Dawson Geophysical (DWSN) 10-Q 3 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-32472
Entity Registrant Name	DAWSON GEOPHYSICAL COMPANY
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	74-2095844
Entity Address, Address Line One	508 West Wall, Suite 800
Entity Address, City or Town	Midland
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	432
Local Phone Number	684-3000
Title of 12(b) Security	Common Stock, $0.01 par value
Security Exchange Name	NASDAQ
Trading Symbol	DWSN
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,478,072
Entity Central Index Key	0000799165
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 45,422	$ 26,271
Restricted cash	5,000	5,000
Short-term investments	583	2,350
Accounts receivable, net	4,987	24,356
Current maturities of notes receivable	1,434	66
Prepaid expenses and other current assets	3,499	7,575
Total current assets	60,925	65,618
Property and equipment, net	42,449	53,549
Right-of-use assets	5,736	6,605
Notes receivable, net of current maturities		1,394
Intangibles, net	375	385
Long-term deferred tax assets, net		57
Total assets	109,485	127,608
Current liabilities:
Accounts payable	908	3,952
Accrued liabilities:
Payroll costs and other taxes	1,230	1,963
Other	2,304	3,599
Deferred revenue	374	3,481
Current maturities of notes payable and finance leases	215	4,062
Current maturities of operating lease liabilities	1,097	1,200
Total current liabilities	6,128	18,257
Long-term liabilities:
Notes payable and finance leases, net of current maturities	51	96
Operating lease liabilities, net of current maturities	5,157	5,940
Deferred tax liabilities, net	22
Other accrued liabilities		150
Total long-term liabilities	5,230	6,186
Operating commitments and contingencies
Stockholders' equity:
Preferred stock-par value $1.00 per share; 4,000,000 shares authorized, none outstanding
Common stock-par value $0.01 per share; 35,000,000 shares authorized, 23,526,517 and 23,335,855 shares issued, and 23,478,072 and 23,287,410 shares outstanding at September 30, 2020 and December 31, 2019, respectively	235	233
Additional paid-in capital	154,763	154,235
Retained deficit	(55,078)	(49,731)
Treasury stock, at cost; 48,445 shares
Accumulated other comprehensive loss, net	(1,793)	(1,572)
Total stockholders' equity	98,127	103,165
Total liabilities and stockholders' equity	$ 109,485	$ 127,608

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized	4,000,000	4,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	35,000,000	35,000,000
Common stock, shares issued	23,526,517	23,335,855
Common stock, shares outstanding	23,478,072	23,287,410
Treasury stock, shares	48,445	48,445

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
Operating revenues	$ 8,738	$ 36,976	$ 77,216	$ 112,216
Operating costs:
Operating expenses	9,441	26,030	58,189	92,210
General and administrative	3,270	3,797	11,205	13,390
Depreciation and amortization	4,125	5,238	13,412	16,644
Total cost and expenses	16,836	35,065	82,806	122,244
(Loss) income from operations	(8,098)	1,911	(5,590)	(10,028)
Other income (expense):
Interest income	106	152	326	445
Interest expense	(10)	(101)	(80)	(381)
Other income (expense), net	177	11	12	433
(Loss) income before income tax	(7,825)	1,973	(5,332)	(9,531)
Income tax (expense) benefit	(15)	25	(15)	146
Net (loss) income	(7,840)	1,998	(5,347)	(9,385)
Other comprehensive income (loss):
Net unrealized income (loss) on foreign exchange rate translation, net	374	(103)	(221)	280
Comprehensive (loss) income	$ (7,466)	$ 1,895	$ (5,568)	$ (9,105)
Basic (loss) income per share of common stock	$ (0.33)	$ 0.09	$ (0.23)	$ (0.41)
Diluted (loss) income per share of common stock	$ (0.33)	$ 0.09	$ (0.23)	$ (0.41)
Weighted average equivalent common shares outstanding	23,423,437	23,222,045	23,350,204	23,152,776
Weighted average equivalent common shares outstanding - assuming dilution	23,423,437	23,337,903	23,350,204	23,152,776

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (5,347)	$ (9,385)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	13,412	16,644
Operating lease cost	916	903
Non-cash compensation	600	951
Deferred income tax expense (benefit)	79	(209)
Change in other accrued long-term liabilities	(150)
Gain on disposal of assets	(3)	(85)
Remeasurement and other	68	(118)
Change in operating assets and liabilities:
Decrease (increase) in accounts receivable	19,373	(10,549)
Decrease in prepaid expenses and other assets	4,505	2,303
(Decrease) increase in accounts payable	(2,957)	1,793
(Decrease) increase in accrued liabilities	(2,011)	2,332
Decrease in operating lease liabilities	(930)	(852)
Decrease in deferred revenue	(3,107)	(2,531)
Net cash provided by operating activities	24,448	1,197
Cash flows from investing activities:
Capital expenditures, net of non-cash capital expenditures summarized below	(2,822)	(3,649)
Proceeds from maturity of short-term investments	1,767	28,000
Acquisition of short-term investments		(24,842)
Proceeds from disposal of assets	225	272
Proceeds from notes receivable	26	38
Net cash used in investing activities	(804)	(181)
Cash flows from financing activities:
Proceeds from notes payable	6,374
Principal payments on notes payable	(8,393)	(7,867)
Principal payments on finance leases	(2,291)	(2,126)
Tax withholdings related to stock-based compensation awards	(70)	(236)
Net cash used in financing activities	(4,380)	(10,229)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(113)	154
Net increase (decrease) in cash and cash equivalents and restricted cash	19,151	(9,059)
Cash and cash equivalents and restricted cash at beginning of period	31,271	28,729
Cash and cash equivalents and restricted cash at end of period	50,422	19,670
Supplemental cash flow information:
Cash paid for interest	89	390
Cash paid for income taxes	83	14
Cash received for income taxes	206	55
Non-cash operating, investing and financing activities:
Decrease in accrued purchases of property and equipment	(61)	(928)
Finance leases incurred		121
Increase in right-of-use assets and operating lease liabilities	63	8,226
Decrease in right-of-use assets for accrued rent		(497)
Increase in right-of-use assets for prepaid rent	3	14
Financed insurance premiums	$ 433	$ 337

