Superior Drilling Products (SDPI) 10-K 16 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 12, 2021	Jul. 15, 2020
Cover [Abstract]
Entity Registrant Name	Superior Drilling Products, Inc.
Entity Central Index Key	0001600422
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		25,762,342
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash	$ 1,961,441	$ 1,217,014
Accounts receivable, net	1,345,622	3,850,509
Prepaid expenses	90,269	139,070
Inventories	1,020,008	924,032
Asset held for sale	40,000	252,704
Other current assets	40,620	252,178
Total current assets	4,497,960	6,635,507
Property, plant and equipment, net	7,535,098	8,045,692
Intangible assets, net	819,444	1,986,111
Right of use assets	99,831
Other noncurrent assets	87,490	93,619
Total assets	13,039,823	16,760,929
Current liabilities
Accounts payable	430,014	945,414
Accrued expenses	1,091,519	683,832
Customer deposits		61,421
Income tax payable	106,446	15,880
Current portion of operating lease liability	79,313
Current portion of financial obligation	61,691
Current portion of long-term debt, net of discounts	1,397,337	4,102,543
Total current liabilities	3,166,320	5,809,090
Operating lease liability	20,518
Long-term financial obligation, less current portion	4,178,261
Long-term debt, less current portion, net of discounts	1,451,049	3,848,863
Total liabilities	8,816,148	9,657,953
Commitments and contingencies (Notes 8, 9, 10 and 11)
Shareholders' equity
Common stock - $0.001 par value; 100,000,000 shares authorized; 25,762,342 and 25,418,126 shares outstanding, respectively	25,762	25,418
Additional paid-in-capital	40,619,620	40,069,391
Accumulated deficit	(36,421,707)	(32,991,833)
Total shareholders' equity	4,223,675	7,102,976
Total liabilities and shareholders' equity	$ 13,039,823	$ 16,760,929

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	25,762,342	25,418,126

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue
Total Revenue	$ 10,470,798	$ 18,997,014
Operating cost and expenses
Cost of revenue	5,105,677	8,182,546
Selling, general, and administrative expenses	6,371,337	8,287,832
Depreciation and amortization expense	2,816,396	3,428,403
Total operating costs and expenses	14,293,410	19,898,781
Operating loss	(3,822,612)	(901,767)
Other income (expense)
Interest income	5,803	60,996
Interest expense	(575,306)	(764,754)
Recovery of related party note receivable		678,148
Impairment on asset held for sale	(30,000)	(6,143)
Gain on disposition of assets	174,234	15,647
Gain on loan forgiveness	933,003
Total other income (expense)	507,734	(16,106)
Loss before income taxes	(3,314,878)	(917,873)
Income tax expense	(114,996)	(18,550)
Net loss	$ (3,429,874)	$ (936,423)
Basic loss per common share	$ (0.13)	$ (0.04)
Basic weighted average common shares outstanding	25,515,166	25,090,283
Diluted loss per common share	$ (0.13)	$ (0.04)
Diluted weighted average Common shares outstanding	25,515,166	25,090,283
Tool Revenue [Member]
Revenue
Total Revenue	$ 7,050,536	$ 12,115,926
Contract Services [Member]
Revenue
Total Revenue	$ 3,420,262	$ 6,881,088

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2018	$ 25,018	$ 39,440,611	$ (32,055,410)	$ 7,410,219
Balance, shares at Dec. 31, 2018	25,018,098
Stock-based compensation expense	$ 400	628,780		629,180
Stock-based compensation expense, shares	400,028
Net loss			(936,423)	(936,423)
Balance at Dec. 31, 2019	$ 25,418	40,069,391	(32,991,833)	7,102,976
Balance, shares at Dec. 31, 2019	25,418,126
Stock-based compensation expense	$ 344	550,229		550,573
Stock-based compensation expense, shares	344,216
Net loss			(3,429,874)	(3,429,874)
Balance at Dec. 31, 2020	$ 25,762	$ 40,619,620	$ (36,421,707)	$ 4,223,675
Balance, shares at Dec. 31, 2020	25,762,342

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities
Net loss	$ (3,429,874)	$ (936,423)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense	2,816,396	3,428,403
Share based compensation expense	550,573	629,180
Impairment on asset held for sale	30,000	6,143
Amortization of deferred loan cost	18,525	14,942
Loss on disposition of rental fleet	23,649	37,568
Gain on loan forgiveness	(933,003)
Gain on disposition of assets	(174,234)	(15,647)
Changes in operating assets and liabilities:
Accounts receivable	2,504,887	(1,577,320)
Inventories	(1,041,683)	(680,904)
Prepaid expenses and other current assets	266,488	(299,373)
Accounts payable and accrued expenses	(85,630)	257,533
Income tax payable	90,566	12,240
Other long-term liabilities	(61,421)	61,421
Net Cash Provided by Operating Activities	575,239	937,763
Cash Flows From Investing Activities
Purchases of property, plant and equipment	(221,639)	(509,055)
Proceeds from sale of fixed assets	149,833
Net Cash Used in Investing Activities	(71,806)	(509,055)
Cash Flows from Financing Activities
Principal payments on debt	(2,350,783)	(4,746,145)
Principal received from debt borrowings	72,520	1,150,000
Proceeds received from Paycheck Protection Program	891,600
Payments on revolving loan	(1,179,768)	(1,924,939)
Proceeds received from revolving loan	1,185,319	2,118,226
Proceeds from financing obligation	1,622,106
Debt issuance costs		(73,603)
Net Cash Provided by (Used in) Financing Activities	240,994	(3,476,461)
Net Change in Cash	744,427	(3,047,753)
Cash at Beginning of Period	1,217,014	4,264,767
Cash at End of Period	1,961,441	1,217,014
Supplemental information:
Cash paid for Interest	576,854	856,012
Non-cash payment of other long-term liabilities and interest by offsetting related-party note receivable		678,148
Inventory converted to property, plant and equipment	945,707	760,495
Acquisition of equipment by issuance of note payable		559,304
Debt retired from financing obligation	2,638,773
Long term debt retired with proceeds from sale of airplane	$ 211,667

