Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 07, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Enservco Corporation | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 37,056,215 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000319458 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current Assets | ' | ' |
Cash and cash equivalents | $1,848,435 | $1,868,190 |
Accounts receivable, net | 3,704,780 | 11,685,866 |
Prepaid expenses and other current assets | 1,325,390 | 923,758 |
Inventories | 376,618 | 315,004 |
Income tax receivable | 278,268 | ' |
Deferred tax asset | 285,777 | 336,561 |
Total current assets | 7,819,268 | 15,129,379 |
Property and Equipment, net | 27,856,726 | 17,425,828 |
Goodwill | 301,087 | 301,087 |
Long-Term Portion of Interest Rate Swap | 2,407 | 18,616 |
Other Assets | 717,274 | 547,338 |
TOTAL ASSETS | 36,696,762 | 33,422,248 |
Current Liabilities | ' | ' |
Accounts payable and accrued liabilities | 3,832,833 | 3,102,912 |
Income taxes payable | ' | 1,278,599 |
Current portion of long-term debt | 469,786 | 2,562,141 |
Current portion of interest rate swap | 7,272 | 11,966 |
Total current liabilities | 4,309,891 | 6,955,618 |
Long-Term Liabilities | ' | ' |
Senior revolving credit facility | 13,763,001 | ' |
Long-term debt, less current portion | 810,727 | 11,200,048 |
Deferred income taxes, net | 2,430,451 | 2,421,466 |
Total long-term liabilities | 17,004,179 | 13,621,514 |
Total liabilities | 21,314,070 | 20,577,132 |
Commitments and Contingencies (Note 7) | ' | ' |
Stockholders’ Equity | ' | ' |
Preferred stock. $.005 par value, 10,000,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock. $.005 par value, 100,000,000 shares authorized, 37,018,920 and 34,926,136 shares issued, respectively; 103,600 shares of treasury stock; and 36,915,320 and 34,822,536 shares outstanding, respectively | 184,577 | 174,113 |
Additional paid-in-capital | 12,615,260 | 11,568,033 |
Accumulated earnings | 2,585,810 | 1,098,900 |
Accumulated other comprehensive income | -2,955 | 4,070 |
Total stockholders’ equity | 15,382,692 | 12,845,116 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $36,696,762 | $33,422,248 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Preferred stock par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 37,018,920 | 34,926,136 |
Common stock, shares outstanding | 36,915,320 | 34,822,536 |
Treasury stock | 103,600 | 103,600 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenues | $5,748,754 | $4,803,503 | $38,285,655 | $31,318,304 |
Cost of Revenue | 6,270,499 | 4,687,536 | 29,208,287 | 21,061,888 |
Gross (Loss) Profit | -521,745 | 115,967 | 9,077,368 | 10,256,416 |
Operating Expenses | ' | ' | ' | ' |
General and administrative expenses | 1,332,804 | 859,647 | 3,569,440 | 2,722,610 |
Depreciation and amortization | 884,964 | 543,671 | 2,288,852 | 1,693,871 |
Total operating expenses | 2,217,768 | 1,403,318 | 5,858,292 | 4,416,481 |
(Loss) Income from Operations | -2,739,513 | -1,287,351 | 3,219,076 | 5,839,935 |
Other Income (Expense) | ' | ' | ' | ' |
Interest expense | -225,062 | -247,346 | -720,489 | -814,015 |
Gain on disposals of equipment | 507 | 6,842 | 9,744 | 313,299 |
Other income | 21,268 | 4,600 | 35,218 | 29,338 |
Total Other Expense | -203,287 | -235,904 | -675,527 | -471,378 |
(Loss) Income Before Tax Expense | -2,942,800 | -1,523,255 | 2,543,549 | 5,368,557 |
Income Tax Benefit (Expense) | 1,094,774 | 603,835 | -1,056,639 | -2,163,039 |
Net (Loss) Income | -1,848,026 | -919,420 | 1,486,910 | 3,205,518 |
Other Comprehensive Income (Loss) | ' | ' | ' | ' |
Unrealized (loss) gain on interest rate swaps, net of tax | -3,735 | 355 | -7,025 | 3,452 |
Settlements – interest rate swap | 6,253 | 7,070 | 19,368 | 20,890 |
Reclassified into earnings – interest rate swap | -6,253 | -7,070 | -19,368 | -20,890 |
Total Other Comprehensive (Loss) Income | -3,735 | 355 | -7,025 | 3,452 |
Comprehensive (Loss) Income | ($1,851,761) | ($919,065) | $1,479,885 | $3,208,970 |
(Loss) Earnings per Common Share – Basic (in Dollars per share) | ($0.05) | ($0.03) | $0.04 | $0.10 |
(Loss) Earnings per Common Share – Diluted (in Dollars per share) | ($0.05) | ($0.03) | $0.04 | $0.09 |
Basic weighted average number of common shares outstanding (in Shares) | 36,816,875 | 32,262,639 | 36,359,251 | 32,064,182 |
Add: Dilutive shares assuming exercise of options and warrants (in Shares) | ' | ' | 1,404,213 | 3,572,096 |
Diluted weighted average number of common shares outstanding (in Shares) | 36,816,875 | 32,262,639 | 37,763,464 | 35,636,278 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
OPERATING ACTIVITIES | ' | ' | ' | ' |
Net (loss) income | ($1,848,026) | ($919,420) | $1,486,910 | $3,205,518 |
Depreciation and amortization | 884,964 | 543,671 | 2,288,852 | 1,693,871 |
Gain on disposal of equipment | -507 | -6,842 | -9,744 | -313,299 |
Deferred income taxes | -65,572 | -375,011 | 64,259 | 1,742,462 |
Stock-based compensation | 372,239 | 117,224 | 520,519 | 446,000 |
Amortization of debt issuance costs | 63,174 | 76,944 | 225,823 | 230,832 |
Bad debt expense | 41,807 | 0 | 91,807 | 170,397 |
Changes in operating assets and liabilities | ' | ' | ' | ' |
Accounts receivable | 246,640 | 2,506,976 | 7,889,279 | 4,950,184 |
Inventories | 67,107 | -13,376 | -61,614 | -24,962 |
Prepaid expense and other current assets | 326,095 | 54,461 | -237,670 | -342,181 |
Other non-current assets | -381,758 | -10,000 | -395,759 | -179,120 |
Accounts payable and accrued liabilities | 1,372,675 | 194,412 | 729,921 | -1,535,127 |
Income taxes receivable | -56,887 | ' | -56,887 | ' |
Income taxes payable | -976,591 | -228,824 | -1,278,599 | 417,320 |
Net cash provided by operating activities | 45,360 | 1,940,215 | 11,257,097 | 10,461,895 |
Purchases of property and equipment | -6,155,517 | -1,675,424 | -12,760,006 | -3,512,935 |
Proceeds from sale and disposal of equipment | ' | 8,942 | 50,000 | 1,811,275 |
Net cash used in investing activities | -6,155,517 | -1,666,482 | -12,710,006 | -1,701,660 |
Net line of credit advances (payments) | 13,763,001 | ' | 13,763,001 | -2,151,052 |
Proceeds from exercise of warrants | ' | ' | 187,804 | ' |
Proceeds from exercise of stock options | 61,537 | ' | 127,987 | ' |
Repayment on long-term debt | -11,324,687 | -601,483 | -12,481,676 | -1,735,855 |
Payment of debt issuance costs | -163,962 | ' | -163,962 | ' |
Net cash provided by (used in) financing activities | 2,335,889 | -601,483 | 1,433,154 | -3,886,907 |
Net (Decrease) Increase in Cash and Cash Equivalents | -3,774,268 | -327,750 | -19,755 | 4,873,328 |
Cash and Cash Equivalents, Beginning of Period | 5,622,703 | 5,734,705 | 1,868,190 | 533,627 |
Supplemental cash flow information: | ' | ' | ' | ' |
Cash paid for interest | 126,711 | 180,371 | 478,531 | 532,655 |
Cash paid for taxes | 5,998 | ' | 2,329,588 | 3,257 |
Supplemental Disclosure of Non-cash Investing and Financing Activities: | ' | ' | ' | ' |
Equipment purchased through installment loans | ' | 50,037 | ' | 139,628 |
Cashless exercise of stock options and warrants | 364 | 719 | 7,532 | 2,555 |
Cash and Cash Equivalents, End of Period | $1,848,435 | $5,406,955 | $1,848,435 | $5,406,955 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Disclosure Text Block [Abstract] | ' | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |||
Note 1 – Basis of Presentation | ||||
The accompanying Condensed Consolidated Financial Statements have been derived from the accounting records of Enservco Corporation (formerly Aspen Exploration Corporation), Heat Waves Hot Oil Service LLC (“Heat Waves”), Dillco Fluid Service, Inc. (“Dillco”), HE Services LLC, and Real GC, LLC (collectively, the “Company”) as of December 31, 2013 and September 30, 2014 and the results of operations for the three and nine months ended September 30, 2014 and 2013. | ||||
The below table provides an overview of the Company’s current ownership hierarchy: | ||||
Name | State of Formation | Ownership | Business | |
Heat Waves Hot Oil Service LLC | Colorado | 100% by Enservco | Oil and natural gas well services, including logistics and stimulation. | |
Dillco Fluid Service, Inc. | Kansas | 100% by Enservco | Oil and natural gas field fluid logistic services. | |
HE Services LLC | Nevada | 100% by Heat Waves | No active business operations. Owns construction equipment used by Heat Waves. | |
Real GC, LLC | Colorado | 100% by Heat Waves | No active business operations. Owns real property in Garden City, Kansas that is utilized by Heat Waves. | |
On May 29, 2013, three of the Company’s former subsidiaries, being Trinidad Housing, LLC, Aspen Gold Mining Company, and Heat Waves, LLC, were dissolved and Enservco Frac Services LLC is being dissolved by operation of law. None of these dissolved subsidiaries were engaged in active business operations prior to dissolution. As part of a corporate reorganization in May 2013, Dillco transferred its ownership in Heat Waves to Enservco through a tax free exchange. | ||||
The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the disclosures required by generally accepted accounting principles in the United States for complete financial statements. In the opinion of management, all of the normal and recurring adjustments necessary to fairly present the interim financial information set forth herein have been included. The results of operations for interim periods are not necessarily indicative of the operating results of a full year or of future years. | ||||
The accompanying unaudited Condensed Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and follow the same accounting policies and methods of their application as the most recent annual financial statements. These interim financial statements should be read in conjunction with the financial statements and related footnotes included in the Annual Report on Form 10-K of Enservco Corporation for the year ended December 31, 2013. All significant inter-company balances and transactions have been eliminated in the accompanying consolidated financial statements. | ||||
The accompanying Condensed Consolidated Balance Sheet at December 31, 2013 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended | ||
Sep. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Significant Accounting Policies [Text Block] | ' | ||
Note 2 - Summary of Significant Accounting Policies | |||
Cash and Cash Equivalents | |||
The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company continually monitors its positions with, and the credit quality of, the financial institutions with which it invests. | |||
Accounts Receivable | |||
