ENSERVCO Corporation
03/23/2021 | Press release | Distributed by Public on 03/23/2021 14:02
Enservco Reports 2020 Fourth Quarter and Full Year Financial Results
Bank refinancing, debt reduction and equity infusions strengthen balance sheet, providing ample working capital and financial flexibility
Aggressive cost reductions align expense structure with lower revenue environment caused by industry downturn and pandemic
LONGMONT, Colo., March 23, 2021 (GLOBE NEWSWIRE) -- Enservco Corporation (NYSE American: ENSV), a diversified national provider of specialized well-site services to the domestic onshore conventional and unconventional oil and gas industries, today reported financial results for its fourth quarter and full year ended December 31, 2020.
'Enservco's team came together in 2020 to overcome unprecedented challenges presented by the industry downturn and pandemic,' said Rich Murphy, Executive Chairman. 'Over the past 12 months we have transformed our balance sheet through a major debt restructuring and two capital raises that have given us added financial strength to operate our business and pursue growth opportunities.
'We also rightsized our cost structure throughout 2020, taking more than $4.2 million in annualized costs out of our business and significantly lowering our breakeven,' Murphy added. 'In addition, we began pursuing non-oilfield services business - primarily industrial services - in order to maximize fleet utilization and augment traditional revenue streams.
'Enservco is the leader in frac water heating and a trusted provider of hot oiling, acidizing and other services in major basins around the country. We have a solid safety record and a blue-chip customer base that includes hundreds of America's leading oil and gas producers. We believe we are well positioned to drive shareholder value through prudent capital allocation and profitable growth.'
Marjorie Hargrave, President and CFO, added, 'It is hard to overstate the importance of our balance sheet transformation over the past year. Our debt restructuring and capital raises have put us in our strongest financial position in several years, and we are now excited to turn our attention to further strengthening operations and executing on the opportunities presented by rising oil prices, a rebounding economy and increased industry activity.'
Highlights from 2020 and the first quarter of 2021:
$12.5 million in equity infusions strengthen balance sheet, add financial flexibility
Over the past six months, Enservco has raised net proceeds of approximately $12.5 million from equity offerings, including approximately $3.5 million through an ATM offering in the fourth quarter of 2020 and approximately $9.0 million from an S-1 offering in the first quarter of 2021. The Company used $3.0 million in proceeds to further reduce the balance on its term loan. The remaining proceeds are reserved for working capital and to pursue opportunities to add non-seasonal and non-oilfield services to the Company's services mix.
Total debt reduction since September 2020 expected to total $24 million by mid-2021
In September 2020, Enservco closed a refinancing with East West Bank that cut its total debt by $16.0 million. The revised bank facility included a $17.0 million term loan (which has since been reduced by $3.0 million) and a $1.0 million working capital revolving line of credit - both with maturity dates that were recently extended to October 15, 2022. The term loan begins amortizing in October 2021 over a 10-year amortization schedule. In conjunction with the refinancing, Enservco issued the bank 533,334 (post-split) shares of common stock plus warrants to purchase another one million shares (post-split) at $3.75 per share, making the bank a major stockholder whose interests are closely aligned with those of the Company.
In two separate transactions since August 2020, the investment firm Cross River Partners, which is Enservco's largest shareholder that's managed by Enservco's Executive Chairman Rich Murphy, converted a total of $2.8 million in subordinated debt and accrued interest into Enservco restricted common stock. Additionally, as previously mentioned, in the first quarter of 2021 the Company's term loan was paid down by an another $3.0 million with partial proceeds of a public stock offering. And finally, the Company has applied for SBA PPP loan forgiveness, which may result in another $1.9 million in total debt reduction this year.
