0001493152-21-011120.txt : 20210512 0001493152-21-011120.hdr.sgml : 20210512 20210512153547 ACCESSION NUMBER: 0001493152-21-011120 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 58 CONFORMED PERIOD OF REPORT: 20210331 FILED AS OF DATE: 20210512 DATE AS OF CHANGE: 20210512 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: 21914897 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 form10-q.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 March 31, 2021

 

[  ] 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)

 

Securities Registered Pursuant to Section 12(b) of the Exchange Act:

 

Title of each class:   Trading Symbol(s)   Name of each exchange on which registered:
Common Stock, $0.001 par value   SDPI   NYSE American

 

Securities Registered Pursuant to Section 12(g) of the Exchange Act: None

 

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 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 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 [  ]

 

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 25,762,342 shares of common stock, $0.001 par value, issued and outstanding as of May 12, 2021.

 

 

 

 
 

 

Superior Drilling Products, Inc.

FORM 10-Q

 

QUARTER ENDED MARCH 31, 2021

 

TABLE OF CONTENTS

 

  Page
   
PART I-FINANCIAL INFORMATION  
   
Item 1. Financial Statements 3
   
Condensed Consolidated Balance Sheet (Unaudited) at March 31, 2021 and December 31, 2020 3
   
Condensed Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2021 and 2020 4
   
Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2021 and 2020 5
   
Notes to Condensed Consolidated Financial Statements (Unaudited) 6
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 13
   
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

 

2
 

 

PART I - FINANCIAL INFORMATION.

 

Item 1. Financial Statements

 

Superior Drilling Products, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

 

  

March 31,

2021

  

December 31,

2020

 
ASSETS          
Current assets          
Cash  $2,262,251   $1,961,441 
Accounts receivable, net   1,601,837    1,345,622 
Prepaid expenses   109,354    90,269 
Inventories   996,083    1,020,008 
Asset held for sale   -    40,000 
Other current assets   42,751    40,620 
Total current assets   5,012,276    4,497,960 
Property, plant and equipment, net   7,211,648    7,535,098 
Intangible assets, net   527,778    819,444 
Right of use assets   65,624    99,831 
Other noncurrent assets   84,115    87,490 
Total assets  $12,901,441   $13,039,823 
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current liabilities          
Accounts payable  $741,727   $430,014 
Accrued expenses   1,468,257    1,091,519 
Income tax payable   122,826    106,446 
Current portion of operating lease liability   54,063    79,313 
Current portion of financial obligation   59,420    61,691 
Current portion of long-term debt, net of discounts   1,651,283    1,397,337 
Total current liabilities   4,097,576    3,166,320 
Operating lease liability   11,561    20,518 
Long-term financial obligation, less current portion   4,161,463    4,178,261 
Long-term debt, less current portion, net of discounts   1,341,487    1,451,049 
Total liabilities   9,612,087    8,816,148 
Commitments and contingencies (Notes 8, 9 and 12)          
Shareholders’ equity          
Common stock - $0.001 par value; 100,000,000 shares authorized; 25,762,342 shares issued and outstanding   25,762    25,762 
Additional paid-in-capital   40,787,092    40,619,620 
Accumulated deficit   (37,523,500)   (36,421,707)
Total shareholders’ equity   3,289,354    4,223,675 
Total liabilities and shareholders’ equity  $12,901,441   $13,039,823 

 

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

 

3
 

 

Superior Drilling Products, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

 

   For the Three Months 
   Ended March 31, 
   2021   2020 
         
Revenue          
Tool revenue  $1,663,763   $3,612,918 
Contract services   760,890    1,744,845 
           
Total Revenue   2,424,653    5,357,763 
           
Operating costs and expenses          
Cost of revenue   1,175,593    2,314,508 
Selling, general and administrative expenses   1,515,590    2,017,899 
Depreciation and amortization expense   690,074    760,764 
           
Total operating costs and expenses   3,381,257    5,093,171 
           
Operating income (loss)   (956,604)   264,592 
           
Other income (expense)          
Interest income   48    4,688 
Interest expense   (138,057)   (177,258)
Impairment on asset held for sale   -    (30,000)
Gain on sale of assets   10,000    142,234 
Total other expense   (128,009)   (60,336)
           
Income (loss) before income taxes   (1,084,613)   204,256 
Income tax expense   (17,180)   (6,210)
           
Net income (loss)  $(1,101,793)  $198,046 
           
Basic income (loss) earnings per common share  $(0.04)  $0.01 
Basic weighted average common shares outstanding   25,762,342    25,418,126 
Diluted income (loss) per common share  $(0.04)  $0.01 
Diluted weighted average common shares outstanding   25,762,342    25,418,126 

 

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

 

4
 

 

Superior Drilling Products, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

   For the Three Months 
   Ended March 31, 
   2021   2020 
Cash Flows From Operating Activities          
Net income (loss)  $(1,101,793)  $198,046 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation and amortization expense   690,074    760,764 
Share based compensation expense   167,472    106,996 
Gain on sale of assets   (10,000)   (142,234)
Impairment on asset held for sale   -    30,000 
Amortization of deferred loan costs   4,631    4,631 
Changes in operating assets and liabilities:          
Accounts receivable   (256,215)   625,419 
Inventories   (41,795)   (303,122)
Prepaid expenses and other noncurrent assets   (17,841)   296,392 
Accounts payable and accrued expenses   688,451    660,731 
Income tax payable   16,380    6,210 
Other long term liabilities   -    (61,421)
Net Cash Provided By Operating Activities   139,363    2,182,412 
Cash Flows From Investing Activities          
Purchases of property, plant and equipment   (9,236)   (37,850)
Proceeds from sale of fixed assets   50,000    117,833 
Net Cash Provided By Investing Activities   40,764    79,983 
Cash Flows From Financing Activities          
Principal payments on debt   (135,403)   (975,440)
Proceeds received from debt borrowings   -    72,520 
Payments on revolving loan   (280,245)   (39,461)
Proceeds received on revolving loan   536,331    812,224 
Debt issuance costs   -    - 
Net Cash Provided By (Used In) Financing Activities   120,683    (130,157)
Net increase in Cash   300,810    2,132,238 
Cash at Beginning of Period   1,961,441    1,217,014 
Cash at End of Period  $2,262,251   $3,349,252 
Supplemental information:          
Cash paid for Interest  $130,363   $182,368 
Inventory converted to property, plant and equipment  $65,720    47,907 
Reduction of debt with sale of asset  $-    211,667 

 

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

 

5
 

 

Superior Drilling Products, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

March 31, 2021

 

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. Our headquarters and manufacturing operations are located in Vernal, Utah. 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.

 

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.

 

Unaudited Interim Financial Presentation

 

These interim consolidated condensed financial statements for the three months ended March 31, 2021 and 2020, 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 months ended March 31, 2021 are not necessarily indicative of the results of operations expected for the year ending December 31, 2021. 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, 2020 and 2019 and the notes thereto, which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, 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.

 

Concentrations of Credit Risk

 

The Company has two significant customers that represented 85% and 84% of our revenue for the three months ended March 31, 2021 and 2020, respectively. These customers had approximately $846,000 and $2,120,000 in accounts receivable at March 31, 2021 and 2020, respectively.

 

The Company had two vendors that represented 22% of our purchases for the quarter ended March 31, 2021. These vendors had approximately $221,000 in accounts payable at March 31, 2021 and purchases in the first quarter of 2021 from these vendors totaled approximately $239,000. The Company had two vendors that represented 26% of our purchases for the three months ended March 31, 2020. The vendors had approximately $454,000 in accounts payable at March 31, 2020 and purchases in the first quarter of 2020 from these vendors totaled approximately $524,000.

 

Impact of COVID-19

 

The COVID-19 pandemic has impacted and may further impact the Company’s operations, and the operations of the Company’s suppliers and vendors, as a result of quarantines, facility closures, and travel and logistics restrictions. The extent to which the COVID-19 pandemic will continue to impact the Company’s business, financial condition and results of operations will depend on future developments, which are highly uncertain and depend on, among other things, the duration, spread, severity, and impact of the COVID-19 pandemic and the success and speed of vaccination efforts both in the United States and globally, the effects of the COVID-19 pandemic on the Company’s customers, suppliers, and vendors and the remedial actions and stimulus measures adopted by local and federal governments, and to what extent normal economic and operating conditions can resume. Therefore, the Company cannot reasonably estimate future impacts of the COVID-19 pandemic at this time.