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Nature of Operations Superior Drilling Products, Inc. (the “Company”, “SDPI”, “we”, “our” or “us”) is an innovative drilling and completion tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. Our headquarters and manufacturing operations are located in Vernal, Utah. Our drilling solutions include the patented Drill-N-Ream® well bore conditioning tool (“Drill-N-Ream tool”) and the patented Strider™ Drill String Oscillation System technology (“Strider technology” or “Strider”). In addition, the Company is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field services company. We operate a state-of-the-art drill tool fabrication facility, where we manufacture solutions for the drilling industry, as well as customers’ custom products. Our subsidiaries include (a) Superior Drilling Solutions, LLC (previously known as Superior Drilling Products, LLC), a Utah limited liability company (“SDS”), together with its wholly owned subsidiary Superior Design and Fabrication, LLC, a Utah limited liability company (“SDF”), (b) Extreme Technologies, LLC, a Utah limited liability company (“ET”), (c) Meier Properties Series, LLC, a Utah limited liability company (“MPS”), (d) Meier Leasing, LLC, a Utah limited liability company (“ML”), and (e) Hard Rock Solutions, LLC (“HR” or “Hard Rock”). Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of Superior Drilling Products Inc. and all of its wholly-owned subsidiaries. All significant intercompany accounts have been eliminated in consolidation. The Company does not have investments in any unconsolidated subsidiaries. Segment Reporting We operate as a single operating segment, which reflects how we manage our business. We operate in North America and the Middle East. See Note 14 – Geographical Operations Information. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant items subject to estimates and assumptions include the carrying amount and useful lives of property and equipment and intangible assets, impairment assessments, share-based compensation expense, and valuation allowances for accounts receivable, inventories, and deferred tax assets. Revenue Recognition We account for revenue in accordance with Topic 606, which we adopted on January 1, 2019, using the full retrospective method. The adoption of Topic 606 did not have a material impact on the timing or amounts of revenue recognized in our unaudited condensed consolidated financial statements and therefore did not have a material impact on our financial position, results of operations, equity or cash flows as of the adoption date for the year ended December 31, 2019. The Company did not record any adjustments to opening retained earnings as of December 31, 2017 or for any periods previously presented. Furthermore, the impact of the adoption of the new standard is immaterial to our revenue and gross profit on an ongoing basis. Tool sales, rentals and other related revenue Tool and Product Sales Tool Rental Other Related Revenue: Contract Services Drill Bit Manufacturing and Refurbishment See Note 3 – Revenue. Cash and cash equivalents Cash and cash equivalents consist of cash on deposit. We maintain cash deposits with financial institutions that may exceed federally insured limits at times. We have chosen credible institutions and believe our risk of loss is negligible. Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, receivables, payables, and bank debt. The Company believes that the carrying values of these instruments on the accompanying consolidated balance sheets approximate their fair values. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are generally due within 60 days of the invoice date. No interest is charged on past-due balances. We grant credit to our customers based upon an evaluation of each customer’s financial condition. We periodically monitor the payment history and ongoing creditworthiness of our customers. An allowance for doubtful accounts is established at a level estimated by management to be adequate based upon various factors including historical experience, aging status of customer accounts, payment history and financial condition of our customers. The allowance for doubtful accounts was $0 and $9,288 as of December 31, 2020 and 2019, respectively. Inventories Inventories consist of raw materials, work-in-process and finished goods and are stated at the lower of cost, determined using the weighted-average cost method, or net realizable value. Finished goods inventories include raw materials, direct labor and production overhead. The Company regularly reviews inventories on hand and current market conditions to determine if the cost of finished goods inventories exceed current market prices and impairs the cost basis of the inventory accordingly. Assets and Liabilities Held for Sale The Company classifies disposal groups as held for sale in the period in which all of the following criteria are met: (1) management, having the authority to approve the action, commits to a plan to sell the disposal group; (2) the disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such disposal groups; (3) an active program to locate a buyer or buyers and other actions required to complete the plan to sell the disposal group have been initiated; (4) the sale of the disposal group is probable, and transfer of the disposal group is expected to qualify for recognition as a completed sale, within one year, except if events of circumstances beyond the Company’s control extend the period of time required to sell the disposal group beyond one year; (5) the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A disposal group that is classified as held for sale is initially measured at the lower of its carrying amount or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Subsequent changes in the fair value of a disposal group less any costs to sell are reported as an adjustment to the carrying amount of the disposal group, as long as the new carrying amount does not exceed the carrying amount of the asset at the time it was initially classified as held for sale. Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group for all periods presented in the line items assets held for sale and liabilities held for sale, respectively, in the consolidated balance sheets. Property, Plant and Equipment Property, plant and equipment is stated at cost. The cost of ordinary maintenance and repair is charged to operating expense, while replacement of critical components and major improvements are capitalized. Depreciation or amortization of property and equipment, is calculated using the straight-line method over the asset’s estimated useful life as follows: Buildings and leasehold Improvements 2-39 years Machinery, equipment and rental tools 18 months -10 years Office equipment, fixtures and software 3-7 years Transportation equipment 5 - 30 years Property, plant and equipment is reviewed for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value of an asset or asset group may not be recoverable. Indicative events or circumstances include, but are not limited to, matters such as a significant decline in market value or a significant change in business climate. An impairment loss is recognized when the carrying value of an asset exceeds the estimated undiscounted future cash flows from the use of the asset and its eventual disposition. The amount of impairment loss recognized is the excess of the asset’s carrying value over its fair value. Assets to be disposed of are reported at the lower of the carrying value or the fair value less cost to sell. Upon sale or other disposition of an asset, the Company recognizes a gain or loss on disposal measured as the difference between the net carrying value of the asset and the net proceeds received. Impairment of Long-Lived Assets We review the recoverability of long-lived assets, such as property and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows (undiscounted) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and the carrying value. We concluded there were no indicators evident or other circumstances present that these assets were not recoverable and accordingly, no impairment charges of long-lived assets were recognized for 2020 and 2019. Intangible Assets The Company’s intangible assets with finite lives consist of developed technology, customer contracts and relationships, and trade names and trademarks. The cost of intangible assets with finite lives is amortized using the straight-line method over the estimated period of economic benefit, ranging from 5 to 9 years. Asset lives are adjusted whenever there is a change in the estimated period of economic benefit. No residual value has been assigned to these intangible assets. Intangible assets with finite lives are tested for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. These conditions may include a change in the extent or manner in which the asset is being used or a change in future operations. The Company assesses the recoverability of the carrying amount by preparing estimates of future revenue, margins, and cash flows. If the sum of expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, an impairment loss is recognized. The impairment loss recognized is the amount by which the carrying amount exceeds the fair value. Fair value of these assets may be determined by a variety of methodologies, including discounted cash flow models. Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires assets and liabilities that arise from all leases to be recognized on the balance sheet for lessees and expanded financial statement disclosures for both lessees and lessors. We adopted the new standard effective January 1, 2020 and elected the modified retrospective transition method and as such, the comparative financial information will not be restated and will continue to be reported under the lease standard in effect during those periods. The adoption of this standard resulted in approximately $270,000 of additional assets and liabilities on our consolidated balance sheet representing the recognition of operating lease right-of-use assets and operating lease liabilities. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded on the condensed consolidated balance sheet and are expensed on a straight-line basis over the lease term in the condensed consolidated statement of operations. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes an estimate of its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company believes it could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. See Note 8 – Leases. Research and Development We expense research and development costs as they are incurred. For the years ended December 31, 2020 and 2019, these expenses were approximately $790,000 and $1,427,000, respectively, and are included in the selling, general, and administrative expenses in the statement of operations. Earnings (Loss) Per Share Basic earnings (loss) per common share is calculated by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding, including potentially dilutive common share equivalents, if the effect is dilutive. Potentially dilutive common shares equivalents include stock options and warrants. Income Taxes The Company recognizes an asset or liability for the deferred tax consequences of all temporary differences between the tax basis of assets or liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years when the reported amounts of the asset or liabilities are recovered or settled and for operating loss carry forwards. These deferred tax assets and liabilities are measured using the enacted tax rates that will be in effect when the differences are expected to reverse and the carry forwards are expected to be realized. Deferred tax assets are reviewed periodically for recoverability and a valuation allowance is provided as necessary. Debt Issuance Costs Costs related to debt issuance are capitalized and amortized as interest expense over the term of the related debt using the straight-line method, which approximates the effective interest method. Upon the repayment of debt, the Company accelerates the recognition of an appropriate amount of the costs as interest expense. Debt issuance are presented as a direct reduction from the carrying amount of the note payable. As of December 31, 2020 and 2019, the amortized debt issuance costs were $18,524 and $14,942, respectively. Share Based Compensation Share based compensation expense for share based payments, related to stock option and restricted stock awards, is recognized based on their grant-date fair values. The Company recognizes compensation expense on a straight-line basis over the requisite service period of the award. Concentrations and Credit Risk The Company has two significant customers that represented 80% and 92% of our revenue for the years ended December 31, 2020 and 2019, respectively. These customers had approximately $436,000 and $2,920,000 in accounts receivable at December 31, 2020 and 2019, respectively. The Company had one vendor that represented 13% of our purchases for the year ended December 31, 2020. This vendor had approximately $61,000 in accounts payable at December 31, 2020. We had one significant vendor that represented 12% of our purchases for the year ended December 31, 2019, and had approximately $252,000 in accounts payable at December 31, 2019. Reclassifications Certain prior year amounts have been reclassified to the balance sheet to conform to the current year presentation. The reclassifications were within accounts payable and accrued expenses and did not impact net income. Recent Accounting Pronouncements There are no recently issued accounting pronouncements that we have not yet adopted that we believe will have a material effect on our financial statements.

Liquidity

Liquidity	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity	NOTE 2. LIQUIDITY The significant decline in oil demand due to COVID-19, the instability of oil prices caused by geopolitical issues and production levels, and the limited availability of storage capacity, have together resulted in our customers announcing significant reductions to their capital expenditure budgets for 2020 and 2021. Demand for our products and services has been severely impacted as a result, and management expects this to continue into 2021 and potentially beyond; however, we are currently unable to estimate the full impact to our business, how long this significant drop in demand will last or the depth of the decline. In an effort to offset the reduction in revenue resulting from the weakened macroeconomic environment, we have implemented certain cost reduction measures during 2020. These measures included, but were not limited to, the following: ● 20% reduction of the base salary beginning in April 2020 and a 40% salary deferral beginning in October 2020 for the Company’s Chief Executive Officer, Chief Operating Officer, and Chief Financial Officer; ● 20% reduction in the base salaries beginning in April 2020 and a 20% deferral of base salaries beginning in October 2020 of certain non-executive officers of the Company; ● 20% reduction in fees to be paid beginning in April 2020 and a 40% deferral of fees beginning in October 2020 to the independent directors on the Board for their service as directors; ● 5% to 10% reduction in salaries beginning in April 2020 and a 10% deferral of salaries beginning in October 2020 of other members of the management team and salaried workforce; ● 43% reduction of the Company’s workforce; and ● Closure of our West Texas repair facility in July 2020. During the year, we entered into amended agreements with certain of our customers, reduced our planned capital expenditures and deferred further investment in new technology development, including our Strider technology, for the foreseeable future. On April 14, 2020 we entered into an unsecured promissory note under the Paycheck Protection Program (the “PPP”), with a principal amount of $891,600. The PPP was established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and is administered by the U.S. Small Business Administration (the “SBA”). The SBA approved our Forgiveness Application in full in December 2020. On December 7, 2020, the Company closed a sale-leaseback agreement for its headquarters and manufacturing facilities. Under the terms of the transaction, the Company sold the property for $4.5 million and simultaneously entered into a 15-year lease. See Note 10 – Financing Obligation. We believe that our borrowing capacity, cash generated from operations will be sufficient to fund our operations for the next 12 months. To enhance liquidity, our operational and financial strategies include managing our operating costs, accelerating collections of international receivables, and reducing working capital requirements and restructuring our debt. If we are unable to do this, we may not be able to, among other things, (i) maintain our revised general and administrative spending levels; (ii) fund certain obligations as they become due; and (iii) respond to competitive pressures or unanticipated capital requirements. COVID-19 has also led to a significant disruption in the equity and debt capital markets, which could hinder our ability to raise new capital or obtain financing on acceptable terms Additionally, in July 2020, the Company filed a Form S-3 Shelf Registration that will allow the Company to offer and sell, from time to time, up to $20,000,000 of securities. On November 18, 2020, the Company received notification from the NYSE American to the Company indicating that, as a result of the Company’s stockholders’ equity of $4.7 million as of September 30, 2020, and reported losses for each of the last five fiscal years, the Company is not in compliance with the stockholders’ equity standards for continued listing on the NYSE American. On January 28, 2021, the Company received notice that the NYSE American had accepted the Company’s plan that was submitted on December 18, 2020, to regain compliance with the continued listing standards of the NYSE American. The Company has been granted a plan period through May 18, 2022 to regain compliance. NYSE American Regulations staff will review the Company periodically for compliance with the initiatives outlined in the plan. If the Company is not in compliance with the continued listing standards by May 18, 2022 or if the Company does not make progress consistent with the plan during the plan period, NYSE Regulation staff will initiate delisting proceedings as appropriate.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	NOTE 3. REVENUE Our revenue is derived from short-term contracts. Revenue is recognized when we satisfy a performance obligation by transferring control of the promised goods or services to our customers at a point in time, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. We also assess our customer’s ability and intention to pay, which is based on a variety of factors including our customer’s historical payment experience and financial condition. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 days. Revenue generally does not include right of return or other significant post-delivery obligations. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. We elected to treat shipping and handling costs as a fulfillment cost instead of as a separate performance obligation. We recognize the cost for shipping and handling when incurred as an expense in cost of sales. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer under Topic 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. The majority of our contracts with customers contain a single performance obligation to provide agreed-upon products or services. For contracts with multiple performance obligations, we allocate revenue to each performance obligation based on its relative standalone selling price. In accordance with Topic 606, we do not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. All of our contracts are less than one year in duration. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. Disaggregation of Revenue Approximately 82% of our revenue is from the United States and approximately 18% is from the Middle East for the year ended December 31, 2020. For the year ended December 31, 2019, approximately 93% of our revenue was from the United States and approximately 7% was from the Middle East. Revenue disaggregated by revenue source are as follows: December 31, 2020 2019 Tool Revenue: Tool and product sales $ 971,520 $ 3,930,619 Tool rental 2,058,329 1,379,072 Other related revenue 4,020,687 6,806,235 Total Tool Revenue 7,050,536 12,115,926 Contract Services 3,420,262 6,881,088 Total Revenue $ 10,470,798 $ 18,997,014 Contract Costs We do not incur any material costs of obtaining contracts. Contract Balances Under our sales contracts, we invoice customers after our performance obligations have been satisfied, at which point payment is unconditional. Accordingly, our contracts do not give rise to contract assets or liabilities under Topic 606.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventories	NOTE 4. INVENTORIES Inventories were comprised of the following: December 31, December 31, Raw material $ 733,734 $ 800,662 Work in progress 50,631 75,235 Finished goods 235,643 48,135 $ 1,020,008 $ 924,032 The Company wrote off $4,800 and $79,200 related to slow moving inventory in 2020 and 2019, respectively.

