0001683168-19-001489.txt : 20190513 0001683168-19-001489.hdr.sgml : 20190513 20190513163612 ACCESSION NUMBER: 0001683168-19-001489 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 45 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190513 DATE AS OF CHANGE: 20190513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Deep Down, Inc. CENTRAL INDEX KEY: 0001110607 STANDARD INDUSTRIAL CLASSIFICATION: OIL & GAS FILED MACHINERY & EQUIPMENT [3533] IRS NUMBER: 752263732 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-30351 FILM NUMBER: 19818866 BUSINESS ADDRESS: STREET 1: PO BOX 1389 CITY: CROSBY STATE: TX ZIP: 77532-1389 BUSINESS PHONE: (281) 517-5000 MAIL ADDRESS: STREET 1: PO BOX 1389 CITY: CROSBY STATE: TX ZIP: 77532-1389 FORMER COMPANY: FORMER CONFORMED NAME: MediQuip Holdings, INC DATE OF NAME CHANGE: 20060501 FORMER COMPANY: FORMER CONFORMED NAME: TRUE HEALTH INC DATE OF NAME CHANGE: 20000329 10-Q 1 deep_10q-033119.htm FORM 10-Q

Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2019

 

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File No. 000-30351

 

DEEP DOWN, INC.

(Exact name of registrant as specified in its charter)

 

Nevada   75-2263732
(State or other jurisdiction of incorporation)   (I.R.S. Employer Identification No.)
     

18511 Beaumont Highway,

Houston, Texas

    77049
(Address of Principal Executive Offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (281) 517-5000

 

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.  þ Yes   ¨ No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   ¨ Accelerated filer   ¨  
     
Non-accelerated filer  ¨  Smaller reporting company   þ  
     
Emerging growth company  ¨    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No  þ

 

At May 13, 2019, there were 13,390,680 shares outstanding of Common Stock, par value $0.001 per share.

 

 

 

   

 

 

IMPORTANT INFORMATION REGARDING THIS FORM 10-Q

 

Unless otherwise indicated, references to “we,” “us,” and “our” in this Quarterly Report on Form 10-Q (“Report”) refer collectively to Deep Down, Inc., a Nevada corporation (“Deep Down”), and its wholly-owned subsidiary Deep Down, Inc., a Delaware corporation (“Deep Down Delaware”). Our current operations are primarily conducted under Deep Down Delaware.  

 

Readers should consider the following information as they review this Report:

 

Forward-Looking Statements

 

The statements contained or incorporated by reference in this Report that are not historical facts are “forward-looking statements” (as such term is defined in the Private Securities Litigation Reform Act of 1995), within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements include any statement that may project, indicate or imply future results, events, performance or achievements.  The forward-looking statements contained herein are based on current expectations that involve a number of risks and uncertainties. These statements can be identified by the use of forward-looking terminology such as “believes,” “expect,” “may,” “will,” “should,” “intend,” “plan,” “could,” “estimate,” or “anticipate,” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties.

 

Given the risks and uncertainties relating to forward-looking statements, investors should not place undue reliance on such statements. Forward-looking statements included in this Report speak only as of the date of this Report and are not guarantees of future performance. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such expectations may prove to be incorrect. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements. The risks and uncertainties mentioned previously relate to, among other matters, the following:

 

  • Economic uncertainty and financial market conditions may impact our customer base, suppliers and backlog;
     
  • Our backlog is subject to unexpected adjustments and cancellations and, therefore, may not be a reliable indicator of our future earnings;
     
  • Our use of percentage-of-completion accounting could result in volatility in our results of operations;
     
  • A portion of our contracts may contain terms with penalty provisions;
     
  • Fluctuations in the price and supply of raw materials used to manufacture our products may reduce our profits and could materially impact our ability to meet commitments to our customers;
     
  • Our operations could be adversely impacted by the continuing effects of government regulations;
     
  • International and political events may adversely affect our operations;
     
  • Our operating results may vary significantly from quarter to quarter;
     
  • We may be unsuccessful at generating profitable internal growth;
     
  • The departure of key personnel could disrupt our business;
     
  • Our business requires skilled labor, and we may be unable to attract and retain qualified employees;
     
  • Unfavorable legal outcomes could have a negative impact on our business; and
     
  • Our previously announced plans to explore and evaluate strategic alternatives to maximize stockholder value.

  

 

 

 ii 

 

 

Document Summaries

 

Descriptions of documents and agreements contained in this Report are provided in summary form only, and such summaries are qualified in their entirety by reference to the actual documents and agreements filed as exhibits to our Annual Report on Form 10-K for the year ended December 31, 2018, other periodic and current reports we have filed with the SEC, or this Report.

 

Access to Filings

 

Access to our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments thereto, filed with or furnished to the SEC pursuant to Section 13(a) of the Exchange Act, as well as reports filed by our executive officers and directors pursuant to Section 16(a) of the Exchange Act, may be obtained through our website (http://www.deepdowninc.com) as soon as reasonably practicable after we, or our executive officers and directors, have filed or furnished such material with the SEC. The contents of our website are not, and shall not be deemed to be, incorporated into this Report.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 iii 

 

 

TABLE OF CONTENTS

 

    Page No.
     
PART I. FINANCIAL INFORMATION
 
Item 1. Financial Statements 1
  Unaudited Condensed Consolidated Balance Sheets at March 31, 2019 and December 31, 2018 1
  Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2019 and 2018 2
  Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2019 and 2018 3
  Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2019 and 2018 4
  Notes to Unaudited Condensed Consolidated Financial Statements 5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 13
Item 3. Quantitative and Qualitative Disclosures About Market Risk 16
Item 4. Controls and Procedures 16
   
PART II. OTHER INFORMATION
   
Item 1. Legal Proceedings 17
Item 1A. Risk Factors 17
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17
Item 6. Exhibits 17
     
Signatures 18
Exhibit Index 19

 

 

 

 

 

 

 

 

 

 iv 

 

 

PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

 

DEEP DOWN, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(In thousands, except share and par value amounts)

 

ASSETS    
Current assets:  March 31, 2019   December 31, 2018 
Cash  $1,776   $2,015 
Short term investment (certificate of deposit)   1,040    1,035 
Accounts receivable, net of allowance of $10 and $10, respectively   6,981    4,388 
Contract assets   827    1,931 
Prepaid expenses and other current assets   148    621 
Total current assets   10,772    9,990 
Property, plant and equipment, net   9,328    9,691 
Intangibles, net   55    56 
Right-of-use operating lease assets   5,403    – 
Other assets   354    383 
Total assets  $25,912   $20,120 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
Current liabilities:          
Accounts payable and accrued liabilities  $2,155   $1,982 
Contract liabilities   1,037    973 
Current lease liabilities   1,236    – 
Current portion of long-term debt   9    9 
Total current liabilities   4,437    2,964 
           
Non-current lease liabilities   4,176    – 
Long-term debt (Auto loan)   44    47 
Total long term liabilities   4,220    47 
Total liabilities   8,657    3,011 
           
Commitments and contingencies (Note 9)          
           
Stockholders' equity:          
Common stock, $0.001 par value, 24,500,000 shares authorized, 15,706,010 and 15,706,010 shares issued, respectively   16    16 
Additional paid-in capital   73,375    73,271 
Treasury stock, 2,255,330 and 2,027,217 shares, respectively, at cost   (2,232)   (2,062)
Accumulated deficit   (53,904)   (54,116)
Total stockholders' equity   17,255    17,109 
Total liabilities and stockholders' equity  $25,912   $20,120 

 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

 

 

 

 1 

 

 

DEEP DOWN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   Three Months Ended 
   March 31, 
(In thousands, except per share amounts)  2019   2018 
         
Revenues  $6,300   $3,706 
Cost of sales:          
Cost of sales   3,765    2,218 
Depreciation expense   277    354 
Total cost of sales   4,042    2,572 
Gross profit   2,258    1,134 
Operating expenses:          
Selling, general and administrative   1,995    1,911 
Depreciation and amortization   68    77 
Total operating expenses   2,063    1,988 
Operating income (loss)   195    (854)
Other income:          
Interest income, net   7    9 
Gain on sale of property, plant and equipment   15    – 
Total other income   22    9 
Income (loss) before income taxes   217    (845)
Income tax expense   (5)   (5)
Net income (loss)  $212   $(850)
           
Net income (loss) per share:          
Basic  $0.02   $(0.06)
Fully diluted  $0.02   $(0.06)
           
Weighted-average shares outstanding:          
Basic   13,511    13,436 
Fully diluted   13,511    13,436 

 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

 

 

 

 2 

 

 

DEEP DOWN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

 

                         
           Additional             
   Common Stock   Paid-in   Treasury   Accumulated     
(In thousands)  Shares (#)   Amount ($)   Capital   Stock   Deficit   Total 
                         
Balance at December 31, 2017   15,438   $15   $73,247   $(2,040)  $(49,375)  $21,847 
                               
Net loss   –    –    –    –    (850)   (850)
Share-based compensation   –    –    4    –    –    4 
                               
Balance at March 31, 2018   15,438   $15   $73,251   $(2,040)  $(50,225)  $21,001 
                               
Balance at December 31, 2018   15,706   $16   $73,271   $(2,062)  $(54,116)  $17,109 
                               
Net income   –    –    –    –    212    212 
Treasury shares purchased   –    –    –    (170)   –    (170)
Share-based compensation   –    –    104    –    –    104 
                               