 

Uncertain Tax Matters

 

The Company believes it has appropriately accrued for the expected outcome of uncertain tax matters and believes such liabilities represent a reasonable provision for taxes ultimately expected to be paid; however, these liabilities may need to be adjusted as new information becomes known and as tax examinations continue to progress, or as settlements or litigations occur.

 

Recent Accounting Pronouncements

 

There are no recently issued accounting pronouncements that we have not yet adopted that we believe will have a material effect on our financial statements.

 

6
 

 

NOTE 2. LIQUIDITY

 

We believe that our cash generated from operations and our borrowing capacity under our current credit facility will be sufficient to fund our operations for the next 12 months. To enhance liquidity, our operational and financial strategies include managing our operating costs, accelerating collections of international receivables, and reducing working capital requirements and restructuring our debt. If we are unable to do this, we may not be able to, among other things, (i) maintain our revised general and administrative spending levels; (ii) fund certain obligations as they become due; and (iii) respond to competitive pressures or unanticipated capital requirements. COVID-19 has also led to a significant disruption in the equity and debt capital markets, which could hinder our ability to raise new capital or obtain financing on acceptable terms. We cannot provide any assurance that financing will be available to us in the future on acceptable terms, if at all.

 

In 2020, the Company filed a Form S-3 Shelf Registration that will allow the Company to offer and sell, from time to time, up to $20,000,000 of securities. We believe maintaining an active Shelf Registration provides additional financial flexibility to access the capital markets. However, there is no assurance that such financings could be consummated on acceptable terms or at all.

 

Also in 2020, the Company received notification from the NYSE American to the Company indicating that, as a result of the Company’s stockholders’ equity of $4.7 million as of September 30, 2020, and reported losses for each of the last five fiscal years, the Company was not in compliance with the stockholders’ equity standards for continued listing on the NYSE American. On January 28, 2021, the Company received notice that the NYSE American had accepted the Company’s plan that was submitted on December 18, 2020, to regain compliance with the continued listing standards of the NYSE American. The Company has been granted a plan period through May 18, 2022 to regain compliance.

 

NYSE American Regulations staff will review the Company periodically for compliance with the initiatives outlined in the plan. If the Company is not in compliance with the continued listing standards by May 18, 2022 or if the Company does not make progress consistent with the plan during the plan period, NYSE Regulation staff may initiate delisting proceedings as appropriate.

 

NOTE 3. REVENUE

 

Our revenue is derived from short-term contracts. Revenue is recognized when we satisfy a performance obligation by transferring control of the promised goods or services to our customers at a point in time, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. We also assess our customer’s ability and intention to pay, which is based on a variety of factors including our customer’s historical payment experience and financial condition. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 days.

 

Revenue generally does not include right of return or other significant post-delivery obligations. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. We elected to treat shipping and handling costs as a fulfillment cost instead of as a separate performance obligation. We recognize the cost for shipping and handling when incurred as an expense in cost of sales.

 

Performance Obligations

 

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer under Topic 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts with customers contain a single performance obligation to provide agreed-upon products or services. For contracts with multiple performance obligations, we allocate revenue to each performance obligation based on its relative standalone selling price. In accordance with Topic 606, we do not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer.

 

7
 

 

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

 

Disaggregation of Revenue

 

Approximately 86% of our revenue is from North America and approximately 14% is from the Middle East for the three months ended March 31, 2021. For the three months ended March 31, 2020, approximately 85% of our revenue was from North America and approximately 15% was from the Middle East.

 

Revenue disaggregated by revenue source are as follows:

 

   Three months ended March 31, 
   2021   2020 
         
Tool Revenue:          
Tool and product sales  $495,000   $990,734 
Tool rental   336,453    777,253 
Other related revenue   832,310    1,844,931 
Total Tool Revenue   1,663,763    3,612,918 
           
Contract Services   760,890    1,744,845 
           
Total Revenue  $2,424,653   $5,357,763 

 

Contract Costs

 

We do not incur any material costs of obtaining contracts.

 

Contract Balances

 

Under our sales contracts, we invoice customers after our performance obligations have been satisfied, at which point payment is unconditional. Accordingly, our contracts do not give rise to contract assets or liabilities under Topic 606.

 

8
 

 

NOTE 4. INVENTORIES

 

Inventories are comprised of the following:

 

   March 31, 2021   December 31, 2020 
Raw material  $734,215   $733,734 
Work in progress   99,261    50,631 
Finished goods   162,607    235,643 
   $996,083   $1,020,008 

 

NOTE 5. PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment are comprised of the following:

 

   March 31, 2021   December 31, 2020 
Land  $880,416   $880,416 
Buildings   4,764,441    4,764,441 
Building improvements   755,039    755,039 
Machinery and equipment   11,373,601    11,298,642 
Office equipment, fixtures and software   628,358    628,358 
Transportation assets   265,760    265,760 
    18,667,615    18,592,656 
Accumulated depreciation   (11,455,967)   (11,057,558)
   $7,211,648   $7,535,098 

 

In 2019, the Company decided to sell the Company airplane and related hangar and reported the assets as assets held for sale on our balance sheet at their carrying value, which is lower than the expected fair value less costs to sell. The Company sold the airplane for a gain of approximately $142,000 in February 2020 and the Company sold the hangar for a gain of $10,000 in March 2021.

 

Depreciation expense related to property, plant and equipment for the three months ended March 31, 2021 and 2020 was $398,408 and $469,098, respectively. The increase in machinery and equipment was mostly the result of the Company’s increased rental tool fleet for the Middle East operations.

 

NOTE 6. INTANGIBLE ASSETS

 

Intangible assets are comprised of the following:

 

   March 31, 2021   December 31, 2020 
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   (14,372,222)   (14,080,556)
   $527,778   $819,444 

 

Amortization expense related to intangible assets was $291,666 for the three months ended March 31, 2021 and 2020.

 

NOTE 7. 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. Tronco is an entity owned by Troy and Annette Meier. Effective August 2017, the Company fully reserved the related party note receivable of $6,979,043, which reduced the related party note receivable balance to $0. The Company continues to hold the 8,267,860 shares of the Company’s common stock as collateral. The Company will record a recovery of the loan if and when consideration or payments of the loan are made in the future. On July 7, 2020, the Company entered into an amended and restated loan agreement and note with Tronco changing the payment terms on the note. As amended, the interest rate on the note is fixed at 2% per annum. Interest only is due December 31, 2021, with a balloon payment of all unpaid interest and principal due upon maturity on December 31, 2022.

 

9
 

 

NOTE 8. LONG-TERM DEBT

 

Long-term debt is comprised of the following:

 

   March 31, 2021   December 31, 2020 
Hard Rock Note  $1,500,000   $1,500,000 
Credit Agreement   1,002,749    825,366 
Machinery loans   440,716    466,448 
Transportation loans   49,305    56,572 
    2,992,770    2,848,386 
Less:          
Current portion   (1,651,283)   (1,397,337)
Long-term debt, net  $1,341,487   $1,451,049 

 

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.

 

The Hard Rock Note has a remaining balance of $1,500,000 as of March 31, 2021, accrues interest at 8.00% per annum and is due in full by October 5, 2022. Under the amended terms of the Hard Rock Note, we are required to make the following payments: accrued interest on January 5, April 5, July 5 and October 5 in 2021 and 2022; plus $750,000 in principal on July 5, 2021 with the remaining balance of principal and accrued interest on the Hard Rock Note due on October 5, 2022. In January and April 2021, the Company made interest payments of $30,247 and $29,589, respectively.

