Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 12, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000319458 | |
Entity Registrant Name | Enservco Corporation | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-36335 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-0811316 | |
Entity Address, Address Line One | 14133 Country Road 9 1/2 | |
Entity Address, City or Town | Longmont | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80504 | |
City Area Code | 303 | |
Local Phone Number | 333-3678 | |
Title of 12(b) Security | Common stock | |
Trading Symbol | ENSV | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,841,886 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 332,000 | $ 201,000 |
Accounts receivable, net | 1,518,000 | 4,190,000 |
Prepaid expenses and other current assets | 2,124,000 | 1,047,000 |
Inventories | 211,000 | 209,000 |
Note receivable | 75,000 | 75,000 |
Assets held for sale | 3,878,000 | 0 |
Total Current Assets | 8,138,000 | 5,722,000 |
Property and equipment, net | 2,087,000 | 6,923,000 |
Intangible assets, net | 92,000 | 0 |
Right-of-use asset - finance, net | 3,000 | 9,000 |
Right-of-use asset - operating, net | 1,009,000 | 891,000 |
Note receivable, less current portion | 106,000 | 144,000 |
Other assets | 181,000 | 183,000 |
Total Assets | 11,616,000 | 13,872,000 |
Current Liabilities: | ||
Accounts Payable and Accrued Liabilities, Current | 2,847,000 | 3,967,000 |
Lease liability - finance | 17,000 | 10,000 |
Lease liability - operating | 360,000 | 441,000 |
Other current liabilities | 135,000 | 198,000 |
Total Current Liabilities | 8,243,000 | 10,028,000 |
Lease liability - finance, less current portion | 0 | 6,000 |
Lease liability - operating, less current portion | 678,000 | 528,000 |
Deferred tax liabilities | 222,000 | 222,000 |
Other non-current liabilities | 24,000 | 58,000 |
Total Liabilities | 10,119,000 | 14,444,000 |
Commitments and Contingencies | ||
Stockholders' Equity (Deficit): | ||
Preferred stock, $0.005 par value, 10,000,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, $0.005 par value, 100,000,000 shares authorized; 37,288,845 and 26,592,637 shares issued as of June 30, 2024 and December 31, 2023, respectively; 6,907 shares of treasury stock as of June 30, 2024 and December 31, 2023; and 37,281,938 and 26,585,730 shares outstanding as of June 30, 2024 and December 31, 2023, respectively | 184,000 | 131,000 |
Additional paid-in capital | 52,573,000 | 48,970,000 |
Accumulated deficit | (51,260,000) | (49,673,000) |
Total Stockholders' Equity (Deficit) | 1,497,000 | (572,000) |
Total Liabilities and Stockholders' Equity (Deficit) | 11,616,000 | 13,872,000 |
September and October 2023 Convertible Note [Member] | Related Party [Member] | ||
Current Liabilities: | ||
Notes payable, current | 664,000 | 0 |
Notes payable, noncurrent | 0 | 1,656,000 |
March 2022 Convertible Note [Member] | Related Party [Member] | ||
Current Liabilities: | ||
Notes payable, current | 0 | 1,027,000 |
Financed Insurance [Member] | ||
Current Liabilities: | ||
Current portion of long-term debt | 1,161,000 | 318,000 |
Utica [Member] | ||
Current Liabilities: | ||
Current portion of long-term debt | 1,886,000 | 1,595,000 |
Long-term debt, less current portion | 622,000 | 1,690,000 |
Utica Residual Liability | 330,000 | 256,000 |
L S Q [Member] | ||
Current Liabilities: | ||
Current portion of long-term debt | $ 1,173,000 | $ 2,472,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
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) | 37,288,845 | 26,592,637 |
Common stock, shares outstanding (in shares) | 37,281,938 | 26,585,730 |
Treasury stock, shares (in shares) | 6,907 | 6,907 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues: | ||||
Revenue | $ 3,764,000 | $ 3,729,000 | $ 13,556,000 | $ 12,641,000 |
Expenses: | ||||
Cost of revenue | 3,415,000 | 3,916,000 | 9,946,000 | 10,813,000 |
Sales, general, and administrative | 1,188,000 | 882,000 | 2,420,000 | 2,386,000 |
Gain on disposal of assets | (23,000) | (175,000) | (23,000) | (175,000) |
Impairment loss | 0 | 250,000 | 0 | 250,000 |
Depreciation and amortization | 288,000 | 945,000 | 1,056,000 | 1,916,000 |
Total operating expenses | 4,868,000 | 5,818,000 | 13,399,000 | 15,190,000 |
(Loss) income from operations | (1,104,000) | (2,089,000) | 157,000 | (2,549,000) |
Other (expense) income: | ||||
Interest expense | (415,000) | (518,000) | (993,000) | (1,108,000) |
Other (expense) income | (808,000) | 53,000 | (751,000) | 83,000 |
Total other expense, net | (1,223,000) | (465,000) | (1,744,000) | (1,025,000) |
Loss before taxes | (2,327,000) | (2,554,000) | (1,587,000) | (3,574,000) |
Deferred income tax benefit | 0 | 0 | 0 | 16,000 |
Net loss | $ (2,327,000) | $ (2,554,000) | $ (1,587,000) | $ (3,558,000) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.08) | $ (0.12) | $ (0.06) | $ (0.2) |
Weighted average number of common shares outstanding - basic and diluted (in shares) | 30,033 | 21,240 | 28,579 | 18,042 |
Production Services [Member] | ||||
Revenues: | ||||
Revenue | $ 2,618,000 | $ 2,889,000 | $ 5,103,000 | $ 5,752,000 |
Expenses: | ||||
Cost of revenue | 2,499,000 | 2,601,000 | 4,403,000 | 4,775,000 |
Depreciation and amortization | 233,000 | 428,000 | 544,000 | 736,000 |
Completion Services [Member] | ||||
Revenues: | ||||
Revenue | 1,146,000 | 840,000 | 8,453,000 | 6,889,000 |
Expenses: | ||||
Cost of revenue | 916,000 | 1,315,000 | 5,543,000 | 6,038,000 |
Depreciation and amortization | $ 53,000 | $ 312,000 | $ 491,000 | $ 761,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Shares Issued With March 2022 Convertible Note [Member] Common Stock Outstanding [Member] | Shares Issued With March 2022 Convertible Note [Member] Additional Paid-in Capital [Member] | Shares Issued With March 2022 Convertible Note [Member] Retained Earnings [Member] | Shares Issued With March 2022 Convertible Note [Member] | Shares Issued With February 2023 Offering Member] Common Stock Outstanding [Member] | Shares Issued With February 2023 Offering Member] Additional Paid-in Capital [Member] | Shares Issued With February 2023 Offering Member] Retained Earnings [Member] | Shares Issued With February 2023 Offering Member] | Shares Issued for Interest Owed on Subordinated Debt [Member] Common Stock Outstanding [Member] | Shares Issued for Interest Owed on Subordinated Debt [Member] Additional Paid-in Capital [Member] | Shares Issued for Interest Owed on Subordinated Debt [Member] Retained Earnings [Member] | Shares Issued for Interest Owed on Subordinated Debt [Member] | Shares Issued in Connection With Conversion of November 2022 Convertible Note [Member] Common Stock Outstanding [Member] | Shares Issued in Connection With Conversion of November 2022 Convertible Note [Member] Additional Paid-in Capital [Member] | Shares Issued in Connection With Conversion of November 2022 Convertible Note [Member] Retained Earnings [Member] | Shares Issued in Connection With Conversion of November 2022 Convertible Note [Member] | Shares Issued in Connection With Conversion of Certain September and October 2023 Convertible Notes [Member] Common Stock Outstanding [Member] | Shares Issued in Connection With Conversion of Certain September and October 2023 Convertible Notes [Member] Additional Paid-in Capital [Member] | Shares Issued in Connection With Conversion of Certain September and October 2023 Convertible Notes [Member] Retained Earnings [Member] | Shares Issued in Connection With Conversion of Certain September and October 2023 Convertible Notes [Member] | Shares Issued in Connection With Conversion of Interest Owed on Certain Convertible Notes [Member] Common Stock Outstanding [Member] | Shares Issued in Connection With Conversion of Interest Owed on Certain Convertible Notes [Member] Additional Paid-in Capital [Member] | Shares Issued in Connection With Conversion of Interest Owed on Certain Convertible Notes [Member] Retained Earnings [Member] | Shares Issued in Connection With Conversion of Interest Owed on Certain Convertible Notes [Member] | Shares Issued in Establishment of Keystone Equity Line of Credit [Member] Common Stock Outstanding [Member] | Shares Issued in Establishment of Keystone Equity Line of Credit [Member] Additional Paid-in Capital [Member] | Shares Issued in Establishment of Keystone Equity Line of Credit [Member] Retained Earnings [Member] | Shares Issued in Establishment of Keystone Equity Line of Credit [Member] | Shares Issued With July 2022 Convertible Note [Member] Common Stock Outstanding [Member] | Shares Issued With July 2022 Convertible Note [Member] Additional Paid-in Capital [Member] | Shares Issued With July 2022 Convertible Note [Member] Retained Earnings [Member] | Shares Issued With July 2022 Convertible Note [Member] | Warrants Issued With February 2023 Offering [Member] Common Stock Outstanding [Member] | Warrants Issued With February 2023 Offering [Member] Additional Paid-in Capital [Member] | Warrants Issued With February 2023 Offering [Member] Retained Earnings [Member] | Warrants Issued With February 2023 Offering [Member] | Warrants Issued With July 2022 Converitble Note [Member] Common Stock Outstanding [Member] | Warrants Issued With July 2022 Converitble Note [Member] Additional Paid-in Capital [Member] | Warrants Issued With July 2022 Converitble Note [Member] Retained Earnings [Member] | Warrants Issued With July 2022 Converitble Note [Member] | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 11,829 | |||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 59 | $ 42,266 | $ (41,156) | $ 1,169 | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | $ 0 | 44 | 0 | 44 | ||||||||||||||||||||||||||||||||||||||||
