Enservco Corporation (NYSE American: ENSV), a diversified national
provider of specialized well-site services to the domestic onshore
conventional and unconventional oil and gas industries, today
reported financial results for its 2021 fourth quarter and full
year ended December 31, 2021.
“We are encouraged by our sustained growth momentum that saw us
close the year with our third consecutive quarter of year-over-year
revenue increases and significant growth in all of our service
areas, particularly in the more predictable hot oiling business,”
said Rich Murphy, Executive Chairman. “We are benefitting from
increased customer demand driven by higher commodity prices and the
addition of new customers. We also have redeployed equipment to
more active areas and are expanding our geographic footprint while
executing at a high level for legacy and new customers. While
activity levels have improved and pricing pressures have
alleviated, the drilling and pandemic downturn of 2020 continued to
adversely affect our bottom line through 2021.
“We believe the oil and gas industry outlook is very favorable
and are focused on extending our growth momentum, which should
result in an improved bottom line in 2022. For the first quarter of
2022, we expect to report that revenue will increase in the range
of 58% to 64% over the prior year first quarter.
“We recently strengthened our balance sheet by significantly
reducing our total debt, which has been largely reclassified as
long-term liabilities with four to six-year terms. We also
strengthened our finance team with the appointment of Mark
Patterson to the role of Chief Financial Officer. Mark is a highly
accomplished finance and operations executive with an extensive
track record of helping companies accelerate growth. We look
forward to benefitting from his skill set and leadership as we
continue to execute our growth strategy.”
Patterson is a former Board Member and CFO of Express-1
Expedited Solutions, which later changed its name to XPO Logistics
– a $12 billion NYSE-listed freight transportation company.
Previous assignments include Executive Vice President, CFO and COO
of All-State Express, where he led operations, sales, safety,
accounting and strategic planning; CFO and acting CEO of Transcard
LLC, a financial technology company where he was responsible for
operations, finance and accounting; and Executive Vice President
and CFO of Appalachian Underwriters, an international insurance
group where he led financial and operational matters. He is the
founder and an owner of BetterWay Logistics, a fast-growing private
freight brokerage agency.
2021 Fourth Quarter Results
Total revenue in the 2021 fourth quarter increased 71% to $4.1
million from $2.4 million in the same quarter last year. The
increase was attributable to higher commodity prices and increased
customer demand across all the Company’s service offerings.
Production services revenue, which includes hot
oiling and acidizing services, increased 39% to $2.5 million from
$1.8 million in the same quarter last year. Production services
generated a segment loss of $476,000 compared to a segment profit
of $11,000 in the same quarter last year. The increased loss was
primarily attributable to higher labor costs due to a tight labor
market and wage increases, higher fleet repair and maintenance
costs due to increased utilization, and higher heating and diesel
fuel costs.
Completion services revenue, which includes frac
water heating and other services, increased 159% in the fourth
quarter to $1.6 million from $0.6 million in the same quarter last
year. The segment loss improved to $301,000 from $562,000 year over
year.
Sales, general and administrative expense increased 36% year
over year to $1.3 million from $0.9 million due to an increase in
bad debt expense related to timing of receivables aging on certain
frac water heating projects, partially offset by lower franchise
tax expenses. Depreciation and amortization expense was slightly
lower at $1.2 million versus $1.3 million in the same quarter last
year.
Total operating expenses in the fourth quarter
increased 24% to $7.3 million from $5.9 million due to higher costs
of delivering services coupled with increased SG&A expense.
The Company reported an improved net loss of $3.1 million, or
$0.27 per share, in the fourth quarter, compared to a net loss of
$3.7 million, or $0.69 per share, in the same quarter last
year.
Adjusted EBITDA in the fourth quarter was a negative $2.0
million compared to a negative $1.5 million in the year-ago fourth
quarter.
Full Year Results
Total revenue for the year ended December 31, 2021, was $15.3
million, down 2% from $15.7 million in the prior year. The decline
reflected the challenging first quarter of 2021 when commodity
prices and rig counts still fully reflected the pandemic and
drilling downturn that began in 2020 compared to the more
historically typical first quarter of 2020 prior to onset of the
pandemic.