 

Credit Agreement

 

In February 2019, the Company entered into a Loan and Security Agreement (the “Credit Agreement”) with Austin Financial Services, Inc. (“AFS”). The Credit Agreement provides a $4,500,000 credit facility, which includes a $1,000,000 term loan (the “Term Loan”) and a $3,500,000 revolver (the “Revolving Loan”). As of March 31, 2021, we had $583,330 outstanding on the Term Loan and $454,925 outstanding on the Revolving Loan. Amounts outstanding under the Revolving Loan at any time may not exceed the sum of: (a) up to 85% of accounts receivable or such lesser percentage as AFS in its sole discretion may deem appropriate if it determines that there has been a material adverse effect (less a dilution reserve as determined by AFS in its sole good faith discretion), plus (b) the lesser of (i) up to 50% of inventory or such lesser percentage as AFS in its sole discretion may deem appropriate if it determines that there has been a material adverse effect, or (ii) the inventory sublimit, minus (c) the borrowing base reserve as may be determined from time to time by AFS. Amounts outstanding on the Revolving Loan as of March 31, 2021, may not exceed $456,428, which is based on a calculation applying 85% of accounts receivable and 50% of inventory. A collateral management fee is payable monthly on the used portion of the Revolving Loan and Term Loan. Even if our borrowings are less than $1,000,000, we still pay interest as if we had borrowed $1,000,000. At March 31, 2021, we had approximately $10,000 of accrued interest.

 

10
 

 

The Credit Agreement contains various restrictive covenants that, among other things, limit or restrict the ability of the Company to incur additional indebtedness; incur additional liens; make dividends and other restricted payments; make investments; engage in mergers, acquisitions and dispositions; make optional prepayments of other indebtedness; engage in transactions with affiliates; and enter into restrictive agreements. The Credit Agreement does not include any financial covenants. If an event of default occurs, the lenders are entitled to accelerate the advances made thereunder and exercise rights against the collateral. Borrowing under the Revolving Loan is classified as current debt as a result of the required lockbox arrangement and the subjective acceleration clause. At March 31, 2021, we were in compliance with the covenants in the Credit Agreement.

 

The interest rate for the Term Loan and the Revolving Loan is prime plus 2%. At March 31, 2021, the interest rate for the Term Loan was 8.85%, which includes a 3.6% management fee rate. The effective interest rate for the Revolving Loan for the quarter ending March 31, 2021 was 9.56%. The obligations of the Company under the Credit Agreement are secured by a security interest in substantially all of the tangible and intangible assets of the Company, other than any assets owned by the Company that constitute real property (and fixtures affixed to such real property), certain excluded equipment, intellectual property, or aircraft. The Credit Agreement matures on February 20, 2023, subject to early termination pursuant to the terms of the agreement or extension as may be agreed by the parties.

 

NOTE 9. FINANCING OBLIGATION

 

On December 7, 2020, the Company entered into a sale agreement (the “Sale Agreement”). Pursuant to the terms of the Sale Agreement, the Company sold land and property related to the Company’s headquarters and manufacturing facility in Vernal, Utah (the “Property”) for a purchase price of $4,448,500. Concurrent with the sale of the Property, the Company entered into a fifteen-year lease agreement (the “Lease Agreement”), whereby the Company will lease back the Property at an annual rate of $311,395 with payments made monthly, subject to annual rent increases of 1.5%. Under the Lease Agreement, the Company has an option to extend the term of the lease and to repurchase the Property. Due to this repurchase option, the Company was unable to account for the transfer as a sale under ASC Topic 842, Leases, and as such, the transaction is accounted for as a financing transaction.

 

The Company received cash of $1,622,106, retired real estate debt of $2,638,773 and recorded a financing obligation liability of $4,260,879 related to the transaction. There was no gain recorded since sale accounting was precluded. The financing obligation has an implied interest rate of 6.0%. At the conclusion of the fifteen-year lease period, the financing obligation residual will be $2,160,242, which will correspond to the carrying value of the property. The Company paid $25,950 of principal in 2020 that was prorated for the month of December.

 

The financing obligation is summarized below:

 

   March 31, 2021   December 31, 2020 
Finance obligations for sale-leaseback transactions  $4,220,883   $4,239,952 
Current principal portion of finance obligation   (59,420)   (61,691)
Non-current portion of finance obligation  $4,161,463   $4,178,261 

 

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NOTE 10. TOTAL EQUITY

 

A summary of changes in total equity for the three months ended March 31, 2021 and 2020 is presented below:

 

   Common Stock   Additional
Paid-in		   Accumulated   Total
Shareholders’		 
   Shares   Par Value   Capital   Deficit   Equity 
Balance - December 31, 2020   25,762,342   $25,762   $40,619,620   $(36,421,707)  $  4,223,675 
Stock-based compensation expense   -    -    167,472    -    167,472 
Net loss   -    -    -    (1,101,793)   (1,101,793)
Balance - March 31, 2021   25,762,342   $25,762   $40,787,092   $(37,523,500)  $3,289,354 

 

   Common Stock   Additional
Paid-in		   Accumulated   Total
Shareholders		 
   Shares   Par Value   Capital   Deficit   Equity 
Balance - December 31, 2019   25,418,126   $25,418   $40,069,391   $(32,991,833)  $7,102,976 
Stock-based compensation expense   -    -    106,996    -    106,996 
Net income   -    -    -    198,046    198,046 
Balance - March 31, 2020   25,418,126   $25,418   $40,176,387   $(32,793,787)  $7,408,018 

 

NOTE 11. GEOGRAPHICAL OPERATIONS INFORMATION

 

The following summarizes revenue by geographic location:

 

   Three months ended March 31, 2021   Three months ended March 31, 2020 
Revenue:          
North America  $2,092,200   $4,580,510 
Middle East   332,453    777,253 
   $2,424,653   $5,357,763 

 

The following summarizes net property, plant and equipment by geographic location:

 

   March 31, 2021   December 31, 2020 
Property, plant and equipment, net:          
North America  $5,975,625   $6,008,431 
Middle East   1,236,023    1,526,667 
   $7,211,648   $7,535,098 

 

NOTE 12. COMMITMENTS AND CONTINGENCIES

 

We are subject to litigation that arises from time to time in the ordinary course of our business activities. In February 2019, the Company filed a patent infringement lawsuit in the United States District Court for the Western District of Louisiana Lafayette Division asserting Stabil Drill Specialties, LLC (“Stabil Drill”) infringed on our patent that covers the Company’s well bore conditioning tool, the Drill-N-Ream. The lawsuit was subsequently moved from Louisiana to the United States District Court for the Southern District of Texas, Houston Division. Additionally, on May 20, 2019, Extreme Technologies, LLC sued Short Bit & Tool Co. and Lot William Short, Jr. (“Defendants”) in the Northern District of Texas - Dallas Division. Extreme sued for patent infringement based on the same patents discussed in the Stabil Drill litigation. On December 23, 2019, the Court stayed Extreme’s patent infringement claim against Defendants pending resolution of the Southern District of Texas Stabil Drill case. The court ordered the Company to serve discovery requests upon Stabil Drill and gave Stabil Drill deadlines to respond and produce documents and permit product inspection. Stabil Drill filed a motion for summary judgement and the Company responded and cross-moved for patent infringement. The parties are awaiting the judge’s decision. On October 1, 2020, Superior Energy Services, Stabil Drill’s parent company, filed for bankruptcy, which may result in a delay in the resolution of this litigation. Superior Energy Services announced on February 2, 2021 that it successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy. We are not currently involved in any other litigation which management believes could have a material effect on our financial position or results of operations.

 

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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 March 31, 2021, and our results of operations for the three months ended March 31, 2021 and 2020. 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, 2020 and 2019, which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, 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.

 

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 operations, financial results, business plans, cash flow and cash requirements;
     
  ● scheduled, budgeted and other future capital expenditures;
     
  ● working capital requirements;
     
  ● the availability of expected sources of liquidity;
     
  ● the introduction into the market of the Company’s future products;
     
  ● the market for the Company’s existing and future products;
     
  ● the opportunity to diversify the markets served by the Company or products provided within the existing oil and gas industry as a result of receiving the ISO-9001 certification;
     
  ● 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 environmentally related penalties, capital expenditures, remedial actions and proceedings;
     
  ● effects of potential legal proceedings; and
     
  ● changes in customers’ future product and service requirements that may not be cost effective or within the Company’s capabilities.

 

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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, 2020 and the following:

 

  ● the continued impact of COVID-19 on domestic and global economic conditions and the future impact of such conditions on the oil and gas industry and the demand for our services;
     
  ● 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;
     
  ● our reliance on significant customers;
     
  ● consolidation within our customers’ industries;
     
  ● competitive products and pricing pressures;
     
  ● our ability to develop and commercialize new and/or innovative drilling and completion tool technologies;
     
  ● our ability to diversify products/services provided to customers and markets in which we operate;
     
  ● 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;
     
  ● the potential impact of major health crises on our business and results of operations;
     
  ● 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.