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	NOTE 5. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are comprised of the following: December 31, December 31, Land $ 880,416 $ 880,416 Buildings 4,764,441 4,758,832 Leasehold improvements 755,039 755,039 Machinery and equipment 11,298,642 10,343,486 Office equipment, fixtures and software 628,358 615,357 Transportation assets 265,760 350,871 18,592,656 17,704,001 Accumulated depreciation (11,057,558 ) (9,658,309 ) $ 7,535,098 $ 8,045,692 In 2019, the Company decided to sell the Company airplane and related hangar. Accordingly, these assets were reported as assets held for sale on our balance sheet as of December 31, 2019 at their carrying value, which is lower than the expected fair value less costs to sell. In February 2020, the Company sold the airplane for a gain of approximately $142,000. The Company recorded a $30,000 impairment related to the hangar in March 2020. In February 2021, the Company sold the hangar for a gain of $4,000 which will be recorded in the first quarter of 2021. Depreciation expense related to property, plant and equipment for the year ended December 31, 2020 and 2019 was $1,649,729 and $1,728,403 respectively.

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	NOTE 6. INTANGIBLE ASSETS Intangible assets are comprised of the following: December 31, December 31, Developed technology $ 7,000,000 $ 7,000,000 Customer contracts 6,400,000 6,400,000 Trademarks 1,500,000 1,500,000 14,900,000 14,900,000 Accumulated amortization (14,080,556 ) (12,913,889 ) $ 819,444 $ 1,986,111 Amortization expense related to intangible assets for the years ended December 31, 2020 and 2019 was $1,166,667 and $1,700,000, respectively. These intangible assets will be amortized over their expected useful lives using the straight-line method, which is a weighted-average amortization period of 6.3 years. As of December 31, 2020, the Company will recognize the following amortization expense for the respective periods ending December 31 noted below: 2021 583,333 2022 166,667 2023 69,444 Total $ 819,444 During the years ended December 31, 2020 and 2019, there were no impairments recognized related to other intangible assets.

Related Party Note Receivable

Related Party Note Receivable	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Related Party Note Receivable	NOTE 7. RELATED PARTY NOTE RECEIVABLE In January 2014, we entered into a Note Purchase and Sale Agreement under which we agreed to purchase a loan made to Tronco in order to take over the legal position as Tronco’ s senior secured lender. Tronco is an entity owned by Troy and Annette Meier. Effective August 2017, the Company fully reserved the related party note receivable of $6,979,043, which reduced the related party note receivable balance to $0. The Company continues to hold the 8,267,860 shares of the Company’s common stock as collateral. The Company will record a recovery of the loan upon receiving repayment of the note or interest in other income. On July 7, 2020, the Company entered into an amended and restated loan agreement and note with Tronco changing the payment terms on the note. As amended, the interest rate on the note is fixed at 2% per annum. In December 2019, the Board of Directors approved grants of restricted stock units to Troy and Annette Meier with an approximate value of $587,500. The Board and the Meiers decided in lieu of making such awards, the dollar value of such awards would be used to pay $327,238 on the Tronco Note and the remaining $260,262 was remitted for taxes on the Meiers behalf. Also in December 2019, the Board of Directors approved a bonus to Troy and Annette Meier of $630,000, of which $350,911 was used to pay down the Tronco Note and the remaining $279,089 was remitted for taxes on the Meiers behalf. A bonus was accrued but not paid to the Meiers during 2020. The Meiers did not make a Tronco interest payment in 2020 The Meiers are to pay interest only on December 31, 2021, with a balloon payment of all unpaid interest and principal due upon maturity on December 31, 2022.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	NOTE 8. LEASES The Company determines whether a contract is a lease, or contains a lease, at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. The Company discounts lease payments based on an estimate of its incremental borrowing rate as the Company’s leases do not provide a readily determinable implicit rate. The Company leases certain facilities in Texas, Utah and Dubai under long-term operating leases with lease terms of one year to two years. Effective January 1, 2020, the Company adopted the provision of ASC 842 Leases. See Note 10 – Financing Obligation regarding the sale-leaseback of our Utah facilities. The table below presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheet as of December 31, 2020: Classification on Balance Sheet December 31, 2020 Assets Operating lease assets Operating lease right of use assets $ 99,831 Total lease assets $ 99,831 Liabilities Current liabilities Operating lease liability Current operating lease liability $ 79,313 Noncurrrent liabilities Operating lease liability Long-term operating lease liability 20,518 Total lease liability $ 99,831 The lease expense and the cash paid under operating leases for the year ended December 31, 2020 was $168,917. At December 31, 2020, the weighted average remaining lease terms were 0.78 years and the weighted average discount rate was 7.25%. The following is the aggregate future lease payments for operating leases as of December 31, 2020: 2021 $ 81,990 2022 15,252 2023 8,052 Total undiscounted lease payments 105,294 Less: effects of discounting (5,463 ) Present value of lease payments $ 99,831

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 9. LONG-TERM DEBT Long-term debt is comprised of the following: December 31, December 31, Real estate loans $ - $ 2,938,191 Hard Rock Note 1,500,000 3,000,000 Credit Agreement 825,366 1,134,626 Machinery loans 466,448 580,185 Transportation loans 56,572 298,404 2,848,386 7,951,406 Current portion of long-term debt (1,397,337 ) (4,102,542 ) $ 1,451,049 $ 3,848,864 Real Estate Loans In February 2019, the Company entered into a commercial bank loan for $3,129,861 related to our Vernal, Utah Campus. The loan required monthly payments of approximately $43,000, including principal and interest at 7.25%, and was secured by the land and buildings at our Vernal, Utah Campus. The Company repaid the outstanding mortgage on the property in December 2020 as part of the Sale-Leaseback Transaction. See Note 10 – Financing Obligation. Hard Rock Note In 2014, the Company purchased all of the interests of Hard Rock Solutions, LLC (“Hard Rock”). Consideration consisted of $12.5 million paid in cash at closing and a $12.5 million seller’s note (the “Hard Rock Note”). The Hard Rock Note and subsequent amendments are secured by all of the patents, patents pending, other patent rights, and trademarks transferred to Hard Rock. The Hard Rock Note has a remaining balance of $1,500,000 as of December 31, 2020, accrues interest at 8.00% per annum and is fully payable on October 5, 2022. Under the amended terms of the Hard Rock Note, we are required to make the following remaining payments: accrued interest on January 5, April 5, July 5 and October 5 in 2021 and 2022; plus $750,000 in principal on July 5, 2021 with the remaining balance of principal and accrued interest on the Hard Rock Note due on October 5, 2022. In January 2021, the Company made an interest payment of $30,247. Credit Agreement In February 2019, the Company entered into a Loan and Security Agreement (the “Credit Agreement”) with Austin Financial Services, Inc. (“AFS”). The Credit Agreement provides a $4,500,000 credit facility, which includes a $1,000,000 term loan (the “Term Loan”) and a $3,500,000 revolver (the “Revolving Loan”). As of December 31, 2020, we had $666,664 outstanding on the Term Loan and $198,838 outstanding on the Revolving Loan. Amounts outstanding under the Revolving Loan at any time may not exceed the sum of: (a) up to 85% of accounts receivable or such lesser percentage as AFS in its sole discretion may deem appropriate if it determines that there has been a material adverse effect (less a dilution reserve as determined by AFS in its sole good faith discretion), plus (b) the lesser of (i) up to 50% of inventory or such lesser percentage as AFS in its sole discretion may deem appropriate if it determines that there has been a material adverse effect, or (ii) the inventory sublimit, minus (c) the borrowing base reserve as may be determined from time to time by AFS. Amounts outstanding on the Revolving Loan as of December 31, 2020, may not exceed $314,517, which is based on a calculation applying 85% of accounts receivable and 50% of inventory. A collateral management fee is payable monthly on the used portion of the Revolving Loan and Term Loan. Even if our borrowings are less than $1,000,000, we still pay interest as if we had borrowed $1,000,000. At December 31, 2020, we had approximately $8,700 of accrued interest. The Credit Agreement contains various restrictive covenants that, among other things, limit or restrict the ability of the borrowers to incur additional indebtedness; incur additional liens; make dividends and other restricted payments; make investments; engage in mergers, acquisitions and dispositions; make optional prepayments of other indebtedness; engage in transactions with affiliates; and enter into restrictive agreements. The Credit Agreement does not include any financial covenants. If an event of default occurs, the lenders are entitled to accelerate the advances made thereunder and exercise rights against the collateral. Borrowing under the Revolving Loan is classified as current debt as a result of the required lockbox arrangement and the subjective acceleration clause. At December 31, 2020, we were in compliance with the covenants in the Credit Agreement. The interest rate for the Term Loan and the Revolving Loan is prime plus 2%. At December 31, 2020, the interest rate for the Term Loan was 8.85%, which includes a 3.6% management fee rate. The effective interest rate for the Revolving Loan for the year ending December 31, 2020 was 11.35%. The obligations of the Company under the Credit Agreement are secured by a security interest in substantially all of the tangible and intangible assets of the borrowers, other than any assets owned by the Company that constitute real property (and fixtures affixed to such real property), certain excluded equipment, intellectual property, or aircraft. The Credit Agreement matures on February 20, 2023, subject to early termination pursuant to the terms of the agreement or extension as may be agreed by the parties. Equipment Loans The Company purchased equipment in November 2019 and entered into a note payable with a financing company for $478,000. The note has an interest rate of 8.06% and will mature in November 2024. The Company pays monthly payments on this note of approximately $10,000. Transportation Loans Vehicles Our loans for Company vehicles and other transportation are with various financing parties we have engaged with in connection with the acquisition of the vehicles. As of December 31, 2020, the loans bear interest ranging from 0% - 6.99% with maturity dates ranging from June 2021 through June 2024 and are collateralized by the vehicles. Our cumulative monthly payment under these loans as of December 31, 2020 was approximately $2,677, including principal and interest. Future annual maturities of total debt are as follows (1): Year 2021 $ 1,217,022 2022 1,213,802 2023 140,964 2024 115,207 2025 - Thereafter 2,689 Total debt $ 2,689,684 (1) Excludes discounts for debt issuance costs and maturities related to our Revolving Loan.