Balance at March 31, 2019   15,706   $16   $73,375   $(2,232)  $(53,904)  $17,255 

 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 3 

 

 

DEEP DOWN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) 

 

   Three Months Ended 
   March 31, 
(In thousands)  2019   2018 
Cash flows from operating activities:          
Net income (loss)  $212   $(850)
Adjustments to reconcile net income (loss) to net cash used in operating activities:          
Share-based compensation   104    4 
Depreciation and amortization   345    431 
Gain on sale of property, plant and equipment   (15)   – 
Non-cash lease expense   9    – 
Changes in operating assets and liabilities:          
Accounts receivable, net   (2,566)   (1,368)
Contract assets   1,104    666 
Prepaid expenses and other current assets   (34)   64 
Other assets   21    37 
Accounts payable and accrued liabilities   173    (238)
Contract liabilities   64    (505)
Net cash used in operating activities   (583)   (1,759)
           
Cash flows from investing activities:          
Proceeds from sale of property, plant and equipment   15    – 
Purchases of property, plant and equipment   –    (277)
Repayments on note receivable (included in Prepaid expenses and other current assets)   507    4 
Short term investment - (certificate of deposit)   (5)   – 
Net cash provided by (used in) investing activities   517    (273)
           
Cash flows from financing activities:          
Principal payment on long-term debt   (3)   (1)
Cash paid for treasury shares purchased   (170)   – 
Net cash used in financing activities   (173)   (1)
Change in cash   (239)   (2,033)
Cash, beginning of period   2,015    3,939 
Cash, end of period  $1,776   $1,906 
           
Supplemental schedule of non-cash investing and financing activities:          
Property, plant and equipment sold in accounts receivable  $27   $– 
Financing of property, plant and equipment  $–   $67 

 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

 

 

 

 4 

 

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except per share amounts)

 

NOTE 1: BASIS OF PRESENTATION

 

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements of Deep Down, Inc. and its wholly-owned subsidiary (“Deep Down,” “we,” “us” or the “Company”) were prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC” or the “Commission”) pertaining to interim financial information and instructions to Form 10-Q. As permitted under those rules, certain notes or other financial information that are normally required by United States generally accepted accounting principles (“US GAAP”) can be condensed or omitted. Therefore, these statements should be read in conjunction with the audited consolidated financial statements, and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2018.

 

Preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosed amounts of contingent assets and liabilities, and the reported amounts of revenues and expenses. If the underlying estimates and assumptions upon which the financial statements are based change in future periods, then the actual amounts may differ from those included in the accompanying unaudited condensed consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.

 

Liquidity

 

The Company’s primary and potential sources of liquidity include cash on hand, cash from operating activities, and proceeds from opportunistic sales of non-core equipment. The Company’s cash as of March 31, 2019 and December 31, 2018 was $1,776 and $2,015, respectively.

 

The Company’s plans to mitigate its limited liquidity include: closely monitoring capital expenditures planned for the remainder of 2019 and beyond to conserve capital; possibly selling certain non-core equipment; further reducing administrative costs; and pursuing a line of credit to further supplement our operating requirements.

 

The Company’s operations are influenced by a number of factors that are beyond its control, including general conditions of the offshore energy sector, oil and gas operators’ willingness to spend development capital, and other factors that could adversely affect the Company’s financial position, results of operations and liquidity.

 

Principles of Consolidation

 

The unaudited condensed consolidated financial statements presented herein include the accounts of Deep Down, Inc. and its wholly-owned subsidiary. All intercompany transactions and balances have been eliminated.

 

Segments

 

For the three months ended March 31, 2019 and 2018, we had one operating and reporting segment, Deep Down Delaware.

 

 

 

 5 

 

 

Recently Issued Accounting Standards Not Yet Adopted

 

In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments, as modified by subsequently issued ASU No. 2018-19. The guidance introduces a new credit reserving model known as the Current Expected Credit Loss ("CECL") model, which is based on expected losses, and differs significantly from the incurred loss approach used today. The CECL model requires estimating all expected credit losses for certain types of financial instruments, including trade receivables, held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. These ASUs affect an entity to varying degrees depending on the credit quality for the assets held by the entity, their duration and how the entity applies current US GAAP. These ASUs will become effective for us beginning January 1, 2020. We are currently evaluating the impact the adoption of this guidance will have on our financial statements and related disclosures.

 

In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which modifies the disclosure requirements of fair value measurements. ASU 2018-13 is effective for us beginning January 1, 2020. Certain disclosures are required to be applied on a retrospective basis and others on a prospective basis. We are currently evaluating the impact the adoption of this guidance will have on our financial statement disclosures.

 

All other new accounting pronouncements that have been issued but not yet effective are currently being evaluated to determine if they will have a material impact on our financial position or results of operations.

 

NOTE 2: LEASES: ADOPTION OF ASC 842, “LEASES”

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” and subsequent amendments, which replaced existing lease guidance in US GAAP and requires lessees to recognize right-of-use (“ROU”) assets and lease liabilities on the balance sheet for leases greater than twelve months and disclose key information about leasing arrangements. We adopted the standard on January 1, 2019 using the modified retrospective method and used the effective date as our date of initial application. Financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. There were no adjustments to opening retained earnings on adoption.

 

The Company leases certain properties, buildings and equipment under various arrangements that provide the right to use the underlying asset and require lease payments for the lease term. The Company’s lease portfolio consists of operating leases, which expire at various dates through 2023.

 

The new standard provides a number of optional practical expedients for transition. We elected the package of practical expedients under the transition guidance which permitted us not to reassess under the new standard our prior conclusions for lease identification and lease classification on expired or existing contracts and whether initial direct costs previously capitalized would qualify for capitalization under Topic 842. We also elected the practical expedient related to land easements, which allowed us not to reassess our current accounting treatment for existing agreements on land easements, which are not accounted for as leases. We did not elect the hindsight practical expedient to determine the reasonably certain lease term for existing leases.

 

The new standard also provides practical expedients and recognition exemptions for an entity’s ongoing accounting policy elections. Leases with an initial term of twelve months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. We do not separate lease and non-lease components. We therefore elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we do not recognize ROU assets or lease liabilities. Some of these agreements contain variable payment provisions that depend on an index or rate, initially measured using the index or rate at the lease commencement date, and are therefore not included in our future minimum lease payments. These variable lease agreements include usage-based payments for equipment under service contracts and other properties.

 

 

 

 6 

 

 

Our long-term lease agreements do not contain any material restrictive covenants. Our equipment leases have remaining terms of between 1 year and 3 years, and property leases have remaining terms of between 1 year and 5 years. Some of these leases may include options to extend the leases, and some may include options to terminate the leases within 30 days. When we are not certain to exercise these renewal options, the options are not considered in determining the lease term, and associated payments are excluded from future minimum lease payments.

 

ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. The present value of lease payments is determined primarily using the incremental borrowing rate based on the information available at lease commencement date. Lease agreements with lease and non-lease components are generally accounted for as a single lease component. The Company’s operating lease expense is recognized on a straight-line basis over the lease term and a portion is recorded in cost of sales, and the remainder is recorded in selling, general and administrative expenses.

 

   March 31, 2019   January 1, 2019 
Assets:          
ROU Assets  $5,403   $5,707 
           
Liabilities:          
Current lease liabilities   1,236    1,215 
Non-current lease liabilities   4,176    4,492 
Total lease liabilities  $5,412   $5,707 

 

The components of our lease expense were as follows:

 

Operating lease expense included in Cost of sales  $306       
Operating lease expense included in SG&A   66       
Short term lease expense   65       
Total lease expense  $437       

 

As of March 31, 2019, we do not have any finance lease assets or liabilities, nor do we have any subleases

 

Other information related to operating leases were as follows:             
Operating cash flows from operating leases  $370         

 

Lease Term and Discount Rate:  March 31, 2019   January 1, 2019 
Weighted average remaining lease (years) terms on operating leases   4.1    4.5 
Weighted average discount rates on operating leases   5.374%    5.374% 

 

During the first quarter, we did not have any sale/leaseback transactions.

 

 

 

 7 

 

 

Future lease payments under operating leases were as follows for the annual periods ending March 31:     
      
2020   1,494 
2021   1,489 
2022   1,395 
2023   1,411 
2024   236 
Thereafter   – 
Total lease payments   6,025 
Less: Interest   (613)
Present value of lease liabilities   5,412 

 

NOTE 3: REVENUES: ADOPTION OF ASC 606, “REVENUE FROM CONTRACTS WITH CUSTOMERS”

 

On January 1, 2018, we adopted ASC Topic 606 (“ASC 606”) using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. There was no significant impact on the Company’s results of operations or financial position upon the adoption of ASC 606. We did not record any adjustments to opening retained earnings as of January 1, 2018 because the Company’s revenue recognition methodologies for both fixed price contracts (over time using cost to cost as an input measure of performance) and for service contracts (over time as services are performed) do not materially change by the adoption of the new standard.

 

Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. To determine the proper revenue recognition method for our customer contracts, we evaluate whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment and the decision to combine a group of contracts or separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period. For most of our fixed price contracts, the customer contracts with us to provide a significant service of integrating a complex set of tasks and components into a single project or capability (even if that single project results in the delivery of multiple units). Hence, the entire contract is accounted for as one performance obligation.

 

We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.

 

Disaggregation of Revenue

 

The following table presents our revenues disaggregated by revenue sources of fixed price and service contracts. Sales taxes are excluded from revenues.