 

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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 present or prior earnings levels. 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.

 

Executive Summary

 

We innovate, design, engineer, manufacture, sell, and repair drilling and completion tools in the United States, Canada, and the Middle East.

 

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 expand our global market penetration of our current drill tool technology and 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, as well as other industries that require precision machining and quality. We believe through our patented technologies, as well as technologies under development, that we can offer the oil and gas industry the solutions it demands to improve drilling efficiencies and reduce production costs.

 

Recent Developments and Trends

 

The COVID-19 pandemic adversely impacted our business and operations in 2020 and into 2021. The significant decline in oil demand due to COVID-19 coupled with a global over supply of oil drove down oil prices. This resulted in our customers significantly reducing capital expenditures in 2020. The COVID-19 pandemic has impacted and may further impact our operations, and the operations of our suppliers and vendors, as a result of quarantines, facility closures, and travel and logistics restrictions. The extent to which the COVID-19 pandemic will continue to impact our business, financial condition and results of operations will depend on future developments, which are highly uncertain and depend on, among other things, the duration, spread, severity, and impact of the COVID-19 pandemic and the success and speed of vaccination efforts both in the United States and globally, the effects of the COVID-19 pandemic on our customers, suppliers, and vendors and the remedial actions and stimulus measures adopted by local and federal governments, and to what extent normal economic and operating conditions can resume. Therefore, we cannot reasonably estimate future impacts of the COVID-19 pandemic at this time.

 

As we look at 2021, we are cautiously optimistic that the global economy and oil demand will recover from the impact of the global pandemic. As vaccine rollouts ramp up around the world, we expect rising oil and gas demand combined with continued discipline from the Organization of Petroleum Exporting Countries (OPEC) plus and publicly-traded operators to re-balance inventories. This should be supportive of higher oil prices and solid operating cash flows across the industry.

 

The total U.S. rig count as reported by Baker Hughes as of April 23, 2021 was 438 rigs, a decrease of 290 rigs from the rig count as of March 27, 2020 but an increase of 87 rigs from the rig count as of December 31, 2020. We expect North American onshore activity to continue to improve in 2021 compared with the second half of 2020.

 

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CONSOLIDATED RESULTS OF OPERATIONS

 

Three Months Ended March 31, 2021 Compared with the Three Months Ended March 31, 2020

 

The following table represents summary consolidated operating results for the periods indicated:

 

   Three-Months Ended March 31, 
(in thousands)  2021   2020 
Tool revenue   1,664    69%   3,613    67%
Contract services   761    31%   1,745    33%
Revenue  $2,425    100%  $5,358    100%
Operating costs and expenses   3,381    139%   5,093    95%
Income (loss) from operations   (956)   (39)%   265    5%
Other expense   (128)   (5)%   (60)   (1)%
Income tax expense   (17)   (1)%   (6)   0%
Net income (loss)  $(1,101)   (45)%  $198    4%

 

Material changes of certain items in our statements of operations included in our financial statements for the comparative periods are discussed below. Comparisons are to the prior-year period unless stated otherwise.

 

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Revenue. Our revenue decreased approximately $2,933,000 or 55%. The reduction was driven primarily by the global recession created by the COVID-19 pandemic and its resultant impact on the oil and gas industry. The Company’s U.S. revenue declined 54% due to reduced PDC drill bit and blade repair and reduced DNR tool sales reflecting depressed drilling activity in the U.S. compared with pre-pandemic levels. The contraction in the oil and gas industry impacted contract services revenue which declined approximately $984,000 or 56% to $761,000. Tool revenue was $1,664,0000, down 54%, or $1,949,000, from the prior-year period. International revenue declined $445,000 or 57% from the prior period to $332,000.

 

Operating Costs and Expenses. Total operating costs and expenses decreased approximately $1,712,000 for the March 31, 2021 three-month period.

 

  ● Cost of revenue decreased approximately $1,139,000 due to lower volume and reduced costs resulting from the Company’s reduction in force implemented throughout 2020. As a percentage of revenue, cost of revenue was 49% and 43% of revenue for the three months ended March 31, 2021 and 2020, respectively.
     
  ● Selling, general and administrative expenses decreased approximately $502,000 to $1,516,000 and was 63% of revenue compared with 38% in the prior-year period. The decline in expenses was due to cost reduction measures implemented by us in 2020 in response to the significant reduction in our revenue related to market conditions, driven by COVID-19. Cost reductions included lower headcount and the deferral of new product development.
     
  ● Depreciation and amortization expense decreased approximately $71,000, or 9%, to $690,000.

 

Other Expense. Other expense primarily consists of interest expense, interest income, and gain/loss on disposition of assets. 

 

  ● Interest expense for the three months ended March 31, 2021 and 2020 was approximately $138,000 and $177,000, respectively. The decrease was the result of lower debt balances.
     
  ●

The Company sold its airplane hangar in March 2021 for a gain of $10,000. The Company sold its airplane in February 2020 for a gain of approximately $142,000.

 

Income Tax Expense. The increase in income tax expense from the prior year is due to increase in income in foreign jurisdictions.

 

Liquidity and Capital Resources

 

At March 31, 2021, we had working capital of approximately $915,000. Our principal uses of cash are operating expenses, working capital requirements, capital expenditures and debt service payments. Our operational and financial strategies include managing our operating costs and capital spending to match revenue trends, accelerating collections of international receivables, and managing our working capital and debt to enhance liquidity. We will continue to work to grow revenue and manage costs to minimize negative net cash flow in 2021. 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. We cannot provide any assurance that financing will be available to us in the future on acceptable terms.

 

In addition, the significant decline in demand for oil due to the impacts of COVID-19 on the global economy, the instability of oil prices caused by geopolitical issues and over supply have resulted in the announcements by our customers and end users of our tools and technology of significant reductions to their capital expenditure budgets. Our expectation is that demand for our products and services will continue to be impacted in 2021 and potentially beyond; however, we are currently unable to estimate the full impact to our business, how long this significant drop in demand will last or the depth of the decline. We have minimal planned capital expenditures for 2021 of $1,700,000 and we will further defer investment in new technology development, including our Strider technology.

 

The Hard Rock Note had a remaining balance of $1,500,000 as of March 31, 2021. It accrues interest at 8.00% per annum and is due in full by October 5, 2022. Under the amended terms of the Hard Rock Note, we are required to make the following payments: accrued interest on January 5, April 5, July 5 and October 5 in 2021 and 2022; plus $750,000 in principal on July 5, 2021 with the remaining balance of principal and accrued interest on the Hard Rock Note due on October 5, 2022. In January and April 2021, the Company made interest payments of $30,247 and $29,589, respectively.

 

Our Credit Agreement is comprised of $1,000,000 Term Loan and $3,500,000 Revolving Loan. As of March 31, 2021, we had $583,330 outstanding on the Term Loan and $454,925 outstanding on the Revolving Loan. Amounts outstanding under the Revolving Loan at any time may not exceed the sum of: (a) up to 85% of accounts receivable or such lesser percentage as AFS in its sole discretion may deem appropriate if it determines that there has been a material adverse effect (less a dilution reserve as determined by AFS in its sole good faith discretion), plus (b) the lesser of (i) up to 50% of inventory or such lesser percentage as AFS in its sole discretion may deem appropriate if it determines that there has been a material adverse effect, or (ii) the inventory sublimit, minus (c) the borrowing base reserve as may be determined from time to time by AFS. Amounts outstanding on the Revolving Loan as of March 31, 2021, may not exceed $456,428, which is based on a calculation applying 85% of accounts receivable and 50% of inventory. A collateral management fee is payable monthly on the used portion of the Revolving Loan and Term Loan. If our borrowings are less than $1,000,000, we still pay interest as if we had borrowed $1,000,000. At March 31, 2021, we had approximately $10,000 of accrued interest.