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Deficit	Accumulated Other Comprehensive (Loss) Income	Total
Balance at beginning of period at Dec. 31, 2018	$ 230	$ 153,268	$ (34,518)	$ (1,964)	$ 117,016
Balance at beginning of period (in shares) at Dec. 31, 2018	23,018,441
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(137)		(137)
Unrealized income (loss) on foreign exchange rate translation				269
Income tax expense (benefit)				(60)
Other comprehensive income (loss)				209	209
Issuance of common stock under stock compensation plans	$ 2	(2)
Issuance of common stock under stock compensation plans (in shares)	229,459
Stock-based compensation expense		297			297
Issuance of common stock as compensation		73			73
Issuance of common stock as compensation (in shares)	24,785
Shares exchanged for taxes on stock-based compensation		(206)			(206)
Shares exchanged for taxes on stock-based compensation (in shares)	(53,201)
Balance at end of period at Mar. 31, 2019	$ 232	153,430	(34,655)	(1,755)	117,252
Balance at end of period (in shares) at Mar. 31, 2019	23,219,484
Balance at beginning of period at Dec. 31, 2018	$ 230	153,268	(34,518)	(1,964)	117,016
Balance at beginning of period (in shares) at Dec. 31, 2018	23,018,441
Increase (Decrease) in Stockholders' Equity
Net income (loss)					(9,385)
Balance at end of period at Sep. 30, 2019	$ 233	153,980	(43,903)	(1,684)	108,626
Balance at end of period (in shares) at Sep. 30, 2019	23,305,950
Balance at beginning of period at Mar. 31, 2019	$ 232	153,430	(34,655)	(1,755)	117,252
Balance at beginning of period (in shares) at Mar. 31, 2019	23,219,484
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(11,246)		(11,246)
Unrealized income (loss) on foreign exchange rate translation				224
Income tax expense (benefit)				(50)
Other comprehensive income (loss)				174	174
Issuance of common stock under stock compensation plans (in shares)	34,000
Stock-based compensation expense		221			221
Issuance of common stock as compensation	$ 1	73			74
Issuance of common stock as compensation (in shares)	29,016
Shares exchanged for taxes on stock-based compensation		(30)			(30)
Shares exchanged for taxes on stock-based compensation (in shares)	(12,400)
Balance at end of period at Jun. 30, 2019	$ 233	153,694	(45,901)	(1,581)	106,445
Balance at end of period (in shares) at Jun. 30, 2019	23,270,100
Increase (Decrease) in Stockholders' Equity
Net income (loss)			1,998		1,998
Unrealized income (loss) on foreign exchange rate translation				(133)
Income tax expense (benefit)				30
Other comprehensive income (loss)				(103)	(103)
Stock-based compensation expense		209			209
Issuance of common stock as compensation		77			77
Issuance of common stock as compensation (in shares)	35,850
Balance at end of period at Sep. 30, 2019	$ 233	153,980	(43,903)	(1,684)	108,626
Balance at end of period (in shares) at Sep. 30, 2019	23,305,950
Balance at beginning of period at Dec. 31, 2019	$ 233	154,235	(49,731)	(1,572)	$ 103,165
Balance at beginning of period (in shares) at Dec. 31, 2019	23,335,855				23,287,410
Increase (Decrease) in Stockholders' Equity
Net income (loss)			993		$ 993
Unrealized income (loss) on foreign exchange rate translation				(1,199)
Other comprehensive income (loss)				(1,199)	(1,199)
Stock-based compensation expense		203			203
Balance at end of period at Mar. 31, 2020	$ 233	154,438	(48,738)	(2,771)	103,162
Balance at end of period (in shares) at Mar. 31, 2020	23,335,855
Balance at beginning of period at Dec. 31, 2019	$ 233	154,235	(49,731)	(1,572)	$ 103,165
Balance at beginning of period (in shares) at Dec. 31, 2019	23,335,855				23,287,410
Increase (Decrease) in Stockholders' Equity
Net income (loss)					$ (5,347)
Balance at end of period at Sep. 30, 2020	$ 235	154,763	(55,078)	(1,793)	$ 98,127
Balance at end of period (in shares) at Sep. 30, 2020	23,526,517				23,478,072
Balance at beginning of period at Mar. 31, 2020	$ 233	154,438	(48,738)	(2,771)	$ 103,162
Balance at beginning of period (in shares) at Mar. 31, 2020	23,335,855
Increase (Decrease) in Stockholders' Equity
Net income (loss)			1,500		1,500
Unrealized income (loss) on foreign exchange rate translation				604
Other comprehensive income (loss)				604	604
Issuance of common stock under stock compensation plans	$ 1	(1)
Issuance of common stock under stock compensation plans (in shares)	78,600
Stock-based compensation expense		271			271
Shares exchanged for taxes on stock-based compensation		(17)			(17)
Shares exchanged for taxes on stock-based compensation (in shares)	(15,420)
Balance at end of period at Jun. 30, 2020	$ 234	154,691	(47,238)	(2,167)	105,520
Balance at end of period (in shares) at Jun. 30, 2020	23,399,035
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(7,840)		(7,840)
Unrealized income (loss) on foreign exchange rate translation				374
Other comprehensive income (loss)				374	374
Issuance of common stock under stock compensation plans	$ 2	(2)
Issuance of common stock under stock compensation plans (in shares)	157,500
Stock-based compensation expense		126			126
Shares exchanged for taxes on stock-based compensation	$ (1)	(52)			(53)
Shares exchanged for taxes on stock-based compensation (in shares)	(30,018)
Balance at end of period at Sep. 30, 2020	$ 235	$ 154,763	$ (55,078)	$ (1,793)	$ 98,127
Balance at end of period (in shares) at Sep. 30, 2020	23,526,517				23,478,072

