XML 35 R23.htm IDEA: XBRL DOCUMENT
v3.20.2

Summary of Significant Accounting Policies (Tables) | 9 Months Ended
--- | ---
Sep. 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 nine months ended September 30, 2020 and 2019:
| Three months ended September 30, |  | Nine months ended September 30,
| (in thousands) |  | (in thousands)
| 2020 |  | 2019 |  | 2020 |  | 2019
Compressors - sales | $ | — |  |  | $ | 4,703 |  |  | $ | 2,211 |  |  | $ | 12,199 |
Flares - sales | 67 |  |  | 243 |  |  | 308 |  |  | 783 |
Other (parts/rebuilds) - sales | 469 |  |  | 931 |  |  | 1,475 |  |  | 2,834 |
Service and maintenance | 368 |  |  | 541 |  |  | 974 |  |  | 1,529 |
Total revenue from contracts with customers | 904 |  |  | 6,418 |  |  | 4,968 |  |  | 17,345 |
Add: ASC 842 rental revenue | 14,861 |  |  | 14,434 |  |  | 46,092 |  |  | 41,393 |
Total revenue | $ | 15,765 |  |  | $ | 20,852 |  |  | $ | 51,060 |  |  | $ | 58,738 |
Schedule of Contract with Customer, Asset and Liability | As of September 30, 2020 and December 31, 2019, we had the following receivables and deferred income from contracts with customers:
| (in thousands)
| September 30, 2020 |  | December 31, 2019
Accounts Receivable |  |  |
Accounts receivable - contracts with customers | $ | 1,252 |  |  | $ | 3,061 |
Accounts receivable - ASC 842 | 10,251 |  |  | 6,963 |
Total Accounts Receivable | $ | 11,503 |  |  | $ | 10,024 |
Less: Allowance for doubtful accounts | (1,119) |  |  | (918) |
Total Accounts Receivable, net | $ | 10,384 |  |  | $ | 9,106 |
Deferred income | $ | 583 |  |  | $ | 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 nine months ended September 30, 2019: Revised Condensed Consolidated Statements of Operations
|  | For the three months ended September 30, 2019
($ in thousands, except per share) |  | As Reported |  | Revisions |  | As Revised
Total revenue |  | $ | 20,852 |  |  | $ | — |  |  | $ | 20,852 |
Operating costs and expenses: |  |  |  |  |  |
Cost of rentals, exclusive of depreciation stated separately below |  | 6,300 |  |  | 407 |  |  | 6,707 |
Depreciation and amortization |  | 5,867 |  |  | 53 |  |  | 5,920 |
Total operating costs and expenses |  | 34,413 |  |  | 460 |  |  | 34,873 |
Operating loss |  | (13,561) |  |  | (460) |  |  | (14,021) |
Loss before provision for income taxes |  | (13,472) |  |  | (460) |  |  | (13,932) |
Income tax benefit |  | 1,240 |  |  | 113 |  |  | 1,353 |
Net loss |  | (12,232) |  |  | (347) |  |  | (12,579) |
Loss per share, basic |  | (0.93) |  |  | (0.03) |  |  | (0.96) |
Loss per share, diluted |  | (0.93) |  |  | (0.03) |  |  | (0.96) |
|  | For the nine months ended September 30, 2019
($ in thousands, except per share) |  | As Reported |  | Revisions |  | As Revised
Total revenue |  | $ | 58,738 |  |  | $ | — |  |  | $ | 58,738 |
Operating costs and expenses: |  |  |  |  |  |
Cost of rentals, exclusive of depreciation stated separately below |  | 18,544 |  |  | 996 |  |  | 19,540 |
Depreciation and amortization |  | 17,108 |  |  | 109 |  |  | 17,217 |
Total operating costs and expenses |  | 71,497 |  |  | 1,105 |  |  | 72,602 |
Operating loss |  | (12,759) |  |  | (1,105) |  |  | (13,864) |
Loss before provision for income taxes |  | (12,192) |  |  | (1,105) |  |  | (13,297) |
Income tax benefit |  | 890 |  |  | 253 |  |  | 1,143 |
Net loss |  | (11,302) |  |  | (852) |  |  | (12,154) |
Loss per share, basic |  | (0.86) |  |  | (0.07) |  |  | (0.93) |
Loss per share, diluted |  | (0.86) |  |  | (0.07) |  |  | (0.93) |
Revised Condensed Consolidated Statement of Stockholders' Equity
|  | For the nine months ended September 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 |
Net income (loss) for the three months ended September 30, 2019 |  | $ | (12,232) |  |  | $ | (347) |  |  | $ | (12,579) |
Retained earnings balance at September 30, 2019 |  | 140,989 |  |  | (1,801) |  |  | 139,188 |
Total stockholders' equity at September 30, 2019 |  | 250,491 |  |  | (1,801) |  |  | 248,690 |
Revised Condensed Consolidated Statement of Cash Flows
|  | For the nine months ended September 30, 2019
($ in thousands) |  | As Reported |  | Revisions |  | As Revised
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | (11,302) |  |  | $ | (852) |  |  | $ | (12,154) |
Depreciation and amortization |  | 17,108 |  |  | 109 |  |  | 17,217 |
Deferred taxes |  | (929) |  |  | (248) |  |  | (1,177) |
Inventory decrease |  | 1,861 |  |  | 1,937 |  |  | 3,798 |
Prepaid expenses and prepaid income taxes decrease (increase) |  | 198 |  |  | (270) |  |  | (72) |
Net cash provided by operating activities |  | 20,609 |  |  | 676 |  |  | 21,285 |
Cash flows from investing activities: |  |  |  |  |  |
Purchase of rental equipment, property and other equipment |  | (53,401) |  |  | (676) |  |  | (54,077) |
Net cash used in investing activities |  | (53,571) |  |  | (676) |  |  | (54,247) |
Net change in cash and cash equivalents |  | (33,146) |  |  | — |  |  | (33,146) |

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794 + Details
Name: | us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration