SAExploration 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	SAEX
Entity Common Stock, Shares Outstanding		14,922,497
Entity Registrant Name	SAExploration Holdings, Inc.
Entity Central Index Key	1,514,732
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 27,179	$ 12,322
Restricted cash	560	723
Accounts receivable, net	54,668	73,584
Deferred costs on contracts	685	4,631
Prepaid expenses	7,373	17,037
Deferred income tax assets	493	520
Total current assets	90,958	108,817
Property and equipment, net	69,543	77,096
Intangible assets, net	937	1,050
Goodwill	1,861	1,977
Deferred loan issuance costs, net	6,015	6,826
Deferred income tax assets	8,275	8,027
Other assets	150	0
Total assets	177,739	203,793
Current liabilities:
Accounts payable	24,615	34,255
Accrued liabilities	15,662	19,554
Income and other taxes payable	5,149	20,261
Equipment note payable	843	1,654
Current portion of capital leases	353	460
Deferred revenue	0	187
Deferred income tax liabilities	587	587
Total current liabilities	47,209	76,958
Senior secured notes	150,000	150,000
Long-term portion of capital leases	118	185
Deferred income tax liabilities	5,987	5,731
Total liabilities	203,314	232,874
Commitments and contingencies	0	0
Stockholders’ deficit:
Preferred stock	0	0
Common stock, $0.0001 par value, 55,000,000 shares authorized, 14,922,497 shares issued and outstanding at June 30, 2015 and December 31, 2014	2	2
Additional paid-in capital	28,192	28,185
Accumulated deficit	(52,997)	(56,264)
Accumulated other comprehensive loss	(4,605)	(4,362)
Total stockholders’ deficit attributable to the Corporation	(29,408)	(32,439)
Noncontrolling interest	3,833	3,358
Total stockholders’ deficit	(25,575)	(29,081)
Total liabilities and stockholders’ deficit	$ 177,739	$ 203,793

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common Stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common Stock, authorized shares	55,000,000	55,000,000
Common Stock, issued shares	14,922,497	14,922,497
Common Stock, outstanding shares	14,922,497	14,922,497

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Revenue from services	$ 66,865	$ 103,141	$ 146,543	$ 190,803
Cost of services excluding depreciation and amortization expense	45,889	81,326	100,160	145,754
Depreciation and amortization expense included in cost of services	4,794	3,434	9,194	6,960
Gross profit	16,182	18,381	37,189	38,089
Selling, general and administrative expenses	8,737	10,481	17,613	20,210
Income from operations	7,445	7,900	19,576	17,879
Other income (expense):
Change in fair value of note payable to related parties – Former SAE stockholders	0	(4,587)	0	(5,094)
Interest expense, net	(4,344)	(4,141)	(8,677)	(8,171)
Foreign exchange gain (loss), net	510	494	(1,931)	200
Other, net	(185)	545	(378)	693
Total other expense	(4,019)	(7,689)	(10,986)	(12,372)
Income before income taxes	3,426	211	8,590	5,507
Provision (benefit) for income taxes	271	(550)	1,490	3,262
Net income	3,155	761	7,100	2,245
Less: net income attributable to noncontrolling interest	1,059	907	3,833	1,693
Net income (loss) attributable to the Corporation	$ 2,096	$ (146)	$ 3,267	$ 552
Net income (loss) attributable to the Corporation per common share:
Basic (usd per share)	$ 0.14	$ (0.01)	$ 0.22	$ 0.04
Diluted (usd per share)	$ 0.14	$ (0.01)	$ 0.22	$ 0.04
Weighted average shares:
Basic (in shares)	14,922,497	14,870,549	14,922,497	14,512,088
Diluted (in shares)	14,922,497	14,870,549	14,922,497	14,870,549

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 3,155	$ 761	$ 7,100	$ 2,245
Foreign currency translation gain (loss)	(338)	839	(243)	213
Total comprehensive income	2,817	1,600	6,857	2,458
Less: comprehensive income attributable to noncontrolling interest	1,059	907	3,833	1,693
Comprehensive income attributable to the Corporation	$ 1,758	$ 693	$ 3,024	$ 765

UNAUDITED CONDENSED CONSOLIDAT6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss - Foreign Currency Translation	Total Corporation Stockholders’ Deficit	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2014		14,922,497
Beginning balance at Dec. 31, 2014	$ (29,081)	$ 2	$ 28,185	$ (56,264)	$ (4,362)	$ (32,439)	$ 3,358
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation	(243)				(243)	(243)
Distribution to noncontrolling interest	(3,358)						(3,358)
Share-based compensation expense	7		7			7
Net income	7,100			3,267		3,267	3,833
Ending balance (in shares) at Jun. 30, 2015		14,922,497
Ending balance at Jun. 30, 2015	$ (25,575)	$ 2	$ 28,192	$ (52,997)	$ (4,605)	$ (29,408)	$ 3,833

UNAUDITED CONDENSED CONSOLIDAT7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net income attributable to the Corporation	$ 3,267	$ 552
Net income attributable to noncontrolling interest	3,833	1,693
Net income	7,100	2,245
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,498	7,546
Amortization of loan costs and debt discounts	811	1,502
Payment in kind interest	0	1,022
Deferred income taxes	35	48
Loss on disposal/sale of property and equipment	311	288
Share-based compensation	7	0
Change in the fair value of note payable to related parties – Former SAE stockholders	0	5,094
Unrealized loss on foreign currency transactions	1,959	0
Changes in operating assets and liabilities:
Accounts receivable	17,294	(30,452)
Prepaid expenses	9,110	(4,796)
Deferred costs on contracts	3,905	(9,225)
Accounts payable	(7,258)	19,608
Accrued liabilities	(3,609)	12,007
Income and other taxes payable	(14,770)	(1,226)
Deferred revenue	(187)	(1,486)
Other, net	11	(1,347)
Net cash provided by operating activities	24,217	828
Investing activities:
Purchase of property and equipment	(4,896)	(4,406)
Proceeds from sale of property and equipment	113	72
Net cash used in investing activities	(4,783)	(4,334)
Financing activities:
Repayment of notes payable	(811)	(400)
Revolving credit facility borrowings	14,200	0
Revolving credit facility repayments	(14,200)	0
Repayments of capital lease obligations	(174)	(299)
Distribution to noncontrolling interest	(3,358)	0
Net cash used in financing activities	(4,343)	(699)
Effect of exchange rate changes on cash and cash equivalents	(234)	217
Net change in cash and cash equivalents	14,857	(3,988)
Cash and cash equivalents at the beginning of period	12,322	17,351
Cash and cash equivalents at the end of period	27,179	13,363
Supplemental disclosures of cash flow information:
Interest paid	8,209	4,619
Income taxes paid	1,656	648
Supplemental disclosures of cash flow information -- non-cash investing and financing activities:
Capital assets acquired under capital lease	0	131
Capital assets acquired included in accounts payable	650	80
Conversion of notes payable to related parties -- directors	$ 0	$ 500