Accounts receivable are stated at the amount billed to customers. The Company provides a reserve for doubtful accounts based on a review of outstanding receivables, historical collection information and existing economic conditions. The provision for uncollectible amounts is continually reviewed and adjusted to maintain the allowance at a level considered adequate to cover future losses. The allowance is management's best estimate of uncollectible amounts and is determined based on historical collection experience related to accounts receivable coupled with a review of the current status of existing receivables. The losses ultimately incurred could differ materially in the near term from the amounts estimated in determining the allowance. As of September 30, 2014 and December 31, 2013, the Company had an allowance for doubtful accounts of $95,000 and $245,000, respectively. For the three and nine months ended September 30, 2014, the Company recorded bad debt expense (net of recoveries) of $41,807 and $91,807, respectively. For the three and nine months ended September 30, 2013, the Company recorded bad debt expense (net of recoveries) of $-0- and $170,397, respectively. | |||
Inventory | |||
Inventory consists primarily of propane, diesel fuel and chemicals used in the servicing of oil wells and is carried at the lower of cost or market in accordance with the first in, first out method. The Company periodically reviews the value of items in inventory and provides write-downs or write-offs of inventory based on its assessment of market conditions. Write-downs and write-offs are charged to cost of goods sold. | |||
Long-Lived Assets | |||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recovered. The Company looks primarily to the undiscounted future cash flows in its assessment of whether or not long-lived assets have been impaired. No impairments were recorded during the three and nine month periods ended September 30, 2014 and 2013. | |||
Property and Equipment | |||
Property and equipment consists of (1) trucks, trailers and pickups; (2) trucks that are in various stages of fabrication; (3) real property which includes land and buildings used for office and shop facilities and wells used for the disposal of water; and (4) other equipment such as tools used for maintaining and repairing vehicles, office furniture and fixtures, and computer equipment. Property and equipment is stated at cost less accumulated depreciation. The Company charges repairs and maintenance against income when incurred and capitalizes renewals and betterments, which extend the remaining useful life or expands the capacity or efficiency of the assets. Depreciation is recorded on a straight-line basis over estimated useful lives of 5 to 30 years. | |||
Leases | |||
The Company conducts a major part of its operations from leased facilities. Each of these leases is accounted for as an operating lease in accordance with authoritative guidance. Normally, the Company records rental expense on its operating leases over the lease term as it becomes payable. If rental payments are not made on a straight-line basis, in accordance with the terms of the agreement, the Company records a deferred rent expense and recognizes the rental expense on a straight-line basis throughout the lease term. The majority of the Company’s facility leases contain renewal clauses and expire through August 2017. In most cases, management expects that in the normal course of business, leases will be renewed or replaced by other leases. | |||
The Company is leasing a number of trucks and equipment in the normal course of business, which are recorded as operating leases in accordance with authoritative guidance. The Company records rental expense on its equipment operating leases over the lease term as it becomes payable; there are no rent escalation terms associated with these equipment leases. On a number of the equipment leases, purchase options exist allowing the Company to purchase the leased equipment at the end of the lease term, based on the market price of the equipment at the time of the lease termination and exercised purchase option. | |||
The Company has also in the past entered into several capital leases in order to acquire trucks and equipment. Each of these leases allow the Company to retain title of the equipment leased through the lease agreements upon final payment of all principal and interest due. The Company records the assets and liabilities associated with these leases at the present value of the minimum lease payments per the lease agreement. The assets are classified as property and equipment and the liabilities are classified as current and long-term liabilities based on the contractual terms of the agreements and their associated maturities. There are no outstanding capital leases as of September 30, 2014. | |||
Revenue Recognition | |||
The Company recognizes revenue when evidence of an arrangement exists, the fee is fixed and determinable, services are provided, and collection is reasonably assured. | |||
Earnings Per Share | |||
Earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income by the diluted weighted average number of common shares. The diluted weighted average number of common shares is computed using the treasury stock method for common stock that may be issued for outstanding stock options. | |||
As of September 30, 2014 and 2013, there were outstanding stock options and warrants to acquire an aggregate of 3,891,063 and 8,671,964 shares of Company common stock, respectively, which have a potentially dilutive impact on earnings per share. For the nine months ended September 30, 2014 and 2013, the incremental shares of the options and warrants to be included in the calculation of diluted earnings per share had a dilutive impact on the Company’s earnings per share of 1,404,213 and 3,572,096 shares, respectively. Dilution is not permitted if there are net losses during the period. As such, the Company does not show dilutive earnings per share for the three months ended September 30, 2014 and 2013. | |||
Intangible Assets | |||
Non-Competition Agreements. The non-competition agreements with the sellers of Heat Waves and Dillco have finite lives and were being amortized over a five-year period. All non-competition agreements were fully amortized as of September 30, 2013. Amortization expense for the three and nine months ended September 30, 2013 totaled $0 and $30,000, respectively. | |||
Goodwill. Goodwill represents the excess of the cost over the fair value of net assets acquired, including identified intangible assets, recorded in connection with the acquisitions of Heat Waves. Goodwill is not amortized but is assessed for impairment at least annually. | |||
Impairment. The Company assesses goodwill for impairment at the reporting unit level on an annual basis and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. Guidance allows a qualitative assessment of impairment to determine whether it is more-likely-than-not that goodwill is impaired. If it is determined that it is more-likely-than-not that an impairment exists, accounting guidance requires that the impairment test be performed through the application of a two-step fair value test. The Company utilizes this method and recognizes a goodwill impairment loss in the event that the fair value of the reporting unit does not exceed its carrying value. During fiscal year ended December 31, 2013, the Company performed the annual impairment test and determined that no impairment existed. For the three and nine month periods ended September 30, 2014 and 2013, the Company did not note any events that occurred, nor did any circumstances change, that would require goodwill to be assessed for impairment. | |||
Loan Fees and Other Deferred Costs | |||
In the normal course of business, the Company enters into loan agreements with its primary lending institutions. The majority of these lending agreements require origination fees and other fees in the course of executing the agreements. For all costs associated with the execution of the lending agreements, the Company recognizes these as capitalized costs and amortizes these costs over the term of the loan agreement using the effective interest method. These deferred costs are classified on the balance sheet as current or long-term assets based on the contractual terms of the loan agreements. All other costs not associated with the execution of the loan agreements are expensed as incurred. | |||
Income Taxes | |||
The Company recognizes deferred tax liabilities and assets based on the differences between the tax basis of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities will be recognized in income in the period that includes the enactment date. Deferred income taxes are classified as a net current or non-current asset or liability based on the classification of the related asset or liability for financial reporting purposes. A deferred tax asset or liability that is not related to an asset or liability for financial reporting is classified according to the expected reversal date. The Company records a valuation allowance to reduce deferred tax assets to an amount that it believes is more likely than not expected to be realized. | |||
The Company accounts for any uncertainty in income taxes by recognizing the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized in the financial statements from such a position based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The application of income tax law is inherently complex. Laws and regulations in this area are voluminous and are often ambiguous. As such, the Company is required to make many subjective assumptions and judgments regarding income tax exposures. Interpretations of and guidance surrounding income tax law and regulations change over time and may result in changes to the Company’s subjective assumptions and judgments which can materially affect amounts recognized in the consolidated balance sheets and consolidated statements of income. The result of the reassessment of the Company’s tax positions did not have an impact on the consolidated financial statements. | |||
Interest and penalties associated with tax positions are recorded in the period assessed as general and administrative expenses. No interest or penalties have been assessed as of September 30, 2014. The Company files tax returns in the United States and in the states in which it conducts its business operations. The tax years 2010 through 2013 remain open to examination in the taxing jurisdictions to which the Company is subject. | |||
Fair Value | |||
The Company follows authoritative guidance that applies to all financial assets and liabilities required to be measured and reported on a fair value basis. The Company also applies the guidance to non-financial assets and liabilities measured at fair value on a nonrecurring basis, including long-lived assets and goodwill. The guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. | |||
Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability based on the best information available in the circumstances. The Company did not change its valuation techniques nor were there any transfers between hierarchy levels during the nine months ended September 30, 2014. The financial and nonfinancial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. | |||
The hierarchy is broken down into three levels based on the reliability of the inputs as follows: | |||
Level 1: | Quoted prices are available in active markets for identical assets or liabilities; | ||
Level 2: | Quoted prices in active markets for similar assets and liabilities that are observable for the asset or liability; or | ||
Level 3: | Unobservable pricing inputs that are generally less observable from objective sources, such as discounted cash flow models or valuations. | ||
Stock-based Compensation | |||
Stock-based compensation cost is measured at the date of grant, based on the calculated fair value of the award as described below, and is recognized as expense over the requisite service period, which is generally the vesting period of the equity grant. | |||
The Company uses the Black-Scholes pricing model as a method for determining the estimated fair value for all stock options awarded to employees, officers, and directors. The expected term of the options is based upon evaluation of historical and expected further exercise behavior. The risk-free interest rate is based upon U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life of the grant. Volatility is determined upon historical volatility of our stock and adjusted if future volatility is expected to vary from historical experience. The dividend yield is assumed to be none as we have not paid dividends nor do we anticipate paying any dividends in the foreseeable future. | |||
The Company also uses the Black-Scholes valuation model to determine the fair value of warrants. Expected volatility is based upon the weighted average of historical volatility over the contractual term of the warrant and implied volatility. The risk-free interest rate is based upon implied yield on a U.S. Treasury zero-coupon issue with a remaining term equal to the contractual term of the warrants. The dividend yield is assumed to be none. | |||
Management Estimates | |||
The preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
Reclassifications | |||
Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. The Company reclassified $25,975 of site personnel costs from general and administrative expenses to cost of revenues on the consolidated statement of operations and comprehensive income (loss) for the three and nine months ended September 30, 2013 to conform to 2014 presentation. | |||
Accounting Pronouncements | |||
Recently Issued | |||
In April 2014, the FASB issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of a Component of an Entity.” ASU 2014-08 changes the criteria for reporting discontinued operations and requires new disclosures for discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This pronouncement is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2014. Other than the additional presentation and disclosure requirements, the adoption of this guidance is not expected to have an effect on the Company’s consolidated financial position, results of operations, or cash flows. | |||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard is effective as of the first interim period within annual reporting periods beginning on or after December 15, 2016, and will replace most existing revenue recognition guidance in U.S. GAAP. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method or determined the effect of the standard on its financial position, results of operations, cash flows, or presentation thereof. | |||
In August 2014, the FASB has issued ASU 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern.” The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements. Further, an entity must provide certain disclosures if “conditions or events raise substantial doubt about the entity’s ability to continue as a going concern.” ASU 2014-15 applies to all entities and is effective for annual periods beginning after December 15, 2015, and interim periods thereafter, with early adoption permitted. Other than the additional presentation and disclosure requirements, the adoption of this guidance is not expected to have an effect on the Company’s consolidated financial position, results of operations, or cash flows. |
Note_3_Property_and_Equipment
Note 3 - Property and Equipment | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
Note 3- Propertyand Equipment | |||||||||
Property and equipment consists of the following: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Trucks and vehicles | $ | 36,592,503 | $ | 27,240,551 | |||||
Trucks in process | 3,956,067 | 1,205,936 | |||||||
Other equipment | 3,095,057 | 2,820,674 | |||||||
Buildings and improvements | 2,587,226 | 2,364,353 | |||||||
Land | 596,420 | 596,420 | |||||||
Disposal wells | 367,330 | 367,330 | |||||||
Total property and equipment | 47,194,603 | 34,595,264 | |||||||
Accumulated depreciation | (19,337,877 | ) | (17,169,436 | ) | |||||
Property and equipment - net | $ | 27,856,726 | $ | 17,425,828 | |||||
Depreciation expense on property and equipment for the three months ended September 30, 2014 and 2013 totaled $884,964 and $543,671, respectively. Depreciation expense for the nine months ended September 30, 2014 and 2013 totaled $2,288,852 and $1,663,871, respectively. |
Note_4_Senior_Revolving_Credit
Note 4 - Senior Revolving Credit Facility | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
Note 4– Senior Revolving Credit Facility | |
In September 2014, the Company entered into an Amended and Restated Revolving Credit and Security Agreement (the "2014 Credit Agreement") with PNC Bank, National Association ("PNC") which provides for a five-year $30 million senior secured revolving credit facility which replaced a prior revolving credit facility and term loan with PNC that totaled $16 million (the "2012 Credit Agreement"). The 2014 Credit Agreement allows the Company to borrow up to 85% of eligible receivables and 85% of the appraised value of trucks and equipment. The commitment amount may be increased to $40 million, subject to certain conditions and approvals set forth in the 2014 Credit Agreement. Under the 2014 Credit Agreement, the Company has the option to pay variable interest rate based on (i) 1, 2 or 3 month LIBOR plus applicable margin ranging from 2.50% to 3.50% for LIBOR Rate Loans or (ii) interest at PNC Base Rate plus applicable margin of 1.00% to 2.00% for Domestic Rate Loans. The revolving credit facility is collateralized by substantially all of the Company’s assets and subject to financial covenants. The interest rate at September 30, 2014 was 2.654% for the $13,500,000 of LIBOR Rate Loans and 4.25% for the $263,001 of Domestic Rate Loans. | |
As of September 30, 2014 and December 31, 2013, the Company had an outstanding loan balance of $13,763,001 and $0, respectively. The outstanding loan balance matures in September 2019. As of September 30, 2014, approximately $12,300,000 was available under the revolving credit facility. | |
At September 30, 2014, the Company did not meet one of the financial covenants imposed by the PNC loan agreements which resulted in an event of default under the loan documents. PNC has waived the effect of this event of default for the period. As a result of the waiver, no default was declared. The Company believes that it is in line to meet the debt covenants and all other future covenant requirements. | |
Interest Rate Swap | |
On November 13, 2012 the Company entered into an Interest Rate Swap Agreement (“swap”) with PNC with a nominal value of $11,000,000 in order to hedge the cash flow requirements for the variable interest rate associated with the PNC Term Loan. The floating variable interest rate associated with the Senior Revolving Credit Facility of 4.25% plus LIBOR was swapped for a fixed rate of 4.25% plus 0.64% for the duration of the Term Loan. | |
At September 30, 2014, an updated valuation was performed resulting in a current liability of $7,272 and a long-term asset of $2,407 associated with the swap. |
Note_5_LongTerm_Debt
Note 5 - Long-Term Debt | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Long-term Debt [Text Block] | ' | ||||||||
Note 5– Long-Term Debt | |||||||||
Long-term debt consists of the following: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
PNC Term Loan, original principal balance of $11,000,000 at issuance, amended to $12,428,576 in November 2013, payable in twenty-three fixed monthly principal installments of $172,620 beginning November 2013, with the remaining principal due November 2, 2015. Variable interest rate based of 4.25% plus 1 month LIBOR for Eurodollar Rate Loans and interest at PNC Base Rate plus 2.25% for Domestic Rate Loans, collateralized by equipment, inventory, and accounts of the Company and subject to financial covenants. This loan was paid off from proceeds from the Senior Revolving Credit Facility as described in Note 4 above. | $ | - | $ | 12,083,336 | |||||
Real estate loan for our facility in North Dakota, interest at 3.75%, monthly principal and interest payment of $5,255 ending October 3, 2028. Collateralized by land and property purchased with the loan. $100,000 of loan is guaranteed by the Company’s Chairman. | 686,490 | 713,756 | |||||||
Note payable to the seller of Heat Waves. The note was garnished by the Internal Revenue Service (“IRS”) in 2009 and is due on demand; paid in monthly installments of $3,000 per agreement with the IRS. | 251,000 | 281,000 | |||||||
Mortgage payable to a bank, interest at 7.25%, due in monthly payments through February 2015 with a balloon payment of $111,875 on March 15, 2015, secured by land and guaranteed by the Company’s Chairman. | 119,543 | 153,018 | |||||||
Aggregate maturities of debt, excluding the Senior Revolving Credit Facility described in Note 4, are as follows: | |||||||||
Twelve Months Ending September 30, | |||||||||
2015 | $ | 469,786 | |||||||
2016 | 107,204 | ||||||||
2017 | 134,209 | ||||||||
2018 | 42,141 | ||||||||
2019 | 43,772 | ||||||||
Thereafter | 483,401 | ||||||||
Total | $ | 1,280,513 | |||||||
Note_6_Income_Taxes
Note 6 - Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Note 6– Income Taxes | |
Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The provision for income taxes for the nine months ended September 30, 2014 and 2013 differs from the amount that would be provided by applying the statutory U.S. federal income tax rate of 34% to pre-tax income primarily because of state income taxes and estimated permanent differences. | |
The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is obtained, additional information becomes known or as the tax environment changes. |
