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Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Business Combinations Policy [Policy Text Block]

Merger

 

On March 10, 2021, Frank’s International N.V. (“FINV” or “Frank’s”) and New Eagle Holdings Limited, an exempted company limited by shares incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of FINV (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Expro Group Holdings International Limited ("Legacy Expro"), an exempted company limited by shares incorporated under the laws of the Cayman Islands, providing for the merger of Legacy Expro with and into Merger Sub in an all-stock transaction, with Merger Sub surviving the merger as a direct, wholly owned subsidiary of the Frank’s (the “Merger”). The Merger closed on October 1, 2021, and Frank's was renamed “Expro Group Holdings N.V.”  The Merger will be accounted for using the acquisition method of accounting with Legacy Expro being identified as the accounting acquirer. As the Merger did not close until after the quarter ended September 30, 2021, the historical financial statements presented in this Quarterly Report on Form 10-Q reflect the financial position, results of operations and cash flows of Frank's, the Predecessor Registrant. 

 

Unless otherwise indicated, references to the terms “Frank’s” or the “Predecessor Registrant” refers to Frank’s International N.V., the predecessor reporting entity prior to the Merger, references to “Legacy Expro” refer to Expro Group Holdings International Limited, the entity acquired by the Company, and references to the “combined company,” the “Company,” “we,” “our,” and “us” refer to Expro Group Holdings N.V., the successor reporting entity following the consummation of the Merger.

 

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

 

The condensed consolidated financial statements of FINV for the three and nine months ended September 30, 2021 and 2020 include the activities of FINV, Frank's International C.V. ("FICV"), Blackhawk Group Holdings, LLC (“Blackhawk”) and their wholly owned subsidiaries (either individually or together, as context requires, "Frank's" or "FINV") prior to the Merger. All intercompany accounts and transactions have been eliminated for purposes of preparing these condensed consolidated financial statements.

 

The accompanying condensed consolidated financial statements have not been audited by Frank's independent registered public accounting firm. The consolidated balance sheet at December 31, 2020, is derived from audited financial statements. However, certain information and footnote disclosures required by generally accepted accounting principles in the United States of America (“GAAP”) for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020, which are included in Frank's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 1, 2021 (“Annual Report”). In the opinion of management, these condensed consolidated financial statements, which have been prepared pursuant to the rules of the SEC and GAAP for interim financial reporting, reflect all adjustments, which consisted only of normal recurring adjustments that were necessary for a fair statement of the interim periods presented. The results of operations for interim periods are not necessarily indicative of those for a full year. Additionally, operating results for the three and nine months ended September 30, 2021 reflect the results of operations of Frank’s prior to the Merger and are therefore not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2021.

 

Further, on September 30, 2021, Frank’s board of directors (the “Prior Board”) unanimously approved a 1-for-6 reverse stock split of Frank’s common stock, which was effected on October 1, 2021. All of the outstanding Company Common Stock (as defined below) share numbers, nominal value, share prices and per share amounts in these condensed consolidated financial statements have been retroactively adjusted to reflect a 1-for-6 reverse stock split for all periods presented. Refer to Note 17—Subsequent Events for further information.

 

The condensed consolidated financial statements have been prepared on a historical cost basis using the United States dollar as the reporting currency. Frank's functional currency is primarily the United States dollar.

Reclassification, Comparability Adjustment [Policy Text Block]

Reclassifications

 

Certain prior-period amounts have been reclassified to conform to the current period’s presentation. These reclassifications had no impact on Frank's operating income (loss), net income (loss), working capital, cash flows or total equity previously reported.

 

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

 

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) generally in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification.

 

We consider the applicability and impact of all accounting pronouncements. ASUs not listed below were assessed and were either determined to be not applicable or are expected to have immaterial impact on Frank's consolidated financial position, results of operations and cash flows.

 

In June 2016, the FASB issued new accounting guidance for credit losses on financial instruments. The guidance includes the replacement of the “incurred loss” approach for recognizing credit losses on financial assets, including trade receivables, with a methodology that reflects expected credit losses, which considers historical and current information as well as reasonable and supportable forecasts. Frank's adopted the guidance on January 1, 2020, and the adoption did not have a material impact on its consolidated financial statements. The new credit loss standard is expected to accelerate recognition of credit losses on accounts receivable. See Note 3—Accounts Receivable, net for additional information regarding allowance for credit losses on Frank's accounts receivable.