 

The interest rate for the Term Loan and the Revolving Loan is prime plus 2%. At March 31, 2021, the interest rate for the Term Loan was 8.85%, which includes a 3.6% management fee rate. The effective interest rate for the Revolving Loan for the quarter ending March 31, 2021 was 9.56%. The obligations of the Company under the agreement are secured by a security interest in substantially all of the tangible and intangible assets of the Company, other than any assets owned by the Company that constitute real property (and fixtures affixed to such real property), certain excluded equipment, intellectual property, or aircraft. The Credit Agreement matures on February 20, 2023.

 

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Cash Flows

 

Three Months Ended March 31, 2021 Compared with the Three Months Ended March 31, 2020

 

Net cash provided by operating activities was approximately $139,000 and $2,182,000 for the three months ended March 31, 2021 and 2020, respectively. For the three months ended March 31, 2021, the Company had approximately $1,102,000 of net loss, approximately $688,000 increase in accounts payable and accrued expenses, depreciation and amortization expense of approximately $690,000, which were offset by approximately $256,000 decrease in accounts receivable. For the three months ended March 31, 2020, the Company had approximately $198,000 of net income, approximately $625,000 increase in accounts receivable, approximately $660,000 increase in accounts payable and depreciation and amortization expense of approximately $761,000.

 

Net cash provided by investing activities was approximately $41,000 for the three months ended March 31, 2021 as a result of the proceeds from the sale of the Company’s airplane hangar. Net cash provided by investing activities was approximately $80,000 for the three months ended March 31, 2020 and related to the sale of the Company’s airplane, which was offset by property, plant and equipment purchases for tools to support the expansion in the Middle East.

 

Net cash provided by financing activities was approximately $121,000 for the three months ended March 31, 2021. Net cash used in financing activities was approximately $130,000 for the three months ended March 31, 2020.

 

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, revenue, 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 March 31, 2021.

 

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 a “smaller reporting company” as defined in Rule 12b-2 of the Exchange Act.

 

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PART II

 

Item 1. Legal Proceedings

 

We are subject to litigation that arises from time to time in the ordinary course of our business activities. In February 2019, the Company filed a patent infringement lawsuit in the United States District Court for the Western District of Louisiana Lafayette Division asserting Stabil Drill Specialties, LLC (“Stabil Drill”) infringed on our patent that covers the Company’s well bore conditioning tool, the Drill-N-Ream. The lawsuit was subsequently moved from Louisiana to the United States District Court for the Southern District of Texas, Houston Division. Additionally, on May 20, 2019, Extreme Technologies, LLC sued Short Bit & Tool Co. and Lot William Short, Jr. (“Defendants”) in the Northern District of Texas - Dallas Division. Extreme sued for patent infringement based on the same patents discussed in the Stabil Drill litigation. On December 23, 2019, the Court stayed Extreme’s patent infringement claim against Defendants pending resolution of the Southern District of Texas Stabil Drill case. The court ordered the Company to serve discovery requests upon Stabil Drill and gave Stabil Drill deadlines to respond and produce documents and permit product inspection. Stabil Drill filed a motion for summary judgement and the Company responded and cross-moved for patent infringement. The parties are awaiting the judge’s decision. On October 1, 2020, Superior Energy Services, Stabil Drill’s parent company, filed for bankruptcy, which may result in a delay in the resolution of this litigation. Superior Energy Services announced on February 2, 2021 that it successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy. We are not currently involved in any other litigation which management believes could have a material effect on our financial position or results of operations.

 

Item 1A. Risk Factors

 

As of the date of this filing, the Company remains subject to the risk factors previously disclosed in Part I, Item 1A “Risk Factors” in our 2020 Annual Report on Form 10-K. The risk factors below updates or expands upon those risk factors.

 

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

 

At March 31, 2021, we had working capital of approximately $915,000. 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.

 

While we believe that our cash generated from operations and our borrowing capacity under our current credit facility will be sufficient to fund our operations for 2021, our operational and financial strategies include managing our operating costs, working capital and debt to enhance liquidity. We will continue to work to grow revenue and review additional cost containment measures in order to be cash flow positive in 2021. 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. We cannot provide any assurance that financing will be available to us in the future on acceptable terms.

 

On May 6, 2020, certain subsidiaries of the Company amended and restated the outstanding note (the “Hard Rock Note”) with the seller in our acquisition of Hard Rock Solutions, LLC. As amended, the Hard Rock Note accrues interest at 8.00% per annum and matures and is now fully payable on October 5, 2022. Under the amended terms of the Hard Rock Note, we are required to make the following payments: accrued interest on each January 5, April 5, July 5, and October 5 in 2021 and 2022; and $750,000 (plus accrued interest) on July 5, 2021 with the remaining principal balance of $750,000 plus accrued interest on the Hard Rock Note due on October 5, 2022. If we are unable to make the payments required, we could lose our rights to market the Drill-N-Ream.

 

Our Credit Agreement is comprised of $1,000,000 Term Loan and $3,500,000 Revolving Loan. As of March 31, 2021, we had $583,330 outstanding on the Term Loan and $454,925 outstanding on the Revolving Loan. If we are unable to make required payments under the Credit Agreement, we would be in default thereunder, which would permit the holders of the indebtedness to accelerate the maturity thereof, unless we are able to obtain, on a timely basis, a necessary waiver or amendment. Any waiver or amendment may require us to revise the terms of the Credit Agreement which could increase the cost of our borrowings, require the payment of additional fees, and adversely impact the results of our operations. Upon the occurrence of any event of default that is not waived, the lenders could elect to exercise any of their available remedies, which include the right to not lend any additional amounts or, in the event we have outstanding indebtedness under the Credit Agreement, to declare any outstanding indebtedness, together which any accrued interest and other fees, to be immediately due and payable. If we are unable to repay the outstanding indebtedness, if any, under the Credit Agreement when due, the lenders would be permitted to proceed against their collateral, and this could have a material adverse effect on our business and financial condition.

 

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.

 

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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 a payment on the Hard Rock Note of $750,000 (plus accrued interest) in 2021. In addition, we are required to make monthly payments of approximately $46,000 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 84% 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.

 

21
 

 

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.

 

22
 

 

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.
     
May 12, 2021 By: /s/ G. TROY MEIER
    G. Troy Meier, Chief Executive Officer
    (Principal Executive Officer)
     
May 12, 2021 By: /s/ CHRISTOPHER CASHION
    Christopher Cashion, Chief Financial Officer
    (Principal Financial Officer and Principal Accounting Officer)

 

23

 

 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: May 12, 2021  
   
  /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: May 12, 2021  
   
  /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 March 31, 2021 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: May 12, 2021  
   
  /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 March 31, 2021 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: May 12, 2021  
   
  /s/ Christopher Cashion
  Christopher Cashion
  Chief Financial 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.

 