Financing Obligation

Financing Obligation	12 Months Ended
	Dec. 31, 2020
Financing Obligation
Financing Obligation	NOTE 10. FINANCING OBLIGATION On December 7, 2020, the Company entered into a sale agreement (the “Sale Agreement”). Pursuant to the terms of the Sale Agreement, the Company sold land and property related to the Company’s headquarters and manufacturing facility in Vernal, Utah (the “Property”) for a purchase price of $4,448,500. Concurrent with the sale of the Property, the Company entered into a fifteen-year lease agreement (the “Lease Agreement”), whereby the Company will lease back the Property at an annual rate of $311,395 with payments made monthly, subject to annual rent increases of 1.5%. Under the Lease Agreement, the Company has an option to extend the term of the lease and to repurchase the Property. Due to this repurchase option, the Company was unable to account for the transfer as a sale under ASC Topic 842, Leases The Company received cash of $1,622,106, retired real estate debt of $2,638,773 and recorded a financing obligation liability of $4,260,879 related to the transaction. There was no gain recorded since sale accounting was precluded. The financing obligation has an implied interest rate of 6.0%. At the conclusion of the fifteen-year lease period, the financing obligation residual will be $2,160,242, which will correspond to the carrying value of the property. The Company paid $25,950 of principal in 2020 that was prorated for the month of December. The financing obligation is summarized below: December 31, Finance obligations for sale-leaseback transactions $ 4,239,952 Current principal portion of finance obligation (61,691 ) Non-current portion of finance obligation $ 4,178,261 The following is the aggregate future lease payments that include principal and interest for the finance obligation as of December 31, 2020: 2021 $ 311,784 2022 316,461 2023 321,208 2024 326,026 2025 330,916 Thereafter 3,562,389 Total undiscounted lease payments 5,168,784 Residual value of the property 2,160,242 Less: effects of discounting (3,089,074 ) Present value of lease payments $ 4,239,952

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 11. COMMITMENTS AND CONTINGENCIES We are subject to litigation that arises from time to time in the ordinary course of our business activities. In February 2019, the Company filed a patent infringement lawsuit in the United States District Court for the Western District of Louisiana Lafayette Division asserting Stabil Drill Specialties, LLC (“Stabil Drill”) infringed on our patent that covers the Company’s well bore conditioning tool, the Drill-N-Ream. The lawsuit was subsequently moved from Louisiana to the United States District Court for the Southern District of Texas, Houston Division. The court ordered the Company to serve discovery requests upon Stabil Drill and gave Stabil Drill deadlines to respond and produce documents and permit product inspection. Stabil Drill filed a motion for summary judgement and the Company responded and cross-moved for patent infringement. The parties are awaiting the judge’s decision. On October 1, 2020, Superior Energy Services, Stabil Drill’s parent company, filed for bankruptcy, which may result in a delay in the resolution of this litigation. Superior Energy Services announced on February 2, 2021 that it has successfully completed its financial restructuring and has emerged from Chapter 11 bankruptcy. Additionally, on May 20, 2019, Extreme Technologies, LLC sued Short Bit & Tool Co. and Lot William Short, Jr. (“Defendants”) in the Northern District of Texas - Dallas Division. Extreme sued for patent infringement based on the same patents discussed in the Stabil Drill litigation. On December 23, 2019, the Court stayed Extreme’s patent infringement claim against Defendants pending resolution of the Southern District of Texas Stabil Drill case. We are not currently involved in any other litigation which management believes could have a material effect on our financial position or results of operations.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 12. INCOME TAXES Components of income tax benefit are as follows: For the Year For the Year Current income taxes: Federal $ - $ - State 10,481 18,550 International 104,515 - Current provision for income taxes 114,996 18,550 Deferred provision (benefit) for income taxes: Federal - - State - - Deferred provision (benefit) for income taxes - - Provision for income taxes $ 114,996 $ 18,550 The non-current deferred tax assets and liabilities consist of the following: Deferred tax assets: 263A adjustment $ 12,133 $ 11,103 Accrued expenses 183,282 - Stock compensation 122,191 98,460 Stock option 70,201 69,463 Amortization of intangibles 2,839,598 2,952,425 Net operating loss 2,898,078 2,448,415 Allowances 1,686,952 1,706,320 Sale-leaseback – lease liability 1,008,663 - Others 20,102 28,077 Total non-current deferred tax assets 8,841,200 7,314,263 Deferred tax liabilities: Prepaid expenses (15,458 ) (27,152 ) Depreciation on sale-leaseback fixed assets (967,055) Depreciation on fixed assets (251,190 ) (582,949 ) Total non-current deferred tax liabilities (1,233,703 ) (610,101 ) Net non-current deferred tax assets/liabilities 7,607,497 6,704,162 Less: Valuation Allowance (7,607,497 ) (6,704,162 ) Total deferred tax liabilities $ - $ - Reconciliation of the tax rate to the U.S. federal statutory tax rate which relate to the year ended December 31, 2020 and 2019 is as follows: For the Year Ended For the Year Ended Tax at federal statutory rate $ (696,124 ) $ (193,803 ) State income taxes 8,280 14,654 Permanent differences (219,880 ) 66,087 Change in valuation allowance 903,335 (5,477 ) Other adjustment/tax expense true-up 79,651 - Other - State rate effect (92,760 ) (28,536 ) Change in status 66,835 128,002 Other 65,659 37,623 Provision for income taxes $ 114,996 $ 18,550

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	NOTE 13. SHARE-BASED COMPENSATION In 2014, the Company’s Board of Directors approved that the Directors stock compensation would be included in the Employee Stock Incentive Plan (“Stock Plan”) that reserves 1,724,128 shares of common stock for issuance. Equity and equity-based compensation plans are intended to make available incentives that will assist us in attracting, retaining, and motivating employees, officers, consultants, and directors by allowing them to acquire an ownership interest in our business, and, as a result, encouraging them to contribute to our success. We may provide these incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units, and other cash-based or stock-based awards. As a result, we expect to incur non-cash, stock-based compensation expenses in future periods. The Board of Directors has frozen the 2014 Incentive Plan, such that no future grants of awards will be made and the 2014 Incentive Plan shall only remain in effect with respect to awards under that Plan outstanding as of June 15, 2015 until they expire according to their terms. In 2015, our stockholders approved the Superior Drilling Company, Inc. 2015 Long Term Incentive Plan (the “2015 Incentive Plan”). The purpose of the 2015 Incentive Plan is to advance the interests of the Company and its stockholders by providing an incentive to attract, retain and reward persons performing services for the Company and its affiliates and by motivating such persons to contribute to the growth and profitability of the Company and our affiliates. In 2020, the Company’s board of directors approved an additional 2,543,448 shares of the Company’s common stock to be added to the 2015 Incentive Plan. Subject to adjustment as provided in the 2015 Incentive Plan, the maximum aggregate number of shares of the Company’s common stock that may be issued with respect to awards under the 2015 Incentive Plan is 5,576,326. As of December 31, 2020, there were 1,578,709 shares outstanding with respect to awards granted under the Company’s 2015 Incentive Plan. Restricted stock units On August 7, 2020, the Board of Directors granted 1,544,719 restricted stock units from the 2015 Incentive Plan based on the average price of the Company’s common stock on the date of the grant. These restricted units will vest over a three - year period. Executive management received 863,282 restricted stock units and employees received the remaining 681,437. On July 30, 2019, the Board of Directors granted 359,375 restricted stock units from the 2015 Incentive Plan to executive management and directors based on the average price of the Company’s common stock on the date of the grant. These restricted units will vest over a three - year period. Compensation expense recognized for grants of restricted stock vesting under the 2015 Incentive Plan was approximately $545,000 and $577,000 for the years ending December 31, 2020 and 2019, respectively. The Company recognized compensation expense and recorded it as share-based compensation in the consolidated statement of operations. Total unrecognized compensation expense related to unvested restricted stock units expected to be recognized over the remaining weighted vesting period of 2.50 years equaled approximately $1,276,516 at December 31, 2020. These shares vest over three years. The following table summarizes RSU activity for the years ended December 31, 2020 and 2019: 2020 2019 Number of Restricted Stock Units Weighted - Number of Restricted Stock Units Weighted - Unvested RSU’s at beginning of period 706,394 $ 1.24 747,048 $ 1.37 Granted 1,544,719 $ 0.59 359,375 0.96 Forfeited (110,000 ) 0.59 - - Vested (344,216 ) 1.29 (400,029 ) 1.25 Unvested RSU’s at end of period 1,796,897 $ 0.71 706,394 $ 1.24 Stock Options On December 11, 2019, the Board of Directors granted 75,000 stock options from the 2015 Incentive Plan to officers and employees based on the Company’s common stock on the date of grant, which was $0.84. These options vest 33% on the grant date, 33% on the first anniversary of the grant date, and 34% on the second anniversary of the grant date. Compensation expense recognized for option grants vesting under the 2015 Incentive Plan was approximately $6,000 for the year ending December 31, 2019. The Company recognized compensation expense and recorded it as share-based compensation in the consolidated condensed statement of operations. The following table summarizes stock options outstanding and changes during the years ended December 31, 2020 and 2019: 2020 2019 Number of Stock Options Weighted - Average Exercise Price Number of Stock Options Weighted - Average Exercise Price Stock options outstanding at beginning of period 588,133 $ 1.50 531,968 $ 1.56 Granted - - 75,000 0.84 Exercised - - - - Expired (51,971 ) 1.40 (9,329 ) 1.62 Canceled or forfeited (37,885 ) 1.19 (9,506 ) 1.50 Stock options outstanding at end of period 498,277 $ 1.53 588,133 $ 1.50 Stock options exercisable at end of period - $ - - $ - The fair value of stock options granted to employees and directors in 2019 was estimated at the grant date using the Black-Scholes option pricing model using the following assumptions: Expected volatility 59.50 % Discount rate 1.61 % Expected life (years) 2 Dividend yield NA Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Expected price volatility is based on the historical volatility of our common stock. Changes in the subjective input assumptions can materially affect the fair value estimate. The expected term of the options granted is derived from the output of the option pricing model and represents the period of time that the options granted are expected to be outstanding. The discount rate for the periods within the contractual term of the option is based on the U.S. Treasury yield curve in effect at the date of grant.