Restricted share issuance (in shares) | 60 | |||||||||||||||||||||||||||||||||||||||||||
Restricted share issuance | $ 0 | 92 | 0 | 92 | ||||||||||||||||||||||||||||||||||||||||
Restricted share cancellation (in shares) | (25) | |||||||||||||||||||||||||||||||||||||||||||
Restricted share cancellation | $ 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
Shares issued to Cross River Partners, L.P. in connection with conversion of outstanding balance of Convertible Note (in shares) | 2,275 | |||||||||||||||||||||||||||||||||||||||||||
Shares issued to Cross River Partners, L.P. in connection with conversion of outstanding balance of Convertible Note | $ 11 | $ 1,040 | $ 0 | $ 1,051 | ||||||||||||||||||||||||||||||||||||||||
Shares issued in February 2023 Offering, net of offering costs (in shares) | 3,900 | |||||||||||||||||||||||||||||||||||||||||||
Shares issued in February 2023 Offering, net of offering costs | $ 20 | $ 964 | $ 0 | $ 984 | ||||||||||||||||||||||||||||||||||||||||
Warrants Issued | $ 0 | $ 1,968 | $ 0 | $ 1,968 | ||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Parent | $ 0 | 0 | (1,004) | (1,004) | ||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 18,039 | |||||||||||||||||||||||||||||||||||||||||||
Balance at Mar. 31, 2023 | $ 90 | 46,374 | (42,160) | 4,304 | ||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 11,829 | |||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 59 | 42,266 | (41,156) | 1,169 | ||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Parent | (3,558) | |||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 21,441 | |||||||||||||||||||||||||||||||||||||||||||
Balance at Jun. 30, 2023 | $ 107 | 47,835 | (44,714) | 3,228 | ||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 18,039 | |||||||||||||||||||||||||||||||||||||||||||
Balance at Mar. 31, 2023 | $ 90 | 46,374 | (42,160) | 4,304 | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | $ 0 | 44 | 0 | 44 | ||||||||||||||||||||||||||||||||||||||||
Restricted share issuance (in shares) | 79 | |||||||||||||||||||||||||||||||||||||||||||
Restricted share issuance | $ 0 | 82 | 0 | 82 | ||||||||||||||||||||||||||||||||||||||||
Shares issued to Cross River Partners, L.P. in connection with conversion of outstanding balance of Convertible Note (in shares) | 323 | 2,400 | ||||||||||||||||||||||||||||||||||||||||||
Shares issued to Cross River Partners, L.P. in connection with conversion of outstanding balance of Convertible Note | $ 2 | $ 147 | $ 0 | $ 149 | $ 12 | $ 847 | $ 0 | $ 859 | ||||||||||||||||||||||||||||||||||||
Warrants Issued | $ 0 | $ 341 | $ 0 | $ 341 | ||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Parent | $ 0 | 0 | (2,554) | (2,554) | ||||||||||||||||||||||||||||||||||||||||
Exercise of pre-funded warrants associated with February 2023 Offering (in shares) | 600 | |||||||||||||||||||||||||||||||||||||||||||
Exercise of pre-funded warrants associated with February 2023 Offering | $ 3 | $ 0 | $ 0 | $ 3 | ||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 21,441 | |||||||||||||||||||||||||||||||||||||||||||
Balance at Jun. 30, 2023 | $ 107 | 47,835 | (44,714) | 3,228 | ||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 26,586 | |||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2023 | $ 131 | 48,970 | (49,673) | (572) | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | $ 0 | 16 | 0 | 16 | ||||||||||||||||||||||||||||||||||||||||
Restricted share issuance (in shares) | 476 | |||||||||||||||||||||||||||||||||||||||||||
Restricted share issuance | $ 2 | 58 | 0 | 60 | ||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Parent | $ 0 | 0 | 740 | 740 | ||||||||||||||||||||||||||||||||||||||||
Shares issued through release of OilServ, LLC indemnification provisions (in shares) | 294 | |||||||||||||||||||||||||||||||||||||||||||
Shares issued through release of OilServ, LLC indemnification provisions | $ 2 | 104 | 0 | 106 | ||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2024 | 27,356 | |||||||||||||||||||||||||||||||||||||||||||
Balance at Mar. 31, 2024 | $ 135 | 49,148 | (48,933) | 350 | ||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 26,586 | |||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2023 | $ 131 | 48,970 | (49,673) | (572) | ||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Parent | (1,587) | |||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2024 | 37,282 | |||||||||||||||||||||||||||||||||||||||||||
Balance at Jun. 30, 2024 | $ 184 | 52,573 | (51,260) | 1,497 | ||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2024 | 27,356 | |||||||||||||||||||||||||||||||||||||||||||
Balance at Mar. 31, 2024 | $ 135 | 49,148 | (48,933) | 350 | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 0 | 46 | 0 | 46 | ||||||||||||||||||||||||||||||||||||||||
Shares issued to Cross River Partners, L.P. in connection with conversion of outstanding balance of Convertible Note (in shares) | 281 | 4,413 | 3,678 | 220 | 546 | |||||||||||||||||||||||||||||||||||||||
Shares issued to Cross River Partners, L.P. in connection with conversion of outstanding balance of Convertible Note | $ 1 | $ 72 | $ 0 | $ 73 | $ 22 | $ 1,586 | $ 0 | $ 1,608 | $ 18 | $ 1,395 | $ 0 | $ 1,413 | $ 1 | $ 58 | $ 0 | $ 59 | $ 3 | $ 97 | $ 0 | $ 100 | ||||||||||||||||||||||||
Net Income (Loss) Attributable to Parent | $ 0 | 0 | (2,327) | (2,327) | ||||||||||||||||||||||||||||||||||||||||
Board compensation issued in equity (in shares) | 788 | |||||||||||||||||||||||||||||||||||||||||||
Board compensation issued in equity | $ 4 | 171 | 0 | 175 | ||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2024 | 37,282 | |||||||||||||||||||||||||||||||||||||||||||
Balance at Jun. 30, 2024 | $ 184 | $ 52,573 | $ (51,260) | $ 1,497 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities: | ||
Net loss | $ (1,587,000) | $ (3,558,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 1,056,000 | 1,916,000 |
Gain on disposal of assets | (23,000) | (175,000) |
Impairment loss | 0 | 250,000 |
Interest paid-in-kind on LSQ Facility | 181,000 | 0 |
Stock-based compensation | 123,000 | 180,000 |
Amortization of debt issuance costs and discount | 127,000 | 139,000 |
Inducement costs related to note conversions | 908,000 | 0 |
Deferred income tax benefit | 0 | (16,000) |
Bad debt recovery | (25,000) | (100,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,697,000 | 3,251,000 |
Inventories | (3,000) | (27,000) |
Prepaid expense and other current assets | 508,000 | 470,000 |
Amortization of operating lease assets | 250,000 | 282,000 |
Other assets | 1,000 | 19,000 |
Accounts payable and accrued liabilities | (812,000) | (1,667,000) |
Operating lease liabilities | (300,000) | (297,000) |
Other liabilities | 82,000 | (281,000) |
Net cash provided by operating activities | 3,183,000 | 386,000 |
Investing Activities: | ||
Purchases of property and equipment | (92,000) | (84,000) |
Proceeds from disposals of property and equipment | 23,000 | 225,000 |
Purchase of intangible | (92,000) | 0 |
Collections on note receivable | 38,000 | 44,000 |
Net cash (used in) provided by investing activities | (123,000) | 185,000 |
Financing Activities: | ||
Proceeds from exercise of pre-funded warrants | 0 | 3,000 |
Repayments of long-term debt | 0 | (30,000) |
Payments on financed insurance | (641,000) | (329,000) |
Payments of finance leases | 0 | (10,000) |
Net cash used in financing activities | (2,929,000) | (175,000) |
Net Increase in Cash and Cash Equivalents | 131,000 | 396,000 |
Cash and Cash Equivalents, beginning of period | 201,000 | 35,000 |
Cash and Cash Equivalents, end of period | 332,000 | 431,000 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 508,000 | 945,000 |
Non-Cash Investing and Financing Activities: | ||
Financed insurance consummated with insurance renewals | 1,484,000 | 1,478,000 |
Lease liability at inception of new facility operating lease | 368,000 | 0 |
Board compensation issued in equity | 175,000 | 82,000 |
Shares issued in establishment of Keystone equity line of credit | 100,000 | 0 |
Conversion of unamortized debt discount to equity | 87,000 | 0 |
November 2022 Convertible Note Into Common Stock [Member] | ||
Non-Cash Investing and Financing Activities: | ||
Conversion of Convertible Note to equity | 1,200,000 | 0 |
Conversion of Certain September and October 2023 Convertible Notes to Equity [Member] | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Inducement costs related to note conversions | 413,000 | |
Non-Cash Investing and Financing Activities: | ||
Conversion of Convertible Note to equity | 1,000,000 | 0 |
Interest Owed on Subordinated Debt Converted into Common Stock [Member] | ||
Non-Cash Investing and Financing Activities: | ||
Shares issued for interest owed on subordinated debt | 133,000 | 0 |
March 2022 Convertible Note Into Common Stock [Member] | ||
Non-Cash Investing and Financing Activities: | ||
Conversion of Convertible Note to equity | 0 | 1,200,000 |
July 2022 Convertible Note Into Common Stock [Member] | ||
Non-Cash Investing and Financing Activities: | ||
Conversion of Convertible Note to equity | 0 | 1,200,000 |
L S Q [Member] | ||
