Dawson Geophysical (DWSN) 10-Q13 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 09, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,906,777
Entity Central Index Key	0000799165
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 11,158	$ 10,772
Restricted cash		5,000
Short-term investments	265	265
Accounts receivable, net	4,424	12,735
Prepaid expenses and other current assets	7,079	8,654
Total current assets	22,926	37,426
Property and equipment, net	15,082	16,508
Right-of-use assets	2,620	3,208
Intangibles, net	365	377
Total assets	40,993	57,519
Current liabilities:
Accounts payable	3,400	3,883
Accrued liabilities:
Payroll costs and other taxes	2,249	3,415
Other	759	709
Deferred revenue	5,709	11,829
Current maturities of notes payable and finance leases	740	1,380
Current maturities of operating lease liabilities	1,064	1,202
Total current liabilities	13,921	22,418
Long-term liabilities:
Notes payable and finance leases, net of current maturities	1,408	1,289
Operating lease liabilities, net of current maturities	1,862	2,363
Deferred tax liabilities, net	15	15
Total long-term liabilities	3,285	3,667
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, 30,906,777 and 30,812,329 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	309	308
Additional paid-in capital	156,860	156,678
Accumulated deficit	(131,200)	(123,640)
Accumulated other comprehensive loss, net	(2,182)	(1,912)
Total stockholders' equity	23,787	31,434
Total liabilities and stockholders' equity	$ 40,993	$ 57,519

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized	4,000,000	4,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	35,000,000	35,000,000
Common stock, shares issued	30,906,777	30,812,329
Common stock, shares outstanding	30,906,777	30,812,329

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating revenues	$ 12,512	$ 20,219	$ 44,096	$ 49,627
Operating expenses
Operating expenses	12,685	19,906	35,027	43,688
General and administrative	2,171	2,977	4,082	6,476
Severance expense	86		86
Depreciation and amortization	1,406	2,113	2,995	4,813
Total operating costs	16,348	24,996	42,190	54,977
(Loss) income from operations	(3,836)	(4,777)	1,906	(5,350)
Other income (expense):
Interest income	105	136	218	244
Interest expense	(39)	(14)	(85)	(31)
Other income (expense), net	93	143	332	195
(Loss) income before income tax	(3,677)	(4,512)	2,371	(4,942)
Current	131	(14)	(71)	(22)
Deferred		96		121
Income tax benefit (expense)	131	82	(71)	99
Net (loss) income	(3,546)	(4,430)	2,300	(4,843)
Other comprehensive (loss) income:
Net unrealized (loss) income on foreign exchange rate translation	(110)	249	(270)	243
Comprehensive (loss) income	$ (3,656)	$ (4,181)	$ 2,030	$ (4,600)
Basic (loss) income per share of common stock (in dollars per share)	$ (0.12)	$ (0.18)	$ 0.07	$ (0.19)
Diluted (loss) income per share of common stock (in dollars per share)	$ (0.12)	$ (0.18)	$ 0.07	$ (0.19)
Weighted average equivalent common shares outstanding	30,815,443	25,000,564	30,813,886	25,000,564
Weighted average equivalent common shares outstanding - assuming dilution	30,815,443	25,000,564	30,813,886	25,000,564
Fee revenue
Operating revenues	$ 8,326	$ 10,881	$ 35,064	$ 33,154
Operating expenses
Operating expenses	8,499	10,568	25,995	27,215
Reimbursable revenue
Operating revenues	4,186	9,338	9,032	16,473
Operating expenses
Operating expenses	$ 4,186	$ 9,338	$ 9,032	$ 16,473

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Cash flows from operating activities:
Net income (loss)	$ 2,300	$ (4,843)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	2,995	4,813
Operating lease cost	576	521
Non-cash compensation	259	0
Deferred income tax benefit		(121)
Gain on disposal of assets	(114)	(31)
Remeasurement and other		(2)
Change in operating assets and liabilities:
Decrease in accounts receivable	8,192	1,495
Decrease in employee retention credit receivable		3,035
Decrease (increase) in prepaid expenses and other assets	1,569	(1,280)
Decrease (Increase) in accounts payable	(139)	2,037
Decrease in accrued liabilities	(1,101)	(1,037)
Decrease in operating lease liabilities	(627)	(554)
(Decrease) increase in deferred revenue	(6,120)	1,718
Net cash provided by operating activities	7,790	5,751
Cash flows from investing activities:
Capital expenditures, net of non-cash capital expenditures summarized below	(1,488)	(2,021)
Proceeds from disposal of assets	234	31
Acquisition of short-term investments		(1,000)
Net cash used in investing activities	(1,254)	(2,990)
Cash flows from financing activities:
Principal payments on notes payable	(777)	(331)
Principal payments on finance leases	(340)	(68)
Tax withholdings related to stock based compensation awards	(76)	0
Dividends paid	(9,860)	0
Breckenridge cash distributions prior to acquisition		(3,055)
Net cash used in financing activities	(11,053)	(3,454)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(97)	177
Net decrease in cash and cash equivalents and restricted cash	(4,614)	(516)
Cash and cash equivalents and restricted cash at beginning of period	15,772	23,603
Cash and cash equivalents and restricted cash at end of period	11,158	23,087
Supplemental cash flow information:
Cash paid for interest	84	32
Cash paid for income taxes	37	0
Non-cash operating, investing and financing activities:
Decrease in accrued purchases of property and equipment	(332)	(605)
Finance leases incurred	$ 613	800
Increase in right-of-use assets and operating lease liabilities		283
Financed insurance premiums		440
Convertible note for asset purchase		9,880
Deemed distribution of Breckenridge net assets not acquired		2,329
Acquisition of Breckenridge net assets		(1,335)
Breckenridge
Non-cash operating, investing and financing activities:
Deemed distribution of Breckenridge net assets not acquired		$ 2,329

