0001213900-18-006392.txt : 20180516 0001213900-18-006392.hdr.sgml : 20180516 20180515184011 ACCESSION NUMBER: 0001213900-18-006392 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 51 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180516 DATE AS OF CHANGE: 20180515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENERGY & TECHNOLOGY CORP. CENTRAL INDEX KEY: 0001432963 STANDARD INDUSTRIAL CLASSIFICATION: OIL, GAS FIELD SERVICES, NBC [1389] IRS NUMBER: 260198662 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-150437 FILM NUMBER: 18838302 BUSINESS ADDRESS: STREET 1: PETROLEUM TOWERS, SUITE 530 STREET 2: P.O BOX 52523 CITY: LAFAYETTE STATE: LA ZIP: 70505 BUSINESS PHONE: 337-984-2000 MAIL ADDRESS: STREET 1: PETROLEUM TOWERS, SUITE 530 STREET 2: P.O BOX 52523 CITY: LAFAYETTE STATE: LA ZIP: 70505 FORMER COMPANY: FORMER CONFORMED NAME: Technical Industries & Energy, Corp DATE OF NAME CHANGE: 20080421 10-Q 1 f10q0318_energytechnology.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 10-Q

 

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

 

For the quarterly period ended March 31, 2018

 

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

 

ENERGY & TECHNOLOGY, CORP.

(Exact name of registrant as specified in Charter)

 

DELAWARE   333-143215   26-0198662

(State or other jurisdiction of

incorporation or organization)

  (Commission File No.)   (IRS Employee
Identification No.)

 

Petroleum Towers, Suite 530

3639 Ambassador Caffery Blvd

Mail to: P.O. Box 52523

Lafayette, LA 70505

 (Address of Principal Executive Offices)

 

 

 

+ 1-337- 984-2000

 (Issuer Telephone number)

 

+ 1-337- 988-1777

Issuer Fax Number

 

 

  

www.engt.com 

www.energyntechnology.com

 

Securities registered under Section 12(b) of the Exchange Act: None.
   
Securities registered under Section 12(g) of the Exchange Act: Common stock, par value $0.001 per share.
  (Title of class)

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 the Securities Act.

Yes ☐   No ☒

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐   No ☒ 

 

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 twelve months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒  No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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
(Do not check if a smaller reporting company) 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 ☒

 

According to the Company’s transfer agent of record, Olde Monmoth Stock Transfer Agent’s latest records, the number of shares outstanding of each of the Company’s classes of common equity, as of the end of the fiscal quarter covered by this report, is 165,560,766 shares of common stock. The company has issued no stock since that date.

 

 

 

 

 

ENERGY & TECHNOLOGY, CORP.

 

FORM 10-Q

 

March 31, 2018

 

INDEX

  

PART I—FINANCIAL INFORMATION
     
Item 1. Financial Statements 1
Item 2. Management’s Discussion and Analysis of Financial Condition 10
Item 3. Quantitative and Qualitative Disclosures About Market Risk 12
Item 4. Control and Procedures 12
     
PART II—OTHER INFORMATION  
   
Item 1. Legal Proceedings 13
Item 2. Risk Factors 13
Item 3. Unregistered Sales of Equity Securities and Use of Proceeds 13
Item 4. Defaults Upon Senior Securities 13
Item 5. Submission of Matters to a Vote of Security Holders 13
Item 6. Other Information 13
Item 7. Exhibits and Reports on Form 8-K 13
   
SIGNATURE 14

  

 

 

 

INTRODUCTORY NOTE

 

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 about Energy & Technology, Corp. (the “Company”) and our subsidiaries, Technical Industries, Inc. (TII), Energy Pipe, LLC (EP), (a variable interest entity), and Energy Technology Manufacturing & Threading, LLC (ETMT), (a variable interest entity), that are subject to risks and uncertainties. Forward-looking statements include information concerning future financial performance, business strategy, projected plans and objectives. Statements preceded by, followed by or that otherwise include the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “may increase,” “may fluctuate” and similar expressions of future or conditional verbs such as “will,” “should,” “would,” and “could” are generally forward-looking in nature and not historical facts. Actual results may differ materially from those projected, implied, anticipated or expected in the forward-looking statements. Readers of this quarterly report should not rely solely on the forward-looking statements and should consider all uncertainties and risks throughout this report. The statements are representative only as of the date they are made. The Company, Technical Industries, Inc. (TII), Energy Pipe, LLC (EP), and Energy Technology Manufacturing & Threading, LLC (ETMT), (sometimes referred to herein on a consolidated basis as the Company, we, us, or similar phrasing) undertakes no obligation to update any forward-looking statement.

 

These forward-looking statements, implicitly and explicitly, include the assumptions underlying the statements and other information with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, estimates, financial condition, results of operations, future performance and business, including management's expectations and estimates with respect to revenues, expenses, return on equity, return on assets, efficiency ratio, asset quality and other financial data and capital and performance ratios.

 

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, these statements involve risks and uncertainties that are subject to change based on various important factors, some of which are beyond the control of the Company. The following factors, among others, could cause the Company's results or financial performance to differ materially from its goals, plans, objectives, intentions, expectations and other forward-looking statements:

 

  general economic and industry conditions;
  our capital requirements and dependence on the sale of our equity securities;
  the liquidity of the Company’s common stock will be affected by the lack of a trading market;
  industry competition;
  shortages in availability of qualified personnel;
  legal and financial implications of unexpected catastrophic events;
  regulatory or legislative changes effecting the industries we serve; and
  reliance on, and the ability to attract, key personnel.

 

For a discussion of these and other risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s S-1 Report filed with the SEC, which is available on the SEC’s website at www.sec.gov. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update this Quarterly Report on Form 10-Q to reflect events or circumstances after the date hereof. New factors emerge from time to time, and it is not possible for us to predict which factors, if any, will arise. In addition, the Company cannot assess the impact of each factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. 

 

 

 

 

PART I. Financial Information 

 

ITEM 1. Financial Statements

 

ENERGY & TECHNOLOGY, CORP.

Consolidated Balance Sheets

As of March 31, 2018 and December 31, 2017

 

   March 31,   December 31, 
   2018   2017 
   (Unaudited)   (Unaudited) 
Assets        
Current Assets        
Cash and Cash Equivalents  $110,351   $36,168 
Investments   2,332    2,289 
Accounts Receivable          
Trade, Net   372,059    273,183 
Inventory, Net   903,373    903,373 
Prepaid Expenses   74,300    50,835 
Other Current Assets   164,010    126,168 
           
Total Current Assets   1,626,424    1,392,016 
           
Property and Equipment, Net          
Held for Operations, Net   2,060,551    2,099,840 
Construction in Progress   350,418    350,418 
    2,410,969    2,450,258 
           
Total Assets  $4,037,393   $3,842,274 
           
Liabilities and Stockholders' Equity          
Current Liabilities          
Accounts Payable  $860,943   $978,740 
Accrued Liabilities   257,212    82,035 
Accrued Rent   2,445,000    2,407,500 
Current Maturities of Notes Payable   4,476,442    4,425,147 
Due to Affiliates   841,709    858,545 
Income Taxes Payable   25,287    25,287 
           
Total Current Liabilities   8,906,593    8,777,254 
           
Long-Term Liabilities          
Notes Payable   10,922    13,142 
           
Total Liabilities  $8,917,516   $8,790,396 
           
Stockholders' Equity          
Preferred Stock - $.001 Par Value; 10,000,000 Shares Authorized, None Issued   -    - 
Common Stock - $.001 Par Value; 250,000,000 Shares Authorized, 169,198,117          
Shares Issued at March 31, 2018 and December 31, 2017, respectively   169,198    169,198 
Paid-In Capital   4,209,592    4,209,592 
Treasury Stock, at cost (3,637,351 Shares)   (4,076,441)   (4,076,441)
Retained Earnings   (5,182,472)   (5,250,470)
           
Total Stockholders' Equity   (4,880,122)   (4,948,121)
           
Total Liabilities and Stockholders' Equity  $4,037,393   $3,842,274 

 

See notes to consolidated financial statements.

 

 1 

 

 

ENERGY & TECHNOLOGY, CORP.

Consolidated Statements of Operations (Unaudited)

For the Three Months Ended March 31, 2018 and March 31, 2017

 

   Three Months Ended 
   March 31,   March 31, 
   2018   2017 
         
         
Revenues  $793,698   $544,654 
Cost of Revenues          
Materials and Supplies   56,374    67,241 
Contractor   121,557    113,747 
Depreciation   19,696    64,463 
Employees and Related Costs   138,098    102,906 
Repairs and Maintenance   30,166    28,335 
Insurance   8,259    16,996 
Other Costs   128,360    106,578 
           
Total Cost of Revenues   502,510    500,265 
           
Gross Profit   291,188    44,389 
           
Operating Expenses          
Selling, General, and Administration   221,313    318,136 
Depreciation   27,054    27,525 
           
Total Operating Expenses   248,368    345,662 
           
Income (Loss) from Operations   42,821    (301,273)
           
Other Income (Expense)          
Income from Insurance Claim   78,281      
Investment Income (Expense)   55    (726)
Interest Expense   (53,159)   (5,388)
           
Total Other Income (Expense)   25,177    (6,114)
           
Loss Before Provision for Income Taxes   67,998    (307,387)
           
Benefit for Income Taxes   0    0 
           
Loss  $67,998   $(307,387)
           
Loss per Share - Basic  $    NM    $  NM  
           
Loss per Share - Diluted  $    NM    $    NM  

 

See notes to consolidated financial statements.

