Dawson Geophysical (DWSN) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 02, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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
Trading Symbol	DWSN
Security Exchange Name	NASDAQ
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		23,643,934
Entity Central Index Key	0000799165
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 36,018	$ 40,955
Restricted cash	5,000	5,000
Short-term investments	583	583
Accounts receivable, net	325	7,343
Prepaid expenses and other current assets	2,516	4,709
Total current assets	44,442	58,590
Property and equipment, net	28,941	38,900
Right-of-use assets	4,703	5,494
Intangibles, net	394	393
Total assets	78,480	103,377
Current liabilities:
Accounts payable	1,557	1,603
Accrued liabilities:
Payroll costs and other taxes	672	1,045
Other	1,491	1,811
Deferred revenue	96	1,779
Current maturities of notes payable and finance leases	246	94
Current maturities of operating lease liabilities	1,006	1,109
Total current liabilities	5,068	7,441
Long-term liabilities:
Notes payable and finance leases, net of current maturities	10	44
Operating lease liabilities, net of current maturities	4,177	4,899
Deferred tax liabilities, net	19	19
Total long-term liabilities	4,206	4,962
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, 23,692,379 and 23,526,517 shares issued, and 23,643,934 and 23,478,072 shares outstanding at September 30, 2021 and December 31, 2020, respectively	237	235
Additional paid-in capital	155,101	154,866
Retained deficit	(85,037)	(62,927)
Treasury stock, at cost; 48,445 shares
Accumulated other comprehensive loss, net	(1,095)	(1,200)
Total stockholders' equity	69,206	90,974
Total liabilities and stockholders' equity	$ 78,480	$ 103,377

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
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	23,692,379	23,526,517
Common stock, shares outstanding	23,643,934	23,478,072
Treasury stock, shares	48,445	48,445

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Operating Revenues	$ 1,914	$ 8,738	$ 13,855	$ 77,216
Operating costs:
Operating expenses	3,975	9,441	18,247	58,189
General and administrative	2,443	3,270	7,996	11,205
Depreciation and amortization	3,249	4,125	10,083	13,412
Total cost and expenses	9,667	16,836	36,326	82,806
Loss from operations	(7,753)	(8,098)	(22,471)	(5,590)
Other income (expense):
Interest income	50	106	176	326
Interest expense	(4)	(10)	(16)	(80)
Other (expense) income, net	(158)	177	201	12
Loss before income tax	(7,865)	(7,825)	(22,110)	(5,332)
Income tax expense		(15)		(15)
Net loss	(7,865)	(7,840)	(22,110)	(5,347)
Other comprehensive (loss) income:
Net unrealized (loss) income on foreign exchange rate translation, net	(307)	374	105	(221)
Comprehensive loss	$ (8,172)	$ (7,466)	$ (22,005)	$ (5,568)
Basic loss per share of common stock	$ (0.33)	$ (0.33)	$ (0.94)	$ (0.23)
Diluted loss per share of common stock	$ (0.33)	$ (0.33)	$ (0.94)	$ (0.23)
Weighted average equivalent common shares outstanding	23,632,112	23,423,437	23,545,693	23,350,204
Weighted average equivalent common shares outstanding - assuming dilution	23,632,112	23,423,437	23,545,693	23,350,204

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (22,110)	$ (5,347)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	10,083	13,412
Operating lease cost	796	916
Non-cash compensation	312	600
Deferred income tax expense		79
Change in other long-term liabilities		(150)
Gain on disposal of assets	(131)	(3)
Remeasurement and other	20	68
Change in operating assets and liabilities:
Decrease in accounts receivable	7,037	19,373
Decrease in prepaid expenses and other assets	2,194	4,505
Decrease in accounts payable	(365)	(2,957)
Decrease in accrued liabilities	(696)	(2,011)
Decrease in operating lease liabilities	(830)	(930)
Decrease in deferred revenue	(1,683)	(3,107)
Net cash (used in) provided by operating activities	(5,373)	24,448
Cash flows from investing activities:
Capital expenditures, net of non-cash capital expenditures summarized below	(11)	(2,822)
Proceeds from maturity of short-term investments		1,767
Proceeds from disposal of assets	384	225
Proceeds from notes receivable		26
Net cash provided by (used in) investing activities	373	(804)
Cash flows from financing activities:
Proceeds from notes payable	550	6,374
Principal payments on notes payable	(387)	(8,393)
Principal payments on finance leases	(46)	(2,291)
Tax withholdings related to stock-based compensation awards	(75)	(70)
Net cash provided by (used in) financing activities	42	(4,380)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	21	(113)
Net (decrease) increase in cash and cash equivalents and restricted cash	(4,937)	19,151
Cash and cash equivalents and restricted cash at beginning of period	45,955	31,271
Cash and cash equivalents and restricted cash at end of period	41,018	50,422
Supplemental cash flow information:
Cash paid for interest	16	89
Cash paid for income taxes	81	83
Cash received for income taxes		206
Non-cash operating, investing and financing activities:
Increase (decrease) in accrued purchases of property and equipment	318	(61)
Increase in right-of-use assets and operating lease liabilities	$ 1	63
Increase in right-of-use assets for prepaid rent		3
Financed insurance premiums		$ 433