Financing Activities: | ||
Net line of credit repayments | (1,480,000) | (2,153,000) |
Utica [Member] | ||
Financing Activities: | ||
Net line of credit repayments | (808,000) | (608,000) |
The February 2023 Public Offering [Member] | ||
Financing Activities: | ||
Proceeds from February 2023 Offering, net | $ 0 | $ 2,952,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 Enservco Corporation ("Enservco") through its wholly-owned subsidiary (collectively referred to as the "Company", "we" or "us") provides various services to the domestic onshore oil and natural gas industry. These services include hot oiling and acidizing ("Production Services") and frac water heating ("Completion and Other Services"). The accompanying unaudited condensed consolidated financial statements have been derived from the accounting records of Enservco and its wholly-owned subsidiary, Heat Waves Hot Oil Service LLC ("Heat Waves"), (collectively, the "Company"). 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 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, 2023 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 – Summary of Significant Accounting Policies Going Concern Our condensed consolidated financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activities and the realization of assets and settlement of liabilities in the normal course of business. For the three six June 30, 2024 three six June 30, 2024, three six June 30, 2023 three six June 30, 2023, June 30, 2024 2022, $2.0 2023. fourth 2023, March 2024, second 2024, June 30, 2024. twelve 10 We utilize a cash forecast model to evaluate the ability of future cash flows to fund continuing operations. We analyze projected cash flows to determine if they are sufficient to fund the operations and obligations of the Company for a period of time that extends twelve may second 2024, no Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three two may no Accounts Receivable Accounts receivable are stated at the amounts billed to customers, net of an allowance for credit losses. We make estimates of expected credit and collectability trends for the allowance for credit losses based upon our assessment of various factors, including historical experience, the age of the accounts receivable balances, credit quality of our customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may June 30, 2024 December 31, 2023 three six June 30, 2024 three six June 30, 2023 $100,000 The Company follows the guidance of the Financial Accounting Standards Board's ("FASB") Accounting Standards Update ("ASU") 2016 13, Financial Statements - Credit Losses (Topic 326 Concentrations Revenues from four customers represented 10% three June 30, 2024 six June 30, 2024 10% three June 30, 2023 10% six June 30, 2023 10% June 30, 2024 10% December 31, 2023 10% Inventories Inventories consist primarily of propane, diesel fuel and chemicals that are used in the servicing of oil wells and are carried at the lower of cost or net realizable value in accordance with the first first three six June 30, 2024 2023, not Property and Equipment Property and equipment is stated at cost less accumulated depreciation. The Company charges repairs and maintenance against income when incurred and capitalizes renewals and betterments which extend the remaining useful life or expand the capacity or efficiency of the assets. Depreciation is recorded on a straight-line basis over estimated useful lives ranging from five thirty When property and equipment is either sold or disposed of, the cost and related accumulated depreciation of the property and equipment sold or disposed is removed from the accounting records. Any difference between the net book value of the property and equipment and the proceeds of the assets' sale, or settlement of an insurance claim, is recorded as a gain or loss in the Company’s condensed consolidated statements of operations. Leases The Company conducts a major part of its operations from leased facilities. Each of these leases is accounted for as an operating lease. The Company leases trucks and equipment in the normal course of business, which may Lease assets and liabilities are initially recognized based on the present value of the future minimum lease payments over the lease term at the lease start date. When our leases do not 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 six June 30, 2024 2023 Assets Held for Sale The Company classifies long-lived assets intended 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 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 six June 30, 2024 2023 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 item "Assets held for sale" in our condensed consolidated balance sheets. In the second 2024, June 30, 2024. August 7, 2024, one 8 August 12, 2024. Business Combinations The Company follows the guidance provided for under Accounting Standards Codification ("ASC") 805 Business Combinations 805” 805. 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. Most 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 thirty sixty no 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 Earnings (Loss) Per Share Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net income (loss) by the diluted weighted average number of common shares outstanding for the period. The diluted weighted average number of common shares outstanding for the period is computed using the treasury stock method for Company common stock that may The Company has common stock options, warrants and convertible debt instruments that are considered common stock equivalents which are considered in the computations of basic and diluted earnings per share. The Company uses the treasury stock method for both common stock options and warrants and the if-converted method for convertible debt instruments. For the three six June 30, 2024 2023, 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 condensed 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 Interest and penalties associated with tax positions are recorded in the period assessed as "Other expense" in the condensed consolidated statements of operations. The Company files income tax returns in the United States of America ("USA") and in the states in which it conducts its business operations. The Company ’s USA federal income tax filings for tax year s 2021 2023 2020 2023 Fair Value The fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability's fair value is defined as the amount that would be paid to transfer the liability to a new obligor, rather than the amount that would be paid to settle the liability with the creditor. Assets and liabilities recorded at fair value are measured using a three 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. Financial and non-financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company did not three six June 30, 2024 2023 As of June 30, 2024 2023 no When an assessment for impairment is required for its long-lived assets, the Company assesses the recoverability using the lowest level of cash flows taking into consideration timing and appropriate discount rates. When appropriate, market comparables may may not The Company values its warrants and stock options using the Black-Scholes model. The Company did not six June 30, 2024 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 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 USA 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 zero not Management Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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, useful lives of long-lived assets, evaluation of impairment of long-lived assets, stock-based compensation expense, income tax provisions and the valuation of deferred taxes. Actual results could differ from those estimates. Contingent Liabilities From time-to-time, the Company will have contingent liabilities that arise in the course of business, usually as it pertains to certain lawsuits in which the Company is involved. When a future contingent liability becomes both probable and estimable, the Company will record a liability for the estimated amount, as well as any offsetting receivables in the event the claim is probable to be covered by an insurance policy. In the event there is a range of outcomes and no Classification and Valuation of Warrants The Company analyzes warrant instruments to determine the classification of the warrants as liabilities or equity. The Company's issued warrants are all classified as permanent equity. The Company uses a Black-Scholes model to determine the fair value of its warrants. The expected term used was the remaining contractual term. Expected volatility was based upon historical volatility over a term consistent with the remaining term. The risk-free interest rate was derived from the yield on zero Reclassifications Certain prior period amounts may presentation. These reclassifications have no |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 – Property and Equipment Property and equipment consist of the following (in thousands): June 30, 2024 December 31, 2023 Trucks and vehicles $ 21,815 $ 48,036 Other equipment 1,859 1,859 Buildings and improvements 558 619 Total property and equipment 24,232 50,514 Accumulated depreciation (22,145 ) (43,591 ) Property and equipment, net $ 2,087 $ 6,923 For the three six June 30, 2024 three six June 30, 2023 |
Note 4 - Intangible Assets