Geographical Operations Informa

Geographical Operations Information	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Geographical Operations Information	NOTE 14. GEOGRAPHICAL OPERATIONS INFORMATION The following summarizes revenue by geographic location: For the Year Ended December 31, 2020 For the Year Ended December 31, 2019 Revenue: North America $ 8,590,933 $ 17,682,560 International $ 1,879,865 $ 1,314,454 $ 10,470,798 $ 18,997,014 The following summarizes net property, plant and equipment by geographic location: December 31, 2020 December 31, 2019 Property, plant and equipment, net: North America $ 6,008,431 $ 7,160,646 International 1,526,667 885,046 $ 7,535,098 $ 8,045,692

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Organization and Nature of Operations	Organization and Nature of Operations Superior Drilling Products, Inc. (the “Company”, “SDPI”, “we”, “our” or “us”) is an innovative drilling and completion tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. Our headquarters and manufacturing operations are located in Vernal, Utah. Our drilling solutions include the patented Drill-N-Ream® well bore conditioning tool (“Drill-N-Ream tool”) and the patented Strider™ Drill String Oscillation System technology (“Strider technology” or “Strider”). In addition, the Company is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field services company. We operate a state-of-the-art drill tool fabrication facility, where we manufacture solutions for the drilling industry, as well as customers’ custom products. Our subsidiaries include (a) Superior Drilling Solutions, LLC (previously known as Superior Drilling Products, LLC), a Utah limited liability company (“SDS”), together with its wholly owned subsidiary Superior Design and Fabrication, LLC, a Utah limited liability company (“SDF”), (b) Extreme Technologies, LLC, a Utah limited liability company (“ET”), (c) Meier Properties Series, LLC, a Utah limited liability company (“MPS”), (d) Meier Leasing, LLC, a Utah limited liability company (“ML”), and (e) Hard Rock Solutions, LLC (“HR” or “Hard Rock”).
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of Superior Drilling Products Inc. and all of its wholly-owned subsidiaries. All significant intercompany accounts have been eliminated in consolidation. The Company does not have investments in any unconsolidated subsidiaries.
Segment Reporting	Segment Reporting We operate as a single operating segment, which reflects how we manage our business. We operate in North America and the Middle East. See Note 14 – Geographical Operations Information.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant items subject to estimates and assumptions include the carrying amount and useful lives of property and equipment and intangible assets, impairment assessments, share-based compensation expense, and valuation allowances for accounts receivable, inventories, and deferred tax assets.
Revenue Recognition	Revenue Recognition We account for revenue in accordance with Topic 606, which we adopted on January 1, 2019, using the full retrospective method. The adoption of Topic 606 did not have a material impact on the timing or amounts of revenue recognized in our unaudited condensed consolidated financial statements and therefore did not have a material impact on our financial position, results of operations, equity or cash flows as of the adoption date for the year ended December 31, 2019. The Company did not record any adjustments to opening retained earnings as of December 31, 2017 or for any periods previously presented. Furthermore, the impact of the adoption of the new standard is immaterial to our revenue and gross profit on an ongoing basis. Tool sales, rentals and other related revenue Tool and Product Sales Tool Rental Other Related Revenue: Contract Services Drill Bit Manufacturing and Refurbishment See Note 3 – Revenue.
Cash and Cash Equivalents	Cash and cash equivalents Cash and cash equivalents consist of cash on deposit. We maintain cash deposits with financial institutions that may exceed federally insured limits at times. We have chosen credible institutions and believe our risk of loss is negligible.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, receivables, payables, and bank debt. The Company believes that the carrying values of these instruments on the accompanying consolidated balance sheets approximate their fair values.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are generally due within 60 days of the invoice date. No interest is charged on past-due balances. We grant credit to our customers based upon an evaluation of each customer’s financial condition. We periodically monitor the payment history and ongoing creditworthiness of our customers. An allowance for doubtful accounts is established at a level estimated by management to be adequate based upon various factors including historical experience, aging status of customer accounts, payment history and financial condition of our customers. The allowance for doubtful accounts was $0 and $9,288 as of December 31, 2020 and 2019, respectively.
Inventories	Inventories Inventories consist of raw materials, work-in-process and finished goods and are stated at the lower of cost, determined using the weighted-average cost method, or net realizable value. Finished goods inventories include raw materials, direct labor and production overhead. The Company regularly reviews inventories on hand and current market conditions to determine if the cost of finished goods inventories exceed current market prices and impairs the cost basis of the inventory accordingly.
Assets and Liabilities Held for Sale	Assets and Liabilities Held for Sale The Company classifies disposal groups as held for sale in the period in which all of the following criteria are met: (1) management, having the authority to approve the action, commits to a plan to sell the disposal group; (2) the disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such disposal groups; (3) an active program to locate a buyer or buyers and other actions required to complete the plan to sell the disposal group have been initiated; (4) the sale of the disposal group is probable, and transfer of the disposal group is expected to qualify for recognition as a completed sale, within one year, except if events of circumstances beyond the Company’s control extend the period of time required to sell the disposal group beyond one year; (5) the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A disposal group that is classified as held for sale is initially measured at the lower of its carrying amount or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Subsequent changes in the fair value of a disposal group less any costs to sell are reported as an adjustment to the carrying amount of the disposal group, as long as the new carrying amount does not exceed the carrying amount of the asset at the time it was initially classified as held for sale. Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group for all periods presented in the line items assets held for sale and liabilities held for sale, respectively, in the consolidated balance sheets.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment is stated at cost. The cost of ordinary maintenance and repair is charged to operating expense, while replacement of critical components and major improvements are capitalized. Depreciation or amortization of property and equipment, is calculated using the straight-line method over the asset’s estimated useful life as follows: Buildings and leasehold Improvements 2-39 years Machinery, equipment and rental tools 18 months -10 years Office equipment, fixtures and software 3-7 years Transportation equipment 5 - 30 years Property, plant and equipment is reviewed for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value of an asset or asset group may not be recoverable. Indicative events or circumstances include, but are not limited to, matters such as a significant decline in market value or a significant change in business climate. An impairment loss is recognized when the carrying value of an asset exceeds the estimated undiscounted future cash flows from the use of the asset and its eventual disposition. The amount of impairment loss recognized is the excess of the asset’s carrying value over its fair value. Assets to be disposed of are reported at the lower of the carrying value or the fair value less cost to sell. Upon sale or other disposition of an asset, the Company recognizes a gain or loss on disposal measured as the difference between the net carrying value of the asset and the net proceeds received.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We review the recoverability of long-lived assets, such as property and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows (undiscounted) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and the carrying value. We concluded there were no indicators evident or other circumstances present that these assets were not recoverable and accordingly, no impairment charges of long-lived assets were recognized for 2020 and 2019.
Intangible Assets	Intangible Assets The Company’s intangible assets with finite lives consist of developed technology, customer contracts and relationships, and trade names and trademarks. The cost of intangible assets with finite lives is amortized using the straight-line method over the estimated period of economic benefit, ranging from 5 to 9 years. Asset lives are adjusted whenever there is a change in the estimated period of economic benefit. No residual value has been assigned to these intangible assets. Intangible assets with finite lives are tested for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. These conditions may include a change in the extent or manner in which the asset is being used or a change in future operations. The Company assesses the recoverability of the carrying amount by preparing estimates of future revenue, margins, and cash flows. If the sum of expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, an impairment loss is recognized. The impairment loss recognized is the amount by which the carrying amount exceeds the fair value. Fair value of these assets may be determined by a variety of methodologies, including discounted cash flow models.
Leases	Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires assets and liabilities that arise from all leases to be recognized on the balance sheet for lessees and expanded financial statement disclosures for both lessees and lessors. We adopted the new standard effective January 1, 2020 and elected the modified retrospective transition method and as such, the comparative financial information will not be restated and will continue to be reported under the lease standard in effect during those periods. The adoption of this standard resulted in approximately $270,000 of additional assets and liabilities on our consolidated balance sheet representing the recognition of operating lease right-of-use assets and operating lease liabilities. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded on the condensed consolidated balance sheet and are expensed on a straight-line basis over the lease term in the condensed consolidated statement of operations. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes an estimate of its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company believes it could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. See Note 8 – Leases.
Research and Development	Research and Development We expense research and development costs as they are incurred. For the years ended December 31, 2020 and 2019, these expenses were approximately $790,000 and $1,427,000, respectively, and are included in the selling, general, and administrative expenses in the statement of operations.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per common share is calculated by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding, including potentially dilutive common share equivalents, if the effect is dilutive. Potentially dilutive common shares equivalents include stock options and warrants.
Income Taxes	Income Taxes The Company recognizes an asset or liability for the deferred tax consequences of all temporary differences between the tax basis of assets or liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years when the reported amounts of the asset or liabilities are recovered or settled and for operating loss carry forwards. These deferred tax assets and liabilities are measured using the enacted tax rates that will be in effect when the differences are expected to reverse and the carry forwards are expected to be realized. Deferred tax assets are reviewed periodically for recoverability and a valuation allowance is provided as necessary.
Debt Issuance Costs	Debt Issuance Costs Costs related to debt issuance are capitalized and amortized as interest expense over the term of the related debt using the straight-line method, which approximates the effective interest method. Upon the repayment of debt, the Company accelerates the recognition of an appropriate amount of the costs as interest expense. Debt issuance are presented as a direct reduction from the carrying amount of the note payable. As of December 31, 2020 and 2019, the amortized debt issuance costs were $18,524 and $14,942, respectively.
Share Based Compensation	Share Based Compensation Share based compensation expense for share based payments, related to stock option and restricted stock awards, is recognized based on their grant-date fair values. The Company recognizes compensation expense on a straight-line basis over the requisite service period of the award.
Concentrations and Credit Risk	Concentrations and Credit Risk The Company has two significant customers that represented 80% and 92% of our revenue for the years ended December 31, 2020 and 2019, respectively. These customers had approximately $436,000 and $2,920,000 in accounts receivable at December 31, 2020 and 2019, respectively. The Company had one vendor that represented 13% of our purchases for the year ended December 31, 2020. This vendor had approximately $61,000 in accounts payable at December 31, 2020. We had one significant vendor that represented 12% of our purchases for the year ended December 31, 2019, and had approximately $252,000 in accounts payable at December 31, 2019.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to the balance sheet to conform to the current year presentation. The reclassifications were within accounts payable and accrued expenses and did not impact net income.
Recent Accounting Pronouncements	Recent Accounting Pronouncements There are no recently issued accounting pronouncements that we have not yet adopted that we believe will have a material effect on our financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of Asset's Estimated Useful Life	Depreciation or amortization of property and equipment, is calculated using the straight-line method over the asset’s estimated useful life as follows: Buildings and leasehold Improvements 2-39 years Machinery, equipment and rental tools 18 months -10 years Office equipment, fixtures and software 3-7 years Transportation equipment 5 - 30 years