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Equity Attributable to Breckenridge Prior to Acquisition	Common Stock	Additional Paid-in Capital	Accumulated (Deficit) Income	Accumulated Other Comprehensive Income (Loss)	Total
Balance at beginning of period at Dec. 31, 2022	$ 7,695	$ 238	$ 155,413	$ (112,469)	$ (2,073)	$ 48,804
Balance at beginning of period (in shares) at Dec. 31, 2022		23,812,329
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)	(976)			563		(413)
Unrealized loss on foreign exchange rate translation					(6)	(6)
Issuance of stock for Breckenridge acquisition	(1,335)	$ 12	2,008			685
Issuance of stock for Breckenridge acquisition (in shares)		1,188,235
Excess of purchase price over net assets acquired			(10,565)			(10,565)
Breckenridge cash distributions prior to acquisition	(3,055)					(3,055)
Deemed distribution of Breckenridge net assets not acquired	(2,329)					(2,329)
Balance at end of period at Mar. 31, 2023		$ 250	146,856	(111,906)	(2,079)	33,121
Balance at end of period (in shares) at Mar. 31, 2023		25,000,564
Balance at beginning of period at Dec. 31, 2022	$ 7,695	$ 238	155,413	(112,469)	(2,073)	48,804
Balance at beginning of period (in shares) at Dec. 31, 2022		23,812,329
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)						(4,843)
Deemed distribution of Breckenridge net assets not acquired						(2,329)
Balance at end of period at Jun. 30, 2023		$ 250	146,856	(116,336)	(1,830)	28,940
Balance at end of period (in shares) at Jun. 30, 2023		25,000,564
Balance at beginning of period at Mar. 31, 2023		$ 250	146,856	(111,906)	(2,079)	33,121
Balance at beginning of period (in shares) at Mar. 31, 2023		25,000,564
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)				(4,430)		(4,430)
Unrealized loss on foreign exchange rate translation					249	249
Balance at end of period at Jun. 30, 2023		$ 250	146,856	(116,336)	(1,830)	28,940
Balance at end of period (in shares) at Jun. 30, 2023		25,000,564
Balance at beginning of period at Dec. 31, 2023		$ 308	156,678	(123,640)	(1,912)	$ 31,434
Balance at beginning of period (in shares) at Dec. 31, 2023		30,812,329				30,812,329
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)				5,846		$ 5,846
Unrealized loss on foreign exchange rate translation					(160)	(160)
Dividends declared				(9,860)		(9,860)
Balance at end of period at Mar. 31, 2024		$ 308	156,678	(127,654)	(2,072)	27,260
Balance at end of period (in shares) at Mar. 31, 2024		30,812,329
Balance at beginning of period at Dec. 31, 2023		$ 308	156,678	(123,640)	(1,912)	$ 31,434
Balance at beginning of period (in shares) at Dec. 31, 2023		30,812,329				30,812,329
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)						$ 2,300
Balance at end of period at Jun. 30, 2024		$ 309	156,860	(131,200)	(2,182)	$ 23,787
Balance at end of period (in shares) at Jun. 30, 2024		30,906,777				30,906,777
Balance at beginning of period at Mar. 31, 2024		$ 308	156,678	(127,654)	(2,072)	$ 27,260
Balance at beginning of period (in shares) at Mar. 31, 2024		30,812,329
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)				(3,546)		(3,546)
Unrealized loss on foreign exchange rate translation					(110)	(110)
Issuance of common stock as compensation		$ 1	258			259
Issuance of common stock as compensation (in shares)		133,850
Shares exchanged for taxes on stock-based compensation			(76)			(76)
Shares exchanged for taxes on stock-based compensation (in shares)		(39,402)
Balance at end of period at Jun. 30, 2024		$ 309	$ 156,860	$ (131,200)	$ (2,182)	$ 23,787
Balance at end of period (in shares) at Jun. 30, 2024		30,906,777				30,906,777

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	6 Months Ended
ORGANIZATION AND NATURE OF OPERATIONS	Jun. 30, 2024
ORGANIZATION AND NATURE OF OPERATIONS
ORGANIZATION AND NATURE OF OPERATIONS	1. ORGANIZATION AND NATURE OF OPERATIONS Dawson Geophysical Company (the “Company”) is a leading provider of North American onshore seismic data acquisition services with operations throughout the continental United States (“U.S.”) and Canada. The Company acquires and processes 2-D, 3-D and multicomponent seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators as well as providers of multi-client data libraries.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Certain prior period amounts in the condensed consolidated financial statements may have been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements have been prepared using accounting principles generally accepted in the U.S. for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements presented in accordance with accounting principles generally accepted in the U.S. have been omitted. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The December 31, 2023, balance sheet information was derived from our audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Asset Purchase Agreement. The Purchase Agreement has been accounted for as a transfer of net assets between entities under common control in a manner similar to a pooling of interests. The Company’s historical consolidated financial statements include the effects on financial position, cash flows, and results of operations attributable to the activities of Breckenridge for all periods presented. The effects of transactions in Breckenridge’s equity prior to the Transaction have been presented as a separate component of stockholders’ equity on the Condensed Consolidated Balance Sheets and on the Condensed Consolidated Statements of Stockholders’ Equity to demonstrate the effects of those transactions on the Company’s historical consolidated financial statements. Significant Accounting Policies Principles of Consolidation. 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. Dividends . Allowance for Current Expected Credit Losses. Leases Property and Equipment. Impairment of Long-lived Assets . Use of Estimates in the Preparation of Financial Statements. Revenue Recognition The Company receives reimbursements for certain out-of-pocket expenses under the terms of the service contracts. The amounts billed to clients are included at their gross amount in the total estimated revenue for the service contract. Clients are billed as permitted by the service contract. Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections. If billing occurs prior to the revenue recognition or billing exceeds the revenue recognized, the amount is considered deferred revenue and a contract liability. Conversely, if the revenue recognition exceeds the billing, the excess is considered an unbilled receivable and a contract asset. As services are performed, those deferred revenue amounts are recognized as revenue. In some instances, third-party permitting, surveying, drilling, helicopter, equipment rental and mobilization costs that directly relate to the contract are utilized to fulfill the contract obligations. These fulfillment costs are included in prepaid expenses and 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. Share-based compensation. Risks and Uncertainties. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures .

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Jun. 30, 2024
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	3. FAIR VALUE OF FINANCIAL INSTRUMENTS At June 30, 2024 and December 31, 2023, the Company’s financial instruments included cash and cash equivalents, restricted cash, short-term investments in certificates of deposit, accounts receivable, other current assets, accounts payable, other current liabilities, notes payable, finance leases and operating lease liabilities. Due to the short-term maturities of cash and cash equivalents, restricted cash, accounts receivable, other current assets, accounts payable and other current liabilities, the carrying amounts approximate fair value at the respective balance sheet dates. The carrying value of the notes payable, finance leases and operating lease liabilities approximate their fair value based on a comparison with the prevailing market interest rate. Due to the short-term maturities of the Company’s investments in certificates of deposit, the carrying amounts approximate fair value at the respective balance sheet dates. The fair values of the Company’s notes payable and investments in certificates of deposit are level 2 measurements in the fair value hierarchy.