Note 4 - Intangible Assets | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 4 The components of our intangible assets are as follows (in thousands): June 30, 2024 December 31, 2023 Customer relationships $ 626 $ 626 Patents and trademarks 441 441 Software 92 - Total intangible assets 1,159 1,067 Accumulated amortization (1,067 ) (1,067 ) Net carrying value $ 92 $ - The useful lives of our intangible assets were estimated to be between three five three six June 30, 2023 three six June 30, 2024. The following table represents the amortization expense for the next twelve June 30 ( 2025 2026 2027 2028 2029 Customer relationships $ - $ - $ - $ - $ - Patents and trademarks - - - - - Software 18 18 18 18 20 Total intangible asset amortization expense $ 18 $ 18 $ 18 $ 18 $ 20 |
Note 5 - Debt
Note 5 - Debt | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 – Debt Notes Payable Long-term debt consists of the following (in thousands): June 30, 2024 December 31, 2023 Utica Facility $ 2,577 $ 3,388 LSQ Facility 1,173 2,472 September and October 2023 Convertible Notes with related parties 675 1,675 November 2022 Convertible Note with related party - 1,200 Financed Insurance 1,161 318 Total long-term debt 5,586 9,053 Less debt discount and debt issuance costs (80 ) (295 ) Less current portion (4,884 ) (5,585 ) Long-term debt, net of debt discount, debt issuance costs and current portion $ 622 $ 3,173 Aggregate contractual principal maturities of debt for the twelve June 30 are as follows (in thousands): 2025 $ 4,884 2026 702 Total $ 5,586 Refinancing On March 24, 2022, 2017 fifty-one June 30, 2024 January 1 July 1, July 1, 2022. fifty-one Further, as part of the Refinancing, Heat Waves entered into an Invoice Purchase Agreement (the "Receivables Financing" or "LSQ Facility," and together with the Utica Facility, the "2022 eighteen one The Utica Facility and the LSQ Facility are subject to an Intercreditor Agreement dated on or about March 24, 2022 Subordinated Debt with Related Parties On September 22, 2022, November 3, 2022, "November 2022 five may not November 2022 two March 30, 2023 November 2022 November 2022 two December 13, 2022, one two November 22, 2023, second June 7, 2024, November 2022 three six June 30, 2024, On September 1, 2023, On September 11, 2023, September 1, 2023 “September October 2023 September September October 2023 eighteen December 31, 2023. first five 5 December 31, 2023. March 31, 2024, ten 10 September October 2023 may not 75% September October 2023 September October 2023 If the Company closes on a new offering of equity securities (the “Equity Financing”) of a minimum of $5,000,000 before the maturity date mentioned above, then, subject to any NYSE American stockholder approval requirements, the principal amount, together with all accrued but unpaid interest of the September October 2023 September October 2023 may may If a change of control of the Company or a sale of a substantial portion of any of its assets occurs prior to the maturity date mentioned above, the holder may five 5 In October 2023, September 2023 September October 2023 September October 2023 October 2023, September October 2023 On June 7, 2024, September October 2023 June 7, 2024, September October 2023 three six June 30, 2024, Financed Insurance In April 2024, June 30, 2024 Debt Discount and Debt Issuance Costs We capitalized certain debt discount and debt issuance costs incurred in connection with the various debt facilities executed by the Company. These costs were amortized to interest expense over the terms of the facilities on a straight-line basis. The remaining balance of the unamortized debt discount and debt issuance costs was $80,000 as of June 30, 2024 three six June 30, 2024 three six June 30, 2023 |
Note 6 - Income Taxes
Note 6 - Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 6 – Income Taxes Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The provision for income taxes for the six June 30, 2024 2023 -tax income primarily because of state income taxes and estimated permanent differences. Based on management's judgement, the Company estimated that as of June 30, 2024 not six June 30, 2024 six June 30, 2023 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 7 – Commitments and Contingencies As of June 30, 2024 , the Company leases facilities and certain office equipment under lease commitments that expire throu June 2029. u twelve June 30 are as follows (in thousands): Operating Leases Finance Leases 2025 $ 496 $ 17 2026 461 - 2027 105 - 2028 108 - 2029 111 - Total future lease payments 1,281 17 Less: imputed interest (243 ) - Discounted value of lease obligations $ 1,038 $ 17 The following table summarizes the components of our gross operating and finance lease costs (in thousands): For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Operating lease cost: Current lease cost $ 57 $ 24 $ 122 $ 48 Long-term lease cost 131 168 277 331 Total operating lease cost $ 188 $ 192 $ 399 $ 379 Finance lease cost: Amortization of right-of-use assets $ 3 $ 3 $ 6 $ 6 Interest on lease liabilities - - - - Total finance lease cost $ 3 $ 3 $ 6 $ 6 Our weighted-average lease term and discount rate used for leases are as follows: June 30, 2024 2023 Operating: Weighted-average lease term (years) 3.20 2.44 Weighted-average discount rate 9.89 % 6.39 % Finance: Weighted-average lease term (years) 0.50 1.23 Weighted-average discount rate 5.59 % 5.59 % |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 8 Warrants A summary of warrant activity for the six June 30, 2024 is as follows: Weighted Average Weighted Average Remaining Shares Exercise Price Contractual Life (Years) Outstanding as of December 31, 2023 11,160,805 $ 0.95 3.95 Outstanding as of June 30, 2024 11,160,805 $ 0.95 3.45 Exercisable as of June 30, 2024 11,160,805 $ 0.95 3.45 Equity Line of Credit On June 11, 2024, not not June 25, 2024, NYSE Regulation Notice of Noncompliance On May 2, 2023, December 31, 2022 not 1003 1003 1003 1009 June 9, 2024 January 10, 2023, June 9, 2024, February 14, 2023. On June 9, 2024, 10 not Note 11 no |
Note 9 - Restricted Stock and S
Note 9 - Restricted Stock and Stock Options | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 9 Restricted Stock Restricted shares issued pursuant to restricted stock awards are restricted as to sale or disposition. These restrictions lapse periodically, generally over a period of three may not A summary of the restricted stock activity is presented below: Weighted Average Shares Grant Fair Value Restricted shares as of December 31, 2023 115,000 $ 2.68 Granted 476,192 0.25 Vested (115,000 ) 2.68 Restricted shares as of June 30, 2024 476,192 $ 0.25 The Company granted 476,192 restricted shares to members of the Board of Directors as compensation for Board services and recognized stock-based compensation expense for restricted stock of $30,000 and $90,000 related to the award of these shares in "Sales, general, and administrative" expenses in the condensed consolidated statements of operations during the three six June 30, 2024 June 30, 2024 two 2024 three six June 30, 2023 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. Stock Options On July 18, 2016, 2016 "2016 September 29, 2016. June 30, 2024 2016 On September 11, 2023, January 1, 2024, January 1, 2025. three six June 30, 2024 June 30, 2024 six |
Note 10 - Segment Reporting
Note 10 - Segment Reporting | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 10 – Segment Reporting Enservco’s reportable operating 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 This segment utilizes a fleet of hot oiling trucks and acidizing units to provide maintenance services to the domestic oil and gas industry. These services include hot oiling services and acidizing services. Hot oiling is utilized by customers to remove paraffins from wellbores, pipes and vessels. Acidizing services are utilized by customers to clean reservoir surfaces and increase flow rates. Completion and Other Services This segment utilizes a fleet of specialized heating units to provide frac water heating services and related support services to the domestic oil and gas industry. These services also include other services for other industries, which consist primarily of hauling and transport of materials and heat treating for customers. Frac water heating is utilized by customers during the completion of oil and gas wells. Unallocated This segment 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 For the Three Months Ended June 30, 2024 Revenues $ 2,618 $ 1,146 $ - $ 3,764 Cost of revenues 2,499 916 - 3,415 Segment profit $ 119 $ 230 $ - $ 349 Depreciation and amortization $ 233 $ 53 $ 2 $ 288 Capital expenditures $ 12 $ 3 $ - $ 15 Identifiable assets (1) $ 4,660 $ 4,209 $ 350 $ 9,219 For the Three Months Ended June 30, 2023 Revenues $ 2,889 $ 840 $ - $ 3,729 Cost of revenues 2,601 1,315 - 3,916 Segment profit (loss) $ 288 $ (475 ) $ - $ (187 ) Depreciation and amortization $ 428 $ 312 $ 205 $ 945 Capital expenditures $ 20 $ 14 $ - $ 34 Identifiable assets (1) $ 7,050 $ 5,144 $ 97 $ 12,291 Production Services Completion and Other Services Unallocated Total For the Six Months Ended June 30, 2024 Revenues $ 5,103 $ 8,453 $ - $ 13,556 Cost of revenues 4,403 5,543 - 9,946 Segment profit $ 700 $ 2,910 $ - $ 3,610 Depreciation and amortization $ 544 $ 491 $ 21 $ 1,056 Capital expenditures $ 48 $ 44 $ - $ 92 Identifiable assets (1) $ 4,660 $ 4,209 $ 350 $ 