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
DESCRIPTION OF THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	DESCRIPTION OF THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of the Business SAExploration Holdings, Inc. and its Subsidiaries (collectively, the “Corporation”) is an internationally-focused oilfield services company offering seismic data acquisition and logistical support services in Alaska, Canada, South America, and Southeast Asia to its customers in the oil and natural gas industry. In addition to the acquisition of 2D, 3D, time-lapse 4D and multi-component seismic data on land, in transition zones and offshore in depths reaching 3,000 meters, the Corporation offers a full-suite of logistical support and in-field processing services. The Corporation operates crews around the world that utilize over 29,500 owned land and marine channels of seismic data acquisition equipment and other equipment as needed to complete particular projects. Seismic data is used by its customers, including major integrated oil companies, national oil companies and large international independent oil and gas exploration and production companies, to identify and analyze drilling prospects and maximize successful drilling. The results of the seismic surveys the Corporation conducts belong to its customers and are proprietary in nature; the Corporation does not acquire data for its own account or for future sale or maintain multi-client data libraries. Basis of Presentation The unaudited interim condensed consolidated financial statements of the Corporation as of June 30, 2015 and for the three and six months ended June 30, 2015 and 2014 included herein, have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The year-end condensed consolidated balance sheet data was derived from the audited financial statements as of December 31, 2014 . Although the financial statements and related information included herein have been prepared without audit, and certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, the Corporation believes that the note disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the Corporation’s audited consolidated financial statements and the notes thereto included in the Corporation's 2014 Annual Report on Form 10-K. In the opinion of management, the unaudited interim financial statements included herein reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the Corporation’s financial position, results of operations, and cash flows for the periods presented. The results of operations for interim periods are not necessarily indicative of the results expected for the full year or any future period. Certain amounts in the condensed consolidated balance sheet as of December 31, 2014 , the condensed consolidated statements of operations for the three and six months ended June 30, 2014 and the condensed consolidated statement of cash flows for the six months ended June 30, 2014 presented herein have been reclassified to conform to the current period presentation. These reclassifications had no effect on financial position, net income, stockholders' deficit, or cash flows. Significant Accounting Policies There have been no changes to the significant accounting policies of the Corporation from the information provided in Note 2 of the Notes to Consolidated Financial Statements in the Corporation’s 2014 Annual Report on Form 10-K. During the second quarter of 2015, the initial stock option and restricted stock unit awards were granted under the 2013 Long-Term Incentive Compensation Plan. In connection with these initial grants, accounting policy disclosures for share-based compensation are provided in Note 8. Recently Issued Accounting Pronouncements In May 2014 , the Financial Accounting Standards Board ("FASB") issued new guidance intended to change the criteria for recognition of revenue. The new guidance establishes a single revenue recognition model for all contracts with customers, eliminates industry specific requirements and expands disclosure requirements. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, an entity should apply the following five steps: (1) identify contracts with customers, (2) identify the performance obligations in the contracts, (3) determine the transaction price, (4) allocate the transaction price to the performance obligation in the contract, and (5) recognize revenue as the entity satisfies performance obligations. The new guidance is effective for annual reporting periods beginning after December 15, 2017 , including interim periods within that reporting period. Early application is permitted for annual reporting periods beginning after December 15, 2016 , including interim periods within that reporting period. The Corporation is currently evaluating what impact adoption of this guidance would have on its financial position, results of operations, cash flows and disclosures. In April 2015, the FASB issued new guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. The new guidance does not affect the recognition and measurement of debt issuance costs. Therefore, the amortization of such costs will continue to be calculated using the interest method and be reported as interest expense. The new guidance does not specifically address, and therefore does not affect, the balance sheet presentation of debt issuance costs for revolving debt arrangements. The new guidance is effective for financial statements issued in fiscal years beginning after December 15, 2015 , and will be applied on a retrospective basis. Early adoption is permitted for financial statements that have not been previously issued. Upon adoption of the new guidance, the Corporation will report its unamortized deferred loan issuance costs on the senior secured notes as a reduction of the associated debt liability rather than as assets, resulting in an equal reduction in the Corporation's total assets and total liabilities compared to the prior presentation. The amount of Corporation deferred loan issuance costs on the senior secured notes, net of amortization, was $5,353 and $6,022 at June 30, 2015 and December 31, 2014 , respectively. The adoption of the new guidance will have no effect on the Corporation's stockholders' deficit, results of operations, or cash flows.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic income (loss) per share is computed by dividing net income (loss) attributable to the Corporation by the weighted average number of common shares outstanding during each period. Diluted income (loss) per share is computed by dividing net income attributable to the Corporation by the sum of the weighted-average number of shares outstanding during each period and the dilutive potential common shares outstanding during the period determined under the treasury stock method. In loss periods, basic net loss and diluted net loss are the same since the effect of potential common shares is anti-dilutive and therefore excluded. Dilutive potential common shares consist of shares issuable upon (i) the vesting of restricted stock, (ii) the exercising of warrants at average market prices greater than their exercise prices, and (iii) the exercising of stock options at average market prices greater than their exercise prices. Under the treasury stock method, dilutive potential common shares are determined based on the assumed exercise of dilutive restricted stock, stock options and warrants less the number of treasury shares assumed to be purchased from the amount that must be paid to exercise stock options, the amount of compensation expense for future service that has not yet been recognized for restricted stock and stock options, and the amount of tax benefits that will be recorded in additional paid-in capital when the dilutive awards become deductible. The computation of basic and diluted net income (loss) per share is as follows: Three Months Ended Six Months Ended Net Income (Loss) Attributable to the Corporation Shares Per Share Net Income Attributable to the Corporation Shares Per Share June 30, 2015: Basic income per share $ 2,096 14,922,497 $ 0.14 $ 3,267 14,922,497 $ 0.22 Effect of dilutive securities — — — — — — Diluted income per share $ 2,096 14,922,497 $ 0.14 $ 3,267 14,922,497 $ 0.22 June 30, 2014: Basic income (loss) per share $ (146 ) 14,870,549 $ (0.01 ) $ 552 14,512,088 $ 0.04 Warrant exchange (Note 7) — — — — 358,461 — Diluted income (loss) per share $ (146 ) 14,870,549 $ (0.01 ) $ 552 14,870,549 $ 0.04 Warrants to purchase 581,807 shares of common stock have been excluded from the calculation of diluted net income per share in the three and six month periods ended June 30, 2015 and 2014 , since the $12.00 warrant exercise price was higher than the weighted average share price during the respective periods. Options to purchase 241,642 shares of common stock have been excluded from the calculation of diluted net income per share in the three and six month periods ended June 30, 2015 , since the $4.12 option exercise price was higher than the weighted average share price during the period the options were outstanding. Unvested restricted stock units totaling 326,117 shares have been excluded from the calculation of diluted net income per share in the three and six month periods ended June 30, 2015 , since the shares represented by unvested restricted stock units are offset by an equivalent number of shares of common stock that would be purchased under the treasury stock method.

