Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 10, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | Enservco Corporation | |
Entity Central Index Key | 0000319458 | |
Trading Symbol | ensv | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 11,432,726 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common stock, $0.005 par value |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 3,700 | $ 1,467 |
Accounts receivable, net | 3,172 | 1,733 |
Prepaid expenses and other current assets | 971 | 858 |
Inventories | 334 | 295 |
Assets held for sale | 527 | 527 |
Total current assets | 8,704 | 4,880 |
Property and equipment, net | 19,035 | 20,317 |
Goodwill | 546 | 546 |
Intangible assets, net | 563 | 617 |
Right-of-use asset - finance, net | 110 | 129 |
Right-of-use asset - operating, net | 2,708 | 2,918 |
Other assets | 421 | 423 |
Non-current assets of discontinued operations | 347 | 353 |
TOTAL ASSETS | 32,434 | 30,183 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 1,315 | 1,931 |
Senior revolving credit facility, related party (including future interest payable of $735 and $892, respectively - see Note 6) | 1,318 | 1,593 |
Lease liability - finance, current | 66 | 65 |
Lease liability - operating, current | 847 | 854 |
Current portion of long-term debt | 89 | 100 |
Current liabilities of discontinued operations | 33 | 31 |
Total current liabilities | 3,668 | 4,574 |
Long-Term Liabilities | ||
Senior revolving credit facility, related party (including future interest payable of $433 and $485, respectively - see Note 6) | 13,850 | 17,485 |
Subordinated debt, related party (Note 2) | 1,180 | |
Long-term debt, less current portion | 2,038 | 2,052 |
Lease liability - finance, less current portion | 38 | 55 |
Lease liability - operating, less current portion | 1,986 | 2,185 |
Other liabilities | 43 | 88 |
Long-term liabilities of discontinued operations | 9 | |
Total long-term liabilities | 17,955 | 23,054 |
Total liabilities | 21,623 | 27,628 |
Commitments and Contingencies (Note 8) | ||
Preferred stock, $.005 par value, 10,000,000 shares authorized, no shares issued or outstanding | ||
Common stock. $.005 par value, 100,000,000 shares authorized; 11,439,630 and 6,307,868 shares issued as of March 31, 2021 and December 31, 2020, respectively; 6,907 shares of treasury stock as of March 31, 2021 and December 31, 2020, respectively; and 11,432,723 and 6,300,961 shares outstanding as of March 31, 2021 and December 31, 2020, respectively | 57 | 32 |
Additional paid-in capital | 40,456 | 30,052 |
Accumulated deficit | (29,702) | (27,529) |
Total stockholders' equity | 10,811 | 2,555 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 32,434 | $ 30,183 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Senior revolving credit facility, interest payable current | $ 735 | $ 892 |
Senior revolving credit facility, interest payable noncurrent | $ 433 | $ 485 |
Preferred stock, par value (in dollars per share) | $ 0.005 | $ 0.005 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.005 | $ 0.005 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 11,439,630 | 6,307,868 |
Treasury stock, shares (in shares) | 6,907 | 6,907 |
Common stock, shares outstanding (in shares) | 11,432,723 | 6,300,961 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | $ 5,143 | $ 9,386 |
Expenses | ||
Cost of Revenue | 5,109 | 8,465 |
Sales, general, and administrative expenses | 1,005 | 1,762 |
Loss on disposal of assets | 51 | 15 |
Depreciation and amortization | 1,336 | 1,396 |
Total operating expenses | 7,501 | 11,638 |
Loss from Operations | (2,358) | (2,252) |
Other (expense) income | ||
Interest expense | (33) | (641) |
Other income | 226 | 20 |
Total other income (expense) | 193 | (621) |
Loss from continuing operations before taxes | (2,165) | (2,873) |
Income tax expense | ||
Loss from continuing operations | (2,165) | (2,873) |
(Loss) income from discontinued operations (Note 5) | (8) | 36 |
Net loss | $ (2,173) | $ (2,837) |
Loss from continuing operations per common share - basic and diluted (in dollars per share) | $ (0.24) | $ (0.78) |
(Loss) income from discontinued operations per common share - basic and diluted (in dollars per share) | 0.01 | |
Net loss per share - basic and diluted (in dollars per share) | $ (0.24) | $ (0.77) |
Weighted average number of common shares outstanding - basic and diluted (in shares) | 9,187 | 3,701 |
Production Services [Member] | ||
Revenue | $ 1,844 | $ 3,202 |
Expenses | ||
Cost of Revenue | 1,967 | 3,494 |
Depreciation and amortization | 528 | 671 |
Completion Services [Member] | ||
Revenue | 3,299 | 6,184 |
Expenses | ||
Cost of Revenue | 3,142 | 4,971 |
Depreciation and amortization | $ 712 | $ 647 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 3,703 | |||
Balance at Dec. 31, 2019 | $ 19 | $ 22,325 | $ (25,020) | $ (2,676) |
Stock-based compensation | 39 | 39 | ||
Restricted share cancellation (in shares) | (2) | |||
Restricted share cancellation | ||||
Net loss | (2,837) | (2,837) | ||
Balance (in shares) at Mar. 31, 2020 | 3,701 | |||
Balance at Mar. 31, 2020 | $ 19 | 22,364 | (2,837) | (5,474) |
Balance (in shares) at Dec. 31, 2020 | 6,301 | |||
Balance at Dec. 31, 2020 | $ 32 | 30,052 | (27,529) | 2,555 |
Stock-based compensation | 24 | 24 | ||
Net loss | (2,173) | (2,173) | ||
Shares issued in offering, net of issuance costs (in shares) | 4,200 | |||
Shares issued in offering, net of issuance costs | $ 21 | 8,824 | 8,845 | |
Shares issued to Cross River Partners, L.P. in subordinated debt and accrued interest conversion, net of discount (in shares) | 602 | |||
Shares issued to Cross River Partners, L.P. in subordinated debt and accrued interest conversion, net of discount | $ 3 | 1,246 | 1,249 | |
Restricted share issuances (in shares) | 330 | |||
Restricted share issuances | $ 1 | 310 | 311 | |
Balance (in shares) at Mar. 31, 2021 | 11,433 | |||
Balance at Mar. 31, 2021 | $ 57 | $ 40,456 | $ (29,702) | $ 10,811 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net loss | $ (2,173,000) | $ (2,837,000) |
Net (loss) income from discontinued operations | (8,000) | 36,000 |
Net loss from continuing operations | (2,165,000) | (2,873,000) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 1,336,000 | 1,396,000 |
Loss on disposal of equipment | 51,000 | 15,000 |
Board compensation issued in equity | 311,000 | |
Stock-based compensation | 24,000 | 39,000 |
Amortization of debt issuance costs and discount | 8,000 | 47,000 |
Provision for bad debt expense | 38,000 | 300,000 |
Changes in operating assets and liabilities | ||
Accounts receivable | (1,476,000) | 429,000 |
Inventories | (39,000) | 39,000 |
Prepaid expense and other current assets | (113,000) | 333,000 |
Amortization of operating lease assets | 210,000 | 230,000 |
Other assets | 2,000 | 15,000 |
Accounts payable and accrued liabilities | (556,000) | (869,000) |
Operating lease liabilities | (206,000) | (204,000) |
Other liabilities | (45,000) | |
Net cash used in operating activities - continuing operations | (2,620,000) | (1,103,000) |
Net cash (used in) provided by operating activities - discontinued operations | (2,000) | 134,000 |
Net cash used in operating activities | (2,622,000) | (969,000) |
INVESTING ACTIVITIES | ||
Purchases of property and equipment | (45,000) | (164,000) |
Proceeds from disposals of property and equipment | 13,000 | |
Net cash used in investing activities - continuing operations | (32,000) | (164,000) |
Net cash provided by investing activities - discontinued operations | 178,000 | |
Net cash (used in) provided by investing activities | (32,000) | 14,000 |
FINANCING ACTIVITIES | ||
Gross proceeds from stock issuance | 9,660,000 | |
Stock issuance costs and registration fees | (815,000) | |
Term loan repayment | (25,000) | (23,000) |
Net line of credit (repayments) borrowings | (701,000) | 595,000 |
TDR accrued future interest payments | (209,000) | |
Payments of finance leases | (22,000) | (30,000) |
Net cash provided by financing activities - continuing operations | 4,888,000 | 542,000 |
Net cash used in financing activities - discontinued operations | (1,000) | (33,000) |
Net cash provided by financing activities | 4,887,000 | 509,000 |
Net Increase (Decrease) in Cash and Cash Equivalents | 2,233,000 | (446,000) |
Cash and Cash Equivalents, beginning of period | 1,467,000 | 663,000 |
Cash and Cash Equivalents, end of period | 3,700,000 | 217,000 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 220,000 | 537,000 |
Supplemental Disclosure of Non-cash Investing and Financing Activities: | ||
Non-cash conversion of subordinated debt and accrued interest to common stock | 1,312,000 | |
Non-cash conversion of unamortized subordinated debt discount | 61,000 | |
Equipment Term Loan [Member] | ||
FINANCING ACTIVITIES | ||