OPERATING SEGMENTS

OPERATING SEGMENTS	6 Months Ended
OPERATING SEGMENTS	Jun. 30, 2024
OPERATING SEGMENTS
OPERATING SEGMENTS	4 . OPERATING SEGMENTS The Company’s chief operating decision maker (President and Chief Executive Officer) reviews the discrete segment financial information on a geographic basis for the U.S. operations and Canada Operations. The revenue for both of the Company’s segments is generated by the same services, which utilize the same type of equipment and personnel. The performance of our segments is evaluated on Adjusted EBITDA. We define Adjusted EBITDA as our net income (loss), before (i) interest expense, net, (ii) income tax expense or benefit, (iii) depreciation, depletion and amortization and (iv) other unusual or non-recurring charges, such as severance expenses. As a result, the Company has two reportable segments, U.S. Operations and Canada Operations. The following tables present the Company’s income statements by operating segment (in thousands): Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 USA Operations Canada Operations Consolidated USA Operations Canada Operations Consolidated Operating revenues Fee revenue $ 8,321 $ 5 $ 8,326 $ 26,608 $ 8,456 $ 35,064 Reimbursable revenue 4,186 — 4,186 8,995 37 9,032 12,507 5 12,512 35,603 8,493 44,096 Operating costs: Fee operating expenses 7,846 653 8,499 21,025 4,970 25,995 Reimbursable operating expenses 4,186 — 4,186 8,995 37 9,032 Operating expenses 12,032 653 12,685 30,020 5,007 35,027 General and administrative 1,998 173 2,171 3,740 342 4,082 Severance expense 86 — 86 86 — 86 Depreciation and amortization 1,162 244 1,406 2,467 528 2,995 15,278 1,070 16,348 36,313 5,877 42,190 (Loss) income from operations (2,771) (1,065) (3,836) (710) 2,616 1,906 Other income (expense): Interest income 89 16 105 188 30 218 Interest expense (29) (10) (39) (65) (20) (85) Other income (expense) 112 (19) 93 357 (25) 332 (Loss) income before income tax (2,599) (1,078) (3,677) (230) 2,601 2,371 Income tax benefit (expense) 131 — 131 (71) — (71) Net (loss) income (2,468) (1,078) (3,546) (301) 2,601 2,300 Other comprehensive (loss) income: Net unrealized loss on foreign exchange rate translation — (110) (110) — (270) (270) Comprehensive (loss) income $ (2,468) $ (1,188) $ (3,656) $ (301) $ 2,331 $ 2,030 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 USA Operations Canada Operations Consolidated USA Operations Canada Operations Consolidated Operating revenues Fee revenue $ 10,780 $ 101 $ 10,881 $ 23,043 $ 10,111 $ 33,154 Reimbursable revenue 9,336 2 9,338 15,869 604 16,473 20,116 103 20,219 38,912 10,715 49,627 Operating costs: Fee operating expenses 9,643 925 10,568 19,287 7,928 27,215 Reimbursable operating expenses 9,336 2 9,338 15,869 604 16,473 Operating expenses 18,979 927 19,906 35,156 8,532 43,688 General and administrative 2,667 310 2,977 5,769 707 6,476 Severance expense — — — — — — Depreciation and amortization 1,528 585 2,113 3,646 1,167 4,813 23,174 1,822 24,996 44,571 10,406 54,977 (Loss) income from operations (3,058) (1,719) (4,777) (5,659) 309 (5,350) Other income (expense): Interest income 91 45 136 178 66 244 Interest expense (10) (4) (14) (22) (9) (31) Other income (expense) 101 42 143 150 45 195 (Loss) income before income tax (2,876) (1,636) (4,512) (5,353) 411 (4,942) Income tax benefit 82 — 82 99 — 99 Net (loss) income (2,794) (1,636) (4,430) (5,254) 411 (4,843) Other comprehensive (loss) income: Net unrealized income on foreign exchange rate translation — 249 249 — 243 243 Comprehensive (loss) income $ (2,794) $ (1,387) $ (4,181) $ (5,254) $ 654 $ (4,600) The following table presents the Company’s total assets (in thousands) disaggregated by operating segment: June 30, December 31, 2024 2023 Total Assets United States $ 33,774 $ 48,495 Canada 7,219 9,024 Total Assets $ 40,993 $ 57,519 The reconciliation of the Company’s Adjusted EBITDA to net income (loss), which is the most directly comparable GAAP financial measure, is provided in the following tables (in thousands): Three Months Ended June 30, 2024 US 2024 CA 2024 Consol. 2023 US 2023 CA 2023 Consol. Net loss $ (2,468) $ (1,078) $ (3,546) $ (2,794) $ (1,636) $ (4,430) Depreciation and amortization 1,162 244 1,406 1,528 585 2,113 Severance expense 86 — 86 — — — Interest income, net (60) (6) (66) (81) (41) (122) Income tax benefit (131) — (131) (82) — (82) Adjusted EBITDA $ (1,411) $ (840) $ (2,251) $ (1,429) $ (1,092) $ (2,521) Six Months Ended June 30, 2024 US 2024 CA 2024 Consol. 2023 US 2023 CA 2023 Consol. Net (loss) income $ (301) $ 2,601 $ 2,300 $ (5,254) $ 411 $ (4,843) Depreciation and amortization 2,467 528 2,995 3,646 1,167 4,813 Severance expense 86 — 86 — — — Interest income, net (123) (10) (133) (156) (57) (213) Income tax expense (benefit) 71 — 71 (99) — (99) Adjusted EBITDA $ 2,200 $ 3,119 $ 5,319 $ (1,863) $ 1,521 $ (342)

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 2024
DEBT
DEBT	5 . DEBT Dominion Loan Agreement On September 30, 2019, the Company entered into a Loan and Security Agreement with Dominion Bank, a Texas state bank (“Dominion Bank”). On September 30, 2023, the Company entered into a Fifth Loan Modification Agreement (the “Fifth Modification Agreement”) to the Loan and Security Agreement (as amended by (i) that certain Loan Modification Agreement dated as of September 30, 2020, (ii) that certain Second Loan Modification Agreement dated as of September 30, 2021, (iii) that certain Third Loan Modification Agreement dated as of September 30, 2022, (iv) that certain Fourth Modification Agreement dated as of March 21, 2023, and (v) the Fifth Modification Agreement, the “Loan Agreement”). The Loan Agreement provided for a secured revolving credit facility (the “Revolving Credit Facility”) in an amount up to the lesser of (I) an amount equal to the Borrowing Base or (II) $5 million. The Company’s obligations under the Loan Agreement were secured by a Certificate of Deposit with Dominion Bank for $5 million (the “Deposit”) in the Company’s collateral account. On May 2, 2024, the collateral deposit of $5 million was released and the Loan Agreement was terminated. Dominion Letters of Credit As of June 30, 2024, 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 June 30, 2024, the Company has one short-term note payable to a finance company for various insurance premiums totaling $133,000. As of December 31, 2023, the Company had one short-term note payable to a finance company for various insurance premiums totaling $910,000. In addition, the Company leases certain seismic recording equipment and vehicles under leases classified as finance leases. The Company’s Condensed Consolidated Balance Sheet as of June 30, 2024 and December 31, 2023, include finance leases of $2.0 million and $1.8 million, respectively. Maturities and Interest Rates of Debt The following tables set forth the aggregate principal amount (in thousands) under the Company’s outstanding notes payable and the interest rates as of June 30, 2024, and December 31, 2023: June 30, 2024 December 31, 2023 Notes payable to finance company for insurance Aggregate principal amount outstanding $ 133 $ 910 Interest rate 8.75% The aggregate maturities of finance leases as of June 30, 2024, are as follows (in thousands): July 2024 - June 2025 $ 607 July 2025 - June 2026 704 July 2026 - June 2027 569 July 2027 - June 2028 135 Obligations under finance leases $ 2,015 Interest rates on these leases range from 4.86% to 8.74%.

LEASES

LEASES	6 Months Ended
LEASES	Jun. 30, 2024
LEASES
LEASES	6. LEASES The Company leases certain vehicles, seismic recording equipment, real property and office equipment under lease agreements. The Company evaluates each lease to determine its appropriate classification as an operating lease or finance lease for financial reporting purposes. The majority of our operating leases are non-cancelable operating leases for office and shop space in Midland, Plano, Houston and Calgary, Alberta. There have been no material changes to our leases since the Company’s most recent Annual Report on Form 10-K that was filed with the SEC on April 1, 2024. Maturities of lease liabilities as of June 30, 2024, are as follows (in thousands): Operating Leases Finance Leases July 2024 - June 2025 $ 1,190 $ 720 July 2025 - June 2026 1,067 775 July 2026 - June 2027 838 595 July 2027 - June 2028 56 138 Thereafter — — Total payments under lease agreements 3,151 2,228 Less imputed interest (225) (213) Total lease liabilities $ 2,926 $ 2,015