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 2020
ORGANIZATION AND NATURE OF OPERATIONS
ORGANIZATION AND NATURE OF OPERATIONS	1. ORGANIZATION AND NATURE OF OPERATIONS ​ Dawson Geophysical Company (the “Company”) is a leading provider of North American onshore seismic data acquisition services with operations throughout the continental United States (“U.S.”) and Canada. The Company acquires and processes 2-D, 3-D and multicomponent seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators as well as providers of multi-client data libraries.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ​ Basis of Presentation ​ The accompanying condensed consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Certain prior period amounts in the condensed consolidated financial statements may have been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements have been prepared using accounting principles generally accepted in the U.S. for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements presented in accordance with accounting principles generally accepted in the U.S. have been omitted. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Significant Accounting Policies Principles of Consolidation. Allowance for Doubtful Accounts. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (“Topic 326”): Measurement of Credit Losses on Financial Instruments, which requires entities to measure expected credit losses for certain financial assets using a new, forward-looking current expected credit loss model (“CECL”) that will result in the earlier recognition of allowances for losses. Subsequent ASUs were issued to provide additional guidance. On January 1, 2020, the Company adopted Topic 326 using the modified retrospective method. The provisions of Topic 326 did not significantly impact the method or timing that the Company recognizes expected credit losses and the cumulative effect of adoption was immaterial on its consolidated financial statements. The Company’s financial instruments within the scope of this guidance primarily includes trade receivables. The Company’s allowance for doubtful accounts was $250,000 at September 30, 2020 and December 31, 2019. Notes Receivable. payable to the Company under the note receivable are fully collateralized by the specific dynamite energy source drilling equipment sold to the note payor. This financial instrument also falls within the scope of Topic 326. Leases Property and Equipment. Impairment of Long-lived Assets . Stock-Based Compensation Use of Estimates in the Preparation of Financial Statements. Revenue Recognition The Company receives reimbursements for certain out-of-pocket expenses under the terms of the service contracts. The amounts billed to clients are included at their gross amount in the total estimated revenue for the service contract. Clients are billed as permitted by the service contract. Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections. If billing occurs prior to the revenue recognition or billing exceeds the revenue recognized, the amount is considered deferred revenue and a contract liability. Conversely, if the revenue recognition exceeds the billing, the excess is considered an unbilled receivable and a contract asset. As services are performed, those deferred revenue amounts are recognized as revenue. In some instances, third-party permitting, surveying, drilling, helicopter, equipment rental and mobilization costs that directly relate to the contract are utilized to fulfill the contract obligations. These fulfillment costs are capitalized in other current assets and generally amortized based on the total square miles of data recorded compared to total square miles anticipated to be recorded on the survey using the total estimated fulfillment costs for the service contract. Estimates for total revenue and total fulfillment cost on any service contract are based on significant qualitative and quantitative judgments. Management considers a variety of factors such as whether various components of the performance obligation will be performed internally or externally, cost of third party services and facts and circumstances unique to the performance obligation in making these estimates. Recently Issued Accounting Pronouncements ​ In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (“Topic 740”): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740 and by clarifying and amending existing guidance to improve consistent application. This ASU is effective for the annual period beginning after December 15, 2020, including interim periods within that annual period. Certain amendments within this ASU are required to be applied on a retrospective basis for all periods presented; others are to be applied using a modified retrospective approach with a cumulative-effect adjustment to retained earnings, if any, as of the beginning of the first reporting period in which the guidance is adopted; and yet others are to be applied using either basis. All other amendments not specified in the ASU should be applied on a prospective basis. Early adoption is permitted. An entity that elects to early adopt in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. The Company is currently evaluating the new guidance to determine the impact it will have on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurement by removing, modifying, and adding certain disclosures. This ASU is effective for the annual period beginning after December 15, 2019, including interim periods within that annual period. The Company adopted this guidance in the first quarter of 2020 and it did not have a material impact on its consolidated financial statements.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	3. FAIR VALUE OF FINANCIAL INSTRUMENTS At September 30, 2020 and December 31, 2019, the Company’s financial instruments included cash and cash equivalents, restricted cash, short-term investments in certificates of deposit, accounts receivable, notes receivable, other current assets, accounts payable, other current liabilities, notes payable, finance leases and operating lease liabilities. Due to the short-term maturities of cash and cash equivalents, restricted cash, accounts receivable, other current assets, accounts payable and other current liabilities, the carrying amounts approximate fair value at the respective balance sheet dates. The carrying value of the notes receivable, notes payable, finance leases and operating lease liabilities approximate their fair value based on a comparison with the prevailing market interest rate. Due to the short-term maturities of the Company’s investments in certificates of deposit, the carrying amounts approximate fair value at the respective balance sheet dates. The fair values of the Company’s notes receivable, notes payable and investments in certificates of deposit are level 2 measurements in the fair value hierarchy. ​