 

   March 31, 2019   March 31, 2018 
Fixed Price Contracts  $3,531   $1,843 
Service Contracts   2,769    1,863 
Total  $6,300   $3,706 

 

 

 

 8 

 

 

Fixed price contracts

 

For fixed price contracts, we generally recognize revenue over time as we perform because of continuous transfer of control to the customer. This continuous transfer of control to the customer is supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work in process. Additionally, in other fixed price contracts, the customer typically controls the work in process as evidenced either by contractual termination clauses or by our rights to payment for work performed to date plus a reasonable profit in connection with delivery of products or services that do not have an alternative use to the Company.

 

Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. We generally use the cost-to-cost measure of progress for our contracts because it best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred.

 

Contracts are often modified to account for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new, or changes the existing, enforceable rights and obligations. Most of our contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price, and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.

 

We have a company-wide standard and disciplined quarterly estimate at completion process in which management reviews the progress and execution of our performance obligations. As part of this process, management reviews information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities and the related changes in estimates of revenues and costs. Changes in estimates of net sales, cost of sales and the related impact to operating income are recognized quarterly on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a performance obligation’s percentage of completion. A significant change in one or more of these estimates could affect the profitability of one or more of our performance obligations. When estimates of total costs to be incurred exceed total estimates of revenue to be earned on a performance obligation related to fixed price contracts, a provision for the entire loss on the performance obligation is recognized in the period the loss is estimated.

 

Service Contracts

 

We recognize revenue for service contracts measuring progress toward satisfying the performance obligation in a manner that best depicts the transfer of goods or services to the customer. The control over services is transferred over time when the services are rendered to the customer on a daily basis. Specifically, we recognize revenue as the services are provided as we have the right to invoice the customer for the services performed. Services are billed and are generally required to be paid on a monthly basis. Payment terms for services are usually 30 days from invoice receipt, but during the recent downturn in the industry, some of our customers have begun instituting new payment terms of up to 60 days from invoice receipt.

 

Contract balances

 

Costs and estimated earnings in excess of billings on uncompleted contracts arise when revenues are recorded on a percentage-of-completion basis but cannot be invoiced under the terms of the contract. Such amounts are invoiced upon completion of contractual milestones. Billings in excess of costs and estimated earnings on uncompleted contracts arise when milestone billings are permissible under the contract, but the related costs have not yet been incurred. All contract costs are recognized currently on jobs formally approved by the customer and contracts are not shown as complete until virtually all anticipated costs have been incurred and the risk of loss has passed to the customer.

 

 

 

 9 

 

 

Assets related to costs and estimated earnings in excess of billings on uncompleted contracts, as well as liabilities related to billings in excess of costs and estimated earnings on uncompleted contracts, have been classified as current. The contract cycle for certain long-term contracts may extend beyond one year, thus complete collection of amounts related to these contracts may extend beyond one year, though such long-term contracts include contractual milestone billings as discussed above. At March 31, 2019 and December 31, 2018, we had no contracts whose term extended beyond one year.

 

The following table summarizes our contract assets, which are “Costs and estimated earnings in excess of billings on uncompleted contracts” and our contract liabilities, which are “Billings in excess of costs and estimated earnings on uncompleted contracts”.

 

   March 31, 2019   December 31, 2018 
Costs incurred on uncompleted contracts  $3,033   $9,697 
Estimated earnings on uncompleted contracts   3,474    10,787 
    6,507    20,484 
Less: Billings to date on uncompleted contracts   (6,717)   (19,526)
   $(210)  $958 
           
Included in the accompanying unaudited condensed consolidated balance sheets under the following captions:          
Contract assets  $827   $1,931 
Contract liabilities   (1,037)   (973)
   $(210)  $958 

 

Remaining Performance Obligations

 

Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and excludes unexercised contract options and potential orders and also any remaining performance obligations for any sales arrangements that had not fully satisfied the criteria to be considered a contract with a customer pursuant to the requirements of ASC 606.

 

At March 31, 2019 and December 31, 2018, all of our fixed price contracts are short-term in nature with a contract term of one year or less. For those contracts, we have utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.

 

Practical Expedients and Exemptions

 

We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses.

 

Many of our services contracts are short-term in nature with a contract term of one year or less. For those contracts, we have utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.

 

Additionally, our payment terms are short-term in nature with settlements of one year or less. We have, therefore, utilized the practical expedient in ASC 606-10-32-18 exempting the Company from adjusting the promised amount of consideration for the effects of a significant financing component given that the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

 

 

 

 10 

 

 

Further, in many of our service contracts we have a right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date (for example, a service contract in which we bill a fixed amount for each hour of service provided). For those contracts, we have utilized the practical expedient in ASC 606-10-55-18, which allows us to recognize revenue in the amount for which we have the right to invoice.

 

Accordingly, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

 

NOTE 4: PROPERTY, PLANT AND EQUIPMENT

 

The components of property, plant and equipment, net are summarized below:

 

   March 31, 2019   December 31, 2018  

Range of

Asset Lives

 
Buildings and improvements  $285   $285    7 - 36 years 
Leasehold improvements   896    908    2 - 5 years 
Equipment   19,016    18,640    2 - 30 years 
Furniture, computers and office equipment   596    1,166    2 - 8 years 
Construction in progress   45    158    – 
                
Total property, plant and equipment   20,838    21,157      
Less: Accumulated depreciation and amortization   (11,510)   (11,466)     
Property, plant and equipment, net  $9,328   $9,691      

 

NOTE 5: LONG-TERM DEBT

 

In January 2018, we financed a new Company vehicle. The financed amount was $67 and is for a term of six years with an interest rate of 0.9%, with monthly payments of $1. The financing company will hold a lien on the vehicle until all payments have been made.

 

NOTE 6: SHARE-BASED COMPENSATION

 

On July 27, 2018, we granted 300 shares of restricted stock to our Chief Financial Officer (“CFO”). These shares have a fair value grant price of $0.79 per share, based on the closing price of our common stock on that day. These shares vest over three years in equal tranches on the anniversary date of his appointment to the role, subject to continued service as our CFO. We are amortizing the related share-based compensation of $237 over the three-year requisite service period.

 

For the three months ended March 31, 2019 and 2018, we recognized a total of $104 and $4 respectively, of share-based compensation expense related to restricted stock awards, which is included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. The unamortized estimated fair value of unvested shares of restricted stock was $118 at March 31, 2019 and $222 at December 31, 2018. These costs are expected to be recognized as expense over a weighted-average period of 2.04 years.

 

At March 31, 2019 and December 31, 2018 there were no other unvested restricted shares or options.

 

 

 

 11 

 

 

NOTE 7: TREASURY STOCK

 

On March 26, 2018, the Board of Directors authorized the repurchase of up to $1,000 of the Company’s outstanding common stock (the “Repurchase Program”). The Repurchase Program was funded from cash on hand. During the three months ended March 31, 2019, 228 shares of our outstanding common stock were purchased under the Repurchase Program. The Repurchase Program expired on March 31, 2019.

  

NOTE 8: INCOME TAXES

 

Income tax expense during interim periods is based on applying the estimated annual effective income tax rate to interim period operations. The estimated annual effective income tax rate may vary from the statutory rate due to the impact of permanent items relative to our pre-tax income, as well as by any valuation allowance recorded. We employ an asset and liability approach that results in the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial basis and the tax basis of those assets and liabilities. A valuation allowance is established when it is more likely than not that some of the deferred tax assets will not be realized. At March 31, 2019 and December 31, 2018 management has recorded a full deferred tax asset valuation allowance.

 

NOTE 9: COMMITMENTS AND CONTINGENCIES

 

From time to time we are involved in legal proceedings arising from the normal course of business. We expense or accrue legal costs as we incur them. A summary of our material legal proceedings is as follows:

 

On August 6, 2018, GE Oil and Gas UK Ltd (“GE”) requested that the Company mediate a dispute between the parties in the ICC International Centre for ADR. The dispute involves alleged delays and defects in products manufactured by the Company for GE dating back to 2013. Mediation took place on November 28, 2018, but no resolution was reached. The original amount in dispute was $2,630, but as of GE’s latest filing with the ICC, the amount in dispute has been reduced to $2,252. The parties are in the process of filing preliminary submissions, and the arbitration date has not yet been set. The Company disputes GE’s allegations and intends to vigorously defend itself against these allegations. At this point in the legal process, we do not believe a loss to us is probable, therefore we have not recorded a liability related to this matter.

 

In November 2011, the Company delivered equipment to Aker Solutions, Inc. (“Aker”), but Aker declined to pay the final invoice in the aggregate amount of $270 alleging some warranty items needed to be repaired. The Company made repairs, but Aker continued to claim further work was required. The Company repeatedly attempted to collect on the receivable, and ultimately filed suit on November 16, 2012, in the Harris County District Court. Aker subsequently filed a counter-claim on March 20, 2013 in the aggregate amount of $1,000, for reimbursement of insurance payments allegedly made for repairs. Trial is scheduled for July 2019. At this point in the legal process, we do not believe a loss to us is probable, therefore we have not recorded a liability related to this matter.

 

NOTE 10: EARNINGS PER COMMON SHARE

 

Basic earnings per share (“EPS”) is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is calculated by dividing net income (loss) by the weighted-average number of common shares and dilutive common stock equivalents (warrants, nonvested stock awards and stock options) outstanding during the period. Diluted EPS reflects the potential dilution that could occur if options to purchase common stock were exercised for shares of common stock and all nonvested stock awards vest.