Production services revenue for the year increased 17% to $9.0
million from $7.7 million a year ago. The increase reflected the
Company’s growth momentum in the second, third and fourth quarters
of 2021, which more than offset lower activity in the first
quarter. The segment loss was essentially flat year over year at
$722,000 versus $696,000.
Completion services revenue declined 21% year over year to $6.3
million from $8.0 million due to reduced activity in the first
quarter of 2021. The segment loss increased 54% to $1.3 million
from $0.8 million.
Total operating expenses in 2021 were 6% lower at $26.8 million
versus $28.4 million in the prior year due to lower costs of
providing completion services combined with significant cost
reductions at the corporate level.
Sales, general and administrative expense in 2021 was reduced by
16% year over year to $4.2 million from $5.0 million, reflecting
successful cost reduction efforts. Depreciation and amortization
expense was nearly flat at $5.2 million.
Net loss for the full year was $8.1 million, or $0.74 per share,
compared to a net loss of $2.5 million, or $0.60 per share, in the
same period last year. The 2021 net loss included nearly $3.6
million in other income resulting primarily from PPP loan
forgiveness and employee retention tax credits while the 2020 net
loss included an $11.9 million gain on restructuring of the
Company’s credit facility.
Adjusted EBITDA loss in 2021 increased 6% to a negative $6.1
million from a negative $5.7 million in the prior year.
Enservco used $4.8 million in cash from operations in 2021
compared to $4.4 million in 2020.
Conference Call InformationEnservco is working
to complete its 2022 first and second quarter Form 10-Qs. Once they
are completed and filed, the Company intends to conduct a
conference call to discuss all recent results.
About EnservcoThrough its various operating
subsidiaries, Enservco provides a range of oilfield services,
including hot oiling, acidizing, frac water heating, and related
services. The Company has a broad geographic footprint covering
seven major domestic oil and gas basins and serves customers in
Colorado, Montana, New Mexico, North Dakota, Oklahoma,
Pennsylvania, Ohio, Texas, Wyoming, West Virginia, Utah, Michigan,
Illinois, Florida, New Mexico and Louisiana. Additional
information is available at www.enservco.com.
*Note on non-GAAP Financial Measures This press
release and the accompanying tables include a discussion of EBITDA
and Adjusted EBITDA, which are non-GAAP financial measures provided
as a complement to the results provided in accordance with
generally accepted accounting principles ("GAAP"). The term
"EBITDA" refers to a financial measure that we define as earnings
(net income or loss) plus or minus net interest plus taxes,
depreciation and amortization. Adjusted EBITDA excludes from EBITDA
stock-based compensation and, when appropriate, other items that
management does not utilize in assessing Enservco’s operating
performance (as further described in the attached financial
schedules). None of these non-GAAP financial measures are
recognized terms under GAAP and do not purport to be an alternative
to net income as an indicator of operating performance or any other
GAAP measure. We have reconciled Adjusted EBITDA to GAAP net loss
in the Consolidated Statements of Operations table at the end of
this release. We intend to continue to provide these non-GAAP
financial measures as part of our future earnings discussions and,
therefore, the inclusion of these non-GAAP financial measures will
provide consistency in our financial reporting.
Cautionary Note Regarding Forward-Looking
StatementsThis news release contains information that is
"forward-looking" in that it describes events and conditions
Enservco reasonably expects to occur in the future. Expectations
for the future performance of Enservco are dependent upon a number
of factors, and there can be no assurance that Enservco will
achieve the results as contemplated herein. Certain statements
contained in this release using the terms "may," "expects to,"
“should,” and other terms denoting future possibilities, are
forward-looking statements. The accuracy of these statements cannot
be guaranteed as they are subject to a variety of risks, which are
beyond Enservco's ability to predict, or control and which may
cause actual results to differ materially from the projections or
estimates contained herein. Among these risks are those set forth
in Enservco’s annual report on Form 10-K for the year ended
December 31, 2021, and subsequently filed documents with the SEC.
