0001493152-18-010819.txt : 20180802 0001493152-18-010819.hdr.sgml : 20180802 20180802063126 ACCESSION NUMBER: 0001493152-18-010819 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 47 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180802 DATE AS OF CHANGE: 20180802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Superior Drilling Products, Inc. CENTRAL INDEX KEY: 0001600422 STANDARD INDUSTRIAL CLASSIFICATION: OIL & GAS FILED MACHINERY & EQUIPMENT [3533] IRS NUMBER: 464341605 STATE OF INCORPORATION: UT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36453 FILM NUMBER: 18986539 BUSINESS ADDRESS: STREET 1: 1583 SOUTH 1700 EAST CITY: VERNAL STATE: UT ZIP: 84078 BUSINESS PHONE: 435-789-0594 MAIL ADDRESS: STREET 1: 1583 SOUTH 1700 EAST CITY: VERNAL STATE: UT ZIP: 84078 FORMER COMPANY: FORMER CONFORMED NAME: SD Co Inc DATE OF NAME CHANGE: 20140218 10-Q 1 form10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q

(Mark One)

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

For the Quarterly Period Ended June 30, 2018

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

Commission File Number: 001-36453

Superior Drilling Products, Inc.

(Exact name of registrant as specified in its charter)

Utah

46-4341605

(State or other jurisdiction of
incorporation or organization)

(IRS Employer

Identification No)

1583 South 1700 East

Vernal, Utah 84078

(Address of principal executive offices)

435-789-0594

(Issuer’s telephone number)

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934, during the preceding 12 months (or such shorter period that the Registrant was required to file such report(s)), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting 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. (Check one):

Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X] Emerging growth company [X]

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 [X]

There were 24,535,155 shares of common stock, $0.001 par value, issued and outstanding as of August 2, 2018.

Superior Drilling Products, Inc.

FORM 10-Q

QUARTER ENDED JUNE 30, 2018

TABLE OF CONTENTS

		Page

PART I-FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheet (Unaudited) at June 30, 2018 and December 31, 2017		3

Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2018 and 2017		4

Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2018 and 2017		5

Notes to Condensed Consolidated Financial Statements (Unaudited)		6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		11

Item 4. Controls and Procedures		18

PART II - OTHER INFORMATION

Item 1. Legal Proceedings		19

Item 1A. Risk Factors		19

Item 6. Exhibits		22

Signatures		23

PART I - FINANCIAL INFORMATION.

Item 1. Financial Statements

Superior Drilling Products, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

	June 30, 2018			December 31, 2017
ASSETS
Current assets
Cash	$	3,083,897		$	2,375,179
Accounts receivable, net		3,208,598			2,667,042
Prepaid expenses		152,818			111,530
Inventories		945,015			1,196,813
Other current assets		178,125			-
Total current assets		7,568,453			6,350,564
Property, plant and equipment, net		8,285,721			8,809,348
Intangible assets, net		4,909,444			6,132,778
Related party note receivable		7,367,212			7,367,212
Other noncurrent assets		15,889			15,954
Total assets	$	28,146,719		$	28,675,856
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	340,094		$	1,021,469
Accrued expenses		603,502			543,758
Current portion of long-term debt, net of discounts		8,001,810			6,101,678
Total current liabilities		8,945,406			7,666,905
Long-term debt, less current portion, net of discounts		3,585,061			6,706,375
Total liabilities		12,530,467			14,373,280
Commitments and contingencies (Note 8)
Shareholders’ equity
Common stock - $0.001 par value; 100,000,000 shares authorized; 24,535,155 shares issued and outstanding		24,535			24,535
Additional paid-in-capital		39,148,208			38,907,864
Accumulated deficit		(23,556,491	)		(24,629,823	)
Total shareholders’ equity		15,616,252			14,302,576
Total liabilities and shareholders’ equity	$	28,146,719		$	28,675,856

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

Superior Drilling Products, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
	2018			2017			2018			2017

Revenue	$	5,398,923		$	4,049,497		$	9,999,216		$	7,419,109

Operating costs and expenses
Cost of revenue		1,942,671			1,491,383			3,741,615			2,672,116
Selling, general and administrative expenses		1,426,985			1,237,335			3,124,648			2,734,852
Depreciation and amortization expense		941,683			899,373			1,877,710			1,837,395

Total operating costs and expenses		4,311,339			3,628,091			8,743,973			7,244,363

Operating income		1,087,584			421,406			1,255,243			174,746

Other income (expense)
Interest income		99,711			82,509			192,139			164,368
Interest expense		(182,497	)		(215,103	)		(374,050	)		(474,128	)
Other income		-			-			-			43,669
Loss on sale of assets		-			17,995			-			12,167
Total other expense		(82,786	)		(114,599	)		(181,911	)		(253,924	)

Net income (loss)	$	1,004,798		$	306,807			1,073,332		$	(79,178	)

Basic income earnings per common share	$	0.04		$	0.01			0.04		$	0.00
Basic weighted average common shares outstanding		24,535,155			24,197,148			24,535,155			24,196,726
Diluted income per common share	$	0.04		$	0.01			0.04		$	0.00
Diluted weighted average common shares outstanding		25,140,467			24,197,148			25,140,467			24,196,726

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

Superior Drilling Products, Inc.

Condensed Consolidated Statements Of Cash Flows

(Unaudited)

	For the Six Months
	Ended June 30,
	2018			2017
Cash Flows From Operating Activities
Net income (loss)	$	1,073,332		$	(79,178	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		1,877,711			1,837,395
Amortization of debt discount		31,281			40,110
Share based compensation expense		240,344			350,741
Impairment of inventories		41,396			-
Gain on sale of assets		-			(12,167	)
Changes in operating assets and liabilities:
Accounts receivable		(541,556	)		(1,836,466	)
Inventories		211,368			(118,046	)
Prepaid expenses and other noncurrent assets		(219,348	)		(151,549	)
Accounts payable and accrued expenses		(621,631	)		(328,992	)
Other long-term liabilities		-			(17,490	)
Net Cash Provided by (Used in) Operating Activities		2,092,897			(315,642	)
Cash Flows From Investing Activities
Purchases of property, plant and equipment		(131,716	)		(141,137	)
Proceeds from sale of fixed assets		-			2,483,921
Net Cash Provided by (Used in) Investing Activities		(131,716	)		2,342,784
Cash Flows From Financing Activities
Principal payments on debt		(1,252,463	)		(2,740,140	)
Principal payments on related party debt		-			(74,293	)
Principal payments on capital lease obligations		-			(153,720	)
Net Cash Used in Financing Activities		(1,252,463	)		(2,968,153	)
Net increase (decrease) in Cash		708,718			(941,011	)
Cash at Beginning of Period		2,375,179			2,241,902
Cash at End of Period	$	3,083,897		$	1,300,891
Supplemental information:
Cash paid for Interest	$	340,891		$	460,842
Non-cash payment of other long-term liability by offsetting related-party note receivable	$	-		$	550,000
Acquisition of equipment by issuance of note payable	$	-		$	16,557

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

Superior Drilling Products, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

June 30, 2018

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Nature of Operations

Our subsidiaries include (a) Superior Drilling Solutions, LLC (previously known as Superior Drilling Products, LLC), a Utah limited liability company (“SDS”), together with its wholly owned subsidiary Superior Design and Fabrication, LLC, a Utah limited liability company (“SDF”), (b) Extreme Technologies, LLC, a Utah limited liability company (“ET”), (c) Meier Properties Series, LLC, a Utah limited liability company (“MPS”), (d) Meier Leasing, LLC, a Utah limited liability company (“ML”), and (e) Hard Rock Solutions, LLC (“HR” or “Hard Rock”).

Basis of Presentation

The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of Superior Drilling Products Inc. and all of its wholly-owned subsidiaries. All significant intercompany accounts have been eliminated in consolidation. The Company does not have investments in any unconsolidated subsidiaries.

In April 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides that an emerging growth company can utilize the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for implementing new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to nonissuers. We have elected to delay such adoption of new or revised accounting standards, and as a result, we may not implement new or revised accounting standards on the relevant dates on which adoption of such standards is required for other issuer companies.

Subject to certain conditions set forth in the JOBS Act, as an emerging growth company, we intend to rely on certain of these exemptions, including without limitation, providing an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404 and implementing any requirement that may be adopted regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis). We will remain an emerging growth company until the earliest of (i) the end of the fiscal year in which the market value of our common stock that is held by non-affiliates exceeds $700.0 million as of June 30, (ii) the end of the fiscal year in which we have total annual gross revenues of $1.07 billion or more during such fiscal year, (iii) the date on which we issue more than $1.0 billion in non-convertible debt in a three-year period or (iv) January 1, 2020.

Revenue Recognition

We are a drilling and completion tool technology company and we generate revenue from the manufacturing, repair, and sale of drilling and completion tools. Our manufactured products are produced in a standard manufacturing operation, even when produced to our customer’s specifications. We also earn royalty fees under certain arrangements for the tools we sell.

Unaudited Interim Financial Presentation

These interim consolidated condensed financial statements for the three and six months ended June 30, 2018 and 2017, and the related footnote disclosures included herein, are unaudited. However, in the opinion of management, these unaudited interim financial statements have been prepared on the same basis as the audited financial statements, and reflect all adjustments necessary to fairly state the results for such periods. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results of operations expected for the year ended December 31, 2018. These interim consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the years ended December 31, 2017 and 2016 and the notes thereto, which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission (the “SEC”).

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant items subject to estimates and assumptions include the carrying amount and useful lives of property and equipment and intangible assets, impairment assessments, share-based compensation expense, and valuation allowances for accounts receivable, inventories, and deferred tax assets.

Recently Issued Accounting Standards

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update for “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition.” This accounting standard update provides new guidance concerning recognition and measurement of revenue and requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, FASB delayed the effective date one year, which is now effective for the Company’s fiscal year beginning January 1, 2019. The Company is currently evaluating the impact the pronouncement will have on the consolidated financial statements and related disclosure and will adopt this standard on January 1, 2019.

In February 2016, the FASB issued ASU No. 2016-02, “Leases,” which introduces the recognition of lease assets and lease liabilities by lessees for all leases which are not short-term in nature. The new standard requires a modified retrospective transition for capital or operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements. The Company is currently evaluating the impact the pronouncement will have on the consolidated financial statements and related disclosure and will adopt this standard on January 1, 2020.

NOTE 2. LIQUIDITY

At June 30, 2018, we had a working capital deficit of approximately $1,400,000. The Company’s manufacturing facility is financed by a commercial bank loan mortgage with principal of $4,200,000 due August 15, 2018 (see Note 7 – Long-Term Debt). The classification of this debt from long-term to short-term resulted in a working capital deficit at June 30, 2018. On August 1, 2018, the Company entered into an agreement with its lender to extend the due date of the commercial real estate loan to February 15, 2019. Our principal uses of cash are operating expenses, working capital requirements, capital expenditures and debt service payments. We continue to expect to be cash flow positive in 2018. If we are unable to manage our working capital requirements and successfully refinance our commercial bank loan that is collateralized by our property, we may not be able to, among other things, (i) maintain our current general and administrative spending levels; (ii) fund certain obligations as they become due; and (iii) respond to competitive pressures or unanticipated capital requirements. We cannot provide any assurance that financing will be available to us in the future on acceptable terms.