 

 2 

 

  

ENERGY & TECHNOLOGY CORP.

Consolidated Statements of Changes in Stockholders' Equity

For theyears ended ended December 31, 2018 and December 31, 2017

 

   Common Stock   Treasury Stock   Additional Paid-In   Retained   Total Stockholders' 
   Shares   Amount   Shares   Amount   Capital   Earnings   Equity 
                             
Balance at January 1, 2017   169,198,117   $169,198    (3,637,351)  $(4,076,441)  $4,209,591    (3,940,586)  $(3,638,238)
                                    
Net (Loss)   -    -         -    -    (1,309,884)  $(1,309,884)
                                    
Balance at December 31, 2017   169,198,117   $169,198    (3,637,351)  $(4,076,441)  $4,209,591   $(5,250,470)  $(4,948,121)
                                    
Balance at January 1, 2018   169,198,117    169,198    (3,637,351)   (4,076,441)   4,209,591    (5,250,470)   (4,948,121)
                                    
Net Income (Loss)   -    -              -    67,998   $67,998 
                                    
Balance at December 31, 2018   169,198,117   $169,198   $(3,637,351)  $(4,076,441)  $4,209,591   $(5,182,472)  $(4,880,122)

 

See notes to consolidated financial statements.

 

 3 

 

 

ENERGY & TECHNOLOGY, CORP.

Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2018 and 2017

 

   Three Months Ended 
   March 31,   March 31, 
   2018   2017 
Cash Flows from Operating Activities        
Net Income (Loss)  $67,998   $(307,388)
Adjustments to Reconcile Net Income to Net Cash Provided by          
Operating Activities          
Depreciation   46,750    91,988 
Change in FMV of Investments  $(43)   757 
Changes in Assets and Liabilities          
Trade Receivables   (98,876)   (346,777)
Inventory   -    31,597 
Prepaid Expenses   (23,465)   (24,257)
Accounts Payable   (117,797)   97,455 
Accrued Liabilities   175,177    33,132 
Accrued Rent   37,500    37,500 
           
Net Cash Provided by Operating Activities   87,244    (385,993)
           
Cash Flows from Investing Activities          
Other Assets   (37,842)   (11,904)
Purchase of Property   (7,461)     
           
Net Cash Provided by (Used in) Investing Activities   (45,303)   (11,904)
           
Cash Flows from Financing Activities          
Borrowings (Principal Repayments) to Affiliates   (16,833)   256,277 
Borrowings (Principal Repayments) on Notes Payable   49,075    12,917 
           
Net Cash Provided by (Used in) Financing Activities   32,242    269,194 
           
Net Increase (Decrease) in Cash and Cash Equivalents   74,183    (128,703)
           
Cash and Cash Equivalents, Beginning of Year   36,168    158,068 
           
Cash and Cash Equivalents, End of Year  $110,351   $29,365 
           
Supplemental Disclosure of Cash Flow Information          
Cash Paid During the Period for Interest  $13,807   $5,388 

  

See notes to consolidated financial statements.

 

 4 

 

 

ENERGY &TECHNOLOGY, CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

 

Note 1. Organization

 

This Financial statement is unaudited.

 

Energy and Technology, Corp. (the Company) was formed November 29, 2006 under the laws of the State of Delaware in order to acquire and to take over the assets and business of Technical Industries, Inc. (TII).  On that date, the Company issued 125,000,000 shares of common stock to American Interest, LLC, in exchange for founder services rendered.  The fair value of these services was considered immaterial, and no amounts were recognized in the financial statements.  At the time the shares were issued to American Interest, LLC, the Company had no assets, operations, or cash flows.  As such, the stock had no value at the time the Company was established.  The par value was arbitrarily established in order to comply with the State of Delaware laws.  In order to reflect the par value of the shares issued, the Company recognized a discount on capital stock as a contra-equity account within the equity section of the consolidated balance sheets. 

 

On January 3, 2007, the Company entered into a Stock Exchange Agreement and Share Exchange (the Agreement) whereby the sole shareholder of TII exchanged all of the outstanding shares of TII to the Company in exchange for 50,000,000 shares of Company stock.  Accordingly, TII became a wholly-owned subsidiary of the Company.  The assets acquired and liabilities assumed were recorded at the carrying value to TII since TII and the Company were under common control prior to the acquisition.  

 

TII specializes in the non-destructive testing of structures, vessels, oilfield equipment and pipe, including magnetic and ultrasonic testing, utilizing the latest technologies.  These technologies enable TII to (i) provide detailed information to customers regarding each pipe tested, and (ii) reach energy reserves present technology cannot reach without extra cost to the oil and gas companies.  Because of the intense scrutiny applied to each section of pipe, TII is able to generate data which allows the pipe to be used in the most extreme conditions, and has been proven especially useful in critical and deep water drilling operations in the Gulf of Mexico.

 

On August 29, 2009, the Company effected a name change from Technical Industries & Energy Corp. to Energy & Technology, Corp. to better reflect the nature of the Company’s business.

 

Note 2. Summary of Significant Accounting Policies

  

Basis of Presentation and Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Technical Industries, Inc., the accounts of Energy Pipe, LLC (a variable interest entity), and the accounts of Energy Technology Manufacturing & Threading, LLC (a variable interest entity).  All significant intercompany balances and transactions have been eliminated.

 

The consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of financial information for the interim periods presented.  These adjustments are of a normal recurring nature and include appropriate estimated provisions.

 

Basis of Accounting

Assets, liabilities, revenues and expenses are recognized on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.

 

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported in the financial statements.  Accordingly, actual results could differ from those estimates due to information that becomes available subsequent to the issuance of the financial statements or for other reasons.

 

Revenue Recognition

Revenue for inspection services and manufacturing and threading services is recognized upon completion of the services rendered. Revenue for the sales of pipe is recognized when pipe is delivered and the customer takes ownership and assumes the risks of loss, collection of the relevant receivable is probable, persuasive evidence of an arrangement exists, and the sales price is fixed or determinable.

 

Trade Receivables

Trade accounts receivable are carried at their estimated collectible amounts.  Trade credit is generally extended on a short-term basis; thus receivables do not bear interest, although a finance charge may be applied to amounts past due. Trade accounts receivable are periodically evaluated for collectability based on past credit.

 

Allowance for Doubtful Accounts

The company calculates the allowance based on the history with customers and their current financial condition. Provisions of uncollectible amounts are determined based on management’s estimate of collectability. Allowance for doubtful accounts was $3,078 and $3,078 at March 31, 2018 and at December 31, 2017, respectively.

 

Inventory

Inventory is stated at the lower of cost determined by the specific identification method or market.  At March 31, 2018 and at December 31, 2017, inventory consisted of pipe available for sale.

 5 

 

 

ENERGY & TECHNOLOGY, CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

 

Note 2. Summary of Significant Accounting Policies (Continued)

  

Property and Equipment

Property and equipment are stated at cost.  Expenditures for property and equipment and items that substantially increase the useful lives of existing assets are capitalized at cost and depreciated. Routine expenditures for repairs and maintenance are expensed as incurred.  The cost and related accumulated depreciation of property and equipment disposed of are eliminated from the accounts, and any resulting gain or loss is recognized. Depreciation is provided utilizing the straight-line method over the estimated useful lives of the assets capitalized.

 

Valuation of Long-Lived Assets

In the event facts and circumstances indicate that carrying amounts of long-lived assets may be impaired, the Company evaluates the recoverability of its long-lived assets using the estimated future undiscounted cash flows associated with the asset compared to the asset’s carrying amount to determine if a write-down is required, pursuant to the provisions of Financial Accounting Standards Board (FASB) ASC 360-10-35.  Any impairment loss is measured as the difference between the carrying amount and the fair value of the impaired asset.

 

Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments and trade receivables. Concentration of credit risk with respect to trade receivables is limited due to the Company’s large number of customers. At the end of the fiscal quarter covered by this report, the balance due from three customers represented 76.4 % of receivables, and sales to three customers represented 71.2 % of revenues.

 

The Company maintains cash balances at several financial institutions, and periodically maintains cash in bank accounts in excess of insured limits.  The Company has not experienced any losses and does not believe that significant credit risk exists as a result of this practice.

 

Advertising

The Company charges the costs of advertising to expense as incurred. Advertising expense was $2,740 and $1,762, for the three months ended March 31, 2018 and 2017, respectively.

 

Cash Flows

For purposes of the consolidated statement of cash flows, the Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

 

Income Taxes

The Company recognizes income taxes in accordance with FASB ASC 740, “Income Taxes” (formerly Statement of Financial Accounting Standards (SFAS) No. 109, Accounting for Income Taxes). ASC 740 uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory tax rates applicable to future years to the difference between financial statement carrying amounts and the tax basis of existing assets and liabilities. Deferred taxes are also recognized for operating losses and tax credits that are available to offset future income taxes.