9,219 For the Six Months Ended June 30, 2023 Revenues $ 5,752 $ 6,889 $ - $ 12,641 Cost of revenues 4,775 6,038 - 10,813 Segment profit $ 977 $ 851 $ - $ 1,828 Depreciation and amortization $ 736 $ 761 $ 419 $ 1,916 Capital expenditures $ 41 $ 43 $ - $ 84 Identifiable assets (1) $ 7,050 $ 5,144 $ 97 $ 12,291 Note to tables: ( 1 Identifiable assets is calculated by summing the balances of net cash, accounts receivable, net; inventories; property and equipment, net; net right-of-use lease assets; assets held for sale; and other assets. The following tables reconcile segment profit (loss) reported above to the income (loss) from operations reported in the condensed consolidated statements of operations (in thousands): For the Three Months Ended June 30, 2024 2023 Segment profit (loss) $ 349 $ (187 ) Sales, general, and administrative (1,188 ) (882 ) Gain on disposal of assets 23 175 Impairment loss - (250 ) Depreciation and amortization (288 ) (945 ) Loss from operations $ (1,104 ) $ (2,089 ) For the Six Months Ended June 30, 2024 2023 Segment profit $ 3,610 $ 1,828 Sales, general, and administrative (2,420 ) (2,386 ) Gain on disposal of assets 23 175 Impairment loss - (250 ) Depreciation and amortization (1,056 ) (1,916 ) Income (loss) from operations $ 157 $ (2,549 ) |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 11 – Subsequent Events Note Conversion On July 12, 2024, September October 2023 Assignment and Bill of Sale - Frac Heating Equipment On August 6, 2024, first October 1, 2024 five February 1, 2025 not eight ten Acquisition of Buckshot Trucking LLC On March 19, 2024, 10 On August 8, 2024, December 31, 2024 The issuance of the Enservco common stock pursuant to the Buckshot Purchase Agreement was subject to the prior approval of the holders of a majority of the outstanding shares of Enservco common stock. On June 25, 2024, August 8, 2024 Share Exchange and Note Financing On August 9, 2024, In connection with the share exchange agreement, the Company expanded the size of its board of directors from five six 5% Concurrently with the execution of the share exchange agreement, the Company also entered into a note purchase agreement with Star, providing for the purchase and sale of a promissory note (the "Star Note") in the aggregate principal amount of $1,000,000. The Company used the proceeds from the sale of the Star Note to complete the Buckshot Acquisition. The Star Note is non-convertible, has a three three may three one four 250,000 10% |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. None. |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Going Concern, Policy [Policy Text Block] | Going Concern Our condensed consolidated financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activities and the realization of assets and settlement of liabilities in the normal course of business. For the three six June 30, 2024 three six June 30, 2024, three six June 30, 2023 three six June 30, 2023, June 30, 2024 2022, $2.0 2023. fourth 2023, March 2024, second 2024, June 30, 2024. twelve 10 We utilize a cash forecast model to evaluate the ability of future cash flows to fund continuing operations. We analyze projected cash flows to determine if they are sufficient to fund the operations and obligations of the Company for a period of time that extends twelve may second 2024, no |
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 two may no |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable are stated at the amounts billed to customers, net of an allowance for credit losses. We make estimates of expected credit and collectability trends for the allowance for credit losses based upon our assessment of various factors, including historical experience, the age of the accounts receivable balances, credit quality of our customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may June 30, 2024 December 31, 2023 three six June 30, 2024 three six June 30, 2023 $100,000 The Company follows the guidance of the Financial Accounting Standards Board's ("FASB") Accounting Standards Update ("ASU") 2016 13, Financial Statements - Credit Losses (Topic 326 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations Revenues from four customers represented 10% three June 30, 2024 six June 30, 2024 10% three June 30, 2023 10% six June 30, 2023 10% June 30, 2024 10% December 31, 2023 10% |
Inventory, Policy [Policy Text Block] | Inventories Inventories consist primarily of propane, diesel fuel and chemicals that are used in the servicing of oil wells and are carried at the lower of cost or net realizable value in accordance with the first first three six June 30, 2024 2023, not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is stated at cost less accumulated depreciation. The Company charges repairs and maintenance against income when incurred and capitalizes renewals and betterments which extend the remaining useful life or expand the capacity or efficiency of the assets. Depreciation is recorded on a straight-line basis over estimated useful lives ranging from five thirty When property and equipment is either sold or disposed of, the cost and related accumulated depreciation of the property and equipment sold or disposed is removed from the accounting records. Any difference between the net book value of the property and equipment and the proceeds of the assets' sale, or settlement of an insurance claim, is recorded as a gain or loss in the Company’s condensed consolidated statements of operations. |
Lessee, Leases [Policy Text Block] | Leases The Company conducts a major part of its operations from leased facilities. Each of these leases is accounted for as an operating lease. The Company leases trucks and equipment in the normal course of business, which may Lease assets and liabilities are initially recognized based on the present value of the future minimum lease payments over the lease term at the lease start date. When our leases do not |
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 six June 30, 2024 2023 Assets Held for Sale The Company classifies long-lived assets intended 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 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 six June 30, 2024 2023 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 item "Assets held for sale" in our condensed consolidated balance sheets. In the second 2024, June 30, 2024. August 7, 2024, one 8 August 12, 2024. |
Business Combinations Policy [Policy Text Block] | Business Combinations The Company follows the guidance provided for under Accounting Standards Codification ("ASC") 805 Business Combinations 805” 805. |
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. Most 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 thirty sixty no 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 |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) Per Share Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net income (loss) by the diluted weighted average number of common shares outstanding for the period. The diluted weighted average number of common shares outstanding for the period is computed using the treasury stock method for Company common stock that may The Company has common stock options, warrants and convertible debt instruments that are considered common stock equivalents which are considered in the computations of basic and diluted earnings per share. The Company uses the treasury stock method for both common stock options and warrants and the if-converted method for convertible debt instruments. For the three six June 30, 2024 2023, |
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 condensed 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 Interest and penalties associated with tax positions are recorded in the period assessed as "Other expense" in the condensed consolidated statements of operations. The Company files income tax returns in the United States of America ("USA") and in the states in which it conducts its business operations. The Company ’s USA federal income tax filings for tax year s 2021 2023 2020 2023 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value The fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability's fair value is defined as the amount that would be paid to transfer the liability to a new obligor, rather than the amount that would be paid to settle the liability with the creditor. Assets and liabilities recorded at fair value are measured using a three 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. Financial and non-financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company did not three six June 30, 2024 2023 As of June 30, 2024 2023 no When an assessment for impairment is required for its long-lived assets, the Company assesses the recoverability using the lowest level of cash flows taking into consideration timing and appropriate discount rates. When appropriate, market comparables may may not The Company values its warrants and stock options using the Black-Scholes model. The Company did not six June 30, 2024 |
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 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 USA 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 zero not |
Use of Estimates, Policy [Policy Text Block] | Management Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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, useful lives of long-lived assets, evaluation of impairment of long-lived assets, stock-based compensation expense, income tax provisions and the valuation of deferred taxes. Actual results could differ from those estimates. |