NOTE 3. INVENTORIES

Inventories are comprised of the following:

	June 30, 2018		December 31, 2017
Raw material	$	766,751	$	1,040,795
Work in progress		113,525		77,702
Finished goods		64,739		78,316
	$	945,015	$	1,196,813

The Company recorded an impairment loss in the cost of sales of $41,396 in the first quarter of 2018 relating to steel inventory unrelated to the Company’s primary operations. During the second quarter of 2018, the Company sold this unrelated inventory to a third-party wholesaler for approximately $248,000. No gain or loss was recorded upon the sale.

NOTE 4. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are comprised of the following:

	June 30, 2018			December 31, 2017
Land	$	880,416		$	880,416
Buildings		4,847,778			4,847,778
Building improvements		719,619			717,232
Machinery and equipment		8,295,727			8,216,237
Furniture and fixtures		510,181			507,557
Transportation assets		811,378			811,378
		16,065,099			15,980,598
Accumulated depreciation		(7,779,378	)		(7,171,250	)
	$	8,285,721		$	8,809,348

Depreciation expense related to property, plant and equipment for the three and six months ended June 30, 2018 was $330,016 and $654,377, respectively, and for the three and six months ended June 30, 2017 was $287,706 and $614,062, respectively.

NOTE 5. INTANGIBLE ASSETS

Intangible assets are comprised of the following:

	June 30, 2018			December 31, 2017
Developed technology	$	7,000,000		$	7,000,000
Customer contracts		6,400,000			6,400,000
Trademarks		1,500,000			1,500,000
		14,900,000			14,900,000
Accumulated amortization		(9,990,556	)		(8,767,222	)
	$	4,909,444		$	6,132,778

Amortization expense related to intangible assets for the three and six months ended June 30, 2018 and June 30, 2017, was $611,667 and $1,223,334, respectively.

Annually, and more often as necessary, we will perform an evaluation of our intangible assets for indications of impairment. If indications exist, we will perform an evaluation of the fair value of the intangible assets and, if necessary, record an impairment charge. As of June 30, 2018, the Company reviewed the net balance of the intangible assets and determined no impairment was needed.

NOTE 6. RELATED PARTY NOTE RECEIVABLE

In January 2014, we entered into a Note Purchase and Sale Agreement under which we agreed to purchase a loan made to Tronco Energy Corporation (“Tronco”), a party related to us through common control, in order to take over the legal position as Tronco’s senior secured lender. That agreement provided that, upon our full repayment of the Tronco loan from the proceeds of the Offering, the lender would assign to us all of its rights under the Tronco loan, including all of the collateral documents. On May 30, 2014, we closed our purchase of the Tronco loan for a total payoff of $8.3 million, which included principal, interest, and early termination fees. As a result of that purchase, we became Tronco’s senior secured lender, and as a result are entitled to receive all proceeds from sales of the Tronco-owned collateral, as discussed below.

The interest rate on the note is 5.00%. We earned interest of $91,838 and $178,125 for the three and six months ending June 30, 2018, respectively, and interest of $81,650 and $163,733 for the three and six months ended June 30, 2017, respectively. These amounts are included in other current assets in the consolidated balance sheets.

On August 8, 2017, the Board of Directors agreed to extend the terms of the Tronco loan to interest only payments due December 31, 2017, 2018, 2019, 2020, and 2021, with a balloon payment of all unpaid interest and principal due upon full maturity on December 31, 2022.

We have the direct legal right to enforce the collateral and guaranty agreements entered into in connection with the Tronco loan and to collect Tronco’s collateral sales proceeds, in order to recover the loan purchase amount. The Tronco loan continues to be secured by the first position liens on all of Tronco assets, as well as by the guarantees of Troy and Annette Meier (the “Meier Guaranties”), which are directly payable to and legally enforceable by us. In addition, the Meiers have provided us with stock pledges in which they pledge all of their shares of our common stock held by their family entities (the “Meier Stock Pledge”), as collateral for the Meiers guaranties until full repayment of Tronco loan. The pledged shares, which are subject to insider timing requirements and volume limitations under Rule 144 of the Securities Act and required periodic black-out periods, are being held in third-party escrow until full repayment of the Tronco loan, the balance of which is $7,367,212. The Company holds 8,267,860 shares as collateral for the Tronco note as of June 30, 2018. On April 27, 2018, the Company released the 530,725 restricted stock units we previously held as additional collateral for the Tronco note. The Company believes the market value of the 8,267,860 shares is sufficient collateral for the note.

NOTE 7. LONG-TERM DEBT

Long-term debt is comprised of the following:

	June 30, 2018			December 31, 2017
Real estate loans	$	4,387,695		$	4,518,424
Hard Rock Note, net of discount		6,453,640			7,422,912
Machinery loans		421,289			513,317
Transportation loans		324,247			353,400
		11,586,871			12,808,053
Current portion of long-term debt		(8,001,810	)		(6,101,678	)
Long-term debt, less current portion	$	3,585,061		$	6,706,375

Real Estate Loans

Our manufacturing facility is financed by a commercial bank loan requiring monthly payments of approximately $39,000, including principal and interest at 5.25%. On August 1, 2018, we entered into an agreement with our lender to extend the due date of the commercial real estate loan from August 15, 2018 to February 15, 2019, and changed the interest rate to 7.1% (see Note 9 – Subsequent Events).

Hard Rock Note

In 2014, the Company purchased all of the interests of Hard Rock Solutions, LLC (“Hard Rock”). Consideration consisted of $12.5 million paid in cash at closing and a $12.5 million seller’s note (the “Hard Rock Note”). The Hard Rock Note and subsequent amendments are secured by all of the patents, patents pending, other patent rights, and trademarks transferred to Hard Rock. At issuance, the fair value of the Hard Rock Note was determined to be $11,144,000, which is less than the face value due to a below-market interest rate. The resulting discount of $1,356,000 will be amortized to interest expense using the effective interest method, totaling $14,220 and $31,281 for the three and six months ended June 30, 2018, respectively, and $19,104 and $38,207 for the three and six months ended June 30, 2017, respectively.

On August 10, 2016, certain of our subsidiaries entered into an amended and restated note with the seller in our acquisition of Hard Rock. As amended and restated, the Hard Rock Note accrues interest at 5.75% per annum and matures on January 15, 2020. We have made all the required payments related to the note in 2018 which included $500,000 principal payments made in December 2017, January 2018, May 2018, and July 2018. Additionally, we have made the accrued interest payments related to the note on January 15, 2018, March 16, 2018, May 7, 2018 and July 13, 2018 of $70,890, $60,062, $57,342, and $68,606, respectively. We are required to pay $1,000,000 in principal plus accrued interest on each of January 15, March 15, May 15 and July 15, 2019. The remaining $2,000,000 balance of principal plus accrued interest on the Hard Rock Note is due on January 15, 2020.

NOTE 8. COMMITMENTS AND CONTINGENCIES

We are subject to litigation that arises from time to time in the ordinary course of our business activities. We are not currently involved in any litigation which management believes could have a material effect on our financial position or results of operations.

NOTE 9. SUBSEQUENT EVENTS

As described in Note 7, on August 1, 2018, we entered into an agreement with our lender to extend the due date of the commercial real estate loan to February 15, 2019. The interest rate for this loan extension is 7.1%.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation

Introduction

The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to provide certain details regarding our financial condition as of June 30, 2018, and our results of operations for the three and six months ended June 30, 2018 and 2017. It should be read in conjunction with the unaudited financial statements and notes thereto contained in this Quarterly Report on Form 10-Q (this “Quarterly Report”) as well as our audited financial statements for the years ended December 31, 2017 and 2016, which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the Securities and Exchange Commission (the “SEC”).

Unless the context requires otherwise, references to the “Company” or to “we,” “us,” or “our” and other similar terms are to Superior Drilling Products, Inc. and all of its subsidiaries.

Jumpstart Our Business Startups Act of 2012

Forward - Looking Statements

This Quarterly Report on Form 10-Q includes certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements contained in all parts of this document that are not historical facts are forward-looking statements that involve risks and uncertainties that are beyond the control of the Company. You can identify the Company’s forward-looking statements by the words “anticipate,” “estimate,” “expect,” “may,” “project,” “believe” and similar expressions, or by the Company’s discussion of strategies or trends. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurances can be given that these expectations will prove to be correct. These forward-looking statements include the following types of information and statements as they relate to the Company:

	●	future operating results and cash flow;

	●	scheduled, budgeted and other future capital expenditures;

	●	working capital requirements;

	●	the availability of expected sources of liquidity;

	●	the transition of our business to primarily selling tools;

	●	the introduction into the market of the Company’s future products;

	●	the market for the Company’s existing and future products;

	●	the Company’s ability to develop new applications for its technologies;

	●	the exploration, development and production activities of the Company’s customers;

	●	compliance with present and future environmental regulations and costs associated with

	●	future operations, financial results, business plans and cash needs

	●	environmentally related penalties, capital expenditures, remedial actions and proceedings;

	●	effects of potential legal proceedings;

	●	changes in customers’ future product and service requirements that may not be cost effective or within the Company’s capabilities; and

	●	future operations, financial results, business plans and cash needs

These statements are based on assumptions and analyses in consideration of the Company’s experience and perception of historical trends, current conditions, expected future developments and other factors the Company believes were appropriate in the circumstances when the statements were made. Forward-looking statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those described in such statements.

While it is not possible to identify all factors, the Company continues to face many risks and uncertainties. Among the factors that could cause actual future results to differ materially are the risks and uncertainties discussed under “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 and the following:

	●	the volatility of oil and natural gas prices;

	●	the cyclical nature of the oil and gas industry;

	●	availability of financing, flexibility in restructuring existing debt and access to capital markets;

	●	consolidation within our customers’ industries;

	●	competitive products and pricing pressures;

	●	our reliance on significant customers;

	●	our limited operating history;

	●	our ability to develop and commercialize new and/or innovative drilling and completion tool technologies;

	●	fluctuations in our operating results;

	●	our dependence on key personnel;

	●	costs of raw materials;

	●	our dependence on third party suppliers;

	●	unforeseen risks in our manufacturing processes;

	●	the need for skilled workers;

	●	our ability to successfully manage our growth strategy;

	●	unanticipated risks associated with, and our ability to integrate, acquisitions;

	●	current and potential governmental regulatory actions in the United States and regulatory actions and political unrest in other countries;

	●	terrorist threats or acts, war and civil disturbances;

	●	our ability to protect our intellectual property;

	●	impact of environmental matters, including future environmental regulations;

	●	implementing and complying with safety policies;

	●	breaches of security in our information systems and other cybersecurity risks;

	●	related party transactions with our founders; and

	●	risks associated with our common stock

Many of such factors are beyond the Company’s ability to control or predict. Any of the factors, or a combination of these factors, could materially affect the Company’s future results of operations and the ultimate accuracy of the forward-looking statements. Management cautions against putting undue reliance on forward-looking statements or projecting any future results based on such statements or based on current financial performance. Every forward-looking statement speaks only as of the date of the particular statement, and the Company undertakes no obligation to publicly update or revise any forward-looking statement.