 

At March 31, 2019 and 2018, there were no potentially dilutive securities outstanding.

 

 

 

 12 

 


ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion and analysis provides information that management believes is relevant for an assessment and understanding of our results of operations and financial condition. This information should be read in conjunction with our audited historical consolidated financial statements, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and our unaudited condensed consolidated financial statements, and notes thereto, included with this Quarterly Report on Form 10-Q (“Report”) in Part I. Item 1. “Financial Statements,” and is available on the SEC’s website. Dollar amounts are in thousands, except backlog amount.

 

General

 

We are an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, serving the worldwide offshore exploration and production industry. Our services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, buoyancy products and services, remotely operated vehicles (“ROVs”) and toolings. We support subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions.

 

Industry and Executive Outlook

 

We are pleased by our first quarter 2019 results, having generated our highest first quarter revenues in recent history as our customers begin executing new projects. These results attest to the cautious optimism exhibited across the offshore oil and gas industry of a coming recovery, and we remain cautiously optimistic about our ability to continue to generate improved results for the balance of 2019, and beyond.

 

Our customers have largely adapted their operations to the new normal of fluctuating oil prices, and are increasingly focused on new projects, as opposed to the past few years when they were mostly focused on maintaining their existing assets. However, given the pressures they are facing to return more cash to their shareholders, they continue to evaluate ways to reduce project execution costs, which has provided opportunities for us.

 

The oil and gas industry has seen a resurgence of mergers and acquisitions activity, creating fewer, but larger organizations. As service providers work through their consolidation, we are seeing opportunities arise, especially from customers who appreciate our ability to provide solutions in a nimble manner, compared to our significantly bigger competitors. We continue to educate both new and existing customers on the value we provide.

 

In July 2018, we announced that our Board of Directors had initiated a review of our strategic alternatives to maximize shareholder value, including a potential sale of the Company. The review is ongoing, though at this point there can be no assurance that the exploration of strategic alternatives will result in any transaction or other alternative. We continue to engage with different parties as part of the review and continue to receive valuable feedback on the best alternatives to maximize shareholder value. We have not set a timetable for completion of the process, and do not intend to comment further regarding the process unless a specific transaction or other alternative is approved by the Board of Directors, the process is concluded, or it is otherwise determined that further disclosure is appropriate or required by law.

 

While our committed backlog for the balance of the year stands at $10 million, we are engaged in promising discussions with different customers and look forward to providing further updates in the coming months. We continue to maintain a solid balance sheet and remain committed to being the solutions provider of choice for our customers and the employer of choice for our employees, as we continue to seek to maximize value for our shareholders.

 

 

 

 13 

 

 

Results of Operations

 

Three Months Ended March 31, 2019 Compared to Three Months Ended March 31, 2018

 

Revenues. Revenues for the three months ended March 31, 2019 were $6,300 compared to revenues of $3,706 for the three months ended March 30, 2018. The $2,594, or 70 percent, increase was primarily the result of more projects in process during the three months ended March 31, 2019, compared to the three months ended March 31, 2018.

 

Gross profit. Gross profit for the three months ended March 31, 2019 was $2,258, or 36 percent of revenues, compared to $1,134, or 31 percent of revenues, for the three months ended March 31, 2018. The $1,124, or 99%, increase in gross profit, and 5 percent increase in gross profit percentage, respectively, was due to increased revenues during the three months ended March 31, 2019, compared to the three months ended March 31, 2018.

 

Selling, general and administrative expenses. Selling, general and administrative (“SG&A”) expenses were $1,995, or 32 percent of revenues, for the three months ended March 31, 2019 compared to $1,911, or 52 percent of revenues, for the three months ended March 31, 2018. The decrease in SG&A expense as a percent of revenues was due to higher revenues during the three months ended March 31, 2019 as compared to the three months ended March 31, 2018.

 

Modified EBITDA. Our management evaluates our performance based on a non-US GAAP measure which consists of earnings (net income or loss) available to common shareholders before net interest income, income taxes, non-cash share-based compensation expense, non-cash impairments, depreciation and amortization, other non-cash items and one-time charges (“Modified EBITDA”). This measure may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with US GAAP. The measure should not be considered in isolation or as a substitute for operating income or loss, net income or loss, cash flows provided by operating, investing or financing activities, or other cash flow data prepared in accordance with US GAAP. The amounts included in the Modified EBITDA calculation, however, are derived from amounts included in the accompanying unaudited condensed consolidated statements of operations.

 

We believe Modified EBITDA is useful to investors in evaluating our operating performance because it is widely used to measure a company’s operating performance, which can vary substantially from company to company depending upon accounting methods and book value of assets, financing methods, capital structure and the method by which assets were acquired. It helps investors more meaningfully evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest); asset base (primarily depreciation and amortization); and actions that do not affect liquidity (share-based compensation expense from our operating results; and it helps investors identify items that are within our operational control. Depreciation and amortization charges, while a component of operating income, are fixed at the time of the asset purchase or acquisition in accordance with the depreciable lives of the related asset and as such are not a directly controllable period operating charge.

 

The following is a reconciliation of net income (loss) to Modified EBITDA (EBITDA loss) for the three months ended March 31, 2019 and 2018:

 

   Three Months Ended  
   March 31,  
   2019   2018  
Net income (loss)  $212   $(850 )
Deduct interest income, net   (7)  (9 )
Add depreciation and amortization   345   431  
Add income tax expense   5   5  
Add share-based compensation   104   4  
Modified EBITDA (EBITDA loss)  $659   $(419 )

 

The $1,078 increase in Modified EBITDA was due primarily to the increase in revenues and the resulting increase in gross profit during the three months ended March 31, 2019 as compared to the three months ended March 31, 2018.

 

 

 

 14 

 

 

Liquidity and Capital Resources

 

During the three months ended March 31, 2019 and March 31, 2018, we primarily financed our operating and capital needs through cash on hand.

 

During the three months ended March 31, 2019 we used $756 to fund our operating and financing activities. We used $583 in our operating activities, primarily due to a $2,566 increase in accounts receivable, partially offset by our net income and a decrease in our contract assets. We also used $173 in financing activities, primarily for repurchases of our outstanding stock. We generated $517 from our investing activities, primarily due to receipt of $507 in repayments on a note receivable.

 

During the three months ended March 31, 2018 we used $2,033 to fund our operating, investing and financing activities. We used $1,759 to fund our operating activities, primarily due to decreased customer orders. We also used $273 in investing activities, primarily for purchases of Property, Plant and Equipment (“PP&E”).

  

Through a combination of our current working capital of $6,335, cash expected to be generated from operations, potential opportunistic sales of PP&E in the future and reduction in our capital budget, we believe we will have adequate liquidity to meet our future operating requirements.

 

We also continue to engage in discussions with different financial institutions, in the event that we would need credit facilities to further supplement our operating requirements. There can be no assurance that we could obtain credit facilities, if needed.

 

Inflation and Seasonality

 

We do not believe that our operations are significantly impacted by inflation. Our business is not significantly seasonal in nature.

 

Off-Balance Sheet Arrangements

 

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

 

Critical Accounting Estimates

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The most significant estimates used in our financial statements relate to revenue recognition where we measure progress towards completion on cost-to-cost basis on our fixed-price contracts, the allowance for doubtful accounts, and the valuation allowance for deferred income tax assets. These estimates require judgments, which we base on historical experience and on various other assumptions, as well as specific circumstances. Estimates may change as new events occur, additional information becomes available or operating environments change.

 

Refer to Part II. Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the year ended December 31, 2018 for a discussion of our critical accounting policies and estimates.

 

Recently Issued Accounting Standards

 

Except as set forth in Note 1 to our unaudited condensed consolidated financial statements, management has not yet determined whether recently issued accounting standards, which are not yet effective, will have a material impact on our condensed consolidated financial statements upon adoption.

 

Share Repurchase Program

 

On March 26, 2018, the Board of Directors authorized the repurchase of up to $1,000 of the Company’s outstanding common stock (the “Repurchase Program”). The Repurchase Program was funded from cash on hand. During the three months ended March 31, 2019, 228,113 shares of our outstanding common stock were purchased under the Repurchase Program. The Repurchase Program expired on March 31, 2019

 

 

 

 15 

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

Not Applicable

 

ITEM 4. CONTROLS AND PROCEDURES

  

Evaluation of Disclosure Controls and Procedures.   The Company’s disclosure controls and procedures are designed to ensure that such information required to be disclosed by the Company in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. The Company’s disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to management, including the principal executive and the principal financial officer, as appropriate to allow timely decisions regarding required disclosures. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance that control objectives are attained. The Company’s disclosure controls and procedures are designed to provide such reasonable assurance.

 

The Company’s management, with the participation of the principal executive and principal financial officer, evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of March 31, 2019, as required by Rule 13a-15(e) of the Exchange Act. Based upon that evaluation, the principal executive and the principal financial officer have concluded that the Company’s disclosure controls and procedures were effective as of March 31, 2019.

 

Management’s Report on Internal Control Over Financial Reporting.   The Company’s management is responsible for establishing and maintaining adequate internal controls over financial reporting, as defined in Rule 13a-15(f) of the Exchange Act. Although the internal controls over financial reporting were not audited, the Company’s management, including the principal executive and principal financial officer, assessed the effectiveness of internal controls over financial reporting as of March 31, 2019, based on criteria issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) entitled “Internal Control-Integrated Framework.” Upon evaluation, the Company’s management has concluded that the Company’s internal controls over financial reporting were effective as of March 31, 2019.