SUPPLEMENTAL CONSOLIDATED FINAN

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION	9 Months Ended
	Sep. 30, 2020
SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION
SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION	4 . SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION Disaggregated Revenues The Company has one line of business, acquiring and processing seismic data in North America. Our chief operating decision maker (President, Chief Executive Officer and Chairman of the Board) makes operating decisions and assesses performance based on the Company as a whole. Accordingly, the Company is considered to be in a single reportable segment. The following table presents the Company’s operating revenues (unaudited and in thousands) disaggregated by geographic region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ Nine Months Ended September 30, ​ 2020 2019 ​ ​ ​ 2020 ​ 2019 Operating Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 8,738 ​ $ 36,814 ​ $ 65,408 $ 96,496 Canada ​ — ​ 162 ​ ​ 11,808 ​ 15,720 Total ​ $ 8,738 ​ $ 36,976 ​ ​ $ 77,216 ​ $ 112,216 Deferred Costs (in thousands) Deferred costs are included within prepaid expenses and other current assets. The opening balance of deferred costs was $2,525 and $6,994 at January 1, 2020 and 2019, respectively. The amount of deferred costs incurred to fulfill contracts with customers at September 30, 2020 and 2019 was $417 and $7,001, respectively. Deferred costs at September 30, 2020 compared to January 1, 2020 decreased primarily as a result of the completion of several projects during that nine month period that had significant deferred fulfillment costs at January 1, 2020. Deferred costs at September 30, 2019 compared to January 1, 2019 remained fairly consistent. The amount of total deferred costs amortized for the three and nine months ended September 30, 2020 was $1,128 and $12,023, respectively. The amount of total deferred costs amortized for the three and nine months ended September 30, 2019 was $6,806 and $27,253, respectively. There were no material impairment losses incurred during these periods. Deferred Revenue (in thousands) The opening balance of deferred revenue was $3,481 and $10,501 at January 1, 2020 and 2019, respectively. The Company’s deferred revenue at September 30, 2020 and 2019 was $374 and $7,970, respectively. Deferred revenue at September 30, 2020 compared to January 1, 2020 and at September 30, 2019 compared to January 1, 2019 decreased primarily as a result of completing projects for clients with large prepayments for third party reimbursables. Revenue recognized for the three and nine months ended September 30, 2020 that was included in the contract liability balance at the beginning of 2020 was $129 and $3,476, respectively. Revenue recognized for the three and nine months ended September 30, 2019 that was included in the contract liability balance at the beginning of 2019 was $427 and $8,604, respectively.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2020
DEBT
DEBT	5 . DEBT Dominion Loan Agreement On September 30, 2019, the Company entered into a Loan and Security Agreement with Dominion Bank, a Texas state bank (“Dominion Bank”). On September 30, 2020, the Company entered into a Loan Modification Agreement to the Loan and Security Agreement (as amended by the Loan Modification Agreement, the “Loan Agreement”) for the purpose of amending and extending the maturity of the Company’s line of credit with Dominion Bank by one year. The Loan Agreement provides for a revolving credit facility (the “Revolving Credit Facility”) in an amount up to the lesser of (i) $15,000,000 or (ii) a sum equal to (a) 80% of the Company’s eligible accounts receivable plus 100% of the amount on deposit with Dominion Bank in the Company’s collateral account, consisting of a restricted CDARS account of $5,000,000 (the “Deposit”). As of September 30, 2020, the Company has not borrowed any amounts under the Revolving Credit Facility. Under the Revolving Credit Facility, interest will accrue at an annual rate equal to the lesser of (i) 6.00% and (ii) the greater of (a) the prime rate as published from time to time in The Wall Street Journal or (b) 3.50%. The Company will pay a commitment fee of 0.10% per annum on the difference of (a) $15,000,000 minus the Deposit minus (b) the daily average usage of the Revolving Credit Facility. The Loan Agreement contains customary covenants for credit facilities of this type, including limitations on disposition of assets. The Company is also obligated to meet certain financial covenants under the Loan Agreement, including maintaining a tangible net worth of $75,000,000 and specified ratios with respect to current assets and liabilities and debt to tangible net worth. The Company’s obligations under the Loan Agreement are secured by a security interest in the collateral account (including the Deposit) with Dominion Bank and future accounts receivable and related collateral. The maturity date of the Loan Agreement is September 30, 2021. The Company does not currently have any notes payable under the Revolving Credit Facility. Veritex Letters of Credit As of September 30, 2020, Veritex Community Bank (“Veritex”) had issued two letters of credit to the Company, each of which were secured by a certificate of deposit with Veritex. The first letter of credit was in the amount of $1,767,000 to support payment of certain insurance obligations of the Company. The second letter of credit was in the amount of $583,000 to support the Company’s workers compensation insurance. During October of 2020, the letter of credit in the amount of $1,767,000 to support payment of certain insurance obligations of the Company was terminated at the request of the Company because the beneficiary no longer required it to secure such obligations. Also during October of 2020, Veritex, at the Company’s request, terminated the second letter of credit in the amount of $583,000 to support the Company’s workers compensation insurance and the Company simultaneously had a replacement letter of credit issued Other Indebtedness (in thousands) As of September 30, 2020, the Company has one note payable to a finance company for various insurance premiums totaling $160,000. In addition, the Company leases certain seismic recording equipment and vehicles under leases classified as finance leases. The Company’s Condensed Consolidated Balance Sheets as of September 30, 2020 include finance leases of $106,000. Maturities and Interest Rates of Debt The following tables set forth the aggregate principal amount (in thousands) under the Company’s outstanding notes payable and the interest rates as of September 30, 2020 and December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 Notes payable to finance company for insurance ​ ​ ​ ​ ​ ​ Aggregate principal amount outstanding ​ $ 160 ​ $ 1,746 Interest rate ​ ​ 4.99% ​ ​ 4.05% - 4.99% ​ The aggregate maturities of notes payable as of September 30, 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ October 2020 - September 2021 ​ $ 160 ​ ​ ​ Total notes payable ​ $ 160 ​ ​ ​ ​ The aggregate maturities of finance leases as of September 30, 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ October 2020 - September 2021 ​ $ 55 ​ ​ ​ October 2021 - September 2022 ​ ​ 41 ​ ​ ​ October 2022 - September 2023 ​ ​ 10 ​ ​ ​ Obligations under finance leases ​ $ 106 ​ ​ ​ ​ Interest rates on these leases range from 4.83% to 5.37%.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2020
LEASES
LEASES	6. LEASES The Company leases certain vehicles, seismic recording equipment, real property and office equipment under lease agreements. The Company evaluates each lease to determine its appropriate classification as an operating lease or finance lease for financial reporting purposes. The majority of our operating leases are non-cancelable operating leases for office and shop space in Midland, Plano, Denison, Houston, Denver, Oklahoma City and Calgary, Alberta. The components of lease cost for the three and nine months ended September 30, 2020 and 2019 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2020 2019 2020 2019 Finance lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 333 ​ $ 359 ​ $ 1,033 ​ $ 1,062 Interest on lease liabilities ​ ​ 6 ​ ​ 41 ​ ​ 45 ​ ​ 144 Total finance lease cost ​ ​ 339 ​ ​ 400 ​ ​ 1,078 ​ ​ 1,206 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost ​ ​ 391 ​ ​ 388 ​ ​ 1,166 ​ ​ 1,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term lease cost ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total lease cost ​ $ 730 ​ $ 788 ​ $ 2,244 ​ $ 2,403 ​ Supplemental cash flow information related to leases for the nine months ended September 30, 2020 and 2019 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ 2020 2019 Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ ​ ​ ​ ​ ​ $ (1,183) ​ $ (1,115) Operating cash flows from finance leases ​ ​ ​ ​ ​ ​ ​ $ (49) ​ $ (148) Financing cash flows from finance leases ​ ​ ​ ​ ​ ​ ​ $ (2,291) ​ $ (2,126) Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ ​ ​ $ 63 ​ $ 8,226 Finance leases ​ ​ ​ ​ ​ ​ ​ $ — ​ $ 121 ​ Supplemental balance sheet information related to leases as of September 30, 2020 and December 31, 2019 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ ​ ​ ​ ​ ​ ​ $ 5,736 ​ $ 6,605 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities - current ​ ​ ​ ​ ​ ​ ​ $ 1,097 ​ $ 1,200 Operating lease liabilities - long-term ​ ​ ​ ​ ​ ​ ​ ​ 5,157 ​ ​ 5,940 Total operating lease liabilities ​ ​ ​ ​ ​ ​ ​ $ 6,254 ​ $ 7,140 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, at cost ​ ​ ​ ​ ​ ​ ​ $ 8,663 ​ $ 8,663 Accumulated depreciation ​ ​ ​ ​ ​ ​ ​ ​ (4,267) ​ ​ (3,297) Property and equipment, net ​ ​ ​ ​ ​ ​ ​ $ 4,396 ​ $ 5,366 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease liabilities - current ​ ​ ​ ​ ​ ​ ​ $ 55 ​ $ 2,316 Finance lease liabilities - long-term ​ ​ ​ ​ ​ ​ ​ ​ 51 ​ ​ 96 Total finance lease liabilities ​ ​ ​ ​ ​ ​ ​ $ 106 ​ $ 2,412 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ ​ ​ ​ 5.8 years ​ ​ 6.3 years Finance leases ​ ​ ​ ​ ​ ​ ​ ​ 1.8 years ​ ​ 0.8 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ ​ ​ ​ 5.04% ​ ​ 5.04% Finance leases ​ ​ ​ ​ ​ ​ ​ ​ 4.99% ​ ​ 4.67% ​ Maturities of lease liabilities as of September 30, 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases October 2020 - September 2021 ​ ​ ​ ​ ​ ​ ​ $ 1,386 ​ $ 60 October 2021 - September 2022 ​ ​ ​ ​ ​ ​ ​ ​ 1,234 ​ ​ 42 October 2022 - September 2023 ​ ​ ​ ​ ​ ​ ​ ​ 1,157 ​ ​ 10 October 2023 - September 2024 ​ ​ ​ ​ ​ ​ ​ ​ 1,180 ​ ​ — October 2024 - September 2025 ​ ​ ​ ​ ​ ​ ​ ​ 941 ​ ​ — Thereafter ​ ​ ​ ​ ​ ​ ​ ​ 1,343 ​ ​ — Total payments under lease agreements ​ ​ ​ ​ ​ ​ ​ ​ 7,241 ​ ​ 112 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less imputed interest ​ ​ ​ ​ ​ ​ ​ ​ (987) ​ ​ (6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease liabilities ​ ​ ​ ​ ​ ​ ​ $ 6,254 ​ $ 106 ​

