line Items] | ||||
Impairment of long-lived assets | $ 0 | $ 0 | $ 0 | $ 15,579,000 |
Impairment of long-lived assets | 15,000,000 | |||
Rocky Mountain | ||||
Goodwill [Line Items] | ||||
Impairment of assets to be disposed of | $ 600,000 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued payroll and employee benefits | $ 1,993 | $ 2,353 |
Accrued insurance | 2,500 | 2,263 |
Accrued legal | 130 | 294 |
Accrued taxes | 1,004 | 1,282 |
Accrued interest | 292 | 56 |
Accrued operating costs | 3,095 | 2,683 |
Accrued other | 335 | 288 |
Current operating lease liabilities | 268 | 331 |
Total accrued and other current liabilities | $ 9,617 | $ 9,550 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2020 | May 08, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||||
Finance lease | $ 6,865,000 | |||
Total debt | 29,814,000 | $ 35,034,000 | ||
Debt issuance costs presented with debt | (805,000) | (928,000) | ||
Total debt, net | 29,009,000 | 34,106,000 | ||
Less: current portion of long-term debt | (2,269,000) | (2,433,000) | ||
Long-term debt | 26,740,000 | 31,673,000 | ||
Letter of Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term line of credit | $ 5,349,000 | |||
Prime Rate | Letter of Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 3.75% | |||
Operating L O C Loan | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 7.00% | |||
Carrying value of debt | $ 0 | 0 | ||
Operating L O C Loan | Prime Rate | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 3.75% | |||
Equipment Loan | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 3.14% | |||
Carrying value of debt | $ 13,000,000 | 13,000,000 | ||
Equipment Loan | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 3.00% | |||
C R E Loan | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 6.50% | |||
Carrying value of debt | $ 9,652,000 | 9,932,000 | ||
C R E Loan | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 4.50% | |||
Letter of Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 7.00% | |||
Carrying value of debt | $ 0 | 0 | ||
PPP Loan | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 1.00% | 1.00% | ||
Carrying value of debt | $ 0 | 4,000,000 | ||
Vehicle Term Loan | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 5.27% | |||
Carrying value of debt | $ 181,000 | 363,000 | ||
Equipment Finance Loan | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 6.50% | 6.50% | ||
Carrying value of debt | $ 117,000 | 158,000 | ||
Finance Leases | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 6.77% | |||
Finance lease | $ 6,864,000 | $ 7,581,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Nov. 16, 2020USD ($) | Dec. 27, 2019USD ($)truck | Dec. 31, 2019USD ($) | Jun. 30, 2021USD ($) | Jan. 25, 2021USD ($) | Dec. 31, 2020USD ($) | May 08, 2020USD ($) | Nov. 20, 2019USD ($) |
Debt Instrument [Line Items] | ||||||||
Total debt outstanding | $ 29,814,000 | $ 35,034,000 | ||||||
Debt service obligation | 1.35 | |||||||
Increase in interest rate percentage | 1.50% | |||||||
Payments to acquire | $ 7,500,000 | |||||||
Working capital position | 7,000,000 | |||||||
Deposits | 2,500,000 | |||||||
Additional monthly deposits of reserve account | $ 100,000 | |||||||
Amortization payment annual installments year three | 70.00% | |||||||
Prepayment premium year one | 6.00% | |||||||
Letter of Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount of debt | $ 5,349,000 | |||||||
Master loan agreement lender | $ 4,839,000 | |||||||
Maximum amount from credit agreement | $ 510,000 | |||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity loan | 1 year | |||||||
Interest rate | 7.00% | |||||||
Annual fee | 3.00% | |||||||
Prime Rate | Letter of Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable interest rate | 3.75% | |||||||
Equipment Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Indebtedness outstanding | $ 13,000,000 | 13,000,000 | ||||||
Face amount of debt | $ 13,000,000 | |||||||
Amortization payment annual installments year one | 15.00% | |||||||
Amortization payment annual installments year two | 15.00% | |||||||
Interest rate | 3.14% | |||||||
Equipment Loan | Loan Origination Commitments | ||||||||
Debt Instrument [Line Items] | ||||||||
Origination fee | $ 130,000 | |||||||
Equipment Loan | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable interest rate | 3.00% | |||||||
C R E Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Indebtedness outstanding | $ 9,652,000 | 9,932,000 | ||||||
Face amount of debt | $ 10,000,000 | |||||||
Weighted-average annual interest rate | 6.50% | |||||||
Maturity loan | 12 years | |||||||
Prepayment premium year two | 5.00% | |||||||
Prepayment premium year three | 4.00% | |||||||
Prepayment Premium year four | 3.00% | |||||||
Prepayment premium year five | 2.00% | |||||||