DETAIL OF SELECTED BALANCE SHEE

DETAIL OF SELECTED BALANCE SHEET ACCOUNTS	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DETAIL OF SELECTED BALANCE SHEET ACCOUNTS	DETAIL OF SELECTED BALANCE SHEET ACCOUNTS Accounts Receivable Accounts receivable is comprised of the following: June 30, 2015 December 31, 2014 Accounts receivable $ 54,668 $ 73,584 Less allowance for doubtful accounts — — Accounts receivable, net $ 54,668 $ 73,584 Prepaid Expenses Prepaid expenses are comprised of the following: June 30, 2015 December 31, 2014 Prepaid taxes $ 6,260 $ 13,244 Deposits 489 868 Other prepaid expenses 624 2,925 Total prepaid expenses $ 7,373 $ 17,037 Property and Equipment Property and equipment is comprised of the following: June 30, 2015 December 31, 2014 Property and equipment $ 123,768 $ 123,208 Less accumulated depreciation and amortization (54,225 ) (46,112 ) Property and equipment, net $ 69,543 $ 77,096 Intangible Assets Intangible assets are comprised of the following: June 30, 2015 December 31, 2014 Intangible assets $ 1,429 $ 1,491 Less accumulated amortization (492 ) (441 ) Intangible assets, net $ 937 $ 1,050 Accrued Liabilities Accrued liabilities are comprised of the following: June 30, 2015 December 31, 2014 Accrued payroll liabilities $ 3,051 $ 8,652 Accrued interest 6,958 7,489 Other accrued liabilities 5,653 3,413 Total accrued liabilities $ 15,662 $ 19,554

REVOLVING CREDIT FACILITY

REVOLVING CREDIT FACILITY	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
REVOLVING CREDIT FACILITY	REVOLVING CREDIT FACILITY On November 6, 2014 , SAExploration, Inc. (“Borrower”), SAExploration Holdings, Inc. (“Corporation”) and the Corporation’s other domestic subsidiaries and Wells Fargo Bank, National Association (“Lender”) entered into a Credit and Security Agreement (“Credit Agreement”). The Credit Agreement provides for a $20,000 revolving line of credit facility (the “Revolving Credit Facility”) secured by the Corporation’s and the Corporation's domestic subsidiaries' U.S. assets, including accounts receivable and equipment, subject to certain exclusions and exceptions as set forth in the Credit Agreement. The proceeds of the Revolving Credit Facility are primarily used to fund the Corporation’s working capital needs for its operations and for general corporate purposes. As of June 30, 2015 and December 31, 2014 , the Corporation had no amounts drawn under the Revolving Credit Facility. Borrowings made under the Revolving Credit Facility bear interest, payable monthly, at a rate of daily three month LIBOR plus 3% ( 3.28% at June 30, 2015 and 3.26% at December 31, 2014 ). The Revolving Credit Facility has a maturity date of November 6, 2017 , unless terminated earlier. The Corporation may request, and the Lender may grant, an increase to the maximum amount available under the Revolving Credit Facility in minimum increments of $1,000 not to exceed an additional $10,000 in the aggregate, so long as certain conditions as described in the Credit Agreement are met. The Credit Agreement includes a sub-facility for letters of credit in amounts up to the lesser of the available borrowing base or $10,000 . Letters of credit are subject to Lender approval and a fee which accrues at the annual rate of 3% of the undrawn daily balance of the outstanding letters of credit, payable monthly. An unused line fee of 0.5% per annum of the daily average of the maximum Revolving Credit Facility amount reduced by outstanding borrowings and letters of credit is payable monthly. As of June 30, 2015 , there was an aggregate of $ 3,100 in letters of credit outstanding under the sub-facility. There were no letters of credit outstanding under the sub-facility at December 31, 2014 . Under the Revolving Credit Facility, borrowings are subject to borrowing base availability and may not exceed 85% of the amount of eligible accounts receivable, as defined, plus the lesser of $20,000 or 85% of the orderly net liquidation value of existing eligible equipment per appraisal and 85% of hard costs of acquired eligible equipment, less the aggregate amount of any reserves established by the Lender. If borrowings under the Revolving Credit Facility exceed $5,000 , the Corporation is subject to minimum rolling 12 months EBITDA requirements of $20,000 on a consolidated basis and $8,000 on the Corporation’s operations in the State of Alaska. The minimum EBITDA for the consolidated basis calculation is lowered by $17,000 if the month of July 2014 is included within the rolling 12 months period and also excludes the effect of the change in fair value of notes payable to related parties. The Credit Agreement contains covenants including, but not limited to (i) maintain and deliver to Lender, as required, certain financial reports, records and other items, (ii) subject to certain exceptions under the Credit Agreement, restrictions on the ability of the Corporation to incur indebtedness, create or incur liens, enter into fundamental changes to corporate structure or to the nature of the business of the Corporation, dispose of assets, permit a change in control, acquire non-permitted investments, enter into affiliate transactions or make distributions, (iii) maintain the minimum EBITDA specified above and (iv) maintain eligible equipment, as defined, located in the State of Alaska with a value of at least 75% of the value of such equipment included in the borrowing base availability plus the value of equipment outside the United States which would be otherwise eligible under the Credit Agreement. The Credit Agreement also contains representations, warranties, covenants and other terms and conditions, including relating to the payment of fees to the Lender, which are customary for agreements of this type. The Corporation was in compliance with the Credit Agreement covenants as of June 30, 2015 and December 31, 2014 . The Credit Agreement also provides for customary events of default. If an event of default occurs and is continuing, then the Lender may, among other options as described in the Credit Agreement, declare the obligations of the Borrower to be due and payable immediately or declare the funding obligations of the Lender terminated immediately, subject to the terms of the Intercreditor Agreement described below. The Credit Agreement is subject to the Intercreditor Agreement (“Intercreditor Agreement”) dated as of November 6, 2014 between the Lender and U.S. Bank National Association, as trustee and collateral agent (“Noteholder Agent”) pursuant to the Indenture dated as of July 2, 2014 relating to the Corporation’s 10% senior secured notes due 2019. The Intercreditor Agreement sets forth various terms between the Lender and Noteholder Agent, including, but not limited to, (i) the priority of liens between those granted by the Indenture and the Credit Agreement, (ii) enforcement action procedures, (iii) the application of the proceeds of the senior collateral received by either the Noteholder Agent or the Lender, (iv) the process by which any liens may be released, (v) insolvency proceeding procedures, (vi) a prohibition on amending various agreements in a manner inconsistent with or in violation of the Intercreditor Agreement, and (vii) the option of the Noteholder Agent to purchase the Borrower’s debt under the Credit Agreement from the Lender if certain triggering conditions are met. The Intercreditor Agreement also contains customary representations, warranties, covenants and other terms and conditions.

NOTES PAYABLE

NOTES PAYABLE	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE Notes payable outstanding were as follows: June 30, 2015 December 31, 2014 Senior secured notes $ 150,000 $ 150,000 Equipment note payable 843 1,654 Total notes payable outstanding 150,843 151,654 Less current portion of equipment notes payable 843 1,654 Total long-term portion of notes payable $ 150,000 $ 150,000 Senior Secured Notes On July 2, 2014 , the Corporation entered into an Indenture ("Indenture") under which it issued $150,000 of senior secured notes due July 15, 2019 , in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in offshore transactions pursuant to Regulation S under the Securities Act. On June 19, 2015 , all outstanding senior secured notes were exchanged for an equal amount of new senior secured notes ("Notes"), which are substantially identical in terms to the existing senior secured notes except that the Notes are registered under the Securities Act. The Notes bear interest at the annual rate of 10% payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2015 . The Notes are guaranteed on a senior secured basis with a lien on substantially all assets of SAExploration Holdings, Inc. and each of its existing and future domestic subsidiaries, except for any immaterial subsidiaries ("Guarantors"). The liens securing the Notes are subject to certain exceptions and permitted liens, which are contractually subordinated to a first priority lien on certain U.S. assets securing the Revolving Credit Facility under the Intercreditor Agreement discussed in Note 4. The Corporation has the right to redeem some or all of the Notes at the redemption prices (expressed as percentages of the principal amount to be redeemed) set forth below, together with accrued and unpaid interest to, but not including, the redemption date, if redeemed on or after January 15, 2017 as indicated: Period Percentage On or after January 15, 2017 and prior to July 15, 2017 107.5% On or after July 15, 2017 and prior to July 15, 2018 105.0% On and after July 15, 2018 100.0% The Corporation also has the right to redeem some or all of the Notes at any time or from time to time prior to January 15, 2017 , at a redemption price equal to 100% of the principal amount thereof plus an applicable premium determined in accordance with the Indenture and accrued and unpaid interest to, but not including, the redemption date. In addition, the Corporation has the right to redeem from time to time up to 35% of the aggregate outstanding principal amount of the Notes before January 15, 2017 , with the net proceeds of an equity offering at a redemption price equal to 110% of the principal amount thereof, plus accrued but unpaid interest to, but not including, the redemption date. Subject to certain exceptions, upon the occurrence of a Change of Control (as defined in the Indenture), each holder of Notes will have the right to require the Corporation to purchase that holder’s Notes for a cash price equal to 101% of the principal amounts to be purchased, plus accrued and unpaid interest to the date of purchase. Upon the occurrence of an Asset Sale (as defined in the Indenture), each holder of Notes will have the right to require the Corporation to purchase that holder’s Notes for a cash price equal to 100% of the principal amounts to be purchased, plus accrued and unpaid interest to the date of purchase from any proceeds from the Asset Sale in excess of $7.5 million that are not otherwise used by the Corporation to either reduce its debt, reinvest in assets or acquire a permitted business. The Indenture contains covenants which include limitations on the Corporation's ability to: (i) transfer or sell assets; (ii) pay dividends, redeem subordinated indebtedness or make other restricted payments; (iii) incur or guarantee additional indebtedness or, with respect to the Corporation's restricted subsidiaries, issue preferred stock; (iv) create or incur liens; (v) incur dividend or other payment restrictions affecting its restricted subsidiaries; (vi) consummate a merger, consolidation or sale of all or substantially all of its or its subsidiaries’ assets; (vii) enter into transactions with affiliates; (viii) engage in business other than its current business and reasonably related extensions thereof; and (ix) take or omit to take any actions that would adversely affect or impair in any material respect the collateral securing the Notes. The Corporation is in compliance with the Indenture covenants as of June 30, 2015 . Equipment Note Payable On November 18, 2014 , the Corporation entered into a note payable to Sercel, Inc. in the amount of $1,838 , bearing interest at the annual rate of 8% . The note payable is secured by geophones and related accessories which were delivered in December 2014 . A payment of $184 was made upon delivery of the equipment with principal and interest payments of $144 due monthly thereafter until the note is fully paid on December 15, 2015 .