Term loan repayment | $ (3,000,000) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 – Basis of Presentation Enservco Corporation (“Enservco”) through its wholly-owned subsidiaries (collectively referred to as the “Company”, “we” or “us”) provides various services to the domestic onshore oil and natural gas industry. These services include frac water heating (completion and other services) and hot oiling and acidizing (production services). The accompanying unaudited condensed consolidated financial statements have been derived from the accounting records of Enservco Corporation, Heat Waves Hot Oil Service LLC (“Heat Waves”), . (“Dillco”), Heat Waves Water Management LLC (“HWWM”), and Adler Hot Oil Service, LLC ("Adler") (collectively, the “Company”) as of March 31, 2021 December 31, 2020 three March 31, 2021 2020. 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. Adler Hot Oil Service, LLC Delaware 100% by Enservco Operations integrated into Heat Waves during 2019. Heat Waves Water Management LLC Colorado 100% by Enservco Discontinued operations in 2019 Dillco Fluid Service, Inc Kansas 100% by Enservco Discontinued operation in 2018 HE Services LLC Nevada 100% by Heat Waves No active business operations. Owned construction equipment used by Heat Waves. HE Services LLC was dissolved on December 23, 2020. 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 8 X. not not The accompanying unaudited condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles 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 December 31, 2020. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 - Summary of Significant Accounting Policies Recent Developments On August 10, 2017, 2017 "2017 three $37.0 September 23, 2020, $16.0 533,334 1,000,000 October 15, 2021. February 1, 2021, October 15, 2022, April 26, 2021, 10 November 15, 2021. March 31, 2021, twelve March 31, 2021. On August 13, 2020, 50%, $1.25 $265,000 403,602 September 15, 2020. February 3, 2021, $1.25 $62,000 601,674 $2.18 150,418 $2.507 150,418 five February 3, 2022 February 3, 2026. On September 28, 2020, 3 July 24, 2020, August 20, 2020. September 29, 2020, 1,694,219 $3.5 On February 8, 2021, 1 January 21, 2021 February 8, 2021 ( "February 2021 4,199,998 $2.30 $8.8 February 2021 February 10, 2021. $3.0 February 2021 Recent Market Conditions The COVID- 19 February 2020, 19 may not 19 In addition, certain producing countries within the Organization of Petroleum Exporting Countries and their allies ("OPEC+") group attempted to increase market share through pricing activity that has had limited impact on the severe decline in domestic oil prices that occurred during the first 2020, no not The full extent of the impact of COVID- 19 may Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three may Accounts Receivable Accounts receivable are stated at the amounts billed to customers, net of an allowance for uncollectible accounts. The Company provides an allowance for uncollectible accounts based on a review of outstanding receivables, historical collection information and existing economic conditions. The allowance 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 March 31, 2021, December 31, 2020, $359,000 $322,000, he three March 31, 2021 2020, $38,000 $300,000 Inventories Inventory consists primarily of propane, diesel fuel and chemicals that are used in the servicing of oil wells and is carried at the lower of cost or net realizable value in accordance with the first first three 31 2021 2020, not write-downs or write-offs of inventory . Property and Equipment Property and equipment consist of (i) trucks, trailers and pickups; (ii) (iii) real property which includes land and buildings used for office and shop facilities and wells used for the disposal of water; (iv) other equipment such as tools used for maintaining and repairing vehicles, and (v) office furniture and fixtures, and computer equipment. Property and equipment is stated at cost less accumulated depreciation. The Company capitalizes interest on certain qualifying assets that are undergoing activities to prepare them for their intended use. Interest costs incurred during the fabrication period are capitalized and amortized over the life of the assets. The Company did not three March 31, 2021 2020. 5 30 Any difference between net book value of the property and equipment and the proceeds of an assets' sale or settlement of an insurance claim is recorded as a gain or loss in the Company's earnings. Leases The Company assesses whether an arrangement is a lease at inception. Leases with an initial term of 12 not not not The Company conducts a major part of its operations from leased facilities. Each of these leases is accounted for as an operating lease. Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not The Company amortizes leasehold improvements over the shorter of the life of the lease or the life of the improvements. The Company has leased trucks and equipment in the normal course of business, which may rental expense on equipment under operating leases over the lease term as it becomes payable; there were no rent escalation terms associated with these equipment leases. The Company records amortization expense on equipment under finance leases on a straight-line basis as well as interest expense based on our implicit borrowing rate at the date of the lease inception. The equipment leases contain purchase options that allow 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. 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 first 2021, no first 2020, 19 no three 31, 2021. Assets Held for Sale The Company classifies long-lived assets to be sold as held for sale in the period in which all of the following criteria are met: ( 1 2 3 4 one one 5 6 We initially measure a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held-for-sale criteria are met. Conversely, gains are not not three March 31, 2021 2020, no Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, the Company ceases depreciation and reports long-lived assets and/or the assets and liabilities of the disposal group, if material, in the line items assets held for sale in our consolidated balance sheets. Goodwill and Other Intangible Assets Goodwill represents the excess purchase price over the fair value of identifiable assets received attributable to business acquisitions and combinations. Goodwill and other intangible assets are measured for impairment at least annually and/or whenever events and circumstances arise that indicate impairment may During the first 2021, no first 2020, 19 no three March 31, 2020. Revenue Recognition The Company evaluates revenue when we can identify the contract with the customer, the performance obligations in the contract, the transaction price, and we are certain that the performance obligations have been met. Revenue is recognized when the service has been provided to the customer. The vast majority of the Company's services and product offerings are short-term in nature. The time between invoicing and when payment is due under these arrangements is generally 30 60 not The Company's agreements with its customers are often referred to as “price sheets” and sometimes provide pricing for multiple services. However, these agreements generally do not not Revenue is recognized for certain projects that take more than one Disaggregation of revenue See Note 11 Earnings (Loss) Per Share Earnings per Common Share - Basic is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Earnings per Common Share - Diluted earnings is calculated by dividing net income (loss) 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 As of March 31, 2021 and 2020 , there were outstanding stock options, unvested restricted stock awards and warrants to acquire an aggregate of 1,383,489 and 247,048 shares of Company common stock, respectively, which have a potentially dilutive impact on earnings per share. As of March 31, 2021 and 2020, no March 31 , 2021 and 2020, not not three March 31, 2021 2020. 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 consolidated 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. A deferred tax asset or liability that is not not The Company accounts for any uncertainty in income taxes by recognizing the tax benefit from an uncertain tax position only if, in the Company's opinion, it is more likely than not 50% may not Interest and penalties associated with tax positions are recorded in the period assessed as Other expense. The Company files income tax returns in the United States and in the states in which it conducts its business operations. The Company 's United States federal income tax filings for tax years 2017 2020 2016 2020. 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 non-competition agreements 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. Beginning in 2017 not three 31, 2021 The hierarchy is broken down into three 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 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 grant date fair value for all stock options awarded to employees, independent contractors, officers, and directors. The expected term of the options is based upon evaluation of historical and expected 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 not The Company uses a Lattice model to determine the fair value of certain warrants. The expected term used was the remaining contractual term. Expected volatility is based upon historical volatility over a term consistent with the remaining term. The risk-free interest rate is derived from the yield on zero The Company used the market-value of Company stock to determine the fair value of the performance-based restricted stock awarded in 2018 2019. 2021 2020. Management Estimates The preparation of the Company's consolidated 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. Significant estimates include the realization of accounts receivable, evaluation of impairment of long-lived assets, stock-based compensation expense, income tax provision and the valuation of deferred taxes. Actual results could differ from those estimates. Reclassifications Certain prior-period amounts have been reclassified for comparative purposes to conform to the current presentation. These reclassifications have no Accounting Pronouncements In June 2016, 2016 13, 326 December 15, 2022. not 2016 13 In December 2019, 2019 12, 740 740, not December 15, 2020. 2019 12 January 1, 2021, not |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 - Property and Equipment Property and equipment consist of the following (amounts in thousands): March 31, December 31, 2021 2020 Trucks and vehicles $ 57,090 $ 57,224 Other equipment 1,324 1,319 Buildings and improvements 3,176 3,176 Land 378 378 Total property and equipment 61,968 62,097 Accumulated depreciation (42,933 ) (41,780 ) Property and equipment, net $ 19,035 $ 20,317 For the three March 31, 2021 2020, $1.3 $1.4 |