 
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May 12, 2021
Cover [Abstract]    
Entity Registrant Name Superior Drilling Products, Inc.  
Entity Central Index Key 0001600422  
Document Type 10-Q  
Document Period End Date Mar. 31, 2021  
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Current Fiscal Year End Date --12-31  
Entity Reporting Status Current Yes  
Entity Interactive Data Current Yes  
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Mar. 31, 2021
Dec. 31, 2020
Current assets    
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Accounts receivable, net 1,601,837 1,345,622
Prepaid expenses 109,354 90,269
Inventories 996,083 1,020,008
Asset held for sale 40,000
Other current assets 42,751 40,620
Total current assets 5,012,276 4,497,960
Property, plant and equipment, net 7,211,648 7,535,098
Intangible assets, net 527,778 819,444
Right of use assets 65,624 99,831
Other noncurrent assets 84,115 87,490
Total assets 12,901,441 13,039,823
Current liabilities    
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Accrued expenses 1,468,257 1,091,519
Income tax payable 122,826 106,446
Current portion of operating lease liability 54,063 79,313
Current portion of financial obligation 59,420 61,691
Current portion of long-term debt, net of discounts 1,651,283 1,397,337
Total current liabilities 4,097,576 3,166,320
Operating lease liability 11,561 20,518
Long-term financial obligation, less current portion 4,161,463 4,178,261
Long-term debt, less current portion, net of discounts 1,341,487 1,451,049
Total liabilities 9,612,087 8,816,148
Commitments and contingencies (Notes 8, 9 and 12)
Shareholders' equity    
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Additional paid-in-capital 40,787,092 40,619,620
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Total liabilities and shareholders' equity $ 12,901,441 $ 13,039,823
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Dec. 31, 2020
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Mar. 31, 2020
Revenue    
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Selling, general and administrative expenses 1,515,590 2,017,899
Depreciation and amortization expense 690,074 760,764
Total operating costs and expenses 3,381,257 5,093,171
Operating income (loss) (956,604) 264,592
Other income (expense)    
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Interest expense (138,057) (177,258)
Impairment on asset held for sale (30,000)
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Total other expense (128,009) (60,336)
Income (loss) before income taxes (1,084,613) 204,256
Income tax expense (17,180) (6,210)
Net income (loss) $ (1,101,793) $ 198,046
Basic income (loss) earnings per common share $ (0.04) $ 0.01
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Diluted income (loss) per common share $ (0.04) $ 0.01
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Tool Revenue [Member]    
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Contract Services [Member]    
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 3 Months Ended
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Mar. 31, 2020
Cash Flows From Operating Activities    
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Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization expense 690,074 760,764
Share based compensation expense 167,472 106,996
Gain on sale of assets (10,000) (142,234)
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Amortization of deferred loan costs 4,631 4,631
Changes in operating assets and liabilities:    
Accounts receivable (256,215) 625,419
Inventories (41,795) (303,122)
Prepaid expenses and other noncurrent assets (17,841) 296,392
Accounts payable and accrued expenses 688,451 660,731
Income tax payable 16,380 6,210
Other long term liabilities (61,421)
Net Cash Provided By Operating Activities 139,363 2,182,412
Cash Flows From Investing Activities    
Purchases of property, plant and equipment (9,236) (37,850)
Proceeds from sale of fixed assets 50,000 117,833
Net Cash Provided By Investing Activities 40,764 79,983
Cash Flows From Financing Activities    
Principal payments on debt (135,403) (975,440)
Proceeds received from debt borrowings 72,520
Payments on revolving loan (280,245) (39,461)
Proceeds received on revolving loan 536,331 812,224
Debt issuance costs
Net Cash Provided By (Used In) Financing Activities 120,683 (130,157)
Net increase in Cash 300,810 2,132,238
Cash at Beginning of Period 1,961,441 1,217,014
Cash at End of Period 2,262,251 3,349,252
Supplemental information:    
Cash paid for Interest 130,363 182,368
Inventory converted to property, plant and equipment 65,720 47,907
Reduction of debt with sale of asset $ 211,667
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Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

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. Our headquarters and manufacturing operations are located in Vernal, Utah. 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.

 

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.

 

Unaudited Interim Financial Presentation

 

These interim consolidated condensed financial statements for the three months ended March 31, 2021 and 2020, 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 months ended March 31, 2021 are not necessarily indicative of the results of operations expected for the year ending December 31, 2021. 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, 2020 and 2019 and the notes thereto, which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, 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.

 

Concentrations of Credit Risk

 

The Company has two significant customers that represented 85% and 84% of our revenue for the three months ended March 31, 2021 and 2020, respectively. These customers had approximately $846,000 and $2,120,000 in accounts receivable at March 31, 2021 and 2020, respectively.

 

The Company had two vendors that represented 22% of our purchases for the quarter ended March 31, 2021. These vendors had approximately $221,000 in accounts payable at March 31, 2021 and purchases in the first quarter of 2021 from these vendors totaled approximately $239,000. The Company had two vendors that represented 26% of our purchases for the three months ended March 31, 2020. The vendors had approximately $454,000 in accounts payable at March 31, 2020 and purchases in the first quarter of 2020 from these vendors totaled approximately $524,000.

 

Impact of COVID-19

 

The COVID-19 pandemic has impacted and may further impact the Company’s operations, and the operations of the Company’s suppliers and vendors, as a result of quarantines, facility closures, and travel and logistics restrictions. The extent to which the COVID-19 pandemic will continue to impact the Company’s business, financial condition and results of operations will depend on future developments, which are highly uncertain and depend on, among other things, the duration, spread, severity, and impact of the COVID-19 pandemic and the success and speed of vaccination efforts both in the United States and globally, the effects of the COVID-19 pandemic on the Company’s customers, suppliers, and vendors and the remedial actions and stimulus measures adopted by local and federal governments, and to what extent normal economic and operating conditions can resume. Therefore, the Company cannot reasonably estimate future impacts of the COVID-19 pandemic at this time.

 

Uncertain Tax Matters

 

The Company believes it has appropriately accrued for the expected outcome of uncertain tax matters and believes such liabilities represent a reasonable provision for taxes ultimately expected to be paid; however, these liabilities may need to be adjusted as new information becomes known and as tax examinations continue to progress, or as settlements or litigations occur.

 

Recent Accounting Pronouncements

 

There are no recently issued accounting pronouncements that we have not yet adopted that we believe will have a material effect on our financial statements.
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Liquidity
 3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Liquidity

NOTE 2. LIQUIDITY

 

We believe that our cash generated from operations and our borrowing capacity under our current credit facility will be sufficient to fund our operations for the next 12 months. To enhance liquidity, our operational and financial strategies include managing our operating costs, accelerating collections of international receivables, and reducing working capital requirements and restructuring our debt. If we are unable to do this, we may not be able to, among other things, (i) maintain our revised general and administrative spending levels; (ii) fund certain obligations as they become due; and (iii) respond to competitive pressures or unanticipated capital requirements. COVID-19 has also led to a significant disruption in the equity and debt capital markets, which could hinder our ability to raise new capital or obtain financing on acceptable terms. We cannot provide any assurance that financing will be available to us in the future on acceptable terms, if at all.

 

In 2020, the Company filed a Form S-3 Shelf Registration that will allow the Company to offer and sell, from time to time, up to $20,000,000 of securities. We believe maintaining an active Shelf Registration provides additional financial flexibility to access the capital markets. However, there is no assurance that such financings could be consummated on acceptable terms or at all.

 

Also in 2020, the Company received notification from the NYSE American to the Company indicating that, as a result of the Company’s stockholders’ equity of $4.7 million as of September 30, 2020, and reported losses for each of the last five fiscal years, the Company was not in compliance with the stockholders’ equity standards for continued listing on the NYSE American. On January 28, 2021, the Company received notice that the NYSE American had accepted the Company’s plan that was submitted on December 18, 2020, to regain compliance with the continued listing standards of the NYSE American. The Company has been granted a plan period through May 18, 2022 to regain compliance.

 

NYSE American Regulations staff will review the Company periodically for compliance with the initiatives outlined in the plan. If the Company is not in compliance with the continued listing standards by May 18, 2022 or if the Company does not make progress consistent with the plan during the plan period, NYSE Regulation staff may initiate delisting proceedings as appropriate.
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Revenue
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue

NOTE 3. REVENUE

 

Our revenue is derived from short-term contracts. Revenue is recognized when we satisfy a performance obligation by transferring control of the promised goods or services to our customers at a point in time, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. We also assess our customer’s ability and intention to pay, which is based on a variety of factors including our customer’s historical payment experience and financial condition. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 days.

 

Revenue generally does not include right of return or other significant post-delivery obligations. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. We elected to treat shipping and handling costs as a fulfillment cost instead of as a separate performance obligation. We recognize the cost for shipping and handling when incurred as an expense in cost of sales.

 

Performance Obligations

 

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer under Topic 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts with customers contain a single performance obligation to provide agreed-upon products or services. For contracts with multiple performance obligations, we allocate revenue to each performance obligation based on its relative standalone selling price. In accordance with Topic 606, we do not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer.

 

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

 

Disaggregation of Revenue

 

Approximately 86% of our revenue is from North America and approximately 14% is from the Middle East for the three months ended March 31, 2021. For the three months ended March 31, 2020, approximately 85% of our revenue was from North America and approximately 15% was from the Middle East.

 

Revenue disaggregated by revenue source are as follows:

 

    Three months ended March 31,  
    2021     2020  
             
Tool Revenue:                
Tool and product sales   $ 495,000     $ 990,734  
Tool rental     336,453       777,253  
Other related revenue     832,310       1,844,931  
Total Tool Revenue     1,663,763       3,612,918  
                 
Contract Services     760,890       1,744,845  
                 
Total Revenue   $ 2,424,653     $ 5,357,763  

 

Contract Costs

 

We do not incur any material costs of obtaining contracts.