 

Changes in Internal Control Over Financial Reporting.   The Company’s management, with the participation of the principal executive and principal financial officer, have concluded there were no changes in internal control over financial reporting during the fiscal quarter ended March 31, 2019 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting, except controls and procedures associated with the adoption of the Financial Accounting Standards Board Topic 842, Leases.

 

 

 

 

 

 

 16 

 

 

PART II. – OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

From time to time, we may be involved in legal proceedings arising in the normal course of business. We expense or accrue legal costs as we incur them. A summary of our material legal proceedings is as follows:

 

On August 6, 2018, GE Oil and Gas UK Ltd (“GE”) requested that the Company mediate a dispute between the parties in the ICC International Centre for ADR. The dispute involves alleged delays and defects in products manufactured by the Company for GE dating back to 2013. Mediation took place on November 28, 2018, but no resolution was reached. The original amount in dispute was $2,630,000, but as of GE’s latest filing with the ICC, the amount in dispute has been reduced to $2,252,000. The parties are in the process of filing preliminary submissions, and the arbitration date has not yet been set. The Company disputes GE’s allegations and intends to vigorously defend itself against these allegations. At this point in the legal process, we do not believe a loss to us is probable, therefore we have not recorded a liability related to this matter.

 

In November 2011, the Company delivered equipment to Aker Solutions, Inc. (“Aker”), but Aker declined to pay the final invoice in the aggregate amount of $270,000 alleging some warranty items needed to be repaired. The Company made repairs, but Aker continued to claim further work was required. The Company repeatedly attempted to collect on the receivable, and ultimately filed suit on November 16, 2012, in the Harris County District Court. Aker subsequently filed a counter-claim on March 20, 2013 in the aggregate amount of $1,000,000, for reimbursement of insurance payments allegedly made for repairs. Trial is scheduled for July 2019. At this point in the legal process, we do not believe a loss to us is probable, therefore we have not recorded a liability related to this matter.

 

ITEM 1A. RISK FACTORS

 

In July 2018, we announced that the Board of Directors is conducting a process to explore and evaluate strategic alternatives to maximize stockholder value. The Board has not made any decisions related to any strategic alternatives at this time. No assurances can be made with regard to the timeline for completion of the strategic review, or whether the review will result in any particular outcome. This process may divert the attention of management and cause us to incur various expenses, whether or not any particular outcome is achieved.  This process could also negatively impact our relationships with our customers and employees.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

The table below summarizes information about our purchases of common stock, based on trade date, during the quarter ended

March 31, 2019:

 

ISSUER PURCHASES OF EQUITY SECURITIES
    Total Number of Shares Purchased    Average Price Paid per Share    Total Number of Shares Purchased as Part of Publicly Announced Programs    Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs  
January 1 - January 31   228,113   $0.7459    228,113   $808,609 
February 1 - February 28   –    –    –    808,609 
March 1 - March 31   –    –    –    – 
Total activity for the three months ended March 31, 2019   228,113   $0.7459    228,113      

 

On March 26, 2018, the Board of Directors authorized the repurchase of up to $1,000,000 of the Company’s outstanding common stock (the “Repurchase Program”). The Repurchase Program was funded from cash on hand. The Repurchase Program expired on March 31, 2019.

 

ITEM 6. EXHIBITS

 

Exhibits required to be attached by Item 601 of Regulation S-K are listed in the Index to Exhibits of this Quarterly Report on Form 10-Q, which is incorporated herein by reference.

 

 

 

 17 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  DEEP DOWN, INC.
  (Registrant)
     
Date: May 13, 2019    
  By: /s/ Ronald E. Smith
    Ronald E. Smith
    President and Chief Executive Officer
    (Principal Executive Officer)
     
  By: /s/ Charles K. Njuguna
    Charles K. Njuguna
    Chief Financial Officer
    (Principal Financial Officer)
     
  By: /s/ Matthew A. Auger
    Matthew A. Auger
    Controller
    (Principal Accounting Officer)

 

 

 

 

 

 

 

 

 

 

 

 18 

 

 

INDEX TO EXHIBITS

 

31.1* Certification of Ronald E. Smith, President and Chief Executive Officer, furnished pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended.
   
31.2* Certification of Charles K. Njuguna, Chief Financial Officer, furnished pursuant to Rules 13a-14 and 15d-14(a) of the Securities Exchange Act of 1934, as amended.
   
32* Statement of Ronald E. Smith, President and Chief Executive Officer and Charles K. Njuguna, Chief Financial Officer, furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
   
101.INS* XBRL Instance Document
   
101.SCH* XBRL Schema Document
   
101.CAL* XBRL Calculation Linkbase Document
   
101.DEF* XBRL Definition Linkbase Document
   
101.LAB* XBRL Label Linkbase Document
   
101.PRE* XBRL Presentation Linkbase Document
   

 

 

______________________________

* Filed or furnished herewith.

 

 

 

 

 

 

 

 

 

 19 

 

 EX-31.1 2 deep_10q-ex3101.htm CERTIFICATION

Exhibit 31.1

 

CERTIFICATION

 

I, Ronald E. Smith, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Deep Down, Inc. (the “registrant”) for the quarterly period ended March 31, 2019;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.  The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date:   May 13, 2019

 

  /s/ Ronald E. Smith  
Name: Ronald E. Smith  
Title: President and Chief Executive Officer  
  (Principal Executive Officer)  

 

 

 

 EX-31.2 3 deep_10q-ex3102.htm CERTIFICATION

Exhibit 31.2

 

CERTIFICATION

 

I, Charles K. Njuguna, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Deep Down, Inc. (the “registrant”) for the quarterly period ended March 31, 2019;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.  The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date:   May 13, 2019

 

  /s/ Charles K. Njuguna  
Name: Charles K. Njuguna  
Title: Chief Financial Officer  
  (Principal Financial Officer)  

 

 EX-32 4 deep_10q-ex3200.htm CERTIFICATION

Exhibit 32

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Deep Down, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Ronald E. Smith, President and Chief Executive Officer of the Company, and Charles K. Njuguna, Chief Financial Officer of the Company, each of the undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

  (1) The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

 

  (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Deep Down.

 

Date: May 13, 2019

 

  /s/ Ronald E. Smith  
Name: Ronald E. Smith  
Title: President and Chief Executive Officer  

 

 

  /s/ Charles K. Njuguna  
Name: Charles K. Njuguna  
Title: Chief Financial Officer  

 

 

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Document Period End Date Mar. 31, 2019  
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Accounts receivable, net of allowance of $10 and $10, respectively 6,981 4,388
Contract assets 827 1,931
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Contract liabilities 1,037 973
Current lease liabilities 1,236 0
Current portion of long-term debt 9 9
Total current liabilities 4,437 2,964
Non-current lease liabilities 4,176 0
Long-term debt (Auto loan) 44 47
Total long term liabilities 4,220 47
Total liabilities 8,657 3,011
Commitments and contingencies (Note 9)
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Treasury stock, 2,255,330 and 2,027,217 shares, respectively, at cost (2,232) (2,062)
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Operating income (loss) 195 (854)
Other income:    
Interest income, net 7 9
Gain on sale of property, plant and equipment 15 0
Total other income 22 9
Income (loss) before income taxes 217 (845)
Income tax expense (5) (5)
Net income (loss) $ 212 $ (850)
Net income (loss) per share:    
Basic $ 0.02 $ (0.06)
Fully diluted $ 0.02 $ (0.06)
Weighted-average shares outstanding:    
Basic 13,511 13,436
Fully diluted 13,511 13,436
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Deficit
Total
Beginning balance, shares at Dec. 31, 2017 15,438        
Beginning balance, value at Dec. 31, 2017 $ 15 $ 73,247 $ (2,040) $ (49,375) $ 21,847
Net income (loss)       (850) (850)
Share-based compensation   4     4
Ending balance, shares at Mar. 31, 2018 15,438        
Ending balance, value at Mar. 31, 2018 $ 15 73,251 (2,040) (50,225) 21,001
Beginning balance, shares at Dec. 31, 2018 15,706        
Beginning balance, value at Dec. 31, 2018 $ 16 73,271 (2,062) (54,116) 17,109
Net income (loss)       212 212
Treasury shares purchased     (170)   (170)
Share-based compensation   104     104
Ending balance, shares at Mar. 31, 2019 15,706        
Ending balance, value at Mar. 31, 2019 $ 16 $ 73,375 $ (2,232) $ (53,904) $ 17,255
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income (loss) $ 212 $ (850)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Share-based compensation 104 4
Depreciation and amortization 345 431
Gain on sale of property, plant and equipment (15) 0
Non-cash lease expense 9 0
Changes in operating assets and liabilities:    
Accounts receivable, net (2,566) (1,368)
Contract Assets 1,104 666
Prepaid expenses and other current assets (34) 64
Other assets 21 37
Accounts payable and accrued liabilities 173 (238)
Contract Liabilities 64 (505)
Net cash used in operating activities (583) (1,759)
Cash flows from investing activities:    
Proceeds from sale of property, plant and equipment 15 0
Purchases of property, plant and equipment 0 (277)
Repayments on notes receivable (included in prepaid expenses and other current assets) 507 4
Short term investment - (certificate of deposit) (5) 0
Net cash provided by (used in) investing activities 517 (273)
Cash flows from financing activities:    
Principal payment on long-term debt (3) (1)
Cash paid for treasury shares purchased (170) 0
Net cash used in financing activities (173) (1)
Change in cash (239) (2,033)
Cash, beginning of period 2,015 3,939
Cash, end of period 1,776 1,906
Supplemental schedule of investing and financing activities:    
Property, plant and equipment sold for accounts receivable 27 0
Financing of property, plant and equipment $ 0 $ 67
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.19.1
1. BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
BASIS OF PRESENTATION

NOTE 1: BASIS OF PRESENTATION

 

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements of Deep Down, Inc. and its wholly-owned subsidiary (“Deep Down,” “we,” “us” or the “Company”) were prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC” or the “Commission”) pertaining to interim financial information and instructions to Form 10-Q. As permitted under those rules, certain notes or other financial information that are normally required by United States generally accepted accounting principles (“US GAAP”) can be condensed or omitted. Therefore, these statements should be read in conjunction with the audited consolidated financial statements, and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2018.