Note 4 - Intangible Assets
Note 4 - Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 4 The components of our intangible assets as of March 31, 2021, December 31, 2020, March 31, 2021 December 31, 2020 Customer relationships $ 626 $ 626 Patents and trademarks 441 441 Total intangible assets 1,067 1,067 Accumulated amortization (504 ) (450 ) Net carrying value $ 563 $ 617 The useful lives of our intangible assets are estimated to be five three March 31, 2021 2020, $54,000 $51,000, The following table represents the amortization expense for the next five twelve March 31 ( 2022 2023 2024 2025 2026 Customer relationships $ 125 $ 125 $ 73 $ - $ - Patents and trademarks 93 93 54 - - Total intangible asset amortization expense $ 218 $ 218 $ 127 $ - $ - |
Note 5 - Discontinued Operation
Note 5 - Discontinued Operations | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 5 Heat Waves Water Management During December 2019, 2020, 2021. Dillco Effective November 1, 2018, The following table represents a reconciliation of the carrying amounts of major classes of assets and liabilities disclosed as discontinued operations in the Balance Sheets: March 31, December 31, 2021 2020 Carrying amount of major classes of assets included as part of discontinued operations: Property and equipment, net 321 321 Other assets 26 32 Total major classes of assets of the discontinued operation $ 347 $ 353 Carrying amounts of major classes of liabilities included as part of discontinued operations: Accounts payable and accrued liabilities 6 6 Other liabilities 27 34 Total liabilities included as part of discontinued operations $ 33 $ 40 The following table represents a reconciliation of the major classes of line items constituting pretax loss of discontinued operations that are disclosed as discontinued operations in the Statements of Operations: Three Months Ended March 31, 2021 2020 Revenue $ - $ - Cost of sales (1 ) - Sales, general, and administrative expenses - - Depreciation and amortization (6 ) (6 ) Other expense items that are not major (1 ) (12 ) Pretax loss of discontinued operations related to major classes of pretax profit (8 ) (18 ) Gain on disposal - 54 Total (loss) income on discontinued operations that is presented in the Statements of Operations $ (8 ) $ 36 |
Note 6 - Debt
Note 6 - Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6 – Debt East West Bank Revolving Credit Facility The 2017 2 85% 85% $16.0 $17.0 $1.0 January 1, 2021. no October 15, 2022, 8.25%. first 5.25% 3.00% October 15, 2021, 0.5% On February 11, 2021, $3.0 March 31, 2021, $15.2 8.25% March 31, 2021, 2017 $1.0 $15.2 March 31, 2021 $1.2 470 60, Under the amended 2017 31, 2021: ( 1 On December 31, 2020, not $1.5 ( 2 For each trailing three three March 31, 2021, seventy 70% ( 3 $1.2 In connection with amending the 2017 September 23, 2020, 533,334 five 1,000,000 $3.75 533,334 $2.0775 $1.1 533,334 not March 23, 2021. 1,000,000 September 23, 2021 September 23, 2025. $1.4 $11.9 third 2020, $16.0 Debt Issuance Costs We capitalized certain debt issuance costs incurred in connection with the Credit Facility discussed above and these costs were amortized to interest expense over the term of the facility on a straight-line basis. There were no March 31, 2021, December 31, 2020. three 31, 2020 $35,000 of these costs to Interest Expense. Notes Payable Long-term debt consists of the following (in thousands): March 31, December 31, 2021 2020 Senior Revolving Credit Facility with related party. All future interest through October 15, 2021 accrued to loan pursuant to the Fifth Amendment. Interest at 8.25%, 5.25% is paid monthly while 3% is accrued and paid upon maturity. Matures October 15, 2022. $ 15,168 $ 19,078 Paycheck Protection Loan. Interest is at 1% with payments deferred until October 10, 2020. Matures April 10, 2022. 1,940 1,940 Subordinated Promissory Note with related party. Interest is at 10% and is paid quarterly. Matures June 28, 2022. See Note 2 - Summary of Significant Accounting Policies and Recent Developments for discussion of conversion of debt balance. - 1,250 Real Estate Loan for a facility in North Dakota, interest at 5.75%, and monthly principal and interest payment of $5,255 until October 3, 2023. Collateralized by land and property purchased with the loan. 153 167 Vehicle loans for three pickups, interest at 8.59% monthly principal and interest payments of $3,966, matures in August 2021. 20 31 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 annual installments of $36,000 per agreement with the IRS 14 14 Total 17,295 22,480 Less debt discount - (70 ) Less current portion (1,407 ) (1,693 ) Long-term debt, net of debt discount and current portion $ 15,888 $ 20,717 Aggregate maturities of debt are as follows (in thousands): Twelve Months Ending March 31, 2022 824 2023 16,432 2024 39 Thereafter - Total $ 17,295 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 7 – 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 three March 31, 2021 2020 21 The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not may In assessing the realization of deferred tax assets, management considers whether it is more likely than not not Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management recorded a valuation allowance to reduce its net deferred tax assets to zero. During the three March 31, 2021 2020, $0.5 $0.7 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 8 – Commitments and Contingencies Operating Leases Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not not The Company has elected the short-term lease recognition exemption for all applicable classes of underlying assets. Short-term disclosures include only those leases with a term greater than one 12 12 not not The Company elected the expedient to account for lease and non-lease components as a single component for our entire population of operating lease assets. As of March 31, 2021, June 2026. uture minimum lease commitments for these operating lease commitments are as follows (in thousands): Twelve Months Ending March 31, Operating Leases Finance Leases 2022 $ 948 $ 99 2023 709 20 2024 645 14 2025 399 6 2026 356 - Thereafter 90 - Total future lease commitments 3,147 139 Impact of discounting (314 ) (35 ) Discounted value of lease obligations $ 2,833 $ 104 The following table summarizes the components of our gross operating lease costs incurred during the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Operating lease expense: Current lease cost $ 14 $ 291 Long-term lease cost 257 20 Total operating lease cost $ 271 $ 311 Finance lease expense: Amortization of right-of-use assets $ 25 $ 58 Interest on lease liabilities 16 7 Total lease cost $ 41 $ 65 Our weighted-average lease term and discount rate used during the three March 31, 2021 2020 Three Month Ended March 31, 2021 2020 Operating Weighted-average lease term (years) 3.90 4.35 Weighted-average discount rate 6.08 % 6.08 % Finance Weighted-average lease term (years) 1.91 1.91 Weighted-average discount rate 5.92 % 6.10 % Self-Insurance In June 2015, first $50,000 $1.8 The Company had an accrued liability of approximately $ 108,000 and $150,000 as of March 31, 2021 December 31, 2020, December 31, 2020. January 1, 2021, no Effective April 1, 2015, March 31, 2018. $1.8 March 31, 2021, not December 31, 2017, March 31, 2021, $1.8 $1.8 $1.6 September 2020, March 31, 2021, no $189,000 April 1, 2018, no |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 9 – Stockholders ' Equity Warrants In June 2016, 2 ,000 $5.40 one 1,000 December 21, 2016 1,000 June 21, 2017. March 31, 2021 , June 21, 2021 $10.50 On November 11, 2019, one five 41,667 $3.00 $2.40 November 11, 2024. On September 23, 2020, one five 1,000,000 $3.75 $1.42, one September 23, 2021 September 23, 2025. On February 11, 2021, one five 150,418 $2.507 $2.02 one February 11, 2022 February 11, 2026. All warrants granted to Cross River were reviewed and approved by the independent directors of the Company. On April 12, 2021, may A summary of warrant activity for the three months ended March 31, 2021 Weighted Weighted Average Average Remaining Exercise Contractual Warrants Shares Price Life (Years) Outstanding at December 31, 2020 1,043,667 $ 3.73 4.7 Issued 150,418 2.51 4.9 Outstanding at March 31, 2021 1,194,085 $ 3.58 4.5 Exercisable at March 31, 2021 43,667 $ 3.34 3.5 |