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Revenue Disaggregated by Revenue	Revenue disaggregated by revenue source are as follows: December 31, 2020 2019 Tool Revenue: Tool and product sales $ 971,520 $ 3,930,619 Tool rental 2,058,329 1,379,072 Other related revenue 4,020,687 6,806,235 Total Tool Revenue 7,050,536 12,115,926 Contract Services 3,420,262 6,881,088 Total Revenue $ 10,470,798 $ 18,997,014

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories were comprised of the following: December 31, December 31, Raw material $ 733,734 $ 800,662 Work in progress 50,631 75,235 Finished goods 235,643 48,135 $ 1,020,008 $ 924,032

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment are comprised of the following: December 31, December 31, Land $ 880,416 $ 880,416 Buildings 4,764,441 4,758,832 Leasehold improvements 755,039 755,039 Machinery and equipment 11,298,642 10,343,486 Office equipment, fixtures and software 628,358 615,357 Transportation assets 265,760 350,871 18,592,656 17,704,001 Accumulated depreciation (11,057,558 ) (9,658,309 ) $ 7,535,098 $ 8,045,692

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets are comprised of the following: December 31, December 31, Developed technology $ 7,000,000 $ 7,000,000 Customer contracts 6,400,000 6,400,000 Trademarks 1,500,000 1,500,000 14,900,000 14,900,000 Accumulated amortization (14,080,556 ) (12,913,889 ) $ 819,444 $ 1,986,111
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of December 31, 2020, the Company will recognize the following amortization expense for the respective periods ending December 31 noted below: 2021 583,333 2022 166,667 2023 69,444 Total $ 819,444

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of Lease Related Assets and Liabilities	The table below presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheet as of December 31, 2020: Classification on Balance Sheet December 31, 2020 Assets Operating lease assets Operating lease right of use assets $ 99,831 Total lease assets $ 99,831 Liabilities Current liabilities Operating lease liability Current operating lease liability $ 79,313 Noncurrrent liabilities Operating lease liability Long-term operating lease liability 20,518 Total lease liability $ 99,831
Schedule of Aggregate Future Lease Payments for Operating Leases	The following is the aggregate future lease payments for operating leases as of December 31, 2020: 2021 $ 81,990 2022 15,252 2023 8,052 Total undiscounted lease payments 105,294 Less: effects of discounting (5,463 ) Present value of lease payments $ 99,831

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt is comprised of the following: December 31, December 31, Real estate loans $ - $ 2,938,191 Hard Rock Note 1,500,000 3,000,000 Credit Agreement 825,366 1,134,626 Machinery loans 466,448 580,185 Transportation loans 56,572 298,404 2,848,386 7,951,406 Current portion of long-term debt (1,397,337 ) (4,102,542 ) $ 1,451,049 $ 3,848,864
Schedule of Future Annual Maturities of Total Debt	Future annual maturities of total debt are as follows (1): Year 2021 $ 1,217,022 2022 1,213,802 2023 140,964 2024 115,207 2025 - Thereafter 2,689 Total debt $ 2,689,684 (1) Excludes discounts for debt issuance costs and maturities related to our Revolving Loan.

Financing Obligation (Tables)

Financing Obligation (Tables)	12 Months Ended
	Dec. 31, 2020
Financing Obligation
Schedule of Financing Obligation	The financing obligation is summarized below: December 31, Finance obligations for sale-leaseback transactions $ 4,239,952 Current principal portion of finance obligation (61,691 ) Non-current portion of finance obligation $ 4,178,261
Schedule of Aggregate Future Lease Payments for the Finance Obligation	The following is the aggregate future lease payments that include principal and interest for the finance obligation as of December 31, 2020: 2021 $ 311,784 2022 316,461 2023 321,208 2024 326,026 2025 330,916 Thereafter 3,562,389 Total undiscounted lease payments 5,168,784 Residual value of the property 2,160,242 Less: effects of discounting (3,089,074 ) Present value of lease payments $ 4,239,952

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Benefit	Components of income tax benefit are as follows: For the Year For the Year Current income taxes: Federal $ - $ - State 10,481 18,550 International 104,515 - Current provision for income taxes 114,996 18,550 Deferred provision (benefit) for income taxes: Federal - - State - - Deferred provision (benefit) for income taxes - - Provision for income taxes $ 114,996 $ 18,550
Schedule of Deferred Tax Assets and Liabilities	The non-current deferred tax assets and liabilities consist of the following: Deferred tax assets: 263A adjustment $ 12,133 $ 11,103 Accrued expenses 183,282 - Stock compensation 122,191 98,460 Stock option 70,201 69,463 Amortization of intangibles 2,839,598 2,952,425 Net operating loss 2,898,078 2,448,415 Allowances 1,686,952 1,706,320 Sale-leaseback – lease liability 1,008,663 - Others 20,102 28,077 Total non-current deferred tax assets 8,841,200 7,314,263 Deferred tax liabilities: Prepaid expenses (15,458 ) (27,152 ) Depreciation on sale-leaseback fixed assets (967,055) Depreciation on fixed assets (251,190 ) (582,949 ) Total non-current deferred tax liabilities (1,233,703 ) (610,101 ) Net non-current deferred tax assets/liabilities 7,607,497 6,704,162 Less: Valuation Allowance (7,607,497 ) (6,704,162 ) Total deferred tax liabilities $ - $ -
Schedule of Reconciliation of the Tax Rate to the U.S. Federal Statutory Tax Rate	Reconciliation of the tax rate to the U.S. federal statutory tax rate which relate to the year ended December 31, 2020 and 2019 is as follows: For the Year Ended For the Year Ended Tax at federal statutory rate $ (696,124 ) $ (193,803 ) State income taxes 8,280 14,654 Permanent differences (219,880 ) 66,087 Change in valuation allowance 903,335 (5,477 ) Other adjustment/tax expense true-up 79,651 - Other - State rate effect (92,760 ) (28,536 ) Change in status 66,835 128,002 Other 65,659 37,623 Provision for income taxes $ 114,996 $ 18,550

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation, Restricted Stock Units Award Activity	The following table summarizes RSU activity for the years ended December 31, 2020 and 2019: 2020 2019 Number of Restricted Stock Units Weighted - Number of Restricted Stock Units Weighted - Unvested RSU’s at beginning of period 706,394 $ 1.24 747,048 $ 1.37 Granted 1,544,719 $ 0.59 359,375 0.96 Forfeited (110,000 ) 0.59 - - Vested (344,216 ) 1.29 (400,029 ) 1.25 Unvested RSU’s at end of period 1,796,897 $ 0.71 706,394 $ 1.24
Schedule of Share-Based Compensation, Stock Options, Activity	The following table summarizes stock options outstanding and changes during the years ended December 31, 2020 and 2019: 2020 2019 Number of Stock Options Weighted - Average Exercise Price Number of Stock Options Weighted - Average Exercise Price Stock options outstanding at beginning of period 588,133 $ 1.50 531,968 $ 1.56 Granted - - 75,000 0.84 Exercised - - - - Expired (51,971 ) 1.40 (9,329 ) 1.62 Canceled or forfeited (37,885 ) 1.19 (9,506 ) 1.50 Stock options outstanding at end of period 498,277 $ 1.53 588,133 $ 1.50 Stock options exercisable at end of period - $ - - $ -
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	The fair value of stock options granted to employees and directors in 2019 was estimated at the grant date using the Black-Scholes option pricing model using the following assumptions: Expected volatility 59.50 % Discount rate 1.61 % Expected life (years) 2 Dividend yield NA

Geographical Operations Infor_2

Geographical Operations Information (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Revenue and Property, Plant and Equipment by Geographic Location	The following summarizes revenue by geographic location: For the Year Ended December 31, 2020 For the Year Ended December 31, 2019 Revenue: North America $ 8,590,933 $ 17,682,560 International $ 1,879,865 $ 1,314,454 $ 10,470,798 $ 18,997,014 The following summarizes net property, plant and equipment by geographic location: December 31, 2020 December 31, 2019 Property, plant and equipment, net: North America $ 6,008,431 $ 7,160,646 International 1,526,667 885,046 $ 7,535,098 $ 8,045,692

