XML 14 R1.htm IDEA: XBRL DOCUMENT v3.19.2
Document and Entity Information - USD ($)
12 Months Ended
Dec. 31, 2018
Aug. 19, 2019
Jun. 30, 2018
Document And Entity Information      
Entity Registrant Name Superior Drilling Products, Inc.    
Entity Central Index Key 0001600422    
Document Type 10-K/A    
Document Period End Date Dec. 31, 2018    
Amendment Flag true    
Amendment Description Superior Drilling Products, Inc. (the "Company" or "SDPI") is filing this Amendment No. 1 on Form 10-K/A to its Annual Report on Form 10-K (the "Amendment") to amend its annual report on Form 10-K for the fiscal year ended December 31, 2018 originally filed with the U.S. Securities and Exchange Commission ("SEC") on March 13, 2019 (the "Original Filing") to amend and restate its previously issued audited consolidated financial statements and related financial information for the fiscal years ended December 31, 2018 and 2017. The Company is also amending and restating its previously issued unaudited interim condensed consolidated financial information for each of the quarters in the fiscal years ended December 31, 2017 and 2018 in this Amendment. In addition, concurrently with the filing of this Amendment, the Company is filing an amendment to its Quarterly Report on Form 10-Q for the fiscal period ended March 31, 2019. As now discussed in Note 2 to the consolidated financial statements, the Company has restated its consolidated financial statement at December 31, 2018 and 2017 and for the years then ended in order to correct errors relating to a related party note receivable. These restatements follow the conclusion of discussions with the Staff of the U.S. Securities and Exchange Commission regarding Staff comments relating to the Meier Stock Pledge (as defined herein) and Meier Guaranties (as defined herein), the adequacy of the collateral, and the Company's demonstrated intent to enforce the Meier Guaranties. As a result of these discussions, the Company has elected to fully reserve the related party note receivable effective August 2017. Additionally, the Company determined that related party note receivable should have been classified as an impaired loan upon the first modification in 2014. The interest received on this impaired loan should have been recorded as a reduction in the principal balance of the loan and not as income. The Company has properly reclassified the interest on the related party note receivable in this Amendment. The impact of the restatement on the 2016, 2015 and 2014 financial statements was immaterial to each of those periods and was recorded as adjustment to opening accumulated deficit on January 1, 2017. The following sections in the Original Filing (and in this Amendment, in the case of Part IV - Item 15) are revised in this Amendment to reflect the restatement: 1.Part I - Item 1A - Risk Factors. 2.Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business Flag true    
Entity Emerging Growth Company true    
Entity Ex Transition Period true    
Entity Shell Company false    
Entity Public Float     $ 0
Entity Common Stock, Shares Outstanding   25,097,750  
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2018