Note 10 - Stock Options and Res
Note 10 - Stock Options and Restricted Stock | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 10 – Stock Options and Restricted Stock Stock Options On July 27, 2010, 2010 “2010 2010 15% January 1, 2016 2010 381,272 2,541,809 one three 5 2010 no 2010 March 31, 2021, 1,079 2010 On July 18, 2016, 2016 “2016 September 29, 2016. may 2016 533,334 2010 159,448 692,782 March 31, 2021, 3,823 184,503 2016 During t three months ended March 31, 2021 2020, no The following is a summary of stock option activity for all equity plans for the three March 31, 2021: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Outstanding at December 31 , 2020 11,569 $ 5.87 0.53 Forfeited or Expired (6,667 ) 5.55 - Outstanding at March 31 , 2021 4,902 $ 6.31 0.94 Vested at March 31, 2021 4,902 $ 6.31 0.94 Exercisable at March 31, 2021 4,902 $ 6.31 0.94 There was no March 31 , 2021, . During the three 31 , 2021 and 2020 $0 $2,000, The Company currently expects all outstanding options to vest. Compensation cost is revised if subsequent information indicates that the actual number of options vested due to service is likely to differ from previous estimates. As of March 31, 2021, no Restricted Stock Restricted shares issued pursuant to restricted stock awards under the 2016 three may not A summary of the restricted stock activity is presented below: Number of Shares Weighted-Average Grant- Date Fair Value Restricted shares at December 31, 2020 24,393 $ 7.32 Granted 165,000 1.05 Vested (3,667 ) 7.05 Forfeited (1,223 ) 9.99 Restricted shares at March 31, 2021 184,503 $ 1.70 During the three March 31, 2021 2020, stock-based compensation costs for restricted stock of approximately $ 24,000 and $36 ,000 in sales, general, and administrative expenses. Compensation cost is revised if subsequent information indicates that the actual number of restricted stock vested due to service is likely to differ from previous estimates. The following table sets forth the weighted average outstanding of potentially dilutive instruments for the three March 31, 2021 2020: Three Months Ended March 31, 2021 2020 Stock options 6,235 118,143 Restricted stock 170,338 112,531 Warrants 1,123,890 43,667 Weighted average 1,300,463 274,341 On January 4, 2021, $311,000 December 31, 2020, $221,000 October 2019 December 2020. three March 31, 2021, 118,184 three March 31, 2021, 48,129 2021 $23,000 |
Note 11 - Segment Reporting
Note 11 - Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 11 - Segment Reporting Enservco's reportable business segments are Production Services and Completion and Other Services. These segments have been selected based on management's resource allocation and performance assessment in making decisions regarding the Company. The following is a description of the segments. Production Services Completion and Other Services Unallocated includes general overhead expenses and assets associated with managing all reportable operating segments which have not The following tables set forth certain financial information with respect to Enservco's reportable segments (in thousands): Production Services Completion and Other Services Unallocated Total Three Months Ended March 31, 2021: Revenues $ 1,844 $ 3,299 $ - $ 5,143 Cost of Revenue 1,967 3,142 - 5,109 Segment (Loss) Profit $ (123 ) $ 157 $ - $ 34 Depreciation and $ 528 $ 712 $ 96 $ 1,336 Capital Expenditures $ 19 $ 26 $ - $ 45 Identifiable assets (1) $ 10,842 $ 14,636 $ 829 $ 26,307 Three Months Ended March 31, 2020: Revenues $ 3,202 $ 6,184 $ - $ 9,386 Cost of Revenue 3,494 4,971 $ 8,465 Segment (Loss) Profit $ (292 ) $ 1,213 $ $ 921 Depreciation and $ 671 $ 647 $ 78 $ 1,396 Capital Expenditures $ 83 $ 81 $ - $ 164 Identifiable assets (1) $ 17,662 $ 17,033 $ 1,278 $ 35,973 ( 1 Identifiable assets is calculated by summing the balances of accounts receivable, net; inventories; property and equipment, net; and other assets. The following table reconciles the segment profits reported above to the income from operations reported in the consolidated statements of operations (in thousands): Three Months Ended March 31, 2021 2020 Segment profit $ 34 $ 921 Sales, general, and administrative expenses (1,005 ) (1,762) Loss on disposals of equipment (51 ) (15 ) Depreciation and amortization (1,336 ) (1,396 ) Loss from operations $ (2,358 ) $ (2,252 ) Geographic Areas The Company only does business in the United States, in what it believes are three three Three Months Ended March 31, 2021 2020 BY GEOGRAPHY Production Services: Rocky Mountain Region (1) $ 444 $ 1,193 Central USA Region (2) 1,240 1,873 Eastern USA Region (3) 160 136 Total Production Services 1,844 3,202 Completion and Other Services: Rocky Mountain Region (1) 1,952 5,006 Central USA Region (2) - 110 Eastern USA Region (3) 1,347 1,068 Total Completion and Other Services 3,299 6,184 Total Revenues $ 5,143 $ 9,386 Notes to tables: ( 1 Includes the D-J Basin/Niobrara field (northeastern Colorado and southeastern Wyoming), the San Juan Basin (southeastern Colorado and northeastern New Mexico, the Powder River and Green River Basins (northeastern and southwestern Wyoming), the Bakken area (western North Dakota and eastern Montana). ( 2 Includes the Scoop/Stack Shale in Oklahoma and the Eagle Ford Shale in Texas. ( 3 Consists of the southern region of the Marcellus Shale formation (southwestern Pennsylvania and northern West Virginia) and the Utica Shale formation (eastern Ohio). |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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 may |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable are stated at the amounts billed to customers, net of an allowance for uncollectible accounts. The Company provides an allowance for uncollectible accounts based on a review of outstanding receivables, historical collection information and existing economic conditions. The allowance 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 March 31, 2021, December 31, 2020, $359,000 $322,000, he three March 31, 2021 2020, $38,000 $300,000 |
Inventory, Policy [Policy Text Block] | Inventories Inventory consists primarily of propane, diesel fuel and chemicals that are used in the servicing of oil wells and is carried at the lower of cost or net realizable value in accordance with the first first three 31 2021 2020, not write-downs or write-offs of inventory . |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment consist of (i) trucks, trailers and pickups; (ii) (iii) real property which includes land and buildings used for office and shop facilities and wells used for the disposal of water; (iv) other equipment such as tools used for maintaining and repairing vehicles, and (v) office furniture and fixtures, and computer equipment. Property and equipment is stated at cost less accumulated depreciation. The Company capitalizes interest on certain qualifying assets that are undergoing activities to prepare them for their intended use. Interest costs incurred during the fabrication period are capitalized and amortized over the life of the assets. The Company did not three March 31, 2021 2020. 5 30 Any difference between net book value of the property and equipment and the proceeds of an assets' sale or settlement of an insurance claim is recorded as a gain or loss in the Company's earnings. |
Lessee, Leases [Policy Text Block] | Leases The Company assesses whether an arrangement is a lease at inception. Leases with an initial term of 12 not not not The Company conducts a major part of its operations from leased facilities. Each of these leases is accounted for as an operating lease. Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not The Company amortizes leasehold improvements over the shorter of the life of the lease or the life of the improvements. The Company has leased trucks and equipment in the normal course of business, which may rental expense on equipment under operating leases over the lease term as it becomes payable; there were no rent escalation terms associated with these equipment leases. The Company records amortization expense on equipment under finance leases on a straight-line basis as well as interest expense based on our implicit borrowing rate at the date of the lease inception. The equipment leases contain purchase options that allow 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. |
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 first 2021, no first 2020, 19 no three 31, 2021. Assets Held for Sale The Company classifies long-lived assets to be sold as held for sale in the period in which all of the following criteria are met: ( 1 2 3 4 one one 5 6 We initially measure a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held-for-sale criteria are met. Conversely, gains are not not three March 31, 2021 2020, no Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, the Company ceases depreciation and reports long-lived assets and/or the assets and liabilities of the disposal group, if material, in the line items assets held for sale in our consolidated balance sheets. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Goodwill represents the excess purchase price over the fair value of identifiable assets received attributable to business acquisitions and combinations. Goodwill and other intangible assets are measured for impairment at least annually and/or whenever events and circumstances arise that indicate impairment may During the first 2021, no first 2020, 19 no three March 31, 2020. |