Overview

Superior Drilling Products, Inc. (the “Company”, “SDPI”, “we”, “our” or “us”) is an innovative drilling and completion tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company innovates, designs, engineers, manufactures, sells, and repairs drilling and completion tools. Our drilling solutions include the patented Drill-N-Ream® well bore conditioning tool (“Drill-N-Ream tool”) and the patented Strider™ Drill String Oscillation System technology (“Strider technology” or “Strider”). In addition, the Company is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field services company. We operate a state-of-the-art drill tool fabrication facility, where we manufacture solutions for the drilling industry, as well as customers’ custom products.

We currently have three basic operations:

	●	Our PDC drill bit and other tool refurbishing and manufacturing service,

	●	Our emerging technologies business that manufactures the Drill-N-Ream tool, our innovative drill string enhancement tool, the Strider technology and other tools, and

	●	Our new product development business that conducts our research and development, and designs our horizontal drill string enhancement tools, other down-hole drilling technologies, and drilling tool manufacturing technologies.

Our strategy for growth is to leverage our expertise in drill tool technology and precision machining in order to broaden our product offerings and solutions for the oil and gas industry. We believe through our patented technologies, as well as technologies under development, that we can offer the industry the solutions it demands to improve drilling efficiencies and reduce production costs.

Our co-founder, Troy Meier, developed the first commercially-viable process for refurbishing PDC drill bits after a successful 13-year career with a predecessor of Baker Hughes Inc. He was also co-inventor of the Drill-N-Ream tool. We made a major strategic shift in 2016 to focus on our core competencies of innovation in manufacturing technologies, creation of solution for the upstream oil and gas industry, drilling tool fleet maintenance and repair and the development engineering and manufacture of new tools and technologies.

For the past 22 years, we have manufactured and refurbished PDC drill bits exclusively for Baker Hughes’s oilfield operations in the Rocky Mountain, California and Alaska regions, as well as other areas as needed to support their internal operations. Effective April 1, 2018, we entered into a new Vendor Agreement (the “Agreement”) with Baker Hughes Oilfield Operations LLC (“Baker Hughes”), replacing our former Vendor Agreement, which expired on March 31, 2018. Under the agreement, we will now serve an expanded market throughout the U.S., receive a base minimum volume in drill bit refurbishment and continue to provide our drill bit refurbishment services exclusively for Baker Hughes. The agreement has a four-year term and allows for modifications in the event of market deterioration. Either party has the right to cancel the agreement with 6-months’ notice.

We have been expanding our offerings and broadening our customer base and the end-users of our technologies by demonstrating our engineering, design and manufacturing expertise of down-hole drilling tools. In addition to the patented Drill-N-Ream tool, our products include the Strider technology, the V-Stream Advanced Conditioning System and the Dedicated Reamer Stinger. We have a pipeline of concepts of more horizontal drill string tools, each of which addresses a different technical challenge presented by today’s horizontal drilling designs. We are developing our relationships with our customers and the industry to understand the markets needs in order to develop new products and design enhancements to existing products in order to improve efficiency and safety and solve complex drilling tool problems.

We manufacture our solutions, as well as custom products, in our state-of-the-art drill tool fabrication facility where we operate a technologically-advanced PDC drill bit refurbishing facility, as well as a state-of-the-art, high-tech drilling and completion tool engineering design and manufacturing operation. We manufacture our drill string enhancement tools, including the patented Drill- N-Ream tool and the patented Strider technology, and conduct our new product research and development from this facility.

We employ a senior work force with specialized training and extensive experience related to drill bit refurbishing and drill and completion tool manufacturing. They produce our products and services using a suite of highly technical, purpose-built equipment, much of which we designed and manufactured for our proprietary use. Our manufacturing equipment and products use advanced technologies that enable us to increase efficiency, enhance product integrity, improve safety, and solve complex drilling tool problems.

In May 2016, the Company entered into an agreement with Drilling Tools International (“DTI”), under which DTI had a requirement to purchase our Drill-N-Ream tool for their rental tool business and achieve market share requirements in order to maintain exclusive marketing rights for the Drill-N-Ream. This agreement changed our business model from a rental tool company to a manufacturer that designs, builds and sells tools. DTI, has exclusive rights to market the Drill-N-Ream in the U.S. and Canada, both onshore and offshore. It must achieve defined market share goals with our tool that started in June 2017 and increase through the end of 2020. We receive revenue from DTI for tool sales, tool repairs and a royalty fee based on the tools usage. We are currently developing a new agreement and metrics with DTI to grow the market share of the Drill-N-Ream.

Also in 2016, the Company entered into a non-exclusive agreement with Baker Hughes to supply them with the Strider technology and related services. Tool shipments under the agreement are dependent upon the timing of the commercialization of the Strider technology. The agreement has no set expiration date or minimum shipment requirement. It will remain in force until it is canceled by either us or Baker Hughes, as stipulated in the agreement.

In December 2017, the Company entered into an agreement with Weatherford U.S., L.P. (“Weatherford”) to launch a joint market development program to introduce our Drill-N-Ream tool in the Middle East. Under the development agreement, Weatherford and SDPI will demonstrate the Drill-N-Ream’s capabilities with large Middle East operators in Saudi Arabia, Kuwait and Oman. The program was initially planned through June 30, 2018, and we are currently negotiating an extension of the program through December 31, 2018. SDPI and Weatherford each employ a local resident Product Champion to execute the pilot test program of 18 Drill-N-Ream tools. Upon the technology being proven in the region, the parties plan to enter into a long-term commercial agreement.

Oil and Gas Drilling Industry

Overview

Drilling and completion of oil and gas wells are upstream operations in the oil and gas industry served by the oilfield services group within the energy industry. The drilling industry is often segmented into the North American market and the International market. These markets share common exposure to the same macro environment, but also exhibit unique factors that drive the dynamics of each market.

Oilfield services companies drill the wells for hydrocarbon exploration and production (“E&P”) companies. Demand for onshore drilling is a function of the willingness of E&P companies to make operating and capital expenditures to explore for, develop and produce hydrocarbons. When oil or natural gas prices increase, E&P companies generally increase their capital expenditures, resulting in greater revenue and profits for both drillers and equipment manufacturers. Likewise, significant decreases in the prices of those commodities may lead E&P companies to reduce their capital expenditures, which decreases the demand for drilling equipment.

Trends in the Industry

Recent Rig Count Improvement; Industry Volatility. Our business is highly dependent upon the vibrancy of the oil and gas drilling operations in the U.S. Worldwide military, political and economic events have contributed to oil and natural gas price volatility and are likely to continue to do so in the future.

The oil and natural gas industry has been in a recovery since the second half of calendar year 2016 and into 2017, as the U.S. rig count more than doubled from mid-2016 to mid-2017. The rate of growth in rig count stabilized in July 2017 and has increased at a slower rate from then to approximately 1,054 rigs as of July 13, 2018. Production of oil and gas in the U.S. has increased to record levels and has grown at a faster rate than the increased rig count because of better rig technology and higher rates of productivity per rig. With the increase in market activity, we have seen an increase in demand for our product and services, although we have not seen an increase in pricing.

Advancing Production Technologies. The oil and gas industry is increasingly using directional (e.g., horizontal) drilling in their exploration and production activities because of significantly improved recovery rates that can be achieved with these methods. With the rise of this type of drilling, traditional drill string tools used for vertical drilling do not necessarily provide the best performance or are not well suited for directional drilling. In addition, current and expected oil and natural gas prices combined with more technically challenging horizontal drilling has driven the demand for new technologies. We believe the value of our Drill-N-Ream tool has proven to provide significant operational efficiencies and costs savings for horizontal drilling activity and, combined with our low market penetration, provide us sales opportunities in soft as well as robust markets. Early results of our Strider technology have also delivered a similar outcome.

RESULTS OF OPERATIONS

The following table represents our condensed consolidated statement of operations for the periods indicated:

	Three-Months Ended June 30,								Six Months Ended June 30,
(in thousands)	2018				2017				2018				2017
Tool revenue	$	4,053	75	%	$	2,486	61	%	$	7,601	76	%	$	4,756		64	%
Contract services		1,346	25	%		1,563	39	%		2,398	24	%		2,663		36	%
Revenue	$	5,399	100	%	$	4,049	100	%	$	9,999	100	%	$	7,419		100	%
Operating costs and expenses		4,311	80	%		3,628	90	%		8,744	87	%		7,244		98	%
Income from continuing operations		1,088	20	%		421	10	%		1,255	13	%		175		2	%
Other expense		83	1	%		115	3	%		182	2	%		254		3	%
Net income (loss)	$	1,005	19	%	$	307	7	%	$	1,073	11	%	$	(79	)	(1	)%

Material changes of certain items in our statements of operations included in our financial statements for the comparative periods are discussed below.

For the three months ended June 30, 2018, as compared with the three months ended June 30, 2017

Revenue. Our revenue increased approximately $1,350,000, during the three months ended June 30, 2018. Tool revenue increased 63% to $4,053,000 from approximately $2,486,000 in the prior-year period. Tool revenue in the second quarter of 2018 was comprised of approximately $2,506,000 of tool rental and sales revenue and approximately $1,547,000 of other related revenue. Other related revenue includes royalty fees, maintenance and repair of tools. Tool revenue in the prior-year period was comprised of approximately $1,609,000 of tool rental and sales revenue and approximately $877,000 of other related revenue.

Tool revenue for the second quarter 2018 grew as a result of higher sales of the Drill-N-Ream, the increase in sales of other tools and technologies, which was driven by the increase in U.S. drilling activity from 2017 to 2018.

Contract services revenue was approximately $1,346,000 for the three months ended June 30, 2018 compared with approximately $1,563,000 for the three months ended June 30, 2017. The decrease in contract services revenue was due to a reduction in manufacturing custom orders which was somewhat offset by higher drill bit refurbishment activity.

Operating Costs and Expenses. Total operating costs and expenses increased approximately $683,000 during the three months ended June 30, 2018 compared with the same period in 2017.

	●	Cost of revenue increased approximately $451,000 in the second quarter of 2018 compared with the prior-year period due to an increase in volume. As a percentage of revenue, cost of sales was 36% compared with 37% in the prior-year period.