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	7 . COMMITMENTS AND CONTINGENCIES From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. Although the Company cannot predict the outcomes of any such legal proceedings, management believes that the resolution of pending legal actions will not have a material adverse effect on the Company’s financial condition, results of operations or liquidity, as the Company believes it is adequately indemnified and insured. We are also party to the following legal proceeding: On April 1, 2019, Weatherford International, LLC and Weatherford U.S., L.P. (collectively, “Weatherford”) filed a petition in state district court for Midland County, Texas, in which the Company and eighteen other parties were named as defendants, alleging the Company and/or the other named defendants contributed to or caused contamination of groundwater at and around property owned by Weatherford. Weatherford is seeking declaratory judgment, recovery and contribution for past and future costs incurred in responding to or correcting the contamination at and around the property from each defendant. The Company disputes Weatherford’s allegations with respect to the Company and intends to vigorously defend itself in this case. Subsequent to the filing of the petition, Weatherford filed for bankruptcy protection on July 1, 2019. While the outcome and impact of this legal proceeding on the Company cannot be predicted with certainty, based on currently available information, management believes that the resolution of this proceeding will not have a material adverse effect on our financial condition, results of operations or liquidity. Additionally, the Company experiences contractual disputes with its clients from time to time regarding the payment of invoices or other matters. While the Company seeks to minimize these disputes and maintain good relations with its clients, the Company has experienced in the past, and may experience in the future, disputes that could affect its revenues and results of operations in any period.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	6 Months Ended
NET INCOME (LOSS) PER SHARE	Jun. 30, 2024
NET INCOME (LOSS) PER SHARE
NET INCOME (LOSS) PER SHARE	8. NET INCOME (LOSS) PER SHARE Basic (loss) income per share is computed by dividing the net (loss) income by the weighted average shares outstanding. Diluted (loss) income per share is computed by dividing the net (loss) income by the weighted average diluted shares outstanding. On May 6, 2024, a $0.32 per share special cash dividend on the Company’s common stock, that was declared on March 28, 2024, was paid to stockholders of record as of the close of business on April 22, 2024. The aggregate payment was approximately $9.9 million. The computation of basic and diluted (loss) income per share (in thousands, except share and per share data) was as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net (loss) income $ (3,546) $ (4,430) $ 2,300 $ (4,843) Weighted average common shares outstanding Basic 30,815,443 25,000,564 30,813,886 25,000,564 Dilutive common stock options, restricted stock unit awards and restricted stock awards — — — — Diluted 30,815,443 25,000,564 30,813,886 25,000,564 Basic (loss) income per share of common stock $ (0.12) $ (0.18) $ 0.07 $ (0.19) Diluted (loss) income per share of common stock $ (0.12) $ (0.18) $ 0.07 $ (0.19) The Company had a net loss for the three months ended June 30, 2024, and 2023, and for the six months ended June 30, 2023. As a result, all stock options, restricted stock unit awards and restricted stock awards were anti-dilutive and excluded from weighted average shares used in determining the diluted loss per share of common stock for those periods. The Company had net income for the six months ended June 30, 2024, however due to stock valuation at June 30, 2024, any associated stock options, restricted stock unit awards and restricted stock awards were anti-dilutive and were excluded from weighted average shares used in determining the diluted income per share of common stock for that period. The following weighted average numbers of stock options, restricted stock unit awards and restricted stock awards have been excluded from the calculation of diluted loss per share of common stock, as their effect would be anti-dilutive for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Restricted stock units 3,187 — 1,593 — Convertible Note — 5,811,765 — 3,178,810 Total 3,187 5,811,765 1,593 3,178,810

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2024
INCOME TAXES
INCOME TAXES	9 . INCOME TAXES For the three and six months ended June 30, 2024, the Company’s effective tax rates were 3.6% and 3.0%, respectively. The Company’s effective tax rates were 1.8% and 2.0% for the second quarter and first six months of 2023. The Company’s nominal effective tax rate for the periods above was due to the presence of net operating loss carryovers and adjustments to the valuation allowance on deferred tax assets. The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over an extended amount of time. Such objective evidence limits the ability to consider other subjective evidence, such as projections for taxable earnings. The Company has recorded valuation allowances against the associated deferred tax assets for the amounts it deems are not more likely than not realizable. Based on management’s belief that not all the net operating losses are realizable, a federal valuation allowance and additional state valuation allowances were maintained during the three and six months ended June 30, 2024 and 2023. In addition, due to the Company’s recent operating losses and valuation allowances, the Company may recognize reduced or no tax benefits on future losses on the condensed consolidated financial statements. The amount of the valuation allowances considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased, or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as projections for future growth.