Commitments and Contingencies, Policy [Policy Text Block] | Contingent Liabilities From time-to-time, the Company will have contingent liabilities that arise in the course of business, usually as it pertains to certain lawsuits in which the Company is involved. When a future contingent liability becomes both probable and estimable, the Company will record a liability for the estimated amount, as well as any offsetting receivables in the event the claim is probable to be covered by an insurance policy. In the event there is a range of outcomes and no |
Classification and Valuation of Warrants [Policy Text Block] | Classification and Valuation of Warrants The Company analyzes warrant instruments to determine the classification of the warrants as liabilities or equity. The Company's issued warrants are all classified as permanent equity. The Company uses a Black-Scholes model to determine the fair value of its warrants. The expected term used was the remaining contractual term. Expected volatility was based upon historical volatility over a term consistent with the remaining term. The risk-free interest rate was derived from the yield on zero |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain prior period amounts may presentation. These reclassifications have no |
Note 3 - Property and Equipme_2
Note 3 - Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2024 December 31, 2023 Trucks and vehicles $ 21,815 $ 48,036 Other equipment 1,859 1,859 Buildings and improvements 558 619 Total property and equipment 24,232 50,514 Accumulated depreciation (22,145 ) (43,591 ) Property and equipment, net $ 2,087 $ 6,923 |
Note 4 - Intangible Assets (Tab
Note 4 - Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 30, 2024 December 31, 2023 Customer relationships $ 626 $ 626 Patents and trademarks 441 441 Software 92 - Total intangible assets 1,159 1,067 Accumulated amortization (1,067 ) (1,067 ) Net carrying value $ 92 $ - |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2025 2026 2027 2028 2029 Customer relationships $ - $ - $ - $ - $ - Patents and trademarks - - - - - Software 18 18 18 18 20 Total intangible asset amortization expense $ 18 $ 18 $ 18 $ 18 $ 20 |
Note 5 - Debt (Tables)
Note 5 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | June 30, 2024 December 31, 2023 Utica Facility $ 2,577 $ 3,388 LSQ Facility 1,173 2,472 September and October 2023 Convertible Notes with related parties 675 1,675 November 2022 Convertible Note with related party - 1,200 Financed Insurance 1,161 318 Total long-term debt 5,586 9,053 Less debt discount and debt issuance costs (80 ) (295 ) Less current portion (4,884 ) (5,585 ) Long-term debt, net of debt discount, debt issuance costs and current portion $ 622 $ 3,173 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2025 $ 4,884 2026 702 Total $ 5,586 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Operating Leases Finance Leases 2025 $ 496 $ 17 2026 461 - 2027 105 - 2028 108 - 2029 111 - Total future lease payments 1,281 17 Less: imputed interest (243 ) - Discounted value of lease obligations $ 1,038 $ 17 |
Lease, Cost [Table Text Block] | For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Operating lease cost: Current lease cost $ 57 $ 24 $ 122 $ 48 Long-term lease cost 131 168 277 331 Total operating lease cost $ 188 $ 192 $ 399 $ 379 Finance lease cost: Amortization of right-of-use assets $ 3 $ 3 $ 6 $ 6 Interest on lease liabilities - - - - Total finance lease cost $ 3 $ 3 $ 6 $ 6 June 30, 2024 2023 Operating: Weighted-average lease term (years) 3.20 2.44 Weighted-average discount rate 9.89 % 6.39 % Finance: Weighted-average lease term (years) 0.50 1.23 Weighted-average discount rate 5.59 % 5.59 % |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Weighted Average Weighted Average Remaining Shares Exercise Price Contractual Life (Years) Outstanding as of December 31, 2023 11,160,805 $ 0.95 3.95 Outstanding as of June 30, 2024 11,160,805 $ 0.95 3.45 Exercisable as of June 30, 2024 11,160,805 $ 0.95 3.45 |
Note 9 - Restricted Stock and_2
Note 9 - Restricted Stock and Stock Options (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average Shares Grant Fair Value Restricted shares as of December 31, 2023 115,000 $ 2.68 Granted 476,192 0.25 Vested (115,000 ) 2.68 Restricted shares as of June 30, 2024 476,192 $ 0.25 |
Note 10 - Segment Reporting (Ta
Note 10 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Production Services Completion and Other Services Unallocated Total For the Three Months Ended June 30, 2024 Revenues $ 2,618 $ 1,146 $ - $ 3,764 Cost of revenues 2,499 916 - 3,415 Segment profit $ 119 $ 230 $ - $ 349 Depreciation and amortization $ 233 $ 53 $ 2 $ 288 Capital expenditures $ 12 $ 3 $ - $ 15 Identifiable assets (1) $ 4,660 $ 4,209 $ 350 $ 9,219 For the Three Months Ended June 30, 2023 Revenues $ 2,889 $ 840 $ - $ 3,729 Cost of revenues 2,601 1,315 - 3,916 Segment profit (loss) $ 288 $ (475 ) $ - $ (187 ) Depreciation and amortization $ 428 $ 312 $ 205 $ 945 Capital expenditures $ 20 $ 14 $ - $ 34 Identifiable assets (1) $ 7,050 $ 5,144 $ 97 $ 12,291 Production Services Completion and Other Services Unallocated Total For the Six Months Ended June 30, 2024 Revenues $ 5,103 $ 8,453 $ - $ 13,556 Cost of revenues 4,403 5,543 - 9,946 Segment profit $ 700 $ 2,910 $ - $ 3,610 Depreciation and amortization $ 544 $ 491 $ 21 $ 1,056 Capital expenditures $ 48 $ 44 $ - $ 92 Identifiable assets (1) $ 4,660 $ 4,209 $ 350 $ 9,219 For the Six Months Ended June 30, 2023 Revenues $ 5,752 $ 6,889 $ - $ 12,641 Cost of revenues 4,775 6,038 - 10,813 Segment profit $ 977 $ 851 $ - $ 1,828 Depreciation and amortization $ 736 $ 761 $ 419 $ 1,916 Capital expenditures $ 41 $ 43 $ - $ 84 Identifiable assets (1) $ 7,050 $ 5,144 $ 97 $ 12,291 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | For the Three Months Ended June 30, 2024 2023 Segment profit (loss) $ 349 $ (187 ) Sales, general, and administrative (1,188 ) (882 ) Gain on disposal of assets 23 175 Impairment loss - (250 ) Depreciation and amortization (288 ) (945 ) Loss from operations $ (1,104 ) $ (2,089 ) For the Six Months Ended June 30, 2024 2023 Segment profit $ 3,610 $ 1,828 Sales, general, and administrative (2,420 ) (2,386 ) Gain on disposal of assets 23 175 Impairment loss - (250 ) Depreciation and amortization (1,056 ) (1,916 ) Income (loss) from operations $ 157 $ (2,549 ) |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Jun. 11, 2024 USD ($) | |
Operating Income (Loss) | $ (1,104,000) | $ (2,089,000) | $ 157,000 | $ (2,549,000) | ||||
Net Income (Loss) Attributable to Parent | (2,327,000) | $ 740,000 | (2,554,000) | $ (1,004,000) | (1,587,000) | (3,558,000) | ||
Cash and Cash Equivalents, at Carrying Value | 332,000 | 332,000 | $ 201,000 | |||||
Working Capital Deficit | (105,000) | (105,000) | ||||||
Accounts Receivable, Allowance for Credit Loss, Current | 75,000 | 75,000 | $ 100,000 | |||||
Accounts Receivable, Credit Loss Expense (Reversal) | (25,000) | (100,000) | (25,000) | (100,000) | ||||
Inventory Write-down | 0 | 0 | 0 | 0 | ||||
Impairment, Long-Lived Asset, Held-for-Use | 0 | 0 | 0 | 0 | ||||
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | 5 years | ||||||
Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 30 years | 30 years | ||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||||||
Number of Major Customers | 4 | 2 | 2 | 1 | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member] | ||||||||
Concentration Risk, Percentage | 16% | 17% | 25% | 34% | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | ||||||||
Concentration Risk, Percentage | 11% | 14% | 21% | |||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Three [Member] | ||||||||
Concentration Risk, Percentage | 11% | |||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Four [Member] | ||||||||
Concentration Risk, Percentage | 11% | |||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||||||
Number of Major Customers | 2 | 2 | ||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] | ||||||||
Concentration Risk, Percentage | 23% | 50% | ||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | ||||||||
Concentration Risk, Percentage | 11% | 18% | ||||||
Equity Line of Credit [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Depreciation | $ 285,000 | $ 887,000 | $ 1,000,000 | $ 1,800,000 |
Note 3 - Property and Equipme_4
Note 3 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property and equipment, gross | $ 24,232 | $ 50,514 |
Accumulated depreciation | (22,145) | (43,591) |
Property and equipment, net | 2,087 | 6,923 |
Vehicles [Member] | ||
Property and equipment, gross | 21,815 | 48,036 |
Property, Plant and Equipment, Other Types [Member] | ||
Property and equipment, gross | 1,859 | 1,859 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | $ 558 | $ 619 |
Note 4 - Intangible Assets (Det
Note 4 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Amortization of Intangible Assets | $ 0 | $ 54,000 | $ 0 | $ 109,000 |
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | 3 years | ||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | 5 years |
Note 4 - Intangible Assets - Co
Note 4 - Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Intangible assets, gross | $ 1,159 | $ 1,067 |
