Dawson Geophysical (DWSN) 10-K 18 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 16, 2022	Jun. 30, 2021
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 57,423,000
Entity Common Stock, Shares Outstanding		23,692,379
Auditor Name	RSM US LLP
Auditor Firm ID	49
Auditor Location	Houston, Texas
Entity Central Index Key	0000799165
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 25,376	$ 40,955
Restricted cash	5,000	5,000
Short-term investments	265	583
Accounts receivable, net of allowance for doubtful accounts of $250 at December 31, 2021 and 2020	8,905	7,343
Prepaid expenses and other current assets	3,313	4,709
Total current assets	42,859	58,590
Property and equipment	253,066	271,480
Less accumulated depreciation	(226,717)	(232,580)
Property and equipment, net	26,349	38,900
Right-of-use assets	4,435	5,494
Intangibles, net	395	393
Total assets	74,038	103,377
Current liabilities:
Accounts payable	2,580	1,603
Accrued liabilities:
Payroll costs and other taxes	1,066	1,045
Other	1,338	1,811
Deferred revenue	1,344	1,779
Current maturities of notes payable and finance leases	302	94
Current maturities of operating lease liabilities	961	1,109
Total current liabilities	7,591	7,441
Long-term liabilities:
Notes payable and finance leases, net of current maturities	8	44
Operating lease liabilities, net of current maturities	3,942	4,899
Deferred tax liabilities, net	20	19
Total long-term liabilities	3,970	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 December 31, 2021 and December 31, 2020, respectively	237	235
Additional paid-in capital	155,268	154,866
Retained deficit	(92,018)	(62,927)
Treasury stock, at cost; 48,445 shares
Accumulated other comprehensive loss, net	(1,010)	(1,200)
Total stockholders' equity	62,477	90,974
Total liabilities and stockholders' equity	$ 74,038	$ 103,377

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 250,000	$ 250,000
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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Operating revenues	$ 24,695	$ 86,100
Operating costs:
Operating expenses	29,016	68,998
General and administrative	12,046	13,920
Depreciation and amortization	12,863	17,174
Total cost and expenses	53,925	100,092
Loss from operations	(29,230)	(13,992)
Other income (expense):
Interest income	220	402
Interest expense	(21)	(83)
Other (expense) income, net	(86)	501
Loss before income tax	(29,117)	(13,172)
Income tax benefit (expense)
Current	27	(14)
Deferred	(1)	(10)
Income tax benefit (expense)	26	(24)
Net loss	(29,091)	(13,196)
Other comprehensive income:
Net unrealized income on foreign exchange rate translation, net	190	372
Comprehensive loss	$ (28,901)	$ (12,824)
Basic loss per share of common stock	$ (1.23)	$ (0.56)
Diluted loss per share of common stock	$ (1.23)	$ (0.56)
Weighted average equivalent common shares outstanding	23,570,455	23,382,433
Weighted average equivalent common shares outstanding - assuming dilution	23,570,455	23,382,433

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Deficit	Accumulated Other Comprehensive Income (Loss)	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			(13,196)		(13,196)
Unrealized income on foreign exchange rate translation				438
Income tax expense				(66)
Other comprehensive income				372	372
Issuance of common stock under stock compensation plans	$ 3	(3)
Issuance of common stock under stock compensation plans (in shares)	236,100
Stock-based compensation expense		703			703
Shares exchanged for taxes on stock-based compensation	$ (1)	(69)			(70)
Shares exchanged for taxes on stock-based compensation (in shares)	(45,438)
Balance at end of period at Dec. 31, 2020	$ 235	154,866	(62,927)	(1,200)	$ 90,974
Balance at end of period (in shares) at Dec. 31, 2020	23,526,517				23,478,072
Increase (Decrease) in Stockholders' Equity
Net loss			(29,091)		$ (29,091)
Unrealized income on foreign exchange rate translation				190
Other comprehensive income				190	190
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		419			419
Issuance of common stock as compensation		60			60
Issuance of common stock as compensation (in shares)	23,272
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 Dec. 31, 2021	$ 237	$ 155,268	$ (92,018)	$ (1,010)	$ 62,477
Balance at end of period (in shares) at Dec. 31, 2021	23,692,379				23,643,934

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (29,091)	$ (13,196)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	12,863	17,174
Operating lease cost	1,066	1,186
Non-cash compensation	479	703
Deferred income tax expense	1	10
Bad debt expense		1,625
Change in other accrued long-term liabilities		(150)
Gain on disposal of assets	(198)	(240)
Remeasurement and other	(278)	266
Change in operating assets and liabilities:
(Increase) decrease in accounts receivable	(1,272)	16,866
Decrease in prepaid expenses and other assets	1,397	3,301
Increase (decrease) in accounts payable	983	(2,276)
Decrease in accrued liabilities	(453)	(2,722)
Decrease in operating lease liabilities	(1,112)	(1,204)
Decrease in deferred revenue	(435)	(1,702)
Net cash (used in) provided by operating activities	(16,050)	19,641
Cash flows from investing activities:
Capital expenditures, net of non-cash capital expenditures summarized below	(505)	(2,847)
Proceeds from maturity of short-term investments	318	2,350
Acquisition of short-term investments		(583)
Proceeds from disposal of assets	451	542
Proceeds from notes receivable		26
Net cash provided by (used in) investing activities	264	(512)
Cash flows from financing activities:
Proceeds from notes payable	787	6,374
Principal payments on notes payable	(562)	(8,512)
Principal payments on finance leases	(55)	(2,326)
Tax withholdings related to stock-based compensation awards	(75)	(70)
Net cash provided by (used in) financing activities	95	(4,534)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	112	89
Net (decrease) increase in cash and cash equivalents and restricted cash	(15,579)	14,684
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	30,376	45,955
Supplemental cash flow information:
Cash paid for interest	20	92
Cash paid for income taxes	81	87
Cash received for income taxes	21	402
Non-cash operating, investing and financing activities:
Decrease in accrued purchases of property and equipment		(61)
Increase in right-of-use assets and operating lease liabilities	$ 1	64
Increase in right-of-use assets for prepaid rent		3
Financed insurance premiums		$ 434