Revenue [Policy Text Block] | Revenue Recognition The Company evaluates revenue when we can identify the contract with the customer, the performance obligations in the contract, the transaction price, and we are certain that the performance obligations have been met. Revenue is recognized when the service has been provided to the customer. The vast majority of the Company's services and product offerings are short-term in nature. The time between invoicing and when payment is due under these arrangements is generally 30 60 not The Company's agreements with its customers are often referred to as “price sheets” and sometimes provide pricing for multiple services. However, these agreements generally do not not Revenue is recognized for certain projects that take more than one Disaggregation of revenue See Note 11 |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) Per Share Earnings per Common Share - Basic is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Earnings per Common Share - Diluted earnings is calculated by dividing net income (loss) 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 As of March 31, 2021 and 2020 , there were outstanding stock options, unvested restricted stock awards and warrants to acquire an aggregate of 1,383,489 and 247,048 shares of Company common stock, respectively, which have a potentially dilutive impact on earnings per share. As of March 31, 2021 and 2020, no March 31 , 2021 and 2020, not not three March 31, 2021 2020. |
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 consolidated 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. A deferred tax asset or liability that is not not The Company accounts for any uncertainty in income taxes by recognizing the tax benefit from an uncertain tax position only if, in the Company's opinion, it is more likely than not 50% may not Interest and penalties associated with tax positions are recorded in the period assessed as Other expense. The Company files income tax returns in the United States and in the states in which it conducts its business operations. The Company 's United States federal income tax filings for tax years 2017 2020 2016 2020. |
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 non-competition agreements 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. Beginning in 2017 not three 31, 2021 The hierarchy is broken down into three 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 Payment Arrangement [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 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 grant date fair value for all stock options awarded to employees, independent contractors, officers, and directors. The expected term of the options is based upon evaluation of historical and expected 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 not The Company uses a Lattice model to determine the fair value of certain warrants. The expected term used was the remaining contractual term. Expected volatility is based upon historical volatility over a term consistent with the remaining term. The risk-free interest rate is derived from the yield on zero The Company used the market-value of Company stock to determine the fair value of the performance-based restricted stock awarded in 2018 2019. 2021 2020. |
Use of Estimates, Policy [Policy Text Block] | Management Estimates The preparation of the Company's consolidated 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. Significant estimates include the realization of accounts receivable, evaluation of impairment of long-lived assets, stock-based compensation expense, income tax provision and the valuation of deferred taxes. Actual results could differ from those estimates. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain prior-period amounts have been reclassified for comparative purposes to conform to the current presentation. These reclassifications have no |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Pronouncements In June 2016, 2016 13, 326 December 15, 2022. not 2016 13 In December 2019, 2019 12, 740 740, not December 15, 2020. 2019 12 January 1, 2021, not |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Current Ownership Hierarchy [Table Text Block] | 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. Adler Hot Oil Service, LLC Delaware 100% by Enservco Operations integrated into Heat Waves during 2019. Heat Waves Water Management LLC Colorado 100% by Enservco Discontinued operations in 2019 Dillco Fluid Service, Inc Kansas 100% by Enservco Discontinued operation in 2018 HE Services LLC Nevada 100% by Heat Waves No active business operations. Owned construction equipment used by Heat Waves. HE Services LLC was dissolved on December 23, 2020. |
Note 3 - Property and Equipme_2
Note 3 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2021 2020 Trucks and vehicles $ 57,090 $ 57,224 Other equipment 1,324 1,319 Buildings and improvements 3,176 3,176 Land 378 378 Total property and equipment 61,968 62,097 Accumulated depreciation (42,933 ) (41,780 ) Property and equipment, net $ 19,035 $ 20,317 |
Note 4 - Intangible Assets (Tab
Note 4 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2021 December 31, 2020 Customer relationships $ 626 $ 626 Patents and trademarks 441 441 Total intangible assets 1,067 1,067 Accumulated amortization (504 ) (450 ) Net carrying value $ 563 $ 617 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2022 2023 2024 2025 2026 Customer relationships $ 125 $ 125 $ 73 $ - $ - Patents and trademarks 93 93 54 - - Total intangible asset amortization expense $ 218 $ 218 $ 127 $ - $ - |
Note 5 - Discontinued Operati_2
Note 5 - Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | March 31, December 31, 2021 2020 Carrying amount of major classes of assets included as part of discontinued operations: Property and equipment, net 321 321 Other assets 26 32 Total major classes of assets of the discontinued operation $ 347 $ 353 Carrying amounts of major classes of liabilities included as part of discontinued operations: Accounts payable and accrued liabilities 6 6 Other liabilities 27 34 Total liabilities included as part of discontinued operations $ 33 $ 40 Three Months Ended March 31, 2021 2020 Revenue $ - $ - Cost of sales (1 ) - Sales, general, and administrative expenses - - Depreciation and amortization (6 ) (6 ) Other expense items that are not major (1 ) (12 ) Pretax loss of discontinued operations related to major classes of pretax profit (8 ) (18 ) Gain on disposal - 54 Total (loss) income on discontinued operations that is presented in the Statements of Operations $ (8 ) $ 36 |
Note 6 - Debt (Tables)
Note 6 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, December 31, 2021 2020 Senior Revolving Credit Facility with related party. All future interest through October 15, 2021 accrued to loan pursuant to the Fifth Amendment. Interest at 8.25%, 5.25% is paid monthly while 3% is accrued and paid upon maturity. Matures October 15, 2022. $ 15,168 $ 19,078 Paycheck Protection Loan. Interest is at 1% with payments deferred until October 10, 2020. Matures April 10, 2022. 1,940 1,940 Subordinated Promissory Note with related party. Interest is at 10% and is paid quarterly. Matures June 28, 2022. See Note 2 - Summary of Significant Accounting Policies and Recent Developments for discussion of conversion of debt balance. - 1,250 Real Estate Loan for a facility in North Dakota, interest at 5.75%, and monthly principal and interest payment of $5,255 until October 3, 2023. Collateralized by land and property purchased with the loan. 153 167 Vehicle loans for three pickups, interest at 8.59% monthly principal and interest payments of $3,966, matures in August 2021. 20 31 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 annual installments of $36,000 per agreement with the IRS 14 14 Total 17,295 22,480 Less debt discount - (70 ) Less current portion (1,407 ) (1,693 ) Long-term debt, net of debt discount and current portion $ 15,888 $ 20,717 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Twelve Months Ending March 31, 2022 824 2023 16,432 2024 39 Thereafter - Total $ 17,295 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Twelve Months Ending March 31, Operating Leases Finance Leases 2022 $ 948 $ 99 2023 709 20 2024 645 14 2025 399 6 2026 356 - Thereafter 90 - Total future lease commitments 3,147 139 Impact of discounting (314 ) (35 ) Discounted value of lease obligations $ 2,833 $ 104 |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2021 2020 Operating lease expense: Current lease cost $ 14 $ 291 Long-term lease cost 257 20 Total operating lease cost $ 271 $ 311 Finance lease expense: Amortization of right-of-use assets $ 25 $ 58 Interest on lease liabilities 16 7 Total lease cost $ 41 $ 65 Three Month Ended March 31, 2021 2020 Operating Weighted-average lease term (years) 3.90 4.35 Weighted-average discount rate 6.08 % 6.08 % Finance Weighted-average lease term (years) 1.91 1.91 Weighted-average discount rate 5.92 % 6.10 % |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Weighted Weighted Average Average Remaining Exercise Contractual Warrants Shares Price Life (Years) Outstanding at December 31, 2020 1,043,667 $ 3.73 4.7 Issued 150,418 2.51 4.9 Outstanding at March 31, 2021 1,194,085 $ 3.58 4.5 Exercisable at March 31, 2021 43,667 $ 3.34 3.5 |