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, 2019	$ 233	$ 154,235	$ (49,731)	$ (1,572)	$ 103,165
Balance at beginning of period (in shares) at Dec. 31, 2019	23,335,855
Increase (Decrease) in Stockholders' Equity
Net (loss) income			993		993
Unrealized income (loss) on foreign exchange rate translation				(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
Increase (Decrease) in Stockholders' Equity
Net (loss) income					(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
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 (loss) income			1,500		1,500
Unrealized income (loss) on foreign exchange rate translation				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 (loss) income			(7,840)		(7,840)
Unrealized income (loss) on foreign exchange rate translation				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
Balance at beginning of period at Dec. 31, 2020	$ 235	154,866	(62,927)	(1,200)	$ 90,974
Balance at beginning of period (in shares) at Dec. 31, 2020	23,526,517				23,478,072
Increase (Decrease) in Stockholders' Equity
Net (loss) income			(5,228)		$ (5,228)
Unrealized income (loss) on foreign exchange rate translation				201	201
Stock-based compensation expense		101			101
Balance at end of period at Mar. 31, 2021	$ 235	154,967	(68,155)	(999)	86,048
Balance at end of period (in shares) at Mar. 31, 2021	23,526,517
Balance at beginning of period at Dec. 31, 2020	$ 235	154,866	(62,927)	(1,200)	$ 90,974
Balance at beginning of period (in shares) at Dec. 31, 2020	23,526,517				23,478,072
Increase (Decrease) in Stockholders' Equity
Net (loss) income					$ (22,110)
Balance at end of period at Sep. 30, 2021	$ 237	155,101	(85,037)	(1,095)	$ 69,206
Balance at end of period (in shares) at Sep. 30, 2021	23,692,379				23,643,934
Balance at beginning of period at Mar. 31, 2021	$ 235	154,967	(68,155)	(999)	$ 86,048
Balance at beginning of period (in shares) at Mar. 31, 2021	23,526,517
Increase (Decrease) in Stockholders' Equity
Net (loss) income			(9,017)		(9,017)
Unrealized income (loss) on foreign exchange rate translation				211	211
Issuance of common stock under stock compensation plans	$ 2	(2)
Issuance of common stock under stock compensation plans (in shares)	174,000
Stock-based compensation expense		67			67
Issuance of common stock as compensation		30			30
Issuance of common stock as compensation (in shares)	11,320
Shares exchanged for taxes on stock-based compensation		(75)			(75)
Shares exchanged for taxes on stock-based compensation (in shares)	(31,410)
Balance at end of period at Jun. 30, 2021	$ 237	154,987	(77,172)	(788)	77,264
Balance at end of period (in shares) at Jun. 30, 2021	23,680,427
Increase (Decrease) in Stockholders' Equity
Net (loss) income			(7,865)		(7,865)
Unrealized income (loss) on foreign exchange rate translation				(307)	(307)
Stock-based compensation expense		84			84
Issuance of common stock as compensation		30			30
Issuance of common stock as compensation (in shares)	11,952
Balance at end of period at Sep. 30, 2021	$ 237	$ 155,101	$ (85,037)	$ (1,095)	$ 69,206
Balance at end of period (in shares) at Sep. 30, 2021	23,692,379				23,643,934