Forward looking statements in this news release that are subject to
risk include ability to increase year-over-year first quarter 2022
revenue by 58% to 64%; ability to sustain a strong balance sheet,
growth momentum, increased customer activity, higher commodity
prices, reduced pricing pressure, and geographic footprint, and to
execute at a high level; and expectations of a favorable macro
outlook. It is important that each person reviewing this release
understand the significant risks attendant to the operations of
Enservco. Enservco disclaims any obligation to update any
forward-looking statement made herein.
Contact:
Mark PattersonSVPEnservco
Corporationmpatterson@enservco.com
Jay PfeifferPfeiffer High Investor Relations,
Inc.Phone: 303-880-9000jay@pfeifferhigh.com
ENSERVCO CORPORATION AND SUBSIDIARIES |
Condensed Consolidated Statements of
Operations |
(In thousands except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, |
|
For the Year Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Production services |
$ |
2,456 |
|
|
$ |
1,766 |
|
|
$ |
9,012 |
|
|
$ |
7,714 |
|
|
Completion and other services |
|
1,624 |
|
|
|
626 |
|
|
|
6,325 |
|
|
|
7,969 |
|
Total revenues |
|
4,080 |
|
|
|
2,392 |
|
|
|
15,337 |
|
|
|
15,683 |
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
Production services |
|
2,932 |
|
|
|
1,755 |
|
|
|
9,734 |
|
|
|
8,410 |
|
|
Completion and other services |
|
1,925 |
|
|
|
1,188 |
|
|
|
7,605 |
|
|
|
8,801 |
|
|
Sales, general and administrative expenses |
|
1,281 |
|
|
|
944 |
|
|
|
4,185 |
|
|
|
5,002 |
|
|
Severance and transition costs |
|
7 |
|
|
|
6 |
|
|
|
7 |
|
|
|
145 |
|
|
(Gain) loss on disposal of equipment |
|
(194 |
) |
|
|
(12 |
) |
|
|
(124 |
) |
|
|
47 |
|
|
Impairment loss |
|
128 |
|
|
|
733 |
|
|
|
128 |
|
|
|
733 |
|
|
Depreciation and amortization |
|
1,240 |
|
|
|
1,305 |
|
|
|
5,215 |
|
|
|
5,282 |
|
Total operating expenses |
|
7,319 |
|
|
|
5,919 |
|
|
|
26,750 |
|
|
|
28,420 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(3,239 |
) |
|
|
(3,527 |
) |
|
|
(11,413 |
) |
|
|
(12,737 |
) |
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest expense |
|
(7 |
) |
|
|
(30 |
) |
|
|
(57 |
) |
|
|
(1,695 |
) |
|
Gain on restructuring of senior revolving credit facility |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
11,916 |
|
|
Other income |
|
31 |
|
|
|
1 |
|
|
|
3,699 |
|
|
|
126 |
|
Total other income (expense) |
|
24 |
|
|
|
(29 |
) |
|
|
3,642 |
|
|
|
10,347 |
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations before taxes |
|
(3,215 |
) |
|
|
(3,556 |
) |
|
|
(7,771 |
) |
|
|
(2,390 |
) |
Income tax benefit (expense) |
|
129 |
|
|
|
3 |
|
|
|
(273 |
) |
|
|
(12 |
) |
Loss from continuing operations |
|
(3,086 |
) |
|
|
(3,553 |
) |
|
|
(8,044 |
) |
|
|
(2,402 |
) |
Loss from discontinued operations |
|
- |
|
|
|
(167 |
) |
|
|
(8 |
) |
|
|
(107 |
) |
Net loss |
$ |
(3,086 |
) |
|
$ |
(3,720 |
) |
|
$ |
(8,052 |
) |
|
$ |
(2,509 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations per common share - basic and
diluted |
$ |
(0.27 |
) |
|
$ |
(0.66 |
) |
|
$ |
(0.74 |
) |
|
$ |
(0.57 |
) |
Loss from discontinued operations per common share - basic and
diluted |
|
- |
|
|
|
(0.03 |
) |
|
|
- |
|
|
|
(0.03 |
) |
Net loss per share - basic and diluted |
$ |
(0.27 |
) |
|
$ |