 

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained.  The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any.

 

Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above would be reflected as a liability for unrecognized tax benefits in the consolidated balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits would be classified as additional income taxes in the statement of operations.

 

Emerging Growth Company Critical Accounting Policy Disclosure

The Company qualifies as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As an emerging growth company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company may elect to take advantage of the benefits of this extended transition period in the future.

 

Recent Accounting Pronouncements

Management does not expect any impact from the adoption of new accounting pronouncements.

 

Comprehensive Income

The Company had no components of comprehensive income. Therefore, net income (loss) equals comprehensive income (loss) for the periods presented.

 6 

 

 

ENERGY &TECHNOLOGY, CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

 

Note 3. Patent

 

On September 4, 2007, the Company’s chief executive officer was awarded a patent from the United States Patent and Trademark Office pertaining to his development of specialized testing procedures for tubing casing, line pipe, and expandable liners utilized by oil-exploration companies which was subsequently transferred to the Company.

 

Note 4. Property and Equipment

  

Property and equipment consists of the following at March 31, 2018 and December 31, 2017, respectively:

 

     2017   2016 
           
  Buildings and Improvements  $3,157,937   $3,157,937 
  Equipment   5,982,669    5,949,208 
  Autos and Trucks   276,682    260,932 
  Office Furniture   34,025    34,025 
  Construction in Progress   350,418    356,667 
      9,801,731    9,758,769 
  Less: Accumulated Depreciation   -7,390,763    -7,068,048 
  Total  $2,410,969   $2,690,722 

 

Depreciation expense amounted to $46,750 and $91,988 for the three months ended March 31, 2017 and 2016, respectively.

 

Note 5.   Related Party Transactions

 

Energy & Technology, Corp is a holding company. Its subsidiaries include: Technical Industries, Inc. (NDT Inspection Services, maintenance, and storage are done in this company), Energy Technology Manufacturing & Threading, LLC (threading and manufacturing services are done in this company), and Energy Pipe, LLC (pipe sales are done in this company). All significant intercompany transactions are eliminated in consolidation.

 

Additionally, St. Charles Real Estate Corp LLC owns the land in Houston, Texas where the Company maintains its pipe inventory, as well as the Houston facility. The Company has a month to month lease for $12,500 with St. Charles Real Estate but is accruing rent instead of paying. As of March 31, 2018 and December 31, 2017 the total owed is $2,445,000 and $2,407,500, respectively. St. Charles Real Estate Corp LLC is owned by various members of the Sfeir family.

 

Note 6.   Notes Payable

 

Notes payable at March 31, 2018 and December 31, 2017 consist of the following:

 

     2017   2017
  Secured fixed term note of $48,601.50 due November 2020; fixed interest rate of 3.39%   19,838    22,057
  Unsecured variable term note of $3,935,217 ; fixed interest rate of 4.0%   4,455,584    4,416,232
  Secured fixed term note of $22,214 due December 2018; fixed interest rate of 6.95%   11,942    -
     $4,487,364   $4,438,289
  Less: Current Portion   4,476,442    4,425,147
  Long-Term Portion  $10,922   $13,142

 

Following are maturities of long-term debt at December 31, 2017:

 

  Fiscal Year Ending December 31,  Amount 
       
  2019   7,352 
  2020   3,570 
        
  Total  $10,922 

 

Note 7.   Equity

 

The Company is authorized to issue 250,000,000 shares of common stock at a par value of $.001 per share. The number of shares issued and outstanding are 165,560,766 and 165,560,766 as of March 31, 2018 and December 31, 2017, respectively. The Company is authorized to issue 10,000,000 shares of preferred stock. As of March 31, 2018 and December 31, 2017, there were no shares issued and outstanding. In 2014, the company purchased 3,617,075 shares of common stock now in Treasury.

 

 7 

 

 

ENERGY &TECHNOLOGY, CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

 

Note 8. Earnings per Share

 

Earnings (loss) per share are calculated in accordance with ASC 260 “Earnings per Share”. The weighted average number of common shares outstanding during each period is used to compute basic earnings (loss) per share. Diluted earnings per share are computed using the weighted average number of shares and potentially dilutive common shares outstanding. Dilutive potential common shares are additional common shares assumed to be exercised. Potentially dilutive common shares consist of stock options and are excluded from the diluted earnings per share computation in periods where the Company has incurred a net loss, as their effect would be considered anti-dilutive.

 

There were no potentially dilutive common stock equivalents as of the end of the fiscal quarter covered by this report, therefore basic earnings per share equals diluted earnings per share for the fiscal quarter covered by this report. As the Company incurred a net loss during the fiscal quarter covered by this report, the basic and diluted loss per common share is the same amount, as any common stock equivalents would be considered anti-dilutive.

 

The weighted average common shares outstanding were 165,560,766 and 165,560,766 for the fiscal quarter covered by this report and the year ended December 31, 2017.

 

Note 9. Commitments

 

The Company leases office premises, operating facilities, and equipment under operating leases expiring in various years through 2030. The Company also leases land for operating purposes on a month to month basis.

 

Note 10. Litigation and Contingent Liabilities

 

In the ordinary course of our business, we are, from time to time, subject to various legal proceedings, including matters involving employees, customers, and suppliers. We may enter into discussions regarding settlement of claims or lawsuits, and may enter into settlement agreements, if we believe settlement is in the best interest of our stockholders. We do not believe that any existing legal proceedings or settlements, individually or in the aggregate, will have a material effect on our financial condition, results of operations, or liquidity.

 

Note 11. Major Customers

 

For the end of the fiscal quarter covered by this report, the Company had three customers which generated revenues in excess of 10% of the Company’s total revenues. Revenues for these customers were approximately 78.02% of total revenues.

 

Note 12. Estimated Fair Value of Financial Instruments

 

The following disclosure is made in accordance with the requirements of FASB ASC 825, Financial Instruments. Financial instruments are defined as cash and contractual rights and obligations that require settlement, directly or indirectly, in cash. In cases where quoted market prices are not available, fair values have been estimated using the present value of future cash flows or other valuation techniques.

 

The result of these techniques are highly sensitive to the assumptions used, such as those concerning appropriate discount rates and estimates of future cash flows, which require considerable judgment. Accordingly, estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current settlement of the underlying financial instruments. ASC 825 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. These disclosures should not be interpreted as representing an aggregate measure of the underlying value of the Company.

 

While these estimates of fair value are based on management's judgment of appropriate factors, there is no assurance that if the Company had disposed of such items at March 31, 2018 or December 31, 2017, the estimated fair values would have been achieved. Market values may differ depending on various circumstances not taken into consideration in this methodology. The estimated fair values at March 31, 2017 and December 31, 2016, should not necessarily be considered to apply at subsequent dates.

      

     March 31,   December 31, 
     2018   2017 
     Carrying   Fair   Carrying   Fair 
     Amount   Value   Amount   Value 
  Financial Assets                
  Investments  $2,332   $2,332   $2,289   $2,289 
                       
     $2,332   $2,332   $2,289   $2,289 

  

 8 

 

 

ENERGY &TECHNOLOGY, CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

 

Note 12. Estimated Fair Value of Financial Instruments (Continued)

 

The following methods and assumptions were used by the Company in estimating fair values for financial instruments:

 

Cash and cash equivalents: The carrying amount reported in the balance sheet approximates fair value.

 

Notes Payable: The fair value of notes payable approximates the carrying amount reported in the balance sheet.

 

Due to Affiliates: The carrying amount of due to affiliates approximates fair values.

 

Note 13.  Subsequent Events

 

In accordance with the subsequent events topic of the FASB ASC, Topic No. 855, Subsequent Events, the Company evaluates events and transactions that occur after the balance sheet date for potential recognition in the financial statements. The effects of all subsequent events that provide additional evidence of conditions that existed at the balance sheet date are recognized in the financial statements at the end of the fiscal quarter covered by this report. In preparing these financial statements, the Company evaluated the events and transactions through the date these financial statements were issued.

 

 9 

 

 

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

 

General

Headquartered in Lafayette, Louisiana, with production facilities in Houston, Texas and Abbeville, Louisiana, Energy & Technology, Corp. provides non-destructive testing (NDT) services, OCTG and oilfield pipe sales, service and storage, and rig and equipment sales. Originally founded on May 11, 1971 as an inspection company, Energy & Technology, Corp. currently serves customers throughout the oil patch of Louisiana and Texas as well as in Canada, Mexico, and in the Gulf of Mexico. The Company’s customer base of over 130 accounts consists of major oil companies, steel mills, material suppliers, drilling companies, tool rental companies, and natural gas storage operators. As noted in Note 11, the company is dependent on a few customers, mainly from the U.S. Government and D.O.T. sub-contracts, due to the oil industry decline. The company’s customers base has slowed down and many closed or bankrupt. Due to the nature of its technology, the Company maintains competitive advantages in offshore deep water and other onshore critical projects. In order to increase revenue and add services andproduct in the current depressed energy industry, the company is now involved in project management, contracting, engineering, manufacturing, procurement, rentals, equipment and supplies providers, coating, storage, maintenance, drilling completion, and logistics.