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 2021
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, 2021
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, 2020. Significant Accounting Policies Principles of Consolidation. Allowance for Doubtful Accounts. Leases Property and Equipment. exist in the seismic industry and information available at the time of the purchase of the asset. As circumstances change and new information becomes available, these estimates could change. Depreciation is computed using the straight-line method. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheet, and any resulting gain or loss is reflected in the results of operations for the period. 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 October 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-10, Codification Improvements, which clarifies the Codification or corrects unintended application of guidance by improving the consistency of the Codification for disclosure on multiple topics. They are not expected to change current practice. This ASU is effective for the annual period beginning after December 15, 2020, including interim periods within that annual period and should be applied on a retrospective basis for all periods presented. The Company adopted this guidance in the first quarter of 2021 and it did not have a material impact on its consolidated financial statements. 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. The Company adopted this guidance in the first quarter of 2021 prospectively as it relates to currency translation adjustments in other comprehensive income 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, 2021
Fair Value of Financial Instruments
Fair Value of Financial Instruments	3. FAIR VALUE OF FINANCIAL INSTRUMENTS At September 30, 2021 and December 31, 2020, the Company’s financial instruments included cash and cash equivalents, restricted cash, short-term investments in certificates of deposit, accounts 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 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 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, 2021
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, ​ 2021 2020 ​ ​ ​ 2021 ​ 2020 Operating Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 1,914 ​ $ 8,738 ​ $ 10,891 $ 65,408 Canada ​ — ​ — ​ ​ 2,964 ​ 11,808 Total ​ $ 1,914 ​ $ 8,738 ​ ​ $ 13,855 ​ $ 77,216 Deferred Costs (in thousands) Deferred costs were $1,847 and $2,525 at January 1, 2021 and 2020, respectively. The Company’s prepaid expenses and other current assets at September 30, 2021 and 2020 included deferred costs incurred to fulfill contracts with customers of $210 and $417, respectively. Deferred costs at September 30, 2021 compared to January 1, 2021 and at September 30, 2020 compared to January 1, 2020 decreased primarily as a result of the completion of several projects during those nine month periods that had significant deferred fulfillment costs at January 1, 2021 and 2020, respectively. The amount of total deferred costs amortized for the three and nine months ended September 30, 2021 was $453 and $4,360, respectively. The amount of total deferred costs amortized for the three and nine months ended September 30, 2020 was $1,128 and $12,023, respectively. There were no material impairment losses incurred during these periods. Deferred Revenue (in thousands) Deferred revenue was $1,779 and $3,481 at January 1, 2021 and 2020, respectively. The Company’s deferred revenue at September 30, 2021 and 2020 was $96 and $374, respectively. Deferred revenue at September 30, 2021 compared to January 1, 2021 and at September 30, 2020 compared to January 1, 2020 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, 2021 that was included in the contract liability balance at the beginning of 2021 was $0 and $1,779, respectively. 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.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2021
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, 2021, the Company entered into a Second Loan Modification Agreement (the “Second Modification”) to the Loan and Security Agreement (as amended by the Loan Modification Agreement, the “Loan Agreement”) for the purpose of (a) amending and extending the maturity of its line of credit with Dominion Bank by one year and (b) amending the Company's obligation to maintain a certain tangible net worth. 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, 2021, 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 not less than $55,000,000 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, 2022. The Company does not currently have any notes payable under the Revolving Credit Facility. Dominion Letters of Credit As of September 30, 2021, Dominion Bank has issued one letter of credit in the amount of $265,000 to support the Company’s workers compensation insurance. The letter of credit is secured by a certificate of deposit with Dominion Bank. Other Indebtedness As of September 30, 2021, the Company has one short-term note payable to a finance company for various insurance premiums totaling $203,000. In addition, the Company leases certain seismic recording equipment and vehicles under leases classified as finance leases. The Company’s Condensed Consolidated Balance Sheet as of September 30, 2021 includes finance leases of $53,000. 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, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 Notes payable to finance company for insurance ​ ​ ​ ​ ​ ​ Aggregate principal amount outstanding ​ $ 203 ​ $ 40 Interest rate ​ ​ 4.99% ​ ​ 4.99% ​ The aggregate maturities of finance leases as of September 30, 2021 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ October 2021 - September 2022 ​ $ 43 ​ ​ ​ October 2022 - September 2023 ​ ​ 10 ​ ​ ​ Obligations under finance leases ​ $ 53 ​ ​ ​ ​ Interest rates on these leases range from 4.83% to 5.37%.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2021
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, Houston, Denver, Oklahoma City and Calgary, Alberta. There have been no material changes to our leases since the Company’s most recent Annual Report on Form 10-K that was filed with the SEC on March 16, 2021. Maturities of lease liabilities as of September 30, 2021 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases October 2021 - September 2022 ​ ​ ​ ​ ​ ​ ​ $ 1,243 ​ $ 45 October 2022 - September 2023 ​ ​ ​ ​ ​ ​ ​ ​ 1,166 ​ ​ 10 October 2023 - September 2024 ​ ​ ​ ​ ​ ​ ​ ​ 1,188 ​ ​ — October 2024 - September 2025 ​ ​ ​ ​ ​ ​ ​ ​ 943 ​ ​ — October 2025 - September 2026 ​ ​ ​ ​ ​ ​ ​ ​ 892 ​ ​ — Thereafter ​ ​ ​ ​ ​ ​ ​ ​ 451 ​ ​ — Total payments under lease agreements ​ ​ ​ ​ ​ ​ ​ ​ 5,883 ​ ​ 55 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less imputed interest ​ ​ ​ ​ ​ ​ ​ ​ (700) ​ ​ (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease liabilities ​ ​ ​ ​ ​ ​ ​ $ 5,183 ​ $ 53 ​