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details Narrative)	12 Months Ended
	Dec. 31, 2020USD ($)Segment	Dec. 31, 2019USD ($)	Sep. 30, 2020USD ($)	Jan. 02, 2020USD ($)	Dec. 31, 2018USD ($)
Number of operating segment | Segment	1
Allowance for doubtful accounts	$ 0	$ 9,288
Impairment charges of long-lived assets
Intangible assets, amortization period	6 years 11 days
Operating lease right-of-use assets	$ 99,831			$ 270,000
Operating lease liabilities	79,313			$ 270,000
Research and development expenses	790,000	1,427,000
Amortized debt issuance costs	18,524	14,942
Accounts receivable	436,000	2,920,000
Accounts payable	430,014	945,414
Shareholders' equity	4,223,675	7,102,976	$ 4,700,000		$ 7,410,219
Vendor [Member]
Accounts payable	$ 61,000	$ 252,000
Customer Concentration Risk [Member] | Revenue [Member] | Two Customers [Member]
Concentration risk percentage	80.00%	92.00%
Supplier Concentration Risk [Member] | Purchases [Member] | One Vendor [Member]
Concentration risk percentage	13.00%	12.00%
Minimum [Member]
Intangible assets, amortization period	5 years
Maximum [Member]
Intangible assets, amortization period	9 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Asset's Estimated Useful Life (Details)	12 Months Ended
	Dec. 31, 2020
Buildings and Leasehold Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	2 years
Buildings and Leasehold Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	39 years
Machinery, Equipment and Rental Tools [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	18 months
Machinery, Equipment and Rental Tools [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Office Equipment, Fixtures and Software [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Office Equipment, Fixtures and Software [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Transportation Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Transportation Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years

Liquidity (Details Narrative)

Liquidity (Details Narrative) - USD ($)	1 Months Ended		12 Months Ended
	Oct. 31, 2020	Apr. 30, 2020	Dec. 31, 2020	Dec. 07, 2020	Sep. 30, 2020	Jul. 02, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Sale of property			$ 4,500,000
Shareholders' equity			4,223,675		$ 4,700,000		$ 7,102,976	$ 7,410,219
Unsecured Promissory Note [Member] | PPP Loan [Member]
Subsequent Event [Line Items]
Proceeds from loan			$ 891,600
Lease Agreement [Member]
Subsequent Event [Line Items]
Lease term				15 years
Maximum [Member]
Subsequent Event [Line Items]
Sale of securities						$ 20,000,000
Chief Executive Officer, Chief Operating Officer, and Chief Financial Officer [Member]
Subsequent Event [Line Items]
Percentage of reduction in basic salary		20.00%
Percentage of reduction deferral salary	40.00%
Non-executive Officers [Member]
Subsequent Event [Line Items]
Percentage of reduction in basic salary		20.00%
Percentage of reduction deferral salary	20.00%
Independent Directors [Member]
Subsequent Event [Line Items]
Percentage of reduction deferral salary	40.00%
Percentage of reduction in fee payable		20.00%
Other Members of Management Team and Salaried Workforce [Member]
Subsequent Event [Line Items]
Percentage of reduction deferral salary	10.00%
Other Members of Management Team and Salaried Workforce [Member] | Minimum [Member]
Subsequent Event [Line Items]
Percentage of reduction in basic salary		5.00%
Other Members of Management Team and Salaried Workforce [Member] | Maximum [Member]
Subsequent Event [Line Items]
Percentage of reduction in basic salary		10.00%
Workforce [Member]
Subsequent Event [Line Items]
Percentage of reduction in basic salary		43.00%

Revenue (Details Narrative)

Revenue (Details Narrative)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Description of payment terms	All of our contracts are less than one year in duration. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.
Revenue [Member] | United States [Member]
Disaggregation of Revenue [Line Items]
Concentration risk percentage of revenue	82.00%	93.00%
Revenue [Member] | Middle East [Member]
Disaggregation of Revenue [Line Items]
Concentration risk percentage of revenue	18.00%	7.00%

Revenue - Schedule of Revenue

Revenue - Schedule of Revenue Disaggregated by Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total Revenue	$ 10,470,798	$ 18,997,014
Tool and Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	971,520	3,930,619
Tool Rental [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	2,058,329	1,379,072
Other Related Revenue [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	4,020,687	6,806,235
Tool Revenue [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	7,050,536	12,115,926
Contract Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	$ 3,420,262	$ 6,881,088

Inventories (Details Narrative)

Inventories (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventory wrote off	$ 4,800	$ 79,200

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw material	$ 733,734	$ 800,662
Work in progress	50,631	75,235
Finished goods	235,643	48,135
Inventories, net	$ 1,020,008	$ 924,032

Property, Plant and Equipment_2

Property, Plant and Equipment (Details Narrative) - USD ($)	1 Months Ended		12 Months Ended
	Mar. 31, 2020	Feb. 29, 2020	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Gain on sale of airplane property		$ 142,000
Impairment of assets	$ 30,000		$ 30,000	$ 6,143
Depreciation expense related to property, plant and equipment			$ 1,728,403	$ 1,649,729

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Land	$ 880,416	$ 880,416
Buildings	4,764,441	4,758,832
Leasehold improvements	755,039	755,039
Machinery and equipment	11,298,642	10,343,486
Office equipment, fixtures and software	628,358	615,357
Transportation assets	265,760	350,871
Property, plant and equipment, gross	18,592,656	17,704,001
Accumulated depreciation	(11,057,558)	(9,658,309)
Property, plant and equipment, net	$ 7,535,098	$ 8,045,692

Intangible Assets (Details Narr

Intangible Assets (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,166,667	$ 1,700,000
Finite lived intangible assets weighted average amortization period	6 years 11 days
Impairment of intangible assets

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 14,900,000	$ 14,900,000
Accumulated amortization	(14,080,556)	(12,913,889)
Intangible assets, net	819,444	1,986,111
Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	7,000,000	7,000,000
Customer Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	6,400,000	6,400,000
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 1,500,000	$ 1,500,000

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 583,333
2022	166,667
2023	69,444
Total	$ 819,444	$ 1,986,111

Related Party Note Receivable (

Related Party Note Receivable (Details Narrative) - USD ($)	Aug. 31, 2017	Dec. 31, 2019	Dec. 31, 2020
Tronco Note [Member]
Repayment of related party debt		$ 350,911
Remitted for taxes		279,089
Restricted Stock Units (RSUs) [Member] | Tronco Note [Member]
Repayment of related party debt		327,238
Remitted for taxes		260,262
Tronco Energy Corporation [Member]
Related party note receivable	$ 6,979,043
Debt instrument decrease	$ 0
Common stock hold as collateral	8,267,860
Debt interest rate			2.00%
Debt maturity description			The Meiers are to pay interest only on December 31, 2021, with a balloon payment of all unpaid interest and principal due upon maturity on December 31, 2022.
Troy and Annette Meier [Member] | Board of Directors [Member]
Accrued Bonuses		630,000
Troy and Annette Meier [Member] | Restricted Stock Units (RSUs) [Member] | Board of Directors [Member]
Number of units granted		$ 587,500

Leases (Details Narrative)

Leases (Details Narrative)	12 Months Ended
	Dec. 31, 2020USD ($)
Leases [Abstract]
Lease expense	$ 168,917
Weighted average remaining lease terms	9 months 11 days
Weighted average discount rate	7.25%

Leases - Schedule of Lease Rela

Leases - Schedule of Lease Related Assets and Liabilities (Details) - USD ($)	Dec. 31, 2020	Jan. 02, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease assets	$ 99,831
Total lease assets	99,831	$ 270,000
Current liabilities, Operating lease liability	79,313	$ 270,000
Noncurrrent liabilities, Operating lease liability	20,518
Total lease liability	$ 99,831

Leases - Schedule of Aggregate

Leases - Schedule of Aggregate Future Lease Payments for Operating Leases (Details)	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 81,990
2022	15,252
2023	8,052
Total undiscounted lease payments	105,294
Less: effects of discounting	(5,463)
Present value of lease payments	$ 99,831

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($)	Feb. 01, 2019	Dec. 31, 2014	Dec. 31, 2020	Feb. 28, 2019
Loan and Security Agreement [Member] | Term Loan and Revolving Loan [Member]
Debt Instrument [Line Items]
Line of credit interest rate			8.85%
Management fee rate, percentage			3.60%
Debt instrument interest rate effective percentage			11.35%
Debt instrument maturity date			Feb. 20, 2023
Loan and Security Agreement [Member] | Term Loan and Revolving Loan [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Line of credit interest rate			2.00%
Loan and Security Agreement [Member] | Austin Financial Services, Inc. [Member]
Debt Instrument [Line Items]
Long term line of credit				$ 4,500,000
Loan and Security Agreement [Member] | Austin Financial Services, Inc. [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Long term line of credit				1,000,000
Loan outstanding amount			$ 666,664
Loan and Security Agreement [Member] | Austin Financial Services, Inc. [Member] | Revolving Loan [Member]
Debt Instrument [Line Items]
Long term line of credit				$ 3,500,000
Loan outstanding amount			$ 198,838
Line of credit facility description			Amounts outstanding under the Revolving Loan at any time may not exceed the sum of: (a) up to 85% of accounts receivable or such lesser percentage as AFS in its sole discretion may deem appropriate if it determines that there has been a material adverse effect (less a dilution reserve as determined by AFS in its sole good faith discretion), plus (b) the lesser of (i) up to 50% of inventory or such lesser percentage as AFS in its sole discretion may deem appropriate if it determines that there has been a material adverse effect, or (ii) the inventory sublimit, minus (c) the borrowing base reserve as may be determined from time to time by AFS.
Current borrowing			$ 1,000,000
Loan and Security Agreement [Member] | Austin Financial Services, Inc. [Member] | Revolving Loan One [Member]
Debt Instrument [Line Items]
Loan outstanding amount			$ 314,517
Line of credit facility description			Amounts outstanding on the Revolving Loan as of December 31, 2020, may not exceed $314,517, which is based on a calculation applying 85% of accounts receivable and 50% of inventory.
Credit Agreement [Member] | Revolving Loan [Member]
Debt Instrument [Line Items]
Accrued interest			$ 8,700
Commercial Bank Loan [Member]
Debt Instrument [Line Items]
Debt instrument	$ 3,129,861
Debt instrument, periodic principal payments including interest	$ 43,000
Debt instrument, interest rate	7.25%
Hard Rock Note [Member]
Debt Instrument [Line Items]
Business combination, consideration transferred, liabilities incurred		$ 12,500,000
Payments to acquire businesses, gross		$ 12,500,000
Notes payable			$ 1,500,000
Hard Rock Note [Member] | July 5, 2021 [Member]
Debt Instrument [Line Items]
Principle payment term			The Hard Rock Note has a remaining balance of $1,500,000 as of December 31, 2020, accrues interest at 8.00% per annum and is fully payable on October 5, 2022. Under the amended terms of the Hard Rock Note, we are required to make the following remaining payments: accrued interest on January 5, April 5, July 5 and October 5 in 2021 and 2022; plus $750,000 in principal on July 5, 2021 with the remaining balance of principal and accrued interest on the Hard Rock Note due on October 5, 2022. In January 2021, the Company made an interest payment of $30,247.
Principle payment			$ 750,000
Hard Rock Note [Member] | January 2021 [Member]
Debt Instrument [Line Items]
Interest payment			30,247
Equipment Loans [Member]
Debt Instrument [Line Items]
Debt instrument, periodic principal payments including interest			$ 10,000
Debt instrument, interest rate			8.06%
Notes payable			$ 478,000