	●	Selling, general and administrative expenses increased approximately $190,000 for the three months ended June 30, 2018. The increase was primarily due to costs associated with our international market development and salaries which was partially offset by a reduction in professional fees.

Other Income (Expenses). Other income and expense primarily consists of interest income, interest expense and gain or loss on disposition of assets.

	●	Interest Income. For the three months ended June 30, 2018 and 2017, interest income was approximately $100,000 and $82,000, respectively, and related primarily to interest received from the Tronco related party note receivable.

	●	Interest Expense. Interest expense for the three months ended June 30, 2018 and 2017 was approximately $182,000 and $215,000, respectively. Lower interest expense was due primarily to the reduction in the balance outstanding on the Hard Rock Note.

For the six months ended June 30, 2018 as compared with the six months ended June 30, 2017

Revenue. Our revenue increased approximately $2,580,000, or 35% as a result of the $2,845,000, or 60%, increase in tool revenue, which more than offset the decline in Contract Services. Tool revenue grew to $7,601,000 primarily due to the $1,592,000 increase in Other related revenue and the $1,253,000 increase in tool rental and sales. Tool rental and sales were approximately $4,498,000 and Other related revenue was approximately $3,103,000. Other related revenue includes royalty fees, maintenance and repair of tools. Tool revenue for the six months ended June 30, 2017 was approximately $4,756,000 which was comprised of approximately $3,245,000 of tool rental and sales revenue and approximately $1,511,000 of other related revenue.

Tool revenue for the six months ended June 30, 2018 grew as a result of an increase in purchases from DTI, the increase in sales of other tools and technologies, supported by the increase in U.S. drilling activity from 2017 to 2018, and the continued success of the Company’s shift in business model in 2016 from a rental tool business to a tool sales business.

Contract services revenue was approximately $2,398,000 compared with approximately $2,663,000 for the six months ended June 30, 2017. The decrease in contract services revenue was the result of a reduction in manufacturing custom orders.

Operating Costs and Expenses. Total operating costs and expenses increased approximately $1,500,000 during the six months ended June 30, 2018 compared with the same period in 2017.

	●	Cost of revenue increased approximately $1,070,000 as a result of higher volume. As a percentage of revenue, cost of sales was 37% compared with 36% in the prior period.

	●	Selling, general and administrative expenses increased approximately $390,000. The increase was primarily due to an increase in research and development expense, costs associated with our international market development and higher salaries partially offset by a reduction in professional fees.

Other Income (Expenses). Other income and expense primarily consists of rent income, interest income, interest expense and loss on disposition of assets.

	●	Other Income. In the first quarter 2017, we received $44,000 rental income for the lease on the SAB facilities up until it was sold in February 2017. As result of the sale, we did not have other income for the six months ended June 30, 2018.

	●	Interest Income. For the six months ended June 30, 2018 and 2017 interest income was approximately $192,000 and $164,000, respectively, and related primarily to interest received from the Tronco related party note receivable.

	●	Interest Expense. Interest expense for the six months ended June 30, 2018 and 2017 was approximately $374,000 and $474,000, respectively. Lower interest expense was due primarily to the reduction in the balance outstanding on the Hard Rock Note.

Liquidity

Our principal uses of cash are operating expenses, working capital requirements, capital expenditures and debt service payments. We continue to expect to be cash flow positive in 2018. If we are unable to manage our working capital requirements and successfully refinance our commercial bank loan that is collateralized by our property, we may not be able to, among other things, (i) maintain our current general and administrative spending levels; (ii) fund certain obligations as they become due; and (iii) respond to competitive pressures or unanticipated capital requirements. We cannot provide any assurance that financing will be available to us in the future on acceptable terms.

Cash Flow

Operating Cash Flows

For the six months ended June 30, 2018, net cash provided by our operating activities was approximately $2,093,000. The Company had approximately $1,073,000 of net income and approximately $542,000 increase in accounts receivable, which was offset by a decrease in accounts payable and accrued expenses of approximately $622,000.

Investing Cash Flows

For the six months ended June 30, 2018, net cash used in our investing activities was approximately $132,000 and related to property, plant and equipment purchases.

Financing Cash Flows

For the six months ended June 30, 2018, net cash used in our financing activities was approximately $1,252,000 and related to principal payments on debt.

Critical Accounting Policies

The discussion of our financial condition and results of operations is based upon our consolidated condensed financial statements, which have been prepared in accordance with U.S. GAAP. During the preparation of our financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures. On an ongoing basis, we evaluate our estimates and assumptions, including those discussed below. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. The results of our analysis form the basis for making assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. While we believe that the estimates and assumptions used in the preparation of our consolidated condensed financial statements are appropriate, actual results may differ from these estimates under different assumptions or conditions, and the impact of such differences may be material to our consolidated condensed financial statements. Our estimates and assumptions are evaluated periodically and adjusted when necessary. The more significant estimates affecting amounts reported in our consolidated condensed financial statements include, but are not limited to: revenue recognition, stock based compensation, determining the allowance for doubtful accounts, valuation of inventories, recoverability of long-lived assets, useful lives used in calculating depreciation and amortization, and valuation of intangible assets.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a- 15(e) and 15d- 15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of June 30, 2018.

Changes in Internal Controls Over Financial Reporting

None

Internal Controls and Procedures

This quarterly report does not include a report of management’s assessment regarding internal control over financial reporting or an attestation report of the Company’ s registered public accounting firm due to a transaction period established by the rules of the Securities and Exchange Commission for newly public companies. Under these rules, we will not be required to include an attestation report for so for as long as we are an “emerging growth company” pursuant to the provisions of the JOBS Act.

PART II

Item 1. Legal Proceedings

Item 1A. Risk Factors

We may be unable to maintain adequate liquidity and make payments on our debt.

At June 30, 2018, we had a working capital deficit of approximately $1,400,000. The Company’s manufacturing facility is financed by a commercial bank mortgage loan with principal of $4,200,000 due August 15, 2018. On August 1, 2018, the Company entered into an agreement with its lender to extend the due date of the commercial real estate loan to February 15, 2019.

As amended and restated effective August 10, 2016, the Hard Rock Note accrues interest at 5.75% per annum and matures and is fully payable on January 15, 2020. Under the current terms of Hard Rock Note, and after the payment described below, we are required to pay equal payments totaling $2,000,000 of principal plus accrued interest on each of January 15, March 15, May 15 and July 15, 2018, and July 15, 2018, and equal principal payments totaling $4,000,000 (plus accrued interest) on each of January 15, March 15, May 15 and July 15, 2019, with the remaining $2,000,000 balance of principal and accrued interest on the Hard Rock Note due on January 15, 2020. We have made all the required payments related to the note in 2018 which included $500,000 principal payments made in December 2017, January 2018, May 2018, and July 2018. Additionally, we have made the accrued interest payments related to the note on January 15, 2018, March 16, 2018, May 7, 2018 and July 13, 2018 of $70,890, $60,062, $57,342, and $68,606, respectively.

Our principal uses of cash are operating expenses, working capital requirements, capital expenditures and debt service payments. Our operational and financial strategies include lowering our operating costs and capital spending to match revenue trends, managing our working capital and debt to enhance liquidity. With the success we are having with our distributor agreement with DTI and the opportunity with our new CTS tool, we believe we should have sufficient capital to support our opportunities in 2018.

We expect to be cash flow positive in 2018. If we are unable to do this, we may not be able to, among other things, (i) maintain our current general and administrative spending levels; (ii) fund certain obligations as they become due; and (iii) respond to competitive pressures or unanticipated capital requirements. In order to make our debt payments in 2018, we may need additional capital to support additional growth. We cannot provide any assurance that financing will be available to us in the future on acceptable terms.

Failure to generate sufficient revenue to make payments on the Hard Rock Note could result in our loss of the patents securing such note.

The Hard Rock Note is secured by all of the patents, patents pending, other patent rights, and the Drill-N-Ream trademark purchased in the Hard Rock acquisition (the “Drill-N-Ream Collateral”). If we do not have the funds necessary to make the future payments under the Hard Rock Note and fail to make any payments as required thereunder, and we are unsuccessful in amending or restructuring the payment terms, the holder of the Hard Rock Note could conduct a foreclosure sale on the Drill-N-Ream Collateral in order to apply the proceeds thereof toward repayment of the Hard Rock Note and all foreclosure costs, and our subsidiary Superior Drilling Solutions, LLC would be liable for any shortfall or receive any excess from the sales proceeds. The failure to retain and use the Drill-N-Ream Collateral in our business could cause a significant loss of our investment and might have a material adverse effect on our financial condition and results of operation, as well as our ability to grow our drill string tool business.

Our level of indebtedness could adversely affect our future ability to raise additional capital to fund growth, limit our ability to react to changes in our business or our industry and place us at a competitive disadvantage.

We are required to make remaining payments on the Hard Rock Note of $4.0 million (plus accrued interest) for 2019, with the balance of $2.0 million due on maturity in January 2020. We have a commercial bank mortgage loan with principal of $4,200,000 due in August 2018. On August 1, 2018, the Company entered into an agreement with its lender to extend the due date of the commercial real estate loan to February 15, 2019. In addition, we are required to make monthly payments of approximately $68,000 on our other indebtedness.

Our level of debt and debt service requirements could have important consequences. For example, it could (i) result in a foreclosure upon our key assets, (ii) increase our vulnerability to general adverse economic and industry conditions, (iii) limit our ability to fund future capital expenditures and working capital, to engage in future acquisitions or development activities, or to otherwise realize the value of our assets and opportunities fully because of the need to dedicate a substantial portion of our cash flow from operations to payments on our debt, (iv) increase our cost of borrowing, (v) restrict us from making strategic acquisitions or causing us to make non-strategic divestitures, (vi) limit our flexibility in planning for, or reacting to, changes in our business or industry in which we operate, placing us at a competitive disadvantage compared with our competitors who are less leveraged and (vii) impair our ability to obtain additional financing in the future.

Our customer base is concentrated and the loss of, or nonperformance by, one or more of our significant customers, or our failure to expand our channels to market and further commercialize could cause our revenue to decline substantially.

We have two large customers that currently comprise 95% of our total revenue. It is likely that we will continue to derive a portion of our revenue from a relatively small number of customers in the future. If a major customer decided not to continue to use our services or significantly reduces its drilling plans, or if we are unable to expand our channels to market or further commercialize, our revenue would decline and our operating results and financial condition could be harmed. In addition, we are subject to credit risk due to the concentration of our customer base. Any increase in the nonpayment of and nonperformance by our counterparties, either as a result of changes in financial and economic conditions or otherwise, could have a material effect on our business, results of operations and financial condition and could adversely affect our liquidity.

Item 6. Exhibits

The exhibits listed below are filed as part of this report:

Exhibit No.		Description

31.1*		Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for G. Troy Meier.

31.2*		Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Christopher D. Cashion.