 

Technical Industries, Inc., a wholly owned subsidiary of Energy & Technology, Corp., manufactures its own proprietary NDT equipment. The Company’s patented ultrasonic systems have some of the largest OD and pipe length capabilities in the industry and the deepest penetration capability offered for wall thickness measurement. The Company holds patents on certain exclusive inspection technology that allows oil and gas companies to use their current drill strings and other equipment to reach depths that were previously unreachable. This technology can make wells safer, increase the success rate for critical wells, and greatly reduce the chances of a failure. As the industry moves to ever deeper reserves and makes advances in horizontal drilling, oil and gas wells are becoming more and more expensive and difficult to drill, making this technology more of a necessity.

 

In the oilfield pipe sales and storage segment, Energy & Technology, Corp utilizes a state-of-the-art web based inventory management system that allows each client to view and track projects during processing, to locate inventory throughout the plant, and access reports, bill of ladings, tally sheets, logs and other required information.

 

Key Ongoing Operational Processes:

 

Update ISO Certification

Energy & Technology, Corp. recognizes that quality is every bit as important as price and prompt service. This is even truer of the Company’s typical client, who often contracts for services that other companies are not able to provide. In response to our clients’ requirements, the Company has obtained the latest ISO: 9001 certification by Moody’s, recognized in the industry as representing the highest quality control available. As the Company’s business lines are very synergistic, management feels that it can leverage this dominant position to increase share in the markets in which it competes, and likely more in the critical service arena.

 

Increased Sales and Marketing Effort

Energy & Technology, Corp. hired three qualified personnel in order to help the marketing and sales effort. New business was generated from referrals, technical sessions given to oil and gas and industry related companies, the Company website, and through the use of a marketing company on a limited basis. Recently, several new deep water well permits were issued in the Gulf of Mexico. As a result, ENGT has experienced significant new interest from major oil and gas companies - including site visits and evaluations - for its VisonArray™ deep water and critical well technologies, and ENGT Manufacturing facilities.   Currently, there are several employees whose duties are focused on sales, and one marketing and promotional activity director.  Management believes revenue can be greatly increased by expanding the Company's sales force.  

 

Diversification

Energy & Technology, Corp. has diligently worked to diversify its business model by adding sales, service, and storage of OCTG and all types of oilfield pipe, as well as equipment leasing and sales. Additional growth will come domestically, but management feels that overseas expansion is critical to the ultimate success of the business plan.

 

Critical Accounting Policies

The Company has identified the following accounting policies to be the critical accounting policies of the Company:

 

Revenue Recognition. Revenue for inspection services and manufacturing and threading services are recognized upon completion of the services rendered. Revenue for the sales of pipe is recognized when pipe is delivered and the customer takes ownership and assumes the risks of loss, collection of the relevant receivable is probable, persuasive evidence of an arrangement exists, and the sales price is fixed or determinable.

 

Inventory. Inventory is stated at the lower of cost determined by the specific identification method or market. At the end of the fiscal quarter covered by this report, inventory consisted of pipe available for sale.

 

Property and Equipment. Property and equipment are stated at cost. Expenditures for property and equipment and items that substantially increase the useful lives of existing assets are capitalized at cost and depreciated. Routine expenditures for repairs and maintenance are expensed as incurred. The cost and related accumulated depreciation of property and equipment disposed of are eliminated from the accounts, and any resulting gain or loss is recognized. Depreciation is provided utilizing the straight-line method over the estimated useful lives of the assets capitalized.

 

Valuation of Long-Lived Assets. In the event facts and circumstances indicate that carrying amounts of long-lived assets may be impaired, the Company evaluates the recoverability of its long-lived assets using the estimated future undiscounted cash flows associated with the asset compared to the asset’s carrying amount to determine if a write-down is required, pursuant to the provisions of SFAS Financial Accounting Standards Board (FASB) ASC 360-10-35. Any impairment loss is measured as the difference between the carrying amount and the fair value of the impaired asset.

  

 10 

 

 

 

Discussion of Changes in Financial Condition from December 31, 2017 to March 31, 2018

 

At March 31, 2018, total assets amounted to $4,037,393 compared to $3,842,274 at December 31, 2017, an increase of $195,119, or 5.8%. The increase is primarily due to an increase in cash and cash equivalents of $74,183 and by an increase in net accounts receivable of $98,876, partially offset by a decrease in net property plant and equipment of $39,289.

 

Our liabilities at March 31, 2018, totaled $8,917,516 compared to $8,790,396 at December 31, 2017, an increase of $127,120, or 1.45%. The increase is primarily due to an increase in accrued rent of $37,500, an increase in accrued liabilities of $175,177, and an increase in notes payable of $49,075.

 

Total stockholder’s equity increased from ($4,948,121) at December 31, 2017, to ($4,880,122) at March 31, 2018. This increase was due to our net income for the end of the fiscal quarter covered by this report.

 

Cash and Cash Equivalents

Cash and Cash Equivalents totaled $110,351 at March 31, 2018, an increase of $74,183 from the balance of $36,168 at December 31, 2017. The increase in cash and cash equivalents was primarily due to the cash generated from operating activities partially offset by the amounts used to reduce debt for the end of the fiscal quarter covered by this report.

 

Inventory

Inventory consists primarily of pipe held for sale to our customers. We began purchasing pipe for sale to customers in December, 2007. This was an opportunity for us to expand our services to our customers. It is anticipated that the Company will continue its efforts to expand its sales of pipe.

 

Property and Equipment

The decrease in property and equipment is primarily due to depreciation for the end of the fiscal quarter covered by this report of $46,750.

 

Accounts Payable

Accounts payable at March 31, 2018 totaled $860,943 compared to $978,740 at December 31, 2017, a decrease of $117,797. The decrease is primarily due to the accounts owed in the course of operations.

 

Discussion of Results of Operations for the Three Months Ended March 31, 2018 compared to the Three Months Ended March 31, 2017

 

Revenues

Our revenue for the three months ended March 31, 2018, was $793,698, compared to $544,653, for the three months ended March 31, 2017 an increase of $249,045. The increase is attributable primarily to an increase in exploration technologies.

 

The following table presents the composition of revenue for the three months ended March 31, 2017 and 2016:

  

   2016   2017   Variance 
Revenue:  Dollars   Percentage   Dollars   Percentage   Dollars 
                     
Exploration Technologies  $464,570    58.5%  $238,984    43.9%  $225,586 
Drilling, OCTG, & Equipment Sales  $91,535    11.5%  $28,871    5.3%  $62,664 
Warehouse & Storage Fees  $70,463    8.9%  $76,401    14.0%  $(5,938)
Rebillable Income  $67,928    8.6%  $33,364    6.1%  $34,564 
Manufacturing  $99,202    12.5%  $167,033    30.7%  $(67,831)
Total Revenue  $793,698    100.0%  $544,653    100.0%  $249,045 

 

Cost of Revenue and Gross Profit

Our cost of revenue for the three months ended March 31, 2018, was $502,510, compared to $500,266, for the three months ended March 31, 2017. The overall decrease in our cost of revenue is primarily due to a decrease in Depreciation.

 

The following table presents the composition of cost of revenue for the three months ended March 31, 2018 and 2017:

 

   2018   2017   Variance 
Cost of Revenue:  Dollars   Percentage   Dollars   Percentage   Dollars 
                     
Materials and Supplies   56,374    11.2%   67,241    13.4%  $(10,867)
Contractor   121,557    24.2%   113,747    22.7%  $7,810 
Depreciation   19,696    3.9%   64,463    12.9%  $(44,767)
Employees and Related Costs   138,098    27.5%   102,906    20.6%  $35,192 
Repairs and Maintenance   30,166    6.0%   28,335    5.7%  $1,831 
Insurance   8,259    1.6%   16,996    3.4%  $(8,737)
Other Costs   128,360    25.5%   106,578    21.3%  $21,782 
Total Cost of Revenues  $502,510    100.0%  $500,266    100.0%  $2,244 

 

Due to limitations with the pool of qualified individuals, we utilized the services of subcontractors to assist us in providing timely and quality service to our customers. We will continue our efforts to attract employ and retain qualified individuals to serve the needs of our customers.

 11 

 

 

Operating Expenses

For the three months ended March 31, 2018, our operating expenses totaled $248,368 as compared to $345,662 in 2017, representing a decrease of $97,294. The largest components of our operating expense for 2018 consist of salaries and wages and professional services. Salaries and wages for general and administrative personnel was $108,539 for the three months ended March 31, 2018, compared to $131,175 for the three months ended March 31, 2017. The decrease is primarily attributable to the company eliminating the role of a Chief Operational Officer. Professional services expense increased from $8,370 for the three months ended March 31, 2018, to $21,833 for the three months ended March 31, 2017, a decrease of $13,463. The decrease is primarily a result of a decrease in consulting fees. 

 

Other Income and Expense

Other income and expense consists of investment income, interest expense, and gains and losses from the sale and disposal of assets. Other income, net, totaled $25,177 for the three months ended March 31, 2018, compared to other expense, net, of $6,114, for the three months ended March 31, 2017, an increase of $31,291. This increase is primarily due to income from insurance claim settlement.