Prepayment premium after year five | 1.00% | |||||||
Outstanding principal balance | 6 years | |||||||
Maximum percentage of principal prepayment allowed without approval | 5.00% | |||||||
Interest rate | 6.50% | |||||||
C R E Loan | Loan Origination Commitments | ||||||||
Debt Instrument [Line Items] | ||||||||
Origination fee | $ 150,000 | |||||||
C R E Loan | Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable interest rate | 4.50% | |||||||
PPP Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Indebtedness outstanding | $ 0 | 4,000,000 | ||||||
Interest rate | 1.00% | 1.00% | ||||||
Maximum amount from credit agreement | $ 4,000,000 | |||||||
Vehicle Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Indebtedness outstanding | $ 181,000 | 363,000 | ||||||
Interest rate | 5.27% | |||||||
Number of trucks refinanced | truck | 38 | |||||||
Debt instrument, periodic payment | $ 31,879 | |||||||
Equipment Finance Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Indebtedness outstanding | $ 117,000 | 158,000 | ||||||
Face amount of debt | $ 13,000,000 | $ 200,000 | ||||||
Interest rate | 6.50% | 6.50% | ||||||
Debt instrument, periodic payment | $ 7,000 | |||||||
Finance Leases | Appalachian Water Services | ||||||||
Debt Instrument [Line Items] | ||||||||
Indebtedness outstanding | $ 6,900,000 | |||||||
First Lien Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of long-term debt | 12,600,000 | |||||||
Second Lien Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of long-term debt | $ 8,300,000 | |||||||
Operating L O C Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Indebtedness outstanding | 0 | $ 0 | ||||||
Face amount of debt | $ 5,000,000 | |||||||
Weighted-average annual interest rate | 7.00% | |||||||
Interest rate | 7.00% | |||||||
Operating L O C Loan | Loan Origination Commitments | ||||||||
Debt Instrument [Line Items] | ||||||||
Origination fee | $ 50,000 | |||||||
Operating L O C Loan | Prime Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable interest rate | 3.75% |
Derivative Warrants - Narrative
Derivative Warrants - Narrative (Details) | 6 Months Ended | ||
Jun. 30, 2021USD ($)warrant$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 21, 2020$ / shares | |
Class of Warrant or Right [Line Items] | |||
Plan of reorganization, number of warrants issued | warrant | 118,137 | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Exercise price of warrants (in usd per share) | $ 39.82 | ||
Expiration term | 7 years | ||
Warrants and rights outstanding | $ | $ 0 | $ 0 | |
2018 Notes | |||
Class of Warrant or Right [Line Items] | |||
Interest rate | 9.875% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Examination [Line Items] | |||||
Effective income tax benefit rate | 0.00% | (0.20%) | 0.00% | (0.10%) | |
Forecast | |||||
Income Tax Examination [Line Items] | |||||
Effective income tax benefit rate | 0.00% |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 18, 2020 | Feb. 22, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of awards granted (in shares) | 112,000 | 75,000 | 112,000 | 75,000 | ||
Share-based costs, not yet recognized | $ 0.4 | $ 0.4 | ||||
Share-based costs, not yet recognized, period for recognition | 1 year 4 months 24 days | |||||
2017 Long Term Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum number of shares of common stock available for issuance of awards (in shares) | 435,238 | 435,238 | 1,772,058 | |||
Number of awards granted (in shares) | 65,823 | 65,823 | ||||
2018 Restricted Stock Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum number of shares of common stock available for issuance of awards (in shares) | 103,679 | 103,679 | 250,000 | 100,000 | ||
Number of awards granted (in shares) | 45,919 | 45,919 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Arrangements (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of awards granted (in shares) | 112 | 75 | 112 | 75 |
Share-based compensation expense | $ 392 | $ 322 | $ 525 | $ 612 |
Restricted stock grants | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of awards granted (in shares) | 112 | 75 | 112 | 75 |
Share-based compensation expense | $ 392 | $ 322 | $ 525 | $ 612 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Jul. 11, 2017 | Dec. 31, 2017 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 28, 2017 |
Loss Contingencies [Line Items] | |||||
Long-term contingent consideration | $ 500 | $ 500 | |||
Surety bonds | 4,100 | 4,200 | |||
Irrevocable letters of credit facilities outstanding | 5,400 | $ 5,400 | |||
Minimum | |||||
Loss Contingencies [Line Items] | |||||
Estimated tax required to be paid if appeal is lost | 1,000 | ||||
Maximum | |||||
Loss Contingencies [Line Items] | |||||
Estimated tax required to be paid if appeal is lost | $ 1,500 | ||||