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Organization and Nature of Operations The Company is a leading provider of onshore seismic data acquisition and processing services. Founded in 1952, the Company acquires and processes 2-D, 3-D and multi-component seismic data 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. The Company operates in the lower 48 states of the U.S. and in Canada. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Dawson Operating LLC, Dawson Seismic Services Holdings, Inc., Eagle Canada, Inc., Eagle Canada Seismic Services ULC and Exploration Surveys, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. Cash Equivalents For purposes of the consolidated financial statements, the Company considers demand deposits, certificates of deposit, overnight investments, money market funds and all highly liquid debt instruments purchased with an initial maturity of three months or less to be cash equivalents. Allowance for Doubtful Accounts The Company’s allowance for doubtful accounts reflects its current estimate of credit losses expected to be incurred over the life of the financial instrument and is determined based on a number of factors. Management determines the need for any allowance for doubtful accounts receivable based on its review of past-due accounts, its past experience of historical write-offs, its current client base, when customer accounts exceed 90 days past due and specific customer account reviews. While the collectability of outstanding client invoices is continually assessed, the inherent volatility of the energy industry’s business cycle can cause swift and unpredictable changes in the financial stability of the Company’s clients. With the adoption of ASU No. 2016-13 in 2020, the Company made an accounting policy election to write off accrued interest amounts by reversing interest income. The Company's allowance for doubtful accounts was $250,000 at December 31, 2021 and 2020. Property and Equipment Property and equipment is capitalized at historical cost or the fair value of assets acquired in a business combination and is depreciated over the useful life of the asset. Management’s estimation of this useful life is based on circumstances that 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 consolidated balance sheet, and any resulting gain or loss is reflected in the results of operations for the period. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment when triggering events occur suggesting deterioration in the assets’ recoverability or fair value. Recognition of an impairment charge is required if future expected undiscounted net cash flows are insufficient to recover the carrying value of the assets and the fair value of the assets is below the carrying value of the assets. Management’s forecast of future cash flows used to perform impairment analysis includes estimates of future revenues and expenses based on the Company’s anticipated future results, while considering anticipated future oil and natural gas prices which is fundamental in assessing demand for the Company’s services. If the carrying amounts of the assets exceed the estimated expected undiscounted future cash flows, the Company measures the amount of possible impairment by comparing the carrying amount of the assets to the fair value. No impairment charges were recognized for the years ended December 31, 2021 and 2020. 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 Company is the lessee in a lease contract when we obtain the right to control the asset. The majority of our operating leases are non-cancelable operating leases for office, shop and warehouse space in Midland, Plano, Houston, Oklahoma City and Calgary, Alberta. The assets and liabilities under finance leases are recorded at the lower of the present value of the minimum lease payments or the fair market value of the related assets. Assets under finance leases are amortized using the straight-line method over the initial lease term. Amortization of assets under finance leases is included in depreciation expense. For operating leases, where readily determinable, the Company uses the implicit interest rate in determining the present value of future minimum lease payments. In the absence of an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The Company gives consideration to its outstanding debt, as well as publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. The ROU assets are amortized to operating lease cost over the lease terms on a straight-line basis and is included in operating expense. The Company does not recognize leases with an initial term of 12 months or less and does not separate lease and non-lease components. Several of the Company’s leases include options to renew, with renewal terms that can extend from one Intangibles The Company has intangible assets consisting primarily of trademarks/tradenames (which are not amortized) resulting from a business combination. The Company tests for impairment on an annual basis during the fourth quarter, and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. No impairment charges were recognized for the years ended December 31, 2021 and 2020. Revenue Recognition Services are provided under cancelable service contracts which usually have an original expected duration of one year or less. These contracts are either “turnkey” or “term” agreements. Under both types of agreements, the Company recognizes revenues as the services are performed. Revenue is generally recognized based on square miles of data recorded compared to total square miles anticipated to be recorded on the survey using the total estimated revenue for the service contract. In the case of a cancelled service contract, the client is billed and revenue is recognized for any third party charges and square miles of data recorded up to the date of cancellation. 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. Additionally, the Company’s policy includes (i) ignoring the financing component when estimating the transaction price for service contracts completed within one year, (ii) excluding sales tax collected from the customer when determining the transaction price, and (iii) expensing incremental costs to obtain a customer contract if the amortization period for those costs would otherwise be one year or less. Stock-Based Compensation The Company measures all stock-based compensation awards, which include stock options, restricted stock, restricted stock units and common stock awards, using the fair value method and recognizes compensation expense, net of actual forfeitures, as operating or general and administrative expense, as appropriate, in the Consolidated Statements of Operations and Comprehensive Loss on a straight-line basis over the vesting period of the related awards. Foreign Currency Translation The U.S. Dollar is the reporting currency for all periods presented. The functional currency of the Company’s foreign subsidiaries is generally the local currency. Any transactions denominated in a currency other than the functional currency are remeasured with the resulting unrealized gain or loss recognized in the Consolidated Statements of Operations and Comprehensive Loss as other income (expense). All assets and liabilities in the functional currency are then translated into U.S. Dollars at the exchange rate on the consolidated balance sheet date. Income and expenses are translated using the exchange rate applicable to each transaction. Equity transactions are translated using historical exchange rates. Adjustments resulting from translation are recorded as a separate component of accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. Realized foreign currency transaction gains (losses) are included in the Consolidated Statements of Operations and Comprehensive Loss as other income (expense). Income Taxes The Company accounts for income taxes by recognizing amounts of taxes payable or refundable for the current year, and by using an asset and liability approach in recognizing the amount of deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. Management determines deferred taxes by identifying the types and amounts of existing temporary differences, measuring the total deferred tax asset or liability using the applicable tax rate in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates of deferred tax assets and liabilities is recognized in income in the year of an enacted rate change. The deferred tax asset is reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. Management’s methodology for recording income taxes requires judgment regarding assumptions and the use of estimates, including determining the annual effective tax rate and the valuation of deferred tax assets, which can create variances between actual results and estimates and could have a material impact on the Company’s provision or benefit for income taxes. Due to recent operating losses and valuation allowances, the Company may recognize reduced or no tax benefits on future losses on the Consolidated Statements of Operations and Comprehensive Loss. The Company’s effective tax rates differ from the statutory federal rate of 21% for certain items such as state and local taxes, valuation allowances, non-deductible expenses and discrete items. Use of Estimates in the Preparation of Financial Statements Preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Because of the use of assumptions and estimates inherent in the reporting process, actual results could differ from those estimates. Reclassifications Certain reclassifications have been made to the 2020 consolidated financial statements or associated disclosures to conform to the 2021 presentation.These reclassifications had no impact on the consolidated financial statements.

Short-Term Investments

Short-Term Investments	12 Months Ended
	Dec. 31, 2021
Short-Term Investments
Short-Term Investments	2. Short-Term Investments The Company had short-term investments at December 31, 2021 and 2020 consisting of certificates of deposit with original maturities greater than three months but less than a year. Certificates of deposit with any given banking institution did not exceed the FDIC insurance limit at December 31, 2021 or 2020.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2021
Fair Value of Financial Instruments
Fair Value of Financial Instruments	3. Fair Value of Financial Instruments At December 31, 2021 and 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 rates. 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, finance leases, operating lease liabilities and investments in certificates of deposit are level 2 measurements in the fair value hierarchy.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2021
Property and Equipment
Property and Equipment	4. Property and Equipment Property and equipment (in thousands), together with the related estimated useful lives at December 31, 2021 and 2020, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2021 2020 ​ Useful Lives Land, building and other ​ $ 15,156 ​ $ 16,070 ​ 3 to 40 years Recording equipment ​ 148,330 ​ 158,619 ​ 5 to 10 years Vibrator energy sources ​ 69,239 ​ 73,852 ​ 5 to 15 years Vehicles ​ 20,341 ​ 22,939 ​ 1.5 to 10 years ​ ​ 253,066 ​ 271,480 ​ ​ ​ Less accumulated depreciation ​ (226,717) ​ (232,580) ​ ​ ​ Property and equipment, net ​ $ 26,349 ​ $ 38,900 ​ ​ ​ ​

Supplemental Consolidated Finan

Supplemental Consolidated Financial Statement Information	12 Months Ended
	Dec. 31, 2021
Supplemental Consolidated Financial Statement Information
Supplemental Consolidated Financial Statement Information	5. Supplemental Consolidated Financial Statement Information The activity in the allowance for doubtful accounts (in thousands) for the years ended December 31, 2021 and 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 Beginning balance ​ $ (250) ​ $ (250) Additional provisions to allowance ​ ​ — ​ ​ (1,625) Write-offs against allowance - A/R ​ ​ — ​ ​ 191 Write-offs against allowance - N/R ​ ​ — ​ 1,434 Recoveries collected ​ ​ — ​ — Ending balance ​ $ (250) ​ $ (250) ​ Other current liabilities (in thousands) consist of the following at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Accrued self-insurance reserves ​ $ 599 ​ $ 851 Other accrued expenses and current liabilities ​ 739 ​ 960 Other current liabilities ​ $ 1,338 ​ $ 1,811 ​ Disaggregated Revenues The Company has one line of business, acquiring and processing seismic data in North America. Our chief operating decision maker (President and CEO) 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ ​ 2020 Operating Revenues ​ ​ ​ ​ ​ ​ United States ​ $ 17,772 ​ $ 73,983 Canada ​ ​ 6,923 ​ ​ 12,117 Total ​ $ 24,695 ​ $ 86,100 ​ 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 December 31, 2021 and 2020 included deferred costs incurred to fulfill contracts with customers of $972 and $1,847, respectively. Deferred costs at December 31, 2021 compared to January 1, 2021 and at December 31, 2020 compared to January 1, 2020 decreased primarily as a result of the completion of several projects for clients with significant deferred fulfillment costs at the beginning of each of the years. The amount of total deferred costs amortized for the years ended December 31, 2021 and 2020 was $6,563 and $16,130, 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 December 31, 2021 and 2020 was $1,344 and $1,779, respectively. Deferred revenue at December 31, 2021 compared to January 1, 2021 and at December 31, 2020 compared to January 1, 2020 decreased primarily as a result of completing multiple large projects for clients throughout each of the years. Revenue recognized for the year ended December 31, 2021 that was included in the contract liability balance at the beginning of 2021 was $1,779. Revenue recognized for the year ended December 31, 2020 that was included in the contract liability balance at the beginning of 2020 was $3,476.