Right sizing initiatives result in $4.2 million in annualized cost reductions
In early 2020, lower commodity prices and the pandemic led to reduced drilling and completion activity which, in turn, led to increased competition and reduced pricing and gross margins across the oilfield services sector. Enservco was aggressive throughout 2020 in reducing operating and corporate expenses to align its cost structure with the decline in demand. The Company has cut more than $4.2 million in annualized costs out of the business, which significantly lowered Enservco's break-even point and increased the potential to deliver positive financial results in a lower revenue environment.
Fourth Quarter Results
Total revenue in the fourth quarter ended December 31, 2020, was $2.4 million versus $8.1 million in the same quarter last year when oil prices and rig counts were significantly higher prior to onset of the pandemic.
Production services revenue was $1.8 million compared to $3.5 million year over year. Despite the sharp decline in production services revenue, the segment generated a segment profit of $11,000 compared to a segment loss of $116,000 in the fourth quarter a year ago - a reflection of the Company's cost-cutting measures.
Completion services revenue declined to $0.6 million from $4.6 million year over year and generated a segment loss of $0.6 million in the fourth quarter compared to a segment profit of $0.4 million in the prior year. Again, the relatively small segment loss on a $4.0 million revenue decline underscored the effectiveness of cost cutting initiatives.
Sales, general and administrative expense declined to $0.9 million from $1.3 million year over year - a reflection of cost-cutting measures.
Total operating expenses in the fourth quarter declined 44% to $5.9 million from $10.5 million year over year due primarily to reduced activity, the aforementioned cost reductions as well as lower depreciation and amortization expense. In total, the Company has taken more than $4.2 million in annualized costs out of the business since the beginning of 2020. With a much lower break-even point, Enservco is well positioned for improved profitability as the industry recovers and the impact of the pandemic subsides.
The Company reported a net loss of $3.7 million (inclusive of a $733,000 non-cash impairment charge), or $0.69 per share, in the fourth quarter compared to a net loss of $3.3 million, or $0.90 per share, in the same quarter last year.
Adjusted EBITDA in the fourth quarter was a negative $1.5 million compared to a negative $1.0 million in the same quarter last year.
Full Year Results
Total revenue for the year ended December 31, 2020, was $15.7 million versus $43.0 million in the prior year. The decline reflected lower commodity prices, decreased North American active oil rigs, COVID-19 impact and warmer than normal temperatures during the 2020 first and fourth quarters.
Production services revenue declined to $7.7 million from $14.7 million year over year and had a
segment loss of $0.7 million in 2020 compared to a segment profit of $1.1 million in 2019.
Completion services revenue declined to $8.0 million from $28.3 million year over year and generated a segment loss of $0.8 million versus a segment profit of $7.3 million in the prior year.
The segment losses were attributable to reduction in the Company's higher margin frac water heating service due to a sharp decline in drilling and completion activity resulting from lower commodity prices, the pandemic and, to a lesser extent, warm temperatures.
Total operating expenses in 2020 were reduced by 39% to $28.4 million from $46.6 million in the prior year due to lower costs of providing services combined with cost reductions and lower depreciation and amortization. Sales, general and administrative expenses improved to $5.0 million from $6.2 million year over year. Depreciation and amortization expense decreased to $5.3 million from $5.7 million due to disposal of assets in the second quarter of 2020.
Net loss in 2020, which reflected impact of the $11.9 million gain on debt restructuring in the third quarter, was $2.5 million, or $0.60 per diluted share, compared to a net loss of $7.7 million, or $2.06 per diluted share, in the prior year.
Adjusted EBITDA in 2020 was a negative $5.7 million versus a positive $2.8 million in 2019.
Enservco used $4.4 million in cash from operations in 2020 compared to $4.5 million in net cash provided by operations in 2019.