32.1**		Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for G. Troy Meier.**

32.2**		Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Christopher D. Cashion.**

101.INS *		XBRL Instance

101.XSD *		XBRL Schema

101.CAL *		XBRL Calculation

101.DEF *		XBRL Definition

101.LAB *		XBRL Label

101.PRE *		XBRL Presentation

** Furnished herewith.

* Filed herewith.

SIGNATURES

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

	*SUPERIOR DRILLING PRODUCTS, INC.*

August 2, 2018	By:	/s/ G. TROY MEIER
		G. Troy Meier, Chief Executive Officer (Principal Executive Officer)

August 2, 2018	By:	/s/ CHRISTOPHER CASHION
		Christopher Cashion, Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

EX-31.1 2 ex31-1.htm

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF SARBANES-OXLEY ACT

I, G. Troy Meier, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Superior Drilling Products, Inc.;

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

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

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

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

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

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

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

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

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

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

Date: August 2, 2018

	/s/ G. Troy Meier
	G. Troy Meier
	President and Chief Executive Officer

EX-31.2 3 ex31-2.htm

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF SARBANES-OXLEY ACT

I, Christopher Cashion, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Superior Drilling Products, Inc.;

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

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

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

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

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

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

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

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

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

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

Date: August 2, 2018

	/s/ Christopher Cashion
	Christopher Cashion
	Chief Financial Officer

EX-32.1 4 ex32-1.htm

Exhibit 32.1

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

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Superior Drilling Products, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, G. Troy Meier, Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

Date: August 2, 2018

	/s/ G. Troy Meier
	G. Troy Meier
	President and Chief Executive Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 ex32-2.htm

Exhibit 32.2

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

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Superior Drilling Products, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Christopher Cashion, Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

Date: August 2, 2018

	/s/ Christopher Cashion
	Christopher Cashion
	Chief Financial Officer

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NOTE 8. COMMITMENTS AND CONTINGENCIES   We are subject to litigation that arises from time to time in the ordinary course of our business activities. We are not currently involved in any litigation which management believes could have a material effect on our financial position or results of operations.

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NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Organization and Nature of Operations   Superior Drilling Products, Inc. (the “Company”, “SDPI”, “we”, “our” or “us”) is an innovative drilling and completion tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company innovates, designs, engineers, manufactures, sells, and repairs drilling and completion tools.   Our subsidiaries include (a) Superior Drilling Solutions, LLC (previously known as Superior Drilling Products, LLC), a Utah limited liability company (“SDS”), together with its wholly owned subsidiary Superior Design and Fabrication, LLC, a Utah limited liability company (“SDF”), (b) Extreme Technologies, LLC, a Utah limited liability company (“ET”), (c) Meier Properties Series, LLC, a Utah limited liability company (“MPS”), (d) Meier Leasing, LLC, a Utah limited liability company (“ML”), and (e) Hard Rock Solutions, LLC (“HR” or “Hard Rock”).   Basis of Presentation   The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of Superior Drilling Products Inc. and all of its wholly-owned subsidiaries. All significant intercompany accounts have been eliminated in consolidation. The Company does not have investments in any unconsolidated subsidiaries.   In April 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides that an emerging growth company can utilize the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for implementing new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to nonissuers. We have elected to delay such adoption of new or revised accounting standards, and as a result, we may not implement new or revised accounting standards on the relevant dates on which adoption of such standards is required for other issuer companies.   Subject to certain conditions set forth in the JOBS Act, as an emerging growth company, we intend to rely on certain of these exemptions, including without limitation, providing an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404 and implementing any requirement that may be adopted regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis). We will remain an emerging growth company until the earliest of (i) the end of the fiscal year in which the market value of our common stock that is held by non-affiliates exceeds $700.0 million as of June 30, (ii) the end of the fiscal year in which we have total annual gross revenues of $1.07 billion or more during such fiscal year, (iii) the date on which we issue more than $1.0 billion in non-convertible debt in a three-year period or (iv) January 1, 2020.   Revenue Recognition   We are a drilling and completion tool technology company and we generate revenue from the manufacturing, repair, and sale of drilling and completion tools. Our manufactured products are produced in a standard manufacturing operation, even when produced to our customer’s specifications. We also earn royalty fees under certain arrangements for the tools we sell.   Unaudited Interim Financial Presentation   These interim consolidated condensed financial statements for the three and six months ended June 30, 2018 and 2017, and the related footnote disclosures included herein, are unaudited. However, in the opinion of management, these unaudited interim financial statements have been prepared on the same basis as the audited financial statements, and reflect all adjustments necessary to fairly state the results for such periods. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results of operations expected for the year ended December 31, 2018. These interim consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the years ended December 31, 2017 and 2016 and the notes thereto, which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission (the “SEC”).   Use of Estimates   The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant items subject to estimates and assumptions include the carrying amount and useful lives of property and equipment and intangible assets, impairment assessments, share-based compensation expense, and valuation allowances for accounts receivable, inventories, and deferred tax assets.   Recently Issued Accounting Standards   In May 2014, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update for “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition.” This accounting standard update provides new guidance concerning recognition and measurement of revenue and requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, FASB delayed the effective date one year, which is now effective for the Company’s fiscal year beginning January 1, 2019. The Company is currently evaluating the impact the pronouncement will have on the consolidated financial statements and related disclosure and will adopt this standard on January 1, 2019.   In February 2016, the FASB issued ASU No. 2016-02, “Leases,” which introduces the recognition of lease assets and lease liabilities by lessees for all leases which are not short-term in nature. The new standard requires a modified retrospective transition for capital or operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements. The Company is currently evaluating the impact the pronouncement will have on the consolidated financial statements and related disclosure and will adopt this standard on January 1, 2020.

NOTE 2. LIQUIDITY   At June 30, 2018, we had a working capital deficit of approximately $1,400,000. The Company’s manufacturing facility is financed by a commercial bank loan mortgage with principal of $4,200,000 due August 15, 2018 (see Note 7 – Long-Term Debt). The classification of this debt from long-term to short-term resulted in a working capital deficit at June 30, 2018. On August 1, 2018, the Company entered into an agreement with its lender to extend the due date of the commercial real estate loan to February 15, 2019. Our principal uses of cash are operating expenses, working capital requirements, capital expenditures and debt service payments. We continue to expect to be cash flow positive in 2018. If we are unable to manage our working capital requirements and successfully refinance our commercial bank loan that is collateralized by our property, we may not be able to, among other things, (i) maintain our current general and administrative spending levels; (ii) fund certain obligations as they become due; and (iii) respond to competitive pressures or unanticipated capital requirements. We cannot provide any assurance that financing will be available to us in the future on acceptable terms.

NOTE 3. INVENTORIES   Inventories are comprised of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; text-align: justify">Raw material</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">766,751</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">1,040,795</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Work in progress</td> <td> </td> <td> </td> <td style="text-align: right">113,525</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">77,702</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify">Finished goods</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">64,739</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">78,316</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">945,015</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,196,813</td> <td style="padding-bottom: 1.5pt"> </td></tr> </table>   The Company recorded an impairment loss in the cost of sales of $41,396 in the first quarter of 2018 relating to steel inventory unrelated to the Company’s primary operations. During the second quarter of 2018, the Company sold this unrelated inventory to a third-party wholesaler for approximately $248,000. No gain or loss was recorded upon the sale.

NOTE 4. PROPERTY, PLANT AND EQUIPMENT   Property, plant and equipment are comprised of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; text-align: justify">Land</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">880,416</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">880,416</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Buildings</td> <td> </td> <td> </td> <td style="text-align: right">4,847,778</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,847,778</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Building improvements</td> <td> </td> <td> </td> <td style="text-align: right">719,619</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">717,232</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Machinery and equipment</td> <td> </td> <td> </td> <td style="text-align: right">8,295,727</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,216,237</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Furniture and fixtures</td> <td> </td> <td> </td> <td style="text-align: right">510,181</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">507,557</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify">Transportation assets</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">811,378</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">811,378</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right">16,065,099</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">15,980,598</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify">Accumulated depreciation</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(7,779,378</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(7,171,250</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">8,285,721</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">8,809,348</td> <td style="padding-bottom: 1.5pt"> </td></tr> </table>   Depreciation expense related to property, plant and equipment for the three and six months ended June 30, 2018 was $330,016 and $654,377, respectively, and for the three and six months ended June 30, 2017 was $287,706 and $614,062, respectively.

NOTE 5. INTANGIBLE ASSETS   Intangible assets are comprised of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; text-align: justify">Developed technology</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">7,000,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">7,000,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Customer contracts</td> <td> </td> <td> </td> <td style="text-align: right">6,400,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6,400,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify">Trademarks</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,500,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,500,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right">14,900,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">14,900,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify">Accumulated amortization</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(9,990,556</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(8,767,222</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,909,444</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">6,132,778</td> <td style="padding-bottom: 1.5pt"> </td></tr> </table>   Amortization expense related to intangible assets for the three and six months ended June 30, 2018 and June 30, 2017, was $611,667 and $1,223,334, respectively.   Annually, and more often as necessary, we will perform an evaluation of our intangible assets for indications of impairment. If indications exist, we will perform an evaluation of the fair value of the intangible assets and, if necessary, record an impairment charge. As of June 30, 2018, the Company reviewed the net balance of the intangible assets and determined no impairment was needed.

NOTE 6. RELATED PARTY NOTE RECEIVABLE   In January 2014, we entered into a Note Purchase and Sale Agreement under which we agreed to purchase a loan made to Tronco Energy Corporation (“Tronco”), a party related to us through common control, in order to take over the legal position as Tronco’s senior secured lender. That agreement provided that, upon our full repayment of the Tronco loan from the proceeds of the Offering, the lender would assign to us all of its rights under the Tronco loan, including all of the collateral documents. On May 30, 2014, we closed our purchase of the Tronco loan for a total payoff of $8.3 million, which included principal, interest, and early termination fees. As a result of that purchase, we became Tronco’s senior secured lender, and as a result are entitled to receive all proceeds from sales of the Tronco-owned collateral, as discussed below.   The interest rate on the note is 5.00%. We earned interest of $91,838 and $178,125 for the three and six months ending June 30, 2018, respectively, and interest of $81,650 and $163,733 for the three and six months ended June 30, 2017, respectively. These amounts are included in other current assets in the consolidated balance sheets.   On August 8, 2017, the Board of Directors agreed to extend the terms of the Tronco loan to interest only payments due December 31, 2017, 2018, 2019, 2020, and 2021, with a balloon payment of all unpaid interest and principal due upon full maturity on December 31, 2022.   We have the direct legal right to enforce the collateral and guaranty agreements entered into in connection with the Tronco loan and to collect Tronco’s collateral sales proceeds, in order to recover the loan purchase amount. The Tronco loan continues to be secured by the first position liens on all of Tronco assets, as well as by the guarantees of Troy and Annette Meier (the “Meier Guaranties”), which are directly payable to and legally enforceable by us. In addition, the Meiers have provided us with stock pledges in which they pledge all of their shares of our common stock held by their family entities (the “Meier Stock Pledge”), as collateral for the Meiers guaranties until full repayment of Tronco loan. The pledged shares, which are subject to insider timing requirements and volume limitations under Rule 144 of the Securities Act and required periodic black-out periods, are being held in third-party escrow until full repayment of the Tronco loan, the balance of which is $7,367,212. The Company holds 8,267,860 shares as collateral for the Tronco note as of June 30, 2018. On April 27, 2018, the Company released the 530,725 restricted stock units we previously held as additional collateral for the Tronco note. The Company believes the market value of the 8,267,860 shares is sufficient collateral for the note.