Note_7_Commitments_and_Conting
Note 7 - Commitments and Contingencies | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
Note 7– Commitments and Contingencies | |||||
Operating Leases | |||||
As of September 30, 2014, the Company leases facilities and certain trucks and equipment under lease commitments that expire through August 2017. Future minimum lease commitments for these operating lease commitments are as follows: | |||||
Twelve Months Ending September 30, | |||||
2015 | $ | 768,382 | |||
2016 | 500,775 | ||||
2017 | 220,995 | ||||
2018 | 96,000 | ||||
2019 | 96,000 | ||||
Thereafter | 128,000 | ||||
Total | $ | 1,810,152 | |||
Equipment Purchase Commitments | |||||
As of September 30, 2014, the Company had approximately $6.9 million in outstanding purchase commitments that are necessary to complete the purchase and fabrication of twelve hot oil trucks, thirteen frac heaters and two acid trucks included in the Company’s 2014 CAPEX program. The Company intends to finance the purchase and fabrication of this equipment through cash flow from operations and through the revolving credit facility. | |||||
Litigation | |||||
On October 10, 2014, the Company received service of a complaint filed in the United States District Court for the Northern District of Texas, Dallas Division (Civil Action No. 3:14-cv-03631) by Heat-On-The-Fly, LLC (“HOTF”) naming the Company and its wholly-owned subsidiary Heat Waves Hot Oil Service LLC (“Heat Waves”) as defendants. The complaint alleges that the Company and Heat Waves, in offering and in selling frac water heating services, infringed and induced others to infringe two patents owned by HOTF (U.S. Patent Nos. 8,171,993 (“the ‘993 Patent”) and 8,739,875 (“the ‘875 Patent”)). The complaint seeks various remedies including injunctive relief and unspecified damages and relates to only a portion of Heat Waves’ frac water heating services. | |||||
The Company and Heat Waves deny that they are infringing any valid, enforceable claims of the asserted patents and intend to vigorously defend themselves against the lawsuit. Heat Waves has offered on demand water heating services well before these patents were even filed. | |||||
As discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, the Company was aware that a company had been awarded a patent relating to the heating of frac water, but also reported that it did not believe at that time, and still does not believe, that Heat Waves operations infringed that patent. The Company is also aware that HOTF has been involved in litigation dating back to January 2013 with a group of energy companies that are seeking to, among other things, invalidate the ‘993 Patent. Further, the Company is aware of another claim filed by a third party against HOTF in August 2014 also seeking to, among other things, invalidate the ‘993 patent. Although the ‘993 Patent survived a prior, partial reexamination, the United States Patent and Trademark Office has agreed to reexamine the ‘993 Patent in its entirety. The timing for the reexamination and any decision resulting therefrom is uncertain, is subject to appeal, and may be a year or more in the future. As the ‘993 Patent and the ‘875 Patent are based on the same subject matter, Management believes that a finding of invalidity of the ‘993 Patent could serve as a basis to affect the validity of the ‘875 Patent. If the patents are found to be invalid, the litigation would become moot. |
Note_8_Warrants
Note 8 - Warrants | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Warrants [Abstract] | ' | ||||||||||||||||
Warrants [Text Block] | ' | ||||||||||||||||
Note 8– Warrants | |||||||||||||||||
In conjunction with the Private Placement and subordinated debt conversion in November 2012, the Company granted a one-half share warrant for every full share of common stock acquired by the equity investors or converted by Mr. Herman. As such, the Company granted warrants to purchase 4,960,714 shares of the Company’s common stock, exercisable at $0.55 per share for a five year term. Each of the warrants may be exercised on a cashless basis. The warrants also provide that subject to various conditions, the holders have piggy-back registration rights with respect to the shares of common stock that may be acquired upon the exercise of the warrants. | |||||||||||||||||
In November 2012, the Company granted each of the principals of an existing investor relations firm warrants to acquire 112,500 shares of the Company’s common stock (a total of 225,000 shares) for the firms assistance in creating awareness for the Company’s Private Placement. The warrants are exercisable at $0.55 per share and expire 5 years from date of grant. | |||||||||||||||||
On November 29, 2012, the Company entered into an investor relations agreement with an unaffiliated firm. Pursuant to this agreement and in lieu of cash fees, the Company issued the firm 125,000 shares of common stock at $0.40 per share and granted the firm a warrant to purchase 200,000 shares of common stock at $0.40 per share through June 1, 2016. The warrants vest based on performance criteria and may be exercised on a cashless basis. The warrants also provide that subject to various conditions, the holders have piggy-back registration rights with respect to the shares of common stock that may be acquired upon the exercise of the warrants. During the nine months ended September 30, 2013, the Company recognized an expense (through operating expense as general and administrative expense) of $60,047 attributable to these warrants. | |||||||||||||||||
A summary of warrant activity for the nine months ended September 30, 2014 is as follows: | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | ||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||
Exercise | Contractual | Intrinsic | |||||||||||||||
Warrants | Shares | Price | Life (Years) | Value | |||||||||||||
Outstanding at January 1, 2014 | 2,657,714 | $ | 0.55 | 3.7 | $ | 3,359,170 | |||||||||||
Issued for Services | - | - | |||||||||||||||
Exercised | (2,266,819 | ) | 0.54 | ||||||||||||||
Forfeited/Cancelled | - | - | |||||||||||||||
Outstanding at September 30, 2014 | 390,895 | $ | 0.61 | 2.8 | $ | 1,185,766 | |||||||||||
Exercisable at September 30, 2014 | 390,895 | $ | 0.61 | 2.8 | $ | 1,185,766 | |||||||||||
During the nine months ended September 30, 2014, warrants to acquire 1,925,357 shares of common stock were exercised by way of cashless exercise whereby the warrant holders elected to receive 1,482,041 shares without payment of the exercise price and the remaining warrants for 443,316 shares were cancelled. In addition, warrants to acquire 341,462 shares were exercised for cash payments totaling $187,804. The warrants exercised had a total intrinsic value of $4,129,465 at the time of exercise. No warrants were issued during the nine months ended September 30, 2014. | |||||||||||||||||
During the nine months ended September 30, 2013, warrants to acquire 905,206 shares of common stock were exercised by way of a cashless exercise whereby the warrant holder elected to receive 502,242 shares without payment of the exercise price and the remaining warrants for 402,964 shares were cancelled. The warrants had an intrinsic value of $644,525 at the time of exercise. No warrants were issued during the nine months ended September 30, 2013. |
Note_9_Stockholders_Equity
Note 9 - Stockholders' Equity | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
Note 9– Stockholder’s Equity | |||||||||||||||||
Stock Option Plans | |||||||||||||||||
On July 27, 2010, the Company’s Board of Directors adopted the 2010 Stock Incentive Plan (the “2010 Plan”). The aggregate number of shares of common stock that may be granted under the 2010 Plan is reset at the beginning of each year based on 15% of the number of shares of common stock then outstanding. As such, on January 1, 2014, the number of shares of common stock available under the 2010 Plan was reset to 5,223,380 shares based upon 34,822,536 shares outstanding on that date. Options are typically granted with an exercise price equal to the estimated fair value of the Company's common stock at the date of grant with a vesting schedule of one to three years and a contractual term of 5 years. As of September 30, 2014, there were 3,350,168 options outstanding under the 2010 Plan. | |||||||||||||||||
The “2008 Plan” was established by Aspen Exploration in February 2008 and was retained by the Company after the Acquisition. An aggregate of 1,000,000 common shares were reserved for issuance under the 2008 Plan. On July 27, 2010, the Company terminated the 2008 Plan, although such termination did not terminate or otherwise affect the contractual rights of persons who hold options to acquire common stock under the 2008 Plan. During the nine months ended September 30, 2013, 140,431 shares were terminated due to expiration on February 27, 2013. As of September 30, 2014, there were 150,000 options outstanding under the 2008 Plan. | |||||||||||||||||
A summary of the range of assumptions used to value stock options granted for the three and nine months ended September 31, 2014 and 2013 are as follows: | |||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Expected volatility | 116 | % | 129 | % | 116% - 124 | % | 129% -139 | % | |||||||||
Risk-free interest rate | 0.93 | 0.62 | % | 0.72% - 0.93 | % | .32% -.62 | % | ||||||||||
Dividend yield | - | - | - | - | |||||||||||||
Expected term (in years) | 2.5 | 2.5 | 3 | 2.5 – 3.5 | |||||||||||||
During the nine months ended September 30, 2014, the Company granted options to acquire 432,500 shares of common stock with a weighted-average grant-date fair value of $1.67 per share. During the nine months ended September 30, 2014, options to acquire 28,333 shares of common stock were exercised by way of a cashless exercise whereby the option holder elected to receive 24,282 shares of common stock without payment of the exercise price and the remaining options for 4,051 shares were cancelled. The options had an intrinsic value of $75,837 at the time of exercise. In addition, options to acquire 244,999 shares of common stock were exercised for cash payments of $127,987. The options had an intrinsic value of $531,609 at the time of exercise. | |||||||||||||||||
During the nine months ended September 30, 2013, the Company granted options to acquire 608,000 shares of common stock with a weighted-average grant-date fair value of $0.81 per share. During the nine months ended September 30, 2013, options to acquire 28,332 shares of common stock were exercised by way of a cashless exercise whereby the option holder elected to receive 8,688 shares of common stock without payment of the exercise price and the remaining options for 19,644 shares were cancelled. The options had an intrinsic value of $8,883 at the time of exercise. | |||||||||||||||||