Note 10 - Stock Options and R_2
Note 10 - Stock Options and Restricted Stock (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Outstanding at December 31 , 2020 11,569 $ 5.87 0.53 Forfeited or Expired (6,667 ) 5.55 - Outstanding at March 31 , 2021 4,902 $ 6.31 0.94 Vested at March 31, 2021 4,902 $ 6.31 0.94 Exercisable at March 31, 2021 4,902 $ 6.31 0.94 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of Shares Weighted-Average Grant- Date Fair Value Restricted shares at December 31, 2020 24,393 $ 7.32 Granted 165,000 1.05 Vested (3,667 ) 7.05 Forfeited (1,223 ) 9.99 Restricted shares at March 31, 2021 184,503 $ 1.70 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2021 2020 Stock options 6,235 118,143 Restricted stock 170,338 112,531 Warrants 1,123,890 43,667 Weighted average 1,300,463 274,341 |
Note 11 - Segment Reporting (Ta
Note 11 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Production Services Completion and Other Services Unallocated Total Three Months Ended March 31, 2021: Revenues $ 1,844 $ 3,299 $ - $ 5,143 Cost of Revenue 1,967 3,142 - 5,109 Segment (Loss) Profit $ (123 ) $ 157 $ - $ 34 Depreciation and $ 528 $ 712 $ 96 $ 1,336 Capital Expenditures $ 19 $ 26 $ - $ 45 Identifiable assets (1) $ 10,842 $ 14,636 $ 829 $ 26,307 Three Months Ended March 31, 2020: Revenues $ 3,202 $ 6,184 $ - $ 9,386 Cost of Revenue 3,494 4,971 $ 8,465 Segment (Loss) Profit $ (292 ) $ 1,213 $ $ 921 Depreciation and $ 671 $ 647 $ 78 $ 1,396 Capital Expenditures $ 83 $ 81 $ - $ 164 Identifiable assets (1) $ 17,662 $ 17,033 $ 1,278 $ 35,973 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2021 2020 Segment profit $ 34 $ 921 Sales, general, and administrative expenses (1,005 ) (1,762) Loss on disposals of equipment (51 ) (15 ) Depreciation and amortization (1,336 ) (1,396 ) Loss from operations $ (2,358 ) $ (2,252 ) |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended March 31, 2021 2020 BY GEOGRAPHY Production Services: Rocky Mountain Region (1) $ 444 $ 1,193 Central USA Region (2) 1,240 1,873 Eastern USA Region (3) 160 136 Total Production Services 1,844 3,202 Completion and Other Services: Rocky Mountain Region (1) 1,952 5,006 Central USA Region (2) - 110 Eastern USA Region (3) 1,347 1,068 Total Completion and Other Services 3,299 6,184 Total Revenues $ 5,143 $ 9,386 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation - Current Ownership Hierarchy (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Heat Waves Hot Oil Service LLC at Colorado [Member] | |
Subsidiary or Equity Method Investee | 100.00% |
Adler Hot Oil Service, LLC [Member] | |
Subsidiary or Equity Method Investee | 100.00% |
Heat Waves Water Management LLC at Colorado [Member] | |
Subsidiary or Equity Method Investee | 100.00% |
Dillco Fluid Service, Inc. at Kansas [Member] | |
Subsidiary or Equity Method Investee | 100.00% |
HE Services LLC at Nevada [Member] | |
Subsidiary or Equity Method Investee | 100.00% |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Apr. 26, 2021 | Feb. 10, 2021 | Feb. 03, 2021 | Sep. 29, 2020 | Sep. 23, 2020 | Aug. 13, 2020 | Aug. 10, 2017 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 3.58 | $ 3.73 | |||||||||
Stock Issued During Period, Value, New Issues | $ 8,845,000 | ||||||||||
Accounts Receivable, Allowance for Credit Loss, Current | 359,000 | $ 322,000 | |||||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 38,000 | $ 300,000 | |||||||||
Inventory Write-down | 0 | 0 | |||||||||
Interest Costs Capitalized | 0 | 0 | |||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | ||||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | ||||||||||
Goodwill and Intangible Asset Impairment, Total | $ 0 | $ 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Warrants, Outstanding, Number (in shares) | 1,383,489 | 247,048 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Warrants, Outstanding, Aggregate Intrinsic Value | $ 0 | ||||||||||
Payments of Dividends, Total | $ 0 | ||||||||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||||||||||
Open Tax Year | 2017 2018 2019 2020 | ||||||||||
State and Local Jurisdiction [Member] | |||||||||||
Open Tax Year | 2016 2017 2018 2019 2020 | ||||||||||
Minimum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||||||||
Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 30 years | ||||||||||
At-the-market Offering [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,694,219 | ||||||||||
Stock Issued During Period, Value, New Issues | $ 3,500,000 | ||||||||||
Second Public Offering [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,199,998 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.30 | ||||||||||
Proceeds from Issuance of Common Stock | $ 8,800,000 | ||||||||||
Warrant Issued in Connection with Amended 2017 Credit Agreement [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1,000,000 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 3.75 | ||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||
Warrant Issued in connection with Conversion of Subordinated Debt [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 150,418 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.507 | ||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||
Conversion from 2017 Credit Agreement Loan Concession to Common Stock [Member] | |||||||||||
Debt Conversion, Forgiven Debt, Amount | $ 16,000,000 | ||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 533,334 | ||||||||||
Debt Conversion, Converted Instrument, Amount | $ 1,100,000 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.0775 | ||||||||||
Conversion from Subordinated Promissory Note to Common Stock [Member] | |||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 601,674 | 403,602 | |||||||||
Debt Conversion, Original Debt, Percentage of Total Debt | 50.00% | ||||||||||
Debt Conversion, Converted Instrument, Amount | $ 1,250,000 | $ 1,250,000 | |||||||||
Debt Conversion, Accrued Interest, Amount | $ 62,000 | $ 265,000 | |||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 2.18 | ||||||||||
The 2017 Credit Agreement [Member] | East West Bank [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument, Term (Year) | 3 years | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | $ 37,000,000 | |||||||||
Repayments of Lines of Credit | $ 3,000,000 | ||||||||||
The 2017 Credit Agreement [Member] | East West Bank [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument, Term (Year) | 10 years |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Depreciation, Total | $ 1.3 | $ 1.4 |
Note 3 - Property and Equipme_4
Note 3 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property and equipment, gross | $ 61,968 | $ 62,097 |
Accumulated depreciation | (42,933) | (41,780) |
Property and equipment, net | 19,035 | 20,317 |
Vehicles [Member] | ||
Property and equipment, gross | 57,090 | 57,224 |
Property, Plant and Equipment, Other Types [Member] | ||
Property and equipment, gross | 1,324 | 1,319 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 3,176 | 3,176 |
Land [Member] | ||
Property and equipment, gross | $ 378 | $ 378 |
Note 4 - Intangible Assets (Det
Note 4 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |
Amortization of Intangible Assets, Total | $ 54,000 | $ 51,000 |
Note 4 - Intangible Assets - Co
Note 4 - Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Intangible assets, gross | $ 1,067 | $ 1,067 |
Accumulated amortization | (504) | (450) |
Net carrying value | 563 | 617 |
Customer Relationships [Member] | ||
Intangible assets, gross | 626 | 626 |
Intellectual Property [Member] | ||
Intangible assets, gross | $ 441 | $ 441 |
Note 4 - Intangible Assets - Ex
Note 4 - Intangible Assets - Expected Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Expected amortization expense, 2022 | $ 218 |
Expected amortization expense, 2023 | 218 |
Expected amortization expense, 2024 | 127 |
Expected amortization expense, 2025 | |
Expected amortization expense, 2026 | |
Customer Relationships [Member] | |
Expected amortization expense, 2022 | 125 |
Expected amortization expense, 2023 | 125 |
Expected amortization expense, 2024 | 73 |
Expected amortization expense, 2025 | |
Expected amortization expense, 2026 | |
Patents and Trademarks [Member] | |
Expected amortization expense, 2022 | 93 |
Expected amortization expense, 2023 | 93 |
Expected amortization expense, 2024 | 54 |
Expected amortization expense, 2025 | |
Expected amortization expense, 2026 |
Note 5 - Discontinued Operati_3