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt
Debt	6 . Debt Dominion Loan Agreement On September 30, 2019, the Company entered into a Loan and Security Agreement with Dominion Bank. On September 30, 2021, the Company entered into the Second Modification to the Loan and Security 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 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 IntraFi Network Deposit account of $5,000,000. As of December 31, 2021, the Company has not borrowed any amounts under the Revolving Credit Facility and has approximately $10,300,000 available for withdrawal. 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 received a limited waiver from Dominion Bank with respect to any non-compliance with the tangible net worth covenant for the period ended June 30, 2021. 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 December 31, 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 December 31, 2021, the Company has two notes payable to a finance company for various insurance premiums totaling $265,000. In addition, the Company leases certain seismic recording equipment and vehicles under leases classified as finance leases. The Company’s Consolidated Balance Sheets as of December 31, 2021 and 2020 include finance leases of $45,000 and $98,000, respectively. Maturities of Debt The Company’s aggregate principal amount (in thousands) of outstanding notes payable and the interest rates and monthly payments as of December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 Notes payable to finance company for insurance ​ ​ ​ ​ ​ ​ Aggregate principal amount outstanding ​ $ 265 ​ $ 40 Interest rate ​ ​ 4.99% ​ ​ 4.99% ​ The Company’s aggregate maturities of finance leases (in thousands) at December 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ January 2022 - December 2022 ​ $ 37 ​ ​ ​ January 2023 - December 2023 ​ ​ 8 ​ ​ ​ Obligations under finance leases ​ $ 45 ​ ​ ​ ​ Interest rates on these leases ranged from 4.83% to 5.37%.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases
Leases	7. 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 Company is the lessee in a lease contract when we obtain the right to control the asset. The majority of our operating leases are non-cancelable operating leases for office, shop and warehouse space in Midland, Plano, Houston, Oklahoma City and Calgary, Alberta. The components of lease cost (in thousands) for the years ended December 31, 2021 and 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 Finance lease cost ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 1,350 ​ $ 1,357 Interest on lease liabilities ​ ​ 4 ​ ​ 46 Total finance lease cost ​ ​ 1,354 ​ ​ 1,403 ​ ​ ​ ​ ​ ​ ​ Operating lease cost ​ ​ 1,338 ​ ​ 1,511 ​ ​ ​ ​ ​ ​ ​ Short-term lease cost ​ ​ — ​ ​ — Total lease cost ​ $ 2,692 ​ $ 2,914 Supplemental cash flow information related to leases (in thousands) for the years ended December 31, 2021 and 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ (1,375) ​ $ (1,534) Operating cash flows from finance leases ​ $ (5) ​ $ (51) Financing cash flows from finance leases ​ $ (55) ​ $ (2,326) Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ ​ ​ Operating leases ​ $ 1 ​ $ 64 Finance leases ​ $ — ​ $ — Supplemental balance sheet information related to leases (in thousands) as of December 31, 2021 and 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 2020 Operating leases ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ $ 4,435 ​ $ 5,494 ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities - current ​ $ 961 ​ $ 1,109 Operating lease liabilities - long-term ​ ​ 3,942 ​ ​ 4,899 Total operating lease liabilities ​ $ 4,903 ​ $ 6,008 ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ ​ ​ ​ ​ Property and equipment, at cost ​ $ 8,663 ​ $ 8,663 Accumulated depreciation ​ ​ (6,293) ​ ​ (4,624) Property and equipment, net ​ $ 2,370 ​ $ 4,039 ​ ​ ​ ​ ​ ​ ​ Finance lease liabilities - current ​ $ 37 ​ $ 54 Finance lease liabilities - long-term ​ ​ 8 ​ ​ 44 Total finance lease liabilities ​ $ 45 ​ $ 98 ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 4.8 years ​ ​ 5.6 years Finance leases ​ ​ 0.8 years ​ ​ 1.6 years ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 5.04% ​ ​ 5.04% Finance leases ​ ​ 5.04% ​ ​ 5.00% ​ Maturities of lease liabilities (in thousands) at December 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases January 2022 - December 2022 ​ $ 1,185 ​ $ 39 January 2023 - December 2023 ​ ​ 1,173 ​ ​ 8 January 2024 - December 2024 ​ ​ 1,179 ​ ​ — January 2025 - December 2025 ​ ​ 880 ​ ​ — January 2026 - December 2026 ​ ​ 897 ​ ​ — Thereafter ​ ​ 225 ​ ​ — Total payments under lease agreements ​ ​ 5,539 ​ ​ 47 ​ ​ ​ ​ ​ ​ ​ Less imputed interest ​ ​ (636) ​ ​ (2) ​ ​ ​ ​ ​ ​ ​ Total lease liabilities ​ $ 4,903 ​ $ 45 ​

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2021
Stock-Based Compensation
Stock-Based Compensation	8. Stock-Based Compensation Since the date of its effectiveness on May 5, 2016, the Company issues new grants of stock-based awards pursuant to the Dawson Geophysical Company 2016 Stock and Performance Incentive Plan (the “2016 Plan”). All of the Company’s prior plans have expired pursuant to their terms and no awards previously granted under prior plans remain outstanding. The awards outstanding and available under the 2016 Plan, as restated in 2020, and their associated accounting treatment are discussed below. In 2016, the Company adopted the 2016 Plan, which provides for the issuance of up to 1,000,000 shares of authorized Company common stock, which authorized amount was increased to 1,050,000 as a result of the 5% stock dividend approved by the Board on May 1, 2018. At the annual shareholders’ meeting on June 9, 2020, the Company’s shareholders approved a restated version of the 2016 Plan (the “Restated 2016 Plan”), which authorized an additional 1,000,000 shares. The total aggregate numbers of shares of Common Stock reserved under the Restated 2016 Plan is 2,050,000 shares. As of December 31, 2021, there were approximately 1,049,437 shares available for future issuance. The Restated 2016 Plan provides for the issuance of stock-based compensation awards, including stock options, common stock, restricted stock, restricted stock units and other forms. Stock option grant prices awarded under the Restated 2016 Plan may not be less than the fair market value of the common stock subject to such option on the grant date, and the term of stock options shall extend no more than ten years after the grant date. The Restated 2016 Plan terminates June 9, 2030. The Company’s employees and officers that hold unvested restricted stock awarded during 2016 or thereafter are not entitled to dividends when the Company pays dividends. Impact of Stock-Based Compensation The following table summarizes stock-based compensation expense (in thousands), which is included in operating or general and administrative expense, as appropriate, in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 ​ 2020 ​ Restricted stock unit awards ​ $ 419 ​ $ 703 ​ Common stock awards ​ ​ 60 ​ ​ — ​ Total compensation expense ​ $ 479 ​ $ 703 ​ Stock Options There was no stock option activity during the years ended December 31, 2021 and 2020. There were no outstanding stock options as of December 31, 2021 or 2020. Restricted Stock Awards There was no restricted stock award activity during the years ended December 31, 2021 and 2020. Restricted Stock Unit Awards The Company granted 335,000 restricted stock unit awards during the year ended December 31, 2021 with a weighted average grant date fair value of $1.98. The Company granted no restricted stock unit awards during the year ended December 31, 2020. The fair value of restricted stock unit awards equals the market price of the Company’s stock on the grant date and generally vest in one A summary of the Company’s nonvested restricted stock unit awards as of December 31, 2021 and activity during the year then ended is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Restricted Stock Unit Awards ​ Weighted Average Grant Date Fair Value ​ Nonvested as of December 31, 2020 ​ ​ 174,000 ​ $ 7.10 ​ Granted ​ 335,000 ​ $ 1.98 ​ Vested ​ (174,000) ​ $ 7.10 ​ Forfeited ​ ​ — ​ $ — ​ Nonvested as of December 31, 2021 ​ ​ 335,000 ​ $ 1.98 ​ As of December 31, 2021, there were approximately $413,000 of unrecognized compensation costs related to nonvested restricted stock unit awards. These costs are expected to be recognized over a weighted average period of 0.62 years. The aggregate vesting date fair value of restricted stock units for the years ended December 31, 2021 and 2020 was $416,000 and $360,000, respectively. Common Stock Awards The Company granted common stock awards with immediate vesting to outside directors during the years ended December 31, 2021 and 2020 as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Common Stock Awards Weighted Average Grant Date Fair Value Year ended December 31, 2021 ​ ​ 23,272 ​ $ 2.58 ​ Year ended December 31, 2020 ​ ​ — ​ $ — ​ ​

Dividends

Dividends	12 Months Ended
	Dec. 31, 2021
Dividends
Dividends	9. Dividends The Company did not issue any stock dividends during calendar years 2021 or 2020. The Company has not paid cash dividends during calendar years 2021 and 2020. While there are currently no restrictions prohibiting the Company from paying cash dividends, the Board of Directors, after consideration of economic and market conditions affecting the energy industry in general, and the oilfield services business in particular, determined that the Company would not pay a cash dividend in respect of the Company’s common stock for the foreseeable future. Payment of any type of dividend in the future will be at the discretion of the Company’s board and will depend on the Company’s financial condition, results of operations, capital and legal requirements, and other factors deemed relevant by the board.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2021
Employee Benefit Plans
Employee Benefit Plans	10. Employee Benefit Plans The Company provides a 401(k) plan as part of its employee benefits package in order to retain quality personnel. The Company elected to match 100% of the employee contributions up to a maximum of 6% of the participant’s applicable compensation under its 401(k) plan for the years ended December 31, 2021 and 2020. The Company’s matching contributions under its 401(k) plan for the years ended December 31, 2021 and 2020 were approximately $483,000 and $947,000, respectively.