(0.69 |
) |
|
$ |
(0.74 |
) |
|
$ |
(0.60 |
) |
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding – basic and
diluted |
|
11,432 |
|
|
|
5,385 |
|
|
|
10,879 |
|
|
|
4,174 |
|
ENSERVCO CORPORATION AND SUBSIDIARIES |
Adjusted EBITDA* |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, |
|
For the Year Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(3,086 |
) |
|
$ |
(3,720 |
) |
|
$ |
(8,052 |
) |
|
$ |
(2,509 |
) |
Add back (deduct): |
|
|
|
|
|
|
|
Interest expense (including discontinued operations) |
|
6 |
|
|
|
31 |
|
|
|
57 |
|
|
|
1,698 |
|
Income tax (benefit) expense |
|
(129 |
) |
|
|
(3 |
) |
|
|
273 |
|
|
|
12 |
|
Depreciation and amortization (including discontinued
operations) |
|
1,241 |
|
|
|
1,312 |
|
|
|
5,222 |
|
|
|
5,308 |
|
EBITDA* |
|
(1,968 |
) |
|
|
(2,380 |
) |
|
|
(2,500 |
) |
|
|
4,509 |
|
Add back (deduct): |
|
|
|
|
|
|
|
Stock-based compensation |
|
60 |
|
|
|
15 |
|
|
|
130 |
|
|
|
392 |
|
Severance and transition costs |
|
- |
|
|
|
6 |
|
|
|
7 |
|
|
|
145 |
|
Impairment loss |
|
128 |
|
|
|
733 |
|
|
|
128 |
|
|
|
733 |
|
(Gain) loss on sale and disposal of equipment (including
discontinued operations) |
|
(194 |
) |
|
|
149 |
|
|
|
(124 |
) |
|
|
115 |
|
Gain on debt restructuring |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(11,916 |
) |
Adler consolidation |
|
- |
|
|
|
55 |
|
|
|
- |
|
|
|
55 |
|
Other (income) expense |
|
(31 |
) |
|
|
(36 |
) |
|
|
(3,699 |
) |
|
|
246 |
|
EBITDA related to discontinued operations |
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
11 |
|
Adjusted EBITDA |
$ |
(2,005 |
) |
|
$ |
(1,458 |
) |
|
$ |
(6,057 |
) |
|
$ |
(5,710 |
) |
|
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Financial Measures: Non-GAAP results are presented
only as a supplement to the financial statements and for use within
management’s discussion and analysis based on U.S. generally
accepted accounting principles (GAAP). The non-GAAP financial
information is provided to enhance the reader's understanding of
the Company’s financial performance, but no non-GAAP measure should
be considered in isolation or as a substitute for financial
measures calculated in accordance with GAAP. Reconciliations of the
most directly comparable GAAP measures to non-GAAP measures are
provided herein. |
|
|
|
|
|
|
|
|
|
|
EBITDA is defined as net (loss) income (earnings), before interest
expense, income taxes, and depreciation and amortization. Adjusted
EBITDA excludes stock-based compensation from EBITDA and, when
appropriate, other items that management does not utilize in
assessing the Company’s ongoing operating performance as set forth
in the next paragraph. None of these non-GAAP financial measures
are recognized terms under GAAP and do not purport to be an
alternative to net income as an indicator of operating performance
or any other GAAP measure. |
|
|
|
|
|
|
|
|
|
|
All of the items included in the reconciliation from net income to
EBITDA and from EBITDA to Adjusted EBITDA are either (i) non-cash
items (e.g., depreciation, amortization of purchased intangibles,
stock-based compensation, impairment losses, etc.) or (ii) items
that management does not consider to be useful in assessing the
Company’s ongoing operating performance (e.g., income taxes, gain
or losses on sale of equipment, severance and transition