OPERATING COMMITMENTS AND CONTI

OPERATING COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
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. On October 28, 2020, the trial court granted a plea to jurisdiction in favor the City of Midland, a co-defendant in the case. Weatherford is appealing that decision and the case is stayed, pending the appellate ruling. 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 PER SHARE

NET LOSS PER SHARE	9 Months Ended
	Sep. 30, 2021
Net Loss per Share
Net Loss per Share	8. NET LOSS PER SHARE Basic loss per share is computed by dividing the net loss by the weighted average shares outstanding. Diluted loss per share is computed by dividing the net loss by the weighted average diluted shares outstanding. The computation of basic and diluted loss per share (in thousands, except share and per share data) was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 2020 2021 2020 Net loss ​ $ (7,865) ​ $ (7,840) ​ $ (22,110) ​ $ (5,347) ​ Weighted average common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 23,632,112 ​ ​ 23,423,437 ​ 23,545,693 ​ 23,350,204 ​ Dilutive common stock options, restricted stock unit awards and restricted stock awards ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Diluted ​ ​ 23,632,112 ​ ​ 23,423,437 ​ ​ 23,545,693 ​ ​ 23,350,204 ​ Basic loss per share of common stock ​ $ (0.33) ​ $ (0.33) ​ $ (0.94) ​ $ (0.23) ​ Diluted loss per share of common stock ​ $ (0.33) ​ $ (0.33) ​ $ (0.94) ​ $ (0.23) ​ ​ The Company had a net loss for the three and nine months ended September 30, 2021 and 2020. 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 following weighted average numbers of stock options, restricted stock unit awards and restricted stock awards have been excluded from the calculation of diluted loss per share of common stock, as their effect would be anti-dilutive for the three and nine months ended September 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 2020 ​ 2021 ​ 2020 ​ Stock options ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ Restricted stock units ​ ​ 167,500 ​ ​ 242,478 ​ ​ ​ 151,413 ​ ​ 332,868 ​ Restricted stock awards ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ Total ​ ​ 167,500 ​ ​ 242,478 ​ ​ ​ 151,413 ​ ​ 332,868 ​ ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2021
Income Taxes
Income Taxes	9 . INCOME TAXES For each of the three and nine months ended September 30, 2021, the Company's effective tax rate was 0.0%. For the three and nine months ended September 30, 2020, the Company’s effective tax rate was -0.2% and -0.3%, respectively. The Company’s nominal or no effective tax rate for the periods above was due to the presence of net operating loss carryovers and adjustments to the valuation allowance on deferred tax assets. 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. If the Company had any income tax benefit for the three and nine months ended September 30, 2021, it would 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 and additional state valuation allowances were maintained during the nine months ended September 30, 2021 and 2020. 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 December 27, 2020, Congress passed the Consolidated Appropriations Act, 2021 which included changes to federal income tax law which did not have a material impact on the Company’s consolidated financial statements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	10. SUBSEQUENT EVENTS stock for $2.34 per share in cash (the “Offer”) on November 1, 2021. Subject to the closing of the Offer, the merger agreement also contemplates that Wilks will acquire any shares of the Company’s common stock that are not tendered into the Offer at the same price per share through a second-step merger, which will be completed as soon as practicable following the closing of the Offer, subject to the approval of at least 80% of the outstanding shares of the Company’s common stock.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts.
Leases	Leases
Property and Equipment	Property and Equipment. exist in the seismic industry and information available at the time of the purchase of the asset. As circumstances change and new information becomes available, these estimates could change. Depreciation is computed using the straight-line method. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheet, and any resulting gain or loss is reflected in the results of operations for the period.
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 October 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-10, Codification Improvements, which clarifies the Codification or corrects unintended application of guidance by improving the consistency of the Codification for disclosure on multiple topics. They are not expected to change current practice. This ASU is effective for the annual period beginning after December 15, 2020, including interim periods within that annual period and should be applied on a retrospective basis for all periods presented. The Company adopted this guidance in the first quarter of 2021 and it did not have a material impact on its consolidated financial statements. 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. The Company adopted this guidance in the first quarter of 2021 prospectively as it relates to currency translation adjustments in other comprehensive income 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, 2021
Supplemental Consolidated Financial Statement Information
Schedule of operating revenues disaggregated by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ Nine Months Ended September 30, ​ 2021 2020 ​ ​ ​ 2021 ​ 2020 Operating Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 1,914 ​ $ 8,738 ​ $ 10,891 $ 65,408 Canada ​ — ​ — ​ ​ 2,964 ​ 11,808 Total ​ $ 1,914 ​ $ 8,738 ​ ​ $ 13,855 ​ $ 77,216