Advertising Costs

Advertising Costs	12 Months Ended
	Dec. 31, 2021
Advertising Costs
Advertising Costs	11. Advertising Costs Advertising costs are charged to expense as incurred. Advertising costs for the years ended December 31, 2021 and 2020 totaled $28,000 and $130,000, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Taxes
Income Taxes	12. Income Taxes The Company’s components of loss before income tax (in thousands) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 Domestic ​ $ (25,931) ​ $ (15,116) ​ Foreign ​ ​ (3,186) ​ ​ 1,944 ​ Loss before income tax ​ $ (29,117) ​ $ (13,172) ​ ​ The Company’s components of income tax (expense) benefit (in thousands) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Current federal benefit ​ $ 21 ​ $ 117 ​ Current state expense ​ 6 ​ (131) ​ Deferred federal expense ​ (159) ​ (268) ​ Deferred state benefit ​ 158 ​ 258 ​ Income tax benefit (expense) ​ $ 26 ​ $ (24) ​ ​ The income tax provision (in thousands) differs from the amount computed by applying the statutory federal income tax rate to loss before income tax as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 Tax benefit computed at statutory rate of 21% ​ $ 6,047 ​ $ 2,766 ​ Change in valuation allowance ​ (6,632) ​ (2,152) ​ State income tax benefit, net of federal tax ​ 130 ​ 100 ​ Foreign loss (income) ​ 706 ​ (536) ​ Other ​ (225) ​ (202) ​ Income tax benefit (expense) ​ $ 26 ​ $ (24) ​ ​ The Coronavirus Aid, Relief, and Economic Security Act (“The CARES Act”) was enacted on March 27, 2020 resulting in tax law changes that impacted the Company by accelerating the AMT credit owed to the Company and allowed for a temporary change in NOL taxable income limitations. For tax years beginning January 1, 2018 and those prior to 2021, an NOL deduction equal to 100% of taxable income is allowed. Tax years 2021 and forward will revert back to the 80% limitation established by the 2017 Tax Cuts and Jobs Act. The Consolidated Appropriations Act, 2021 (“The ACT”) was enacted by Congress on December 27, 2020. The ACT did not have a material impact to the Company’s consolidated financial statements. The principal components of the Company’s net deferred tax assets (liabilities) (in thousands) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Deferred tax assets: ​ ​ ​ ​ ​ ​ Federal tax net operating loss ("NOL") carryforward ​ $ 30,649 ​ $ 26,754 Foreign tax NOL carryforward ​ 6,947 ​ 6,244 State tax NOL carryforward ​ 2,194 ​ 1,509 Other comprehensive income ​ ​ 235 ​ ​ 273 Foreign deferred taxes ​ ​ 197 ​ ​ 207 Right-of-use assets ​ 125 ​ 124 Canadian start-up costs ​ ​ 90 ​ ​ 104 Restricted stock and restricted stock unit awards ​ ​ 55 ​ ​ 230 Other ​ 48 ​ 51 Self-insurance ​ 45 ​ 62 Workers’ compensation ​ 11 ​ 44 Gross deferred tax assets ​ ​ 40,596 ​ ​ 35,602 Less valuation allowances ​ (37,571) ​ (30,396) Net deferred tax assets ​ ​ 3,025 ​ ​ 5,206 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Property and equipment ​ (3,045) ​ (5,225) Net deferred tax liabilities ​ $ (20) ​ $ (19) Domestic deferred tax liabilities ​ $ (20) ​ $ (19) Foreign deferred tax liabilities ​ ​ — ​ ​ — Net deferred tax liabilities ​ $ (20) ​ $ (19) ​ At December 31, 2021, the Company had a gross NOL for U.S. federal income tax purposes of approximately $145,949,000. This NOL will begin to expire in 2027. Losses incurred after the year ended December 31, 2017 have no expiration. The Company will carry forward the tax benefits related to federal net NOL of approximately $30,649,000. The Company also had state net NOLs that will affect state taxes of approximately $2,194,000 at December 31, 2021. State NOLs began to expire in 2015. The Company also had a Canadian gross NOL of $26,718,000 that will begin to expire in 2037. In evaluating the possible sources of taxable income during 2021, the Company determined it is more likely than not that the remaining deferred tax assets will not be realizable. As a result, the Company recorded full valuation allowance against foreign deferred tax assets and its federal and state deferred tax assets with the exception of its trademark intangible. At December 31, 2021 and 2020, the Company did not have any uncertain tax positions. The Company’s policy is to recognize interest and penalties related to an uncertain tax position in income tax expense.

Net Loss per Share

Net Loss per Share	12 Months Ended
	Dec. 31, 2021
Net Loss per Share
Net Loss per Share	13. Net Loss per Share Basic net 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 Net loss ​ $ (29,091) ​ $ (13,196) ​ Weighted average common shares outstanding ​ ​ ​ ​ ​ Basic ​ ​ 23,570,455 ​ ​ 23,382,433 ​ Dilutive common stock options, restricted stock unit awards and restricted stock awards ​ ​ — ​ ​ — ​ Diluted ​ ​ 23,570,455 ​ ​ 23,382,433 ​ Basic loss per share of common stock ​ $ (1.23) ​ $ (0.56) ​ Diluted loss per share of common stock ​ $ (1.23) ​ $ (0.56) ​ ​ The Company had a net loss in the years ended December 31, 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 the respective 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 years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ Stock options ​ ​ — ​ ​ — ​ Restricted stock units ​ ​ 197,687 ​ ​ 292,933 ​ Restricted stock awards ​ ​ — ​ ​ — ​ Total ​ ​ 197,687 ​ ​ 292,933 ​ ​

Major Clients

Major Clients	12 Months Ended
	Dec. 31, 2021
Major Clients
Major Clients	14. Major Clients The Company operates in only one business segment, contract seismic data acquisition and processing services. Sales to these clients, as a percentage of operating revenues that exceeded 10%, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 ​ ​ 2020 A ​ ​ 30% ​ ​ — B ​ ​ 23% ​ ​ 10% C ​ ​ 12% ​ ​ — D ​ ​ — ​ ​ 35% E ​ ​ — ​ ​ 24% ​

Areas of Operation

Areas of Operation	12 Months Ended
	Dec. 31, 2021
Areas of Operation
Areas of Operation	15. Areas of Operation The U.S. and Canada are the only countries of operation for the Company. The following tables present the Company’s operating revenues, net property and equipment, and right-of-use assets (unaudited and in thousands) by area of operation: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ ​ 2020 Operating Revenues ​ ​ ​ ​ ​ ​ United States ​ $ 17,772 ​ $ 73,983 Canada ​ ​ 6,923 ​ ​ 12,117 Total ​ $ 24,695 ​ $ 86,100 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ ​ 2020 Net Property and Equipment ​ ​ ​ ​ ​ ​ United States ​ $ 22,446 ​ $ 33,162 Canada ​ ​ 3,903 ​ ​ 5,738 Total ​ $ 26,349 ​ $ 38,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ ​ 2020 Right-of-use Assets ​ ​ ​ ​ ​ ​ United States ​ $ 3,977 ​ $ 4,900 Canada ​ ​ 458 ​ ​ 594 Total ​ $ 4,435 ​ $ 5,494 ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	16. 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 consolidated financial condition, results of operations or liquidity, as the Company believes it is adequately indemnified and insured. Since November 1, 2021, ten lawsuits related to the Merger Agreement and the transactions contemplated thereby (the “Transactions”) have been filed on behalf of purported Company shareholders, brought as individual actions . All complaints named or name as defendants the Company and each of the members of the Board, and one complaint also named WB Acquisitions Inc. and Wilks Brothers, LLC as defendants. Nine of the ten lawsuits have been dismissed as of March 16, 2022. ​ The complaints variously alleged or allege that the Company and the members of the Board violated Sections 14(d) and 14(e) of the Exchange Act and Rule 14d-9 and, in some of the dismissed cases , Rule 14a-9 promulgated thereunder by failing to provide in the S olicitation/Recommendation Statement on Schedule 14D-9 that the Company filed on November 1, 2021 (as amended or supplemented, the “Schedule 14D-9”) all material information needed by the public shareholders to make an informed decision whether to tender their shares of Company Common Stock, and that the members of the Board violated Section 20(a) of the Exchange Act by allowing the filing of a materially deficient Schedule 14D-9. ​ The complaints variously sought or seek, among other relief, an injunction against the Transactions (or, in the alternative, rescission or an award of rescissory damages if the Transactions are completed), an award of attorneys’ and experts’ fees and costs, a declaration that the defendants violated Sections 14(d), 14(e) and 20(a) of the Exchange Act and Rules 14a-9 and 14d-9 promulgated thereunder, and a judgment directing that the defendants account for damages sustained because of the alleged wrongs. ​ The defendants believe that these complaints lack merit but cannot predict the outcome of these matters. 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 consolidated 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. As of December 31, 2021, Dominion Bank has issued one letter of credit under the Dominion Loan Agreement. The letter of credit is in the amount of $265,000 to support the Company’s workers compensation insurance and is secured by a certificate of deposit with Dominion Bank.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	12 Months Ended
	Dec. 31, 2021
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements	17. Recently Issued Accounting Pronouncements In October 2020, the FASB issued 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. The Company adopted this guidance in the first quarter of 2021 and it did not have a material impact on its 2021 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. 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.