Conference Call Information
Management will hold a conference call today to discuss these results. The call will begin at 2:30 p.m. Mountain Time (4:30 p.m. Eastern) and will be accessible by dialing 888-506-0062 (973-528-0011 for international callers). Entry code: 441585. A telephonic replay will be available through March 30, 2021, by calling 877-481-4010 (919-882-2331 for international callers) and entering the Replay ID # 40406. To listen to the webcast, participants should go to the ENSERVCO website at www.enservco.com and link to the 'Investors' page at least 10 minutes early to register and download any necessary audio software. A replay of the webcast will be available until April 23, 2021. The webcast also is available here: https://www.webcaster4.com/Webcast/Page/2228/40406
About Enservco
Through its various operating subsidiaries, Enservco provides a wide range of oilfield services, including hot oiling, acidizing, frac water heating and related services. The Company has a broad geographic footprint covering seven major domestic oil and gas basins and serves customers in Colorado, Montana, New Mexico, North Dakota, Oklahoma, Pennsylvania, Ohio, Texas, Wyoming and West Virginia. Additional information is available at www.enservco.com
*Note on non-GAAP Financial Measures
This press release and the accompanying tables include a discussion of EBITDA and Adjusted EBITDA, which are non-GAAP financial measures provided as a complement to the results provided in accordance with generally accepted accounting principles ('GAAP'). The term 'EBITDA' refers to a financial measure that we define as earnings (net income or loss) plus or minus net interest plus taxes, depreciation and amortization. Adjusted EBITDA excludes from EBITDA stock-based compensation and, when appropriate, other items that management does not utilize in assessing Enservco's operating performance (as further described in the attached financial schedules). None of these non-GAAP financial measures are recognized terms under GAAP and do not purport to be an alternative to net income as an indicator of operating performance or any other GAAP measure. We have reconciled Adjusted EBITDA to GAAP net income in the Consolidated Statements of Operations table at the end of this release. We intend to continue to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting.
Cautionary Note Regarding Forward-Looking Statements
This news release contains information that is 'forward-looking' in that it describes events and conditions Enservco reasonably expects to occur in the future. Expectations for the future performance of Enservco are dependent upon a number of factors, and there can be no assurance that Enservco will achieve the results as contemplated herein. Certain statements contained in this release using the terms 'may,' 'expects to,' and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond Enservco's ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein. Among these risks are those set forth in Enservco's annual report on Form 10-K for the year ended December 31, 2020, and subsequently filed documents with the SEC. Forward looking statements in this news release that are subject to risk include ability to further strengthen operations and execute on opportunities; ability to win non-oilfield services business and pursue M&A transactions; ability to maintain industry leadership in frac water heating and to maintain a solid safety record and blue-chip customer base; and ability to drive shareholder value. It is important that each person reviewing this release understand the significant risks attendant to the operations of Enservco. Enservco disclaims any obligation to update any forward-looking statement made herein.
Contact:
Jay Pfeiffer
Pfeiffer High Investor Relations, Inc.
Phone: 303-880-9000
Email: [email protected]
Marjorie Hargrave
President and CFO