 

Interest expense totaled $53,159 for the three months ended March 31, 2018, as compared to $5,388 for the three months ended March 31, 2017, an increase of $47,771.  Interest expense pertains primarily to amounts due to affiliates as well as to our notes payable with third parties.

 

Capital Resources and Liquidity

As of the end of the fiscal quarter covered by this report, we had $110,351 in cash and cash equivalents. Our cash outflows have consisted primarily of expenses associated with our operations. These outflows have been offset by the timely inflows of cash from our customers for sales that have been made. We have been able to utilize our relationships with affiliated entities to stabilize our liquidity needs.

 

We believe we can satisfy our cash requirements for the next twelve months only with our current cash and additional loans. However, completion of our plan of operation is subject to attaining adequate revenue. We cannot assure investors that adequate revenues will be generated. In the absence of our projected revenues, we may be unable to proceed with our plan of operations. Even without adequate revenues within the next twelve months, we still anticipate being able to continue with our present activities, but we will require financing to potentially achieve our growth goals.

 

In the event we are not successful in reaching our initial revenue targets, additional funds may be required, and we may not be able to proceed with our business plan for the development and marketing of our core services.  Should this occur, we would likely seek additional financing to support the continued operation of our business.

 

Item 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

We do not hold any derivative instruments and do not engage in any hedging activities.

 

Item 4.  CONTROLS AND PROCEDURES

 

(a) Evaluation of Disclosure Controls. The Company maintains a set of disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports filed or submitted under the Securities Exchange Act of 1934, as amended (“Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely discussion regarding required disclosure. Management, with the participation of the CEO and CFO, evaluated the effectiveness of disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) as of the end of the period covered by this report. Based on this evaluation, the CEO and CFO concluded that the disclosure controls and procedures were effective as of the end of the fiscal period covered in this report .

 

It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

 

(b) Changes in internal control over financial reporting. There have been no changes in the Company’s internal control over financial reporting during the first quarter of 2017 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

 12 

 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

In the ordinary course of our business, we are, from time to time, subject to various legal proceedings, including matters involving employees, customers, and suppliers. We may enter into discussions regarding settlement of claims or lawsuits, and may enter into settlement agreements, if we believe settlement is in the best interest of our stockholders. We do not believe that any existing legal proceedings or settlements, individually or in the aggregate, will have a material effect on our financial condition, results of operations, or liquidity.

 

Item 1A. Risk Factors.

 

None.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

None

 

Item 4. Submission of Matters to a Vote of Security Holders.

 

None.

 

Item 5. Other Information.

 

None

 

Item 6. Exhibits and Reports of Form 8-K.

 

(a)   Exhibits

 

31.1 Certification of George M. Sfeir, President, Chief Executive Officer, Chief Financial Officer, Treasurer, and a Director of Energy & Technology Corp., pursuant to Rule 15d-14(a) of the Securities Exchange Act of 1934 as amended.
   
32.1 Certifications pursuant to Section 906 of Sarbanes Oxley Act of 2002

 

(b)  Reports of Form 8-K  

 

None. 

 

Item 7. Up-dates and Clarifications to prior non-financial information

 

None.

 

 13 

 

 

SIGNATURES

 

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

 

  ENERGY & TECHNOLOGY, CORP.
   
Date: May 15, 2018 By: /s/ George M. Sfeir
    George M. Sfeir
    Chief Executive Officer, Chief Financial Officer, President, Director, and Treasurer

  

 

14

 

 

EX-31.1 2 f10q0318ex31-1_energytech.htm CERTIFICATION

Exhibit 31.1

 

CERTIFICATION

 

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

 

 

I, George M. Sfeir, certify that:

 

1. I have reviewed this Form 10-Q of Energy & Technology Corp.;
   
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 registrants of, and for, the periods present in this report;
   
4. The registrant’s other certifying officer(s) 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 13-a-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 financing 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(s) 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 involved management or other employees who have a significant role in the registrant’s internal control over financial reporting.
     

 

  ENERGY & TECHNOLOGY, CORP.
   
Date: May 15, 2018 By: /s/ George M. Sfeir
    George M. Sfeir
    Chief Executive Officer, Chief Financial Officer, President, Director, and Treasurer

 

EX-32.1 3 f10q0318ex32-1_energytech.htm CERTIFICATION

 

Exhibit 32.1

 

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350

 

 

In connection with this Annual Report of Energy and Technology, Corp. (the “Company”) on Form 10-Q for the period ending March 31, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, George M. Sfeir, Chief Executive Officer of the Company, certify to the best of my knowledge, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.

Such Annual Report on Form 10-Q for the period ending March 31, 2018, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2. The information contained in such Annual Report on Form 10-Q for the period ending March 31, 2018, fairly presents, in all material respects, the financial condition and results of operations of Energy and Technology, Corp.

 

 

  ENERGY & TECHNOLOGY, CORP.
   
Date: May 15, 2018 By: /s/ George M. Sfeir
    George M. Sfeir
    Chief Executive Officer

 

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Document and Entity Information - shares
3 Months Ended
Mar. 31, 2018
May 15, 2018
Document and Entity Information [Abstract]    
Entity Registrant Name ENERGY & TECHNOLOGY CORP.  
Entity Central Index Key 0001432963  
Trading Symbol ENGT  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Type 10-Q  
Document Period End Date Mar. 31, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q1  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   165,560,766
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current Assets    
Cash and Cash Equivalents $ 110,351 $ 36,168
Investments 2,332 2,289
Accounts Receivable    
Trade, Net 372,059 273,183
Inventory, Net 903,373 903,373
Prepaid Expenses 74,300 50,835
Other Current Assets 164,010 126,168
Total Current Assets 1,626,424 1,392,016
Property and Equipment, Net    
Held for Operations, Net 2,060,551 2,099,840
Construction in Progress 350,418 350,418
Total Property & Equipment 2,410,969 2,450,258
Total Assets 4,037,393 3,842,274
Current Liabilities    
Accounts Payable 860,943 978,740
Accrued Liabilities 257,212 82,035
Accrued Rent 2,445,000 2,407,500
Current Maturities of Notes Payable 4,476,442 4,425,147
Due to Affiliates 841,709 858,545
Income Taxes Payable 25,287 25,287
Total Current Liabilities 8,906,593 8,777,254
Long-Term Liabilities    
Notes Payable 10,922 13,142
Total Liabilities 8,917,516 8,790,396
Stockholders' Equity    
Preferred Stock - $.001 Par Value; 10,000,000 Shares Authorized, None Issued
Common Stock - $.001 Par Value; 250,000,000 Shares Authorized, 169,198,117 Shares Issued at March 31, 2018 and December 31, 2017, respectively 169,198 169,198
Paid-In Capital 4,209,592 4,209,592
Treasury Stock, at cost (3,637,351 Shares) (4,076,441) (4,076,441)
Retained Earnings (5,182,472) (5,250,470)
Total Stockholders' Equity (4,880,122) (4,948,121)
Total Liabilities and Stockholders' Equity $ 4,037,393 $ 3,842,274
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares
Mar. 31, 2018
Dec. 31, 2017
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 250,000,000 250,000,000
Common stock, shares issued 169,198,117 169,198,117
Treasury stock, shares 3,637,351 3,637,351
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]    
Revenues $ 793,698 $ 544,654
Cost of Revenues    
Materials and Supplies 56,374 67,241
Contractor 121,557 113,747
Depreciation 19,696 64,463
Employees and Related Costs 138,098 102,906
Repairs and Maintenance 30,166 28,335
Insurance 8,259 16,996
Other Costs 128,360 106,578
Total Cost of Revenues 502,510 500,265
Gross Profit 291,188 44,389
Operating Expenses    
Selling, General, and Administration 221,313 318,136
Depreciation 27,054 27,525
Total Operating Expenses 248,368 345,662
Income (Loss) from Operations 42,821 (301,273)
Other Income (Expense)    
Income from Insurance Claim 78,281  
Investment Income (Expense) 55 (726)
Interest Expense (53,159) (5,388)
Total Other Income (Expense) 25,177 (6,114)
Loss Before Provision for Income Taxes 67,998 (307,387)
Benefit for Income Taxes 0 0
Loss $ 67,998 $ (307,387)
Loss per Share - Basic
Loss per Share - Diluted
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Consolidated Statements of Changes in Stockholders' Equity - USD ($)
Total
Common Stock
Treasury Stock
Additional Paid-In Capital
Retained Earnings
Beginning balance at Dec. 31, 2016 $ (3,638,238) $ 169,198 $ (4,076,441) $ 4,209,591 $ (3,940,586)
Beginning balance, Shares at Dec. 31, 2016   169,198,117 (3,637,351)    
Net Income (Loss) (1,309,884) (1,309,884)
Ending balance at Dec. 31, 2017 (4,948,121) $ 169,198 $ (4,076,441) 4,209,591 (5,250,470)
Ending balance, Shares at Dec. 31, 2017   169,198,117 (3,637,351)    
Net Income (Loss) 67,998 67,998
Ending balance at Mar. 31, 2018 $ (4,880,122) $ 169,198 $ (4,076,441) $ 4,209,591 $ (5,182,472)
Ending balance, Shares at Mar. 31, 2018   169,198,117 (3,637,351)    
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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows from Operating Activities    
Net Income (Loss) $ 67,998 $ (307,387)
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities    
Depreciation 46,750 91,988
Change in FMV of Investments (43) 757
Changes in Assets and Liabilities    
Trade Receivables (98,876) (346,777)
Inventory 31,597
Prepaid Expenses (23,465) (24,257)
Accounts Payable (117,797) 97,455
Accrued Liabilities 175,177 33,132
Accrued Rent 37,500 37,500
Net Cash Provided by Operating Activities 87,244 (385,993)
Cash Flows from Investing Activities    
Other Assets (37,842) (11,904)
Purchase of Property (7,461)
Net Cash Provided by (Used in) Investing Activities (45,303) (11,904)
Cash Flows from Financing Activities    
Borrowings (Principal Repayments) to Affiliates (16,833) 256,277
Borrowings (Principal Repayments) on Notes Payable 49,075 12,917
Net Cash Provided by (Used in) Financing Activities 32,242 269,194
Net Increase (Decrease) in Cash and Cash Equivalents 74,183 (128,703)
Cash and Cash Equivalents, Beginning of Year 36,168 158,068
Cash and Cash Equivalents, End of Year 110,351 29,365
Supplemental Disclosure of Cash Flow Information    
Cash Paid During the Period for Interest $ 13,807 $ 5,388
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization
3 Months Ended
Mar. 31, 2018
Organization [Abstract]  
Organization
Note 1.Organization