OPERATING COMMITMENTS AND CONTI

OPERATING COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
OPERATING COMMITMENTS AND CONTINGENCIES
OPERATING COMMITMENTS AND CONTINGENCIES	7 . OPERATING COMMITMENTS AND CONTINGENCIES From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. Although the Company cannot predict the outcomes of any such legal proceedings, management believes that the resolution of pending legal actions will not have a material adverse effect on the Company’s financial condition, results of operations or liquidity, as the Company believes it is adequately indemnified and insured. We are also party to the following legal proceeding: On April 1, 2019, Weatherford International, LLC and Weatherford U.S., L.P. (collectively, “Weatherford”) filed a petition in state district court for Midland County, Texas, in which the Company and eighteen other parties were named as defendants, alleging the Company and/or the other named defendants contributed to or caused contamination of groundwater at and around property owned by Weatherford. Weatherford is seeking declaratory judgment, recovery and contribution for past and future costs incurred in responding to or correcting the contamination at and around the property from each defendant. The Company disputes Weatherford’s allegations with respect to the Company and intends to vigorously defend itself in this case. Subsequent to the filing of the petition, Weatherford filed for bankruptcy protection on July 1, 2019. While the outcome and impact of this legal proceeding on the Company cannot be predicted with certainty, based on currently available information management believes that the resolution of this proceeding will not have a material adverse effect on our financial condition, results of operations or liquidity. Additionally, the Company experiences contractual disputes with its clients from time to time regarding the payment of invoices or other matters. While the Company seeks to minimize these disputes and maintain good relations with its clients, the Company has experienced in the past, and may experience in the future, disputes that could affect its revenues and results of operations in any period.

NET (LOSS) INCOME PER SHARE

NET (LOSS) INCOME PER SHARE	9 Months Ended
	Sep. 30, 2020
NET (LOSS) INCOME PER SHARE
NET (LOSS) INCOME PER SHARE	8. NET (LOSS) INCOME PER SHARE Basic net (loss) income per share is computed by dividing the net (loss) income by the weighted average shares outstanding. Diluted (loss) income per share is computed by dividing the net (loss) income by the weighted average diluted shares outstanding. The computation of basic and diluted (loss) income per share was as follows (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2020 2019 2020 2019 Net (loss) income ​ $ (7,840) ​ $ 1,998 ​ $ (5,347) ​ $ (9,385) ​ Weighted average common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 23,423,437 ​ ​ 23,222,045 ​ 23,350,204 ​ 23,152,776 ​ Dilutive common stock options, restricted stock unit awards and restricted stock awards ​ ​ — ​ ​ 115,858 ​ ​ — ​ ​ — ​ Diluted ​ ​ 23,423,437 ​ ​ 23,337,903 ​ ​ 23,350,204 ​ ​ 23,152,776 ​ Basic (loss) income per share of common stock ​ $ (0.33) ​ $ 0.09 ​ $ (0.23) ​ $ (0.41) ​ Diluted (loss) income per share of common stock ​ $ (0.33) ​ $ 0.09 ​ $ (0.23) ​ $ (0.41) ​ ​ The Company had a net loss for the three and nine months ended September 30, 2020 and for the nine months ended September 30, 2019. As a result, all stock options, restricted stock unit awards and restricted stock awards were anti-dilutive and excluded from weighted average shares used in determining the diluted loss per share of common stock for those periods. The Company had net income for the three months ended September 30, 2019 The following weighted average numbers of stock options, restricted stock unit awards and restricted stock awards have been excluded from the calculation of diluted (loss) income per share of common stock, as their effect would be anti-dilutive for the three and nine months ended September 30, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2020 2019 ​ 2020 ​ 2019 Stock options ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ 67,625 Restricted stock units ​ ​ 242,478 ​ ​ 222,000 ​ ​ ​ 332,868 ​ ​ 471,624 Restricted stock awards ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ 10,874 Total ​ ​ 242,478 ​ ​ 222,000 ​ ​ ​ 332,868 ​ ​ 550,123 ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2020
INCOME TAXES
INCOME TAXES	9 . INCOME TAXES For the three and nine months ended September 30, 2020, the Company's effective tax rate was -0.2% and -0.3%, respectively. For the three and nine months ended September 30, 2019, the Company’s effective tax rate was -1.3% and 1.5%, respectively. The Company’s effective tax rate decreased compared to the corresponding period from the prior year primarily due to a 2019 PP&E-related tax adjustment. The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over an extended amount of time. Such objective evidence limits the ability to consider other subjective evidence, such as projections for taxable earnings. The income tax expense for the three and nine months ended September 30, 2020 is due to current state tax expense. The Company does not include income tax benefits for all of the losses incurred because the Company has recorded valuation allowances against significantly all of its Federal, state and foreign deferred tax assets. The Company has recorded valuation allowances against the associated deferred tax assets for the amounts it deems are not more likely than not realizable. Based on management’s belief that not all the net operating losses are realizable, a Federal valuation allowance, a foreign valuation allowance, and additional state valuation allowances were maintained during the nine months ended September 30, 2020 and 2019. In addition, due to the Company’s recent operating losses and valuation allowances, the Company may recognize reduced or no tax benefits on future losses on the condensed consolidated financial statements. The amount of the valuation allowances considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased, or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as projections for future growth. On March 27, 2020, Congress passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security Act which included significant changes to U.S. Federal income tax law. However, the only change that is expected to affect the Company is the acceleration of the ability to take the remainder of its refundable minimum tax credit.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	10. SUBSEQUENT EVENTS None.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (“Topic 326”): Measurement of Credit Losses on Financial Instruments, which requires entities to measure expected credit losses for certain financial assets using a new, forward-looking current expected credit loss model (“CECL”) that will result in the earlier recognition of allowances for losses. Subsequent ASUs were issued to provide additional guidance. On January 1, 2020, the Company adopted Topic 326 using the modified retrospective method. The provisions of Topic 326 did not significantly impact the method or timing that the Company recognizes expected credit losses and the cumulative effect of adoption was immaterial on its consolidated financial statements. The Company’s financial instruments within the scope of this guidance primarily includes trade receivables. The Company’s allowance for doubtful accounts was $250,000 at September 30, 2020 and December 31, 2019.
Notes Receivable	Notes Receivable. payable to the Company under the note receivable are fully collateralized by the specific dynamite energy source drilling equipment sold to the note payor. This financial instrument also falls within the scope of Topic 326.
Leases	Leases
Property and Equipment	Property and Equipment.
Impairment of Long-lived Assets	Impairment of Long-lived Assets .
Stock-Based Compensation	Stock-Based Compensation
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements.
Revenue Recognition	Revenue Recognition The Company receives reimbursements for certain out-of-pocket expenses under the terms of the service contracts. The amounts billed to clients are included at their gross amount in the total estimated revenue for the service contract. Clients are billed as permitted by the service contract. Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections. If billing occurs prior to the revenue recognition or billing exceeds the revenue recognized, the amount is considered deferred revenue and a contract liability. Conversely, if the revenue recognition exceeds the billing, the excess is considered an unbilled receivable and a contract asset. As services are performed, those deferred revenue amounts are recognized as revenue. In some instances, third-party permitting, surveying, drilling, helicopter, equipment rental and mobilization costs that directly relate to the contract are utilized to fulfill the contract obligations. These fulfillment costs are capitalized in other current assets and generally amortized based on the total square miles of data recorded compared to total square miles anticipated to be recorded on the survey using the total estimated fulfillment costs for the service contract. Estimates for total revenue and total fulfillment cost on any service contract are based on significant qualitative and quantitative judgments. Management considers a variety of factors such as whether various components of the performance obligation will be performed internally or externally, cost of third party services and facts and circumstances unique to the performance obligation in making these estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements ​ In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (“Topic 740”): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740 and by clarifying and amending existing guidance to improve consistent application. This ASU is effective for the annual period beginning after December 15, 2020, including interim periods within that annual period. Certain amendments within this ASU are required to be applied on a retrospective basis for all periods presented; others are to be applied using a modified retrospective approach with a cumulative-effect adjustment to retained earnings, if any, as of the beginning of the first reporting period in which the guidance is adopted; and yet others are to be applied using either basis. All other amendments not specified in the ASU should be applied on a prospective basis. Early adoption is permitted. An entity that elects to early adopt in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. The Company is currently evaluating the new guidance to determine the impact it will have on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurement by removing, modifying, and adding certain disclosures. This ASU is effective for the annual period beginning after December 15, 2019, including interim periods within that annual period. The Company adopted this guidance in the first quarter of 2020 and it did not have a material impact on its consolidated financial statements.