The following is a summary of stock option activity for all equity plans for the nine months ended September 30, 2014: | |||||||||||||||||
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | ||||||||||||||
Outstanding at December 31, 2013 | 3,375,000 | $ | 0.7 | 2.62 | $ | 3,760,325 | |||||||||||
Granted | 432,500 | 2.37 | |||||||||||||||
Exercised | (273,332 | ) | 0.51 | ||||||||||||||
Forfeited or Expired | (34,000 | ) | 2.32 | ||||||||||||||
Outstanding at September 30, 2014 | 3,500,168 | $ | 0.9 | 2.26 | $ | 5,878,016 | |||||||||||
Vested or Expected to Vest at September 30, 2014 | 3,500,168 | $ | 0.9 | 2.26 | $ | 5,878,016 | |||||||||||
Exercisable at September 30, 2014 | 3,001,664 | $ | 0.82 | 2.04 | $ | 5,275,903 | |||||||||||
The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the estimated fair value of the Company’s common stock on September 30, 2014, and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had they exercised their options on September 30, 2014. | |||||||||||||||||
During the nine months ended September 30, 2014 and 2013, the Company recognized stock-based compensation costs for stock options of $520,519 and $446,000, respectively in general and administrative expenses. During the three months ended September 30, 2014 and 2013, the Company recognized stock-based compensation costs for stock options of $372,239 and $117,224, respectively. The Company currently expects all outstanding options to vest. Compensation cost is revised if subsequent information indicates that the actual number of options vested is likely to differ from previous estimates. | |||||||||||||||||
A summary of the status of non-vested shares underlying the options are presented below: | |||||||||||||||||
Number of Shares | Weighted-Average Grant-Date Fair Value | ||||||||||||||||
Non-vested at December 31, 2013 | 666,668 | $ | 0.54 | ||||||||||||||
Granted | 432,500 | 1.67 | |||||||||||||||
Vested | (566,664 | ) | 0.87 | ||||||||||||||
Forfeited | (34,000 | ) | 1.78 | ||||||||||||||
Non-vested at September 30, 2014 | 498,504 | $ | 1.05 | ||||||||||||||
As of September 30, 2014 there was $388,070 of total unrecognized compensation costs related to non-vested shares under the qualified stock option plans which will be recognized over the remaining weighted-average period of 1.7 years. |
Note_10_Related_Party_Transact
Note 10 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
Note 10– Related Party Transactions | |
On February 3, 2014, the Board of Directors approved the sale of two trucks and a trailer to an entity owned 50% by the Company’s Chairman for $50,000. The equipment had not been in service for over two years and was not economically feasible to repair and return to service. The Company was holding this equipment primarily for salvage purposes. At the time of the sale, the equipment had a net book value of $38,000 which resulted in a gain of $12,000. The Company believes the price paid was at least equal to the fair market value of the units had they been sold through auction or in the open market. |
Note_11_Subsequent_Events
Note 11 - Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 11– Subsequent Events | |
On October 31, 2014, the Company acquired a package of oilfield service assets consisting of equipment and real estate located near Tioga, North Dakota, for $3.7 million from a large, diversified North American energy company. The equipment portion of the acquisition closed on October 31, 2014 and included 12 hot oil trucks, a frac water heating unit and other miscellaneous equipment, tools and supplies. Closing on the real estate, which consists of a six-acre operating yard with a maintenance shop and office facility, is subject to an environmental Phase 1 review, title policy, and other conditions, and is expected to close in December 2014. In the interim, the Company is using the property under a lease agreement with very minimal monthly rent. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended | ||
Sep. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||
Cash and Cash Equivalents | |||
The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company continually monitors its positions with, and the credit quality of, the financial institutions with which it invests. | |||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | ||
Accounts Receivable | |||
Accounts receivable are stated at the amount billed to customers. The Company provides a reserve for doubtful accounts based on a review of outstanding receivables, historical collection information and existing economic conditions. The provision for uncollectible amounts is continually reviewed and adjusted to maintain the allowance at a level considered adequate to cover future losses. The allowance is management's best estimate of uncollectible amounts and is determined based on historical collection experience related to accounts receivable coupled with a review of the current status of existing receivables. The losses ultimately incurred could differ materially in the near term from the amounts estimated in determining the allowance. As of September 30, 2014 and December 31, 2013, the Company had an allowance for doubtful accounts of $95,000 and $245,000, respectively. For the three and nine months ended September 30, 2014, the Company recorded bad debt expense (net of recoveries) of $41,807 and $91,807, respectively. For the three and nine months ended September 30, 2013, the Company recorded bad debt expense (net of recoveries) of $-0- and $170,397, respectively. | |||
Inventory, Policy [Policy Text Block] | ' | ||
Inventory | |||
Inventory consists primarily of propane, diesel fuel and chemicals used in the servicing of oil wells and is carried at the lower of cost or market in accordance with the first in, first out method. The Company periodically reviews the value of items in inventory and provides write-downs or write-offs of inventory based on its assessment of market conditions. Write-downs and write-offs are charged to cost of goods sold. | |||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ||
Long-Lived Assets | |||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recovered. The Company looks primarily to the undiscounted future cash flows in its assessment of whether or not long-lived assets have been impaired. No impairments were recorded during the three and nine month periods ended September 30, 2014 and 2013. | |||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||
Property and Equipment | |||
Property and equipment consists of (1) trucks, trailers and pickups; (2) trucks that are in various stages of fabrication; (3) real property which includes land and buildings used for office and shop facilities and wells used for the disposal of water; and (4) other equipment such as tools used for maintaining and repairing vehicles, office furniture and fixtures, and computer equipment. Property and equipment is stated at cost less accumulated depreciation. The Company charges repairs and maintenance against income when incurred and capitalizes renewals and betterments, which extend the remaining useful life or expands the capacity or efficiency of the assets. Depreciation is recorded on a straight-line basis over estimated useful lives of 5 to 30 years. | |||
Lease, Policy [Policy Text Block] | ' | ||
Leases | |||
The Company conducts a major part of its operations from leased facilities. Each of these leases is accounted for as an operating lease in accordance with authoritative guidance. Normally, the Company records rental expense on its operating leases over the lease term as it becomes payable. If rental payments are not made on a straight-line basis, in accordance with the terms of the agreement, the Company records a deferred rent expense and recognizes the rental expense on a straight-line basis throughout the lease term. The majority of the Company’s facility leases contain renewal clauses and expire through August 2017. In most cases, management expects that in the normal course of business, leases will be renewed or replaced by other leases. | |||
The Company is leasing a number of trucks and equipment in the normal course of business, which are recorded as operating leases in accordance with authoritative guidance. The Company records rental expense on its equipment operating leases over the lease term as it becomes payable; there are no rent escalation terms associated with these equipment leases. On a number of the equipment leases, purchase options exist allowing the Company to purchase the leased equipment at the end of the lease term, based on the market price of the equipment at the time of the lease termination and exercised purchase option. | |||
The Company has also in the past entered into several capital leases in order to acquire trucks and equipment. Each of these leases allow the Company to retain title of the equipment leased through the lease agreements upon final payment of all principal and interest due. The Company records the assets and liabilities associated with these leases at the present value of the minimum lease payments per the lease agreement. The assets are classified as property and equipment and the liabilities are classified as current and long-term liabilities based on the contractual terms of the agreements and their associated maturities. There are no outstanding capital leases as of September 30, 2014. | |||
Revenue Recognition, Policy [Policy Text Block] | ' | ||
Revenue Recognition | |||
The Company recognizes revenue when evidence of an arrangement exists, the fee is fixed and determinable, services are provided, and collection is reasonably assured. | |||
Earnings Per Share, Policy [Policy Text Block] | ' | ||
Earnings Per Share | |||
Earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income by the diluted weighted average number of common shares. The diluted weighted average number of common shares is computed using the treasury stock method for common stock that may be issued for outstanding stock options. | |||
As of September 30, 2014 and 2013, there were outstanding stock options and warrants to acquire an aggregate of 3,891,063 and 8,671,964 shares of Company common stock, respectively, which have a potentially dilutive impact on earnings per share. For the nine months ended September 30, 2014 and 2013, the incremental shares of the options and warrants to be included in the calculation of diluted earnings per share had a dilutive impact on the Company’s earnings per share of 1,404,213 and 3,572,096 shares, respectively. Dilution is not permitted if there are net losses during the period. As such, the Company does not show dilutive earnings per share for the three months ended September 30, 2014 and 2013. | |||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | ||
Intangible Assets | |||