 

This Financial statement is unaudited.

 

Energy and Technology, Corp. (the Company) was formed November 29, 2006 under the laws of the State of Delaware in order to acquire and to take over the assets and business of Technical Industries, Inc. (TII).  On that date, the Company issued 125,000,000 shares of common stock to American Interest, LLC, in exchange for founder services rendered.  The fair value of these services was considered immaterial, and no amounts were recognized in the financial statements.  At the time the shares were issued to American Interest, LLC, the Company had no assets, operations, or cash flows.  As such, the stock had no value at the time the Company was established.  The par value was arbitrarily established in order to comply with the State of Delaware laws.  In order to reflect the par value of the shares issued, the Company recognized a discount on capital stock as a contra-equity account within the equity section of the consolidated balance sheets. 

 

On January 3, 2007, the Company entered into a Stock Exchange Agreement and Share Exchange (the Agreement) whereby the sole shareholder of TII exchanged all of the outstanding shares of TII to the Company in exchange for 50,000,000 shares of Company stock.  Accordingly, TII became a wholly-owned subsidiary of the Company.  The assets acquired and liabilities assumed were recorded at the carrying value to TII since TII and the Company were under common control prior to the acquisition.  

 

TII specializes in the non-destructive testing of structures, vessels, oilfield equipment and pipe, including magnetic and ultrasonic testing, utilizing the latest technologies.  These technologies enable TII to (i) provide detailed information to customers regarding each pipe tested, and (ii) reach energy reserves present technology cannot reach without extra cost to the oil and gas companies.  Because of the intense scrutiny applied to each section of pipe, TII is able to generate data which allows the pipe to be used in the most extreme conditions, and has been proven especially useful in critical and deep water drilling operations in the Gulf of Mexico.

 

On August 29, 2009, the Company effected a name change from Technical Industries & Energy Corp. to Energy & Technology, Corp. to better reflect the nature of the Company’s business.

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2018
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Note 2.Summary of Significant Accounting Policies

  

Basis of Presentation and Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Technical Industries, Inc., the accounts of Energy Pipe, LLC (a variable interest entity), and the accounts of Energy Technology Manufacturing & Threading, LLC (a variable interest entity).  All significant intercompany balances and transactions have been eliminated.

 

The consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of financial information for the interim periods presented.  These adjustments are of a normal recurring nature and include appropriate estimated provisions.

 

Basis of Accounting

Assets, liabilities, revenues and expenses are recognized on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.

 

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported in the financial statements.  Accordingly, actual results could differ from those estimates due to information that becomes available subsequent to the issuance of the financial statements or for other reasons.

 

Revenue Recognition

Revenue for inspection services and manufacturing and threading services is recognized upon completion of the services rendered. Revenue for the sales of pipe is recognized when pipe is delivered and the customer takes ownership and assumes the risks of loss, collection of the relevant receivable is probable, persuasive evidence of an arrangement exists, and the sales price is fixed or determinable.

 

Trade Receivables

Trade accounts receivable are carried at their estimated collectible amounts.  Trade credit is generally extended on a short-term basis; thus receivables do not bear interest, although a finance charge may be applied to amounts past due. Trade accounts receivable are periodically evaluated for collectability based on past credit.

 

Allowance for Doubtful Accounts

The company calculates the allowance based on the history with customers and their current financial condition. Provisions of uncollectible amounts are determined based on management’s estimate of collectability. Allowance for doubtful accounts was $3,078 and $3,078 at March 31, 2018 and at December 31, 2017, respectively.

 

Inventory

Inventory is stated at the lower of cost determined by the specific identification method or market.  At March 31, 2018 and at December 31, 2017, inventory consisted of pipe available for sale.

 

Property and Equipment

Property and equipment are stated at cost.  Expenditures for property and equipment and items that substantially increase the useful lives of existing assets are capitalized at cost and depreciated. Routine expenditures for repairs and maintenance are expensed as incurred.  The cost and related accumulated depreciation of property and equipment disposed of are eliminated from the accounts, and any resulting gain or loss is recognized. Depreciation is provided utilizing the straight-line method over the estimated useful lives of the assets capitalized.

 

Valuation of Long-Lived Assets

In the event facts and circumstances indicate that carrying amounts of long-lived assets may be impaired, the Company evaluates the recoverability of its long-lived assets using the estimated future undiscounted cash flows associated with the asset compared to the asset’s carrying amount to determine if a write-down is required, pursuant to the provisions of Financial Accounting Standards Board (FASB) ASC 360-10-35.  Any impairment loss is measured as the difference between the carrying amount and the fair value of the impaired asset.

 

Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments and trade receivables. Concentration of credit risk with respect to trade receivables is limited due to the Company’s large number of customers. At the end of the fiscal quarter covered by this report, the balance due from three customers represented 76.4 % of receivables, and sales to three customers represented 71.2 % of revenues.

 

The Company maintains cash balances at several financial institutions, and periodically maintains cash in bank accounts in excess of insured limits.  The Company has not experienced any losses and does not believe that significant credit risk exists as a result of this practice.

 

Advertising

The Company charges the costs of advertising to expense as incurred. Advertising expense was $2,740 and $1,762, for the three months ended March 31, 2018 and 2017, respectively.

 

Cash Flows

For purposes of the consolidated statement of cash flows, the Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

 

Income Taxes

The Company recognizes income taxes in accordance with FASB ASC 740, “Income Taxes” (formerly Statement of Financial Accounting Standards (SFAS) No. 109, Accounting for Income Taxes). ASC 740 uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory tax rates applicable to future years to the difference between financial statement carrying amounts and the tax basis of existing assets and liabilities. Deferred taxes are also recognized for operating losses and tax credits that are available to offset future income taxes.

 

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained.  The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any.

 

Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above would be reflected as a liability for unrecognized tax benefits in the consolidated balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits would be classified as additional income taxes in the statement of operations.

 

Emerging Growth Company Critical Accounting Policy Disclosure

The Company qualifies as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As an emerging growth company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company may elect to take advantage of the benefits of this extended transition period in the future.

 

Recent Accounting Pronouncements

Management does not expect any impact from the adoption of new accounting pronouncements.

 

Comprehensive Income

The Company had no components of comprehensive income. Therefore, net income (loss) equals comprehensive income (loss) for the periods presented.

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Patent
3 Months Ended
Mar. 31, 2018
Patent [Abstract]  
Patent
Note 3.Patent

 

On September 4, 2007, the Company’s chief executive officer was awarded a patent from the United States Patent and Trademark Office pertaining to his development of specialized testing procedures for tubing casing, line pipe, and expandable liners utilized by oil-exploration companies which was subsequently transferred to the Company.

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment
3 Months Ended
Mar. 31, 2018
Property and Equipment [Abstract]  
Property and Equipment
Note 4.Property and Equipment

  

Property and equipment consists of the following at March 31, 2018 and December 31, 2017, respectively:

 

   2017  2016 
        
 Buildings and Improvements $3,157,937  $3,157,937 
 Equipment  5,982,669   5,949,208 
 Autos and Trucks  276,682   260,932 
 Office Furniture  34,025   34,025 
 Construction in Progress  350,418   356,667 
    9,801,731   9,758,769 
 Less: Accumulated Depreciation  -7,390,763   -7,068,048 
 Total $2,410,969  $2,690,722 

 

Depreciation expense amounted to $46,750 and $91,988 for the three months ended March 31, 2017 and 2016, respectively.