SUPPLEMENTAL CONSOLIDATED FIN_2

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2020
SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION
Schedule of operating revenues disaggregated by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ Nine Months Ended September 30, ​ 2020 2019 ​ ​ ​ 2020 ​ 2019 Operating Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 8,738 ​ $ 36,814 ​ $ 65,408 $ 96,496 Canada ​ — ​ 162 ​ ​ 11,808 ​ 15,720 Total ​ $ 8,738 ​ $ 36,976 ​ ​ $ 77,216 ​ $ 112,216

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2020
DEBT
Schedule of aggregate principal amount of outstanding notes payable and the interest rates	The following tables set forth the aggregate principal amount (in thousands) under the Company’s outstanding notes payable and the interest rates as of September 30, 2020 and December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 Notes payable to finance company for insurance ​ ​ ​ ​ ​ ​ Aggregate principal amount outstanding ​ $ 160 ​ $ 1,746 Interest rate ​ ​ 4.99% ​ ​ 4.05% - 4.99%
Schedule of aggregate maturities of notes payable	The aggregate maturities of notes payable as of September 30, 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ October 2020 - September 2021 ​ $ 160 ​ ​ ​ Total notes payable ​ $ 160 ​ ​ ​
Schedule of aggregate maturities of finance leases	The aggregate maturities of finance leases as of September 30, 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ October 2020 - September 2021 ​ $ 55 ​ ​ ​ October 2021 - September 2022 ​ ​ 41 ​ ​ ​ October 2022 - September 2023 ​ ​ 10 ​ ​ ​ Obligations under finance leases ​ $ 106 ​ ​ ​