SUPPLEMENTAL CONSOLIDATED FINAN

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION	6 Months Ended
SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION	Jun. 30, 2024
SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION
SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION	10. SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION Historical financial information for Breckenridge was derived from Breckenridge’s unaudited financial statements. In the opinion of the Company’s management, the financial information of Breckenridge reflects all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The non-cash items associated with the Purchase Agreement (unaudited and in thousands) shown on the Condensed Consolidated Statements of Cash Flows consist of “Deemed distribution (contribution)” and “Acquisition of Breckenridge net assets” and are derived as follows: Deemed Distribution (Contribution) Six Months Ended June 30, 2023 Deemed distribution (contribution) of short-term investments $ 1,000 Deemed distribution (contribution) of accounts receivable 1,015 Deemed distribution (contribution) of prepaids and other 1 Deemed distribution (contribution) of land and buildings 514 Deemed (distribution) contribution of accounts payable (132) Deemed (distribution) contribution of accrued liabilities (69) Deemed (distribution) contribution of deferred revenue — Deemed distribution of Breckenridge net assets not acquired $ 2,329 Historical Carrying Value of Assets Acquired March 24, 2023 Accounts receivable, net $ 67 Prepaid expenses and other current assets 56 Property and equipment, net 1,322 Other accrued liabilities (16) Deferred revenue (94) Acquisition of Breckenridge net assets $ 1,335 Total consideration for the asset purchase (in thousands) is as follows: Consideration Paid March 24, 2023 Common stock issued $ 2,020 Note payable issued 9,880 Purchase price $ 11,900 Because the Transaction constitutes a transaction among entities under common control, the excess purchase price over the historical carrying value of the net assets acquired was recorded as a charge to additional paid in capital. The excess purchase price over the historical carrying value of the assets at the acquisition date (unaudited and in thousands) is as follows: Excess Purchase Price March 24, 2023 Purchase price $ 11,900 Historical carrying value of assets acquired (1,335) Excess purchase price $ 10,565 Deferred Costs (in thousands) Deferred costs were $4.3 million and $5.4 million at January 1, 2024 and 2023, respectively. The Company’s prepaid expenses and other current assets at June 30, 2024 and 2023, included deferred costs incurred to fulfill contracts with customers of $3.7 million and $7.2 million, respectively. Deferred costs at June 30, 2024, compared to January 1, 2024 decreased primarily as a result of the completion of several projects during that six month period that had deferred fulfillment costs at January 1, 2024. Deferred costs at June 30, 2023 compared to January 1, 2023 increased primarily as a result of new projects for clients with significant deferred fulfillment costs at June 30, 2023. The amount of total deferred costs amortized for the six months ended June 30, 2024 and 2023 was $12.9 million and $17.6 million, respectively. There were no material impairment losses incurred during these periods. Deferred Revenue (in thousands) Deferred revenue was $11.8 million and $7.4 million at January 1, 2024 and 2023, respectively. The Company’s deferred revenue at June 30, 2024 and 2023 was $5.7 million and $9.1 million, respectively. Deferred revenue at June 30, 2024 compared to January 1, 2024 decreased primarily as a result of completing projects for clients with prepayments for third party reimbursables. Deferred revenue at June 30, 2023 compared to January 1, 2023 increased primarily as a result of new projects for clients with large third party reimbursables where data had not yet been recorded. Revenue recognized for the six months ended June 30, 2024 and 2023 that was included in the contract liability balance at the beginning of 2024 and 2023 was $11.4 million and $6.9 million, respectively. Accounts Receivable (in thousands) Accounts receivable related to contracts with customers was $12.7 million and $8.0 million at January 1, 2024 and 2023, respectively. The accounts receivable balance at January 1, 2023 excluded a $3.0 million employee retention credit receivable. Accounts receivable related to contracts with customers was $4.4 million and $5.5 million at June 30, 2024 and 2023, respectively. Related Party Transactions For the six months ended June 30, 2024, the Company incurred related party expenses totaling approximately $106,000. These are charges by various commonly controlled companies of Wilks Brothers, LLC, the holder of approximately 80% of the Company’s outstanding stock. These transactions consisted of trucking charges of $97,000 and client hosting expenses of $9,000. For the six months ended June 30, 2024, the Company received related party revenue of $14,000 for partial use of leased office space. For the six months ended June 30, 2023, the Company did not have any related party transactions. As of June 30, 2024, the Company had no outstanding related party accounts payable and no outstanding related party accounts receivable. For the six months ended June 30, 2023, Breckenridge incurred related party expenses totaling approximately $110,000. These charges by various commonly controlled companies of Wilks Brothers, LLC consisted of trucking charges of $60,000, management charges of $44,000, and payroll administration charges of $6,000.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2024
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	11. SUBSEQUENT EVENTS None.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,546)	$ 5,846	$ (4,430)	$ (413)	$ 2,300	$ (4,843)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Certain prior period amounts in the condensed consolidated financial statements may have been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements have been prepared using accounting principles generally accepted in the U.S. for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements presented in accordance with accounting principles generally accepted in the U.S. have been omitted. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The December 31, 2023, balance sheet information was derived from our audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Asset Purchase Agreement. The Purchase Agreement has been accounted for as a transfer of net assets between entities under common control in a manner similar to a pooling of interests. The Company’s historical consolidated financial statements include the effects on financial position, cash flows, and results of operations attributable to the activities of Breckenridge for all periods presented. The effects of transactions in Breckenridge’s equity prior to the Transaction have been presented as a separate component of stockholders’ equity on the Condensed Consolidated Balance Sheets and on the Condensed Consolidated Statements of Stockholders’ Equity to demonstrate the effects of those transactions on the Company’s historical consolidated financial statements.
Principles of Consolidation	Principles of Consolidation. 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.
Dividends	Dividends .
Allowance for Current Expected Credit Losses	Allowance for Current Expected Credit Losses.
Leases	Leases
Property and Equipment	Property and Equipment.
Impairment of Long-lived Assets	Impairment of Long-lived Assets .
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements.
Revenue Recognition	Revenue Recognition The Company receives reimbursements for certain out-of-pocket expenses under the terms of the service contracts. The amounts billed to clients are included at their gross amount in the total estimated revenue for the service contract. Clients are billed as permitted by the service contract. Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections. If billing occurs prior to the revenue recognition or billing exceeds the revenue recognized, the amount is considered deferred revenue and a contract liability. Conversely, if the revenue recognition exceeds the billing, the excess is considered an unbilled receivable and a contract asset. As services are performed, those deferred revenue amounts are recognized as revenue. In some instances, third-party permitting, surveying, drilling, helicopter, equipment rental and mobilization costs that directly relate to the contract are utilized to fulfill the contract obligations. These fulfillment costs are included in prepaid expenses and 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.
Stock-Based Compensation	Share-based compensation.
Risks and uncertainties	Risks and Uncertainties.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures .

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	6 Months Ended
OPERATING SEGMENTS (Tables)	Jun. 30, 2024
OPERATING SEGMENTS
Schedule of income statements by operating segment	The following tables present the Company’s income statements by operating segment (in thousands): Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 USA Operations Canada Operations Consolidated USA Operations Canada Operations Consolidated Operating revenues Fee revenue $ 8,321 $ 5 $ 8,326 $ 26,608 $ 8,456 $ 35,064 Reimbursable revenue 4,186 — 4,186 8,995 37 9,032 12,507 5 12,512 35,603 8,493 44,096 Operating costs: Fee operating expenses 7,846 653 8,499 21,025 4,970 25,995 Reimbursable operating expenses 4,186 — 4,186 8,995 37 9,032 Operating expenses 12,032 653 12,685 30,020 5,007 35,027 General and administrative 1,998 173 2,171 3,740 342 4,082 Severance expense 86 — 86 86 — 86 Depreciation and amortization 1,162 244 1,406 2,467 528 2,995 15,278 1,070 16,348 36,313 5,877 42,190 (Loss) income from operations (2,771) (1,065) (3,836) (710) 2,616 1,906 Other income (expense): Interest income 89 16 105 188 30 218 Interest expense (29) (10) (39) (65) (20) (85) Other income (expense) 112 (19) 93 357 (25) 332 (Loss) income before income tax (2,599) (1,078) (3,677) (230) 2,601 2,371 Income tax benefit (expense) 131 — 131 (71) — (71) Net (loss) income (2,468) (1,078) (3,546) (301) 2,601 2,300 Other comprehensive (loss) income: Net unrealized loss on foreign exchange rate translation — (110) (110) — (270) (270) Comprehensive (loss) income $ (2,468) $ (1,188) $ (3,656) $ (301) $ 2,331 $ 2,030 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 USA Operations Canada Operations Consolidated USA Operations Canada Operations Consolidated Operating revenues Fee revenue $ 10,780 $ 101 $ 10,881 $ 23,043 $ 10,111 $ 33,154 Reimbursable revenue 9,336 2 9,338 15,869 604 16,473 20,116 103 20,219 38,912 10,715 49,627 Operating costs: Fee operating expenses 9,643 925 10,568 19,287 7,928 27,215 Reimbursable operating expenses 9,336 2 9,338 15,869 604 16,473 Operating expenses 18,979 927 19,906 35,156 8,532 43,688 General and administrative 2,667 310 2,977 5,769 707 6,476 Severance expense — — — — — — Depreciation and amortization 1,528 585 2,113 3,646 1,167 4,813 23,174 1,822 24,996 44,571 10,406 54,977 (Loss) income from operations (3,058) (1,719) (4,777) (5,659) 309 (5,350) Other income (expense): Interest income 91 45 136 178 66 244 Interest expense (10) (4) (14) (22) (9) (31) Other income (expense) 101 42 143 150 45 195 (Loss) income before income tax (2,876) (1,636) (4,512) (5,353) 411 (4,942) Income tax benefit 82 — 82 99 — 99 Net (loss) income (2,794) (1,636) (4,430) (5,254) 411 (4,843) Other comprehensive (loss) income: Net unrealized income on foreign exchange rate translation — 249 249 — 243 243 Comprehensive (loss) income $ (2,794) $ (1,387) $ (4,181) $ (5,254) $ 654 $ (4,600)
Schedule of total assets disaggregated by operating segment	The following table presents the Company’s total assets (in thousands) disaggregated by operating segment: June 30, December 31, 2024 2023 Total Assets United States $ 33,774 $ 48,495 Canada 7,219 9,024 Total Assets $ 40,993 $ 57,519
Schedule of reconciliation of the Company's Adjusted EBITDA to net income (loss)	Three Months Ended June 30, 2024 US 2024 CA 2024 Consol. 2023 US 2023 CA 2023 Consol. Net loss $ (2,468) $ (1,078) $ (3,546) $ (2,794) $ (1,636) $ (4,430) Depreciation and amortization 1,162 244 1,406 1,528 585 2,113 Severance expense 86 — 86 — — — Interest income, net (60) (6) (66) (81) (41) (122) Income tax benefit (131) — (131) (82) — (82) Adjusted EBITDA $ (1,411) $ (840) $ (2,251) $ (1,429) $ (1,092) $ (2,521) Six Months Ended June 30, 2024 US 2024 CA 2024 Consol. 2023 US 2023 CA 2023 Consol. Net (loss) income $ (301) $ 2,601 $ 2,300 $ (5,254) $ 411 $ (4,843) Depreciation and amortization 2,467 528 2,995 3,646 1,167 4,813 Severance expense 86 — 86 — — — Interest income, net (123) (10) (133) (156) (57) (213) Income tax expense (benefit) 71 — 71 (99) — (99) Adjusted EBITDA $ 2,200 $ 3,119 $ 5,319 $ (1,863) $ 1,521 $ (342)