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions
3 Months Ended
Mar. 31, 2018
Related Party Transactions [Abstract]  
Related Party Transactions
Note 5.  Related Party Transactions

 

Energy & Technology, Corp is a holding company. Its subsidiaries include: Technical Industries, Inc. (NDT Inspection Services, maintenance, and storage are done in this company), Energy Technology Manufacturing & Threading, LLC (threading and manufacturing services are done in this company), and Energy Pipe, LLC (pipe sales are done in this company). All significant intercompany transactions are eliminated in consolidation.

 

Additionally, St. Charles Real Estate Corp LLC owns the land in Houston, Texas where the Company maintains its pipe inventory, as well as the Houston facility. The Company has a month to month lease for $12,500 with St. Charles Real Estate but is accruing rent instead of paying. As of March 31, 2018 and December 31, 2017 the total owed is $2,445,000 and $2,407,500, respectively. St. Charles Real Estate Corp LLC is owned by various members of the Sfeir family.

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Notes Payable
3 Months Ended
Mar. 31, 2018
Notes Payable [Abstract]  
Notes Payable
Note 6.  Notes Payable

 

Notes payable at March 31, 2018 and December 31, 2017 consist of the following:

 

   2017  2017
 Secured fixed term note of $48,601.50 due November 2020; fixed interest rate of 3.39%  19,838   22,057
 Unsecured variable term note of $3,935,217 ; fixed interest rate of 4.0%  4,455,584   4,416,232
 Secured fixed term note of $22,214 due December 2018; fixed interest rate of 6.95%  11,942   -
   $4,487,364  $4,438,289
 Less: Current Portion  4,476,442   4,425,147
 Long-Term Portion $10,922  $13,142

 

Following are maturities of long-term debt at December 31, 2017:

 

 Fiscal Year Ending December 31, Amount 
     
 2019  7,352 
 2020  3,570 
      
 Total $10,922 
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Equity
3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Equity
Note 7.  Equity

 

The Company is authorized to issue 250,000,000 shares of common stock at a par value of $.001 per share. The number of shares issued and outstanding are 165,560,766 and 165,560,766 as of March 31, 2018 and December 31, 2017, respectively. The Company is authorized to issue 10,000,000 shares of preferred stock. As of March 31, 2018 and December 31, 2017, there were no shares issued and outstanding. In 2014, the company purchased 3,617,075 shares of common stock now in Treasury.

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Earnings Per Share
3 Months Ended
Mar. 31, 2018
Earnings Per Share [Abstract]  
Earnings per Share
Note 8.Earnings per Share

 

Earnings (loss) per share are calculated in accordance with ASC 260 “Earnings per Share”. The weighted average number of common shares outstanding during each period is used to compute basic earnings (loss) per share. Diluted earnings per share are computed using the weighted average number of shares and potentially dilutive common shares outstanding. Dilutive potential common shares are additional common shares assumed to be exercised. Potentially dilutive common shares consist of stock options and are excluded from the diluted earnings per share computation in periods where the Company has incurred a net loss, as their effect would be considered anti-dilutive.

 

There were no potentially dilutive common stock equivalents as of the end of the fiscal quarter covered by this report, therefore basic earnings per share equals diluted earnings per share for the fiscal quarter covered by this report. As the Company incurred a net loss during the fiscal quarter covered by this report, the basic and diluted loss per common share is the same amount, as any common stock equivalents would be considered anti-dilutive.

 

The weighted average common shares outstanding were 165,560,766 and 165,560,766 for the fiscal quarter covered by this report and the year ended December 31, 2017.

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments
3 Months Ended
Mar. 31, 2018
Commitments/Litigation and Contingent Liabilities [Abstract]  
Commitments
Note 9.Commitments

 

The Company leases office premises, operating facilities, and equipment under operating leases expiring in various years through 2030. The Company also leases land for operating purposes on a month to month basis.

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Litigation and Contingent Liabilities
3 Months Ended
Mar. 31, 2018
Commitments/Litigation and Contingent Liabilities [Abstract]  
Litigation and Contingent Liabilities
Note 10.Litigation and Contingent Liabilities

 

In the ordinary course of our business, we are, from time to time, subject to various legal proceedings, including matters involving employees, customers, and suppliers. We may enter into discussions regarding settlement of claims or lawsuits, and may enter into settlement agreements, if we believe settlement is in the best interest of our stockholders. We do not believe that any existing legal proceedings or settlements, individually or in the aggregate, will have a material effect on our financial condition, results of operations, or liquidity.

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Major Customers
3 Months Ended
Mar. 31, 2018
Major Customers [Abstract]  
Major Customers
Note 11.Major Customers

 

For the end of the fiscal quarter covered by this report, the Company had three customers which generated revenues in excess of 10% of the Company’s total revenues. Revenues for these customers were approximately 78.02% of total revenues.

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Estimated Fair Value of Financial Instruments
3 Months Ended
Mar. 31, 2018
Estimated Fair Value of Financial Instruments [Abstract]  
Estimated Fair Value of Financial Instruments
Note 12.Estimated Fair Value of Financial Instruments

 

The following disclosure is made in accordance with the requirements of FASB ASC 825, Financial Instruments. Financial instruments are defined as cash and contractual rights and obligations that require settlement, directly or indirectly, in cash. In cases where quoted market prices are not available, fair values have been estimated using the present value of future cash flows or other valuation techniques.

 

The result of these techniques are highly sensitive to the assumptions used, such as those concerning appropriate discount rates and estimates of future cash flows, which require considerable judgment. Accordingly, estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current settlement of the underlying financial instruments. ASC 825 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. These disclosures should not be interpreted as representing an aggregate measure of the underlying value of the Company.

 

While these estimates of fair value are based on management's judgment of appropriate factors, there is no assurance that if the Company had disposed of such items at March 31, 2018 or December 31, 2017, the estimated fair values would have been achieved. Market values may differ depending on various circumstances not taken into consideration in this methodology. The estimated fair values at March 31, 2017 and December 31, 2016, should not necessarily be considered to apply at subsequent dates.

      

   March 31,  December 31, 
   2018  2017 
   Carrying  Fair  Carrying  Fair 
   Amount  Value  Amount  Value 
 Financial Assets            
 Investments $2,332  $2,332  $2,289  $2,289 
                  
   $2,332  $2,332  $2,289  $2,289 

  

The following methods and assumptions were used by the Company in estimating fair values for financial instruments:

 

Cash and cash equivalents: The carrying amount reported in the balance sheet approximates fair value.

 

Notes Payable: The fair value of notes payable approximates the carrying amount reported in the balance sheet.

 

Due to Affiliates: The carrying amount of due to affiliates approximates fair values.

XML 29 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events
3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events
Note 13. Subsequent Events

 

In accordance with the subsequent events topic of the FASB ASC, Topic No. 855, Subsequent Events, the Company evaluates events and transactions that occur after the balance sheet date for potential recognition in the financial statements. The effects of all subsequent events that provide additional evidence of conditions that existed at the balance sheet date are recognized in the financial statements at the end of the fiscal quarter covered by this report. In preparing these financial statements, the Company evaluated the events and transactions through the date these financial statements were issued.

XML 30 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2018
Summary of Significant Accounting Policies [Abstract]  
Basis of Presentation and Consolidation

Basis of Presentation and Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Technical Industries, Inc., the accounts of Energy Pipe, LLC (a variable interest entity), and the accounts of Energy Technology Manufacturing & Threading, LLC (a variable interest entity).  All significant intercompany balances and transactions have been eliminated.

 

The consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of financial information for the interim periods presented.  These adjustments are of a normal recurring nature and include appropriate estimated provisions.

Basis of Accounting

Basis of Accounting

Assets, liabilities, revenues and expenses are recognized on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported in the financial statements.  Accordingly, actual results could differ from those estimates due to information that becomes available subsequent to the issuance of the financial statements or for other reasons.

Revenue Recognition

Revenue Recognition

Revenue for inspection services and manufacturing and threading services is recognized upon completion of the services rendered. Revenue for the sales of pipe is recognized when pipe is delivered and the customer takes ownership and assumes the risks of loss, collection of the relevant receivable is probable, persuasive evidence of an arrangement exists, and the sales price is fixed or determinable.

Trade Receivables

Trade Receivables

Trade accounts receivable are carried at their estimated collectible amounts.  Trade credit is generally extended on a short-term basis; thus receivables do not bear interest, although a finance charge may be applied to amounts past due. Trade accounts receivable are periodically evaluated for collectability based on past credit.

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

The company calculates the allowance based on the history with customers and their current financial condition. Provisions of uncollectible amounts are determined based on management’s estimate of collectability. Allowance for doubtful accounts was $3,078 and $3,078 at March 31, 2018 and at December 31, 2017, respectively.

Inventory

Inventory

Inventory is stated at the lower of cost determined by the specific identification method or market.  At March 31, 2018 and at December 31, 2017, inventory consisted of pipe available for sale.

Property and Equipment

Property and Equipment

Property and equipment are stated at cost.  Expenditures for property and equipment and items that substantially increase the useful lives of existing assets are capitalized at cost and depreciated. Routine expenditures for repairs and maintenance are expensed as incurred.  The cost and related accumulated depreciation of property and equipment disposed of are eliminated from the accounts, and any resulting gain or loss is recognized. Depreciation is provided utilizing the straight-line method over the estimated useful lives of the assets capitalized.