 

Contract Balances

 

Under our sales contracts, we invoice customers after our performance obligations have been satisfied, at which point payment is unconditional. Accordingly, our contracts do not give rise to contract assets or liabilities under Topic 606.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.21.1
Inventories
 3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]  
Inventories

NOTE 4. INVENTORIES

 

Inventories are comprised of the following:

 

    March 31, 2021     December 31, 2020  
Raw material   $ 734,215     $ 733,734  
Work in progress     99,261       50,631  
Finished goods     162,607       235,643  
    $ 996,083     $ 1,020,008
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.21.1
Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

NOTE 5. PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment are comprised of the following:

 

    March 31, 2021     December 31, 2020  
Land   $ 880,416     $ 880,416  
Buildings     4,764,441       4,764,441  
Building improvements     755,039       755,039  
Machinery and equipment     11,373,601       11,298,642  
Office equipment, fixtures and software     628,358       628,358  
Transportation assets     265,760       265,760  
      18,667,615       18,592,656  
Accumulated depreciation     (11,455,967 )     (11,057,558 )
    $ 7,211,648     $ 7,535,098  

 

In 2019, the Company decided to sell the Company airplane and related hangar and reported the assets as assets held for sale on our balance sheet at their carrying value, which is lower than the expected fair value less costs to sell. The Company sold the airplane for a gain of approximately $142,000 in February 2020 and the Company sold the hangar for a gain of $10,000 in March 2021.

 

Depreciation expense related to property, plant and equipment for the three months ended March 31, 2021 and 2020 was $398,408 and $469,098, respectively. The increase in machinery and equipment was mostly the result of the Company’s increased rental tool fleet for the Middle East operations.
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Intangible Assets
 3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 6. INTANGIBLE ASSETS

 

Intangible assets are comprised of the following:

 

    March 31, 2021     December 31, 2020  
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     (14,372,222 )     (14,080,556 )
    $ 527,778     $ 819,444  

 

Amortization expense related to intangible assets was $291,666 for the three months ended March 31, 2021 and 2020.
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Related Party Note Receivable
 3 Months Ended
Mar. 31, 2021
Receivables [Abstract]  
Related Party Note Receivable

NOTE 7. 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. Tronco is an entity owned by Troy and Annette Meier. Effective August 2017, the Company fully reserved the related party note receivable of $6,979,043, which reduced the related party note receivable balance to $0. The Company continues to hold the 8,267,860 shares of the Company’s common stock as collateral. The Company will record a recovery of the loan if and when consideration or payments of the loan are made in the future. On July 7, 2020, the Company entered into an amended and restated loan agreement and note with Tronco changing the payment terms on the note. As amended, the interest rate on the note is fixed at 2% per annum. Interest only is due December 31, 2021, with a balloon payment of all unpaid interest and principal due upon maturity on December 31, 2022.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.21.1
Long-Term Debt
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Long-Term Debt

NOTE 8. LONG-TERM DEBT

 

Long-term debt is comprised of the following:

 

    March 31, 2021     December 31, 2020  
Hard Rock Note   $ 1,500,000     $ 1,500,000  
Credit Agreement     1,002,749       825,366  
Machinery loans     440,716       466,448  
Transportation loans     49,305       56,572  
      2,992,770       2,848,386  
Less:                
Current portion     (1,651,283 )     (1,397,337 )
Long-term debt, net   $ 1,341,487     $ 1,451,049  

 

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.

 

The Hard Rock Note has a remaining balance of $1,500,000 as of March 31, 2021, accrues interest at 8.00% per annum and is due in full by October 5, 2022. Under the amended terms of the Hard Rock Note, we are required to make the following payments: accrued interest on January 5, April 5, July 5 and October 5 in 2021 and 2022; plus $750,000 in principal on July 5, 2021 with the remaining balance of principal and accrued interest on the Hard Rock Note due on October 5, 2022. In January and April 2021, the Company made interest payments of $30,247 and $29,589, respectively.

 

Credit Agreement

 

In February 2019, the Company entered into a Loan and Security Agreement (the “Credit Agreement”) with Austin Financial Services, Inc. (“AFS”). The Credit Agreement provides a $4,500,000 credit facility, which includes a $1,000,000 term loan (the “Term Loan”) and a $3,500,000 revolver (the “Revolving Loan”). As of March 31, 2021, we had $583,330 outstanding on the Term Loan and $454,925 outstanding on the Revolving Loan. Amounts outstanding under the Revolving Loan at any time may not exceed the sum of: (a) up to 85% of accounts receivable or such lesser percentage as AFS in its sole discretion may deem appropriate if it determines that there has been a material adverse effect (less a dilution reserve as determined by AFS in its sole good faith discretion), plus (b) the lesser of (i) up to 50% of inventory or such lesser percentage as AFS in its sole discretion may deem appropriate if it determines that there has been a material adverse effect, or (ii) the inventory sublimit, minus (c) the borrowing base reserve as may be determined from time to time by AFS. Amounts outstanding on the Revolving Loan as of March 31, 2021, may not exceed $456,428, which is based on a calculation applying 85% of accounts receivable and 50% of inventory. A collateral management fee is payable monthly on the used portion of the Revolving Loan and Term Loan. Even if our borrowings are less than $1,000,000, we still pay interest as if we had borrowed $1,000,000. At March 31, 2021, we had approximately $10,000 of accrued interest.

 

The Credit Agreement contains various restrictive covenants that, among other things, limit or restrict the ability of the Company to incur additional indebtedness; incur additional liens; make dividends and other restricted payments; make investments; engage in mergers, acquisitions and dispositions; make optional prepayments of other indebtedness; engage in transactions with affiliates; and enter into restrictive agreements. The Credit Agreement does not include any financial covenants. If an event of default occurs, the lenders are entitled to accelerate the advances made thereunder and exercise rights against the collateral. Borrowing under the Revolving Loan is classified as current debt as a result of the required lockbox arrangement and the subjective acceleration clause. At March 31, 2021, we were in compliance with the covenants in the Credit Agreement.

 

The interest rate for the Term Loan and the Revolving Loan is prime plus 2%. At March 31, 2021, the interest rate for the Term Loan was 8.85%, which includes a 3.6% management fee rate. The effective interest rate for the Revolving Loan for the quarter ending March 31, 2021 was 9.56%. The obligations of the Company under the Credit Agreement are secured by a security interest in substantially all of the tangible and intangible assets of the Company, other than any assets owned by the Company that constitute real property (and fixtures affixed to such real property), certain excluded equipment, intellectual property, or aircraft. The Credit Agreement matures on February 20, 2023, subject to early termination pursuant to the terms of the agreement or extension as may be agreed by the parties.
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Financing Obligation
 3 Months Ended
Mar. 31, 2021
Financing Obligation  
Financing Obligation

NOTE 9. FINANCING OBLIGATION

 

On December 7, 2020, the Company entered into a sale agreement (the “Sale Agreement”). Pursuant to the terms of the Sale Agreement, the Company sold land and property related to the Company’s headquarters and manufacturing facility in Vernal, Utah (the “Property”) for a purchase price of $4,448,500. Concurrent with the sale of the Property, the Company entered into a fifteen-year lease agreement (the “Lease Agreement”), whereby the Company will lease back the Property at an annual rate of $311,395 with payments made monthly, subject to annual rent increases of 1.5%. Under the Lease Agreement, the Company has an option to extend the term of the lease and to repurchase the Property. Due to this repurchase option, the Company was unable to account for the transfer as a sale under ASC Topic 842, Leases, and as such, the transaction is accounted for as a financing transaction.

 

The Company received cash of $1,622,106, retired real estate debt of $2,638,773 and recorded a financing obligation liability of $4,260,879 related to the transaction. There was no gain recorded since sale accounting was precluded. The financing obligation has an implied interest rate of 6.0%. At the conclusion of the fifteen-year lease period, the financing obligation residual will be $2,160,242, which will correspond to the carrying value of the property. The Company paid $25,950 of principal in 2020 that was prorated for the month of December.