DEBT (Tables)

DEBT (Tables)	6 Months Ended
DEBT (Tables)	Jun. 30, 2024
DEBT
Schedule of aggregate principal amount of outstanding notes payable and the interest rates	The following tables set forth the aggregate principal amount (in thousands) under the Company’s outstanding notes payable and the interest rates as of June 30, 2024, and December 31, 2023: June 30, 2024 December 31, 2023 Notes payable to finance company for insurance Aggregate principal amount outstanding $ 133 $ 910 Interest rate 8.75%
Schedule of aggregate maturities of finance leases	The aggregate maturities of finance leases as of June 30, 2024, are as follows (in thousands): July 2024 - June 2025 $ 607 July 2025 - June 2026 704 July 2026 - June 2027 569 July 2027 - June 2028 135 Obligations under finance leases $ 2,015

LEASES (Tables)

LEASES (Tables)	6 Months Ended
LEASES (Tables)	Jun. 30, 2024
LEASES
Schedule of maturities of lease liabilities - Operating Leases	Maturities of lease liabilities as of June 30, 2024, are as follows (in thousands): Operating Leases Finance Leases July 2024 - June 2025 $ 1,190 $ 720 July 2025 - June 2026 1,067 775 July 2026 - June 2027 838 595 July 2027 - June 2028 56 138 Thereafter — — Total payments under lease agreements 3,151 2,228 Less imputed interest (225) (213) Total lease liabilities $ 2,926 $ 2,015
Schedule of maturities of lease liabilities - Finance Leases	Maturities of lease liabilities as of June 30, 2024, are as follows (in thousands): Operating Leases Finance Leases July 2024 - June 2025 $ 1,190 $ 720 July 2025 - June 2026 1,067 775 July 2026 - June 2027 838 595 July 2027 - June 2028 56 138 Thereafter — — Total payments under lease agreements 3,151 2,228 Less imputed interest (225) (213) Total lease liabilities $ 2,926 $ 2,015

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	6 Months Ended
NET INCOME (LOSS) PER SHARE (Tables)	Jun. 30, 2024
NET INCOME (LOSS) PER SHARE
Schedule of computation of basic and diluted income (loss) per share	The computation of basic and diluted (loss) income per share (in thousands, except share and per share data) was as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net (loss) income $ (3,546) $ (4,430) $ 2,300 $ (4,843) Weighted average common shares outstanding Basic 30,815,443 25,000,564 30,813,886 25,000,564 Dilutive common stock options, restricted stock unit awards and restricted stock awards — — — — Diluted 30,815,443 25,000,564 30,813,886 25,000,564 Basic (loss) income per share of common stock $ (0.12) $ (0.18) $ 0.07 $ (0.19) Diluted (loss) income per share of common stock $ (0.12) $ (0.18) $ 0.07 $ (0.19)
Schedule of weighted average numbers of stock options, restricted stock unit awards and restricted stock awards that have been excluded from the calculation of diluted loss per share of common stock	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Restricted stock units 3,187 — 1,593 — Convertible Note — 5,811,765 — 3,178,810 Total 3,187 5,811,765 1,593 3,178,810

SUPPLEMENTAL CONSOLIDATED FIN_2

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION
Schedule of non-cash items associated with the Purchase Agreement	Historical financial information for Breckenridge was derived from Breckenridge’s unaudited financial statements. In the opinion of the Company’s management, the financial information of Breckenridge reflects all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The non-cash items associated with the Purchase Agreement (unaudited and in thousands) shown on the Condensed Consolidated Statements of Cash Flows consist of “Deemed distribution (contribution)” and “Acquisition of Breckenridge net assets” and are derived as follows: Deemed Distribution (Contribution) Six Months Ended June 30, 2023 Deemed distribution (contribution) of short-term investments $ 1,000 Deemed distribution (contribution) of accounts receivable 1,015 Deemed distribution (contribution) of prepaids and other 1 Deemed distribution (contribution) of land and buildings 514 Deemed (distribution) contribution of accounts payable (132) Deemed (distribution) contribution of accrued liabilities (69) Deemed (distribution) contribution of deferred revenue — Deemed distribution of Breckenridge net assets not acquired $ 2,329 Historical Carrying Value of Assets Acquired March 24, 2023 Accounts receivable, net $ 67 Prepaid expenses and other current assets 56 Property and equipment, net 1,322 Other accrued liabilities (16) Deferred revenue (94) Acquisition of Breckenridge net assets $ 1,335
Schedule of consideration paid	Total consideration for the asset purchase (in thousands) is as follows: Consideration Paid March 24, 2023 Common stock issued $ 2,020 Note payable issued 9,880 Purchase price $ 11,900
Schedule of excess purchase price	Because the Transaction constitutes a transaction among entities under common control, the excess purchase price over the historical carrying value of the net assets acquired was recorded as a charge to additional paid in capital. The excess purchase price over the historical carrying value of the assets at the acquisition date (unaudited and in thousands) is as follows: Excess Purchase Price March 24, 2023 Purchase price $ 11,900 Historical carrying value of assets acquired (1,335) Excess purchase price $ 10,565

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)			3 Months Ended				6 Months Ended
	Sep. 13, 2023	Mar. 24, 2023	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
Threshold period of past due (in days)							90 days
Allowance for doubtful accounts			$ 250,000				$ 250,000		$ 250,000
Employee retention credit receivable										$ 3,000,000
Maximum original expected duration of cancelable service contracts (in years)							1 year
Granted (in shares)							230,550
Aggregate grant date fair value			446,000				$ 446,000
Period over which unrecognized compensation expense is expected to be recognized							12 months
Net Income (Loss)			(3,546,000)	$ 5,846,000	$ (4,430,000)	$ (413,000)	$ 2,300,000	$ (4,843,000)
Cash			11,158,000		$ 23,087,000		11,158,000	$ 23,087,000	$ 15,772,000		$ 23,603,000
Severance expense			86,000				86,000
Working capital			9,000,000				9,000,000
Operating expenses
Recognized expense related to the awards			215,000				215,000
General and administrative expenses
Recognized expense related to the awards			$ 44,000				$ 44,000
Purchase Agreement
Number of shares issued		1,188,235
Number of shares to be issued under convertible notes payable		5,800,000
Convertible note	$ 9,900,000
Convertible note converted into shares	5,811,765

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details)	6 Months Ended
OPERATING SEGMENTS (Details)	Jun. 30, 2024 segment
OPERATING SEGMENTS
Number of reportable segments	2