costs, gain on settlement, expenses to consolidate former Adler
facilities, patent litigation and defense costs, other expense
(income), EBITDA related to discontinued operations, etc.). In the
case of the non-cash items, management believes that investors can
better assess the company’s operating performance if the measures
are presented without such items because, unlike cash expenses,
these adjustments do not affect the Company’s ability to generate
free cash flow or invest in its business. |
|
|
|
|
|
|
|
|
|
|
We use, and we believe investors benefit from the presentation of,
EBITDA and Adjusted EBITDA in evaluating our operating performance
because it provides us and our investors with an additional tool to
compare our operating performance on a consistent basis by removing
the impact of certain items that management believes do not
directly reflect our core operations. We believe that EBITDA is
useful to investors and other external users of our financial
statements in evaluating our operating performance because EBITDA
is widely used by investors to measure a company’s operating
performance without regard to items such as interest expense,
taxes, and depreciation and amortization, which can vary
substantially from company to company depending upon accounting
methods and book value of assets, capital structure and the method
by which assets were acquired. Additionally, our fixed charge
coverage ratio covenant associated with our Loan and Security
Agreement with East West Bank require the use of Adjusted
EBITDA in specific calculations. |
|
|
|
|
|
|
|
|
|
|
Because not all companies use identical calculations, the Company’s
presentation of non-GAAP financial measures may not be comparable
to other similarly titled measures of other companies. However,
these measures can still be useful in evaluating the Company’s
performance against its peer companies because management believes
the measures provide users with valuable insight into key
components of GAAP financial disclosures. |
ENSERVCO CORPORATION AND SUBSIDIARIES |
Condensed Consolidated Balance Sheets |
(In thousands) |
|
|
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
ASSETS |
|
|
|
Current Assets: |
|
|
|
|
Cash and cash equivalents |
$ |
149 |
|
|
$ |
1,467 |
|
|
Accounts receivable, net |
|
2,845 |
|
|
|
1,733 |
|
|
Prepaid expenses and other current assets |
|
2,185 |
|
|
|
858 |
|
|
Inventories |
|
346 |
|
|
|
295 |
|
|
Assets for held for sale |
|
68 |
|
|
|
527 |
|
Total current assets |
|
5,593 |
|
|
|
4,880 |
|
|
|
|
|
|
Property and equipment, net |
|
16,173 |
|
|
|
20,317 |
|
Goodwill |
|
546 |
|
|
|
546 |
|
Intangible assets, net |
|
399 |
|
|
|
617 |
|
Right-of-use asset - finance, net |
|
41 |
|
|
|
129 |
|
Right-of-use asset - operating, net |
|
2,060 |
|
|
|
2,918 |
|
Other assets |
|
336 |
|
|
|
423 |
|
Non-current assets of discontinued operations |
|
- |
|
|
|
353 |
|
|
|
|
|
|
TOTAL ASSETS |
$ |
25,148 |
|
|
$ |
30,183 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current Liabilities: |
|
|
|
|
Accounts payable and accrued liabilities |
$ |
2,857 |
|
|
$ |
1,931 |
|
|
Senior revolving credit facility, related party (including future
interest payable of $38 and $892, respectively) |
|
8,698 |
|
|
|
1,593 |
|
|
Subordinated debt, related party |
|
211 |
|
|
|