Chapter 11 Bankruptcy | |||||
Loss Contingencies [Line Items] | |||||
Long-term contingent consideration | $ 500 | $ 8,500 | |||
Amount to be transferred upon emergence from chapter 11 | $ 500 | $ 500 |
Segments - Narrative (Detail)
Segments - Narrative (Detail) | Jun. 30, 2021operatingDivision |
Segment Reporting [Abstract] | |
Number of operating divisions | 3 |
Segments - Financial Informatio
Segments - Financial Information for Reportable Segments (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 24,774,000 | $ 24,466,000 | $ 48,439,000 | $ 62,408,000 | |
Direct operating expenses | 21,437,000 | 18,551,000 | 42,418,000 | 50,027,000 | |
General and administrative expenses | 4,844,000 | 4,445,000 | 8,371,000 | 9,369,000 | |
Depreciation and amortization | 5,734,000 | 7,156,000 | 11,804,000 | 15,145,000 | |
Impairment of long-lived assets | 0 | 0 | 0 | 15,579,000 | |
Operating income (loss) | (7,241,000) | (5,686,000) | (14,154,000) | (27,712,000) | |
Income (loss) before income taxes | (3,857,000) | (6,764,000) | (11,460,000) | (29,808,000) | |
Total assets | 174,532,000 | 205,319,000 | 174,532,000 | 205,319,000 | $ 191,066,000 |
Total assets held for sale | 778,000 | 778,000 | 778,000 | 778,000 | |
Operating Segments | Rocky Mountain | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 12,815,000 | 12,222,000 | 25,604,000 | 35,690,000 | |
Direct operating expenses | 11,151,000 | 10,458,000 | 22,514,000 | 30,009,000 | |
General and administrative expenses | 741,000 | 1,524,000 | 1,662,000 | 3,013,000 | |
Depreciation and amortization | 2,293,000 | 2,874,000 | 4,605,000 | 6,339,000 | |
Impairment of long-lived assets | 0 | ||||
Operating income (loss) | (1,370,000) | (2,634,000) | (3,177,000) | (15,854,000) | |
Income (loss) before income taxes | 2,510,000 | (2,786,000) | 550,000 | (16,041,000) | |
Total assets | 52,737,000 | 64,093,000 | 52,737,000 | 64,093,000 | |
Total assets held for sale | 0 | 0 | 0 | 0 | |
Operating Segments | Northeast | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 7,872,000 | 8,162,000 | 15,178,000 | 17,956,000 | |
Direct operating expenses | 7,198,000 | 5,593,000 | 13,851,000 | 13,964,000 | |
General and administrative expenses | 326,000 | 434,000 | 685,000 | 1,068,000 | |
Depreciation and amortization | 2,282,000 | 2,532,000 | 4,637,000 | 5,083,000 | |
Impairment of long-lived assets | 0 | ||||
Operating income (loss) | (1,934,000) | (397,000) | (3,995,000) | (2,159,000) | |
Income (loss) before income taxes | (2,034,000) | (504,000) | (4,198,000) | (2,379,000) | |
Total assets | 48,618,000 | 59,668,000 | 48,618,000 | 59,668,000 | |
Total assets held for sale | 0 | 0 | 0 | 0 | |
Operating Segments | Southern | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 4,087,000 | 4,082,000 | 7,657,000 | 8,762,000 | |
Direct operating expenses | 3,088,000 | 2,500,000 | 6,053,000 | 6,054,000 | |
General and administrative expenses | 185,000 | 240,000 | 343,000 | 510,000 | |
Depreciation and amortization | 1,148,000 | 1,746,000 | 2,540,000 | 3,715,000 | |
Impairment of long-lived assets | 0 | ||||
Operating income (loss) | (334,000) | (404,000) | (1,279,000) | (4,913,000) | |
Income (loss) before income taxes | (385,000) | (457,000) | (1,381,000) | (5,020,000) | |
Total assets | 60,358,000 | 64,535,000 | 60,358,000 | 64,535,000 | |
Total assets held for sale | 0 | 0 | 0 | 0 | |
Corporate/ Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Direct operating expenses | 0 | 0 | 0 | 0 | |
General and administrative expenses | 3,592,000 | 2,247,000 | 5,681,000 | 4,778,000 | |
Depreciation and amortization | 11,000 | 4,000 | 22,000 | 8,000 | |
Impairment of long-lived assets | 0 | ||||
Operating income (loss) | (3,603,000) | (2,251,000) | (5,703,000) | (4,786,000) | |
Income (loss) before income taxes | (3,948,000) | (3,017,000) | (6,431,000) | (6,368,000) | |
Total assets | 12,819,000 | 17,023,000 | 12,819,000 | 17,023,000 | |
Total assets held for sale | $ 778,000 | $ 778,000 | $ 778,000 | $ 778,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Aug. 19, 2021 | Jun. 30, 2021 | Jan. 25, 2021 |
Subsequent Event [Line Items] | |||
Increase in interest rate percentage | 1.50% | ||
Letter of Credit Facility | |||
Subsequent Event [Line Items] | |||
Aggregate face amount | $ 510,000 | ||
Letter of Credit Facility | Line of Credit | |||
Subsequent Event [Line Items] | |||
Line of credit facility, increase | 510,000 | ||
Aggregate face amount | $ 5,349,000 | ||
Master Loan Agreement | Letter of Credit Facility | Line of Credit | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Line of credit facility, increase | $ 531,166 | ||
Aggregate face amount | $ 5,880,000 | ||
C R E Loan | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Increase in interest rate percentage | 1.50% |