OPERATING SEGMENTS - Income sta

OPERATING SEGMENTS - Income statement (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating revenues
Operating revenues	$ 12,512		$ 20,219		$ 44,096	$ 49,627
Operating costs:
Operating expenses	12,685		19,906		35,027	43,688
General and administrative	2,171		2,977		4,082	6,476
Severance expense	86				86
Depreciation and amortization	1,406		2,113		2,995	4,813
Total operating costs	16,348		24,996		42,190	54,977
(Loss) income from operations	(3,836)		(4,777)		1,906	(5,350)
Other income (expense):
Interest income	105		136		218	244
Interest expense	(39)		(14)		(85)	(31)
Other income (expense)	93		143		332	195
(Loss) income before income tax	(3,677)		(4,512)		2,371	(4,942)
Income tax benefit (expense)	131		82		(71)	99
Net (loss) income	(3,546)	$ 5,846	(4,430)	$ (413)	2,300	(4,843)
Other comprehensive (loss) income:
Net unrealized income (loss) on foreign exchange rate translation	(110)		249		(270)	243
Comprehensive (loss) income	(3,656)		(4,181)		2,030	(4,600)
Fee revenue
Operating revenues
Operating revenues	8,326		10,881		35,064	33,154
Operating costs:
Operating expenses	8,499		10,568		25,995	27,215
Reimbursable revenue
Operating revenues
Operating revenues	4,186		9,338		9,032	16,473
Operating costs:
Operating expenses	4,186		9,338		9,032	16,473
Operating segment
Operating revenues
Operating revenues			20,219			49,627
Operating costs:
Operating expenses			19,906			43,688
General and administrative			2,977			6,476
Depreciation and amortization			2,113			4,813
Total operating costs			24,996			54,977
(Loss) income from operations			(4,777)			(5,350)
Other income (expense):
Interest income			136			244
Interest expense			(14)			(31)
Other income (expense)			143			195
(Loss) income before income tax			(4,512)			(4,942)
Income tax benefit (expense)			82			99
Net (loss) income			(4,430)			(4,843)
Other comprehensive (loss) income:
Net unrealized income (loss) on foreign exchange rate translation			249			243
Comprehensive (loss) income			(4,181)			(4,600)
Operating segment \| Fee revenue
Operating revenues
Operating revenues			10,881			33,154
Operating costs:
Operating expenses			10,568			27,215
Operating segment \| Reimbursable revenue
Operating revenues
Operating revenues			9,338			16,473
Operating costs:
Operating expenses			9,338			16,473
Operating segment \| USA Operations
Operating revenues
Operating revenues	12,507		20,116		35,603	38,912
Operating costs:
Operating expenses	12,032		18,979		30,020	35,156
General and administrative	1,998		2,667		3,740	5,769
Severance expense	86				86
Depreciation and amortization	1,162		1,528		2,467	3,646
Total operating costs	15,278		23,174		36,313	44,571
(Loss) income from operations	(2,771)		(3,058)		(710)	(5,659)
Other income (expense):
Interest income	89		91		188	178
Interest expense	(29)		(10)		(65)	(22)
Other income (expense)	112		101		357	150
(Loss) income before income tax	(2,599)		(2,876)		(230)	(5,353)
Income tax benefit (expense)	131		82		(71)	99
Net (loss) income	(2,468)		(2,794)		(301)	(5,254)
Other comprehensive (loss) income:
Comprehensive (loss) income	(2,468)		(2,794)		(301)	(5,254)
Operating segment \| USA Operations \| Fee revenue
Operating revenues
Operating revenues	8,321		10,780		26,608	23,043
Operating costs:
Operating expenses	7,846		9,643		21,025	19,287
Operating segment \| USA Operations \| Reimbursable revenue
Operating revenues
Operating revenues	4,186		9,336		8,995	15,869
Operating costs:
Operating expenses	4,186		9,336		8,995	15,869
Operating segment \| Canada Operations
Operating revenues
Operating revenues	5		103		8,493	10,715
Operating costs:
Operating expenses	653		927		5,007	8,532
General and administrative	173		310		342	707
Depreciation and amortization	244		585		528	1,167
Total operating costs	1,070		1,822		5,877	10,406
(Loss) income from operations	(1,065)		(1,719)		2,616	309
Other income (expense):
Interest income	16		45		30	66
Interest expense	(10)		(4)		(20)	(9)
Other income (expense)	(19)		42		(25)	45
(Loss) income before income tax	(1,078)		(1,636)		2,601	411
Net (loss) income	(1,078)		(1,636)		2,601	411
Other comprehensive (loss) income:
Net unrealized income (loss) on foreign exchange rate translation	(110)		249		(270)	243
Comprehensive (loss) income	(1,188)		(1,387)		2,331	654
Operating segment \| Canada Operations \| Fee revenue
Operating revenues
Operating revenues	5		101		8,456	10,111
Operating costs:
Operating expenses	$ 653		925		4,970	7,928
Operating segment \| Canada Operations \| Reimbursable revenue
Operating revenues
Operating revenues			2		37	604
Operating costs:
Operating expenses			$ 2		$ 37	$ 604

OPERATING SEGMENTS - Total asse

OPERATING SEGMENTS - Total assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Total assets by operating segment
Total Assets	$ 40,993	$ 57,519
Operating segment \| United States
Total assets by operating segment
Total Assets	33,774	48,495
Operating segment \| Canada
Total assets by operating segment
Total Assets	$ 7,219	$ 9,024

OPERATING SEGMENTS - Reconcilia

OPERATING SEGMENTS - Reconciliation of EBITDA to net income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Reconciliation
Net Income (Loss)	$ (3,546)	$ 5,846	$ (4,430)	$ (413)	$ 2,300	$ (4,843)
Depreciation and amortization	1,406		2,113		2,995	4,813
Severance expense	86				86
Interest income, net	(66)		(122)		(133)	(213)
Income tax expense (benefit)	(131)		(82)		71	(99)
Adjusted EBITDA	(2,251)		(2,521)		5,319	(342)
Operating segment
Reconciliation
Net Income (Loss)			(4,430)			(4,843)
Depreciation and amortization			2,113			4,813
Income tax expense (benefit)			(82)			(99)
Operating segment \| United States
Reconciliation
Net Income (Loss)	(2,468)		(2,794)		(301)	(5,254)
Depreciation and amortization	1,162		1,528		2,467	3,646
Severance expense	86				86
Interest income, net	(60)		(81)		(123)	(156)
Income tax expense (benefit)	(131)		(82)		71	(99)
Adjusted EBITDA	(1,411)		(1,429)		2,200	(1,863)
Operating segment \| Canada
Reconciliation
Net Income (Loss)	(1,078)		(1,636)		2,601	411
Depreciation and amortization	244		585		528	1,167
Interest income, net	(6)		(41)		(10)	(57)
Adjusted EBITDA	$ (840)		$ (1,092)		$ 3,119	$ 1,521

DEBT (Details)

DEBT (Details)	Jun. 30, 2024 USD ($) item	May 02, 2024 USD ($)	Dec. 31, 2023 USD ($) item	Sep. 30, 2023 USD ($)
DEBT
Deposit			$ 5,000,000
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Capital Lease Obligations, Long-term Debt and Capital Lease Obligations, Current		Long-term Debt and Capital Lease Obligations, Long-term Debt and Capital Lease Obligations, Current
Finance lease	$ 2,015,000		$ 1,800,000
Dominion Loan Agreement
DEBT
Maximum borrowing capacity				$ 5,000,000
Deposit				$ 5,000,000
Collateral deposit released		$ 5,000,000
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
Number of notes payable \| item	1		1
Aggregate principal amount outstanding	$ 133,000		$ 910,000