- |
|
|
Lease liability - finance, current |
|
20 |
|
|
|
65 |
|
|
Lease liability - operating, current |
|
688 |
|
|
|
854 |
|
|
Current portion of long-term debt |
|
58 |
|
|
|
100 |
|
|
Current liabilities of discontinued operations |
|
- |
|
|
|
31 |
|
Total current liabilities |
|
12,532 |
|
|
|
4,574 |
|
|
|
|
|
|
Non-Current Liabilities: |
|
|
|
|
Senior revolving credit facility, related party (including future
interest payable of $0 and $485, respectively) |
|
5,404 |
|
|
|
17,485 |
|
|
Subordinated debt, related party |
|
- |
|
|
|
1,180 |
|
|
Long-term debt, less current portion |
|
54 |
|
|
|
2,052 |
|
|
Lease liability - finance, less current portion |
|
23 |
|
|
|
55 |
|
|
Lease liability - operating, less current portion |
|
1,496 |
|
|
|
2,185 |
|
|
Deferred tax liabilities |
|
273 |
|
|
|
- |
|
|
Other liabilities |
|
24 |
|
|
|
88 |
|
|
Long-term liabilities of discontinued operations |
|
- |
|
|
|
9 |
|
Total non-current liabilities |
|
7,274 |
|
|
|
23,054 |
|
|
|
|
|
|
TOTAL LIABILITIES |
|
19,806 |
|
|
|
27,628 |
|
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
Preferred stock, $0.005 par value, 10,000,000 shares authorized, no
shares issued or outstanding |
|
- |
|
|
|
- |
|
|
Common stock, $0.005 par value, 100,000,000 shares authorized;
11,439,191 and 6,307,868 shares issued as of December 31, 2021 and
2020, respectively; 6,907 shares of treasury stock as of December
30, 2021 and 2020; and 11,432,284 and 6,300,961 shares outstanding
as of December 30, 2021 and 2020, respectively |
|
57 |
|
|
|
32 |
|
|
Additional paid-in capital |
|
40,866 |
|
|
|
30,052 |
|
|
Accumulated deficit |
|
(35,581 |
) |
|
|
(27,529 |
) |
Total stockholders' equity |
|
5,342 |
|
|
|
2,555 |
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
25,148 |
|
|
$ |
30,183 |
|
ENSERVCO CORPORATION AND SUBSIDIARIES |
Condensed Consolidated Statements of Cash
Flows |
(In thousands) |
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
|
|
2021 |
|
|
|
2020 |
|
OPERATING ACTIVITIES: |
|
|
|
|
|
Net loss |
$ |
(8,052 |
) |
|
$ |
(2,509 |
) |
|
|
Net loss from discontinued operations |
|
(8 |
) |
|
|
(107 |
) |
|
|
Net loss from continuing operations |
|
(8,044 |
) |
|
|
(2,402 |
) |
|
|
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
5,215 |
|
|
|
5,282 |
|
|
|
|
(Gain) loss on disposal of property and equipment |
|
(124 |
) |
|
|
47 |
|
|
|
|
Impairment loss |
|
128 |
|
|
|
733 |
|
|
|
|
Board compensation issued in equity |
|
311 |
|
|
|
- |
|
|
|
|
Fair value of warrant issued upon conversion of subordinated debt
to equity |
|
304 |
|
|
|
- |
|
|
|
|
Stock-based compensation |
|
130 |
|
|
|
392 |
|
|
|
|
Amortization of debt issuance costs and discount |
|
9 |
|
|
|
131 |
|
|
|
|
Income tax expense |
|
273 |
|
|
|
- |
|
|
|
|
Gain on restructuring of senior revolving credit facility |
|
- |
|
|
|
(11,916 |
) |
|
|
|
Gain on forgiveness of PPP loan |
|
(1,964 |
) |
|
|
- |
|
|
|
|
Gain on early termination of finance leases |
|
- |
|
|
|
(3 |
) |
|
|
|
Interest paid-in-kind on line of credit |
|
- |
|
|
|
326 |
|
|
|
|
Bad debt expense |
|
268 |
|
|
|
140 |
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
(1,380 |
) |
|
|
4,551 |
|
|
|
|
Inventories |
|
(51 |
) |
|
|
103 |
|
|
|
|
Prepaid expense and other current assets |
|
(1,117 |
) |
|
|
157 |
|
|