Enservco Corporation
[email protected]
| ENSERVCO CORPORATION | ||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||||
| (in thousands) | ||||||||||||||||||
| For the Three Months Ended | For the Year Ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||
| Revenues | ||||||||||||||||||
| Production services | $ | 1,766 | $ | 3,465 | $ | 7,714 | $ | 14,704 | ||||||||||
| Completion and other services | 626 | 4,611 | 7,969 | 28,322 | ||||||||||||||
| 2,392 | 8,076 | 15,683 | 43,026 | |||||||||||||||
| Expenses | ||||||||||||||||||
| Production services | 1,755 | 3,581 | 8,410 | 13,575 | ||||||||||||||
| Completion and other services | 1,188 | 4,203 | 8,801 | 21,032 | ||||||||||||||
| Sales, general and administrative expenses | 944 | 1,325 | 5,002 | 6,153 | ||||||||||||||
| Patent litigation and defense costs | - | 56 | - | 10 | ||||||||||||||
| Severance and transition costs | 6 | - | 145 | 83 | ||||||||||||||
| (Gain) loss on disposal of equipment | (12 | ) | (69 | ) | 47 | (73 | ) | |||||||||||
| Impairment loss | 733 | - | 733 | 127 | ||||||||||||||
| Depreciation and amortization | 1,305 | 1,446 | 5,282 | 5,692 | ||||||||||||||
| Total operating expenses | 5,919 | 10,542 | 28,420 | 46,599 | ||||||||||||||
| Loss from operations | (3,527 | ) | (2,466 | ) | (12,737 | ) | (3,573 | ) | ||||||||||
| Other income (expense) | ||||||||||||||||||
| Interest expense | (30 | ) | (570 | ) | (1,695 | ) | (2,805 | ) | ||||||||||
| Gain on restructuring of senior revolving credit facility (Note 7) | - | - | 11,916 | - | ||||||||||||||
| Gain on settlement | - | - | - | 1,252 | ||||||||||||||
| Other income (expense) | 1 | 20 | 126 | (162 | ) | |||||||||||||
| Total other expense (income) | (29 | ) | (550 | ) | 10,347 | (1,715 | ) | |||||||||||
| Loss from continuing operations before income tax benefit (expense) | (3,556 | ) | (3,016 | ) | (2,390 | ) | (5,288 | ) | ||||||||||
| Income tax benefit (expense) | 3 | - | (12 | ) | (32 | ) | ||||||||||||
| Loss from continuing operations | $ | (3,553 | ) | $ | (3,016 | ) | $ | (2,402 | ) | $ | (5,320 | ) | ||||||
| Loss from discontinued operations (Note 6) | (167 | ) | (326 | ) | (107 | ) | (2,332 | ) | ||||||||||
| Net loss | $ | (3,720 | ) | $ | (3,342 | ) | $ | (2,509 | ) | $ | (7,652 | ) | ||||||
| Loss from continuing operations per common share - basic and diluted | $ | (0.66 | ) | $ | (0.81 | ) | $ | (0.57 | ) | $ | (1.43 | ) | ||||||
| Loss from discontinued operations per common share - basic and diluted | (0.03 | ) | $ | (0.09 | ) | (0.03 | ) | (0.63 | ) | |||||||||
| Net loss per share - basic and diluted | $ | (0.69 | ) | $ | (0.90 | ) | $ | (0.60 | ) | $ | (2.06 | ) | ||||||
| Weighted average number of common shares outstanding - basic and diluted | 5,385 | 3,699 | 4,174 | 3,713 | ||||||||||||||
| ENSERVCO CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
| Calculation of Adjusted EBITDA * | ||||||||||||||||||
| For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||
| Net loss | $ | (3,720 | ) | $ | (3,342 | ) | $ | (2,509 | ) | $ | (7,652 | ) | ||||||
| Add back (deduct) | ||||||||||||||||||
| Interest expense (including discontinued operations) | 31 | 573 | 1,698 | 2,808 | ||||||||||||||
| Provision for income tax expense | (3 | ) | - | 12 | 32 | |||||||||||||
| Depreciation and amortization (including discontinued operations) | 1,312 | 1,748 | 5,308 | 6,870 | ||||||||||||||
| EBITDA | (2,380 | ) | (1,021 | ) | 4,509 | 2,058 | ||||||||||||
| Add back (deduct) | ||||||||||||||||||
| Stock-based compensation | 15 | 54 | 392 | 275 | ||||||||||||||
| Severance and transition costs | 6 | - | 145 | 83 | ||||||||||||||
| Patent litigation and defense costs | - | - | - | 10 | ||||||||||||||
| One-time software expense | - | 39 | - | 64 | ||||||||||||||
| Impairment loss | 733 | - | 733 | 127 | ||||||||||||||