Non-Competition Agreements. The non-competition agreements with the sellers of Heat Waves and Dillco have finite lives and were being amortized over a five-year period. All non-competition agreements were fully amortized as of September 30, 2013. Amortization expense for the three and nine months ended September 30, 2013 totaled $0 and $30,000, respectively. | |||
Goodwill. Goodwill represents the excess of the cost over the fair value of net assets acquired, including identified intangible assets, recorded in connection with the acquisitions of Heat Waves. Goodwill is not amortized but is assessed for impairment at least annually. | |||
Impairment. The Company assesses goodwill for impairment at the reporting unit level on an annual basis and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. Guidance allows a qualitative assessment of impairment to determine whether it is more-likely-than-not that goodwill is impaired. If it is determined that it is more-likely-than-not that an impairment exists, accounting guidance requires that the impairment test be performed through the application of a two-step fair value test. The Company utilizes this method and recognizes a goodwill impairment loss in the event that the fair value of the reporting unit does not exceed its carrying value. During fiscal year ended December 31, 2013, the Company performed the annual impairment test and determined that no impairment existed. For the three and nine month periods ended September 30, 2014 and 2013, the Company did not note any events that occurred, nor did any circumstances change, that would require goodwill to be assessed for impairment. | |||
Loan Fees and Other Deferred Costs [Policy Text Block] | ' | ||
Loan Fees and Other Deferred Costs | |||
In the normal course of business, the Company enters into loan agreements with its primary lending institutions. The majority of these lending agreements require origination fees and other fees in the course of executing the agreements. For all costs associated with the execution of the lending agreements, the Company recognizes these as capitalized costs and amortizes these costs over the term of the loan agreement using the effective interest method. These deferred costs are classified on the balance sheet as current or long-term assets based on the contractual terms of the loan agreements. All other costs not associated with the execution of the loan agreements are expensed as incurred. | |||
Income Tax, Policy [Policy Text Block] | ' | ||
Income Taxes | |||
The Company recognizes deferred tax liabilities and assets based on the differences between the tax basis of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities will be recognized in income in the period that includes the enactment date. Deferred income taxes are classified as a net current or non-current asset or liability based on the classification of the related asset or liability for financial reporting purposes. A deferred tax asset or liability that is not related to an asset or liability for financial reporting is classified according to the expected reversal date. The Company records a valuation allowance to reduce deferred tax assets to an amount that it believes is more likely than not expected to be realized. | |||
The Company accounts for any uncertainty in income taxes by recognizing the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized in the financial statements from such a position based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The application of income tax law is inherently complex. Laws and regulations in this area are voluminous and are often ambiguous. As such, the Company is required to make many subjective assumptions and judgments regarding income tax exposures. Interpretations of and guidance surrounding income tax law and regulations change over time and may result in changes to the Company’s subjective assumptions and judgments which can materially affect amounts recognized in the consolidated balance sheets and consolidated statements of income. The result of the reassessment of the Company’s tax positions did not have an impact on the consolidated financial statements. | |||
Interest and penalties associated with tax positions are recorded in the period assessed as general and administrative expenses. No interest or penalties have been assessed as of September 30, 2014. The Company files tax returns in the United States and in the states in which it conducts its business operations. The tax years 2010 through 2013 remain open to examination in the taxing jurisdictions to which the Company is subject. | |||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||
Fair Value | |||
The Company follows authoritative guidance that applies to all financial assets and liabilities required to be measured and reported on a fair value basis. The Company also applies the guidance to non-financial assets and liabilities measured at fair value on a nonrecurring basis, including long-lived assets and goodwill. The guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. | |||
Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability based on the best information available in the circumstances. The Company did not change its valuation techniques nor were there any transfers between hierarchy levels during the nine months ended September 30, 2014. The financial and nonfinancial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. | |||
The hierarchy is broken down into three levels based on the reliability of the inputs as follows: | |||
Level 1: | Quoted prices are available in active markets for identical assets or liabilities; | ||
Level 2: | Quoted prices in active markets for similar assets and liabilities that are observable for the asset or liability; or | ||
Level 3: | Unobservable pricing inputs that are generally less observable from objective sources, such as discounted cash flow models or valuations. | ||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||
Stock-based Compensation | |||
Stock-based compensation cost is measured at the date of grant, based on the calculated fair value of the award as described below, and is recognized as expense over the requisite service period, which is generally the vesting period of the equity grant. | |||
The Company uses the Black-Scholes pricing model as a method for determining the estimated fair value for all stock options awarded to employees, officers, and directors. The expected term of the options is based upon evaluation of historical and expected further exercise behavior. The risk-free interest rate is based upon U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life of the grant. Volatility is determined upon historical volatility of our stock and adjusted if future volatility is expected to vary from historical experience. The dividend yield is assumed to be none as we have not paid dividends nor do we anticipate paying any dividends in the foreseeable future. | |||
The Company also uses the Black-Scholes valuation model to determine the fair value of warrants. Expected volatility is based upon the weighted average of historical volatility over the contractual term of the warrant and implied volatility. The risk-free interest rate is based upon implied yield on a U.S. Treasury zero-coupon issue with a remaining term equal to the contractual term of the warrants. The dividend yield is assumed to be none. | |||
Use of Estimates, Policy [Policy Text Block] | ' | ||
Management Estimates | |||
The preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
Reclassification, Policy [Policy Text Block] | ' | ||
Reclassifications | |||
Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. The Company reclassified $25,975 of site personnel costs from general and administrative expenses to cost of revenues on the consolidated statement of operations and comprehensive income (loss) for the three and nine months ended September 30, 2013 to conform to 2014 presentation. | |||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||
Accounting Pronouncements | |||
Recently Issued | |||
In April 2014, the FASB issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of a Component of an Entity.” ASU 2014-08 changes the criteria for reporting discontinued operations and requires new disclosures for discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This pronouncement is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2014. Other than the additional presentation and disclosure requirements, the adoption of this guidance is not expected to have an effect on the Company’s consolidated financial position, results of operations, or cash flows. | |||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard is effective as of the first interim period within annual reporting periods beginning on or after December 15, 2016, and will replace most existing revenue recognition guidance in U.S. GAAP. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method or determined the effect of the standard on its financial position, results of operations, cash flows, or presentation thereof. | |||
In August 2014, the FASB has issued ASU 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern.” The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements. Further, an entity must provide certain disclosures if “conditions or events raise substantial doubt about the entity’s ability to continue as a going concern.” ASU 2014-15 applies to all entities and is effective for annual periods beginning after December 15, 2015, and interim periods thereafter, with early adoption permitted. Other than the additional presentation and disclosure requirements, the adoption of this guidance is not expected to have an effect on the Company’s consolidated financial position, results of operations, or cash flows. |
Note_1_Basis_of_Presentation_T
Note 1 - Basis of Presentation (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Disclosure Text Block [Abstract] | ' | |||
Schedule of Current Ownership Hierarchy [Table Text Block] | 'The below table provides an overview of the Company’s current ownership hierarchy: | |||
Name | State of Formation | Ownership | Business | |
Heat Waves Hot Oil Service LLC | Colorado | 100% by Enservco | Oil and natural gas well services, including logistics and stimulation. | |
Dillco Fluid Service, Inc. | Kansas | 100% by Enservco | Oil and natural gas field fluid logistic services. | |
HE Services LLC | Nevada | 100% by Heat Waves | No active business operations. Owns construction equipment used by Heat Waves. | |
Real GC, LLC | Colorado | 100% by Heat Waves | No active business operations. Owns real property in Garden City, Kansas that is utilized by Heat Waves. | |
Note_3_Property_and_Equipment_
Note 3 - Property and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Trucks and vehicles | $ | 36,592,503 | $ | 27,240,551 | |||||