Concentrations of Credit Risk

Concentrations of Credit Risk	12 Months Ended
	Dec. 31, 2021
Concentrations of Credit Risk
Concentrations of Credit Risk	18. Concentrations of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk at any given time may consist of cash and cash equivalents, restricted cash, money market funds and overnight investment accounts, short-term investments in certificates of deposit, trade and other receivables and other current assets. At December 31, 2021 and 2020, the Company had deposits with domestic and international banks in excess of federally insured limits. Management believes the credit risk associated with these deposits is minimal. Money market funds seek to preserve the value of the investment, but it is possible to lose money investing in these funds. The Company’s sales are to clients whose activities relate to oil and natural gas exploration and production. The Company generally extends unsecured credit to these clients; therefore, collection of receivables may be affected by the economy surrounding the oil and natural gas industry or other economic conditions. The Company closely monitors extensions of credit and may negotiate payment terms that mitigate risk.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Organization and Nature of Operations	Organization and Nature of Operations The Company is a leading provider of onshore seismic data acquisition and processing services. Founded in 1952, the Company acquires and processes 2-D, 3-D and multi-component seismic data 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. The Company operates in the lower 48 states of the U.S. and in Canada.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Dawson Operating LLC, Dawson Seismic Services Holdings, Inc., Eagle Canada, Inc., Eagle Canada Seismic Services ULC and Exploration Surveys, Inc. All significant intercompany balances and transactions have been eliminated in consolidation.
Cash Equivalents	Cash Equivalents For purposes of the consolidated financial statements, the Company considers demand deposits, certificates of deposit, overnight investments, money market funds and all highly liquid debt instruments purchased with an initial maturity of three months or less to be cash equivalents.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company’s allowance for doubtful accounts reflects its current estimate of credit losses expected to be incurred over the life of the financial instrument and is determined based on a number of factors. Management determines the need for any allowance for doubtful accounts receivable based on its review of past-due accounts, its past experience of historical write-offs, its current client base, when customer accounts exceed 90 days past due and specific customer account reviews. While the collectability of outstanding client invoices is continually assessed, the inherent volatility of the energy industry’s business cycle can cause swift and unpredictable changes in the financial stability of the Company’s clients. With the adoption of ASU No. 2016-13 in 2020, the Company made an accounting policy election to write off accrued interest amounts by reversing interest income. The Company's allowance for doubtful accounts was $250,000 at December 31, 2021 and 2020.
Property and Equipment	Property and Equipment Property and equipment is capitalized at historical cost or the fair value of assets acquired in a business combination and is depreciated over the useful life of the asset. Management’s estimation of this useful life is based on circumstances that 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 consolidated 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 Long-lived assets are reviewed for impairment when triggering events occur suggesting deterioration in the assets’ recoverability or fair value. Recognition of an impairment charge is required if future expected undiscounted net cash flows are insufficient to recover the carrying value of the assets and the fair value of the assets is below the carrying value of the assets. Management’s forecast of future cash flows used to perform impairment analysis includes estimates of future revenues and expenses based on the Company’s anticipated future results, while considering anticipated future oil and natural gas prices which is fundamental in assessing demand for the Company’s services. If the carrying amounts of the assets exceed the estimated expected undiscounted future cash flows, the Company measures the amount of possible impairment by comparing the carrying amount of the assets to the fair value. No impairment charges were recognized for the years ended December 31, 2021 and 2020.
Leases	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 Company is the lessee in a lease contract when we obtain the right to control the asset. The majority of our operating leases are non-cancelable operating leases for office, shop and warehouse space in Midland, Plano, Houston, Oklahoma City and Calgary, Alberta. The assets and liabilities under finance leases are recorded at the lower of the present value of the minimum lease payments or the fair market value of the related assets. Assets under finance leases are amortized using the straight-line method over the initial lease term. Amortization of assets under finance leases is included in depreciation expense. For operating leases, where readily determinable, the Company uses the implicit interest rate in determining the present value of future minimum lease payments. In the absence of an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The Company gives consideration to its outstanding debt, as well as publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. The ROU assets are amortized to operating lease cost over the lease terms on a straight-line basis and is included in operating expense. The Company does not recognize leases with an initial term of 12 months or less and does not separate lease and non-lease components. Several of the Company’s leases include options to renew, with renewal terms that can extend from one
Intangibles	Intangibles The Company has intangible assets consisting primarily of trademarks/tradenames (which are not amortized) resulting from a business combination. The Company tests for impairment on an annual basis during the fourth quarter, and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. No impairment charges were recognized for the years ended December 31, 2021 and 2020.
Revenue Recognition	Revenue Recognition Services are provided under cancelable service contracts which usually have an original expected duration of one year or less. These contracts are either “turnkey” or “term” agreements. Under both types of agreements, the Company recognizes revenues as the services are performed. Revenue is generally recognized based on square miles of data recorded compared to total square miles anticipated to be recorded on the survey using the total estimated revenue for the service contract. In the case of a cancelled service contract, the client is billed and revenue is recognized for any third party charges and square miles of data recorded up to the date of cancellation. 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. Additionally, the Company’s policy includes (i) ignoring the financing component when estimating the transaction price for service contracts completed within one year, (ii) excluding sales tax collected from the customer when determining the transaction price, and (iii) expensing incremental costs to obtain a customer contract if the amortization period for those costs would otherwise be one year or less.
Stock-Based Compensation	Stock-Based Compensation The Company measures all stock-based compensation awards, which include stock options, restricted stock, restricted stock units and common stock awards, using the fair value method and recognizes compensation expense, net of actual forfeitures, as operating or general and administrative expense, as appropriate, in the Consolidated Statements of Operations and Comprehensive Loss on a straight-line basis over the vesting period of the related awards.
Foreign Currency Translation	Foreign Currency Translation The U.S. Dollar is the reporting currency for all periods presented. The functional currency of the Company’s foreign subsidiaries is generally the local currency. Any transactions denominated in a currency other than the functional currency are remeasured with the resulting unrealized gain or loss recognized in the Consolidated Statements of Operations and Comprehensive Loss as other income (expense). All assets and liabilities in the functional currency are then translated into U.S. Dollars at the exchange rate on the consolidated balance sheet date. Income and expenses are translated using the exchange rate applicable to each transaction. Equity transactions are translated using historical exchange rates. Adjustments resulting from translation are recorded as a separate component of accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. Realized foreign currency transaction gains (losses) are included in the Consolidated Statements of Operations and Comprehensive Loss as other income (expense).
Income Taxes	Income Taxes The Company accounts for income taxes by recognizing amounts of taxes payable or refundable for the current year, and by using an asset and liability approach in recognizing the amount of deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. Management determines deferred taxes by identifying the types and amounts of existing temporary differences, measuring the total deferred tax asset or liability using the applicable tax rate in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates of deferred tax assets and liabilities is recognized in income in the year of an enacted rate change. The deferred tax asset is reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. Management’s methodology for recording income taxes requires judgment regarding assumptions and the use of estimates, including determining the annual effective tax rate and the valuation of deferred tax assets, which can create variances between actual results and estimates and could have a material impact on the Company’s provision or benefit for income taxes. Due to recent operating losses and valuation allowances, the Company may recognize reduced or no tax benefits on future losses on the Consolidated Statements of Operations and Comprehensive Loss. The Company’s effective tax rates differ from the statutory federal rate of 21% for certain items such as state and local taxes, valuation allowances, non-deductible expenses and discrete items.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements Preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Because of the use of assumptions and estimates inherent in the reporting process, actual results could differ from those estimates.
Reclassifications	Reclassifications Certain reclassifications have been made to the 2020 consolidated financial statements or associated disclosures to conform to the 2021 presentation.These reclassifications had no impact on the consolidated financial statements.

