4. INVESTMENT IN JOINT VENTURE

12 Months Ended

Dec. 31, 2015

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 a former subsidiary were contributed, along with other contributions we made, to the Cuming Flotation Technologies, LLC joint venture (“CFT”) 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).

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

Investment in joint venture, December 31, 2013	$	468
Equity in net income of CFT for the year ended December 31, 2014		32
Cash distribution from CFT for the year ended December 31, 2014		(500	)
Investment in joint venture, December 31, 2014	$	–
Equity in net income of CFT for the year ended December 31, 2015		133
Accrued distribution		(68	)
Cash distribution from CFT for the year ended December 31, 2015		(65	)
Investment in joint venture, December 31, 2015	$	–

The Company accrued a distribution of $93, which is reported in Equity in net income of joint venture and other income for the year ended December 31, 2015.