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Corporation's effective tax rate was 7.9% and (260.7)% for the three months ended June 30, 2015 and 2014 , respectively. The increase in the 2015 effective tax rate is primarily due to several factors including fluctuations in earnings among the various jurisdictions in which the Corporation operates, partially offset by decreases in valuation allowances. The primary reason the 2015 effective tax rate differs from the 35% Federal statutory corporate rate is the decreases in valuation allowances, offset by increases in permanent tax differences and foreign tax rate differentials. The Corporation’s effective tax rate was 17.3% and 59.2% for the six months ended June 30, 2015 and 2014 , respectively. The decrease in the 2015 effective tax rate is primarily due to several factors including fluctuations in earnings among the various jurisdictions in which the Corporation operates, partially offset by increases in permanent tax differences and foreign tax rate differentials. The primary reason the 2015 effective tax rate differs from the 35% Federal statutory corporate rate is the decreases in valuation allowances, offset by increases in permanent differences and foreign tax rate differentials. Earnings associated with the investments in the Corporation’s foreign subsidiaries are considered to be indefinitely reinvested outside of the U.S. Therefore, a U.S. provision for income taxes on those earnings or translation adjustments has not been recorded, as permitted by criterion outlined in ASC 740 “Income Taxes.” Determination of any unrecognized deferred tax liability for temporary differences related to investments in foreign subsidiaries that are essentially permanent in duration is not practicable due to the inherent complexity of the multi-national tax environment in which the Corporation operates. The Corporation believes that without positive evidence, it is more likely than not that the benefit from certain net operating loss (“NOL”) carryforwards and foreign tax credits may not be realized. In recognition of this risk, the Corporation has maintained a full valuation allowance for the deferred tax assets relating to these NOL carryforwards and foreign tax credits of certain countries, which had caused the unusually high effective tax rate in prior periods.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Preferred Stock The Corporation is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share with such designations, rights, and preferences as may be determined from time to time by the Corporation’s Board of Directors. As of June 30, 2015 and December 31, 2014 , there were no shares of preferred stock issued or outstanding. Common Stock The Corporation is authorized to issue 55,000,000 shares of common stock with a par value of $0.0001 per share. As of June 30, 2015 and December 31, 2014 , a total of 14,922,497 shares were issued and outstanding. Warrants Trio Merger Corp. Warrants During 2011, the Corporation sold warrants for the purchase of an aggregate of 14,000,000 shares of its common stock with an expiration date of June 24, 2016 . After completion of the warrant exchange discussed below, the 581,807 warrants not offered for exchange have since remained outstanding. The warrants have an exercise price of $12.00 per share and can be called by the Corporation for redemption at $0.01 per warrant if the last sale price of the Corporation's common stock equals or exceeds $15.00 per share, for any 20 trading days within a 30 consecutive trading day period. If the warrants are called for redemption, the Corporation will have the option to require any holder that wishes to exercise its warrant to do so on a “cashless basis". Warrant Exchange On January 7, 2014 , the Corporation commenced an offer to exchange all outstanding Trio Merger Corp. and convertible debt warrants for shares of its common stock in a cashless transaction (“Warrant Exchange”). Each warrant holder had the opportunity to receive one share of the Corporation’s common stock in exchange for every ten outstanding warrants tendered by the holder and exchanged pursuant to the Warrant Exchange. In lieu of issuing fractional shares of common stock, the Corporation paid cash to each holder of warrants who would otherwise have been entitled to receive fractional shares, after aggregating all such fractional shares of such holder, in an amount equal to such fractional part of a share multiplied by the last sale price of a share of the Corporation’s common stock on the Nasdaq Global Market on February 7, 2014 . The Warrant Exchange offer period expired on February 7, 2014 and a total of 14,418,193 warrants of the 15,000,000 warrants outstanding were tendered and accepted for exchange. On February 14, 2014 , the Corporation issued 1,441,813 shares of common stock and paid $52 cash in lieu of fractional shares in exchange for such tendered warrants. Common Stock Held in Escrow in Connection with Merger The Corporation was initially formed on February 2, 2011 under the name Trio Merger Corp. as a blank check company in order to effect a merger, capital stock exchange, asset acquisition or other similar business combination with one or more business entities. On June 24, 2013 (the "Closing"), a wholly-owned subsidiary of the Corporation completed a merger ("Merger") under an Agreement and Plan of Reorganization, as amended ("Merger Agreement") with the entity formerly known as SAExploration Holdings, Inc. (“Former SAE”), at which time the business of Former SAE became the Corporation’s business. Merger Consideration Escrow A portion of the merger consideration payable at Closing was allocable to holders of certain derivative securities of Former SAE that were not converted or exchanged prior to the Merger. As of June 30, 2015 , a total of 25,890 shares of common stock were held in escrow pending the conversion or exercise of those derivative securities (the “Merger Consideration Escrow”). The escrow agreement provides that CLCH, LLC ("CLCH"), as nominee of the Corporation, will have voting control over all shares of Corporation common stock held in the Merger Consideration Escrow. Merger Indemnification Escrow In connection with the Merger, 545,635 shares of Corporation common stock issued to Former SAE stockholders at Closing were deposited in escrow to secure the indemnification obligations under the Merger Agreement. As of June 30, 2015 , 272,817 shares of Corporation common stock remain in escrow which will be released 30 days after the Corporation files its annual report on Form 10-K for its 2015 fiscal year, less any shares reserved to satisfy tax or environmental indemnification claims made prior to such date.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Non-Employee Director Share Incentive Plan Effective November 1, 2013 , stockholders approved the Corporation’s non-employee director share incentive plan, which provides for discretionary grants of stock awards to the Corporation’s independent non-employee directors as determined by the Corporation’s board of directors. The awards may take the form of unrestricted or restricted shares of the Corporation’s common stock or options to purchase shares of the Corporation’s common stock. The Corporation has reserved 400,000 shares of common stock for issuance under the 2013 Non-Employee Director Plan, of which 321,980 shares remain for issuance as of June 30, 2015 . No shares were issued under the plan during the six months ended June 30, 2015 . 2013 Long-Term Incentive Compensation Plan On June 21, 2013 , the stockholders approved the Corporation’s 2013 Long-Term Incentive Compensation Plan ("Plan") for the benefit of certain employees performing services for the Corporation. The plan reserves up to 792,513 shares of Corporation common stock for issuance in accordance with the plan’s terms including a maximum of up to 396,256 shares that may be issued pursuant to awards of restricted stock. On June 29, 2015 , the initial awards were granted under the Plan of 241,642 stock options with an exercise price of $4.12 and 326,117 restricted stock units. The awards vest one-third on each of ninety days , one year , and two years after the date of grant. At June 30, 2015 , 224,754 shares of Corporation common stock are available for future awards under the Plan, of which a maximum of 70,139 shares of restricted stock may be awarded. The Corporation records the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over an award's vesting period. The amount of share-based compensation cost recognized during a period is based on the value of the awards that are ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Corporation updates its forfeiture rate annually. Share-based compensation expense for stock option and restricted stock unit awards was $ 7 for the three and six months ended June 30, 2015 , which was charged to selling, general and administrative expenses. There was no share-based compensation expense during the corresponding periods in 2014. Stock Options A summary of stock option activity for the six months ended June 30, 2015 was as follows: Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2014 — $ — — $ — Granted 241,642 $ 1.49 10.0 Exercised — $ — — $ — Forfeited — $ — — Expired — $ — — Outstanding at June 30, 2015 241,642 $ 1.49 10.0 $ — Exercisable at June 30, 2015 — $ — — $ — The Corporation computed the fair value of each stock option on the date of grant, June 29, 2015, using the Black-Scholes option pricing model based on the following assumptions: 2015 Expected volatility 52.3% Expected lives (in years) 5.5 Risk-free interest rate 1.8% Expected dividend yield —% The expected volatility is based on the historical volatility of comparable companies for a period commensurate with the expected lives assumption. The simplified method is used to estimate expected lives for options granted during the period for each vesting tranche. The risk-free interest rate is based on the yield on U.S. Treasury securities for a period commensurate with the expected lives assumption. The Corporation has not historically issued dividends and does not expect to do so in the future. At June 30, 2015 , there was approximately $ 358 of unrecognized compensation expense, net of estimated forfeitures, for unvested stock option awards with a weighted average vesting period of 2 years. Restricted Stock Units A summary of restricted stock units activity for the six months ended June 30, 2015 was as follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2014 — $ — Granted 326,117 $ 3.40 Vested — $ — Forfeited — $ — Nonvested at June 30, 2015 326,117 $ 3.40 At June 30, 2015 , there was approximately $ 1,103 of unrecognized compensation expense, net of estimated forfeitures, for unvested restricted stock unit awards with a weighted average vesting period of 2 years.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS The Corporation has certain assets and liabilities that are required to be measured and disclosed at fair value in accordance with GAAP. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. When an asset or liability is required to be measured at fair value, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs using a fair value hierarchy as follows: Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets. Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. Measurement is based on prices or valuation models requiring inputs that are both significant to the fair value measurement and supported by little or no market activity. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and equipment note payable are a reasonable estimate of their fair values due to their short duration. There were no Corporation financial instruments measured at fair value on a recurring basis at June 30, 2015 . Corporation financial instruments measured at fair value on a recurring basis at June 30, 2014 were as follows: Fair Value Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Note payable to related parties – Former SAE common stockholders: Balance at December 31, 2013 $ 12,406 $ — $ — $ 12,406 Unrealized loss 5,094 — — 5,094 Balance at June 30, 2014 $ 17,500 $ — $ — $ 17,500 At June 30, 2014 , the fair value of notes payable to Former SAE stockholders was derived based on a probability weighted approach including consideration of the risk of refinancing, resulting in an unrealized loss of $4,857 and $5,094 reported under change in fair value of notes payable to Former SAE stockholders for the three and six months ended June 30, 2014 , respectively. On July 2, 2014 , the notes payable to Former SAE stockholders were refinanced, resulting in their repayment and termination, and the realization of the loss previously recorded. From inception of the note through March 31, 2014 , the fair value of note payable to related parties – Former SAE stockholders was derived using the net present value of expected cash flow discounted using a rate based on yield curves for similar U.S. Dollar debt instruments adjusted for the specific terms of the note payable to related parties – Former SAE stockholders and other factors such as the Corporation’s own cost of capital in recent financing transactions. The Corporation financial instruments not recorded at fair value consist of the Notes. The senior secured notes were issued on July 2, 2014 , and exchanged for the Notes on June 19, 2015. At June 30, 2015 , the carrying value of the Notes was $150,000 and the estimated fair value was $93,989 . The fair value is determined by a market approach using dealer quoted period-end bond prices. This instrument is classified as Level 2 as valuation inputs for fair value measurements are dealer quoted market prices at June 30, 2015 obtained from independent third party sources. However, no assurance can be given that the fair value would be the amount realized in an active market exchange. The Corporation's non-financial assets include goodwill, property and equipment, and other intangible assets, which are classified as Level 3 assets. These assets are measured at fair value on a nonrecurring basis as part of the Corporation's impairment assessments and as circumstances require. Goodwill is subjected to an annual review for impairment or more frequently as required.

NONCONTROLLING INTEREST

NONCONTROLLING INTEREST	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest [Abstract]
NONCONTROLLING INTEREST	NONCONTROLLING INTEREST Effective November 19, 2012 , an agreement was entered into between a subsidiary of the Corporation and Kuukpik Corporation (“Kuukpik”) to form a separate legal entity (“Joint Venture”) for the purpose of performing contracts for the acquisition and development of geophysical and seismic data and for geophysical and seismic services and any and all related work anywhere on the North Slope of Alaska (onshore or offshore) for a period of five years . The Corporation's and Kuukpik’s percentage ownership interests in the Joint Venture are 49.0% and 51.0% , respectively. The sole source of revenue of the Joint Venture is contracts performed by the Corporation. Pre-award costs incurred on potential contracts by Kuukpik and the Corporation are absorbed by each party and not by the Joint Venture. The Joint Venture receives 10% of gross revenues of all contracts performed by the Corporation, which is distributed to Kuukpik and the Corporation based on their relative ownership percentages. Risk of loss on a contract, including credit risk, is the Corporation's sole responsibility. Based on its power to influence the significant business activities of the Joint Venture and its responsibility to absorb contract losses, the Corporation was determined to be the primary beneficiary under GAAP and as such consolidates the Joint Venture. The results of the Joint Venture are combined with the Corporation and all intercompany transactions are eliminated upon consolidation. Amounts reflected for the Joint Venture in the unaudited condensed consolidated financial statements consist of the balances reported under net income attributable to noncontrolling interest for the three and six month periods ended June 30, 2015 and 2014 and noncontrolling interest on the June 30, 2015 and December 31, 2014 balance sheets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Corporation is involved in various legal proceedings involving contractual and employment relationships, liability claims, and a variety of other matters. The outcome of these legal proceedings and other matters is not expected to have, either individually or in the aggregate, a material adverse effect on the Corporation’s financial position, results of operations, or cash flows.