Trucks in process | 3,956,067 | 1,205,936 | |||||||
Other equipment | 3,095,057 | 2,820,674 | |||||||
Buildings and improvements | 2,587,226 | 2,364,353 | |||||||
Land | 596,420 | 596,420 | |||||||
Disposal wells | 367,330 | 367,330 | |||||||
Total property and equipment | 47,194,603 | 34,595,264 | |||||||
Accumulated depreciation | (19,337,877 | ) | (17,169,436 | ) | |||||
Property and equipment - net | $ | 27,856,726 | $ | 17,425,828 |
Note_5_LongTerm_Debt_Tables
Note 5 - Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
PNC Term Loan, original principal balance of $11,000,000 at issuance, amended to $12,428,576 in November 2013, payable in twenty-three fixed monthly principal installments of $172,620 beginning November 2013, with the remaining principal due November 2, 2015. Variable interest rate based of 4.25% plus 1 month LIBOR for Eurodollar Rate Loans and interest at PNC Base Rate plus 2.25% for Domestic Rate Loans, collateralized by equipment, inventory, and accounts of the Company and subject to financial covenants. This loan was paid off from proceeds from the Senior Revolving Credit Facility as described in Note 4 above. | $ | - | $ | 12,083,336 | |||||
Real estate loan for our facility in North Dakota, interest at 3.75%, monthly principal and interest payment of $5,255 ending October 3, 2028. Collateralized by land and property purchased with the loan. $100,000 of loan is guaranteed by the Company’s Chairman. | 686,490 | 713,756 | |||||||
Note payable to the seller of Heat Waves. The note was garnished by the Internal Revenue Service (“IRS”) in 2009 and is due on demand; paid in monthly installments of $3,000 per agreement with the IRS. | 251,000 | 281,000 | |||||||
Mortgage payable to a bank, interest at 7.25%, due in monthly payments through February 2015 with a balloon payment of $111,875 on March 15, 2015, secured by land and guaranteed by the Company’s Chairman. | 119,543 | 153,018 | |||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||
Twelve Months Ending September 30, | |||||||||
2015 | $ | 469,786 | |||||||
2016 | 107,204 | ||||||||
2017 | 134,209 | ||||||||
2018 | 42,141 | ||||||||
2019 | 43,772 | ||||||||
Thereafter | 483,401 | ||||||||
Total | $ | 1,280,513 |
Note_7_Commitments_and_Conting1
Note 7 - Commitments and Contingencies (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
Twelve Months Ending September 30, | |||||
2015 | $ | 768,382 | |||
2016 | 500,775 | ||||
2017 | 220,995 | ||||
2018 | 96,000 | ||||
2019 | 96,000 | ||||
Thereafter | 128,000 | ||||
Total | $ | 1,810,152 |
Note_8_Warrants_Tables
Note 8 - Warrants (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Warrants [Abstract] | ' | ||||||||||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | ' | ||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | ||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||
Exercise | Contractual | Intrinsic | |||||||||||||||
Warrants | Shares | Price | Life (Years) | Value | |||||||||||||
Outstanding at January 1, 2014 | 2,657,714 | $ | 0.55 | 3.7 | $ | 3,359,170 | |||||||||||
Issued for Services | - | - | |||||||||||||||
Exercised | (2,266,819 | ) | 0.54 | ||||||||||||||
Forfeited/Cancelled | - | - | |||||||||||||||
Outstanding at September 30, 2014 | 390,895 | $ | 0.61 | 2.8 | $ | 1,185,766 | |||||||||||
Exercisable at September 30, 2014 | 390,895 | $ | 0.61 | 2.8 | $ | 1,185,766 |
Note_9_Stockholders_Equity_Tab
Note 9 - Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Expected volatility | 116 | % | 129 | % | 116% - 124 | % | 129% -139 | % | |||||||||
Risk-free interest rate | 0.93 | 0.62 | % | 0.72% - 0.93 | % | .32% -.62 | % | ||||||||||
Dividend yield | - | - | - | - | |||||||||||||
Expected term (in years) | 2.5 | 2.5 | 3 | 2.5 – 3.5 | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | ||||||||||||||
Outstanding at December 31, 2013 | 3,375,000 | $ | 0.7 | 2.62 | $ | 3,760,325 | |||||||||||
Granted | 432,500 | 2.37 | |||||||||||||||
Exercised | (273,332 | ) | 0.51 | ||||||||||||||
Forfeited or Expired | (34,000 | ) | 2.32 | ||||||||||||||
Outstanding at September 30, 2014 | 3,500,168 | $ | 0.9 | 2.26 | $ | 5,878,016 | |||||||||||
Vested or Expected to Vest at September 30, 2014 | 3,500,168 | $ | 0.9 | 2.26 | $ | 5,878,016 | |||||||||||
Exercisable at September 30, 2014 | 3,001,664 | $ | 0.82 | 2.04 | $ | 5,275,903 | |||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | ||||||||||||||||
Number of Shares | Weighted-Average Grant-Date Fair Value | ||||||||||||||||
Non-vested at December 31, 2013 | 666,668 | $ | 0.54 | ||||||||||||||
Granted | 432,500 | 1.67 | |||||||||||||||
Vested | (566,664 | ) | 0.87 | ||||||||||||||
Forfeited | (34,000 | ) | 1.78 | ||||||||||||||
Non-vested at September 30, 2014 | 498,504 | $ | 1.05 |
Note_1_Basis_of_Presentation_D
Note 1 - Basis of Presentation (Details) - Current Ownership Hierarchy | 9 Months Ended |
Sep. 30, 2014 | |
Heat Waves Hot Oil Service, LLC at Colorado [Member] | ' |
Note 1 - Basis of Presentation (Details) - Current Ownership Hierarchy [Line Items] | ' |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership After All Transactions | 100.00% |
Dillco Fluid Service, Inc. at Kansas [Member] | ' |
Note 1 - Basis of Presentation (Details) - Current Ownership Hierarchy [Line Items] | ' |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership After All Transactions | 100.00% |
HE Services, LLC at Nevada [Member] | ' |
Note 1 - Basis of Presentation (Details) - Current Ownership Hierarchy [Line Items] | ' |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership After All Transactions | 100.00% |
Real GC, LLC at Colorado [Member] | ' |
Note 1 - Basis of Presentation (Details) - Current Ownership Hierarchy [Line Items] | ' |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership After All Transactions | 100.00% |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $95,000 | ' | $95,000 | ' | $245,000 |
Provision for Doubtful Accounts | 41,807 | 0 | 91,807 | 170,397 | ' |
Asset Impairment Charges | 0 | 0 | 0 | 0 | ' |
Capital Lease Obligations, Current | 0 | ' | 0 | ' | ' |
Number of Outstanding, Stock-Based Option Awards and Warrants (in Shares) | 3,891,063 | 8,671,964 | 3,891,063 | 8,671,964 | ' |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants (in Shares) | ' | ' | 1,404,213 | 3,572,096 | ' |
Amortization of Intangible Assets | ' | 0 | ' | 30,000 | ' |
Income Tax Examination, Likelihood of Unfavorable Settlement | ' | ' | '50% | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | ' | 0 | ' | ' |
Prior Period Reclassification Adjustment | $25,975 | ' | $25,975 | ' | ' |
Earliest Tax Year [Member] | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' |
Open Tax Year | ' | ' | '2010 | ' | ' |
Latest Tax Year [Member] | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' |
Open Tax Year | ' | ' | '2013 | ' | ' |
Noncompete Agreements [Member] | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '30 years | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '5 years | ' | ' |
Note_3_Property_and_Equipment_1
Note 3 - Property and Equipment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Depreciation | $884,964 | $543,671 | $2,288,852 | $1,663,871 |
Note_3_Property_and_Equipment_2
Note 3 - Property and Equipment (Details) - Summary of Property and Equipment (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Summary of Property and Equipment [Abstract] | ' | ' |
Trucks and vehicles | $36,592,503 | $27,240,551 |
Trucks in process | 3,956,067 | 1,205,936 |
Other equipment | 3,095,057 | 2,820,674 |
Buildings and improvements | 2,587,226 | 2,364,353 |
Land | 596,420 | 596,420 |
Disposal wells | 367,330 | 367,330 |
Total property and equipment | 47,194,603 | 34,595,264 |
Accumulated depreciation | -19,337,877 | -17,169,436 |
Property and equipment - net | $27,856,726 | $17,425,828 |
Note_4_Senior_Revolving_Credit1
Note 4 - Senior Revolving Credit Facility (Details) (USD $) | 1 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||
Nov. 13, 2012 | Sep. 30, 2014 | Nov. 13, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Cash Flow Hedging [Member] | Subject to Certain Conditions and Approvals [Member] | 2014 Credit Agreement [Member] | 2014 Credit Agreement [Member] | 2014 Credit Agreement [Member] | 2014 Credit Agreement [Member] | 2014 Credit Agreement [Member] | 2014 Credit Agreement [Member] | 2014 Credit Agreement [Member] | 2014 Credit Agreement [Member] | 2014 Credit Agreement [Member] | 2014 Credit Agreement [Member] | 2012 Credit Agreement [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||
Interest Rate Swap [Member] | 2014 Credit Agreement [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | LIBOR Based Loans [Member] | Domestic Rate Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | Base Rate [Member] | Accounts Payable and Accrued Liabilities [Member] | Other Assets [Member] | ||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||
Note 4 - Senior Revolving Credit Facility (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | $40,000,000 | $30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,000,000 | ' | ' |
Line of Credit Facility, Limitation on Borrowings, Percentage of Eligible Receivables | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Limitation on Borrowings, Percentage of Appraised Value of Trucks and Equipment | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.64% | ' | ' | ' | ' | ' | ' | ' | 2.50% | 3.50% | 1.00% | 2.00% | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | 2.65% | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit, Noncurrent | ' | 13,763,001 | ' | ' | ' | ' | 13,500,000 | 263,001 | ' | ' | ' | ' | 13,763,001 | 0 | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | 12,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,272 | ' |
Derivative Asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,407 |
Note_5_LongTerm_Debt_Details_S
Note 5 - Long-Term Debt (Details) - Summary of Long-Term Debt Instruments (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Debt and Capital Lease Obligations | $1,280,513 | ' |
Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and Capital Lease Obligations | ' | 12,083,336 |
Real Estate Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and Capital Lease Obligations | 686,490 | 713,756 |
Note Payable To Seller Of Heat Waves [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and Capital Lease Obligations | 251,000 | 281,000 |
Mortgage Payable Through February 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and Capital Lease Obligations | $119,543 | $153,018 |
Note_5_LongTerm_Debt_Details_S1
Note 5 - Long-Term Debt (Details) - Summary of Long-Term Debt Instruments (Parentheticals) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