NOTE 7. LONG-TERM DEBT   Long-term debt is comprised of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; text-align: justify">Real estate loans</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">4,387,695</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">4,518,424</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Hard Rock Note, net of discount</td> <td> </td> <td> </td> <td style="text-align: right">6,453,640</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">7,422,912</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Machinery loans</td> <td> </td> <td> </td> <td style="text-align: right">421,289</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">513,317</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify">Transportation loans</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">324,247</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">353,400</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">11,586,871</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">12,808,053</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify">Current portion of long-term debt</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(8,001,810</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(6,101,678</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify">Long-term debt, less current portion</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">3,585,061</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">6,706,375</td> <td style="padding-bottom: 1.5pt"> </td></tr> </table>   Real Estate Loans   Our manufacturing facility is financed by a commercial bank loan requiring monthly payments of approximately $39,000, including principal and interest at 5.25%. On August 1, 2018, we entered into an agreement with our lender to extend the due date of the commercial real estate loan from August 15, 2018 to February 15, 2019, and changed the interest rate to 7.1% (see Note 9 – Subsequent Events).   Hard Rock Note   In 2014, the Company purchased all of the interests of Hard Rock Solutions, LLC (“Hard Rock”). Consideration consisted of $12.5 million paid in cash at closing and a $12.5 million seller’s note (the “Hard Rock Note”). The Hard Rock Note and subsequent amendments are secured by all of the patents, patents pending, other patent rights, and trademarks transferred to Hard Rock. At issuance, the fair value of the Hard Rock Note was determined to be $11,144,000, which is less than the face value due to a below-market interest rate. The resulting discount of $1,356,000 will be amortized to interest expense using the effective interest method, totaling $14,220 and $31,281 for the three and six months ended June 30, 2018, respectively, and $19,104 and $38,207 for the three and six months ended June 30, 2017, respectively.   On August 10, 2016, certain of our subsidiaries entered into an amended and restated note with the seller in our acquisition of Hard Rock. As amended and restated, the Hard Rock Note accrues interest at 5.75% per annum and matures on January 15, 2020. We have made all the required payments related to the note in 2018 which included $500,000 principal payments made in December 2017, January 2018, May 2018, and July 2018. Additionally, we have made the accrued interest payments related to the note on January 15, 2018, March 16, 2018, May 7, 2018 and July 13, 2018 of $70,890, $60,062, $57,342, and $68,606, respectively. We are required to pay $1,000,000 in principal plus accrued interest on each of January 15, March 15, May 15 and July 15, 2019. The remaining $2,000,000 balance of principal plus accrued interest on the Hard Rock Note is due on January 15, 2020.

NOTE 9. SUBSEQUENT EVENTS   As described in Note 7, on August 1, 2018, we entered into an agreement with our lender to extend the due date of the commercial real estate loan to February 15, 2019. The interest rate for this loan extension is 7.1%.

Inventories are comprised of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; text-align: justify">Raw material</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">766,751</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">1,040,795</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Work in progress</td> <td> </td> <td> </td> <td style="text-align: right">113,525</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">77,702</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify">Finished goods</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">64,739</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">78,316</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">945,015</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,196,813</td> <td style="padding-bottom: 1.5pt"> </td></tr> </table>

Property, plant and equipment are comprised of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; text-align: justify">Land</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">880,416</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">880,416</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Buildings</td> <td> </td> <td> </td> <td style="text-align: right">4,847,778</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,847,778</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Building improvements</td> <td> </td> <td> </td> <td style="text-align: right">719,619</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">717,232</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Machinery and equipment</td> <td> </td> <td> </td> <td style="text-align: right">8,295,727</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,216,237</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Furniture and fixtures</td> <td> </td> <td> </td> <td style="text-align: right">510,181</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">507,557</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify">Transportation assets</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">811,378</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">811,378</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right">16,065,099</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">15,980,598</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify">Accumulated depreciation</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(7,779,378</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(7,171,250</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">8,285,721</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">8,809,348</td> <td style="padding-bottom: 1.5pt"> </td></tr> </table>

Intangible assets are comprised of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; text-align: justify">Developed technology</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">7,000,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">7,000,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Customer contracts</td> <td> </td> <td> </td> <td style="text-align: right">6,400,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6,400,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify">Trademarks</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,500,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,500,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right">14,900,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">14,900,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify">Accumulated amortization</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(9,990,556</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(8,767,222</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,909,444</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">6,132,778</td> <td style="padding-bottom: 1.5pt"> </td></tr> </table>

Long-term debt is comprised of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; text-align: justify; line-height: 107%">Real estate loans</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 20%; text-align: right; line-height: 107%">4,387,695</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 19%; text-align: right; line-height: 107%">4,518,424</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%">Hard Rock Note, net of discount</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">6,453,640</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">7,422,912</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%">Machinery loans</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">421,289</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">513,317</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%">Transportation loans</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">324,247</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">353,400</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">11,586,871</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">12,808,053</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%">Current portion of long-term debt</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(8,001,810</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(6,101,678</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%">Long-term debt, less current portion</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">3,585,061</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">6,706,375</td> <td style="line-height: 107%"> </td></tr> </table>

2019-02-15 2019-02-15 Organization and Nature of Operations   Superior Drilling Products, Inc. (the “Company”, “SDPI”, “we”, “our” or “us”) is an innovative drilling and completion tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company innovates, designs, engineers, manufactures, sells, and repairs drilling and completion tools.   Our subsidiaries include (a) Superior Drilling Solutions, LLC (previously known as Superior Drilling Products, LLC), a Utah limited liability company (“SDS”), together with its wholly owned subsidiary Superior Design and Fabrication, LLC, a Utah limited liability company (“SDF”), (b) Extreme Technologies, LLC, a Utah limited liability company (“ET”), (c) Meier Properties Series, LLC, a Utah limited liability company (“MPS”), (d) Meier Leasing, LLC, a Utah limited liability company (“ML”), and (e) Hard Rock Solutions, LLC (“HR” or “Hard Rock”).

Basis of Presentation   The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of Superior Drilling Products Inc. and all of its wholly-owned subsidiaries. All significant intercompany accounts have been eliminated in consolidation. The Company does not have investments in any unconsolidated subsidiaries.   In April 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides that an emerging growth company can utilize the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for implementing new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to nonissuers. We have elected to delay such adoption of new or revised accounting standards, and as a result, we may not implement new or revised accounting standards on the relevant dates on which adoption of such standards is required for other issuer companies.   Subject to certain conditions set forth in the JOBS Act, as an emerging growth company, we intend to rely on certain of these exemptions, including without limitation, providing an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404 and implementing any requirement that may be adopted regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis). We will remain an emerging growth company until the earliest of (i) the end of the fiscal year in which the market value of our common stock that is held by non-affiliates exceeds $700.0 million as of June 30, (ii) the end of the fiscal year in which we have total annual gross revenues of $1.07 billion or more during such fiscal year, (iii) the date on which we issue more than $1.0 billion in non-convertible debt in a three-year period or (iv) January 1, 2020.

Revenue Recognition   We are a drilling and completion tool technology company and we generate revenue from the manufacturing, repair, and sale of drilling and completion tools. Our manufactured products are produced in a standard manufacturing operation, even when produced to our customer’s specifications. We also earn royalty fees under certain arrangements for the tools we sell.

Unaudited Interim Financial Presentation   These interim consolidated condensed financial statements for the three and six months ended June 30, 2018 and 2017, and the related footnote disclosures included herein, are unaudited. However, in the opinion of management, these unaudited interim financial statements have been prepared on the same basis as the audited financial statements, and reflect all adjustments necessary to fairly state the results for such periods. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results of operations expected for the year ended December 31, 2018. These interim consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the years ended December 31, 2017 and 2016 and the notes thereto, which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission (the “SEC”).

Use of Estimates   The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant items subject to estimates and assumptions include the carrying amount and useful lives of property and equipment and intangible assets, impairment assessments, share-based compensation expense, and valuation allowances for accounts receivable, inventories, and deferred tax assets.

Recently Issued Accounting Standards   In May 2014, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update for “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition.” This accounting standard update provides new guidance concerning recognition and measurement of revenue and requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, FASB delayed the effective date one year, which is now effective for the Company’s fiscal year beginning January 1, 2019. The Company is currently evaluating the impact the pronouncement will have on the consolidated financial statements and related disclosure and will adopt this standard on January 1, 2019.   In February 2016, the FASB issued ASU No. 2016-02, “Leases,” which introduces the recognition of lease assets and lease liabilities by lessees for all leases which are not short-term in nature. The new standard requires a modified retrospective transition for capital or operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements. The Company is currently evaluating the impact the pronouncement will have on the consolidated financial statements and related disclosure and will adopt this standard on January 1, 2020.

extend the due date of the commercial real estate loan from August 15, 2018 to February 15, 2019