DESCRIPTION OF THE BUSINESS A19

DESCRIPTION OF THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim condensed consolidated financial statements of the Corporation as of June 30, 2015 and for the three and six months ended June 30, 2015 and 2014 included herein, have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The year-end condensed consolidated balance sheet data was derived from the audited financial statements as of December 31, 2014 . Although the financial statements and related information included herein have been prepared without audit, and certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, the Corporation believes that the note disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the Corporation’s audited consolidated financial statements and the notes thereto included in the Corporation's 2014 Annual Report on Form 10-K. In the opinion of management, the unaudited interim financial statements included herein reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the Corporation’s financial position, results of operations, and cash flows for the periods presented. The results of operations for interim periods are not necessarily indicative of the results expected for the full year or any future period.
Reclassifications	Certain amounts in the condensed consolidated balance sheet as of December 31, 2014 , the condensed consolidated statements of operations for the three and six months ended June 30, 2014 and the condensed consolidated statement of cash flows for the six months ended June 30, 2014 presented herein have been reclassified to conform to the current period presentation. These reclassifications had no effect on financial position, net income, stockholders' deficit, or cash flows.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014 , the Financial Accounting Standards Board ("FASB") issued new guidance intended to change the criteria for recognition of revenue. The new guidance establishes a single revenue recognition model for all contracts with customers, eliminates industry specific requirements and expands disclosure requirements. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, an entity should apply the following five steps: (1) identify contracts with customers, (2) identify the performance obligations in the contracts, (3) determine the transaction price, (4) allocate the transaction price to the performance obligation in the contract, and (5) recognize revenue as the entity satisfies performance obligations. The new guidance is effective for annual reporting periods beginning after December 15, 2017 , including interim periods within that reporting period. Early application is permitted for annual reporting periods beginning after December 15, 2016 , including interim periods within that reporting period. The Corporation is currently evaluating what impact adoption of this guidance would have on its financial position, results of operations, cash flows and disclosures. In April 2015, the FASB issued new guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. The new guidance does not affect the recognition and measurement of debt issuance costs. Therefore, the amortization of such costs will continue to be calculated using the interest method and be reported as interest expense. The new guidance does not specifically address, and therefore does not affect, the balance sheet presentation of debt issuance costs for revolving debt arrangements. The new guidance is effective for financial statements issued in fiscal years beginning after December 15, 2015 , and will be applied on a retrospective basis. Early adoption is permitted for financial statements that have not been previously issued. Upon adoption of the new guidance, the Corporation will report its unamortized deferred loan issuance costs on the senior secured notes as a reduction of the associated debt liability rather than as assets, resulting in an equal reduction in the Corporation's total assets and total liabilities compared to the prior presentation. The amount of Corporation deferred loan issuance costs on the senior secured notes, net of amortization, was $5,353 and $6,022 at June 30, 2015 and December 31, 2014 , respectively. The adoption of the new guidance will have no effect on the Corporation's stockholders' deficit, results of operations, or cash flows.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Computation of basic and diluted net income (loss) per share	The computation of basic and diluted net income (loss) per share is as follows: Three Months Ended Six Months Ended Net Income (Loss) Attributable to the Corporation Shares Per Share Net Income Attributable to the Corporation Shares Per Share June 30, 2015: Basic income per share $ 2,096 14,922,497 $ 0.14 $ 3,267 14,922,497 $ 0.22 Effect of dilutive securities — — — — — — Diluted income per share $ 2,096 14,922,497 $ 0.14 $ 3,267 14,922,497 $ 0.22 June 30, 2014: Basic income (loss) per share $ (146 ) 14,870,549 $ (0.01 ) $ 552 14,512,088 $ 0.04 Warrant exchange (Note 7) — — — — 358,461 — Diluted income (loss) per share $ (146 ) 14,870,549 $ (0.01 ) $ 552 14,870,549 $ 0.04

DETAIL OF SELECTED BALANCE SH21

DETAIL OF SELECTED BALANCE SHEET ACCOUNTS (Tables)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of accounts receivable	Accounts receivable is comprised of the following: June 30, 2015 December 31, 2014 Accounts receivable $ 54,668 $ 73,584 Less allowance for doubtful accounts — — Accounts receivable, net $ 54,668 $ 73,584
Schedule of prepaid expenses	Prepaid expenses are comprised of the following: June 30, 2015 December 31, 2014 Prepaid taxes $ 6,260 $ 13,244 Deposits 489 868 Other prepaid expenses 624 2,925 Total prepaid expenses $ 7,373 $ 17,037
Schedule of property and equipment	Property and equipment is comprised of the following: June 30, 2015 December 31, 2014 Property and equipment $ 123,768 $ 123,208 Less accumulated depreciation and amortization (54,225 ) (46,112 ) Property and equipment, net $ 69,543 $ 77,096
Schedule of intangible assets	Intangible assets are comprised of the following: June 30, 2015 December 31, 2014 Intangible assets $ 1,429 $ 1,491 Less accumulated amortization (492 ) (441 ) Intangible assets, net $ 937 $ 1,050
Schedule of accrued liabilities	Accrued liabilities are comprised of the following: June 30, 2015 December 31, 2014 Accrued payroll liabilities $ 3,051 $ 8,652 Accrued interest 6,958 7,489 Other accrued liabilities 5,653 3,413 Total accrued liabilities $ 15,662 $ 19,554

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of notes payable	Notes payable outstanding were as follows: June 30, 2015 December 31, 2014 Senior secured notes $ 150,000 $ 150,000 Equipment note payable 843 1,654 Total notes payable outstanding 150,843 151,654 Less current portion of equipment notes payable 843 1,654 Total long-term portion of notes payable $ 150,000 $ 150,000
Schedule of redemption percentages	The Corporation has the right to redeem some or all of the Notes at the redemption prices (expressed as percentages of the principal amount to be redeemed) set forth below, together with accrued and unpaid interest to, but not including, the redemption date, if redeemed on or after January 15, 2017 as indicated: Period Percentage On or after January 15, 2017 and prior to July 15, 2017 107.5% On or after July 15, 2017 and prior to July 15, 2018 105.0% On and after July 15, 2018 100.0%

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of stock option activity	A summary of stock option activity for the six months ended June 30, 2015 was as follows: Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2014 — $ — — $ — Granted 241,642 $ 1.49 10.0 Exercised — $ — — $ — Forfeited — $ — — Expired — $ — — Outstanding at June 30, 2015 241,642 $ 1.49 10.0 $ — Exercisable at June 30, 2015 — $ — — $ —
Schedule of valuation assumptions	The Corporation computed the fair value of each stock option on the date of grant, June 29, 2015, using the Black-Scholes option pricing model based on the following assumptions: 2015 Expected volatility 52.3% Expected lives (in years) 5.5 Risk-free interest rate 1.8% Expected dividend yield —%
Summary of restricted stock units activity	A summary of restricted stock units activity for the six months ended June 30, 2015 was as follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2014 — $ — Granted 326,117 $ 3.40 Vested — $ — Forfeited — $ — Nonvested at June 30, 2015 326,117 $ 3.40