Note 5 - Discontinued Operations - Information by Major Classes of Line Items Disclosed as Discontinued Operations in the Consolidated Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Total (loss) income on discontinued operations that is presented in the Statements of Operations | $ (8) | $ 36 | |
Dillco Fluid Service, Inc [Member] | |||
Property and equipment, net | 321 | $ 321 | |
Other assets | 26 | 32 | |
Total major classes of assets of the discontinued operation | 347 | 353 | |
Accounts payable and accrued liabilities | 6 | 6 | |
Other liabilities | 27 | 34 | |
Total liabilities included as part of discontinued operations | 33 | $ 40 | |
Revenue | |||
Cost of sales | (1) | ||
Sales, general, and administrative expenses | |||
Depreciation and amortization | (6) | (6) | |
Other expense items that are not major | (1) | (12) | |
Pretax loss of discontinued operations related to major classes of pretax profit | (8) | (18) | |
Gain on disposal | 54 | ||
Total (loss) income on discontinued operations that is presented in the Statements of Operations | $ (8) | $ 36 |
Note 6 - Debt (Details Textual)
Note 6 - Debt (Details Textual) - USD ($) | Feb. 11, 2021 | Sep. 23, 2020 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 10, 2017 |
Repayments of Long-term Debt, Total | $ 25,000 | $ 23,000 | ||||||
Long-term Debt, Total | $ 17,295,000 | $ 22,480,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 3.58 | $ 3.73 | ||||||
Interest Expense [Member] | ||||||||
Amortization of Debt Issuance Costs | $ 35,000 | |||||||
Other Assets [Member] | ||||||||
Unamortized Debt Issuance Expense | $ 0 | $ 0 | ||||||
Warrant Issued in Connection with Amended 2017 Credit Agreement [Member] | ||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1,000,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 3.75 | |||||||
Warrants and Rights Outstanding | $ 1,400,000 | |||||||
Conversion from 2017 Credit Agreement Loan Concession to Common Stock [Member] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 533,334 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.0775 | |||||||
Debt Conversion, Converted Instrument, Amount | $ 1,100,000 | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | 8.25% | ||||||
Debt Instrument, Interest Rate, Calculated Monthly and Paid in Arrears | 5.25% | 5.25% | ||||||
Debt Instrument, Interest Rate, Accrued on Principal Balance | 3.00% | 3.00% | ||||||
Long-term Debt, Total | $ 15,168,000 | $ 19,078,000 | ||||||
The 2017 Credit Agreement [Member] | East West Bank [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | |||||||
Debt Instrument, Interest Rate, Calculated Monthly and Paid in Arrears | 5.25% | |||||||
Debt Instrument, Interest Rate, Accrued on Principal Balance | 3.00% | |||||||
Debt Instrument, Covenant, Minimum Liquidity | $ 1,500,000 | |||||||
Debt Instrument, Covenant, Percentage of Projected Gross Revenue Achieved | 70.00% | |||||||
Debt Instrument, Covenant, Maximum Capital Expenditures | $ 1,200,000 | |||||||
Gains (Losses) on Restructuring of Debt | $ 11,900,000 | |||||||
The 2017 Credit Agreement [Member] | East West Bank [Member] | Equipment Term Loan [Member] | ||||||||
Debt Instrument, Face Amount | 17,000,000 | |||||||
Repayments of Long-term Debt, Total | $ 3,000,000 | |||||||
Long-term Debt, Total | $ 15,200,000 | |||||||
Debt, Weighted Average Interest Rate | 8.25% | |||||||
Long-term Debt, Gross | $ 15,200,000 | |||||||
Interest Payable | 1,200,000 | |||||||
The 2017 Credit Agreement [Member] | East West Bank [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity, Percent of Eligible Receivables | 85.00% | |||||||
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Trucks and Equipment | 85.00% | |||||||
Line of Credit Facility, Decrease, Forgiveness | 16,000,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | $ 37,000,000 | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,000,000 |
Note 6 - Debt - Summary of Long
Note 6 - Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Long-term debt | $ 17,295 | $ 22,480 |
Less debt discount | (70) | |
Less current portion | (1,407) | (1,693) |
Long-term debt, net of debt discount and current portion | 15,888 | 20,717 |
Unsecured Debt [Member] | ||
Long-term debt | 1,940 | 1,940 |
Subordinated Debt [Member] | Subordinated Promissory Note 1 [Member] | ||
Long-term debt | 1,250 | |
Real Estate Loan 1 [Member] | ||
Long-term debt | 153 | 167 |
Vehicle Loans for Trucks [Member] | ||
Long-term debt | 20 | 31 |
Note Payable To Seller Of Heat Waves [Member] | ||
Long-term debt | 14 | 14 |
Revolving Credit Facility [Member] | ||
Long-term debt | $ 15,168 | $ 19,078 |
Note 6 - Debt - Summary of Lo_2
Note 6 - Debt - Summary of Long-term Debt (Details) (Parentheticals) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Unsecured Debt [Member] | ||
Interest rate | 1.00% | 1.00% |
Maturity date | Apr. 10, 2022 | Apr. 10, 2022 |
Subordinated Debt [Member] | Subordinated Promissory Note 1 [Member] | ||
Interest rate | 10.00% | 10.00% |
Maturity date | Jun. 28, 2022 | Jun. 28, 2022 |
Real Estate Loan 1 [Member] | ||
Interest rate | 5.75% | 5.75% |
Periodic principal and interest payment | $ 5,255 | $ 5,255 |
Vehicle Loans for Trucks [Member] | ||
Periodic principal and interest payment | $ 3,966 | $ 3,966 |
Interest rate | 8.59% | 8.59% |
Note Payable To Seller Of Heat Waves [Member] | ||
Periodic principal and interest payment | $ 36,000 | $ 36,000 |
Revolving Credit Facility [Member] | ||
Interest rate, payable monthly | 5.25% | 5.25% |
Interest rate, accrued | 3.00% | 3.00% |
Interest rate | 8.25% | 8.25% |
Maturity date | Oct. 15, 2022 | Oct. 15, 2022 |
Note 6 - Debt - Summary of Matu
Note 6 - Debt - Summary of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
2022 | $ 824 | |
2023 | 16,432 | |
2024 | 39 | |
Thereafter | ||
Total | $ 17,295 | $ 22,480 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount, Total | $ (0.5) | $ (0.7) |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) | 1 Months Ended | 39 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2021 | Dec. 31, 2020 | |
Self-insured Amount per Individual Claim | $ 50,000 | ||
Self-insured, Maximum Coverage Policy | $ 1,800,000 | ||
Self Insurance Reserve | $ 108,000 | $ 150,000 | |
Workers' Compensation, Maximum Coverage Policy | 1,800,000 | ||
Workers' Compensation, Accumulated Payments on Claims | 1,800,000 | ||
Workers' Compensation, Estimated Accruals | 1,600,000 | ||
Other Noncurrent Assets [Member] | |||
Worker's Compensation, Prepaid Amount | $ 189,000 |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingencies - Future Minimum Lease Commitments (Details) $ in Thousands | Mar. 31, 2021USD ($) |
2022, operating leases | $ 948 |
2022, finance leases | 99 |
2023, operating leases | 709 |
2023, finance leases | 20 |
2024, operating leases | 645 |
2024, finance leases | 14 |
2025, operating leases | 399 |
2025, finance leases | 6 |
2026, operating leases | 356 |
2026, finance leases | |
Thereafter, operating leases | 90 |
Thereafter, finance leases | |
Total future lease commitments, operating leases | 3,147 |
Total future lease commitments, finance leases | 139 |
Impact of discounting, operating leases | (314) |
Impact of discounting, finance leases | (35) |
Discounted value of lease obligations, operating leases | 2,833 |
Discounted value of lease obligations, finance leases | $ 104 |
Note 8 - Commitments and Cont_5
Note 8 - Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Current lease cost | $ 14 | $ 291 |
Long-term lease cost | 257 | 20 |
Total operating lease cost | 271 | 311 |
Amortization of right-of-use assets | 25 | 58 |
Interest on lease liabilities | 16 | 7 |
Total lease cost | $ 41 | $ 65 |
Weighted-average lease term (years), operating (Year) | 3 years 328 days | 4 years 127 days |
Weighted-average discount rate, operating | 6.08% | 6.08% |
Weighted-average lease term (years), financing (Year) | 1 year 332 days | 1 year 332 days |
Weighted-average discount rate, financing | 5.92% | 6.10% |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) - $ / shares | Feb. 11, 2021 | Sep. 23, 2020 | Nov. 11, 2019 | Jun. 21, 2017 | Dec. 21, 2016 | Jun. 30, 2016 | Mar. 31, 2021 | Dec. 31, 2019 |
Class of Warrant or Right, Issued During Period (in shares) | 150,418 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 3.58 | $ 3.73 | ||||||
Warrants Issued in June 2016 [Member] | ||||||||
Class of Warrant or Right, Issued During Period (in shares) | 2,000 | |||||||
Class of Warrant or Right, Grants in Period, Grant Date Fair Value (in dollars per share) | $ 5.40 | |||||||
Class of Warrants or Rights, Vesting Period (Year) | 1 year | |||||||
Class of Warrants or Rights, Vested During the Period (in shares) | 1,000 | 1,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 10.50 | |||||||
Warrant In Connection With Amended Subordinated Loan [Member] | ||||||||
Class of Warrant or Right, Issued During Period (in shares) | 1 | |||||||
Class of Warrant or Right, Grants in Period, Grant Date Fair Value (in dollars per share) | $ 2.40 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 3 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 41,667 | |||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||
Warrant Issued in Connection with Amended 2017 Credit Agreement [Member] | ||||||||
Class of Warrant or Right, Issued During Period (in shares) | 1 | |||||||
