Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 03, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SND | |
Entity Registrant Name | Smart Sand, Inc. | |
Entity Central Index Key | 1,529,628 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 41,379,232 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 2,135,000 | $ 34,740,000 |
Restricted cash | 487,000 | 487,000 |
Accounts receivable | 27,691,000 | 23,377,000 |
Unbilled receivables | 206,000 | 1,192,000 |
Inventories | 5,272,000 | 9,092,000 |
Prepaid expenses and other current assets | 4,992,000 | 3,849,000 |
Total current assets | 40,783,000 | 72,737,000 |
Property, plant and equipment, net | 210,037,000 | 172,202,000 |
Deferred financing costs, net | 400,000 | 892,000 |
Other assets | 3,414,000 | 971,000 |
Total assets | 254,634,000 | 246,802,000 |
Current liabilities: | ||
Accounts payable | 12,243,000 | 26,123,000 |
Accrued and other expenses | 11,819,000 | 7,576,000 |
Deferred revenue | 872,000 | 0 |
Current portion of equipment financing obligations | 502,000 | 572,000 |
Current portion of notes payable | 288,000 | 288,000 |
Total current liabilities | 25,724,000 | 34,559,000 |
Revolving credit facility, net | 15,624,000 | 0 |
Deferred tax liabilities, long-term, net | 13,546,000 | 13,239,000 |
Asset retirement obligation | 8,117,000 | 8,982,000 |
Total liabilities | 63,011,000 | 56,780,000 |
Commitments and contingencies (Note 18) | ||
Stockholders’ equity | ||
Common stock, $0.001 par value, 350,000,000 shares authorized; 40,580,437 issued and 40,490,563 outstanding at March 31, 2018; 40,474,085 issued and 40,393,033 outstanding at December 31, 2017 | 40,000 | 40,000 |
Treasury stock, at cost, 89,874 and 81,052 shares at March 31, 2018 and December 31, 2017, respectively | (720,000) | (666,000) |
Additional paid-in capital | 159,739,000 | 159,059,000 |
Retained earnings | 32,564,000 | 31,589,000 |
Total stockholders’ equity | 191,623,000 | 190,022,000 |
Total liabilities and stockholders’ equity | $ 254,634,000 | $ 246,802,000 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, shares issued (in shares) | 40,580,437 | 40,474,085 |
Common stock, shares outstanding (in shares) | 40,490,563 | 40,393,033 |
Treasury stock, shares (in shares) | 89,874 | 81,052 |
CONDENSED CONSOLIDATED INCOME S
CONDENSED CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Revenues | $ 42,628 | $ 25,059 |
Cost of goods sold | 35,413 | 19,662 |
Gross profit | 7,215 | 5,397 |
Operating expenses: | ||
Salaries, benefits and payroll taxes | 2,573 | 1,697 |
Depreciation and amortization | 188 | 108 |
Selling, general and administrative | 3,101 | 2,034 |
Total operating expenses | 5,862 | 3,839 |
Operating income | 1,353 | 1,558 |
Other income (expenses): | ||
Other interest expense, net | (180) | (111) |
Other income | 34 | 37 |
Total other expenses, net | (146) | (74) |
Income before income tax expense | 1,207 | 1,484 |
Income tax expense | 232 | 515 |
Net income | $ 975 | $ 969 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.02 | $ 0.02 |
Diluted (in dollars per share) | $ 0.02 | $ 0.02 |
Weighted-average number of common shares: | ||
Basic (in shares) | 40,412 | 39,697 |
Diluted (in shares) | 40,441 | 39,874 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings |
Beginning balance at Dec. 31, 2017 | $ 190,022 | $ 40 | $ (666) | $ 159,059 | $ 31,589 |
Beginning balance (in shares) at Dec. 31, 2017 | 40,393,033 | 81,052 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Vesting of restricted stock (in shares) | 96,713 | ||||
Stock-based compensation | 610 | 610 | |||
Employee stock purchase plan compensation | 70 | 70 | |||
Employee stock purchase plan compensation (in shares) | 9,639 | ||||
Restricted stock buy back | (54) | $ (54) | |||
Restricted stock buy back (in shares) | (8,822) | 8,822 | |||
Net income | 975 | 975 | |||
Ending balance at Mar. 31, 2018 | $ 191,623 | $ 40 | $ (720) | $ 159,739 | $ 32,564 |
Ending balance (in shares) at Mar. 31, 2018 | 40,490,563 | 89,874 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities: | ||
Net income | $ 975 | $ 969 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and accretion of asset retirement obligation | 3,294 | 1,687 |
Asset retirement obligation settlement | (1,249) | 0 |
(Gain) on disposal of assets | 0 | (37) |
Amortization of deferred financing cost | 60 | 106 |
Accretion of debt discount | 56 | 0 |
Deferred income taxes | 307 | 324 |
Stock-based compensation | 610 | 176 |
Changes in assets and liabilities: | ||
Accounts receivable | (4,314) | (4,101) |
Unbilled receivables | 986 | (953) |
Inventories | 3,820 | 4,308 |
Prepaid expenses and other assets | (3,586) | (181) |
Deferred revenue | 872 | (1,615) |
Accounts payable | (7,587) | 77 |
Accrued and other expenses | 4,144 | 2,893 |
Income taxes payable | 0 | 191 |
Net cash (used in) provided by operating activities | (1,612) | 3,844 |
Investing activities: | ||
Purchases of property, plant and equipment | (46,869) | (1,623) |
Proceeds from disposal of assets | 0 | 14 |
Net cash used in investing activities | (46,869) | (1,609) |
Financing activities: | ||
Repayments of notes payable | 0 | (4) |
Payments under equipment financing obligations | (70) | (102) |
Payment of deferred financing costs | 0 | (188) |
Proceeds from revolving credit facility | 16,000 | 0 |
Proceeds from equity issuance | 0 | 26,251 |
Payment of equity transaction costs | 0 | (2,083) |
Purchase of treasury stock | (54) | 0 |
Net cash provided by financing activities | 15,876 | 23,874 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (32,605) | 26,109 |
Cash and cash equivalents and restricted cash at beginning of year | 35,227 | 47,534 |
Cash and cash equivalents and restricted cash at end of period | 2,622 | 73,643 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 95 | 15 |
Cash paid for taxes | 207 | 29 |
Non-cash investing activities: | ||
Asset retirement obligation | 250 | 0 |
Non-cash financing activities: | ||
Capitalized expenditures in accounts payable and accrued expenses | $ 11,488 | $ 500 |
Organization and Nature of Busi
Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | Organization and Nature of Business Smart Sand, Inc. and its subsidiaries (collectively, the “Company”) are headquartered in The Woodlands, Texas. The Company was incorporated in July 2011, and is engaged in the excavation, processing and sale of industrial sand, or proppant, for use in hydraulic fracturing operations for the oil and gas industry. The Company completed construction of the first phase of its primary facility in Oakdale, Wisconsin and commenced operations in July 2012, subsequently expanded its operations in 2014 and 2015 and is currently expanding its operations again from 3.3 million tons of annual processing capacity to 5.5 million tons of annual processing capacity. This expansion is anticipated to be completed and operational in the second quarter of 2018. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements (“interim statements”) of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), issued by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. The consolidated balance sheet as of December 31, 2017 was derived from the audited consolidated financial statements as of and for the year ended December 31, 2017 . These interim statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2017 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates used in the preparation of these financial statements include, but are not limited to, the sand reserves and its impact on calculating the depletion expense under the units-of-production method, the depreciation associated with property and equipment, impairment considerations of those assets, estimated cost of future asset retirement obligations, stock-based compensation, recoverability of deferred tax assets, inventory reserve, and collectability of receivables and certain liabilities. Actual results could differ from management’s best estimates as additional information or actual results become available in the future, and those differences could be material. Revenue Recognition On January 1, 2018, the Company adopted new accounting standard ASC 606, “Revenue from Contracts with Customers and all the related amendments” (“ASC 606”) in relation to all contracts that were not completed or expired as of January 1, 2018, using the modified retrospective method. There was no adjustment made to the opening balance of retained earnings as a result of applying the new revenue standard. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while the comparative information is not restated and will continue to be reported under the accounting standards in effect for those periods. With the adoption of the standard, the consolidated financial statements are supplemented by new disclosure requirements. Areas of focus and updated presentation requirements include disclosures surrounding contracts with customers, disaggregation of revenue, contract balances, performance obligations, significant judgments used in the application of the guidance and transaction price allocation to remaining performance obligations. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our customers, the amount of which reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sand Sales Revenue The Company derives its revenue by mining and processing sand. Its revenues are primarily a function of the price per ton realized and the volumes sold. The Company’s sales are generally free carrier ("FCA"), payment made at the origination point at the Company’s facility, with title passing as the product is loaded into railcars hired by the customer or provided by the Company and revenue being recognized when title transfers at the Company’s facility. For sand delivered in-Basin to certain contract and spot-rate customers, the Company recognizes the revenue when title passes at the destination. Prices under our long-term agreements with customers are generally indexed to the Average Cushing Oklahoma WTI Spot Prices and contain provisions allowing for adjustments including: (i) annual percentage price increases; and/or (ii) market factor increases, including a natural gas surcharge/reduction and a propane surcharge/reduction which are applied if the Average Natural Gas Price or the Average Quarterly Mont Belvieu TX Propane Spot Price, respectively, as listed by the U.S. Energy Information Administration, are above or below the applicable benchmark set in the contract for the preceding calendar quarter. Shortfall Payments The Company’s shortfall revenues are based on negotiated contract terms and are recognized when rights of use are expired. The Company recognizes revenue to the extent of the unfulfilled minimum contracted quantity at the shortfall price per ton as stated in the contract once payment is received or probable. For the three months ended March 31, 2018 and 2017 , the Company recognized no revenue for shortfall payments relating to minimum commitments under take-or-pay contracts. Railcar Rental Railcar rentals consists of revenue derived from the leasing of the Company’s railcars to customers under long-term contracts or on an as-used basis. Based on the customer contract, the Company either recognizes revenue on the leasing of railcars based on when the terms of the agreement state that the railcar is available to the customer for use, or based on a specified price per ton shipped. The Company recognizes revenue from leasing in accordance with ASC 840, as leasing revenue does not meet the criteria of ASC 606. For the three months ended March 31, 2018 and 2017 , the Company recognized $1,819 and $1,683 , respectively, of railcar revenue. Transportation Revenue Transportation revenue consists of primarily railway transportation and revenue to deliver products to customers. The Company’s transportation revenue fluctuates based on many factors, including the volume of product it transports and the distance between its plant and customers. Revenue generated from transportation was $11,893 and $6,604 , respectively, for the three months ended March 31, 2018 and 2017 . Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables and deferred revenue on the consolidated balance sheet. For the Company’s sand sales, amounts are billed as sand is loaded on the railcars to fill customer orders for free carrier origination point sales or when sand is received at the destination for free carrier destination point sales and recorded as accounts receivable. For the Company’s freight revenue, amounts billed depend on the shipping terms and are recorded as receivables accordingly. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. In addition, the Company sometimes receives shortfall payments from its customers and recognizes the revenue once the rights of use are expired. Changes in the contract asset and liability balances during the three months ended March 31, 2018 were not materially impacted by any other factors. Deferred Revenues The Company receives advance payments from certain customers in order to secure and procure a reliable provision and delivery of product. The Company classifies such advances as current or noncurrent liabilities depending upon the anticipated timing of delivery of the supplied product. Revenue is recognized upon the delivery of the product. The Company may receive an advance payment from a customer, based on the terms of the customer’s long-term contract, for a certain volume of product to be delivered. Revenue is recognized as product is delivered and the deferred revenue is reduced. Revenue recognized for the three months ended March 31, 2018 that was included in the contract liability balance at the beginning of the year was $0 . The deferred revenue balance at March 31, 2018 and December 31, 2017 was $872 and $0 , respectively, and classified as a current liability in the accompanying condensed consolidated balance sheets. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in accordance with ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Generally, the Company’s contracts include a single performance obligation that is separately identifiable, and therefore, distinct. Under ASC 606, the allocation of transaction price is not necessary if only one performance obligation is identified. The Company expects to recognize approximately 42% of this remaining performance obligation as revenue throughout the remainder of 2018 and expects to recognize the remaining 58% as revenue by 2021. Revenue from sand sales are recognized at a point in time, either upon shipment or upon delivery, and accounted for 68% and 67% of the Company’s revenue for the three months ended March 31, 2018 and 2017 , respectively. Revenue from railcar rental and transportation is recognized at a point in time, upon shipment, and accounted for 32% and 33% of revenue for the three months ended March 31, 2018 and 2017 , respectively. Significant Judgments Accounting for long-term contracts involves the use of various techniques to estimate total contract revenue, costs and satisfaction of performance obligation. The Company satisfies its performance obligation and subsequently recognizes revenue, at a point in time, upon shipment of the products as the customer obtains control over the goods once the sand is loaded into the railcars or sand is delivered to the customer’s destination. In the case of frac sand being delivered to customers, the transaction price is variable in nature and is directly tied to the Average Cushing Oklahoma WTI Spot Prices per barrel. There were no changes to the significant judgments used by the Company to determine the timing of satisfaction of the performance obligation under ASC 606. Costs to Obtain or Fulfill Contract The Company’s costs to fulfill or obtain contracts with customers primarily consist of commissions and legal costs. Under take-or-pay contracts, the Company provides sales team members with commissions at set per ton prices. These commissions are paid on a monthly basis, when and if the sand is taken by the customer. Although sales commissions are incremental in nature and are only incurred when a contract is obtained, there is no up-front commission paid on the satisfactory obtainment of a contract, resulting in no sales commissions being capitalized at March 31, 2018 . The Company also incurs legal costs relating to the drafting and negotiating of contracts with select customers. Because legal costs are not incremental in nature and are incurred regardless of whether a contract is ultimately obtained, there were no legal costs capitalized as of March 31, 2018 . As a result, the Company did not record amortization of costs incurred to obtain the contract or any impairment losses for the period ended March 31, 2018 . Accounts Receivable and Unbilled Receivables Accounts receivable represents customer transactions that have been invoiced as of the balance sheet date; unbilled receivables represent customer transactions that have not yet been invoiced as of the balance sheet date. Accounts receivable are due within 30 days from the date of invoice, or in accordance with terms agreed upon with customers, and are stated at amounts due from customers net of any allowance for doubtful accounts. The Company considers accounts outstanding longer than the payment terms are past due. The Company determines the allowance by considering a number of factors, including the length of time trade accounts receivable are past due, previous loss history, the customer’s current ability to pay its obligation, and the condition of the general economy and the industry as a whole. Accounts receivable are written off when they are deemed uncollectible, and payments subsequently received on such receivables are credited to bad debt expense. As of March 31, 2018 and December 31, 2017 , the Company determined no allowance for doubtful accounts was necessary. As of March 31, 2018 and December 31, 2017 , no portion of unbilled revenue represents transactions included in deferred revenue. Transportation Transportation costs are classified as cost of goods sold. Transportation costs consist of railway transportation and transload costs to deliver products to customers. Cost of sales generated from transportation was $14,315 and $7,302 for the three months ended March 31, 2018 and 2017 , respectively. Inventories The Company’s sand inventory consists of raw material (sand that has been excavated but not processed), work-in-progress (sand that has undergone some but not all processing) and finished goods (sand that has been completely processed and is ready for sale). The spare parts inventory consists of critical spare parts. Sand inventory is stated at the lower of cost or net realizable value using the average cost method. For the three months ended March 31, 2018 and 2017 , the Company had no write-down of inventory as a result of any lower of cost or net realizable value assessment. Costs applied to the inventory include direct excavation costs, processing costs, overhead allocation, depreciation and depletion. Stockpile tonnages are calculated by measuring the number of tons added and removed from the stockpile. Costs are calculated on a per ton basis and are applied to the stockpiles based on the number of tons in the stockpile. The Company performs monthly physical inventory measurements to verify the quantity of inventory on hand. Due to variation in sand density and moisture content and production processes utilized to manufacture the Company’s products, physical inventories will not necessarily detect all variances. To mitigate this risk, the Company recognizes a yield adjustment on its inventories. Spare parts inventory is accounted for on a first-in, first-out basis at the lower of cost or net realizable value. Deferred Financing Charges Direct costs incurred in connection with the Facility (as defined below) have been capitalized and are being amortized using the straight-line method, which approximates the effective interest method, over the term of the debt. Fees attributable to the lender and third parties of $1,372 were presented as components of deferred financing charges since there was no outstanding balance on the Facility as of December 31, 2017 . As of March 31, 2018 , fees attributable to the lender of $668 are presented as a discount to the carrying value of the debt and the unamortized amount is presented as a reduction of long-term debt on the consolidated balance sheets. Amortization expense of the deferred financing charges of $60 and $106 is included in interest expense for the three months ended March 31, 2018 and 2017 , respectively. Accretion of debt discount costs of $56 and $0 is included in interest expense for the three months ended March 31, 2018 and 2017 , respectively. Financial Instruments The carrying value of the Company’s financial instruments, consisting of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, approximates their fair value due to the short maturity of such instruments. Financial instruments also consist of debt for which fair value approximates carrying values as the debt bears interest at a variable rate which is reflective of current rates otherwise available to the Company. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Costs related to researching, surveying, drilling, and related activities are recorded at cost and capitalized once a determination has been made that the Company’s property has proven and probable reserves. Capitalized mining costs are depleted using the units-of-production method. Construction in progress is primarily comprised of machinery and equipment which has not been placed in service and is not depreciated until the related assets or improvements are ready to be placed in service. Depreciation is calculated using the straight-line method over the estimated useful lives of the property, plant and equipment, which are: Years Land improvements 10 Plant and buildings 5-15 Real estate properties 10-40 Railroad and sidings 30 Vehicles 3-5 Machinery, equipment and tooling 3-15 Furniture and fixtures 3-10 Deferred mining costs 3 Expenditures for maintenance and repairs are charged against income as incurred; betterments that increase the value or materially extend the life of the related assets are capitalized. Upon sale or disposition of property and equipment, the cost and related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is recognized in the consolidated income statements. Acquisitions In accordance with the guidance for business combinations, the Company determines whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, the Company accounts for the transaction or other event as an asset acquisition. Under both methods, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that are business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company capitalizes acquisition-related costs and fees associated with asset acquisitions and immediately expense acquisition-related costs and fees associated with business combinations. Fair Value Measurements The Company’s financial assets and liabilities are to be measured using inputs from the three levels of the fair value hierarchy, of which the first two are considered observable and the last unobservable, which are as follows: • Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3—Unobservable inputs that reflect the Company’s assumptions that market participants would use in pricing assets or liabilities based on the best information available. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with the provisions of Accounting Standards Codification (“ASC”) - 718, “Compensation-Stock Compensation” (“ASC 718”), which requires the recognition of expense related to the fair value of stock-based compensation awards in the consolidated income statements. For restricted stock issued to employees and members of the board of directors of the Company (the “Board”) for their services on the Board, the Company estimates the grant date fair value of each share of restricted stock at issuance. For awards subject to service-based vesting conditions, the Company recognizes stock-based compensation expense, net of estimated forfeitures, equal to the grant date fair value of the award on a straight-line basis over the requisite service period, which is generally the vesting term. For awards subject to both performance and service-based vesting conditions, the Company recognizes stock-based compensation expense using the straight-line recognition method when it is probable that the performance condition will be achieved. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Share-based payments issued to non-employees are recorded at their fair values, and are periodically revalued as the equity instruments vest and are recognized as expense over the related service period in accordance with the provisions of ASC 718 and ASC Topic 505, “Equity”. Once the Company’s shares became publicly traded on November 4, 2016, the Company began to use the actual market price of its shares as the grant date fair value for restricted stock awards. Income Taxes On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law. Pursuant to the Securities and Exchange Commission Staff Accounting Bulletin No. 118, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act”, given the amount and complexity of the changes in tax law resulting from the Tax Reform Act, the Company has not finalized the accounting for the income tax effects of the Tax Reform Act. This includes the re-measurement of deferred taxes. The impact of the Tax Reform Act may differ from this estimate during the one-year measurement period due to, among other things, further refinement of the Company’s calculations, changes in interpretations and assumptions the Company has made, guidance that may be issued and future actions the Company may take as a result of the Tax Reform Act. As a result of the Tax Reform Act, the Company recorded a tax benefit of approximately $8.5 million due to a re-measurement of deferred tax assets and liabilities in the fourth quarter of 2017. The Company applies the provisions of ASC Topic 740, Income Taxes (“ASC 740”), which principally utilizes a balance sheet approach to provide for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of net operating loss carryforwards and temporary differences between the carrying amounts and the tax bases of assets and liabilities. ASC 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The impact of an uncertain income tax position on the income tax returns must be recognized at the largest amount that is more-likely-than-not to be required to be recognized upon audit by the relevant taxing authority. This standard also provides guidance on de-recognition, measurement, classification, interest and penalties, accounting for interim periods, disclosure and transition issues with respect to tax positions. The Company includes interest and penalties as a component of income tax expense in the consolidated income statements. For the periods presented, no interest and penalties were recorded. Environmental Matters The Company is subject to various federal, state and local laws and regulations relating to the protection of the environment. Management has established procedures for the ongoing evaluation of the Company’s operations, to identify potential environmental exposures and to comply with regulatory policies and procedures. Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and do not contribute to current or future revenue generation are expensed as incurred. Liabilities are recorded when environmental costs are probable, and the costs can be reasonably estimated. The Company maintains insurance which may cover in whole or in part certain environmental expenditures. As of March 31, 2018 and December 31, 2017 , there were no probable environmental matters. Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income was equal to net income for all periods presented. Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company and the Chief Executive Officer view the Company’s operations and manage its business as one operating segment. All long-lived assets of the Company reside in the United States. Basic and Diluted Net Income Per Share of Common Stock Basic net income per share of common stock is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding the dilutive effects of restricted stock. Diluted net income per share of common stock is computed by dividing the net income attributable to common stockholders by the sum of the weighted-average number of shares of common stock outstanding during the period plus the potential dilutive effects of restricted stock outstanding during the period calculated in accordance with the treasury stock method, although restricted stock is excluded if their effect is anti-dilutive. The number of shares underlying equity-based awards that were excluded from the calculation of diluted earnings per share as their effect would be anti-dilutive was 252 and 10 for each of the three months ended March 31, 2018 and 2017 , respectively. The following table reconciles the weighted-average common shares outstanding used in the calculation of basic net income per share to the weighted average common shares outstanding used in the calculation of diluted net income per share: Three Months Ended Three Months Ended Determination of Shares Weighted average common shares outstanding 40,412 39,697 Assumed conversion of restricted stock 29 177 Diluted weighted average common stock outstanding 40,441 39,874 Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12 “Derivatives and Hedging (Topic 815) Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. The guidance is effective for the Company beginning after December 15, 2018, although early adoption is permitted. The Company is currently evaluating the effects of ASU 2017-12 on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business. The amendments in this update is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company adopted this standard on January 1, 2018. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 eliminates the diversity in practice related to the classification of certain cash receipts and payments for debt prepayment or extinguishment costs, the maturing of a zero-coupon bond, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, distributions from certain equity method investees and beneficial interests obtained in a financial asset securitization. ASU 2016-15 designates the appropriate cash flow classification, including requirements to allocate certain components of these cash receipts and payments among operating, investing and financing activities. The guidance is effective for the Company beginning after December 15, 2017, although early adoption is permitted. The Company adopted this guidance effective January 1, 2018. The adoption of this guidance did not have a material effect on the Company’s financial position, results of operation or cash flows. In February 2016, the FASB issued ASU 2016-2, “Leases" (ASC 842) (“ASU 2016-2”), which replaces the existing guidance in ASC 840, “Leases.” ASC 842 requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right of use assets. The new lease standard does not substantially change lessor accounting. The new standard is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry specific guidance. The core principle of ASU 2014-09 is that an entity recognizes 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. In applying the new guidance, an entity will: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. In April and May 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing”, ASU 2016-11, “Revenue Recognition and Derivatives and Hedging - Recession of SEC Guidance”, ASU 2016-12, “Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients”, and ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers”. These ASUs each affect the guidance of the new revenue recognition standard in ASU 2014-09 and related subsequent ASUs. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017 for public companies. Early adoption is only permitted as of annual reporting periods beginning after December 15, 2016. The Company adopted this standard on January 1, 2018. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 3 Months Ended |
Mar. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash The Company considers all highly liquid money market instruments to be cash equivalents. Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits of $250 at each financial institution. The Company has not experienced any losses related to these balances. Restricted Cash Restricted cash represents cash held as collateral relating to an outstanding short-term bond assuring performance under an agreement with a pipeline common carrier. As of April 13, 2018, the Company no longer has any restrictions on cash. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: March 31, 2018 December 31, 2017 Raw material $ 297 $ 298 Work in progress 3,742 7,825 Finished goods 1,001 832 Spare parts 232 137 Total inventory 5,272 9,092 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2018 | |
Prepaid Expense and Other Assets [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets were comprised of the following: March 31, 2018 December 31, 2017 Prepaid insurance $ 589 $ 551 Prepaid expenses 1,342 1,112 Prepaid income taxes 1,458 1,382 Rail rebate receivables 952 776 Other receivables 651 28 Total prepaid expenses and other current assets $ 4,992 $ 3,849 |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, net | Property, Plant and Equipment, net Net property, plant and equipment consisted of: March 31, 2018 December 31, 2017 Machinery, equipment and tooling $ 10,529 $ 8,242 Vehicles 1,544 1,546 Furniture and fixtures 730 720 Plant and building 83,057 81,561 Real estate properties 4,432 4,432 Railroad and sidings 25,286 10,254 Land improvements 23,156 16,378 Asset retirement obligation 8,657 8,408 Mineral properties 9,879 9,878 Deferred mining costs 657 657 Construction in progress 71,639 56,493 239,566 198,569 Less: accumulated depreciation and depletion 29,529 26,367 Total property, plant and equipment, net $ 210,037 $ 172,202 Depreciation expense was $3,158 and $1,662 for the three months ended March 31, 2018 and 2017 , respectively. Depletion expense was $2 and $5 for the three months ended March 31, 2018 and 2017 , respectively. The Company capitalized no interest expense associated with the construction of new plant and equipment for the three months ended March 31, 2018 and 2017 . |
Asset Acquisition
Asset Acquisition | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Asset Acquisition | Asset Acquisition The acquisition of the assets of Van Hook Crude, LLC occurred on March 15, 2018. The Company acquired all of the rights, title, and interest in certain properties and assigned contracts (collectively, the “Assets”) for a total consideration of $15,549 in cash. The acquisition cost has been allocated over the Assets acquired in accordance with the guidance set forth in ASC 805, Business Combinations. March 31, 2018 Machinery, equipment and tooling $ 1,478 Plant and building 1,407 Railroad and sidings 9,926 Land improvements 2,738 Total assets acquired $ 15,549 |