Nov. 13, 2012 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Real Estate Loan [Member] | Note Payable To Seller Of Heat Waves [Member] | Note Payable To Seller Of Heat Waves [Member] | Mortgage Payable Through February 2015 [Member] | ||
Base Rate [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equipment Loan, Original Principal Balance | ' | ' | ' | $11,000,000 | $11,000,000 | ' | ' | ' | ' |
Amended Principal Balance | ' | ' | ' | 12,428,576 | 12,428,576 | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | 172,620 | 172,620 | 5,255 | 3,000 | 3,000 | ' |
PNC Term Loan: Variable interest rate base | ' | ' | ' | 4.25% | 4.25% | ' | ' | ' | ' |
PNC Term Loan, addition to base rate for Domestic Rate Loans | 0.64% | 2.25% | 2.25% | ' | ' | ' | ' | ' | ' |
Guarantee Provided By Related Party | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' |
Long-Term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.25% | ' | ' | ' | ' | 3.75% | ' | ' | 7.25% |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | 3-Oct-28 | ' | ' | 15-Mar-15 |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | ' | ' | ' | ' | ' | ' | ' | ' | $111,875 |
Note_5_LongTerm_Debt_Details_S2
Note 5 - Long-Term Debt (Details) - Summary of Maturities of Long-Term Debt (USD $) | Sep. 30, 2014 |
Summary of Maturities of Long-Term Debt [Abstract] | ' |
2015 | $469,786 |
2016 | 107,204 |
2017 | 134,209 |
2018 | 42,141 |
2019 | 43,772 |
Thereafter | 483,401 |
Total | $1,280,513 |
Note_6_Income_Taxes_Details
Note 6 - Income Taxes (Details) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% |
Note_7_Commitments_and_Conting2
Note 7 - Commitments and Contingencies (Details) (Capital Addition Purchase Commitments [Member], USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Capital Addition Purchase Commitments [Member] | ' |
Note 7 - Commitments and Contingencies (Details) [Line Items] | ' |
Unrecorded Unconditional Purchase Obligation | $6.90 |
Note_7_Commitments_and_Conting3
Note 7 - Commitments and Contingencies (Details) - Summary of Future Minimum Operating Lease Commitments (USD $) | Sep. 30, 2014 |
Summary of Future Minimum Operating Lease Commitments [Abstract] | ' |
2015 | $768,382 |
2016 | 500,775 |
2017 | 220,995 |
2018 | 96,000 |
2019 | 96,000 |
Thereafter | 128,000 |
Total | $1,810,152 |
Note_8_Warrants_Details
Note 8 - Warrants (Details) (USD $) | 1 Months Ended | 9 Months Ended | ||
Nov. 29, 2012 | Nov. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | |
Note 8 - Warrants (Details) [Line Items] | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 200,000 | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $0.40 | ' | ' | ' |
Warrants, Expiration Period | ' | '5 years | ' | ' |
Warrants Exercisable Price (in Dollars per share) | ' | $0.55 | ' | ' |
Stock Issued During Period, Shares, Issued for Services | 125,000 | ' | ' | ' |
Stock Issued During Period, Shares, Cashless exercise of warrants | ' | ' | 1,925,357 | 905,206 |
Stock Issued From Cashless Exercise Of Warrants | ' | ' | 1,482,041 | 502,242 |
Stock Issued During Period, Shares, Warrants Cancelled | ' | ' | 443,316 | 402,964 |
Stock Issued During Period, Shares, Warrants Exercised | ' | ' | 341,462 | ' |
Proceeds from Warrant Exercises (in Dollars) | ' | ' | $187,804 | ' |
Aggregate Intrinsic Value Of Warrants Exercised (in Dollars) | ' | ' | 4,129,465 | 644,525 |
Warrants Granted To Purchase Common Stock | ' | ' | 0 | 0 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Note 8 - Warrants (Details) [Line Items] | ' | ' | ' | ' |
Share-Based Compensation Expense, Warrants (in Dollars) | ' | ' | ' | $60,047 |
Common Stock [Member] | ' | ' | ' | ' |
Note 8 - Warrants (Details) [Line Items] | ' | ' | ' | ' |
Sale of Stock, Price Per Share (in Dollars per share) | $0.40 | ' | ' | ' |
Mr. Herman [Member] | ' | ' | ' | ' |
Note 8 - Warrants (Details) [Line Items] | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | 4,960,714 | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | ' | $0.55 | ' | ' |
Warrants, Expiration Period | ' | '5 years | ' | ' |
Each Principal of Existing Investor Relations Firm [Member] | ' | ' | ' | ' |
Note 8 - Warrants (Details) [Line Items] | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | 112,500 | ' | ' |
Principals of Existing Investor Relations Firm [Member] | ' | ' | ' | ' |
Note 8 - Warrants (Details) [Line Items] | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | 225,000 | ' | ' |
Note_8_Warrants_Details_Summar
Note 8 - Warrants (Details) - Summary of Warrant Activity (Warrant [Member], USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Warrant [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Outstanding at January 1, 2014 | ' | 2,657,714 |
Outstanding at January 1, 2014 | ' | 0.55 |
Outstanding at January 1, 2014 | '2 years 292 days | '3 years 255 days |
Outstanding at January 1, 2014 | ' | $3,359,170 |
Exercised | -2,266,819 | ' |
Exercised | 0.54 | ' |
Outstanding at September 30, 2014 | 390,895 | ' |
Outstanding at September 30, 2014 | 0.61 | ' |
Outstanding at September 30, 2014 | '2 years 292 days | '3 years 255 days |
Outstanding at September 30, 2014 | 1,185,766 | ' |
Exercisable at September 30, 2014 | 390,895 | ' |
Exercisable at September 30, 2014 | 0.61 | ' |
Exercisable at September 30, 2014 | '2 years 292 days | ' |
Exercisable at September 30, 2014 | $1,185,766 | ' |
Note_9_Stockholders_Equity_Det
Note 9 - Stockholders' Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 02, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 02, 2014 | Sep. 30, 2014 | |
General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | Cashless Exercise [Member] | Cashless Exercise [Member] | Exercised for Cash Payments [Member] | Minimum [Member] | Maximum [Member] | Option Plan 2010 [Member] | Option Plan 2010 [Member] | Option Plan 2008 [Member] | |||||||
Option Plan 2010 [Member] | Option Plan 2010 [Member] | |||||||||||||||||
Note 9 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,223,380 | ' |
Common Stock, Shares, Outstanding | 36,915,320 | 36,915,320 | ' | 34,822,536 | 34,822,536 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '3 years | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,500,168 | 3,500,168 | ' | ' | ' | 3,375,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,350,168 | ' | 150,000 |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27-Feb-13 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,431 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | ' | 432,500 | 608,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | $1.67 | $0.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Common Shares, Options Exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,333 | 28,332 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | 273,332 | ' | ' | ' | ' | ' | ' | ' | ' | 24,282 | 8,688 | 244,999 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,051 | 19,644 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars) | ' | $531,609 | $8,883 | ' | ' | ' | ' | ' | ' | ' | $75,837 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Stock Options Exercised (in Dollars) | 61,537 | 127,987 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | ' | ' | ' | ' | ' | ' | 372,239 | 117,224 | 520,519 | 446,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $388,070 | $388,070 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | '1 year 255 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_9_Stockholders_Equity_Det1
Note 9 - Stockholders' Equity (Details) - Summary of Stock Valuation Assumptions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||
Note 9 - Stockholders' Equity (Details) - Summary of Stock Valuation Assumptions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Expected volatility | 116.00% | 129.00% | ' | 116.00% | 129.00% | 124.00% | 139.00% |
Risk-free interest rate | 0.93% | 0.62% | ' | 0.72% | 32.00% | 0.93% | 62.00% |
Dividend yield | 0.00% | ' | ' | ' | ' | ' | ' |
Expected term (in years) | '2 years 6 months | '2 years 6 months | '3 years | ' | '2 years 6 months | ' | '3 years 6 months |
Note_9_Stockholders_Equity_Det2
Note 9 - Stockholders' Equity (Details) - Summary of Stock Option Activity for the Six Months Ended June 30, 2014 (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Summary of Stock Option Activity for the Six Months Ended June 30, 2014 [Abstract] | ' | ' |
Outstanding at December 31, 2013 | ' | 3,375,000 |
Outstanding at December 31, 2013 | ' | $0.70 |
Outstanding at December 31, 2013 | '2 years 94 days | '2 years 226 days |
Outstanding at December 31, 2013 | ' | $3,760,325 |
Granted | 432,500 | ' |
Granted | $2.37 | ' |
Exercised | -273,332 | ' |
Exercised | $0.51 | ' |
Forfeited or Expired | -34,000 | ' |
Forfeited or Expired | $2.32 | ' |
Outstanding at September 30, 2014 | 3,500,168 | ' |
Outstanding at September 30, 2014 | $0.90 | ' |
Outstanding at September 30, 2014 | '2 years 94 days | '2 years 226 days |
Outstanding at September 30, 2014 | 5,878,016 | ' |
Vested or Expected to Vest at September 30, 2014 | 3,500,168 | ' |
Vested or Expected to Vest at September 30, 2014 | $0.90 | ' |
Vested or Expected to Vest at September 30, 2014 | '2 years 94 days | ' |
Vested or Expected to Vest at September 30, 2014 | 5,878,016 | ' |
Exercisable at September 30, 2014 | 3,001,664 | ' |
Exercisable at September 30, 2014 | $0.82 | ' |
Exercisable at September 30, 2014 | '2 years 14 days | ' |
Exercisable at September 30, 2014 | $5,275,903 | ' |
Note_9_Stockholders_Equity_Det3
Note 9 - Stockholders' Equity (Details) - Summary of the Status of Non-Vested Shares (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 30, 2013 | |
Summary of the Status of Non-Vested Shares [Abstract] | ' | ' | ' |
Non-vested, Number of Shares | ' | ' | 666,668 |
Non-vested, Weighted-Average Grant-Date Fair Value | ' | ' | $0.54 |
Granted | 432,500 | ' | ' |
Granted | $1.67 | $0.81 | ' |
Vested | -566,664 | ' | ' |
Vested | $0.87 | ' | ' |
Forfeited | -34,000 | ' | ' |
Forfeited | $1.78 | ' | ' |
Non-vested, Number of Shares | 498,504 | ' | 666,668 |
Non-vested, Weighted-Average Grant-Date Fair Value | $1.05 | ' | $0.54 |
Note_10_Related_Party_Transact1
Note 10 - Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Feb. 03, 2014 | |
Board of Directors Chairman [Member] | |||||
Note 10 - Related Party Transactions (Details) [Line Items] | ' | ' | ' | ' | ' |
Proceeds from Sale of Machinery and Equipment | $8,942 | $50,000 | $1,811,275 | ' | $50,000 |
Property, Plant and Equipment, Net | ' | 27,856,726 | ' | 17,425,828 | 38,000 |
Gain (Loss) on Disposition of Assets | ' | ' | ' | ' | $12,000 |
Note_11_Subsequent_Events_Deta
Note 11 - Subsequent Events (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 31, 2014 | |
Subsequent Event [Member] | |||||
Note 11 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | $6,155,517 | $1,675,424 | $12,760,006 | $3,512,935 | $3,700,000 |
Number of Hot Oil Trucks Acquired | ' | ' | ' | ' | 12 |