Valuation of Long-Lived Assets

Valuation of Long-Lived Assets

In the event facts and circumstances indicate that carrying amounts of long-lived assets may be impaired, the Company evaluates the recoverability of its long-lived assets using the estimated future undiscounted cash flows associated with the asset compared to the asset’s carrying amount to determine if a write-down is required, pursuant to the provisions of Financial Accounting Standards Board (FASB) ASC 360-10-35.  Any impairment loss is measured as the difference between the carrying amount and the fair value of the impaired asset.

Credit Risk

Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments and trade receivables. Concentration of credit risk with respect to trade receivables is limited due to the Company’s large number of customers. At the end of the fiscal quarter covered by this report, the balance due from three customers represented 76.4 % of receivables, and sales to three customers represented 71.2 % of revenues.

 

The Company maintains cash balances at several financial institutions, and periodically maintains cash in bank accounts in excess of insured limits.  The Company has not experienced any losses and does not believe that significant credit risk exists as a result of this practice.

Advertising

Advertising

The Company charges the costs of advertising to expense as incurred. Advertising expense was $2,740 and $1,762, for the three months ended March 31, 2018 and 2017, respectively.

Cash Flows

Cash Flows

For purposes of the consolidated statement of cash flows, the Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

Income Taxes

Income Taxes

The Company recognizes income taxes in accordance with FASB ASC 740, “Income Taxes” (formerly Statement of Financial Accounting Standards (SFAS) No. 109, Accounting for Income Taxes). ASC 740 uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory tax rates applicable to future years to the difference between financial statement carrying amounts and the tax basis of existing assets and liabilities. Deferred taxes are also recognized for operating losses and tax credits that are available to offset future income taxes.

 

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained.  The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any.

 

Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above would be reflected as a liability for unrecognized tax benefits in the consolidated balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits would be classified as additional income taxes in the statement of operations.

Emerging Growth Company Critical Accounting Policy Disclosure

Emerging Growth Company Critical Accounting Policy Disclosure

The Company qualifies as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As an emerging growth company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company may elect to take advantage of the benefits of this extended transition period in the future.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Management does not expect any impact from the adoption of new accounting pronouncements.

Comprehensive Income

Comprehensive Income

The Company had no components of comprehensive income. Therefore, net income (loss) equals comprehensive income (loss) for the periods presented.

XML 31 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment (Tables)
3 Months Ended
Mar. 31, 2018
Property and Equipment [Abstract]  
Summary of property and equipment
   2017  2016 
        
 Buildings and Improvements $3,157,937  $3,157,937 
 Equipment  5,982,669   5,949,208 
 Autos and Trucks  276,682   260,932 
 Office Furniture  34,025   34,025 
 Construction in Progress  350,418   356,667 
    9,801,731   9,758,769 
 Less: Accumulated Depreciation  -7,390,763   -7,068,048 
 Total $2,410,969  $2,690,722 
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Notes Payable (Tables)
3 Months Ended
Mar. 31, 2018
Notes Payable [Abstract]  
Summary of notes payable
   2017  2017
 Secured fixed term note of $48,601.50 due November 2020; fixed interest rate of 3.39%  19,838   22,057
 Unsecured variable term note of $3,935,217 ; fixed interest rate of 4.0%  4,455,584   4,416,232
 Secured fixed term note of $22,214 due December 2018; fixed interest rate of 6.95%  11,942   -
   $4,487,364  $4,438,289
 Less: Current Portion  4,476,442   4,425,147
 Long-Term Portion $10,922  $13,142
Summary of maturities of long-term debt
 Fiscal Year Ending December 31, Amount 
     
 2019  7,352 
 2020  3,570 
      
 Total $10,922 
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Estimated Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2018
Estimated Fair Value of Financial Instruments [Abstract]  
Summary of estimated fair value of financial instruments
   March 31,  December 31, 
   2018  2017 
   Carrying  Fair  Carrying  Fair 
   Amount  Value  Amount  Value 
 Financial Assets            
 Investments $2,332  $2,332  $2,289  $2,289 
                  
   $2,332  $2,332  $2,289  $2,289 
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization (Details)
3 Months Ended
Mar. 31, 2018
shares
Organization (Textual)  
Common stock, shares issued to American interest, LLC, in exchange for founder services 125,000,000
Stock issued in exchange of all outstanding shares of Technical Industries, Inc. 50,000,000
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Details)
3 Months Ended
Mar. 31, 2018
USD ($)
Customer
Mar. 31, 2017
USD ($)
Dec. 31, 2017
USD ($)
Summary of Significant Accounting Policies (Textual)      
Allowance for doubtful accounts | $ $ 3,078   $ 3,078
Advertising expense | $ $ 2,740 $ 1,762  
Tax benefit More than 50%.    
Receivables [Member] | Customers Concentration Risk [Member]      
Summary of Significant Accounting Policies (Textual)      
Number of major customers | Customer 3    
Concentration risk, percentage 71.20%    
Revenues [Member]      
Summary of Significant Accounting Policies (Textual)      
Concentration risk, percentage 78.02%    
Revenues [Member] | Customers Concentration Risk [Member]      
Summary of Significant Accounting Policies (Textual)      
Number of major customers | Customer 3    
Concentration risk, percentage 76.40%    
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment (Details) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Summary of property and equipment    
Property and equipment, gross $ 9,801,731 $ 9,758,769
Less: Accumulated Depreciation (7,390,763) (7,068,048)
Total 2,410,969 2,450,258
Buildings and Improvements [Member]    
Summary of property and equipment    
Property and equipment, gross 3,157,937 3,157,937
Equipment [Member]    
Summary of property and equipment    
Property and equipment, gross 5,982,669 5,949,208
Autos and Trucks [Member]    
Summary of property and equipment    
Property and equipment, gross 276,682 260,932
Office Furniture [Member]    
Summary of property and equipment    
Property and equipment, gross 34,025 34,025
Construction in Progress [Member]    
Summary of property and equipment    
Property and equipment, gross $ 350,418 $ 356,667
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment (Details Textual) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Property and Equipment (Textual)    
Depreciation expense $ 46,750 $ 91,988
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions (Details) - St. Charles Real Estate Corp LLC [Member] - USD ($)
3 Months Ended
Mar. 31, 2018
Dec. 31, 2017
Related Party Transactions (Textual)    
Lease $ 12,500  
Total due to related party $ 2,445,000 $ 2,407,500
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Notes Payable (Details) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Summary of notes payable    
Notes payable $ 4,487,364 $ 4,438,289
Less: Current Portion 4,476,442 4,425,147
Long-Term Portion 10,922 13,142
Due November 2020 [Member]    
Summary of notes payable    
Notes payable 19,838 22,057
Unsecured variable term note [Member]    
Summary of notes payable    
Notes payable 4,455,584 4,416,232
Due December 2018 [Member]    
Summary of notes payable    
Notes payable $ 11,942
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Notes Payable (Details 1)
Dec. 31, 2017
USD ($)
Maturities of long-term debt  
2019 $ 7,352
2020 3,570
Total $ 10,922
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Notes Payable (Details Textual)
3 Months Ended
Mar. 31, 2018
USD ($)
Due November 2020 [Member]  
Notes payable (Textual)  
Secured notes payable amount $ 48,601.50
Due date of notes payable Nov. 30, 2020
Interest rate 3.39%
Unsecured variable term note [Member]  
Notes payable (Textual)  
Unsecured notes payable amount $ 3,935,217
Interest rate 4.00%
Due December 2018 [Member]  
Notes payable (Textual)  
Secured notes payable amount $ 22,214
Due date of notes payable Dec. 31, 2018
Interest rate 6.95%
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Equity (Details) - $ / shares
Mar. 31, 2018
Dec. 31, 2017
Dec. 31, 2014
Equity (Textual)      
Common stock, shares authorized 250,000,000 250,000,000  
Common stock, par value $ 0.001 $ 0.001  
Common stock, shares issued 169,198,117 169,198,117  
Common stock, shares outstanding 165,560,766 165,560,766  
Preferred stock, shares authorized 10,000,000 10,000,000  
Preferred stock, shares issued  
Preferred stock, shares outstanding  
Purchase of common stock in treasury shares     3,617,075
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Earnings Per Share (Details) - shares
3 Months Ended 12 Months Ended
Mar. 31, 2018
Dec. 31, 2017
Earnings Per Share (Textual)    
Weighted average common shares outstanding 165,560,766 165,560,766
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments (Details)
3 Months Ended
Mar. 31, 2018
Commitments (Textual)  
Operating lease expiration period Operating leases expiring in various years through 2030.
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Major Customers (Details)
3 Months Ended
Mar. 31, 2018
Customer
Total revenues [Member]  
Major Customers (Textual)  
Concentration risk, percentage 78.02%
Customer [Member]  
Major Customers (Textual)  
Number of major customers for revenues generation 3
Concentration risk, percentage 10.00%
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Estimated Fair Value of Financial Instruments (Details) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Financial Assets    
Investments, Carrying Amount $ 2,332 $ 2,889
Investments, Fair Value 2,332 2,889
Total Investments, Carrying Amount 2,332 2,289
Total Investments, Fair Value $ 2,332 $ 2,889
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