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 Notes payable to finance company for insurance ​ ​ ​ ​ ​ ​ Aggregate principal amount outstanding ​ $ 203 ​ $ 40 Interest rate ​ ​ 4.99% ​ ​ 4.99%
Schedule of aggregate maturities of finance leases	The aggregate maturities of finance leases as of September 30, 2021 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ October 2021 - September 2022 ​ $ 43 ​ ​ ​ October 2022 - September 2023 ​ ​ 10 ​ ​ ​ Obligations under finance leases ​ $ 53 ​ ​ ​

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2021
Leases
Schedule of maturities of lease liabilities	Maturities of lease liabilities as of September 30, 2021 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases October 2021 - September 2022 ​ ​ ​ ​ ​ ​ ​ $ 1,243 ​ $ 45 October 2022 - September 2023 ​ ​ ​ ​ ​ ​ ​ ​ 1,166 ​ ​ 10 October 2023 - September 2024 ​ ​ ​ ​ ​ ​ ​ ​ 1,188 ​ ​ — October 2024 - September 2025 ​ ​ ​ ​ ​ ​ ​ ​ 943 ​ ​ — October 2025 - September 2026 ​ ​ ​ ​ ​ ​ ​ ​ 892 ​ ​ — Thereafter ​ ​ ​ ​ ​ ​ ​ ​ 451 ​ ​ — Total payments under lease agreements ​ ​ ​ ​ ​ ​ ​ ​ 5,883 ​ ​ 55 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less imputed interest ​ ​ ​ ​ ​ ​ ​ ​ (700) ​ ​ (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease liabilities ​ ​ ​ ​ ​ ​ ​ $ 5,183 ​ $ 53

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2021
Net Loss per Share
Schedule of computation of basic and diluted loss per share	The computation of basic and diluted loss per share (in thousands, except share and per share data) was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 2020 2021 2020 Net loss ​ $ (7,865) ​ $ (7,840) ​ $ (22,110) ​ $ (5,347) ​ Weighted average common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 23,632,112 ​ ​ 23,423,437 ​ 23,545,693 ​ 23,350,204 ​ Dilutive common stock options, restricted stock unit awards and restricted stock awards ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Diluted ​ ​ 23,632,112 ​ ​ 23,423,437 ​ ​ 23,545,693 ​ ​ 23,350,204 ​ Basic loss per share of common stock ​ $ (0.33) ​ $ (0.33) ​ $ (0.94) ​ $ (0.23) ​ Diluted loss per share of common stock ​ $ (0.33) ​ $ (0.33) ​ $ (0.94) ​ $ (0.23) ​
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 per share of common stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 2020 ​ 2021 ​ 2020 ​ Stock options ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ Restricted stock units ​ ​ 167,500 ​ ​ 242,478 ​ ​ ​ 151,413 ​ ​ 332,868 ​ Restricted stock awards ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ Total ​ ​ 167,500 ​ ​ 242,478 ​ ​ ​ 151,413 ​ ​ 332,868 ​

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Threshold period of past due (in days)	90 days
Allowance for doubtful accounts	$ 250,000	$ 250,000
Maximum original expected duration of cancelable service contracts (in years)	1 year