DEBT - Aggregate principal amou

DEBT - Aggregate principal amount and interest rates (Details) - Notes payable to finance companies for insurance - USD ($)	Jun. 30, 2024	Dec. 31, 2023
DEBT
Aggregate principal amount outstanding	$ 133,000	$ 910,000
Debt Instrument, Interest Rate, Effective Percentage	8.75%	8.75%

DEBT - Maturities (Details)

DEBT - Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Aggregate maturities of finance leases
July 2024 - June 2025	$ 607
July 2025 - June 2026	704
July 2026 - June 2027	569
July 2027 - June 2028	135
Obligations under finance leases	$ 2,015	$ 1,800
Minimum
Aggregate maturities of finance leases
Interest rate on leases	4.86%
Maximum
Aggregate maturities of finance leases
Interest rate on leases	8.74%

LEASES - Maturities of lease li

LEASES - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating Leases
July 2024 - June 2025	$ 1,190
July 2025 - June 2026	1,067
July 2026 - June 2027	838
July 2027 - June 2028	56
Total payments under lease agreements	3,151
Less imputed interest	(225)
Total lease liabilities	2,926
Finance Leases
July 2024 - June 2025	720
July 2025 - June 2026	775
July 2026 - June 2027	595
July 2027 - June 2028	138
Total payments under lease agreements	2,228
Less imputed interest	(213)
Total lease liabilities	$ 2,015	$ 1,800

COMMITMENTS AND CONTINGENCIES (

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

NET INCOME (LOSS) PER SHARE (De

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Aggregate payment of special cash dividend					$ 9,860	$ 0
Net Income (Loss)	$ (3,546)	$ 5,846	$ (4,430)	$ (413)	$ 2,300	$ (4,843)
Weighted average common shares outstanding
Basic (in shares)	30,815,443		25,000,564		30,813,886	25,000,564
Diluted (in shares)	30,815,443		25,000,564		30,813,886	25,000,564
Basic (loss) income per share of common stock (in dollars per share)	$ (0.12)		$ (0.18)		$ 0.07	$ (0.19)
Diluted (loss) income per share of common stock (in dollars per share)	$ (0.12)		$ (0.18)		$ 0.07	$ (0.19)
Special cash dividend, 2024 Q2
Dividends, date paid	May 06, 2024
Cash dividend declared per share of common stock	$ 0.32
Dividends, date declared	Mar. 28, 2024
Dividends, date of record	Apr. 22, 2024
Aggregate payment of special cash dividend	$ 9,900

NET INCOME (LOSS) PER SHARE - A

NET INCOME (LOSS) PER SHARE - Anti-Dilutive Awards Excluded from Calculation (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Anti-dilutive securities excluded from calculation of earnings per share
Number of securities excluded from calculation	3,187	5,811,765	1,593	3,178,810
Convertible Note
Anti-dilutive securities excluded from calculation of earnings per share
Number of securities excluded from calculation		5,811,765		3,178,810
Restricted stock units
Anti-dilutive securities excluded from calculation of earnings per share
Number of securities excluded from calculation	3,187		1,593

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
INCOME TAXES (Details)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
INCOME TAXES
Effective tax rate (as percent)	3.60%	1.80%	3%	2%

SUPPLEMENTAL CONSOLIDATED FIN_3

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Non-cash asset purchase items (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023
Asset Acquisition
Deemed distribution of Breckenridge net assets not acquired	$ 2,329	$ 2,329
Breckenridge
Asset Acquisition
Deemed distribution (contribution) of short-term investments		1,000
Deemed distribution (contribution) of accounts receivable		1,015
Deemed distribution (contribution) of prepaids and other		1
Deemed distribution (contribution) of land and buildings		514
Deemed (distribution) contribution of accounts payable		(132)
Deemed (distribution) contribution of accrued liabilities		(69)
Deemed distribution of Breckenridge net assets not acquired		$ 2,329

SUPPLEMENTAL CONSOLIDATED FIN_4

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Historical Carrying Value of Assets Acquired (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jan. 01, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 24, 2023	Jan. 01, 2023
Asset Acquisition
Accounts receivable, net	$ 4,424	$ 12,700	$ 12,735	$ 5,500		$ 8,000
Prepaid expenses and other current assets	7,079		8,654
Property and equipment, net	15,082		16,508
Other accrued liabilities	(759)		(709)
Deferred revenue	$ (5,709)	$ (11,800)	$ (11,829)	(9,100)		$ (7,400)
Acquisition of Breckenridge net assets				$ 1,335
Breckenridge
Asset Acquisition
Accounts receivable, net					$ 67
Prepaid expenses and other current assets					56
Property and equipment, net					1,322
Other accrued liabilities					(16)
Deferred revenue					(94)
Acquisition of Breckenridge net assets					$ 1,335

SUPPLEMENTAL CONSOLIDATED FIN_5

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Consideration Paid (Details) - Breckenridge $ in Thousands	Mar. 24, 2023 USD ($)
Asset Acquisition
Common stock issued	$ 2,020
Note payable issued	9,880
Purchase price	$ 11,900

SUPPLEMENTAL CONSOLIDATED FIN_6

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Excess Purchase Price (Details) - USD ($) $ in Thousands	Mar. 24, 2023	Jun. 30, 2023
Asset Acquisition
Historical carrying value of assets acquired		$ (1,335)
Breckenridge
Asset Acquisition
Purchase price	$ 11,900
Historical carrying value of assets acquired	(1,335)
Excess purchase price	$ 10,565

SUPPLEMENTAL CONSOLIDATED FIN_7

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Deferred Costs, Deferred Revenue and Accounts Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jan. 01, 2024	Dec. 31, 2023	Jan. 01, 2023
Deferred costs			$ 4,300		$ 5,400
Total deferred costs amortized	$ 12,900	$ 17,600
Deferred revenue	5,709	9,100	11,800	$ 11,829	7,400
Revenue recognized	11,400	6,900
Accounts receivable, net	4,424	5,500	$ 12,700	$ 12,735	8,000
Employee retention credit receivable					$ 3,000
Prepaid expenses and other current assets
Deferred costs	$ 3,700	$ 7,200

SUPPLEMENTAL CONSOLIDATED FIN_8

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Related Party Transactions (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jan. 01, 2024	Dec. 31, 2023	Jan. 01, 2023
Related Party Transaction [Line Items]
Related party expenses	$ 106,000
Revenue from use of leased office space	14,000
Accounts payable	3,400,000			$ 3,883,000
Accounts receivable, net	4,424,000	$ 5,500,000	$ 12,700,000	$ 12,735,000	$ 8,000,000
Trucking charges
Related Party Transaction [Line Items]
Related party expenses	97,000
Client hosting expenses
Related Party Transaction [Line Items]
Related party expenses	$ 9,000
Wilks Brothers, LLC \| Dawson Geophysical Company
Related Party Transaction [Line Items]
Percentage of common stock owned	80%
Breckenridge
Related Party Transaction [Line Items]
Related party expenses		110,000
Breckenridge \| Trucking charges
Related Party Transaction [Line Items]
Related party expenses		60,000
Breckenridge \| Management charges
Related Party Transaction [Line Items]
Related party expenses		44,000
Breckenridge \| Payroll administration charges
Related Party Transaction [Line Items]
Related party expenses		$ 6,000
Related party
Related Party Transaction [Line Items]
Accounts payable	$ 0
Accounts receivable, net	$ 0