 

Preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosed amounts of contingent assets and liabilities, and the reported amounts of revenues and expenses. If the underlying estimates and assumptions upon which the financial statements are based change in future periods, then the actual amounts may differ from those included in the accompanying unaudited condensed consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.

 

Liquidity

 

The Company’s primary and potential sources of liquidity include cash on hand, cash from operating activities, and proceeds from opportunistic sales of non-core equipment. The Company’s cash and cash equivalents as of March 31, 2019 and December 31, 2018 was $1,776 and $2,015, respectively.

 

The Company’s plans to mitigate its limited liquidity include: closely monitoring capital expenditures planned for the remainder of 2019 and beyond to conserve capital; possibly selling certain non-core equipment; further reducing administrative costs; and pursuing a line of credit to further supplement our operating requirements.

 

The Company’s operations are influenced by a number of factors that are beyond its control, including general conditions of the offshore energy sector, oil and gas operators’ willingness to spend development capital, and other factors that could adversely affect the Company’s financial position, results of operations and liquidity.

 

Principles of Consolidation

 

The unaudited condensed consolidated financial statements presented herein include the accounts of Deep Down, Inc. and its wholly-owned subsidiary. All intercompany transactions and balances have been eliminated.

 

Segments

 

For the three months ended March 31, 2019 and 2018, we had one operating and reporting segment, Deep Down Delaware.

 

Recently Issued Accounting Standards Not Yet Adopted

 

In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments, as modified by subsequently issued ASU No. 2018-19. The guidance introduces a new credit reserving model known as the Current Expected Credit Loss ("CECL") model, which is based on expected losses, and differs significantly from the incurred loss approach used today. The CECL model requires estimating all expected credit losses for certain types of financial instruments, including trade receivables, held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. These ASUs affect an entity to varying degrees depending on the credit quality for the assets held by the entity, their duration and how the entity applies current US GAAP. These ASUs will become effective for us beginning January 1, 2020. We are currently evaluating the impact the adoption of this guidance will have on our financial statements and related disclosures.

 

In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which modifies the disclosure requirements of fair value measurements. ASU 2018-13 is effective for us beginning January 1, 2020. Certain disclosures are required to be applied on a retrospective basis and others on a prospective basis. We are currently evaluating the impact the adoption of this guidance will have on our financial statement disclosures.

 

All other new accounting pronouncements that have been issued but not yet effective are currently being evaluated to determine if they will have a material impact on our financial position or results of operations.
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.19.1
2. LEASES: ADOPTION OF ASC 842, LEASES
 3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
LEASES: ADOPTION OF ASC 842, LEASES

NOTE 2: LEASES: ADOPTION OF ASC 842, “LEASES”

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” and subsequent amendments, which replaced existing lease guidance in US GAAP and requires lessees to recognize right-of-use (“ROU”) assets and lease liabilities on the balance sheet for leases greater than twelve months and disclose key information about leasing arrangements. We adopted the standard on January 1, 2019 using the modified retrospective method and used the effective date as our date of initial application. Financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. There were no adjustments to opening retained earnings on adoption.

 

The Company leases certain properties, buildings and equipment under various arrangements that provide the right to use the underlying asset and require lease payments for the lease term. The Company’s lease portfolio consists of operating leases, which expire at various dates through 2023.

 

The new standard provides a number of optional practical expedients for transition. We elected the package of practical expedients under the transition guidance which permitted us not to reassess under the new standard our prior conclusions for lease identification and lease classification on expired or existing contracts and whether initial direct costs previously capitalized would qualify for capitalization under Topic 842. We also elected the practical expedient related to land easements, which allowed us not to reassess our current accounting treatment for existing agreements on land easements, which are not accounted for as leases. We did not elect the hindsight practical expedient to determine the reasonably certain lease term for existing leases.

 

The new standard also provides practical expedients and recognition exemptions for an entity’s ongoing accounting policy elections. Leases with an initial term of twelve months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. We do not separate lease and non-lease components. We therefore elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we do not recognize ROU assets or lease liabilities. Some of these agreements contain variable payment provisions that depend on an index or rate, initially measured using the index or rate at the lease commencement date, and are therefore not included in our future minimum lease payments. These variable lease agreements include usage-based payments for equipment under service contracts and other properties.

 

Our long-term lease agreements do not contain any material restrictive covenants. Our equipment leases have remaining terms of between 1 year and 3 years, and property leases have remaining terms of between 1 year and 5 years. Some of these leases may include options to extend the leases, and some may include options to terminate the leases within 30 days. Because we are not reasonably certain to exercise these renewal options, the options are not considered in determining the lease term, and associated payments are excluded from future minimum lease payments.

 

ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. The present value of lease payments is determined primarily using the incremental borrowing rate based on the information available at lease commencement date. Lease agreements with lease and non-lease components are generally accounted for as a single lease component. The Company’s operating lease expense is recognized on a straight-line basis over the lease term and a portion is recorded in cost of sales, and the remainder is recorded in selling, general and administrative expenses.

 

   March 31, 2019   January 1, 2019 
Assets:          
ROU Assets  $5,403   $5,707 
           
Liabilities:          
Current lease liabilities   1,236    1,215 
Non-current lease liabilities   4,176    4,492 
Total lease liabilities  $5,412   $5,707 

 

The components of our lease expense were as follows:

 

Operating lease expense included in Cost of sales  $306       
Operating lease expense included in SG&A   66       
Short term lease expense   65       
Total lease expense  $437       

 

As of March 31, 2019, we do not have any finance lease assets or liabilities, nor do we have any subleases

 

Other information related to operating leases were as follows:             
Operating cash flows from operating leases  $370         

 

Lease Term and Discount Rate:  March 31, 2019   January 1, 2019 
Weighted average remaining lease (years) terms on operating leases   4.1    4.5 
Weighted average discount rates on operating leases   5.374%    5.374% 

 

During the first quarter, we did not have any sale/leaseback transactions.

 

Future minimum lease payments under non cancelable operating leases were as follows     
    March 31, 2019 
2020   1,494 
2021   1,489 
2022   1,395 
2023   1,411 
2024   236 
Thereafter   – 
Total lease payments   6,025 
Less: Interest   (613)
Present value of lease liabilities   5,412 

 
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.19.1
3. REVENUES: ADOPTION OF ASC 606
 3 Months Ended
Mar. 31, 2019
Revenue from Contract with Customer [Abstract]  
REVENUES: ADOPTION OF ASC 606

NOTE 3: REVENUES: ADOPTION OF ASC 606, “REVENUE FROM CONTRACTS WITH CUSTOMERS”

 

On January 1, 2018, we adopted ASC Topic 606 (“ASC 606”) using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. There was no significant impact on the Company’s results of operations or financial position upon the adoption of ASC 606. We did not record any adjustments to opening retained earnings as of January 1, 2018 because the Company’s revenue recognition methodologies for both fixed price contracts (over time using cost to cost as an input measure of performance) and for service contracts (over time as services are performed) do not materially change by the adoption of the new standard.

 

Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. To determine the proper revenue recognition method for our customer contracts, we evaluate whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment and the decision to combine a group of contracts or separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period. For most of our fixed price contracts, the customer contracts with us to provide a significant service of integrating a complex set of tasks and components into a single project or capability (even if that single project results in the delivery of multiple units). Hence, the entire contract is accounted for as one performance obligation.

 

We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.

 

Disaggregation of Revenue

 

The following table presents our revenues disaggregated by revenue sources of fixed price and service contracts. Sales taxes are excluded from revenues.

 

   March 31, 2019   March 31, 2018 
Fixed Price Contracts  $3,531   $1,843 
Service Contracts   2,769    1,863 
Total  $6,300   $3,706 

 

Fixed price contracts

 

For fixed price contracts, we generally recognize revenue over time as we perform because of continuous transfer of control to the customer. This continuous transfer of control to the customer is supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work in process. Additionally, in other fixed price contracts, the customer typically controls the work in process as evidenced either by contractual termination clauses or by our rights to payment for work performed to date plus a reasonable profit in connection with delivery of products or services that do not have an alternative use to the Company.

 

Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. We generally use the cost-to-cost measure of progress for our contracts because it best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred.

 

Contracts are often modified to account for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new, or changes the existing, enforceable rights and obligations. Most of our contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price, and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.

 

We have a company-wide standard and disciplined quarterly estimate at completion process in which management reviews the progress and execution of our performance obligations. As part of this process, management reviews information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities and the related changes in estimates of revenues and costs. Changes in estimates of net sales, cost of sales and the related impact to operating income are recognized quarterly on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a performance obligation’s percentage of completion. A significant change in one or more of these estimates could affect the profitability of one or more of our performance obligations. When estimates of total costs to be incurred exceed total estimates of revenue to be earned on a performance obligation related to fixed price contracts, a provision for the entire loss on the performance obligation is recognized in the period the loss is estimated.