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2020
LEASES
Schedule of expense, cash flow information and balance sheet information related to operating and finance leases	The components of lease cost for the three and nine months ended September 30, 2020 and 2019 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2020 2019 2020 2019 Finance lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 333 ​ $ 359 ​ $ 1,033 ​ $ 1,062 Interest on lease liabilities ​ ​ 6 ​ ​ 41 ​ ​ 45 ​ ​ 144 Total finance lease cost ​ ​ 339 ​ ​ 400 ​ ​ 1,078 ​ ​ 1,206 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost ​ ​ 391 ​ ​ 388 ​ ​ 1,166 ​ ​ 1,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term lease cost ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total lease cost ​ $ 730 ​ $ 788 ​ $ 2,244 ​ $ 2,403 ​ Supplemental cash flow information related to leases for the nine months ended September 30, 2020 and 2019 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ 2020 2019 Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ ​ ​ ​ ​ ​ $ (1,183) ​ $ (1,115) Operating cash flows from finance leases ​ ​ ​ ​ ​ ​ ​ $ (49) ​ $ (148) Financing cash flows from finance leases ​ ​ ​ ​ ​ ​ ​ $ (2,291) ​ $ (2,126) Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ ​ ​ $ 63 ​ $ 8,226 Finance leases ​ ​ ​ ​ ​ ​ ​ $ — ​ $ 121 ​ Supplemental balance sheet information related to leases as of September 30, 2020 and December 31, 2019 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ ​ ​ ​ ​ ​ ​ $ 5,736 ​ $ 6,605 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities - current ​ ​ ​ ​ ​ ​ ​ $ 1,097 ​ $ 1,200 Operating lease liabilities - long-term ​ ​ ​ ​ ​ ​ ​ ​ 5,157 ​ ​ 5,940 Total operating lease liabilities ​ ​ ​ ​ ​ ​ ​ $ 6,254 ​ $ 7,140 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, at cost ​ ​ ​ ​ ​ ​ ​ $ 8,663 ​ $ 8,663 Accumulated depreciation ​ ​ ​ ​ ​ ​ ​ ​ (4,267) ​ ​ (3,297) Property and equipment, net ​ ​ ​ ​ ​ ​ ​ $ 4,396 ​ $ 5,366 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease liabilities - current ​ ​ ​ ​ ​ ​ ​ $ 55 ​ $ 2,316 Finance lease liabilities - long-term ​ ​ ​ ​ ​ ​ ​ ​ 51 ​ ​ 96 Total finance lease liabilities ​ ​ ​ ​ ​ ​ ​ $ 106 ​ $ 2,412 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ ​ ​ ​ 5.8 years ​ ​ 6.3 years Finance leases ​ ​ ​ ​ ​ ​ ​ ​ 1.8 years ​ ​ 0.8 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ ​ ​ ​ 5.04% ​ ​ 5.04% Finance leases ​ ​ ​ ​ ​ ​ ​ ​ 4.99% ​ ​ 4.67%
Schedule of maturities of lease liabilities	Maturities of lease liabilities as of September 30, 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases October 2020 - September 2021 ​ ​ ​ ​ ​ ​ ​ $ 1,386 ​ $ 60 October 2021 - September 2022 ​ ​ ​ ​ ​ ​ ​ ​ 1,234 ​ ​ 42 October 2022 - September 2023 ​ ​ ​ ​ ​ ​ ​ ​ 1,157 ​ ​ 10 October 2023 - September 2024 ​ ​ ​ ​ ​ ​ ​ ​ 1,180 ​ ​ — October 2024 - September 2025 ​ ​ ​ ​ ​ ​ ​ ​ 941 ​ ​ — Thereafter ​ ​ ​ ​ ​ ​ ​ ​ 1,343 ​ ​ — Total payments under lease agreements ​ ​ ​ ​ ​ ​ ​ ​ 7,241 ​ ​ 112 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less imputed interest ​ ​ ​ ​ ​ ​ ​ ​ (987) ​ ​ (6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease liabilities ​ ​ ​ ​ ​ ​ ​ $ 6,254 ​ $ 106

NET (LOSS) INCOME PER SHARE (Ta

NET (LOSS) INCOME PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2020
NET (LOSS) INCOME PER SHARE
Schedule of computation of basic and diluted (loss) income per share	The computation of basic and diluted (loss) income per share was as follows (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2020 2019 2020 2019 Net (loss) income ​ $ (7,840) ​ $ 1,998 ​ $ (5,347) ​ $ (9,385) ​ Weighted average common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 23,423,437 ​ ​ 23,222,045 ​ 23,350,204 ​ 23,152,776 ​ Dilutive common stock options, restricted stock unit awards and restricted stock awards ​ ​ — ​ ​ 115,858 ​ ​ — ​ ​ — ​ Diluted ​ ​ 23,423,437 ​ ​ 23,337,903 ​ ​ 23,350,204 ​ ​ 23,152,776 ​ Basic (loss) income per share of common stock ​ $ (0.33) ​ $ 0.09 ​ $ (0.23) ​ $ (0.41) ​ Diluted (loss) income per share of common stock ​ $ (0.33) ​ $ 0.09 ​ $ (0.23) ​ $ (0.41) ​
Schedule of weighted average numbers of stock options, restricted stock unit awards, and restricted stock awards that have been excluded from the calculation of diluted (loss) income per share of common stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2020 2019 ​ 2020 ​ 2019 Stock options ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ 67,625 Restricted stock units ​ ​ 242,478 ​ ​ 222,000 ​ ​ ​ 332,868 ​ ​ 471,624 Restricted stock awards ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ 10,874 Total ​ ​ 242,478 ​ ​ 222,000 ​ ​ ​ 332,868 ​ ​ 550,123

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	9 Months Ended
	Sep. 30, 2020USD ($)item	Dec. 31, 2019USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Allowance for doubtful accounts | $	$ 250,000	$ 250,000
Number of notes receivable | item	1
Maximum original expected duration of cancelable service contracts	1 year

SUPPLEMENTAL CONSOLIDATED FIN_3

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Disaggregated Revenues (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)
Number of business segments | segment			1
Operating revenues	$ 8,738	$ 36,976	$ 77,216	$ 112,216
United States
Operating revenues	$ 8,738	36,814	65,408	96,496
Canada
Operating revenues		$ 162	$ 11,808	$ 15,720

SUPPLEMENTAL CONSOLIDATED FIN_4

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Deferred Costs and Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jan. 01, 2020	Dec. 31, 2019	Jan. 01, 2019
Total deferred costs amortized	$ 1,128	$ 6,806	$ 12,023	$ 27,253
Deferred revenue	374	7,970	374	7,970	$ 3,481	$ 3,481	$ 10,501
Revenue recognized that was included in deferred revenue balances at beginning of period	129	427	3,476	8,604
Prepaid expenses and other current assets
Deferred Costs	$ 417	$ 7,001	$ 417	$ 7,001	$ 2,525		$ 6,994

DEBT (Details)

DEBT (Details)	Sep. 30, 2020USD ($)item	Sep. 30, 2019USD ($)	Oct. 31, 2020USD ($)	Dec. 31, 2019USD ($)
DEBT
Restricted CDARS account	$ 5,000,000			$ 5,000,000
Finance lease	106,000			2,412,000
Total notes payable	$ 160,000
Dominion Revolving Credit Facility
DEBT
Maturity of line of credit extended	1 year
Maximum borrowing capacity		$ 15,000,000
Percentage of maximum borrowing capacity on eligible accounts receivable		80.00%
Percentage of maximum borrowing capacity on deposit with lender		100.00%
Restricted CDARS account		$ 5,000,000
Commitment fee (as a percent)		0.10%
Minimum tangible net worth		$ 75,000,000
Dominion Revolving Credit Facility | Minimum
DEBT
Interest rate (as a percent)		3.50%
Dominion Revolving Credit Facility | Maximum
DEBT
Interest rate (as a percent)		6.00%
Veritex Letters of Credit
DEBT
Number of letters of credit	2
First Veritex Letters of Credit
DEBT
Amount of letter of credit	$ 1,767,000
First Veritex Letters of Credit | Subsequent Events
DEBT
Letter of credit terminated			$ 1,767,000
Second Veritex Letters of Credit
DEBT
Amount of letter of credit	$ 583,000
Second Veritex Letters of Credit | Subsequent Events
DEBT
Letter of credit terminated			583,000
Dominion Letters of Credit
DEBT
Amount of letter of credit			$ 583,000
Notes payable to finance companies for insurance
DEBT
Interest rate (as a percent)	4.99%
Number of notes payable | item	1
Total notes payable	$ 160,000			$ 1,746,000
Notes payable to finance companies for insurance | Minimum
DEBT
Interest rate (as a percent)				4.05%
Notes payable to finance companies for insurance | Maximum
DEBT
Interest rate (as a percent)				4.99%

