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