 

Service Contracts

 

We recognize revenue for service contracts measuring progress toward satisfying the performance obligation in a manner that best depicts the transfer of goods or services to the customer. The control over services is transferred over time when the services are rendered to the customer on a daily basis. Specifically, we recognize revenue as the services are provided as we have the right to invoice the customer for the services performed. Services are billed and are generally required to be paid on a monthly basis. Payment terms for services are usually 30 days from invoice receipt, but during the recent downturn in the industry, some of our customers have begun instituting new payment terms of up to 60 days from invoice receipt.

 

Contract balances

 

Costs and estimated earnings in excess of billings on uncompleted contracts arise when revenues are recorded on a percentage-of-completion basis but cannot be invoiced under the terms of the contract. Such amounts are invoiced upon completion of contractual milestones. Billings in excess of costs and estimated earnings on uncompleted contracts arise when milestone billings are permissible under the contract, but the related costs have not yet been incurred. All contract costs are recognized currently on jobs formally approved by the customer and contracts are not shown as complete until virtually all anticipated costs have been incurred and the risk of loss has passed to the customer.

 

Assets related to costs and estimated earnings in excess of billings on uncompleted contracts, as well as liabilities related to billings in excess of costs and estimated earnings on uncompleted contracts, have been classified as current. The contract cycle for certain long-term contracts may extend beyond one year, thus complete collection of amounts related to these contracts may extend beyond one year, though such long-term contracts include contractual milestone billings as discussed above. At March 31, 2019 and December 31, 2018, we had no contracts whose term extended beyond one year.

 

The following table summarizes our contract assets, which are “Costs and estimated earnings in excess of billings on uncompleted contracts” and our contract liabilities, which are “Billings in excess of costs and estimated earnings on uncompleted contracts”.

 

   March 31, 2019   December 31, 2018 
Costs incurred on uncompleted contracts  $3,033   $9,697 
Estimated earnings on uncompleted contracts   3,474    10,787 
    6,507    20,484 
Less: Billings to date on uncompleted contracts   (6,717)   (19,526)
   $(210)  $958 
           
Included in the accompanying unaudited condensed consolidated balance sheets under the following captions:          
Contract assets  $827   $1,931 
Contract liabilities   (1,037)   (973)
   $(210)  $958 

 

Remaining Performance Obligations

 

Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and excludes unexercised contract options and potential orders and also any remaining performance obligations for any sales arrangements that had not fully satisfied the criteria to be considered a contract with a customer pursuant to the requirements of ASC 606.

 

At March 31, 2019 and December 31, 2018, all of our fixed price contracts are short-term in nature with a contract term of one year or less. For those contracts, we have utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.

 

Practical Expedients and Exemptions

 

We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses.

 

Many of our services contracts are short-term in nature with a contract term of one year or less. For those contracts, we have utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.

 

Additionally, our payment terms are short-term in nature with settlements of one year or less. We have, therefore, utilized the practical expedient in ASC 606-10-32-18 exempting the Company from adjusting the promised amount of consideration for the effects of a significant financing component given that the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

 

Further, in many of our service contracts we have a right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date (for example, a service contract in which we bill a fixed amount for each hour of service provided). For those contracts, we have utilized the practical expedient in ASC 606-10-55-18, which allows us to recognize revenue in the amount for which we have the right to invoice.

 

Accordingly, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.19.1
4. PROPERTY, PLANT AND EQUIPMENT
 3 Months Ended
Mar. 31, 2019
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT

NOTE 4: PROPERTY, PLANT AND EQUIPMENT

 

The components of property, plant and equipment, net are summarized below:

 

   March 31, 2019   December 31, 2018  

Range of

Asset Lives

 
Buildings and improvements  $285   $285    7 - 36 years 
Leasehold improvements   896    908    2 - 5 years 
Equipment   19,016    18,640    2 - 30 years 
Furniture, computers and office equipment   596    1,166    2 - 8 years 
Construction in progress   45    158    – 
                
Total property, plant and equipment   20,838    21,157      
Less: Accumulated depreciation and amortization   (11,510)   (11,466)     
Property, plant and equipment, net  $9,328   $9,691      

 
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.19.1
5. LONG-TERM DEBT
 3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
LONG-TERM DEBT

NOTE 5: LONG-TERM DEBT

 

In January 2018, we financed a new Company vehicle. The financed amount was $67 and is for a term of six years with an interest rate of 0.9%, with monthly payments of $1. The financing company will hold a lien on the vehicle until all payments have been made.
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.19.1
6. SHARE-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2019
Share-based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION

NOTE 6: SHARE-BASED COMPENSATION

 

On July 27, 2018, we granted 300 shares of restricted stock to our Chief Financial Officer (“CFO”). These shares have a fair value grant price of $0.79 per share, based on the closing price of our common stock on that day. These shares vest over three years in equal tranches on the anniversary date of his appointment to the role, subject to continued service as our CFO. We are amortizing the related share-based compensation of $237 over the three-year requisite service period.

 

For the three months ended March 31, 2019 and 2018, we recognized a total of $104 and $4 respectively, of share-based compensation expense related to restricted stock awards, which is included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. The unamortized estimated fair value of unvested shares of restricted stock was $118 at March 31, 2019 and $222 at December 31, 2018. These costs are expected to be recognized as expense over a weighted-average period of 2.04 years.

 

At March 31, 2019 and December 31, 2018 there were no other unvested restricted shares or options.
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.19.1
7. TREASURY STOCK
 3 Months Ended
Mar. 31, 2019
Equity [Abstract]  
TREASURY STOCK

NOTE 7: TREASURY STOCK

 

On March 26, 2018, the Board of Directors authorized the repurchase of up to $1,000 of the Company’s outstanding common stock (the “Repurchase Program”). The Repurchase Program was funded from cash on hand. During the three months ended March 31, 2019, 228 shares of our outstanding common stock were purchased under the Repurchase Program. The Repurchase Program expired on March 31, 2019.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.19.1
8. INCOME TAXES
 3 Months Ended
Mar. 31, 2019
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 8: INCOME TAXES

 

Income tax expense during interim periods is based on applying the estimated annual effective income tax rate to interim period operations. The estimated annual effective income tax rate may vary from the statutory rate due to the impact of permanent items relative to our pre-tax income, as well as by any valuation allowance recorded. We employ an asset and liability approach that results in the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial basis and the tax basis of those assets and liabilities. A valuation allowance is established when it is more likely than not that some of the deferred tax assets will not be realized. At March 31, 2019 and December 31, 2018 management has recorded a full deferred tax asset valuation allowance.
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.19.1
9. COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 9: COMMITMENTS AND CONTINGENCIES

 

From time to time we are involved in legal proceedings arising from the normal course of business. We expense or accrue legal costs as we incur them. A summary of our material legal proceedings is as follows:

 

On August 6, 2018, GE Oil and Gas UK Ltd (“GE”) requested that the Company mediate a dispute between the parties in the ICC International Centre for ADR. The dispute involves alleged delays and defects in products manufactured by the Company for GE dating back to 2013. Mediation took place on November 28, 2018, but no resolution was reached. The total amount in dispute was originally $2,630, but as of GE’s latest filing with the ICC, the amount in dispute has been reduced to $2,252. The parties are in the process of filing preliminary submissions, and the arbitration date has not yet been set. The Company disputes GE’s allegations and intends to vigorously defend itself against these allegations. At this point in the legal process, we do not believe a loss to us is probable, therefore we have not recorded a liability related to this matter.

 

In November 2011, the Company delivered equipment to Aker Solutions, Inc. (“Aker”), but Aker declined to pay the final invoice in the aggregate amount of $270 alleging some warranty items needed to be repaired. The Company made repairs, but Aker continued to claim further work was required. The Company repeatedly attempted to collect on the receivable, and ultimately filed suit on November 16, 2012, in the Harris County District Court. Aker subsequently filed a counter-claim on March 20, 2013 in the aggregate amount of $1,000, for reimbursement of insurance payments allegedly made for repairs. Trial is scheduled for July 2019. At this point in the legal process, we do not believe a loss to us is probable, therefore we have not recorded a liability related to this matter.
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.19.1
10. EARNINGS PER COMMON SHARE
 3 Months Ended
Mar. 31, 2019
Net income (loss) per share:  
EARNINGS PER COMMON SHARE

NOTE 10: EARNINGS PER COMMON SHARE

 

Basic earnings per share (“EPS”) is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is calculated by dividing net income (loss) by the weighted-average number of common shares and dilutive common stock equivalents (warrants, nonvested stock awards and stock options) outstanding during the period. Diluted EPS reflects the potential dilution that could occur if options to purchase common stock were exercised for shares of common stock and all nonvested stock awards vest.

 

At March 31, 2019 and 2018, there were no potentially dilutive securities outstanding.

 
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.19.1
1. BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements of Deep Down, Inc. and its wholly-owned subsidiary (“Deep Down,” “we,” “us” or the “Company”) were prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC” or the “Commission”) pertaining to interim financial information and instructions to Form 10-Q. As permitted under those rules, certain notes or other financial information that are normally required by United States generally accepted accounting principles (“US GAAP”) can be condensed or omitted. Therefore, these statements should be read in conjunction with the audited consolidated financial statements, and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2018.