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property and Equipment
Schedule of property and equipment	Property and equipment (in thousands), together with the related estimated useful lives at December 31, 2021 and 2020, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2021 2020 ​ Useful Lives Land, building and other ​ $ 15,156 ​ $ 16,070 ​ 3 to 40 years Recording equipment ​ 148,330 ​ 158,619 ​ 5 to 10 years Vibrator energy sources ​ 69,239 ​ 73,852 ​ 5 to 15 years Vehicles ​ 20,341 ​ 22,939 ​ 1.5 to 10 years ​ ​ 253,066 ​ 271,480 ​ ​ ​ Less accumulated depreciation ​ (226,717) ​ (232,580) ​ ​ ​ Property and equipment, net ​ $ 26,349 ​ $ 38,900 ​ ​ ​

Supplemental Consolidated Fin_2

Supplemental Consolidated Financial Statement Information (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental Consolidated Financial Statement Information
Schedule of allowance for doubtful accounts	The activity in the allowance for doubtful accounts (in thousands) for the years ended December 31, 2021 and 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 Beginning balance ​ $ (250) ​ $ (250) Additional provisions to allowance ​ ​ — ​ ​ (1,625) Write-offs against allowance - A/R ​ ​ — ​ ​ 191 Write-offs against allowance - N/R ​ ​ — ​ 1,434 Recoveries collected ​ ​ — ​ — Ending balance ​ $ (250) ​ $ (250)
Schedule of other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 Beginning balance ​ $ (250) ​ $ (250) Additional provisions to allowance ​ ​ — ​ ​ (1,625) Write-offs against allowance - A/R ​ ​ — ​ ​ 191 Write-offs against allowance - N/R ​ ​ — ​ 1,434 Recoveries collected ​ ​ — ​ — Ending balance ​ $ (250) ​ $ (250)
Schedule of operating revenues disaggregated by geographic region	The following table presents the Company’s operating revenues (unaudited and in thousands) disaggregated by geographic region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ ​ 2020 Operating Revenues ​ ​ ​ ​ ​ ​ United States ​ $ 17,772 ​ $ 73,983 Canada ​ ​ 6,923 ​ ​ 12,117 Total ​ $ 24,695 ​ $ 86,100

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt
Schedule of aggregate principal amount of outstanding notes payable and the interest rates	The Company’s aggregate principal amount (in thousands) of outstanding notes payable and the interest rates and monthly payments as of December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 Notes payable to finance company for insurance ​ ​ ​ ​ ​ ​ Aggregate principal amount outstanding ​ $ 265 ​ $ 40 Interest rate ​ ​ 4.99% ​ ​ 4.99%
Schedule of aggregate maturities of finance leases	The Company’s aggregate maturities of finance leases (in thousands) at December 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ January 2022 - December 2022 ​ $ 37 ​ ​ ​ January 2023 - December 2023 ​ ​ 8 ​ ​ ​ Obligations under finance leases ​ $ 45 ​ ​ ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases
Schedule of lease cost, cash flow information and balance sheet information related to operating and finance leases	The components of lease cost (in thousands) for the years ended December 31, 2021 and 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 Finance lease cost ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 1,350 ​ $ 1,357 Interest on lease liabilities ​ ​ 4 ​ ​ 46 Total finance lease cost ​ ​ 1,354 ​ ​ 1,403 ​ ​ ​ ​ ​ ​ ​ Operating lease cost ​ ​ 1,338 ​ ​ 1,511 ​ ​ ​ ​ ​ ​ ​ Short-term lease cost ​ ​ — ​ ​ — Total lease cost ​ $ 2,692 ​ $ 2,914 Supplemental cash flow information related to leases (in thousands) for the years ended December 31, 2021 and 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ (1,375) ​ $ (1,534) Operating cash flows from finance leases ​ $ (5) ​ $ (51) Financing cash flows from finance leases ​ $ (55) ​ $ (2,326) Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ ​ ​ Operating leases ​ $ 1 ​ $ 64 Finance leases ​ $ — ​ $ — Supplemental balance sheet information related to leases (in thousands) as of December 31, 2021 and 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 2020 Operating leases ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ $ 4,435 ​ $ 5,494 ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities - current ​ $ 961 ​ $ 1,109 Operating lease liabilities - long-term ​ ​ 3,942 ​ ​ 4,899 Total operating lease liabilities ​ $ 4,903 ​ $ 6,008 ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ ​ ​ ​ ​ Property and equipment, at cost ​ $ 8,663 ​ $ 8,663 Accumulated depreciation ​ ​ (6,293) ​ ​ (4,624) Property and equipment, net ​ $ 2,370 ​ $ 4,039 ​ ​ ​ ​ ​ ​ ​ Finance lease liabilities - current ​ $ 37 ​ $ 54 Finance lease liabilities - long-term ​ ​ 8 ​ ​ 44 Total finance lease liabilities ​ $ 45 ​ $ 98 ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 4.8 years ​ ​ 5.6 years Finance leases ​ ​ 0.8 years ​ ​ 1.6 years ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 5.04% ​ ​ 5.04% Finance leases ​ ​ 5.04% ​ ​ 5.00%
Schedule of maturities of lease liabilities	Maturities of lease liabilities (in thousands) at December 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases January 2022 - December 2022 ​ $ 1,185 ​ $ 39 January 2023 - December 2023 ​ ​ 1,173 ​ ​ 8 January 2024 - December 2024 ​ ​ 1,179 ​ ​ — January 2025 - December 2025 ​ ​ 880 ​ ​ — January 2026 - December 2026 ​ ​ 897 ​ ​ — Thereafter ​ ​ 225 ​ ​ — Total payments under lease agreements ​ ​ 5,539 ​ ​ 47 ​ ​ ​ ​ ​ ​ ​ Less imputed interest ​ ​ (636) ​ ​ (2) ​ ​ ​ ​ ​ ​ ​ Total lease liabilities ​ $ 4,903 ​ $ 45

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Stock-Based Compensation
Summary of stock-based compensation expense	The following table summarizes stock-based compensation expense (in thousands), which is included in operating or general and administrative expense, as appropriate, in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 ​ 2020 ​ Restricted stock unit awards ​ $ 419 ​ $ 703 ​ Common stock awards ​ ​ 60 ​ ​ — ​ Total compensation expense ​ $ 479 ​ $ 703 ​
Summary of the Company's nonvested restricted stock unit awards	A summary of the Company’s nonvested restricted stock unit awards as of December 31, 2021 and activity during the year then ended is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Restricted Stock Unit Awards ​ Weighted Average Grant Date Fair Value ​ Nonvested as of December 31, 2020 ​ ​ 174,000 ​ $ 7.10 ​ Granted ​ 335,000 ​ $ 1.98 ​ Vested ​ (174,000) ​ $ 7.10 ​ Forfeited ​ ​ — ​ $ — ​ Nonvested as of December 31, 2021 ​ ​ 335,000 ​ $ 1.98 ​
Summary of common shares with immediate vesting granted to outside directors and employees	The Company granted common stock awards with immediate vesting to outside directors during the years ended December 31, 2021 and 2020 as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Common Stock Awards Weighted Average Grant Date Fair Value Year ended December 31, 2021 ​ ​ 23,272 ​ $ 2.58 ​ Year ended December 31, 2020 ​ ​ — ​ $ — ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes
Schedule of components of loss before income taxes	The Company’s components of loss before income tax (in thousands) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 Domestic ​ $ (25,931) ​ $ (15,116) ​ Foreign ​ ​ (3,186) ​ ​ 1,944 ​ Loss before income tax ​ $ (29,117) ​ $ (13,172) ​
Schedule of components of income tax (expense) benefit	The Company’s components of income tax (expense) benefit (in thousands) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Current federal benefit ​ $ 21 ​ $ 117 ​ Current state expense ​ 6 ​ (131) ​ Deferred federal expense ​ (159) ​ (268) ​ Deferred state benefit ​ 158 ​ 258 ​ Income tax benefit (expense) ​ $ 26 ​ $ (24) ​
Schedule of the difference between the income tax provision and the amount computed by applying the statutory federal income tax rate to losses before income taxes	The income tax provision (in thousands) differs from the amount computed by applying the statutory federal income tax rate to loss before income tax as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 Tax benefit computed at statutory rate of 21% ​ $ 6,047 ​ $ 2,766 ​ Change in valuation allowance ​ (6,632) ​ (2,152) ​ State income tax benefit, net of federal tax ​ 130 ​ 100 ​ Foreign loss (income) ​ 706 ​ (536) ​ Other ​ (225) ​ (202) ​ Income tax benefit (expense) ​ $ 26 ​ $ (24) ​
Schedule of the principal components of the Company's net deferred tax assets (liabilities)	The principal components of the Company’s net deferred tax assets (liabilities) (in thousands) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Deferred tax assets: ​ ​ ​ ​ ​ ​ Federal tax net operating loss ("NOL") carryforward ​ $ 30,649 ​ $ 26,754 Foreign tax NOL carryforward ​ 6,947 ​ 6,244 State tax NOL carryforward ​ 2,194 ​ 1,509 Other comprehensive income ​ ​ 235 ​ ​ 273 Foreign deferred taxes ​ ​ 197 ​ ​ 207 Right-of-use assets ​ 125 ​ 124 Canadian start-up costs ​ ​ 90 ​ ​ 104 Restricted stock and restricted stock unit awards ​ ​ 55 ​ ​ 230 Other ​ 48 ​ 51 Self-insurance ​ 45 ​ 62 Workers’ compensation ​ 11 ​ 44 Gross deferred tax assets ​ ​ 40,596 ​ ​ 35,602 Less valuation allowances ​ (37,571) ​ (30,396) Net deferred tax assets ​ ​ 3,025 ​ ​ 5,206 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Property and equipment ​ (3,045) ​ (5,225) Net deferred tax liabilities ​ $ (20) ​ $ (19) Domestic deferred tax liabilities ​ $ (20) ​ $ (19) Foreign deferred tax liabilities ​ ​ — ​ ​ — Net deferred tax liabilities ​ $ (20) ​ $ (19)