| Loss (gain) on disposal of equipment (including discontinued operations) | 149 | (78 | ) | 115 | (80 | ) | ||||||||||||
| Gain on debt restructuring | - | - | (11,916 | ) | - | |||||||||||||
| Gain on settlement | - | (1,252 | ) | - | (1,252 | ) | ||||||||||||
| Adler consolidation | - | 55 | 156 | |||||||||||||||
| Other expense | 19 | 1,253 | 246 | 153 | ||||||||||||||
| EBITDA related to discontinued operations | - | 39 | 11 | 1,172 | ||||||||||||||
| Adjusted EBITDA | $ | (1,458 | ) | $ | (966 | ) | $ | (5,710 | ) | $ | 2,766 | |||||||
| Use of Non-GAAP Financial Measures: Non-GAAP results are presented only as a supplement to the financial statements and for use within management's discussion and analysis based on U.S. generally accepted accounting principles (GAAP). The non-GAAP financial information is provided to enhance the reader's understanding of the Company's financial performance, but no non-GAAP measure should be considered in isolation or as a substitute for financial measures calculated in accordance with GAAP. Reconciliations of the most directly comparable GAAP measures to non-GAAP measures are provided herein. | ||||||||||||||||||
| EBITDA is defined as net (loss) income (earnings), before interest expense, income taxes, and depreciation and amortization. Adjusted EBITDA excludes stock-based compensation from EBITDA and, when appropriate, other items that management does not utilize in assessing the Company's ongoing operating performance as set forth in the next paragraph. None of these non-GAAP financial measures are recognized terms under GAAP and do not purport to be an alternative to net income as an indicator of operating performance or any other GAAP measure. | ||||||||||||||||||
| All of the items included in the reconciliation from net income to EBITDA and from EBITDA to Adjusted EBITDA are either (i) non-cash items (e.g., depreciation, amortization of purchased intangibles, stock-based compensation, impairment losses, etc.) or (ii) items that management does not consider to be useful in assessing the Company's ongoing operating performance (e.g., income taxes, gain or losses on sale of equipment, severance and transition costs, gain on settlement, expenses to consolidate former Adler facilities, patent litigation and defense costs, other expense (income), EBITDA related to discontinued operations, etc.). In the case of the non-cash items, management believes that investors can better assess the company's operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect the Company's ability to generate free cash flow or invest in its business. | ||||||||||||||||||
| We use, and we believe investors benefit from the presentation of, EBITDA and Adjusted EBITDA in evaluating our operating performance because it provides us and our investors with an additional tool to compare our operating performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect our core operations. We believe that EBITDA is useful to investors and other external users of our financial statements in evaluating our operating performance because EBITDA is widely used by investors to measure a company's operating performance without regard to items such as interest expense, taxes, and depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired. Additionally, our fixed charge coverage ratio covenant associated with our Loan and Security Agreement with East West Bank require the use of Adjusted EBITDA in specific calculations. | ||||||||||||||||||
| Because not all companies use identical calculations, the Company's presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. However, these measures can still be useful in evaluating the Company's performance against its peer companies because management believes the measures provide users with valuable insight into key components of GAAP financial disclosures. | ||||||||||||||||||
| ENSERVCO CORPORATION | ||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||