 

Preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosed amounts of contingent assets and liabilities, and the reported amounts of revenues and expenses. If the underlying estimates and assumptions upon which the financial statements are based change in future periods, then the actual amounts may differ from those included in the accompanying unaudited condensed consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.
Liquidity

Liquidity

 

The Company’s primary and potential sources of liquidity include cash on hand, cash from operating activities, and proceeds from opportunistic sales of non-core equipment. The Company’s cash and cash equivalents as of March 31, 2019 and December 31, 2018 was $1,776 and $2,015, respectively.

 

The Company’s plans to mitigate its limited liquidity include: closely monitoring capital expenditures planned for the remainder of 2019 and beyond to conserve capital; possibly selling certain non-core equipment; further reducing administrative costs; and pursuing a line of credit to further supplement our operating requirements.

 

The Company’s operations are influenced by a number of factors that are beyond its control, including general conditions of the offshore energy sector, oil and gas operators’ willingness to spend development capital, and other factors that could adversely affect the Company’s financial position, results of operations and liquidity.
Principles of Consolidation

Principles of Consolidation

 

The unaudited condensed consolidated financial statements presented herein include the accounts of Deep Down, Inc. and its wholly-owned subsidiary. All intercompany transactions and balances have been eliminated.
Segments

Segments

 

For the three months ended March 31, 2019 and 2018, we had one operating and reporting segment, Deep Down Delaware.
Recently Issued Adopted Accounting Standards:Not Yet Adopted

Recently Issued Accounting Standards Not Yet Adopted

 

In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments, as modified by subsequently issued ASU No. 2018-19. The guidance introduces a new credit reserving model known as the Current Expected Credit Loss ("CECL") model, which is based on expected losses, and differs significantly from the incurred loss approach used today. The CECL model requires estimating all expected credit losses for certain types of financial instruments, including trade receivables, held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. These ASUs affect an entity to varying degrees depending on the credit quality for the assets held by the entity, their duration and how the entity applies current US GAAP. These ASUs will become effective for us beginning January 1, 2020. We are currently evaluating the impact the adoption of this guidance will have on our financial statements and related disclosures.

 

In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which modifies the disclosure requirements of fair value measurements. ASU 2018-13 is effective for us beginning January 1, 2020. Certain disclosures are required to be applied on a retrospective basis and others on a prospective basis. We are currently evaluating the impact the adoption of this guidance will have on our financial statement disclosures.

 

All other new accounting pronouncements that have been issued but not yet effective are currently being evaluated to determine if they will have a material impact on our financial position or results of operations.
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.19.1
2. LEASES: ADOPTION OF ASC 842, LEASES (Tables)
 3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Operating lease right to use
   March 31, 2019   January 1, 2019 
Assets:          
ROU Assets  $5,403   $5,707 
           
Liabilities:          
Current lease liabilities   1,236    1,215 
Non-current lease liabilities   4,176    4,492 
Total lease liabilities  $5,412   $5,707 
Components of lease expense
Operating lease expense included in Cost of sales  $306       
Operating lease expense included in SG&A   66       
Short term lease expense   65       
Total lease expense  $437       
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.19.1
3. REVENUES: ADOPTION OF ASC 606 (Tables)
 3 Months Ended
Mar. 31, 2019
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue - Contract Revenue
   March 31, 2019   March 31, 2018 
Fixed Price Contracts  $3,531   $1,843 
Service Contracts   2,769    1,863 
Total  $6,300   $3,706 
Schedule of earnings in excess of billings on uncompleted contracts
   March 31, 2019   December 31, 2018 
Costs incurred on uncompleted contracts  $3,033   $9,697 
Estimated earnings on uncompleted contracts   3,474    10,787 
    6,507    20,484 
Less: Billings to date on uncompleted contracts   (6,717)   (19,526)
   $(210)  $958 
           
Included in the accompanying unaudited condensed consolidated balance sheets under the following captions:          
Contract assets  $827   $1,931 
Contract liabilities   (1,037)   (973)
   $(210)  $958 
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.19.1
4. PROPERTY, PLANT AND EQUIPMENT (Tables)
 3 Months Ended
Mar. 31, 2019
Property, Plant and Equipment [Abstract]  
Property, plant and equipment
   March 31, 2019   December 31, 2018  

Range of

Asset Lives

 
Buildings and improvements  $285   $285    7 - 36 years 
Leasehold improvements   896    908    2 - 5 years 
Equipment   19,016    18,640    2 - 30 years 
Furniture, computers and office equipment   596    1,166    2 - 8 years 
Construction in progress   45    158    – 
                
Total property, plant and equipment   20,838    21,157      
Less: Accumulated depreciation and amortization   (11,510)   (11,466)     
Property, plant and equipment, net  $9,328   $9,691      
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.19.1
1. BASIS OF PRESENTATION (Details Narrative)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
USD ($)
Integer
Dec. 31, 2018
USD ($)
Accounting Policies [Abstract]    
Cash and Cash Equivalents | $ $ 1,776 $ 2,015
Operating segments | Integer 1  
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.19.1
2. LEASES: ADOPTION OF ASC 842, LEASES (Details - Operating lease info) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Jan. 02, 2019
Dec. 31, 2018
Right of use asset $ 5,403 $ 5,707 $ 0
Current lease liabilities 1,236 1,215 0
Non-current lease liabilities 4,176 4,492 $ 0
Total lease liabilities 5,412 $ 5,707  
Components of lease expense      
Short term lease expense 65    
Total lease expense 437    
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 370    
Right of use assets obtained in exchange for new operating liabilities      
Weighted average remaining lease (years) terms on operating leases 4 years 1 month 6 days 4 years 6 months  
Weighted average discount rates on operating leases 5.374% 5.374%  
Cost of Sales [Member]      
Components of lease expense      
Operating lease expense $ 306    
Selling, General and Administrative Expenses [Member]      
Components of lease expense      
Operating lease expense $ 66    
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.19.1
2. LEASES: ADOPTION OF ASC 842, LEASES (Details - Minimum lease payments)
$ in Thousands
Mar. 31, 2019
USD ($)
Leases [Abstract]  
Future minimum lease payment 2019 $ 1,494
Future minimum lease payment 2020 1,489
Future minimum lease payment 2021 1,395
Future minimum lease payment 2022 1,411
Future minimum lease payment 2023 236
Future minimum lease payment 2024 and subsequent years 0
Total lease payments 6,025
Less: interest (613)
Present value of lease liabilities $ 5,412
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.19.1
3. REVENUES: ADOPTION OF ASC 606 (Details - Disaggregation of Revenue) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenues $ 6,300 $ 3,706
Fixed-price Contract [Member]    
Revenues 3,531 1,843
Service Contracts [Member]    
Revenues $ 2,769 $ 1,863
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.19.1
3. REVENUES: ADOPTION OF ASC 606 (Details - Contract balances) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Billings In Excess Of Costs And Estimated Earnings On Uncompleted Contracts And Deferred Revenues    
Costs incurred on uncompleted contracts $ 3,033 $ 9,697
Estimated earnings on uncompleted contracts 3,474 10,787
Total costs and estimated earnings on uncompleted contracts 6,507 20,484
Less: Billings to date on uncompleted contracts (6,717) (19,526)
Costs incurred and estimated earnings less billings on uncompleted contracts (210) 958
Included in the accompanying condensed consolidated balance sheets under the following captions:    
Contract Assets 827 1,931
Contract Liabilities (1,037) (973)
Contract assets less contract liabilities $ (210) $ 958
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.19.1
4. PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Dec. 31, 2018
Total property, plant and equipment $ 20,838 $ 21,157
Less: Accumulated depreciation and amortization (11,510) (11,466)
Property, plant and equipment,net 9,328 9,691
Buildings and improvements    
Total property, plant and equipment $ 285 285
Range of Asset lives 7-36 years  
Leasehold Improvements    
Total property, plant and equipment $ 896 908
Range of Asset lives 2-5 years  
Equipment    
Total property, plant and equipment $ 19,016 18,640
Range of Asset lives 2-30 years  
Furniture, computers and office equipment    
Total property, plant and equipment $ 596 1,166
Range of Asset lives 2-8 years  
Construction in Progress    
Total property, plant and equipment $ 45 $ 158
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.19.1
5. LONG-TERM DEBT (Details Narrative) - Vehicle [Member]
$ in Thousands
 3 Months Ended
Mar. 31, 2019
USD ($)
Debt face amount $ 67
Debt term 6 years
Debt stated interest rate 0.90%
Debt period payment $ 1
Debt periodic payment frequency monthly
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.19.1
6. SHARE-BASED COMPENSATION (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 7 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Jul. 27, 2018
Share-based compensation $ 104 $ 4  
Unamortized estimated fair value of non-vested stock options $ 118    
Weighted average period of unamortized fair value 2 years 15 days    
CFO [Member] | Restricted Stock [Member]      
Stock grants during period, shares     300
Fair value grant price     $ 0.79
Share vesting term     3 years
Stock grants during period, value     $ 237
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.19.1
7. TREASURY STOCK (Details Narrative)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
USD ($)
shares
Equity [Abstract]  
Stock repurchase program, amount authorized | $ $ 1,000
Stock repurchase program, expiration date Mar. 31, 2019
Stock repurchases | shares 0
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.19.1
10. EARNINGS PER COMMON SHARE (Details Narrative) - shares
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Net income (loss) per share:    
Potentially dilutive securities 0 0
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