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long term debt, Total	$ 2,848,386	$ 7,951,406
Current portion of long-term debt	(1,397,337)	(4,102,543)
Long-term debt, net	1,451,049	3,848,863
Real Estate Loans [Member]
Debt Instrument [Line Items]
Long term debt, Total		2,938,191
Hard Rock Note [Member]
Debt Instrument [Line Items]
Long term debt, Total	1,500,000	3,000,000
Credit Agreement [Member]
Debt Instrument [Line Items]
Long term debt, Total	825,366	1,134,626
Machinery Loans [Member]
Debt Instrument [Line Items]
Long term debt, Total	466,448	580,185
Transportation Loans [Member]
Debt Instrument [Line Items]
Long term debt, Total	$ 56,572	$ 298,404

Long-Term Debt - Schedule of Fu

Long-Term Debt - Schedule of Future Annual Maturities of Total Debt (Details)	Dec. 31, 2020USD ($)	[1]
Debt Disclosure [Abstract]
2021	$ 1,217,022
2022	1,213,802
2023	140,964
2024	115,207
2025 - Thereafter	2,689
Total debt	$ 2,689,684
[1]	Excludes discounts for debt issuance costs and maturities related to our Revolving Loan.

Financing Obligation (Details N

Financing Obligation (Details Narrative) - USD ($)	Dec. 07, 2020	Dec. 31, 2020	Dec. 31, 2019
Purchase price		$ 221,639	$ 509,055
Net proceeds received		149,833
Sale Agreement [Member]
Purchase price		1,622,106
Real estate debt		2,638,773
Sale Agreement [Member] | Vernal, Utaht [Member]
Purchase price	$ 4,448,500
Lease Agreement [Member]
Lease term	15 years
Lease back property, annual rate	$ 311,395
Annual rent increases	1.50%
Option to extend	true
Net proceeds received	$ 4,260,879
Implied interest rate	6.00%
Financing obligation residual amount	$ 2,160,242
Principal payments		$ 25,950

Financing Obligation - Schedule

Financing Obligation - Schedule of Financing Obligation (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Financing Obligation
Finance obligations for sale-leaseback transactions	$ 4,239,952
Current principal portion of finance obligation	(61,691)
Non-current portion of finance obligation	$ 4,178,261

Financing Obligation - Schedu_2

Financing Obligation - Schedule of Aggregate Future Lease Payments for the Finance Obligation (Details)	Dec. 31, 2020USD ($)
Financing Obligation
2021	$ 311,784
2022	316,461
2023	321,208
2024	326,026
2025	330,916
Thereafter	3,562,389
Total undiscounted lease payments	5,168,784
Residual value of the property	2,160,242
Less: effects of discounting	(3,089,074)
Present value of lease payments	$ 4,239,952

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Percentage of statutory corporate tax rate	21.00%

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Benefit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Current income taxes: Federal
Current income taxes: State	10,481	18,550
Current income taxes: International	104,515
Current provision for income taxes	114,996	18,550
Deferred provision (benefit) for income taxes: Federal
Deferred provision (benefit) for income taxes: State
Deferred provision (benefit) for income taxes
Provision for income taxes	$ 114,996	$ 18,550

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
263A adjustment	$ 12,133	$ 11,103
Accrued expenses	183,282
Stock compensation	122,191	98,460
Stock option	70,201	69,463
Amortization of intangibles	2,839,598	2,952,425
Net operating loss	2,898,078	2,448,415
Allowances	1,686,952	1,706,320
Sale-leaseback - lease liability	1,008,663
Others	20,102	28,077
Total non-current deferred tax assets	8,841,200	7,314,263
Prepaid expenses	(15,458)	(27,152)
Depreciation on sale-leaseback fixed assets	(967,055)
Depreciation on fixed assets	(251,190)	(582,949)
Total non-current deferred tax liabilities	(1,233,703)	(610,101)
Net non-current deferred tax assets/liabilities	7,607,497	6,704,162
Less: Valuation Allowance	(7,607,497)	(6,704,162)
Total deferred tax liabilities

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of the Tax Rate to the U.S. Federal Statutory Tax Rate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Tax at federal statutory rate	$ (696,124)	$ (193,803)
State income taxes	8,280	14,654
Permanent differences	(219,880)	66,087
Change in valuation allowance	903,335	(5,477)
Other adjustment/tax expense true-up	79,651
Other - State rate effect	(92,760)	(28,536)
Change in status	66,835	128,002
Other	65,659	37,623
Provision for income taxes	$ 114,996	$ 18,550

Share-Based Compensation (Detai

Share-Based Compensation (Details Narrative) - USD ($)	Aug. 07, 2020	Dec. 11, 2019	Jul. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding to awards granted				498,277	588,133	531,968
Compensation expense recognized				$ 550,573	$ 629,180
Number of stock options, granted					75,000
Stock options, weighted average exercise price, granted					$ 0.84
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted units granted				1,544,719	359,375
Restricted stock units vesting period				3 years
Unrecognized compensation expense				$ 1,276,516
Restricted stock weighted vesting period				2 years 6 months
Executive Management [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted units granted	863,282
Employees [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted units granted	681,437
Employee Stock Incentive Plan [Member] | Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock reserved for issuance								1,724,128
2015 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum aggregate number of common shares for issuance							5,576,326
Shares outstanding to awards granted				1,578,709
Compensation expense recognized					$ 6,000
2015 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted units granted	1,544,719
Restricted stock units vesting period	3 years
Compensation expense recognized				$ 545,000	$ 577,000
2015 Incentive Plan [Member] | Executive Management and Board of Directors [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted units granted			359,375
Restricted stock units vesting period			3 years
2015 Incentive Plan [Member] | Officers and Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options, granted		75,000
Stock options vesting rights description		These options vest 33% on the grant date, 33% on the first anniversary of the grant date, and 34% on the second anniversary of the grant date.
Stock options, weighted average exercise price, granted		$ 0.84
Share based payment award vesting rights, percentage		33.00%
2015 Incentive Plan [Member] | Officers and Employees [Member] | First Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award vesting rights, percentage		33.00%
2015 Incentive Plan [Member] | Officers and Employees [Member] | Second Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award vesting rights, percentage		34.00%
2015 Incentive Plan [Member] | Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional common stock approved				2,543,448

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Share-Based Compensation, Restricted Stock Units Award Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Restricted Stock Units, beginning balance	706,394	747,048
Number of Restricted Stock Units, Granted	1,544,719	359,375
Number of Restricted Stock Units, Forfeited	(110,000)
Number of Restricted Stock Units, Vested	(344,216)	(400,029)
Number of Restricted Stock Units, ending balance	1,796,897	706,394
Weighted - Average Grant Date Fair Value, beginning balance	$ 1.24	$ 1.37
Weighted - Average Grant Date Fair Value, Granted	0.59	0.96
Weighted - Average Grant Date Fair Value, Forfeited	0.59
Weighted - Average Grant Date Fair Value, Vested	1.29	1.25
Weighted - Average Grant Date Fair Value, ending balance	$ 0.71	$ 1.24

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Share-Based Compensation, Stock Options, Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Number of Stock Options outstanding at beginning of period	588,133	531,968
Number of Stock Options, Granted		75,000
Number of Stock Options, Exercised
Number of Stock Options, Expired	(51,971)	(9,329)
Number of Stock Options, Canceled or forfeited	(37,885)	(9,506)
Number of Stock Options outstanding at end of period	498,277	588,133
Number of Stock Options, exercised at end of period
Weighted - Average Exercise Price, outstanding at beginning of period	$ 1.5	$ 1.56
Weighted - Average Exercise Price, Granted		0.84
Weighted - Average Exercise Price, Exercised
Weighted - Average Exercise Price, Expired	1.4	1.62
Weighted - Average Exercise Price, Canceled or forfeited	1.19	1.5
Weighted - Average Exercise Price, outstanding at end of period	1.53	1.5
Weighted - Average Exercise Price, exercisable at end of period

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Expected volatility	59.50%
Discount rate	1.61%
Expected life (years)	2 years
Dividend yield

Geographical Operations Infor_3

Geographical Operations Information - Schedule of Revenue and Property, Plant and Equipment by Geographic Location (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue	$ 10,470,798	$ 18,997,014
Property, plant and equipment, net	7,535,098	8,045,692
North America [Member]
Revenue	8,590,933	17,682,560
Property, plant and equipment, net	6,008,431	7,160,646
Middle East [Member]
Revenue	1,879,865	1,314,454
Property, plant and equipment, net	$ 1,526,667	$ 885,046