| (In thousands) | ||||||||||
|
December 31, |
December 31, |
|||||||||
|
ASSETS |
2020 | 2019 | ||||||||
| Current Assets | ||||||||||
| Cash and cash equivalents | $ | 1,467 | $ | 663 | ||||||
| Accounts receivable, net | 1,733 | 6,424 | ||||||||
| Prepaid expenses and other current assets | 858 | 1,016 | ||||||||
| Inventories | 295 | 398 | ||||||||
| Income tax receivable, current | - | 43 | ||||||||
| Assets for held for sale | 527 | - | ||||||||
| Current assets of discontinued operations | - | 187 | ||||||||
| Total current assets | $ | 4,880 | $ | 8,731 | ||||||
| Property and equipment, net | 20,317 | 26,620 | ||||||||
| Goodwill | 546 | 546 | ||||||||
| Intangible assets, net | 617 | 828 | ||||||||
| Income tax receivable, noncurrent | - | 14 | ||||||||
| Right-of-use asset - finance, net | 129 | 569 | ||||||||
| Right-of-use asset - operating, net | 2,918 | 3,793 | ||||||||
| Other assets | 423 | 445 | ||||||||
| Non-current assets of discontinued operations | 353 | 1,430 | ||||||||
| TOTAL ASSETS | $ | 30,183 | $ | 42,976 | ||||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |
||||||||||
| Current Liabilities | ||||||||||
| Accounts payable and accrued liabilities | $ | 1,931 | $ | 4,470 | ||||||
|
Senior revolving credit facility, related party (including future interest payable of $892 and $0, respectively - see Note 2 and Note 7) |
1,593 | 33,994 | ||||||||
| Subordinated debt, related party (Note 2) | - | 2,381 | ||||||||
| Lease liability - finance, current | 65 | 207 | ||||||||
| Lease liability - operating, current | 854 | 848 | ||||||||
| Current portion of long-term debt | 100 | 147 | ||||||||
| Current liabilities of discontinued operations | 31 | 72 | ||||||||
| Total current liabilities | $ | 4,574 | $ | 42,119 | ||||||
| Long-Term Liabilities | ||||||||||
|
Senior revolving credit facility, related party (including future interest payable of $485 and $0, respectively - see Note 2 and Note 7) |
$ | 17,485 | - | |||||||
| Subordinated debt, related party (Note 2) | 1,180 | - | ||||||||
| Long-term debt, less current portion | 2,052 | 198 | ||||||||
| Lease liability - finance, less current portion | 55 | 259 | ||||||||
| Lease liability - operating, less current portion | 2,185 | 3,009 | ||||||||
| Other liabilies | 88 | 33 | ||||||||
| Long-term liabilities of discontinued operations | 9 | 34 | ||||||||
| Total long-term liabilities | $ | 23,054 | $ | 3,533 | ||||||
| Total liabilities | $ | 27,628 | $ | 45,652 | ||||||
| Commitments and Contingencies (Note 12) | ||||||||||
| Stockholders' Equity (Deficit) | ||||||||||
|
Preferred stock, $.005 par value, 10,000,000 shares authorized, no shares issued or outstanding |
- | - | ||||||||
|
Common stock. $0.005 par value, 100,000,000 shares authorized, 6,307,868 and 3,709,522 shares issued as of December 31, 2020 and December 31, 2019, respectively; 6,907 shares of treasury stock as of December 31, 2020 and 2019; and 6,300,961 and 3,702,615 shares outstanding December 31, 2020 and December 31, 2019, respectively |
32 | 19 | ||||||||
| Additional paid-in capital | 30,052 | 22,325 | ||||||||
| Accumulated deficit | (27,529 | ) | (25,020 | ) | ||||||
| Total stockholders' equity (deficit) | $ | 2,555 | (2,676 | ) | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ | 30,183 | $ | 42,976 | ||||||
| ENSERVCO CORPORATION | ||||||||||
| CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) | ||||||||||
| For the Year Ended | ||||||||||
| December 31, | ||||||||||
| 2020 | 2019 | |||||||||
| OPERATING ACTIVITIES | ||||||||||
| Net income (loss) | $ | (2,509 | ) | $ | (7,652 | ) | ||||
| Net income (loss) from discontinued operations | (107 | ) | (2,332 | ) | ||||||
| Net income (loss) from continuing operations | (2,402 | ) | (5,320 | ) | ||||||
| Adjustments to reconcile net (loss) income to net cash | ||||||||||