|
|
Income taxes receivable |
|
- |
|
|
|
43 |
|
|
|
|
Amortization of operating lease assets |
|
858 |
|
|
|
829 |
|
|
|
|
Other assets |
|
320 |
|
|
|
1 |
|
|
|
|
Accounts payable and accrued liabilities |
|
1,005 |
|
|
|
(2,272 |
) |
|
|
|
Operating lease liabilities |
|
(855 |
) |
|
|
(771 |
) |
|
|
|
Other liabilities |
|
(64 |
) |
|
|
54 |
|
|
Net cash used in operating activities - continuing operations |
|
(4,778 |
) |
|
|
(4,575 |
) |
|
Net cash provided by operating activities - discontinued
operations |
|
4 |
|
|
|
132 |
|
Net cash used in operating activities |
|
(4,774 |
) |
|
|
(4,443 |
) |
|
|
|
|
|
|
|
INVESTING ACTIVITIES: |
|
|
|
|
|
Purchases of property and equipment |
|
(593 |
) |
|
|
(361 |
) |
|
|
Proceeds from insurance claims |
|
- |
|
|
|
294 |
|
|
|
Proceeds from disposals of property and equipment |
|
393 |
|
|
|
329 |
|
|
Net cash (used in) provided by investing activities - continuing
operations |
|
(200 |
) |
|
|
262 |
|
|
Net cash provided by investing activities - discontinued
operations |
|
- |
|
|
|
765 |
|
Net cash (used in) provided by investing activities |
|
(200 |
) |
|
|
1,027 |
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES: |
|
|
|
|
|
Gross proceeds from stock issuance |
|
9,660 |
|
|
|
3,597 |
|
|
|
Stock issuance costs and registration fees |
|
(815 |
) |
|
|
(296 |
) |
|
|
Term loan repayments |
|
(3,505 |
) |
|
|
- |
|
|
|
Net line of credit repayments |
|
(701 |
) |
|
|
(795 |
) |
|
|
Proceeds from PPP loan |
|
- |
|
|
|
1,940 |
|
|
|
TDR accrued future interest payments |
|
(770 |
) |
|
|
- |
|
|
|
Repayment of long-term debt |
|
(100 |
) |
|
|
(134 |
) |
|
|
Payments of finance leases |
|
(111 |
) |
|
|
(159 |
) |
|
|
Proceeds from sale of finance lease assets |
|
- |
|
|
|
67 |
|
|
Net cash provided by financing activities - continuing
operations |
|
3,658 |
|
|
|
4,220 |
|
|
Net cash used in financing activities - discontinued
operations |
|
(2 |
) |
|
|
- |
|
Net cash provided by financing activities |
|
3,656 |
|
|
|
4,220 |
|
|
|
|
|
|
|
|
Net (Decrease) Increase in Cash and Cash Equivalents |
|
(1,318 |
) |
|
|
804 |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents, beginning of period |
|
1,467 |
|
|
|
663 |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents, end of period |
$ |
149 |
|
|
$ |
1,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information: |
|
|
|
|
|
Cash paid for interest |
$ |
822 |
|
|
$ |
1,414 |
|
|
|
Cash paid for taxes |
|
- |
|
|
|
2 |
|
Supplemental Disclosure of Non-cash Investing and Financing
Activities: |
|
|
|
|
|
Non-cash reduction of debt in connection with restructuring of
senior revolving credit facility |
$ |
- |
|
|
$ |
16,000 |
|
|
|
Non-cash issuance of Company common stock and warrants in
connection with restructuring of senior revolving credit
facility |
|
- |
|
|
|
2,532 |
|
|
|
Non-cash conversion of subordinated debt and accrued interest to
Company common stock |
|
1,312 |
|
|
|
1,515 |
|
|
|
Non-cash conversion of accrued interest to senior revolving credit
facility |
|
- |
|
|
|
326 |
|
|
|
Non-cash conversion of unamortized subordinated debt discount |
|
61 |
|
|
|
- |
|
|
|
Deferred loan costs paid directly by related party in lieu of
subordinated note payable |
|
210 |
|
|
|
- |
|
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