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$0.001 par value; 100,000,000 shares authorized; 24,535,155 shares issued and outstanding Additional paid-in-capital Accumulated deficit Total shareholders' equity Total liabilities and shareholders' equity Common stock, par value per share Common stock, shares authorized Common stock, shares, issued Common stock, shares, outstanding Income Statement [Abstract] Revenue Operating costs and expenses Cost of revenue Selling, general and administrative expenses Depreciation and amortization expense Total operating costs and expenses Operating income Other income (expense) Interest income Interest expense Other income Loss on sale of assets Total other expense Net income (loss) Basic income earnings per common share Basic weighted average common shares outstanding Diluted income per common share Diluted weighted average common shares outstanding Statement of Cash Flows [Abstract] Cash Flows From Operating Activities Net income (loss) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense Amortization of debt discount Share based compensation expense Impairment of inventories Gain on sale of assets Changes in operating assets and liabilities: Accounts receivable Inventories Prepaid expenses and other noncurrent assets Accounts payable and accrued expenses Other long-term liabilities Net Cash Provided by (Used in) Operating Activities Cash Flows From Investing Activities Purchases of property, plant and equipment Proceeds from sale of fixed assets Net Cash Provided by (Used in) Investing Activities Cash Flows From Financing Activities Principal payments on debt Principal payments on related party debt Principal payments on capital lease obligations Net Cash Used in Financing Activities Net increase (decrease) in Cash Cash at Beginning of Period Cash at End of Period Supplemental information: Cash paid for Interest Non-cash payment of other long-term liability by offsetting related-party note receivable Acquisition of equipment by issuance of note payable Accounting Policies [Abstract] Summary of Significant Accounting Policies Liquidity Liquidity Inventory Disclosure [Abstract] Inventories Property, Plant and Equipment [Abstract] Property, Plant and Equipment Goodwill and Intangible Assets Disclosure [Abstract] Intangible Assets Receivables [Abstract] Related Party Note Receivable Debt Disclosure [Abstract] Long-Term Debt Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Subsequent Events [Abstract] Subsequent Events Organization and Nature of Operations Basis of Presentation Revenue Recognition Unaudited Interim Financial Presentation Use of Estimates Recently Issued Accounting Standards Schedule of Inventories Schedule of Property, Plant and Equipment Schedule of Intangible Assets Schedule of Long-term Debt Instruments Statement [Table] Statement [Line Items] Concentration Risk Type [Axis] Concentration Risk Benchmark [Axis] Market value of common stock Annual gross revenues Non-convertible debt Debt term Debt maturity date Working capital deficit Commercial bank loan with principal amount Debt extension date Proceeds from sale of unrelated inventory Raw material Work in progress Finished goods Inventory, Net Depreciation expense related to property, plant and equipment Land Buildings Building improvements Machinery and equipment Furniture and fixtures Transportation assets Property, plant and equipment, gross Accumulated depreciation Property, plant and equipment, net Amortization of intangible assets Impairment of intangible assets Schedule of Finite-Lived Intangible Assets [Table] Finite-Lived Intangible Assets [Line Items] Intangible assets, gross Accumulated amortization Finite-lived intangible assets, net Notes receivable Debt interest rate Interest income Maturity date description Number of collateral shares EX-101.PRE 11 sdpi-20180630_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Aug. 02, 2018
Document And Entity Information
Entity Registrant Name	Superior Drilling Products, Inc.
Entity Central Index Key	0001600422
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		24,535,155
Trading Symbol	SDPI
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2018

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash	$ 3,083,897	$ 2,375,179
Accounts receivable, net	3,208,598	2,667,042
Prepaid expenses	152,818	111,530
Inventories	945,015	1,196,813
Other current assets	178,125
Total current assets	7,568,453	6,350,564
Property, plant and equipment, net	8,285,721	8,809,348
Intangible assets, net	4,909,444	6,132,778
Related party note receivable	7,367,212	7,367,212
Other noncurrent assets	15,889	15,954
Total assets	28,146,719	28,675,856
Current liabilities
Accounts payable	340,094	1,021,469
Accrued expenses	603,502	543,758
Current portion of long-term debt, net of discounts	8,001,810	6,101,678
Total current liabilities	8,945,406	7,666,905
Long-term debt, less current portion, net of discounts	3,585,061	6,706,375
Total liabilities	12,530,467	14,373,280
Commitments and contingencies (Note 8)
Shareholders' equity
Common stock - $0.001 par value; 100,000,000 shares authorized; 24,535,155 shares issued and outstanding	24,535	24,535
Additional paid-in-capital	39,148,208	38,907,864
Accumulated deficit	(23,556,491)	(24,629,823)
Total shareholders' equity	15,616,252	14,302,576
Total liabilities and shareholders' equity	$ 28,146,719	$ 28,675,856

XML 14 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares, issued	24,535,155	24,535,155
Common stock, shares, outstanding	24,535,155	24,535,155

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Revenue	$ 5,398,923	$ 4,049,497	$ 9,999,216	$ 7,419,109
Operating costs and expenses
Cost of revenue	1,942,671	1,491,383	3,741,615	2,672,116
Selling, general and administrative expenses	1,426,985	1,237,335	3,124,648	2,734,852
Depreciation and amortization expense	941,683	899,373	1,877,710	1,837,395
Total operating costs and expenses	4,311,339	3,628,091	8,743,973	7,244,363
Operating income	1,087,584	421,406	1,255,243	174,746
Other income (expense)
Interest income	99,711	82,509	192,139	164,368
Interest expense	(182,497)	(215,103)	(374,050)	(474,128)
Other income				43,669
Loss on sale of assets		17,995		12,167
Total other expense	(82,786)	(114,599)	(181,911)	(253,924)
Net income (loss)	$ 1,004,798	$ 306,807	$ 1,073,332	$ (79,178)
Basic income earnings per common share	$ 0.04	$ 0.01	$ 0.04	$ 0.00
Basic weighted average common shares outstanding	24,535,155	24,197,148	24,535,155	24,196,726
Diluted income per common share	$ 0.04	$ 0.01	$ 0.04	$ 0.00
Diluted weighted average common shares outstanding	25,140,467	24,197,148	25,140,467	24,196,726

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows From Operating Activities
Net income (loss)	$ 1,073,332	$ (79,178)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	1,877,711	1,837,395
Amortization of debt discount	31,281	40,110
Share based compensation expense	240,344	350,741
Impairment of inventories	41,396
Gain on sale of assets		(12,167)
Changes in operating assets and liabilities:
Accounts receivable	(541,556)	(1,836,466)
Inventories	211,368	(118,046)
Prepaid expenses and other noncurrent assets	(219,348)	(151,549)
Accounts payable and accrued expenses	(621,631)	(328,992)
Other long-term liabilities		(17,490)
Net Cash Provided by (Used in) Operating Activities	2,092,897	(315,642)
Cash Flows From Investing Activities
Purchases of property, plant and equipment	(131,716)	(141,137)
Proceeds from sale of fixed assets		2,483,921
Net Cash Provided by (Used in) Investing Activities	(131,716)	2,342,784
Cash Flows From Financing Activities
Principal payments on debt	(1,252,463)	(2,740,140)
Principal payments on related party debt		(74,293)
Principal payments on capital lease obligations		(153,720)
Net Cash Used in Financing Activities	(1,252,463)	(2,968,153)
Net increase (decrease) in Cash	708,718	(941,011)
Cash at Beginning of Period	2,375,179	2,241,902
Cash at End of Period	3,083,897	1,300,891
Supplemental information:
Cash paid for Interest	340,891	460,842
Non-cash payment of other long-term liability by offsetting related-party note receivable		550,000
Acquisition of equipment by issuance of note payable		$ 16,557

XML 17 R6.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Nature of Operations

Basis of Presentation

Revenue Recognition

Unaudited Interim Financial Presentation

Use of Estimates

Recently Issued Accounting Standards

XML 18 R7.htm IDEA: XBRL DOCUMENT

Liquidity

6 Months Ended

Jun. 30, 2018

Liquidity

Liquidity

NOTE 2. LIQUIDITY

XML 19 R8.htm IDEA: XBRL DOCUMENT

Inventories

6 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Inventories

NOTE 3. INVENTORIES

Inventories are comprised of the following:

	June 30, 2018		December 31, 2017
Raw material	$	766,751	$	1,040,795
Work in progress		113,525		77,702
Finished goods		64,739		78,316
	$	945,015	$	1,196,813

XML 20 R9.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

NOTE 4. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are comprised of the following:

	June 30, 2018			December 31, 2017
Land	$	880,416		$	880,416
Buildings		4,847,778			4,847,778
Building improvements		719,619			717,232
Machinery and equipment		8,295,727			8,216,237
Furniture and fixtures		510,181			507,557
Transportation assets		811,378			811,378
		16,065,099			15,980,598
Accumulated depreciation		(7,779,378	)		(7,171,250	)
	$	8,285,721		$	8,809,348

XML 21 R10.htm IDEA: XBRL DOCUMENT

Intangible Assets

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 5. INTANGIBLE ASSETS

Intangible assets are comprised of the following:

	June 30, 2018			December 31, 2017
Developed technology	$	7,000,000		$	7,000,000
Customer contracts		6,400,000			6,400,000
Trademarks		1,500,000			1,500,000
		14,900,000			14,900,000
Accumulated amortization		(9,990,556	)		(8,767,222	)
	$	4,909,444		$	6,132,778

Amortization expense related to intangible assets for the three and six months ended June 30, 2018 and June 30, 2017, was $611,667 and $1,223,334, respectively.

XML 22 R11.htm IDEA: XBRL DOCUMENT

Related Party Note Receivable

6 Months Ended

Jun. 30, 2018

Receivables [Abstract]

Related Party Note Receivable

NOTE 6. RELATED PARTY NOTE RECEIVABLE

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

XML 23 R12.htm IDEA: XBRL DOCUMENT

Long-Term Debt

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 7. LONG-TERM DEBT

Long-term debt is comprised of the following:

	June 30, 2018			December 31, 2017
Real estate loans	$	4,387,695		$	4,518,424
Hard Rock Note, net of discount		6,453,640			7,422,912
Machinery loans		421,289			513,317
Transportation loans		324,247			353,400
		11,586,871			12,808,053
Current portion of long-term debt		(8,001,810	)		(6,101,678	)
Long-term debt, less current portion	$	3,585,061		$	6,706,375

Real Estate Loans

Hard Rock Note

XML 24 R13.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 8. COMMITMENTS AND CONTINGENCIES