| used in operating activities | ||||||||||
| Depreciation and amortization | 5,282 | 5,692 | ||||||||
| Loss (gain) loss on disposal of property and equipment | 47 | (73 | ) | |||||||
| Impairment loss | 733 | 127 | ||||||||
| Gain on settlement | - | (1,252 | ) | |||||||
| Stock-based compensation | 392 | 275 | ||||||||
| Amortization of debt issuance costs and discount | 131 | 321 | ||||||||
| Gain on restructuring of senior revolving credit facility | (11,916 | ) | - | |||||||
| Gain on early termination of finance leases | (3 | ) | - | |||||||
| Interest paid-in-kind on line of credit | 326 | - | ||||||||
| Lease termination expense | - | 62 | ||||||||
| Provision for bad debt expense | 140 | 160 | ||||||||
| Changes in operating assets and liabilities | ||||||||||
| Accounts receivable | 4,551 | 3,257 | ||||||||
| Inventories | 103 | 116 | ||||||||
| Prepaid expense and other current assets | 157 | 17 | ||||||||
| Income taxes receivable | 43 | 43 | ||||||||
| Amortization of operating lease assets | 829 | 736 | ||||||||
| Other assets | 1 | 274 | ||||||||
| Accounts payable and accrued liabilities | (2,272 | ) | 1,328 | |||||||
| Operating lease liabilities | (771 | ) | (727 | ) | ||||||
| Other liabilities | 54 | 44 | ||||||||
| Net cash (used in) provided by operating activities - continuing operations | (4,575 | ) | 5,080 | |||||||
| Net cash provided by (used in) operating activities - discontinued operations | 132 | (613 | ) | |||||||
| Net cash (used in) provided by operating activities | (4,443 | ) | 4,467 | |||||||
| INVESTING ACTIVITIES | ||||||||||
| Purchases of property and equipment | (361 | ) | (1,191 | ) | ||||||
| Proceeds from insurance claims | 294 | 49 | ||||||||
| Proceeds from disposal of property and equipment | 329 | 284 | ||||||||
| Net cash provided by (used in) investing activities - continuing operations | 262 | (858 | ) | |||||||
| Net cash provided by investing activities - discontinued operations | 765 | 400 | ||||||||
| Net cash provided by (used in) investing activities | 1,027 | (458 | ) | |||||||
| FINANCING ACTIVITIES | ||||||||||
| Gross proceeds from stock issuance | 3,597 | - | ||||||||
| Stock issuance costs and registration fees | (296 | ) | - | |||||||
| Net line of credit (repayments) borrowings | (795 | ) | 61 | |||||||
| Proceeds from issuance of long-term debt | 1,940 | 500 | ||||||||
| Repayment of long-term debt | (134 | ) | (115 | ) | ||||||
| Repayment of note | - | (3,700 | ) | |||||||
| Payments of finance leases | (159 | ) | (326 | ) | ||||||
| Proceeds from sale of finance lease assets | 67 | - | ||||||||
| Other financing | - | (1 | ) | |||||||
| Net cash provided by (used in) financing activities - continuing operations | 4,220 | (3,581 | ) | |||||||
| Net cash provided by financing activities - discontinued operations | - | (22 | ) | |||||||
| Net cash provided by (used in) financing activities | 4,220 | (3,603 | ) | |||||||
| Net increase in Cash and Cash Equivalents | 804 | 406 | ||||||||
| Cash and Cash Equivalents, beginning of period | 663 | 257 | ||||||||
| Cash and Cash Equivalents, end of period | $ | 1,467 | $ | 663 | ||||||
| Supplemental Cash Flow Information: | ||||||||||
| Cash paid for interest | $ | 1,414 | $ | 1,794 | ||||||
| Cash paid for taxes | 2 | 32 | ||||||||
| Supplemental Disclosure of Non-cash Investing and Financing Activities: | ||||||||||
| Non-cash reduction of senior revolving credit facility | $ | 16,000 | $ | - | ||||||
|
Non-cash issuance of common stock and warrants in connection with restructuring of senior revolving credit facility |
2,532 | - | ||||||||
| Non-cash conversion of subordinated debt and accrued interest to common stock | 1,515 | - | ||||||||
| Non-cash conversion of accrued interest to senior revolving credit facility debt | 326 | - | ||||||||
| Non-cash proceeds from senior revolving credit facility debt | - | 125 |