Net Loss per Share (Tables)

Net Loss per Share (Tables)	12 Months Ended
	Dec. 31, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 Net loss ​ $ (29,091) ​ $ (13,196) ​ Weighted average common shares outstanding ​ ​ ​ ​ ​ Basic ​ ​ 23,570,455 ​ ​ 23,382,433 ​ Dilutive common stock options, restricted stock unit awards and restricted stock awards ​ ​ — ​ ​ — ​ Diluted ​ ​ 23,570,455 ​ ​ 23,382,433 ​ Basic loss per share of common stock ​ $ (1.23) ​ $ (0.56) ​ Diluted loss per share of common stock ​ $ (1.23) ​ $ (0.56) ​
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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ Stock options ​ ​ — ​ ​ — ​ Restricted stock units ​ ​ 197,687 ​ ​ 292,933 ​ Restricted stock awards ​ ​ — ​ ​ — ​ Total ​ ​ 197,687 ​ ​ 292,933 ​

Major Clients (Tables)

Major Clients (Tables)	12 Months Ended
	Dec. 31, 2021
Major Clients
Schedule of sales to major clients, as a percentage of operating revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 ​ ​ 2020 A ​ ​ 30% ​ ​ — B ​ ​ 23% ​ ​ 10% C ​ ​ 12% ​ ​ — D ​ ​ — ​ ​ 35% E ​ ​ — ​ ​ 24%

Areas of Operation (Tables)

Areas of Operation (Tables)	12 Months Ended
	Dec. 31, 2021
Areas of Operation
Schedule of operating revenues, net property and equipment, and right-of-use assets by area of operation	The following tables present the Company’s operating revenues, net property and equipment, and right-of-use assets (unaudited and in thousands) by area of operation: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ ​ 2020 Operating Revenues ​ ​ ​ ​ ​ ​ United States ​ $ 17,772 ​ $ 73,983 Canada ​ ​ 6,923 ​ ​ 12,117 Total ​ $ 24,695 ​ $ 86,100 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ ​ 2020 Net Property and Equipment ​ ​ ​ ​ ​ ​ United States ​ $ 22,446 ​ $ 33,162 Canada ​ ​ 3,903 ​ ​ 5,738 Total ​ $ 26,349 ​ $ 38,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ ​ 2020 Right-of-use Assets ​ ​ ​ ​ ​ ​ United States ​ $ 3,977 ​ $ 4,900 Canada ​ ​ 458 ​ ​ 594 Total ​ $ 4,435 ​ $ 5,494

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Threshold period of past due (in days)	90 days
Allowance for doubtful accounts	$ 250,000	$ 250,000	$ 250,000
Number of states in which the Company operates | item	48
Impairment of long-lived assets	$ 0	0
Option to extend	true
Impairment of intangibles	$ 0	$ 0
Maximum original expected duration of cancelable service contracts (in years)	1 year
Practical expedient, financing component	true
Statutory federal rate (as a percent)	21.00%	21.00%
Minimum
Renewal terms (in years)	1 year
Maximum
Renewal terms (in years)	10 years

Short-Term Investments (Details

Short-Term Investments (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Minimum
Maturity period of certificates of deposit	3 months	3 months
Maximum
Maturity period of certificates of deposit	1 year	1 year

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment
Gross	$ 253,066	$ 271,480
Less accumulated depreciation	(226,717)	(232,580)
Property and equipment, net	26,349	38,900
Land, building and other
Property, Plant and Equipment
Gross	$ 15,156	$ 16,070
Land, building and other | Minimum
Property, Plant and Equipment
Estimated useful lives of property and equipment (in years)	3 years	3 years
Land, building and other | Maximum
Property, Plant and Equipment
Estimated useful lives of property and equipment (in years)	40 years	40 years
Recording equipment
Property, Plant and Equipment
Gross	$ 148,330	$ 158,619
Recording equipment | Minimum
Property, Plant and Equipment
Estimated useful lives of property and equipment (in years)	5 years	5 years
Recording equipment | Maximum
Property, Plant and Equipment
Estimated useful lives of property and equipment (in years)	10 years	10 years
Vibrator energy sources
Property, Plant and Equipment
Gross	$ 69,239	$ 73,852
Vibrator energy sources | Minimum
Property, Plant and Equipment
Estimated useful lives of property and equipment (in years)	5 years	5 years
Vibrator energy sources | Maximum
Property, Plant and Equipment
Estimated useful lives of property and equipment (in years)	15 years	15 years
Vehicles
Property, Plant and Equipment
Gross	$ 20,341	$ 22,939
Vehicles | Minimum
Property, Plant and Equipment
Estimated useful lives of property and equipment (in years)	1 year 6 months	1 year 6 months
Vehicles | Maximum
Property, Plant and Equipment
Estimated useful lives of property and equipment (in years)	10 years	10 years

Supplemental Consolidated Fin_3

Supplemental Consolidated Financial Statement Information - Allowance for Doubtful Accounts (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Allowance for doubtful accounts
Beginning Balance	$ (250)
Additional provisions to allowance	(1,625)
Accounts Receivable.
Allowance for doubtful accounts
Write-offs against allowance	191
Notes Receivable
Allowance for doubtful accounts
Write-offs against allowance	$ 1,434

Supplemental Consolidated Fin_4

Supplemental Consolidated Financial Statement Information - Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other current liabilities
Accrued self-insurance reserves	$ 599	$ 851
Other accrued expenses and current liabilities	739	960
Other current liabilities	$ 1,338	$ 1,811

Supplemental Consolidated Fin_5

Supplemental Consolidated Financial Statement Information - Disaggregated Revenues (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)
Number of business segments | segment	1
Operating Revenues	$ 24,695	$ 86,100
United States
Operating Revenues	17,772	73,983
Canada
Operating Revenues	$ 6,923	$ 12,117

Supplemental Consolidated Fin_6

Supplemental Consolidated Financial Statement Information - Deferred Costs and Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2021	Jan. 01, 2020
Deferred costs			$ 1,847	$ 2,525
Total deferred costs amortized	$ 6,563	$ 16,130
Deferred costs impairment losses	0	0
Deferred revenue	1,344	1,779	$ 1,779	$ 3,481
Revenue recognized that was included in deferred revenue balances at beginning of period	1,779	3,476
Prepaid expenses and other current assets
Deferred costs	$ 972	$ 1,847

Debt (Details)

Debt (Details)	Sep. 30, 2021USD ($)	Dec. 31, 2021USD ($)instrumentitem	Dec. 31, 2020USD ($)
DEBT
Restricted IntraFi Network account		$ 5,000,000	$ 5,000,000
Finance lease		45,000	$ 98,000
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 IntraFi Network account	$ 5,000,000
Available for withdrawal		$ 10,300,000
Commitment fee (as a percent)	0.10%
Minimum tangible net worth	$ 55,000,000
Revolving credit facility | Minimum
DEBT
Interest rate (as a percent)	3.50%
Revolving credit facility | 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 | instrument		2
Total insurance premiums		$ 265,000

Debt - Aggregate principal amou

Debt - Aggregate principal amount and interest rates (Details) - Notes payable to finance companies for insurance - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
DEBT
Aggregate principal amount outstanding	$ 265	$ 40
Interest rate (as a percent)	4.99%	4.99%

Debt - Maturities (Details)

Debt - Maturities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Aggregate maturities of finance leases
January 2022 - December 2022	$ 37,000
January 2023 - December 2023	8,000
Total finance lease liabilities	$ 45,000	$ 98,000
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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases
Amortization of right-of-use assets	$ 1,350	$ 1,357
Interest on lease liabilities	4	46
Total finance lease cost	1,354	1,403
Operating lease cost	1,338	1,511
Total lease cost	$ 2,692	$ 2,914

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases
Operating cash flows from operating leases	$ (1,375)	$ (1,534)
Operating cash flows from finance leases	(5)	(51)
Financing cash flows from finance leases	(55)	(2,326)
Right-of-use assets obtained in exchange for operating leases	$ 1	$ 64

