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Subsequent Events | 3 Months Ended
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Mar. 31, 2020
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events In April 2020, the Company was notified by the New York Exchange (“NYSE”) that the average closing stock price had fallen below the minimum average closing price required to maintain listing on the NYSE. The Company initially had until October 2020 to regain compliance with the minimum share price requirement, but due to recent market turmoil, the NYSE has filed a rule change related to the compliance periods for price-based listing requirements through June 30, 2020, which extended the Company’s compliance period to December 2020. In April 2020, the Company filed a Form 1139 for a tentative tax refund of $6.1 million pursuant to the CARES Act that extended NOL carryback provisions and recorded an income tax receivable of the same amount at March 31, 2020. In April 2020, the Company received a $4.8 million loan under the Paycheck Protection Program (“PPP”) which was created through the Coronavirus Aid, Relief, and Economic Act (“CARES Act”) and is administered by the U.S. Small Business Administration (“SBA”). The loan has a fixed interest rate of 1%, matures in two years and payments are deferred for six months. A portion of the loan is eligible for forgiveness by the SBA depending upon the extent of proceeds used for payroll costs and other designated expenses incurred for up to 24 weeks following loan origination, subject to adjustments for headcount reductions and compensation limits and provided that at least 60% of the eligible costs incurred are used for payroll. Receipt of these funds requires the Company to, in good faith, certify that the current economic uncertainty made the loan request necessary to support ongoing operations of the Company. This certification further requires the Company to take into account current business activity and the ability to access other sources of liquidity sufficient to support ongoing operations in a manner that is not significantly detrimental to the business. At the annual shareholders’ meeting held on May 5, 2020, the shareholders approved an increase in the number of authorized shares by 60.0 million to 140.0 million. The additional authorized shares of common stock will be available for corporate purposes, including acquisitions of other companies, products, technologies or businesses. On May 18, 2020, the Company announced the acquisition of 100% of the equity interests in JP3 Measurement, LLC (“JP3”), a privately held leading data and analytics technology company, in exchange for cash-and-stock valued at approximately $34.4 million and the assumption of $1.3 million of debt. JP3’s innovative, real-time data platforms combine the energy industry’s only field-deployable, inline optical analyzer with proprietary cloud visualization and analytics to radically increase processing efficiencies and valuation of natural gas, crude oil and refined fuels. The transaction positions Flotek for accelerated growth and diversifies the Company’s business across all segments of the hydrocarbon value chain, while enhancing existing chemistry applications and broadening its customer reach across the midstream and downstream sectors. In May 2020, the Company finalized a contract to terminate the lease of its Houston corporate headquarters office in exchange for a one-time payment of $1.0 million. On June 9, 2020, the board of directors of the Company rescinded the authorization to repurchase the Company’s stock that had been previously approved in June 2015.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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