FAIR VALUE OF FINANCIAL INSTR24

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Financial instruments measured at fair value on a recurring basis	Corporation financial instruments measured at fair value on a recurring basis at June 30, 2014 were as follows: Fair Value Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Note payable to related parties – Former SAE common stockholders: Balance at December 31, 2013 $ 12,406 $ — $ — $ 12,406 Unrealized loss 5,094 — — 5,094 Balance at June 30, 2014 $ 17,500 $ — $ — $ 17,500

DESCRIPTION OF THE BUSINESS A25

DESCRIPTION OF THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	Jun. 30, 2015USD ($)channel	Dec. 31, 2014USD ($)
Gas and Oil Acreage [Line Items]
Deferred loan issuance costs, net of amortization	$ 6,015	$ 6,826
Senior secured notes | Senior Secured Notes
Gas and Oil Acreage [Line Items]
Deferred loan issuance costs, net of amortization	$ 5,353	$ 6,022
Foreign Countries
Gas and Oil Acreage [Line Items]
Number of land and marine channels | channel	29,500

EARNINGS PER SHARE - Earnings p

EARNINGS PER SHARE - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net Income Attributable to the Corporation
Basic income (loss) per share	$ 2,096	$ (146)	$ 3,267	$ 552
Effect of dilutive securities	0	0	0	0
Diluted income (loss) per share	$ 2,096	$ (146)	$ 3,267	$ 552
Shares
Basic income (loss) per share (in shares)	14,922,497	14,870,549	14,922,497	14,512,088
Effect of dilutive securities (in shares)	0	0	0	358,461
Diluted income (loss) per share (in shares)	14,922,497	14,870,549	14,922,497	14,870,549
Basic income (loss) per share (usd per share)	$ 0.14	$ (0.01)	$ 0.22	$ 0.04
Diluted income (loss) per share (usd per share)	$ 0.14	$ (0.01)	$ 0.22	$ 0.04

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details) - $ / shares	Jun. 29, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrant exercise price (usd per share)		$ 12	$ 12	$ 12	$ 12
Option exercise price (usd per share)				$ 1.49
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net income (loss) per share (in shares)		581,807	581,807	581,807	581,807
Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net income (loss) per share (in shares)		241,642		241,642
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net income (loss) per share (in shares)		326,117		326,117
2013 Long-Term Incentive Compensation Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Option exercise price (usd per share)	$ 4.12	$ 4.12		$ 4.12

DETAIL OF SELECTED BALANCE SH28

DETAIL OF SELECTED BALANCE SHEET ACCOUNTS - Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 54,668	$ 73,584
Less allowance for doubtful accounts	0	0
Accounts receivable, net	$ 54,668	$ 73,584

DETAIL OF SELECTED BALANCE SH29

DETAIL OF SELECTED BALANCE SHEET ACCOUNTS - Prepaid Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid taxes	$ 6,260	$ 13,244
Deposits	489	868
Other prepaid expenses	624	2,925
Total prepaid expenses	$ 7,373	$ 17,037

DETAIL OF SELECTED BALANCE SH30

DETAIL OF SELECTED BALANCE SHEET ACCOUNTS - Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property and equipment	$ 123,768	$ 123,208
Less accumulated depreciation and amortization	(54,225)	(46,112)
Property and equipment, net	$ 69,543	$ 77,096

DETAIL OF SELECTED BALANCE SH31

DETAIL OF SELECTED BALANCE SHEET ACCOUNTS - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Intangible assets	$ 1,429	$ 1,491
Less accumulated amortization	(492)	(441)
Intangible assets, net	$ 937	$ 1,050

DETAIL OF SELECTED BALANCE SH32

DETAIL OF SELECTED BALANCE SHEET ACCOUNTS - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued payroll liabilities	$ 3,051	$ 8,652
Accrued interest	6,958	7,489
Other accrued liabilities	5,653	3,413
Total accrued liabilities	$ 15,662	$ 19,554

REVOLVING CREDIT FACILITY (Deta

REVOLVING CREDIT FACILITY (Details) - USD ($)	Nov. 06, 2014	Jun. 30, 2015	Dec. 31, 2014	Jul. 02, 2014
Line of credit | Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 20,000,000
Ending interest rate		3.28%	3.26%
Unused capacity fee, percentage	0.50%
Line of credit facility, benchmark subject to minimum monthly EBITDA requirements	$ 5,000,000
Line of credit | Credit Facility | State of Alaska
Line of Credit Facility [Line Items]
Line of credit facility, monthly EBITDA requirements	8,000,000
Line of credit | Credit Facility | Borrowing base availability
Line of Credit Facility [Line Items]
Concentration risk, benchmark	$ 20,000,000
Line of credit | Credit Facility | Borrowing base availability | Accounts receivable
Line of Credit Facility [Line Items]
Concentration risk, percentage	85.00%
Line of credit | Credit Facility | Borrowing base availability | Equipment
Line of Credit Facility [Line Items]
Concentration risk, percentage	85.00%
Line of credit | Credit Facility | Borrowing base availability | Equipment | State of Alaska
Line of Credit Facility [Line Items]
Concentration risk, percentage	75.00%
Line of credit | Credit Facility | Minimum
Line of Credit Facility [Line Items]
Line of credit facility, monthly EBITDA requirements	$ 17,000,000
Line of credit | Credit Facility | Maximum
Line of Credit Facility [Line Items]
Line of credit facility, monthly EBITDA requirements	$ 20,000,000
Line of credit | Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Description of variable rate basis		three month LIBOR
Basis spread on variable rate	3.00%
Line of credit | Accordion Feature | Minimum
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000
Line of credit | Accordion Feature | Maximum
Line of Credit Facility [Line Items]
Maximum borrowing capacity	10,000,000
Line of credit | Sub-Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 10,000,000
Line of credit | Letter of Credit
Line of Credit Facility [Line Items]
Unused capacity fee, percentage	3.00%
Letters of credit outstanding		$ 3,100,000	$ 0
Senior secured notes | Notes
Line of Credit Facility [Line Items]
Stated interest rate				10.00%

NOTES PAYABLE - Schedule of Not

NOTES PAYABLE - Schedule of Notes Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Senior secured notes	$ 150,000	$ 150,000
Equipment note payable	843	1,654
Total notes payable outstanding	150,843	151,654
Less current portion of equipment notes payable	843	1,654
Total long-term portion of notes payable	$ 150,000	$ 150,000

NOTES PAYABLE - Senior Secured

NOTES PAYABLE - Senior Secured Notes (Details) - Jul. 02, 2014 - USD ($)	Total
Senior Secured Notes
Debt Instrument [Line Items]
Debt, face amount	$ 150,000,000
Stated interest rate	10.00%
Senior secured notes | On or after January 15, 2017 and prior to July 15, 2017
Debt Instrument [Line Items]
Redemption price percentage	107.50%
Senior secured notes | On or after July 15, 2017 and prior to July 15, 2018
Debt Instrument [Line Items]
Redemption price percentage	105.00%
Senior secured notes | On and after July 15, 2018
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Senior secured notes | Senior Secured Notes | Prior to July 15, 2017
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Maximum percentage of principal amount redeemable	35.00%
Senior secured notes | Senior Secured Notes | Prior to July 15, 2017 | Net proceeds of equity offering
Debt Instrument [Line Items]
Redemption price percentage	110.00%
Senior secured notes | Senior Secured Notes | Prior to July 15, 2017 | Change of control
Debt Instrument [Line Items]
Redemption price percentage	101.00%
Senior secured notes | Senior Secured Notes | Prior to July 15, 2017 | Asset Sale
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Proceeds from asset sale	$ 7,500,000