Accrued and Other Expenses
Accrued and Other Expenses | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued and Other Expenses | Accrued and Other Expenses Accrued and other expenses were comprised of the following: March 31, 2018 December 31, 2017 Employee related expenses $ 1,242 $ 667 Accrued construction related expenses 2,726 2,197 Accrued legal expenses 81 90 Accrued professional fees 289 529 Accrued royalties 622 206 Accrued freight and delivery charges 4,167 2,197 Accrued real estate tax 244 — Accrued utilities 378 — Deferred rent 824 861 Other accrued liabilities 1,246 829 Total accrued liabilities $ 11,819 $ 7,576 |
Credit Facility
Credit Facility | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Credit Facility | Credit Facility On December 8, 2016, the Company entered into a $45 million three -year senior secured revolving credit facility (the “Facility”) under a revolving credit agreement with Jefferies Finance LLC as administrative and collateral agent (the “Credit Agreement”). Substantially all of the assets of the Company are pledged as collateral under the Facility. The Facility expires on December 8, 2019. On April 8, 2018, the Facility was amended to increase the Company's total borrowing capacity under the Facility to $60 million . The Facility contains various reporting requirements, negative covenants and restrictive provisions and requires maintenance of financial covenants, including a fixed charge coverage ratio and a leverage ratio (each as defined in the Credit Agreement). As of March 31, 2018 and December 31, 2017 , $16 million and $0 million , respectively, were outstanding under the Facility and the Company was in compliance with all covenants. As of March 31, 2018 , the total undrawn availability was $29 million . As of March 31, 2018 , fees attributable to the lender of $668 are presented as a discount to the carrying value of the debt and the unamortized amount is presented as a reduction of long-term debt on the balance sheet. March 31, 2018 December 31, 2017 Revolving credit facility $ 16,000 $ — Less: debt discount (376 ) — Revolving credit facility, net $ 15,624 $ — |
Equipment Lease Obligations
Equipment Lease Obligations | 3 Months Ended |
Mar. 31, 2018 | |
Leases [Abstract] | |
Equipment Lease Obligations | Equipment Lease Obligations The Company entered into various lease arrangements to lease equipment. The equipment with a cost of $1,484 has been capitalized and included in the Company’s property, plant and equipment as of both March 31, 2018 and December 31, 2017 . Depreciation expense under lease assets was approximately $55 and $73 for the three months ended March 31, 2018 and 2017 , respectively. As of March 31, 2018 , the remaining minimum lease payment for equipment lease obligations is $502 , which is due within one year. |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Notes Payable | Notes Payable The Company financed certain land purchases by entering into various debt agreements. The interest rate on these notes is 4.00% , and the remaining balance of $ 288 is due within one year. |
Asset Retirement Obligation
Asset Retirement Obligation | 3 Months Ended |
Mar. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Asset Retirement Obligation The Company had a post-closure reclamation and site restoration obligation of $8,117 as of March 31, 2018 . The following is a reconciliation of the total reclamation liability for asset retirement obligations: Balance at December 31, 2017 $ 8,982 Additions and revisions of prior estimates 250 Accretion expense 134 Settlement of liability (1,249 ) Balance at March 31, 2018 $ 8,117 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Equity Incentive Plan In May 2012, the Board approved the 2012 Equity Incentive Plan (“2012 Plan”), which provides for the issuance of Awards (as defined in the 2012 Plan) of up to a maximum of 440 shares of the Company’s common stock to employees, non-employee members of the Board, and consultants of the Company. During 2014, the 2012 Plan was amended to provide for the issuance of Awards of up to 880 shares of the Company’s common stock. The awards can be issued in the form of incentive stock options, non-qualified stock options or restricted stock, and have expiration dates of 5 or 10 years after issuance, depending on whether the recipient already holds above 10% of the voting power of all classes of the Company’s shares. The exercise price will be based on the fair market value of the share on the date of issuance; vesting periods will be determined by the board upon issuance of the Award. Subsequent to the Company’s initial public offering, no additional Awards were made under the 2012 Plan. In November 2016, in connection with its initial public offering, the Company adopted the 2016 Omnibus Incentive Plan (“2016 Plan”) which provides for the issuance of Awards (as defined in the 2016 Plan) of up to a maximum of 3,911 shares of the Company’s common stock to employees, non-employee members of the board and consultants of the Company. Together the 2012 Plan and the 2016 Plan are referenced to as the Plans. During the three months ended March 31, 2018 and 2017 , 20 and 266 shares of restricted stock were issued under the Plans, respectively. The grant date fair value per share of all the outstanding restricted stock was $3.03 - $19.00 . The shares vest over one to five years from their respective grant dates. For Awards issued under the 2016 Plan, the grant date fair value was the either the actual market price of the Company’s shares or an adjusted price using a Monte Carlo simulation for awards subject to the Company’s performance as compared to a defined peer group. For Awards issued under the 2012 Plan, the grant date fair value was calculated based on a weighted analysis of (i) publicly-traded companies in a similar line of business to the Company (market comparable method)—Level 2 inputs, and (ii) discounted cash flows of the Company—Level 3 inputs. The Company recognized, in operating expenses on the consolidated income statements, $590 and $176 of compensation expense for the restricted stock during the three months ended March 31, 2018 and 2017 , respectively. At March 31, 2018 , the Company had unrecognized compensation expense of $3,833 related to granted but unvested stock awards. That expense is to be recognized as follows: 2019 $ 1,768 2020 1,309 2021 678 2022 78 $ 3,833 The following table summarizes restricted stock activity under the Plans from December 31, 2017 through March 31, 2018 : Number of Shares Weighted Average Unvested, December 31, 2017 534 $ 11.27 Granted 20 14.55 Vested (97 ) (14.48 ) Forfeiture — — Unvested, March 31, 2018 457 $ 11.29 Employee Stock Purchase Plan Shares of the Company’s common stock may be purchased by eligible employees under the Company’s 2016 Employee Stock Purchase Plan in six -month intervals at a purchase price equal to at least 85% of the lesser of the fair market value of the Company’s common stock on either the first day or the last day of each six -month offering period. Employee purchases may not exceed 20% of their gross compensation during an offering period. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company calculates its interim income tax provision in accordance with ASC 740. At the end of each interim period, the Company makes an estimate of the annual expected effective tax rate and applies that rate to its ordinary year to date earnings or loss. In addition, the effect of changes in enacted tax laws, rates or tax status is recognized in the interim period in which the change occurs. For the three months ended March 31, 2018 and 2017 , the effective tax rate was approximately 19.2% and 34.7% , respectively, based on the annual effective tax rate net of discrete federal and state taxes. The Company’s effective tax rate for the three months ended March 31, 2018 benefited from the decrease in the U.S. statutory tax rate from 35.0% in the prior year to 21.0% in the current period as a result of the Tax Reform Act that was enacted on December 22, 2017. The computation of the effective tax rate includes modifications from the statutory rate such as depletion deduction and tax credits among other items. The difference in the effective tax rate relative to the statutory rate was primarily due to the change in the forecasted pretax income between quarters relative to the projected modifications to the tax rate during the three months ended March 31, 2018 and a benefit related to the domestic production activities deduction (“DPAD”) and share-based compensation during the three months ended March 31, 2017 . The Company has evaluated its tax provisions taken as of March 31, 2018 and December 31, 2017 and believes all positions taken would be upheld under examination from income taxing authorities. Therefore, no liability for the effects of uncertain tax positions has been recorded in the accompanying consolidated balance sheets as of March 31, 2018 and December 31, 2017 . The Company is open to examination by taxing authorities since incorporation. |
Concentrations
Concentrations | 3 Months Ended |
Mar. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Concentrations As of March 31, 2018 , four customers accounted for 79% of the Company’s total accounts receivable. As of December 31, 2017 , three customers accounted for 49% of the Company’s total accounts receivable. During the three months ended March 31, 2018 , 67% of the Company’s revenues were earned from four customers. During the three months ended March 31, 2017 , 81% of the Company’s revenues were earned from four customers. As of March 31, 2018 , three vendors accounted for 44% of the Company’s accounts payable. As of December 31, 2017 , two vendors accounted for 28% of the Company’s accounts payable. During the three months ended March 31, 2018 , one supplier accounted for 37% of the company’s cost of goods sold. During the three months ended March 31, 2017 , one supplier accounted for 11% of the Company’s cost of goods sold. Currently, the Company’s inventory and operations are primarily located in Wisconsin. There is a risk of loss if there are significant environmental, legal or economic changes to this geographic area. The Company currently primarily utilizes one third-party rail company to ship its products to customers from its plant. There is a risk of business loss if there are significant impacts to this third party’s operations. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions For the three months ended March 31, 2018 and 2017 , the Company reimbursed Clearlake Capital Partners II (Master), L.P. $20 and $7 , respectively, for certain out of pocket and other expenses in connection with certain management and administrative support services provided. