3. INVESTMENT IN JOINT VENTURE

12 Months Ended

Dec. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN JOINT VENTURE

Effective December 31, 2010, we engaged in a transaction in which all of the operating assets and substantially all of the liabilities of Flotation were contributed, along with other contributions we made, to the CFT joint venture in return for a 20 percent common unit ownership interest.

On October 7, 2011, CFT consummated a transaction pursuant to that certain Stock Purchase Agreement (the “Purchase Agreement”), by and between CFT and a Houston-based company (“Buyer”)  pursuant to which Buyer purchased from CFT (i) all of the issued and outstanding shares of capital stock of Cuming Corporation (“Cuming”), the principal operating subsidiary of CFT, (ii) the shares of 230 Bodwell Corporation, a Massachusetts corporation and subsidiary of Cuming, and (iii) certain assets that, immediately prior to closing, were acquired by Cuming, for a purchase price of $60,000 (less certain debt and subject to purchase price adjustment for working capital and potential earn-out payments).  We are entitled to 20 percent of future earn-out proceeds from the sale.

The components of our Investment in joint venture are summarized below:

Investment in joint venture, December 31, 2011	$	1,163
Equity in net loss of CFT for the year ended December 31, 2012		(179	)
Investment in joint venture, December 31, 2012	$	984
Equity in net loss of CFT for the year ended December 31, 2013		(16	)
Cash distribution from CFT for the year ended December 31, 2013		(500	)
Investment in joint venture, December 31, 2013	$	468

Below are unaudited condensed statements of operations data of CFT for the years ended December 31, 2013 and 2012:

	Year Ended
	December 31,
	2013			2012
Revenues	$	–		$	2,744
Gross profit	$	–		$	518
Net loss	$	(80	)	$	(895	)

Below are unaudited condensed consolidated balance sheets of CFT as of December 31, 2013 and December 31, 2012:

	December 31, 2013		December 31, 2012
Current assets	$	863	$	5,749
Property, plant and equipment, net		1,527		1,675
Total assets	$	2,390	$	7,424
Current liabilities	$	51	$	2,500
Equity		2,339		4,924
Total liabilities and equity	$	2,390	$	7,424