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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Disaggregation of Revenue

The following table shows the Company's revenue disaggregated by product or service type for the three and six months ended June 30, 2020 and 2019:

			Three months ended June 30,																		Six months ended June 30,
			(in thousands)																		(in thousands)
			2020						2019						2020						2019
Compressors - sales			$	1,360					$	4,788					$	2,212					$	7,496
Flares - sales			160						106						240						541
Other (parts/rebuilds) - sales			488						920						1,006						1,902
Service and maintenance			266						509						606						988
Total revenue from contracts with customers			2,274						6,323						4,064						10,927
Add: ASC 842 rental revenue			15,131						13,572						31,231						26,959
Total revenue			$	17,405					$	19,895					$	35,295					$	37,886

Schedule of Contract with Customer, Asset and Liability

As of June 30, 2020 and December 31, 2019, we had the following receivables and deferred income from contracts with customers:

			(in thousands)
			June 30, 2020						December 31, 2019
Accounts Receivable
Accounts receivable - contracts with customers			$	3,176					$	3,061
Accounts receivable - ASC 842			9,470						6,963
Total Accounts Receivable			$	12,646					$	10,024
Less: Allowance for doubtful accounts			(972)						(918)
Total Accounts Receivable, net			$	11,674					$	9,106
Deferred income			$	125					$	640

Schedules of Revisions of Prior Period Financial Statements

The following is a summary of the revisions to our unaudited, condensed consolidated financial statements for the three and six months ended June 30, 2019:

Revised Condensed Consolidated Statements of Operations

						For the three months ended June 30, 2019
($ in thousands)						As Reported						Revisions						As Revised
Total revenue						$	19,895					$	—					$	19,895
Operating costs and expenses:
Cost of rentals, exclusive of depreciation stated separately below						6,359						254						6,613
Depreciation and amortization						5,683						37						5,720
Total operating costs and expenses						19,302						291						19,593
Operating income (loss)						593						(291)						302
Income before provision for income taxes						770						(291)						479
Income tax (expense) benefit						(197)						45						(152)
Net income (loss)						573						(246)						327
Earnings (loss) per share, basic						0.04						(0.02)						0.02
Earnings (loss) per share, diluted						0.04						(0.02)						0.02

						For the six months ended June 30, 2019
($ in thousands)						As Reported						Revisions						As Revised
Total revenue						$	37,886					$	—					$	37,886
Operating costs and expenses:
Cost of rentals, exclusive of depreciation stated separately below						12,244						589						12,833
Depreciation and amortization						11,241						56						11,297
Total operating costs and expenses						37,084						645						37,729
Operating income (loss)						802						(645)						157
Income before provision for income taxes						1,280						(645)						635
Income tax (expense) benefit						(350)						140						(210)
Net income (loss)						930						(505)						425
Earnings (loss) per share, basic						0.07						(0.04)						0.03
Earnings (loss) per share, diluted						0.07						(0.04)						0.03

Revised Condensed Consolidated Statement of Stockholders' Equity

						For the six months ended June 30, 2019
($ in thousands)						As Reported						Revisions						As Revised
Retained earnings balance at January 1, 2019						$	152,291					$	(949)					$	151,342
Total stockholders' equity at January 1, 2019						260,181						(949)						259,232
Net income (loss) for the three months ended March 31, 2019						357						(259)						98
Retained earnings balance at March 31, 2019						152,648						(1,208)						151,440
Total stockholders' equity at March 31, 2019						261,396						(1,208)						260,188
Net income (loss) for the three months ended June 30, 2019						573						(246)						327
Retained earnings balance at June 30, 2019						153,221						(1,454)						151,767
Total stockholders' equity at June 30, 2019						262,570						(1,454)						261,116

Revised Condensed Consolidated Statement of Cash Flows

						For the six months ended June 30, 2019
($ in thousands)						As Reported						Revisions						As Revised
Cash flows from operating activities:
Net income						$	930					$	(505)					$	425
Depreciation and amortization						11,241						56						11,297
Deferred taxes						356						(137)						219
Inventory decrease						1,200						1,111						2,311
Prepaid expenses and prepaid income taxes increase						(22)						(203)						(225)
Net cash provided by operating activities						6,447						322						6,769
Cash flows from operating activities:
Purchase of rental equipment, property and other equipment						(29,402)						(322)						(29,724)
Net cash used in investing activities						(29,476)						(322)						(29,798)
Net change in cash and cash equivalents						(22,717)						—						(22,717)

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Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

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