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases The Company is obligated under certain operating leases, minimum royalty payments for our leased properties in West Texas, and rental agreements for railcars, office space, and other equipment. Future minimum annual commitments under such operating leases at March 31, 2018 are as follows: 2019 $ 14,907 2020 10,813 2021 7,657 2022 6,329 2023 3,818 Thereafter 37,699 Expense related to operating leases and rental agreements was $2,705 and $1,975 for three months ended March 31, 2018 and 2017 , respectively. Lease expense related to rail cars are included in cost of goods sold in the condensed consolidated income statements. Litigation The Company is periodically involved in litigation and claims incidental to its operation. Management believes that any pending litigation will not have a material impact the Company’s financial position. Required Capital As of March 31, 2018 , the Company has commitments related to its Oakdale facility as well as future expansion projects of approximately $18,900 . Consulting Agreements On August 1, 2010, the Company entered into a consulting agreement related to the purchase of land with a third party. The third party acted as an agent for the Company to obtain options to purchase certain identified real property in Wisconsin, as well as obtain permits and approvals necessary to open, construct and operate a sand mining and processing facility on such real property. The third party’s compensation, which continues indefinitely, consists of reimbursement of certain expenses and $1,000 per each acre purchased as a closing fee. For the three months ended March 31, 2018 and 2017 , the Company incurred $60 and $3 of closing costs and expense reimbursements, respectively. The closing costs have been capitalized in property and equipment in the accompanying consolidated balance sheets when they relate to the acquisition of land. In addition to the aforementioned fees, the third-party agreement provides for tonnage fees based upon mining operations. The payment of $0.50 per sold ton of certain grades of sand that have been mined and sold from the properties acquired under the consulting agreement continues indefinitely. The minimum annual tonnage fee is $200 per contract year, which runs from August 1 to July 31. During the three months ended March 31, 2018 and 2017 , the Company incurred $164 and $117 related to tonnage fees, respectively. Bonds The Company entered into a performance bond with Jackson County, Wisconsin and Monroe County, Wisconsin for $4,400 and $900 , respectively. The Company provided a performance bond to assure performance under the reclamation plan filed with each respective county. The Company entered into permit bonds amounting to $1,350 with certain towns and counties in which it operates to use designated town and county roadways. The Company provided these permit bonds to assure maintenance and restoration of the roadways. The Company has an outstanding $1,943 bond to assure performance under its agreement with a pipeline common carrier. As of March 31, 2018 and December 31, 2017 , $487 of cash is being held as collateral related to the bond and is presented as restricted cash on the consolidated balance sheets. As of April 13, 2018, the Company no longer has any restrictions on cash. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated events and transactions subsequent to the balance sheet date and through the date the financial statements were available to be issued. On May 8, 2018, the Company entered into an asset purchase agreement to acquire Quickthree Solutions, a manufacturer of portable vertical frac sand storage solutions at the wellsite, in the amount of $42.75 million , consisting of $30 million payable at closing and up to $12.75 million in potential earnout payments as systems are built and made available for sale or lease over a three -year period. This acquisition is currently expected to close by the end of May 2018. Based on this evaluation, except as disclosed in Note 10 and Note 4 and above, the Company is not aware of any other events or transactions that occurred subsequent to March 31, 2018 that would require recognition or disclosures in the consolidated financial statements. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates used in the preparation of these financial statements include, but are not limited to, the sand reserves and its impact on calculating the depletion expense under the units-of-production method, the depreciation associated with property and equipment, impairment considerations of those assets, estimated cost of future asset retirement obligations, stock-based compensation, recoverability of deferred tax assets, inventory reserve, and collectability of receivables and certain liabilities. Actual results could differ from management’s best estimates as additional information or actual results become available in the future, and those differences could be material. |
Revenue Recognition | Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables and deferred revenue on the consolidated balance sheet. For the Company’s sand sales, amounts are billed as sand is loaded on the railcars to fill customer orders for free carrier origination point sales or when sand is received at the destination for free carrier destination point sales and recorded as accounts receivable. For the Company’s freight revenue, amounts billed depend on the shipping terms and are recorded as receivables accordingly. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. In addition, the Company sometimes receives shortfall payments from its customers and recognizes the revenue once the rights of use are expired. Revenue Recognition On January 1, 2018, the Company adopted new accounting standard ASC 606, “Revenue from Contracts with Customers and all the related amendments” (“ASC 606”) in relation to all contracts that were not completed or expired as of January 1, 2018, using the modified retrospective method. There was no adjustment made to the opening balance of retained earnings as a result of applying the new revenue standard. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while the comparative information is not restated and will continue to be reported under the accounting standards in effect for those periods. With the adoption of the standard, the consolidated financial statements are supplemented by new disclosure requirements. Areas of focus and updated presentation requirements include disclosures surrounding contracts with customers, disaggregation of revenue, contract balances, performance obligations, significant judgments used in the application of the guidance and transaction price allocation to remaining performance obligations. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our customers, the amount of which reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sand Sales Revenue The Company derives its revenue by mining and processing sand. Its revenues are primarily a function of the price per ton realized and the volumes sold. The Company’s sales are generally free carrier ("FCA"), payment made at the origination point at the Company’s facility, with title passing as the product is loaded into railcars hired by the customer or provided by the Company and revenue being recognized when title transfers at the Company’s facility. For sand delivered in-Basin to certain contract and spot-rate customers, the Company recognizes the revenue when title passes at the destination. Prices under our long-term agreements with customers are generally indexed to the Average Cushing Oklahoma WTI Spot Prices and contain provisions allowing for adjustments including: (i) annual percentage price increases; and/or (ii) market factor increases, including a natural gas surcharge/reduction and a propane surcharge/reduction which are applied if the Average Natural Gas Price or the Average Quarterly Mont Belvieu TX Propane Spot Price, respectively, as listed by the U.S. Energy Information Administration, are above or below the applicable benchmark set in the contract for the preceding calendar quarter. Transportation Revenue Transportation revenue consists of primarily railway transportation and revenue to deliver products to customers. The Company’s transportation revenue fluctuates based on many factors, including the volume of product it transports and the distance between its plant and customers. Railcar Rental Railcar rentals consists of revenue derived from the leasing of the Company’s railcars to customers under long-term contracts or on an as-used basis. Based on the customer contract, the Company either recognizes revenue on the leasing of railcars based on when the terms of the agreement state that the railcar is available to the customer for use, or based on a specified price per ton shipped. The Company recognizes revenue from leasing in accordance with ASC 840, as leasing revenue does not meet the criteria of ASC 606. Shortfall Payments The Company’s shortfall revenues are based on negotiated contract terms and are recognized when rights of use are expired. The Company recognizes revenue to the extent of the unfulfilled minimum contracted quantity at the shortfall price per ton as stated in the contract once payment is received or probable. Deferred Revenues The Company receives advance payments from certain customers in order to secure and procure a reliable provision and delivery of product. The Company classifies such advances as current or noncurrent liabilities depending upon the anticipated timing of delivery of the supplied product. Revenue is recognized upon the delivery of the product. The Company may receive an advance payment from a customer, based on the terms of the customer’s long-term contract, for a certain volume of product to be delivered. Revenue is recognized as product is delivered and the deferred revenue is reduced. Significant Judgments Accounting for long-term contracts involves the use of various techniques to estimate total contract revenue, costs and satisfaction of performance obligation. The Company satisfies its performance obligation and subsequently recognizes revenue, at a point in time, upon shipment of the products as the customer obtains control over the goods once the sand is loaded into the railcars or sand is delivered to the customer’s destination. In the case of frac sand being delivered to customers, the transaction price is variable in nature and is directly tied to the Average Cushing Oklahoma WTI Spot Prices per barrel. There were no changes to the significant judgments used by the Company to determine the timing of satisfaction of the performance obligation under ASC 606. Costs to Obtain or Fulfill Contract The Company’s costs to fulfill or obtain contracts with customers primarily consist of commissions and legal costs. Under take-or-pay contracts, the Company provides sales team members with commissions at set per ton prices. These commissions are paid on a monthly basis, when and if the sand is taken by the customer. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in accordance with ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Generally, the Company’s contracts include a single performance obligation that is separately identifiable, and therefore, distinct. Under ASC 606, the allocation of transaction price is not necessary if only one performance obligation is identified. |
Accounts and Unbilled Receivables | Accounts Receivable and Unbilled Receivables Accounts receivable represents customer transactions that have been invoiced as of the balance sheet date; unbilled receivables represent customer transactions that have not yet been invoiced as of the balance sheet date. Accounts receivable are due within 30 days from the date of invoice, or in accordance with terms agreed upon with customers, and are stated at amounts due from customers net of any allowance for doubtful accounts. The Company considers accounts outstanding longer than the payment terms are past due. The Company determines the allowance by considering a number of factors, including the length of time trade accounts receivable are past due, previous loss history, the customer’s current ability to pay its obligation, and the condition of the general economy and the industry as a whole. Accounts receivable are written off when they are deemed uncollectible, and payments subsequently received on such receivables are credited to bad debt expense. |