NOTES PAYABLE - Equipment Note

NOTES PAYABLE - Equipment Note Payable (Details) - USD ($)	1 Months Ended	6 Months Ended
	Dec. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Nov. 18, 2014
Short-term Debt [Line Items]
Payments of notes payable		$ 811,000	$ 400,000
Notes Payable | Equipment Note Payable
Short-term Debt [Line Items]
Debt, face amount				$ 1,838,000
Stated interest rate				8.00%
Payments of notes payable	$ 184,000
Monthly principal and interest payments	$ 144,000

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Effective tax rate	7.90%	(260.70%)	17.30%	59.20%
Federal statutory corporate rate	35.00%	35.00%	35.00%	35.00%

STOCKHOLDERS' EQUITY - Preferre

STOCKHOLDERS' EQUITY - Preferred Stock and Common Stock (Details) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Equity [Abstract]
Preferred Stock, authorized shares	1,000,000
Preferred Stock, par value (usd per share)	$ 0.0001
Common Stock, authorized shares	55,000,000	55,000,000
Common Stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common Stock, issued shares	14,922,497	14,922,497

STOCKHOLDERS' EQUITY - Warrants

STOCKHOLDERS' EQUITY - Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 14, 2014	Feb. 07, 2014	Jun. 30, 2015	Jun. 30, 2014	Jan. 08, 2014	Dec. 31, 2011
Class of Warrant or Right [Line Items]
Number of shares called by each warrant (in shares)			0.1
Number of securities called by warrants (in shares)						14,000,000
Warrant exercise price (usd per share)			$ 12	$ 12
Redemption price of warrants (usd per share)			$ 0.01
Number of trading days			20 days
Consecutive trading day period			30 days
Merger agreement
Class of Warrant or Right [Line Items]
Warrant exercise price (usd per share)			$ 12
Redemption price of warrants (usd per share)			$ 15
Trio Merger Corp.
Class of Warrant or Right [Line Items]
Number of warrants outstanding (in shares)					581,807
Warrant exchange
Class of Warrant or Right [Line Items]
Warrant expiration date			Feb. 7, 2014
Number of warrants exchanged (in shares)		14,418,193
Number of warrants outstanding (in shares)		15,000,000
Shares issued (in shares)	1,441,813
Amount paid to warrant holders for fractional shares	$ 52

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock Held in Escrow in Connection with Merger (Details) - Merger agreement - shares	Jun. 24, 2013	Jun. 30, 2015
Business Acquisition [Line Items]
Number of common stock shares deposited in escrow (in shares)	545,635	272,817
Common stock, shares in escrow, period after 2015 10-K filed		30 days
Contingent pending conversion or exercise of derivative securities
Business Acquisition [Line Items]
Number of common stock shares deposited in escrow (in shares)		25,890

SHARE-BASED COMPENSATION - Non-

SHARE-BASED COMPENSATION - Non-Employee Director Share Incentive Plan (Details) - 2013 Non-Employee Director Plan 2013	Jun. 30, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	400,000
Share-based compensation, number of shares remaining for issuance (in shares)	321,980

SHARE-BASED COMPENSATION - 2013

SHARE-BASED COMPENSATION - 2013 Long-Term Incentive Compensation Plan (Details) - USD ($)	Jun. 29, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 21, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period (in shares)				241,642
Option exercise price (usd per share)				$ 1.49
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted in period (in shares)				326,117
2013 Long-Term Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)						792,513
Options granted in period (in shares)	241,642
Option exercise price (usd per share)	$ 4.12	$ 4.12		$ 4.12
Share-based compensation, number of shares remaining for issuance (in shares)		224,754		224,754
Share-based compensation expense		$ 7,000	$ 0	$ 7,000	$ 0
2013 Long-Term Incentive Compensation Plan | After ninety days
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Vesting period	90 days
2013 Long-Term Incentive Compensation Plan | After one year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Vesting period	1 year
2013 Long-Term Incentive Compensation Plan | After two years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Vesting period	2 years
2013 Long-Term Incentive Compensation Plan | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)						396,256
Restricted stock granted in period (in shares)	326,117
Share-based compensation, number of shares remaining for issuance (in shares)		70,139		70,139

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock Options (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands	Total
Number of Shares
Outstanding at beginning of period (in shares)	0
Granted (in shares)	241,642
Exercised (in shares)	0
Forfeited (in shares)	0
Expired (in shares)	0
Outstanding at end of period (in shares)	241,642
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (usd per share)	$ 0
Granted (usd per share)	1.49
Exercised (usd per share)	0
Forfeited (usd per share)	0
Expired (usd per share)	0
Outstanding at end of period (usd per share)	$ 1.49
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, weighted average remaining contractual term	10 years
Outstanding, aggregate intrinsic value	$ 0
Exercisable, number of shares outstanding	0
Exercisable, weighted average grant date fair value (usd per share)	$ 0
Exercisable, aggregate intrinsic value	$ 0
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Unrecognized compensation expense for unvested stock option awards	$ 358
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected volatility (as a percent)	52.30%
Expected lives (period)	5 years 6 months
Risk-free interest rate	1.80%
Expected dividend yield (as a percent)	0.00%
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Weighted average vesting period (in years)	2 years
Restricted stock units
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Weighted average vesting period (in years)	2 years

SHARE-BASED COMPENSATION - Rest

SHARE-BASED COMPENSATION - Restricted Stock Units (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands	Total
Weighted Average Grant Date Fair Value
Unrecognized compensation expense for unvested restricted stock unit awards	$ 1,103
Restricted stock units
Number of Shares
Nonvested at beginning of period (in shares)	0
Granted (in shares)	326,117
Vested (in shares)	0
Forfeited (in shares)	0
Nonvested at end of period (in shares)	326,117
Weighted Average Grant Date Fair Value
Nonvested at beginning of period (usd per share)	$ 0
Granted (usd per share)	3.40
Vested (usd per share)	0
Forfeited (usd per share)	0
Nonvested at end of period (usd per share)	$ 3.40

FAIR VALUE OF FINANCIAL INSTR45

FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - Jun. 30, 2014 - USD ($) $ in Thousands	Total	Total
Note payable to related parties – Former SAE common stockholders:
Beginning balance		$ 12,406
Unrealized loss	$ 4,857	5,094
Ending Balance	17,500	17,500
Significant Unobservable Inputs (Level 3)
Note payable to related parties – Former SAE common stockholders:
Beginning balance		12,406
Unrealized loss		5,094
Ending Balance	$ 17,500	$ 17,500

FAIR VALUE OF FINANCIAL INSTR46

FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unrealized loss	$ 4,857	$ 5,094
Senior secured notes, carrying value			$ 150,000	$ 150,000
Senior secured notes, fair value	$ 17,500	$ 17,500			$ 12,406
Senior secured notes | Investor
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Senior secured notes, carrying value			150,000
Senior secured notes, fair value			$ 93,989

NONCONTROLLING INTEREST (Detail

NONCONTROLLING INTEREST (Details)	6 Months Ended
	Jun. 30, 2015	Nov. 19, 2012
Joint Venture
Schedule of Equity Method Investments [Line Items]
Term of joint venture agreement	5 years
Equity method investment, ownership held		49.00%
Equity method investment, percentage of gross revenues	10.00%
Village Corp
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership held		51.00%