DEBT - Aggregate principal amou

DEBT - Aggregate principal amount and interest rates (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
DEBT
Aggregate principal amount outstanding	$ 160,000
Notes payable to finance companies for insurance
DEBT
Aggregate principal amount outstanding	$ 160,000	$ 1,746,000
Interest rate (as a percent)	4.99%
Notes payable to finance companies for insurance | Minimum
DEBT
Interest rate (as a percent)		4.05%
Notes payable to finance companies for insurance | Maximum
DEBT
Interest rate (as a percent)		4.99%

DEBT - Maturities (Details)

DEBT - Maturities (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Aggregate maturities of notes payable
October 2020 - September 2021	$ 160,000
Total notes payable	160,000
Aggregate maturities of finance leases
October 2020 - September 2021	55,000
October 2021 - September 2022	41,000
October 2022 - September 2023	10,000
Total finance lease liabilities	$ 106,000	$ 2,412,000
Minimum
Aggregate maturities of finance leases
Interest rate on leases	4.83%
Maximum
Aggregate maturities of finance leases
Interest rate on leases	5.37%

LEASES - Components of Lease Co

LEASES - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
LEASES
Amortization of right-of-use assets	$ 333	$ 359	$ 1,033	$ 1,062
Interest on lease liabilities	6	41	45	144
Total finance lease cost	339	400	1,078	1,206
Operating lease cost	391	388	1,166	1,197
Total lease cost	$ 730	$ 788	$ 2,244	$ 2,403

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
LEASES
Operating cash flows from operating leases	$ (1,183)	$ (1,115)
Operating cash flows from finance leases	(49)	(148)
Financing cash flows from finance leases	(2,291)	(2,126)
Right-of-use assets obtained in exchange for operating leases	$ 63	8,226
Right-of-use assets obtained in exchange for finance leases		$ 121

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet Information (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Operating leases
Operating lease right-of-use assets	$ 5,736,000	$ 6,605,000
Operating lease liabilities - current	1,097,000	1,200,000
Operating lease liabilities - long-term	5,157,000	5,940,000
Total operating lease liabilities	6,254,000	7,140,000
Finance leases
Property and equipment, at cost	8,663,000	8,663,000
Accumulated depreciation	(4,267,000)	(3,297,000)
Property and equipment, net	4,396,000	5,366,000
Finance lease liabilities - current	55,000	2,316,000
Finance lease liabilities - long-term	51,000	96,000
Total finance lease liabilities	$ 106,000	$ 2,412,000
Weighted average remaining lease term:
Operating leases	5 years 9 months 18 days	6 years 3 months 18 days
Finance leases	1 year 9 months 18 days	9 months 18 days
Weighted average discount rate:
Operating leases	5.04%	5.04%
Finance leases	4.99%	4.67%

LEASES - Maturities of Lease Li

LEASES - Maturities of Lease Liabilities (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Operating Leases
October 2020 - September 2021	$ 1,386,000
October 2021 - September 2022	1,234,000
October 2022 - September 2023	1,157,000
October 2023 - September 2024	1,180,000
October 2024 - September 2025	941,000
Thereafter	1,343,000
Total payments under lease agreements	7,241,000
Less imputed interest	(987,000)
Total lease liabilities	6,254,000	$ 7,140,000
Finance Leases
October 2020 - September 2021	60,000
October 2021 - September 2022	42,000
October 2022 - September 2023	10,000
Total payments under lease agreements	112,000
Less imputed interest	(6,000)
Total lease liabilities	$ 106,000	$ 2,412,000

OPERATING COMMITMENTS AND CON_2

OPERATING COMMITMENTS AND CONTINGENCIES (Details)	Apr. 01, 2019defendant
Weatherford Litigation
OPERATING COMMITMENTS AND CONTINGENCIES
Number of other parties named as defendants	18

NET (LOSS) INCOME PER SHARE (De

NET (LOSS) INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Net (loss) income	$ (7,840)	$ 1,500	$ 993	$ 1,998	$ (11,246)	$ (137)	$ (5,347)	$ (9,385)
Weighted average common shares outstanding:
Basic	23,423,437			23,222,045			23,350,204	23,152,776
Dilutive common stock options, restricted stock unit awards and restricted stock awards				115,858
Diluted	23,423,437			23,337,903			23,350,204	23,152,776
Basic (loss) income per share of common stock	$ (0.33)			$ 0.09			$ (0.23)	$ (0.41)
Diluted (loss) income per share of common stock	$ (0.33)			$ 0.09			$ (0.23)	$ (0.41)
Restricted stock units
Weighted average common shares outstanding:
Dilutive common stock options, restricted stock unit awards and restricted stock awards				115,858
Stock options
Weighted average common shares outstanding:
Dilutive common stock options, restricted stock unit awards and restricted stock awards				0
Restricted stock awards
Weighted average common shares outstanding:
Dilutive common stock options, restricted stock unit awards and restricted stock awards				0

NET (LOSS) INCOME PER SHARE - A

NET (LOSS) INCOME PER SHARE - Anti-Dilutive Awards Excluded from Calculation (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Anti-dilutive Securities Excluded from Calculation of Earnings Per Share
Weighted average number of securities excluded from calculation	242,478	222,000	332,868	550,123
Stock options
Anti-dilutive Securities Excluded from Calculation of Earnings Per Share
Weighted average number of securities excluded from calculation				67,625
Restricted stock units
Anti-dilutive Securities Excluded from Calculation of Earnings Per Share
Weighted average number of securities excluded from calculation	242,478	222,000	332,868	471,624
Restricted stock awards
Anti-dilutive Securities Excluded from Calculation of Earnings Per Share
Weighted average number of securities excluded from calculation				10,874

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
INCOME TAXES
Effective tax rate (as percent)	(0.20%)	(1.30%)	(0.30%)	1.50%