Transportation | Transportation Transportation costs are classified as cost of goods sold. Transportation costs consist of railway transportation and transload costs to deliver products to customers. |
Inventories | Inventories The Company’s sand inventory consists of raw material (sand that has been excavated but not processed), work-in-progress (sand that has undergone some but not all processing) and finished goods (sand that has been completely processed and is ready for sale). The spare parts inventory consists of critical spare parts. Sand inventory is stated at the lower of cost or net realizable value using the average cost method. For the three months ended March 31, 2018 and 2017 , the Company had no write-down of inventory as a result of any lower of cost or net realizable value assessment. Costs applied to the inventory include direct excavation costs, processing costs, overhead allocation, depreciation and depletion. Stockpile tonnages are calculated by measuring the number of tons added and removed from the stockpile. Costs are calculated on a per ton basis and are applied to the stockpiles based on the number of tons in the stockpile. The Company performs monthly physical inventory measurements to verify the quantity of inventory on hand. Due to variation in sand density and moisture content and production processes utilized to manufacture the Company’s products, physical inventories will not necessarily detect all variances. To mitigate this risk, the Company recognizes a yield adjustment on its inventories. Spare parts inventory is accounted for on a first-in, first-out basis at the lower of cost or net realizable value. |
Deferred Financing Charges | Deferred Financing Charges Direct costs incurred in connection with the Facility (as defined below) have been capitalized and are being amortized using the straight-line method, which approximates the effective interest method, over the term of the debt. |
Financial Instruments | Financial Instruments The carrying value of the Company’s financial instruments, consisting of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, approximates their fair value due to the short maturity of such instruments. Financial instruments also consist of debt for which fair value approximates carrying values as the debt bears interest at a variable rate which is reflective of current rates otherwise available to the Company. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Costs related to researching, surveying, drilling, and related activities are recorded at cost and capitalized once a determination has been made that the Company’s property has proven and probable reserves. Capitalized mining costs are depleted using the units-of-production method. Construction in progress is primarily comprised of machinery and equipment which has not been placed in service and is not depreciated until the related assets or improvements are ready to be placed in service. Depreciation is calculated using the straight-line method over the estimated useful lives of the property, plant and equipment, which are: Years Land improvements 10 Plant and buildings 5-15 Real estate properties 10-40 Railroad and sidings 30 Vehicles 3-5 Machinery, equipment and tooling 3-15 Furniture and fixtures 3-10 Deferred mining costs 3 Expenditures for maintenance and repairs are charged against income as incurred; betterments that increase the value or materially extend the life of the related assets are capitalized. Upon sale or disposition of property and equipment, the cost and related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is recognized in the consolidated income statements. |
Acquisitions | Acquisitions In accordance with the guidance for business combinations, the Company determines whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, the Company accounts for the transaction or other event as an asset acquisition. Under both methods, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that are business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company capitalizes acquisition-related costs and fees associated with asset acquisitions and immediately expense acquisition-related costs and fees associated with business combinations. |
Fair Value Measurements | Fair Value Measurements The Company’s financial assets and liabilities are to be measured using inputs from the three levels of the fair value hierarchy, of which the first two are considered observable and the last unobservable, which are as follows: • Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3—Unobservable inputs that reflect the Company’s assumptions that market participants would use in pricing assets or liabilities based on the best information available. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation in accordance with the provisions of Accounting Standards Codification (“ASC”) - 718, “Compensation-Stock Compensation” (“ASC 718”), which requires the recognition of expense related to the fair value of stock-based compensation awards in the consolidated income statements. For restricted stock issued to employees and members of the board of directors of the Company (the “Board”) for their services on the Board, the Company estimates the grant date fair value of each share of restricted stock at issuance. For awards subject to service-based vesting conditions, the Company recognizes stock-based compensation expense, net of estimated forfeitures, equal to the grant date fair value of the award on a straight-line basis over the requisite service period, which is generally the vesting term. For awards subject to both performance and service-based vesting conditions, the Company recognizes stock-based compensation expense using the straight-line recognition method when it is probable that the performance condition will be achieved. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Share-based payments issued to non-employees are recorded at their fair values, and are periodically revalued as the equity instruments vest and are recognized as expense over the related service period in accordance with the provisions of ASC 718 and ASC Topic 505, “Equity”. Once the Company’s shares became publicly traded on November 4, 2016, the Company began to use the actual market price of its shares as the grant date fair value for restricted stock awards. |
Income Taxes | Income Taxes On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law. Pursuant to the Securities and Exchange Commission Staff Accounting Bulletin No. 118, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act”, given the amount and complexity of the changes in tax law resulting from the Tax Reform Act, the Company has not finalized the accounting for the income tax effects of the Tax Reform Act. This includes the re-measurement of deferred taxes. The impact of the Tax Reform Act may differ from this estimate during the one-year measurement period due to, among other things, further refinement of the Company’s calculations, changes in interpretations and assumptions the Company has made, guidance that may be issued and future actions the Company may take as a result of the Tax Reform Act. As a result of the Tax Reform Act, the Company recorded a tax benefit of approximately $8.5 million due to a re-measurement of deferred tax assets and liabilities in the fourth quarter of 2017. The Company applies the provisions of ASC Topic 740, Income Taxes (“ASC 740”), which principally utilizes a balance sheet approach to provide for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of net operating loss carryforwards and temporary differences between the carrying amounts and the tax bases of assets and liabilities. ASC 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The impact of an uncertain income tax position on the income tax returns must be recognized at the largest amount that is more-likely-than-not to be required to be recognized upon audit by the relevant taxing authority. This standard also provides guidance on de-recognition, measurement, classification, interest and penalties, accounting for interim periods, disclosure and transition issues with respect to tax positions. The Company includes interest and penalties as a component of income tax expense in the consolidated income statements. For the periods presented, no interest and penalties were recorded. |
Environmental Matters | Environmental Matters The Company is subject to various federal, state and local laws and regulations relating to the protection of the environment. Management has established procedures for the ongoing evaluation of the Company’s operations, to identify potential environmental exposures and to comply with regulatory policies and procedures. Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and do not contribute to current or future revenue generation are expensed as incurred. Liabilities are recorded when environmental costs are probable, and the costs can be reasonably estimated. The Company maintains insurance which may cover in whole or in part certain environmental expenditures. |
Comprehensive Income | Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income was equal to net income for all periods presented. |
Segment Information | Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company and the Chief Executive Officer view the Company’s operations and manage its business as one operating segment. All long-lived assets of the Company reside in the United States. |
Basic and Diluted Net Income Per Share of Common Stock | Basic and Diluted Net Income Per Share of Common Stock Basic net income per share of common stock is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding the dilutive effects of restricted stock. Diluted net income per share of common stock is computed by dividing the net income attributable to common stockholders by the sum of the weighted-average number of shares of common stock outstanding during the period plus the potential dilutive effects of restricted stock outstanding during the period calculated in accordance with the treasury stock method, although restricted stock is excluded if their effect is anti-dilutive. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12 “Derivatives and Hedging (Topic 815) Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. The guidance is effective for the Company beginning after December 15, 2018, although early adoption is permitted. The Company is currently evaluating the effects of ASU 2017-12 on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business. The amendments in this update is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company adopted this standard on January 1, 2018. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 eliminates the diversity in practice related to the classification of certain cash receipts and payments for debt prepayment or extinguishment costs, the maturing of a zero-coupon bond, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, distributions from certain equity method investees and beneficial interests obtained in a financial asset securitization. ASU 2016-15 designates the appropriate cash flow classification, including requirements to allocate certain components of these cash receipts and payments among operating, investing and financing activities. The guidance is effective for the Company beginning after December 15, 2017, although early adoption is permitted. The Company adopted this guidance effective January 1, 2018. The adoption of this guidance did not have a material effect on the Company’s financial position, results of operation or cash flows. In February 2016, the FASB issued ASU 2016-2, “Leases" (ASC 842) (“ASU 2016-2”), which replaces the existing guidance in ASC 840, “Leases.” ASC 842 requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right of use assets. The new lease standard does not substantially change lessor accounting. The new standard is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry specific guidance. The core principle of ASU 2014-09 is that an entity recognizes 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. In applying the new guidance, an entity will: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. In April and May 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing”, ASU 2016-11, “Revenue Recognition and Derivatives and Hedging - Recession of SEC Guidance”, ASU 2016-12, “Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients”, and ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers”. These ASUs each affect the guidance of the new revenue recognition standard in ASU 2014-09 and related subsequent ASUs. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017 for public companies. Early adoption is only permitted as of annual reporting periods beginning after December 15, 2016. The Company adopted this standard on January 1, 2018. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of useful lives of property, plant and equipment | Depreciation is calculated using the straight-line method over the estimated useful lives of the property, plant and equipment, which are: Years Land improvements 10 Plant and buildings 5-15 Real estate properties 10-40 Railroad and sidings 30 Vehicles 3-5 Machinery, equipment and tooling 3-15 Furniture and fixtures 3-10 Deferred mining costs 3 Net property, plant and equipment consisted of: March 31, 2018 December 31, 2017 Machinery, equipment and tooling $ 10,529 $ 8,242 Vehicles 1,544 1,546 Furniture and fixtures 730 720 Plant and building 83,057 81,561 Real estate properties 4,432 4,432 Railroad and sidings 25,286 10,254 Land improvements 23,156 16,378 Asset retirement obligation 8,657 8,408 Mineral properties 9,879 9,878 Deferred mining costs 657 657 Construction in progress 71,639 56,493 239,566 198,569 Less: accumulated depreciation and depletion 29,529 26,367 Total property, plant and equipment, net $ 210,037 $ 172,202 |
Reconciliation of weighted-average common shares outstanding used in the calculation of basic and diluted net income (loss) per share | The following table reconciles the weighted-average common shares outstanding used in the calculation of basic net income per share to the weighted average common shares outstanding used in the calculation of diluted net income per share: Three Months Ended Three Months Ended Determination of Shares Weighted average common shares outstanding 40,412 39,697 Assumed conversion of restricted stock 29 177 Diluted weighted average common stock outstanding 40,441 39,874 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: March 31, 2018 December 31, 2017 Raw material $ 297 $ 298 Work in progress 3,742 7,825 Finished goods 1,001 832 Spare parts 232 137 Total inventory 5,272 9,092 |
Prepaid Expenses and Other Cu29
Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Prepaid Expense and Other Assets [Abstract] | |
Schedule of prepaid expenses and other current assets | Prepaid expenses and other current assets were comprised of the following: March 31, 2018 December 31, 2017 Prepaid insurance $ 589 $ 551 Prepaid expenses 1,342 1,112 Prepaid income taxes 1,458 1,382 Rail rebate receivables 952 776 Other receivables 651 28 Total prepaid expenses and other current assets $ 4,992 $ 3,849 |
Property, Plant and Equipment30
Property, Plant and Equipment, net (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of net property, plant and equipment | Depreciation is calculated using the straight-line method over the estimated useful lives of the property, plant and equipment, which are: Years Land improvements 10 Plant and buildings 5-15 Real estate properties 10-40 Railroad and sidings 30 Vehicles 3-5 Machinery, equipment and tooling 3-15 Furniture and fixtures 3-10 Deferred mining costs 3 Net property, plant and equipment consisted of: March 31, 2018 December 31, 2017 Machinery, equipment and tooling $ 10,529 $ 8,242 Vehicles 1,544 1,546 Furniture and fixtures 730 720 Plant and building 83,057 81,561 Real estate properties 4,432 4,432 Railroad and sidings 25,286 10,254 Land improvements 23,156 16,378 Asset retirement obligation 8,657 8,408 Mineral properties 9,879 9,878 Deferred mining costs 657 657 Construction in progress 71,639 56,493 239,566 198,569 Less: accumulated depreciation and depletion 29,529 26,367 Total property, plant and equipment, net $ 210,037 $ 172,202 |
Asset Acquisition (Tables)
Asset Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of assets acquired and liabilities assumed | The acquisition cost has been allocated over the Assets acquired in accordance with the guidance set forth in ASC 805, Business Combinations. March 31, 2018 Machinery, equipment and tooling $ 1,478 Plant and building 1,407 Railroad and sidings 9,926 Land improvements 2,738 Total assets acquired $ 15,549 |
Accrued and Other Expenses (Tab
Accrued and Other Expenses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued and Other Expenses | Accrued and other expenses were comprised of the following: March 31, 2018 December 31, 2017 Employee related expenses $ 1,242 $ 667 Accrued construction related expenses 2,726 2,197 Accrued legal expenses 81 90 Accrued professional fees 289 529 Accrued royalties 622 206 Accrued freight and delivery charges 4,167 2,197 Accrued real estate tax 244 — Accrued utilities 378 — Deferred rent 824 861 Other accrued liabilities 1,246 829 Total accrued liabilities $ 11,819 $ 7,576 |
Credit Facility (Tables)
Credit Facility (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of line of credit facilities | March 31, 2018 December 31, 2017 Revolving credit facility $ 16,000 $ — Less: debt discount (376 ) — Revolving credit facility, net $ 15,624 $ — |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Reconciliation of total reclamation liability for asset retirement obligations | The following is a reconciliation of the total reclamation liability for asset retirement obligations: Balance at December 31, 2017 $ 8,982 Additions and revisions of prior estimates 250 Accretion expense 134 Settlement of liability (1,249 ) Balance at March 31, 2018 $ 8,117 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Unrecognized compensation expense is expected to be recognized | At March 31, 2018 , the Company had unrecognized compensation expense of $3,833 related to granted but unvested stock awards. That expense is to be recognized as follows: 2019 $ 1,768 2020 1,309 2021 678 2022 78 $ 3,833 |
Summary of restricted stock activity | The following table summarizes restricted stock activity under the Plans from December 31, 2017 through March 31, 2018 : Number of Shares Weighted Average Unvested, December 31, 2017 534 $ 11.27 Granted 20 14.55 Vested (97 ) (14.48 ) Forfeiture — — Unvested, March 31, 2018 457 $ 11.29 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Annual Commitments Under Operating Leases | Future minimum annual commitments under such operating leases at March 31, 2018 are as follows: 2019 $ 14,907 2020 10,813 2021 7,657 2022 6,329 2023 3,818 Thereafter 37,699 |
Organization and Nature of Bu37
Organization and Nature of Business (Detail) T in Millions | Mar. 31, 2018T |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Current annual processing capacity | 3.3 |
Anticipated processing capacity upon completion of expansion | 5.5 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Additional Information (Detail) shares in Thousands | 3 Months Ended | |||
Mar. 31, 2018USD ($)segmentshares | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($)shares | Sep. 30, 2016USD ($) | |
Disaggregation of Revenue [Line Items] | ||||
Reservation revenue recognized | $ 7,500,000 | |||
Rail car revenue recognized | $ 1,819,000 | 1,683,000 | ||
Revenue generated from transportation | 11,893,000 | 6,604,000 | ||
Revenue recognized | $ 0 | |||
Accounts receivables due period | 30 days | |||
Accounts receivables, allowance for doubtful accounts | $ 0 | $ 0 | ||
Deferred revenue balance | 872,000 | 0 | ||
Cost of goods sold generated from shipping | 14,315,000 | 7,302,000 | ||
Inventory write-down | 0 | 0 | ||
Debt fee | 668,000 | 1,372,000 | ||
Amortization of deferred financing cost | 60,000 | 106,000 | ||
Accretion of debt discount costs | 56,000 | $ 0 | ||
Provisional benefit from Tax Reform Act | 8,500,000 | |||
Recognized income tax interest and penalties | 0 | $ 0 | ||
Probable environmental matters | $ 0 | $ 0 | ||
Number of operating segments | segment | 1 | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | shares | 252 | 10 | ||
Take-or-pay Contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue recognized for shortfall payments relating to minimum commitments | $ 0 | $ 0 | ||
Transferred at Point in Time | Product Concentration Risk | Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk, percentage | 68.00% | 67.00% | ||
Transferred at Point in Time | Rail Car Rental And Transportation | Product Concentration Risk | Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk, percentage | 32.00% | 33.00% | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Expected percent of revenue recognized | 42.00% | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Expected percent of revenue recognized | 58.00% |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Estimated Useful Life of Property, Plant and Equipment (Detail) | 3 Months Ended |
Mar. 31, 2018 | |
Land improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Plant and buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Plant and buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Real estate properties | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Real estate properties | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Railroad and sidings | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 30 years |
Vehicles | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Vehicles | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Machinery, equipment and tooling | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Machinery, equipment and tooling | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Furniture and fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Furniture and fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Deferred mining costs | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Reconciliation of Weighted-Average Common Shares Outstanding Used in the Calculation of Basic Net Income (Loss) Per Share and Diluted Net Income (Loss) Per Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Determination of Shares | ||
Weighted average common shares outstanding (in shares) | 40,412 | 39,697 |
Assumed conversion of restricted stock (in shares) | 29 | 177 |
Diluted weighted average common stock outstanding (in shares) | 40,441 | 39,874 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 297 | $ 298 |
Work in progress | 3,742 | 7,825 |
Finished goods | 1,001 | 832 |
Spare parts | 232 | 137 |
Total inventory | $ 5,272 | $ 9,092 |
Prepaid Expenses and Other Cu42
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Prepaid Expense and Other Assets [Abstract] | ||
Prepaid insurance | $ 589 | $ 551 |
Prepaid expenses | 1,342 | 1,112 |
Prepaid income taxes | 1,458 | 1,382 |