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Operating leases
Operating lease right-of-use assets	$ 4,435,000	$ 5,494,000
Operating lease liabilities - current	961,000	1,109,000
Operating lease liabilities - long-term	3,942,000	4,899,000
Total operating lease liabilities	4,903,000	6,008,000
Finance leases
Property and equipment, at cost	8,663,000	8,663,000
Accumulated depreciation	(6,293,000)	(4,624,000)
Property and equipment, net	$ 2,370,000	$ 4,039,000
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Finance lease liabilities - current	$ 37,000	$ 54,000
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Capital Lease Obligations, Current	Long-term Debt and Capital Lease Obligations, Current
Finance lease liabilities - long-term	$ 8,000	$ 44,000
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Capital Lease Obligations	Long-term Debt and Capital Lease Obligations
Total finance lease liabilities	$ 45,000	$ 98,000
Weighted average remaining lease term:
Operating leases	4 years 9 months 18 days	5 years 7 months 6 days
Finance leases	9 months 18 days	1 year 7 months 6 days
Weighted average discount rate:
Operating leases	5.04%	5.04%
Finance leases	5.04%	5.00%

Leases (Details)

Leases (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
January 2022 - December 2022	$ 1,185,000
January 2023 - December 2023	1,173,000
January 2024 - December 2024	1,179,000
January 2025 - December 2025	880,000
January 2026 - December 2026	897,000
Thereafter	225,000
Total payments under lease agreements	5,539,000
Less imputed interest	(636,000)
Total lease liabilities	4,903,000	$ 6,008,000
Finance Leases
January 2022 - December 2022	39,000
January 2023 - December 2023	8,000
Total payments under lease agreements	47,000
Less imputed interest	(2,000)
Total lease liabilities	$ 45,000	$ 98,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	Jun. 09, 2020	May 01, 2018	May 05, 2016	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2016
Stock-Based Compensation Plans
Number of awards previously granted under prior plans remains outstanding				0
Stock-based compensation expense				$ 479	$ 703
Restricted stock units
Stock-Based Compensation Plans
Stock-based compensation expense				419	$ 703
Common stock awards
Stock-Based Compensation Plans
Stock-based compensation expense				$ 60
The 2016 Plan
Stock-Based Compensation Plans
Number of shares authorized		1,050,000				1,000,000
Percentage of stock dividend approved by the board		5.00%
Restated 2016 Plan
Stock-Based Compensation Plans
Number of shares authorized	2,050,000
Number of additional shares authorized	1,000,000
Shares available for future issuance				1,049,437
Option expiration term			10 years

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock-Based Compensation
Outstanding stock options	0	0
Options granted (in shares)	0	0

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Awards, Restricted Stock Units and Common Stock Awards (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restricted stock
Number of Restricted Stock Unit Awards
Granted (in shares)	0	0
Restricted stock units
Number of Restricted Stock Unit Awards
Nonvested restricted shares outstanding, beginning balance (in shares)	174,000
Granted (in shares)	335,000	0
Vested (in shares)	(174,000)
Nonvested restricted shares outstanding, ending balance (in shares)	335,000	174,000
Weighted Average Grant-Date Fair Value
Nonvested restricted shares outstanding, beginning balance (in dollars per share)	$ 7.10
Granted (in dollars per share)	1.98
Vested (in dollars per share)	7.10
Nonvested restricted shares outstanding, ending balance (in dollars per share)	$ 1.98	$ 7.10
Additional disclosures
Annual increment period	3 years
Unrecognized compensation cost	$ 413,000
Period over which unrecognized compensation expense is expected to be recognized	7 months 13 days
Aggregate vesting date fair value of restricted awards	$ 416,000	$ 360,000
Restricted stock units | Minimum
Additional disclosures
Vesting period	1 year
Restricted stock units | Maximum
Additional disclosures
Vesting period	3 years
Common stock awards
Number of Restricted Stock Unit Awards
Granted (in shares)	23,272
Weighted Average Grant-Date Fair Value
Granted (in dollars per share)	$ 2.58

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employee Benefit Plans
Employer matching contribution, percent matched	100.00%	100.00%
Percentage of employees gross pay that is matched	6.00%	6.00%
Matching contribution to the plan	$ 483,000	$ 947,000

Advertising Costs (Details)

Advertising Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Advertising Costs
Advertising costs	$ 28,000	$ 130,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Loss before income taxes
Domestic	$ (25,931,000)	$ (15,116,000)
Foreign	(3,186,000)	1,944,000
Loss before income tax	(29,117,000)	(13,172,000)
Income tax (expense) benefit
Current federal benefit	21,000	117,000
Current state expense	6,000	(131,000)
Deferred federal expense	(159,000)	(268,000)
Deferred state benefit	158,000	258,000
Income tax benefit (expense)	$ 26,000	$ (24,000)
Reconciliation of income tax provision
Federal income tax rate (as a percent)	21.00%	21.00%
Tax benefit computed at statutory rate of 21%	$ 6,047,000	$ 2,766,000
Change in valuation allowance	(6,632,000)	(2,152,000)
State income tax benefit, net of federal tax	130,000	100,000
Foreign loss (income)	706,000	(536,000)
Other	(225,000)	(202,000)
Income tax benefit (expense)	26,000	(24,000)
Deferred tax assets:
Federal tax net operating loss ("NOL") carryforward	30,649,000	26,754,000
Foreign tax NOL carryforward	6,947,000	6,244,000
State tax NOL carryforward	2,194,000	1,509,000
Other comprehensive income	235,000	273,000
Foreign deferred taxes	197,000	207,000
Right-of-use assets	125,000	124,000
Canadian start-up costs	90,000	104,000
Restricted stock and restricted stock unit awards	55,000	230,000
Other	48,000	51,000
Self-insurance	45,000	62,000
Workers' compensation	11,000	44,000
Gross deferred tax assets	40,596,000	35,602,000
Less valuation allowances	(37,571,000)	(30,396,000)
Net deferred tax assets	3,025,000	5,206,000
Deferred tax liabilities:
Property and equipment	(3,045,000)	(5,225,000)
Net deferred tax liabilities	(20,000)	(19,000)
Unrecognized Tax Benefits	0	0
Canada
Deferred tax liabilities:
Net operating loss carry forwards	26,718,000
Federal
Deferred tax liabilities:
Net deferred tax liabilities	(20,000)	$ (19,000)
Net operating loss carry forwards	145,949,000
Tax benefits carry forward	30,649,000
State
Deferred tax liabilities:
Tax benefits carry forward	$ 2,194,000

Net Loss per Share (Details)

Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net Loss per Share
Net loss	$ (29,091)	$ (13,196)
Weighted average common shares outstanding:
Basic	23,570,455	23,382,433
Diluted	23,570,455	23,382,433
Basic loss per share of common stock	$ (1.23)	$ (0.56)
Diluted loss per share of common stock	$ (1.23)	$ (0.56)

Net Loss per Share - Anti-Dilut

Net Loss per Share - Anti-Dilutive Awards Excluded from Calculation (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Anti-dilutive Securities Excluded from Calculation of Earnings Per Share
Number of securities excluded from calculation	197,687	292,933
Restricted stock units
Anti-dilutive Securities Excluded from Calculation of Earnings Per Share
Number of securities excluded from calculation	197,687	292,933

Major Clients (Details)

Major Clients (Details) - segment	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Number of business segments	1
Customer concentration risk | Revenues | A
Concentration Risk [Line Items]
Concentration risk percentage	30.00%
Customer concentration risk | Revenues | B
Concentration Risk [Line Items]
Concentration risk percentage	23.00%	10.00%
Customer concentration risk | Revenues | C
Concentration Risk [Line Items]
Concentration risk percentage	12.00%
Customer concentration risk | Revenues | D
Concentration Risk [Line Items]
Concentration risk percentage		35.00%
Customer concentration risk | Revenues | E
Concentration Risk [Line Items]
Concentration risk percentage		24.00%

Areas of Operation (Details)

Areas of Operation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Areas of Operation
Operating Revenues	$ 24,695	$ 86,100
Net Property and Equipment	26,349	38,900
Right-of-use Assets	4,435	5,494
United States
Areas of Operation
Operating Revenues	17,772	73,983
Net Property and Equipment	22,446	33,162
Right-of-use Assets	3,977	4,900
Canada
Areas of Operation
Operating Revenues	6,923	12,117
Net Property and Equipment	3,903	5,738
Right-of-use Assets	$ 458	$ 594

Commitments and Contingencies (

Commitments and Contingencies (Details)	Apr. 01, 2019defendant	Dec. 31, 2021lawsuit	Mar. 16, 2022lawsuit
Lawsuits related to the Transactions
OPERATING COMMITMENTS AND CONTINGENCIES
Number of lawsuits filed		10
Number of lawsuits dismissed			9
Weatherford Litigation
OPERATING COMMITMENTS AND CONTINGENCIES
Number of other parties named as defendants | defendant	18

Commitments and Contingencies -

Commitments and Contingencies - Letters of Credit (Details) - Dominion Letters of Credit	Dec. 31, 2021USD ($)item
Commitment and Contingencies
Number of letters of credit | item	1
Amount of letter of credit | $	$ 265,000