Accumulated amortization | (1,067) | (1,067) |
Net carrying value | 92 | 0 |
Customer Relationships [Member] | ||
Intangible assets, gross | 626 | 626 |
Intellectual Property [Member] | ||
Intangible assets, gross | 441 | 441 |
Computer Software, Intangible Asset [Member] | ||
Intangible assets, gross | $ 92 | $ 0 |
Note 4 - Intangible Assets - Am
Note 4 - Intangible Assets - Amortization Expense (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
2025 | $ 18 |
2026 | 18 |
2027 | 18 |
2028 | 18 |
2029 | 20 |
Customer Relationships [Member] | |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
2029 | 0 |
Patents and Trademarks [Member] | |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
2029 | 0 |
Computer Software, Intangible Asset [Member] | |
2025 | 18 |
2026 | 18 |
2027 | 18 |
2028 | 18 |
2029 | $ 20 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||
Jun. 07, 2024 USD ($) shares | Sep. 11, 2023 USD ($) d $ / shares | Nov. 03, 2022 USD ($) $ / shares shares | Mar. 24, 2022 USD ($) | Apr. 30, 2024 USD ($) | Oct. 31, 2023 USD ($) | Jun. 30, 2024 USD ($) $ / shares | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) $ / shares | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares | Sep. 01, 2023 USD ($) | Dec. 13, 2022 USD ($) | Sep. 22, 2022 USD ($) | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.95 | $ 0.95 | $ 0.95 | |||||||||||
Debt Conversion, Unamortized Debt Discount, Amount | $ 87,000 | $ 0 | ||||||||||||
Inducement Costs Related to Note Conversions | 908,000 | 0 | ||||||||||||
Proceeds From Financed Insurance | $ 1,500,000 | |||||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 80,000 | 80,000 | $ 295,000 | |||||||||||
Amortization of Debt Discount (Premium) | 51,000 | $ 69,000 | 127,000 | $ 139,000 | ||||||||||
Chief Executive Officer [Member] | ||||||||||||||
Proceeds from Convertible Debt | $ 100,000 | |||||||||||||
November 2022 Convertible Note Into Common Stock [Member] | Cross River Partners, L.P. [Member] | ||||||||||||||
Debt Conversion, Original Debt, Amount | $ 1,222,356 | |||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities (in shares) | shares | 4,495,609 | |||||||||||||
Debt Conversion, Unamortized Debt Discount, Amount | $ 87,000 | |||||||||||||
Inducement Costs Related to Note Conversions | 495,000 | 495,000 | ||||||||||||
Conversion of New Convertible Notes into Equity [Member] | ||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 0.5 | |||||||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 25% | |||||||||||||
Conversion of New Convertible Notes into Equity [Member] | Common Stock [Member] | ||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 0.5 | |||||||||||||
Conversion of New Convertible Notes into Equity [Member] | Scenario, Plan [Member] | ||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 5,000,000 | |||||||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 25% | |||||||||||||
Debt Instrument, Convertible, Premium as A Percentage of Outstanding Principal | 25% | |||||||||||||
Debt Instrument, Convertible, Threshold Trading Days (Day) | d | 5 | |||||||||||||
Conversion of Certain September and October 2023 Convertible Notes to Equity [Member] | ||||||||||||||
Inducement Costs Related to Note Conversions | $ 413,000 | 413,000 | ||||||||||||
Conversion of Certain September and October 2023 Convertible Notes to Equity [Member] | Cross River Partners, L.P. [Member] | ||||||||||||||
Debt Conversion, Original Debt, Amount | $ 926,827 | |||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities (in shares) | shares | 3,408,707 | |||||||||||||
Conversion of Certain September and October 2023 Convertible Notes to Equity [Member] | Director and Executive Chairman [Member] | ||||||||||||||
Debt Conversion, Original Debt, Amount | $ 110,739 | |||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities (in shares) | shares | 407,281 | |||||||||||||
One Parcels of Real Property in North Dakota [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 550,000 | |||||||||||||
Cross River Warrants [Member] | ||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 568,720 | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 2.11 | |||||||||||||
Cross River Convertible Notes [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 750,000 | $ 750,000 | ||||||||||||
Proceeds from Convertible Debt | 150,000 | |||||||||||||
Chesser Convertible Note [Member] | ||||||||||||||
Debt Instrument, Face Amount | 50,000 | $ 50,000 | ||||||||||||
Angel Capital Convertible Note [Member] | ||||||||||||||
Debt Instrument, Face Amount | 125,000 | |||||||||||||
Proceeds from Convertible Debt | 125,000 | |||||||||||||
Equigen Convertible Note [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 187,500 | |||||||||||||
Proceeds from Convertible Debt | $ 187,500 | |||||||||||||
Cross River [Member] | Cross River Revolver [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 750,000 | |||||||||||||
Cross River [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 16% | |||||||||||||
Cross River [Member] | Cross River Exchange Note [Member] | ||||||||||||||
Payment of Financing and Stock Issuance Costs, Total | $ 450,000 | |||||||||||||
Cross River [Member] | November 2022 Convertible Note [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 1,200,000 | |||||||||||||
Debt Instrument, Term (Month) | 2 years | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | |||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 2.11 | |||||||||||||
Cross River [Member] | Minimum [Member] | November 2022 Convertible Note [Member] | ||||||||||||||
Debt Instrument Convertible, Price Per Share, Minimum Equity Offering Amount Received | $ 2,000,000 | |||||||||||||
Heat Waves Hot Oil Service LLC at Colorado [Member] | ||||||||||||||
Maximum Percentage on Advance to Accounts Receivable Factored | 85% | |||||||||||||
Maximum Amount on Advance to Accounts Receivable Factored | $ 10,000,000 | |||||||||||||
Receivable Fee, Percentage of Receivable Purchased in Addition to Fund Usage Daily Fee | 0.10% | |||||||||||||
Funds Usage Daily Fee, Percentage | 0.021% | |||||||||||||
Heat Waves Hot Oil Service LLC at Colorado [Member] | Utica Leaseco, LLC [Member] | Master Lease Agreement [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 6.225 | |||||||||||||
Debt Instrument, Term (Month) | 51 months | |||||||||||||
Debt Instrument, Periodic Payment, Total | $ 168,075 | $ 203,000 | ||||||||||||
Debt Instrument, Surcharge Percentage Per Month | 1% | |||||||||||||
Debt Instrument, Percentage That Exceeds Prime Rate for Surcharge | 0.25% | |||||||||||||
Debt Instrument, Minimum Prime Rate Percentage That Triggers Surcharge | 3.25% | |||||||||||||
Debt Instrument, Covenant, Option, Payment of Lease Facility in Exchange for Reduced Payment schedule | $ 1,000,000 | |||||||||||||
Heat Waves Hot Oil Service LLC at Colorado [Member] | Utica Leaseco, LLC [Member] | Master Lease Agreement [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid, Percentage of Principle | 1% | |||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 62,250 | |||||||||||||
Heat Waves Hot Oil Service LLC at Colorado [Member] | Utica Leaseco, LLC [Member] | Master Lease Agreement [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid, Percentage of Principle | 10% | |||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 622,500 |
Note 5 - Debt - Summary of Long
Note 5 - Debt - Summary of Long-term Debt (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Long-term debt | $ 5,586,000 | $ 9,053,000 |
Less debt discount and debt issuance costs | (80,000) | (295,000) |
Less current portion | (4,884,000) | (5,585,000) |
Long-term debt, net of debt discount, debt issuance costs and current portion | 622,000 | 3,173,000 |
September and October 2023 Convertible Note [Member] | ||
Long-term debt | 675,000 | 1,675,000 |
March 2022 Convertible Note [Member] | ||
Long-term debt | 0 | 1,200,000 |
Financed Insurance [Member] | ||
Long-term debt | 1,161,000 | 318,000 |
Utica Leaseco, LLC [Member] | ||
Long-term debt | 2,577,000 | 3,388,000 |
L S Q [Member] | ||
Long-term debt | $ 1,173,000 | $ 2,472,000 |
Note 5 - Debt - Summary of Matu
Note 5 - Debt - Summary of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
2025 | $ 4,884 | |
2026 | 702 | |
Total | $ 5,586 | $ 9,053 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent (Rate) | 21% | 21% | |
Deferred Income Tax Liabilities, Net | $ 222,000 | $ 222,000 | |
Income Tax Provision, Before Adjustment | $ 0 | $ 16,000 |
Note 7 - Commitments and Cont_3
Note 7 - Commitments and Contingencies - Future Minimum Lease Commitments (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
2025, operating leases | $ 496 |
2025, finance leases | 17 |
2026, operating leases | 461 |
2026, finance leases | 0 |
2027, operating leases | 105 |
2027, finance leases | 0 |
2028, operating leases | 108 |
2028, finance leases | 0 |
2029, operating leases | 111 |
2029, finance leases | 0 |
Total future lease payments, operating leases | 1,281 |
Total future lease payments, finance leases | 17 |
Less: imputed interest, operating leases | (243) |
Less: imputed interest, finance leases | 0 |
Discounted value of lease obligations, operating leases | 1,038 |
Discounted value of lease obligations, finance leases | $ 17 |
Note 7 - Commitments and Cont_4
Note 7 - Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Current lease cost | $ 57 | $ 24 | $ 122 | $ 48 |