Class of Warrant or Right, Grants in Period, Grant Date Fair Value (in dollars per share) | $ 1.42 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 3.75 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1,000,000 | |||||||
Class of Warrant or Right, Period Following Issuance at which Warrants are Exercisable (Year) | 1 year | |||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||
Warrants Issued in Connection With the Conversion of Subordinated Loan Agreement to Common Stock [Member] | ||||||||
Class of Warrant or Right, Issued During Period (in shares) | 1 | |||||||
Class of Warrant or Right, Grants in Period, Grant Date Fair Value (in dollars per share) | $ 2.02 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.507 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 150,418 | |||||||
Class of Warrant or Right, Period Following Issuance at which Warrants are Exercisable (Year) | 1 year | |||||||
Warrants and Rights Outstanding, Term (Year) | 5 years |
Note 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Summary of Warrant Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended | 15 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Outstanding (in shares) | 1,043,667 | 1,043,667 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.73 | $ 3.73 | |
Outstanding, weighted average remaining contractual life (Year) | 4 years 182 days | 4 years 255 days | |
Issued (in shares) | 150,418 | ||
Issued, weighted average exercise price (in dollars per share) | $ 2.51 | ||
Issued, weighted average remaining contractual life (Year) | 4 years 328 days | ||
Outstanding (in shares) | 1,194,085 | 1,194,085 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.58 | $ 3.58 | |
Exercisable (in shares) | 43,667 | 43,667 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 3.34 | $ 3.34 | |
Exercisable, weighted average remaining contractual life (Year) | 3 years 182 days |
Note 10 - Stock Options and R_3
Note 10 - Stock Options and Restricted Stock (Details Textual) - USD ($) | Jan. 04, 2021 | Jan. 01, 2016 | Jul. 27, 2010 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 18, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 4,902 | 11,569 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||||||
Share-based Payment Arrangement, Nonemployee [Member] | ||||||||
Stock Issued During Period, Value, Issued for Services | $ 311,000 | |||||||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ 221,000 | |||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 118,184 | |||||||
Share-based Payment Arrangement, Option [Member] | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 | |||||||
Share-based Payment Arrangement, Option [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ 0 | $ 2,000 | ||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 165,000 | |||||||
Restricted Stock [Member] | Share-based Payment Arrangement, Nonemployee [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ 23,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 48,129 | |||||||
Restricted Stock [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ 24,000 | $ 36,000 | ||||||
Option Plan 2010 Member | ||||||||
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 (in shares) | 381,272 | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 2,541,809 | 1,079 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 159,448 | |||||||
Option Plan 2010 Member | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||
Option Plan 2010 Member | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||
The 2016 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 3,823 | 692,782 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 184,503 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 533,334 |
Note 10 - Stock Options and R_4
Note 10 - Stock Options and Restricted Stock - Summary of Stock Option Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended | 15 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Outstanding (in shares) | 11,569 | 11,569 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 5.87 | ||
Outstanding, weighted average remaining contractual life (Year) | 343 days | 193 days | |
Forfeited or Expired (in shares) | (6,667) | ||
Forfeited or Expired, weighted average exercise price (in dollars per share) | $ 5.55 | ||
Outstanding (in shares) | 4,902 | 4,902 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 6.31 | $ 5.87 | $ 6.31 |
Vested (in shares) | 4,902 | 4,902 | |
Vested, weighted average exercise price (in dollars per share) | $ 6.31 | $ 6.31 | |
Vested, weighted average remaining contractual life (Year) | 343 days | ||
Exercisable (in shares) | 4,902 | 4,902 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 6.31 | $ 6.31 | |
Exercisable, weighted average remaining contractual life (Year) | 343 days |
Note 10 - Stock Options and R_5
Note 10 - Stock Options and Restricted Stock - Summary of Restricted Stock Options (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Balance, Restricted shares (in shares) | shares | 24,393 |
Balance, Restricted shares, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.32 |
Granted, Restricted shares (in shares) | shares | 165,000 |
Granted, Restricted shares, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.05 |
Vested, Restricted shares (in shares) | shares | (3,667) |
Vested, Restricted shares, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.05 |
Forfeited, Restricted shares (in shares) | shares | (1,223) |
Forfeited, Restricted shares, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.99 |
Balance, Restricted shares (in shares) | shares | 184,503 |
Balance, Restricted shares, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.70 |
Note 10 - Stock Options and R_6
Note 10 - Stock Options and Restricted Stock - Potentially Dilutive Instruments (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Potentially dilutive instruments (in shares) | 1,300,463 | 274,341 |
Share-based Payment Arrangement, Option [Member] | ||
Potentially dilutive instruments (in shares) | 6,235 | 118,143 |
Restricted Stock [Member] | ||
Potentially dilutive instruments (in shares) | 170,338 | 112,531 |
Warrant [Member] | ||
Potentially dilutive instruments (in shares) | 1,123,890 | 43,667 |
Note 11 - Segment Reporting - R
Note 11 - Segment Reporting - Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Revenues | $ 5,143 | $ 9,386 | |
Cost of Revenue | 5,109 | 8,465 | |
Segment (Loss) Profit | 34 | 921 | |
Depreciation and amortization | 1,336 | 1,396 | |
Capital Expenditures | 45 | 164 | |
Identifiable assets | [1] | 26,307 | 35,973 |
Production Services [Member] | |||
Revenues | 1,844 | 3,202 | |
Cost of Revenue | 1,967 | 3,494 | |
Segment (Loss) Profit | (123) | (292) | |
Depreciation and amortization | 528 | 671 | |
Capital Expenditures | 19 | 83 | |
Identifiable assets | [1] | 10,842 | 17,662 |
Completion Services [Member] | |||
Revenues | 3,299 | 6,184 | |
Cost of Revenue | 3,142 | 4,971 | |
Segment (Loss) Profit | 157 | 1,213 | |
Depreciation and amortization | 712 | 647 | |
Capital Expenditures | 26 | 81 | |
Identifiable assets | [1] | 14,636 | 17,033 |
Unallocated and Other Segments [Member] | |||
Revenues | |||
Cost of Revenue | |||
Segment (Loss) Profit | |||
Depreciation and amortization | 96 | 78 | |
Capital Expenditures | |||
Identifiable assets | [1] | $ 829 | $ 1,278 |
[1] | Identifiable assets is calculated by summing the balances of accounts receivable, net; inventories; property and equipment, net; and other assets. |
Note 11 - Segment Reporting - I
Note 11 - Segment Reporting - Income From Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment profit | $ 34 | $ 921 |
Sales, general, and administrative expenses | (1,005) | (1,762) |
Loss on disposals of equipment | (51) | (15) |
Depreciation and amortization | (1,336) | (1,396) |
Loss from operations | $ (2,358) | $ (2,252) |
Note 11 - Segment Reporting -_2
Note 11 - Segment Reporting - Revenues by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Revenue | $ 5,143 | $ 9,386 | |
Production Services [Member] | |||
Revenue | 1,844 | 3,202 | |
Completion Services [Member] | |||
Revenue | 3,299 | 6,184 | |
Rocky Mountain Region [Member] | Production Services [Member] | |||
Revenue | [1] | 444 | 1,193 |
Rocky Mountain Region [Member] | Completion Services [Member] | |||
Revenue | [1] | 1,952 | 5,006 |
Central USA Region [Member] | Production Services [Member] | |||
Revenue | [2] | 1,240 | 1,873 |
Central USA Region [Member] | Completion Services [Member] | |||
Revenue | [2] | 110 | |
Eastern USA Region [Member] | Production Services [Member] | |||
Revenue | [3] | 160 | 136 |
Eastern USA Region [Member] | Completion Services [Member] | |||
Revenue | [3] | $ 1,347 | $ 1,068 |
[1] | Includes the D-J Basin/Niobrara field (northeastern Colorado and southeastern Wyoming), the San Juan Basin (southeastern Colorado and northeastern New Mexico, the Powder River and Green River Basins (northeastern and southwestern Wyoming), the Bakken area (western North Dakota and eastern Montana). | ||
[2] | Includes the Scoop/Stack Shale in Oklahoma and the Eagle Ford Shale in Texas. | ||
[3] | Consists of the southern region of the Marcellus Shale formation (southwestern Pennsylvania and northern West Virginia) and the Utica Shale formation (eastern Ohio). |