Rail rebate receivables | 952 | 776 |
Other receivables | 651 | 28 |
Total prepaid expenses and other current assets | $ 4,992 | $ 3,849 |
Property, Plant and Equipment43
Property, Plant and Equipment, Net - Schedule of Net Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 239,566 | $ 198,569 |
Less: accumulated depreciation and depletion | 29,529 | 26,367 |
Total property, plant and equipment, net | 210,037 | 172,202 |
Machinery, equipment and tooling | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 10,529 | 8,242 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,544 | 1,546 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 730 | 720 |
Plant and building | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 83,057 | 81,561 |
Real estate properties | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,432 | 4,432 |
Railroad and sidings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 25,286 | 10,254 |
Land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 23,156 | 16,378 |
Asset retirement obligation | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,657 | 8,408 |
Mineral properties | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 9,879 | 9,878 |
Deferred mining costs | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 657 | 657 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 71,639 | $ 56,493 |
Property, Plant and Equipment44
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expenses | $ 3,158,000 | $ 1,662,000 |
Depletion expense | 2,000 | 5,000 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Interest expense capitalized | $ 0 | $ 0 |
Asset Acquisition (Details)
Asset Acquisition (Details) $ in Thousands | Mar. 15, 2018USD ($) |
Van Hook Crude LLC | |
Business Acquisition [Line Items] | |
Acquisition of assets, consideration | $ 15,549 |
Asset Acquisition - Schedule of
Asset Acquisition - Schedule of Assets Acquired And Liabilities Assumed (Details) - Van Hook Crude LLC $ in Thousands | Mar. 31, 2018USD ($) |
Business Acquisition [Line Items] | |
Total assets acquired | $ 15,549 |
Machinery, equipment and tooling | |
Business Acquisition [Line Items] | |
Total assets acquired | 1,478 |
Plant and buildings | |
Business Acquisition [Line Items] | |
Total assets acquired | 1,407 |
Railroad and sidings | |
Business Acquisition [Line Items] | |
Total assets acquired | 9,926 |
Land improvements | |
Business Acquisition [Line Items] | |
Total assets acquired | $ 2,738 |
Accrued and Other Expenses - Sc
Accrued and Other Expenses - Schedule of Accrued and Other Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Employee related expenses | $ 1,242 | $ 667 |
Accrued construction related expenses | 2,726 | 2,197 |
Accrued legal expenses | 81 | 90 |
Accrued professional fees | 289 | 529 |
Accrued royalties | 622 | 206 |
Accrued freight and delivery charges | 4,167 | 2,197 |
Accrued real estate tax | 244 | 0 |
Accrued utilities | 378 | 0 |
Deferred rent | 824 | 861 |
Other accrued liabilities | 1,246 | 829 |
Total accrued liabilities | $ 11,819 | $ 7,576 |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) - USD ($) | Dec. 08, 2016 | Apr. 08, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Line of Credit Facility [Line Items] | ||||
Debt fee | $ 668,000 | $ 1,372,000 | ||
Senior Secured Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit facility | 16,000,000 | $ 0 | ||
Undrawn availability | $ 29,000,000 | |||
Senior Secured Revolving Credit Facility | Jeffries Finance LLC | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 45,000,000 | |||
Credit facility agreement, term | 3 years | |||
Subsequent event | Senior Secured Revolving Credit Facility | Jeffries Finance LLC | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 60,000,000 |
Credit Facility - Schedule of C
Credit Facility - Schedule of Credit Facility (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Line of Credit Facility [Line Items] | ||
Revolving credit facility, net | $ 15,624,000 | $ 0 |
Senior Secured Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility | 16,000,000 | 0 |
Less: debt discount | (376,000) | 0 |
Revolving credit facility, net | $ 15,624,000 | $ 0 |
Equipment Lease Obligations - A
Equipment Lease Obligations - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Capital Leased Assets [Line Items] | |||
Remaining minimum lease payment due within one year | $ 502 | ||
Equipment | |||
Capital Leased Assets [Line Items] | |||
Assets under equipment leases, gross | 1,484 | $ 1,484 | |
Leased assets, depreciation expense | $ 55 | $ 73 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Interest rates on notes | 4.00% | |
Current portion of notes payable | $ 288 | $ 288 |
Asset Retirement Obligation - A
Asset Retirement Obligation - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Asset Retirement Obligation Disclosure [Abstract] | ||
Post-closure reclamation and site restoration obligation | $ 8,117 | $ 8,982 |
Asset Retirement Obligation - R
Asset Retirement Obligation - Reconciliation of Total Reclamation Liability for Asset Retirement Obligations (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
December 31, 2017 | $ 8,982 |
Additions and revisions of prior estimates | 250 |
Accretion expense | 134 |
Settlement of liability | (1,249) |
March 31, 2018 | $ 8,117 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Nov. 30, 2016 | Dec. 31, 2014 | May 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized stock based compensation expense | $ 3,833 | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock shares issued (in shares) | 20 | ||||
Grant date fair value per share (in dollars per share) | $ 14.55 | ||||
2012 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock shares authorized for issuance (in shares) | 880 | 440 | |||
2012 Equity Incentive Plan | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock shares issued (in shares) | 20 | 266 | |||
Stock compensation expense recognized | $ 590 | $ 176 | |||
2012 Equity Incentive Plan | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 5 years | ||||
Percent of voting power | 10.00% | ||||
Shares vest over period | 1 year | ||||
2012 Equity Incentive Plan | Minimum | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant date fair value per share (in dollars per share) | $ 3.03 | ||||
2012 Equity Incentive Plan | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 10 years | ||||
2012 Equity Incentive Plan | Maximum | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant date fair value per share (in dollars per share) | $ 19 | ||||
Shares vest over period | 5 years | ||||
2016 Omnibus Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock shares authorized for issuance (in shares) | 3,911 | ||||
2016 Employee Stock Purchase Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Purchase interval period | 6 months | ||||
Percentage of purchase price to fair market value | 85.00% | ||||
Percentage of purchase limit on gross compensation | 20.00% |
Stock-Based Compensation - Unre
Stock-Based Compensation - Unrecognized Compensation Expense is to be Recognized (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Unrecognized stock based compensation expense | $ 3,833 |
2,019 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Unrecognized stock based compensation expense | 1,768 |
2,020 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Unrecognized stock based compensation expense | 1,309 |
2,021 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Unrecognized stock based compensation expense | 678 |
2,022 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Unrecognized stock based compensation expense | $ 78 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock shares in Thousands | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Number of Shares | |
Unvested, December 31, 2017 (in shares) | shares | 534 |
Granted (in shares) | shares | 20 |
Vested (in shares) | shares | (97) |
Forfeiture (in shares) | shares | 0 |
Unvested, March 31, 2018 (in shares) | shares | 457 |
Weighted Average | |
Unvested, December 31, 2017 (in dollars per share) | $ / shares | $ 11.27 |
Granted (in dollars per share) | $ / shares | 14.55 |
Vested (in dollars per share) | $ / shares | (14.48) |
Forfeiture (in dollars per share) | $ / shares | 0 |
Unvested, March 31, 2018 (in dollars per share) | $ / shares | $ 11.29 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 19.20% | 34.70% | |
Liability for uncertain tax position | $ 0 | $ 0 |
Concentrations - Additional Inf
Concentrations - Additional Information (Detail) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
Accounts Receivable | Customer Concentration Risk | Four Customers | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 79.00% | |||
Accounts Receivable | Customer Concentration Risk | Three Customers | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 49.00% | |||
Revenue | Customer Concentration Risk | Four Customers | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 67.00% | 81.00% | ||
Accounts Payables | Supplier Concentration Risk | Three Vendors | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 44.00% | |||
Accounts Payables | Supplier Concentration Risk | Two Vendors | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 28.00% | |||
Cost of Goods Sold | Supplier Concentration Risk | One Supplier | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 37.00% | 11.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Clearlake Capital Partners II (Master) L.P. | Management and Administrative Support Services | ||
Related Party Transaction [Line Items] | ||
Reimbursed out-of-pocket and other expenses | $ 20 | $ 7 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Annual Commitments Under Operating Leases (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 14,907 |
2,020 | 10,813 |
2,021 | 7,657 |
2,022 | 6,329 |
2,023 | 3,818 |
Thereafter | $ 37,699 |
Commitments and Contingencies61
Commitments and Contingencies - Additional Information (Detail) | Aug. 01, 2010USD ($) | Mar. 31, 2018USD ($)$ / Ton | Mar. 31, 2017USD ($) | Jul. 31, 2016USD ($) | Dec. 31, 2017USD ($) |
Loss Contingencies [Line Items] | |||||
Expenses related to operating leases and rental agreements | $ 2,705,000 | $ 1,975,000 | |||
Capital required as well as future expansion projects | 18,900,000 | ||||
Restricted cash | 487,000 | $ 487,000 | |||
Permit bond | |||||
Loss Contingencies [Line Items] | |||||
Bond, carrying value | 1,350,000 | ||||
Jackson County, Wisconsin | Performance Bond | |||||
Loss Contingencies [Line Items] | |||||
Bond, carrying value | 4,400,000 | ||||
Monroe County, Wisconsin | Performance Bond | |||||
Loss Contingencies [Line Items] | |||||
Bond, carrying value | 900,000 | ||||
Pipeline Common Carrier | Performance Bond | |||||
Loss Contingencies [Line Items] | |||||
Bond, carrying value | 1,943,000 | ||||
Restricted cash | 487,000 | $ 487,000 | |||
Consulting Agreement | |||||
Loss Contingencies [Line Items] | |||||
Closing fee per acre | $ 1,000 | ||||
Consulting fees expenses reimbursements and closing cost | $ 60,000 | 3,000 | |||
Tonnage fees per ton | $ / Ton | 0.5 | ||||
Tonnage fees incurred | $ 164,000 | $ 117,000 | |||
Consulting Agreement | Minimum | |||||
Loss Contingencies [Line Items] | |||||
Tonnage fees | $ 200,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Quickthree Solutions - Subsequent event - USD ($) $ in Thousands | May 02, 2018 | May 31, 2018 |
Subsequent Event [Line Items] | ||
Potential earn out | $ 12,750 | |
Lease term | 3 years | |
Scenario, Forecast | ||
Subsequent Event [Line Items] | ||
Purchase agreement amount | $ 42,750 | |
Acquisition of assets, consideration | $ 30,000 |