XML 25 R14.htm IDEA: XBRL DOCUMENT

Subsequent Events

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

NOTE 9. SUBSEQUENT EVENTS

XML 26 R15.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2018
Accounting Policies [Abstract]
Organization and Nature of Operations	Organization and Nature of Operations Superior Drilling Products, Inc. (the “Company”, “SDPI”, “we”, “our” or “us”) is an innovative drilling and completion tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company innovates, designs, engineers, manufactures, sells, and repairs drilling and completion tools. Our subsidiaries include (a) Superior Drilling Solutions, LLC (previously known as Superior Drilling Products, LLC), a Utah limited liability company (“SDS”), together with its wholly owned subsidiary Superior Design and Fabrication, LLC, a Utah limited liability company (“SDF”), (b) Extreme Technologies, LLC, a Utah limited liability company (“ET”), (c) Meier Properties Series, LLC, a Utah limited liability company (“MPS”), (d) Meier Leasing, LLC, a Utah limited liability company (“ML”), and (e) Hard Rock Solutions, LLC (“HR” or “Hard Rock”).
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of Superior Drilling Products Inc. and all of its wholly-owned subsidiaries. All significant intercompany accounts have been eliminated in consolidation. The Company does not have investments in any unconsolidated subsidiaries. In April 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides that an emerging growth company can utilize the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for implementing new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to nonissuers. We have elected to delay such adoption of new or revised accounting standards, and as a result, we may not implement new or revised accounting standards on the relevant dates on which adoption of such standards is required for other issuer companies. Subject to certain conditions set forth in the JOBS Act, as an emerging growth company, we intend to rely on certain of these exemptions, including without limitation, providing an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404 and implementing any requirement that may be adopted regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis). We will remain an emerging growth company until the earliest of (i) the end of the fiscal year in which the market value of our common stock that is held by non-affiliates exceeds $700.0 million as of June 30, (ii) the end of the fiscal year in which we have total annual gross revenues of $1.07 billion or more during such fiscal year, (iii) the date on which we issue more than $1.0 billion in non-convertible debt in a three-year period or (iv) January 1, 2020.
Revenue Recognition	Revenue Recognition We are a drilling and completion tool technology company and we generate revenue from the manufacturing, repair, and sale of drilling and completion tools. Our manufactured products are produced in a standard manufacturing operation, even when produced to our customer’s specifications. We also earn royalty fees under certain arrangements for the tools we sell.
Unaudited Interim Financial Presentation	Unaudited Interim Financial Presentation These interim consolidated condensed financial statements for the three and six months ended June 30, 2018 and 2017, and the related footnote disclosures included herein, are unaudited. However, in the opinion of management, these unaudited interim financial statements have been prepared on the same basis as the audited financial statements, and reflect all adjustments necessary to fairly state the results for such periods. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results of operations expected for the year ended December 31, 2018. These interim consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the years ended December 31, 2017 and 2016 and the notes thereto, which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission (the “SEC”).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant items subject to estimates and assumptions include the carrying amount and useful lives of property and equipment and intangible assets, impairment assessments, share-based compensation expense, and valuation allowances for accounts receivable, inventories, and deferred tax assets.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update for “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition.” This accounting standard update provides new guidance concerning recognition and measurement of revenue and requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, FASB delayed the effective date one year, which is now effective for the Company’s fiscal year beginning January 1, 2019. The Company is currently evaluating the impact the pronouncement will have on the consolidated financial statements and related disclosure and will adopt this standard on January 1, 2019. In February 2016, the FASB issued ASU No. 2016-02, “Leases,” which introduces the recognition of lease assets and lease liabilities by lessees for all leases which are not short-term in nature. The new standard requires a modified retrospective transition for capital or operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements. The Company is currently evaluating the impact the pronouncement will have on the consolidated financial statements and related disclosure and will adopt this standard on January 1, 2020.

XML 27 R16.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

6 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories are comprised of the following:

	June 30, 2018		December 31, 2017
Raw material	$	766,751	$	1,040,795
Work in progress		113,525		77,702
Finished goods		64,739		78,316
	$	945,015	$	1,196,813

XML 28 R17.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment are comprised of the following:

	June 30, 2018			December 31, 2017
Land	$	880,416		$	880,416
Buildings		4,847,778			4,847,778
Building improvements		719,619			717,232
Machinery and equipment		8,295,727			8,216,237
Furniture and fixtures		510,181			507,557
Transportation assets		811,378			811,378
		16,065,099			15,980,598
Accumulated depreciation		(7,779,378	)		(7,171,250	)
	$	8,285,721		$	8,809,348

XML 29 R18.htm IDEA: XBRL DOCUMENT

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets are comprised of the following:

	June 30, 2018			December 31, 2017
Developed technology	$	7,000,000		$	7,000,000
Customer contracts		6,400,000			6,400,000
Trademarks		1,500,000			1,500,000
		14,900,000			14,900,000
Accumulated amortization		(9,990,556	)		(8,767,222	)
	$	4,909,444		$	6,132,778

XML 30 R19.htm IDEA: XBRL DOCUMENT

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt is comprised of the following:

	June 30, 2018			December 31, 2017
Real estate loans	$	4,387,695		$	4,518,424
Hard Rock Note, net of discount		6,453,640			7,422,912
Machinery loans		421,289			513,317
Transportation loans		324,247			353,400
		11,586,871			12,808,053
Current portion of long-term debt		(8,001,810	)		(6,101,678	)
Long-term debt, less current portion	$	3,585,061		$	6,706,375

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

XML 31 R20.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Narrative) - USD ($)		6 Months Ended
	Aug. 10, 2016	Jun. 30, 2018
Annual gross revenues		$ 1,070,000,000
Non-convertible debt		$ 1,000,000,000
Debt term		3 years
Debt maturity date	Jan. 15, 2020	Jan. 01, 2020
Maximum [Member] \| Non-affiliates [Member]
Market value of common stock		$ 700,000,000

XML 32 R21.htm IDEA: XBRL DOCUMENT

Liquidity (Details Narrative) - USD ($)		6 Months Ended
Liquidity (Details Narrative) - USD ($)	Aug. 10, 2016	Jun. 30, 2018
Working capital deficit		$ 1,400,000
Commercial bank loan with principal amount	$ 2,000,000
Debt maturity date	Jan. 15, 2020	Jan. 01, 2020
Real Estate Loan [Member]
Commercial bank loan with principal amount		$ 4,200,000
Debt maturity date		Aug. 15, 2018
Real Estate Loans [Member] \| August 1, 2018 [Member]
Debt extension date		Feb. 15, 2019

XML 33 R22.htm IDEA: XBRL DOCUMENT

Inventories (Details Narrative) - USD ($)	3 Months Ended	6 Months Ended
Inventories (Details Narrative) - USD ($)	Mar. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Impairment of inventories	$ 41,396	$ 41,396
Third Party [Member]
Proceeds from sale of unrelated inventory		$ 248,000

XML 34 R23.htm IDEA: XBRL DOCUMENT

Inventories - Schedule of Inventories (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw material	$ 766,751	$ 1,040,795
Work in progress	113,525	77,702
Finished goods	64,739	78,316
Inventory, Net	$ 945,015	$ 1,196,813

XML 35 R24.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Depreciation expense related to property, plant and equipment	$ 330,016	$ 287,706	$ 654,377	$ 614,062

XML 36 R25.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Land	$ 880,416	$ 880,416
Buildings	4,847,778	4,847,778
Building improvements	719,619	717,232
Machinery and equipment	8,295,727	8,216,237
Furniture and fixtures	510,181	507,557
Transportation assets	811,378	811,378
Property, plant and equipment, gross	16,065,099	15,980,598
Accumulated depreciation	(7,779,378)	(7,171,250)
Property, plant and equipment, net	$ 8,285,721	$ 8,809,348

XML 37 R26.htm IDEA: XBRL DOCUMENT

Intangible Assets (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
Intangible Assets (Details Narrative) - USD ($)	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 611,667	$ 1,223,334	$ 611,667	$ 1,223,334
Impairment of intangible assets

XML 38 R27.htm IDEA: XBRL DOCUMENT

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 14,900,000	$ 14,900,000
Accumulated amortization	(9,990,556)	(8,767,222)
Finite-lived intangible assets, net	4,909,444	6,132,778
Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	7,000,000	7,000,000
Customer Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	6,400,000	6,400,000
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 1,500,000	$ 1,500,000

XML 39 R28.htm IDEA: XBRL DOCUMENT

Related Party Note Receivable (Details Narrative) - USD ($)				3 Months Ended		6 Months Ended
	Apr. 27, 2018	Aug. 08, 2017	Aug. 10, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	May 30, 2014
Interest income				$ 91,838	$ 81,650	$ 178,125	$ 163,733
Debt maturity date			Jan. 15, 2020			Jan. 01, 2020
Related party note receivable				$ 7,367,212		$ 7,367,212		$ 7,367,212
Number of collateral shares						8,267,860
Restricted Stock Units (RSUs) [Member] \| Tronco Note [Member]
Number of restricted stock units released as collateral	530,725
Tronco Energy Corporation [Member]
Notes receivable									$ 8,300,000
Debt interest rate				5.00%		5.00%
Debt maturity date		Dec. 31, 2022
Maturity date description		On August 8, 2017, the Board of Directors agreed to extend the terms of the Tronco loan to interest only payments due December 31, 2017, 2018, 2019, 2020, and 2021, with a balloon payment of all unpaid interest and principal due upon full maturity on December 31, 2022.

XML 40 R29.htm IDEA: XBRL DOCUMENT

Long-Term Debt (Details Narrative) - USD ($)		1 Months Ended				3 Months Ended		6 Months Ended
Long-Term Debt (Details Narrative) - USD ($)	Aug. 10, 2016	May 31, 2018	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2014	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	May 07, 2018	Mar. 16, 2018	Jan. 15, 2018
Amortization of debt discount						$ 14,220	$ 19,104	$ 31,281	$ 40,110
Debt maturity date	Jan. 15, 2020							Jan. 01, 2020
Debt instrument, face amount	$ 2,000,000
Real Estate Loans [Member]
Debt instrument, periodic payment								$ 39,000
Debt instrument, interest rate						5.25%		5.25%
Real Estate Loans [Member] \| August 1, 2018 [Member]
Debt instrument, interest rate						7.10%		7.10%
Debt extension date description								extend the due date of the commercial real estate loan from August 15, 2018 to February 15, 2019
Hard Rock Note [Member]
Debt instrument, interest rate	5.75%
Business combination, consideration transferred, liabilities incurred					$ 12,500,000
Payments to acquire businesses, gross					12,500,000
Debt instrument, fair value disclosure					11,144,000
Amortization of debt discount					$ 1,356,000
Debt maturity date	Jan. 15, 2020
Debt instrument, periodic payment, principal		$ 500,000	$ 500,000	$ 500,000
Accrued interest										$ 57,342	$ 60,062	$ 70,890
Debt instrument, face amount	$ 1,000,000
Hard Rock Note [Member] \| July 2018 [Member]
Debt instrument, periodic payment, principal								$ 500,000
Hard Rock Note [Member] \| July 13, 2018 [Member]
Accrued interest						$ 68,606		$ 68,606
Hard Rock Note [Member] \| January 15, 2019 [Member]
Debt instrument, periodic payment, interest	1,000,000
Hard Rock Note [Member] \| March 15, 2019 [Member]
Debt instrument, periodic payment, interest	1,000,000
Hard Rock Note [Member] \| May 15, 2019 [Member]
Debt instrument, periodic payment, interest	1,000,000
Hard Rock Note [Member] \| July 15, 2019 [Member]
Debt instrument, periodic payment, interest	$ 1,000,000

XML 41 R30.htm IDEA: XBRL DOCUMENT

Long-Term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Long term debt, Total	$ 11,586,871	$ 12,808,053
Current portion of long-term debt	(8,001,810)	(6,101,678)
Long-term debt, less current portion	3,585,061	6,706,375
Hard Rock Note [Member]
Long term debt, Total	6,453,640	7,422,912
Real Estate Loans [Member]
Long term debt, Total	4,387,695	4,518,424
Machinery Loans [Member]
Long term debt, Total	421,289	513,317
Transportation Loans [Member]
Long term debt, Total	$ 324,247	$ 353,400

XML 42 R31.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details Narrative) - Real Estate Loans [Member]	Aug. 01, 2018	Jun. 30, 2018
Interest rate		5.25%
Subsequent Event [Member]
Debt extension date	Feb. 15, 2019
Interest rate	7.10%

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