SUPPLEMENTAL CONSOLIDATED FIN_3

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Disaggregated Revenues (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)
Number of business segments | segment			1
Operating Revenues	$ 1,914	$ 8,738	$ 13,855	$ 77,216
United States
Operating Revenues	$ 1,914	$ 8,738	10,891	65,408
Canada
Operating Revenues			$ 2,964	$ 11,808

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jan. 01, 2021	Dec. 31, 2020	Jan. 01, 2020
Deferred costs					$ 1,847		$ 2,525
Total deferred costs amortized	$ 453	$ 1,128	$ 4,360	$ 12,023
Deferred revenue	96	374	96	374	$ 1,779	$ 1,779	$ 3,481
Revenue recognized that was included in deferred revenue balances at beginning of period	0	129	1,779	3,476
Prepaid expenses and other current assets
Deferred costs	$ 210	$ 417	$ 210	$ 417

DEBT (Details)

DEBT (Details)	Sep. 30, 2021USD ($)item	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2020USD ($)
DEBT
Restricted CDARS account	$ 5,000,000			$ 5,000,000
Finance lease	$ 53,000
Dominion Loan Agreement
DEBT
Maturity of line of credit extended	1 year
Maximum borrowing capacity		$ 15,000,000	$ 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			$ 55,000,000
Dominion Loan Agreement | Minimum
DEBT
Interest rate (as a percent)			3.50%
Dominion Loan Agreement | Maximum
DEBT
Interest rate (as a percent)			6.00%
Dominion Letters of Credit
DEBT
Number of letters of credit | item	1
Amount of letter of credit	$ 265,000
Notes payable to finance companies for insurance
DEBT
Interest rate (as a percent)	4.99%			4.99%
Number of notes payable | item	1
Aggregate principal amount outstanding	$ 203,000			$ 40,000
Notes payable to finance companies for insurance | Minimum
DEBT
Interest rate (as a percent)				4.99%

DEBT - Aggregate principal amou

DEBT - Aggregate principal amount and interest rates (Details) - Notes payable to finance companies for insurance - USD ($)	Sep. 30, 2021	Dec. 31, 2020
DEBT
Aggregate principal amount outstanding	$ 203,000	$ 40,000
Interest rate (as a percent)	4.99%	4.99%

DEBT - Maturities (Details)

DEBT - Maturities (Details)	Sep. 30, 2021USD ($)
Aggregate maturities of finance leases
October 2021 - September 2022	$ 43,000
October 2022 - September 2023	10,000
Total finance lease liabilities	$ 53,000
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 (Details)

LEASES (Details)	Sep. 30, 2021USD ($)
Operating Leases
October 2021 - September 2022	$ 1,243,000
October 2022 - September 2023	1,166,000
October 2023 - September 2024	1,188,000
October 2024 - September 2025	943,000
October 2025 - September 2026	892,000
Thereafter	451,000
Total payments under lease agreements	5,883,000
Less imputed interest	(700,000)
Total lease liabilities	5,183,000
Finance Leases
October 2021 - September 2022	45,000
October 2022 - September 2023	10,000
Total payments under lease agreements	55,000
Less imputed interest	(2,000)
Total lease liabilities	$ 53,000

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, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Net Loss per Share
Net loss	$ (7,865)	$ (9,017)	$ (5,228)	$ (7,840)	$ 1,500	$ 993	$ (22,110)	$ (5,347)
Weighted average common shares outstanding:
Basic	23,632,112			23,423,437			23,545,693	23,350,204
Diluted	23,632,112			23,423,437			23,545,693	23,350,204
Basic loss per share of common stock	$ (0.33)			$ (0.33)			$ (0.94)	$ (0.23)
Diluted loss per share of common stock	$ (0.33)			$ (0.33)			$ (0.94)	$ (0.23)

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Anti-dilutive Securities Excluded from Calculation of Earnings Per Share
Number of securities excluded from calculation	167,500	242,478	151,413	332,868
Restricted stock units
Anti-dilutive Securities Excluded from Calculation of Earnings Per Share
Number of securities excluded from calculation	167,500	242,478	151,413	332,868

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Taxes
Effective tax rate (as percent)	0.00%	(0.20%)	0.00%	(0.30%)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Events - Wilks Brothers, LLC	Oct. 25, 2021$ / shares
SUBSEQUENT EVENTS
Outstanding common stock price (USD per share)	$ 2.34
Percentage of outstanding common shares	80.00%