Long-term lease cost | 131 | 168 | 277 | 331 |
Total operating lease cost | 188 | 192 | 399 | 379 |
Amortization of right-of-use assets | 3 | 3 | 6 | 6 |
Interest on lease liabilities | 0 | 0 | 0 | 0 |
Total finance lease cost | $ 3 | $ 3 | $ 6 | $ 6 |
Weighted-average lease term (years), operating (Year) | 3 years 2 months 12 days | 2 years 5 months 8 days | 3 years 2 months 12 days | 2 years 5 months 8 days |
Weighted-average discount rate, operating | 9.89% | 6.39% | 9.89% | 6.39% |
Weighted-average lease term (years), financing (Year) | 6 months | 1 year 2 months 23 days | 6 months | 1 year 2 months 23 days |
Weighted-average discount rate, financing | 5.59% | 5.59% | 5.59% | 5.59% |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ in Millions | Jun. 11, 2024 | Jun. 30, 2024 | May 02, 2023 |
New York Stock Exchange, Required Equity Balance | $ 2 | ||
Equity Line of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10 | $ 10 | |
Stock Issued During Period, Shares, New Issues (in shares) | 7,310,000 | ||
Beneficial Ownership Percentage | 19.99% |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Summary of Warrant Activity (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Outstanding (in shares) | 11,160,805 | 11,160,805 |
Outstanding, weighted average exercise price (in dollars per share) | $ 0.95 | $ 0.95 |
Outstanding, weighted average remaining contractual life (Year) | 3 years 5 months 12 days | 3 years 11 months 12 days |
Exercisable (in shares) | 11,160,805 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 0.95 | |
Exercisable, weighted average remaining contractual life (Year) | 3 years 5 months 12 days |
Note 9 - Restricted Stock and_3
Note 9 - Restricted Stock and Stock Options (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 11, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement, Employee [Member] | |||||
Share-Based Payment Arrangement, Expense | $ 16,000 | $ 33,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 33,000 | $ 33,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 6 months | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 500,000 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.41 | ||||
Share-Based Payment Arrangement, Employee [Member] | Vesting January 1, 2024 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 50% | ||||
The 2016 Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 250,000 | 250,000 | |||
Director [Member] | Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 476,192 | ||||
Share-Based Payment Arrangement, Expense | $ 30,000 | $ 16,000 | $ 90,000 | $ 180,000 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 30,000 | $ 30,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 2 months |
Note 9 - Restricted Stock and_4
Note 9 - Restricted Stock and Stock Options - Summary of Restricted Stock Options (Details) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Balance, Restricted shares (in shares) | shares | 115,000 |
Balance, Restricted shares, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.68 |
Granted, Restricted shares (in shares) | shares | 476,192 |
Granted, Restricted shares, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.25 |
Vested, non-vested (in shares) | shares | (115,000) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.68 |
Balance, Restricted shares (in shares) | shares | 476,192 |
Balance, Restricted shares, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.25 |
Note 10 - Segment Reporting - R
Note 10 - Segment Reporting - Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Revenues | $ 3,764 | $ 3,729 | $ 13,556 | $ 12,641 | |
Cost of revenues | 3,415 | 3,916 | 9,946 | 10,813 | |
Segment profit | 349 | (187) | 3,610 | 1,828 | |
Depreciation and amortization | 288 | 945 | 1,056 | 1,916 | |
Capital expenditures | 15 | 34 | 92 | 84 | |
Identifiable assets | [1] | 9,219 | 12,291 | 9,219 | 12,291 |
Production Services [Member] | |||||
Revenues | 2,618 | 2,889 | 5,103 | 5,752 | |
Cost of revenues | 2,499 | 2,601 | 4,403 | 4,775 | |
Segment profit | 119 | 288 | 700 | 977 | |
Depreciation and amortization | 233 | 428 | 544 | 736 | |
Capital expenditures | 12 | 20 | 48 | 41 | |
Identifiable assets | [1] | 4,660 | 7,050 | 4,660 | 7,050 |
Completion Services [Member] | |||||
Revenues | 1,146 | 840 | 8,453 | 6,889 | |
Cost of revenues | 916 | 1,315 | 5,543 | 6,038 | |
Segment profit | 230 | (475) | 2,910 | 851 | |
Depreciation and amortization | 53 | 312 | 491 | 761 | |
Capital expenditures | 3 | 14 | 44 | 43 | |
Identifiable assets | [1] | 4,209 | 5,144 | 4,209 | 5,144 |
Unallocated and Other Segments [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Cost of revenues | 0 | 0 | 0 | 0 | |
Segment profit | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 2 | 205 | 21 | 419 | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Identifiable assets | [1] | $ 350 | $ 97 | $ 350 | $ 97 |
[1]Identifiable assets is calculated by summing the balances of accounts receivable, net; inventories; property and equipment, net; net right-of-use lease assets; assets held for sale; and other assets. |
Note 10 - Segment Reporting - I
Note 10 - Segment Reporting - Income From Operations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment profit | $ 349,000 | $ (187,000) | $ 3,610,000 | $ 1,828,000 |
Sales, general, and administrative | (1,188,000) | (882,000) | (2,420,000) | (2,386,000) |
Gain on disposal of assets | 23,000 | 175,000 | 23,000 | 175,000 |
Impairment loss | 0 | (250,000) | 0 | (250,000) |
Depreciation and amortization | (288,000) | (945,000) | (1,056,000) | (1,916,000) |
Operating Income (Loss) | $ (1,104,000) | $ (2,089,000) | $ 157,000 | $ (2,549,000) |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - USD ($) | Aug. 09, 2024 | Aug. 08, 2024 | Aug. 06, 2024 | Jul. 12, 2024 | Mar. 19, 2024 | Jun. 30, 2024 | Dec. 31, 2023 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.005 | $ 0.005 | |||||
Buckshot Trucking [Member] | |||||||
Business Combination, Consideration Transferred | $ 5,000,000 | ||||||
Business Combination, Contingent Consideration, Liability | 500,000 | ||||||
Payments to Acquire Businesses, Gross | 3,750,000 | ||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 1,250,000 | ||||||
Subsequent Event [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 9,023,035 | ||||||
Subsequent Event [Member] | Notes Payable, Other Payables [Member] | Star Equity Holdings, Inc. [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 20% | ||||||
Proceeds from Notes Payable | $ 1,000,000 | ||||||
Debt Instrument, Term (Month) | 3 months | ||||||
Debt Instrument, Percentage Paid for First Extension | 60% | ||||||
Debt Instrument, Percentage Paid for Second Extension | 80% | ||||||
Subsequent Event [Member] | Series A Preferred Stock [Member] | |||||||
Preferred Stock, Dividend Rate, Percentage | 2% | ||||||
Subsequent Event [Member] | NASDAQ "STRRP" [Member] | |||||||
Preferred Stock, Dividend Rate, Percentage | 10% | ||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 10 | ||||||
Subsequent Event [Member] | NASDAQ "STRRP" Converted Into Series A Preferred Shares [Member] | |||||||
Conversion of Stock, Shares Issued (in shares) | 3,476,965 | ||||||
Conversion of Stock, Shares Converted (in shares) | 250,000 | ||||||
Conversion of Stock, Amount Converted | $ 2,500,000 | ||||||
Subsequent Event [Member] | Series A Preferred Stock Into Common Stock [Member] | |||||||
Exchange Agreement, Option to Convert, Converted Instrument Amount | 2,500,000 | ||||||
Exchange Agreement, Option to Convert, Issued Amount | $ 2,500,000 | ||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 0.2 | ||||||
Subsequent Event [Member] | Buckshot Trucking [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 1,000,000 | ||||||
Business Acquisition, Cash Consideration, Withheld | 50,000 | ||||||
Business Acquisition, Stock Consideration Withheld | $ 200,000 | ||||||
Stock Issued During Period, Shares, Acquisitions (in shares) | 6,459,938 | ||||||
Subsequent Event [Member] | Buckshot Trucking [Member] | Unsecured Debt [Member] | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 2,700,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | ||||||
Subsequent Event [Member] | Buckshot Trucking [Member] | Mr. Sims [Member] | Unsecured Debt [Member] | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 2,025,000 | ||||||
Subsequent Event [Member] | Buckshot Trucking [Member] | Mr. Fate [Member] | Unsecured Debt [Member] | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 675,000 | ||||||
Subsequent Event [Member] | Colorado-based Assets of Heat Waves Hot Oil Service, LLC [Member] | |||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 1,695,000 | ||||||
Proceeds from Sale of Productive Assets | 1,221,625 | ||||||
Financing Receivable, before Allowance for Credit Loss | 473,375 | ||||||
Notes Receivable, Periodic Payment | $ 94,675 | ||||||
Notes Receivable, Term (Month) | 5 months | ||||||
Notes Receivable, Interest Rate | 10% | ||||||
Period Not to Solicit Business (Month) | 8 months | ||||||
Purchase Option, Term (Month) | 10 months | ||||||
Purchase Option, Asset Value | $ 1,850,000 | ||||||
Subsequent Event [Member] | Conversion of Certain September and October 2023 Convertible Notes to Equity [Member] | Director [Member] | |||||||
Debt Conversion, Original Debt, Amount | $ 50,000 | ||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 183,891 |