 

The financing obligation is summarized below:

 

    March 31, 2021     December 31, 2020  
Finance obligations for sale-leaseback transactions   $ 4,220,883     $ 4,239,952  
Current principal portion of finance obligation     (59,420 )     (61,691 )
Non-current portion of finance obligation   $ 4,161,463     $ 4,178,261  
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Total Equity
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Total Equity

NOTE 10. TOTAL EQUITY

 

A summary of changes in total equity for the three months ended March 31, 2021 and 2020 is presented below:

 

    Common Stock     Additional
Paid-in		     Accumulated     Total
Shareholders’		  
    Shares     Par Value     Capital     Deficit     Equity  
Balance - December 31, 2020     25,762,342     $ 25,762     $ 40,619,620     $ (36,421,707 )   $   4,223,675  
Stock-based compensation expense     -       -       167,472       -       167,472  
Net loss     -       -       -       (1,101,793 )     (1,101,793 )
Balance - March 31, 2021     25,762,342     $ 25,762     $ 40,787,092     $ (37,523,500 )   $ 3,289,354  

 

    Common Stock     Additional
Paid-in		     Accumulated     Total
Shareholders		  
    Shares     Par Value     Capital     Deficit     Equity  
Balance - December 31, 2019     25,418,126     $ 25,418     $ 40,069,391     $ (32,991,833 )   $ 7,102,976  
Stock-based compensation expense     -       -       106,996       -       106,996  
Net income     -       -       -       198,046       198,046  
Balance - March 31, 2020     25,418,126     $ 25,418     $ 40,176,387     $ (32,793,787 )   $ 7,408,018  
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.21.1
Geographical Operations Information
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Geographical Operations Information

NOTE 11. GEOGRAPHICAL OPERATIONS INFORMATION

 

The following summarizes revenue by geographic location:

 

    Three months ended March 31, 2021     Three months ended March 31, 2020  
Revenue:                
North America   $ 2,092,200     $ 4,580,510  
Middle East     332,453       777,253  
    $ 2,424,653     $ 5,357,763  

 

The following summarizes net property, plant and equipment by geographic location:

 

    March 31, 2021     December 31, 2020  
Property, plant and equipment, net:                
North America   $ 5,975,625     $ 6,008,431  
Middle East     1,236,023       1,526,667  
    $ 7,211,648     $ 7,535,098  
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.21.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 12. COMMITMENTS AND CONTINGENCIES

 

We are subject to litigation that arises from time to time in the ordinary course of our business activities. In February 2019, the Company filed a patent infringement lawsuit in the United States District Court for the Western District of Louisiana Lafayette Division asserting Stabil Drill Specialties, LLC (“Stabil Drill”) infringed on our patent that covers the Company’s well bore conditioning tool, the Drill-N-Ream. The lawsuit was subsequently moved from Louisiana to the United States District Court for the Southern District of Texas, Houston Division. Additionally, on May 20, 2019, Extreme Technologies, LLC sued Short Bit & Tool Co. and Lot William Short, Jr. (“Defendants”) in the Northern District of Texas - Dallas Division. Extreme sued for patent infringement based on the same patents discussed in the Stabil Drill litigation. On December 23, 2019, the Court stayed Extreme’s patent infringement claim against Defendants pending resolution of the Southern District of Texas Stabil Drill case. The court ordered the Company to serve discovery requests upon Stabil Drill and gave Stabil Drill deadlines to respond and produce documents and permit product inspection. Stabil Drill filed a motion for summary judgement and the Company responded and cross-moved for patent infringement. The parties are awaiting the judge’s decision. On October 1, 2020, Superior Energy Services, Stabil Drill’s parent company, filed for bankruptcy, which may result in a delay in the resolution of this litigation. Superior Energy Services announced on February 2, 2021 that it successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy. We are not currently involved in any other litigation which management believes could have a material effect on our financial position or results of operations.
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Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2021
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. Our headquarters and manufacturing operations are located in Vernal, Utah. 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.

 

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.
Unaudited Interim Financial Presentation

Unaudited Interim Financial Presentation

 

These interim consolidated condensed financial statements for the three months ended March 31, 2021 and 2020, 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 months ended March 31, 2021 are not necessarily indicative of the results of operations expected for the year ending December 31, 2021. 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, 2020 and 2019 and the notes thereto, which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, 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.
Concentrations of Credit Risk

Concentrations of Credit Risk

 

The Company has two significant customers that represented 85% and 84% of our revenue for the three months ended March 31, 2021 and 2020, respectively. These customers had approximately $846,000 and $2,120,000 in accounts receivable at March 31, 2021 and 2020, respectively.

 

The Company had two vendors that represented 22% of our purchases for the quarter ended March 31, 2021. These vendors had approximately $221,000 in accounts payable at March 31, 2021 and purchases in the first quarter of 2021 from these vendors totaled approximately $239,000. The Company had two vendors that represented 26% of our purchases for the three months ended March 31, 2020. The vendors had approximately $454,000 in accounts payable at March 31, 2020 and purchases in the first quarter of 2020 from these vendors totaled approximately $524,000.
Impact of COVID-19

Impact of COVID-19

 

The COVID-19 pandemic has impacted and may further impact the Company’s operations, and the operations of the Company’s suppliers and vendors, as a result of quarantines, facility closures, and travel and logistics restrictions. The extent to which the COVID-19 pandemic will continue to impact the Company’s business, financial condition and results of operations will depend on future developments, which are highly uncertain and depend on, among other things, the duration, spread, severity, and impact of the COVID-19 pandemic and the success and speed of vaccination efforts both in the United States and globally, the effects of the COVID-19 pandemic on the Company’s customers, suppliers, and vendors and the remedial actions and stimulus measures adopted by local and federal governments, and to what extent normal economic and operating conditions can resume. Therefore, the Company cannot reasonably estimate future impacts of the COVID-19 pandemic at this time.
Uncertain Tax Matters

Uncertain Tax Matters

 

The Company believes it has appropriately accrued for the expected outcome of uncertain tax matters and believes such liabilities represent a reasonable provision for taxes ultimately expected to be paid; however, these liabilities may need to be adjusted as new information becomes known and as tax examinations continue to progress, or as settlements or litigations occur.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

There are no recently issued accounting pronouncements that we have not yet adopted that we believe will have a material effect on our financial statements.
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.21.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Disaggregated by Revenue

Revenue disaggregated by revenue source are as follows:

 

    Three months ended March 31,  
    2021     2020  
             
Tool Revenue:                
Tool and product sales   $ 495,000     $ 990,734  
Tool rental     336,453       777,253  
Other related revenue     832,310       1,844,931  
Total Tool Revenue     1,663,763       3,612,918  
                 
Contract Services     760,890       1,744,845  
                 
Total Revenue   $ 2,424,653     $ 5,357,763
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.21.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]  
Schedule of Inventories

Inventories are comprised of the following:

 

    March 31, 2021     December 31, 2020  
Raw material   $ 734,215     $ 733,734  
Work in progress     99,261       50,631  
Finished goods     162,607       235,643  
    $ 996,083     $ 1,020,008
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.21.1
Property, Plant and Equipment (Tables)
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment

Property, plant and equipment are comprised of the following:

 

    March 31, 2021     December 31, 2020  
Land   $ 880,416     $ 880,416  
Buildings     4,764,441       4,764,441  
Building improvements     755,039       755,039  
Machinery and equipment     11,373,601       11,298,642  
Office equipment, fixtures and software     628,358       628,358  
Transportation assets     265,760       265,760  
      18,667,615       18,592,656  
Accumulated depreciation     (11,455,967 )     (11,057,558 )
    $ 7,211,648     $ 7,535,098  
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.21.1
Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

Intangible assets are comprised of the following:

 

    March 31, 2021     December 31, 2020  
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     (14,372,222 )     (14,080,556 )
    $ 527,778     $ 819,444  
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.21.1
Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments

Long-term debt is comprised of the following:

 

    March 31, 2021     December 31, 2020  
Hard Rock Note   $ 1,500,00     $ 1,500,000  
Credit Agreement     1,002,749       825,366  
Machinery loans     440,716       466,448  
Transportation loans     49,305       56,572  
      2,992,770       2,848,386  
Less:                
Current portion     (1,651,283 )     (1,397,337 )
Long-term debt, net   $ 1,341,487     $ 1,451,049  
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.21.1
Financing Obligation (Tables)
 3 Months Ended
Mar. 31, 2021
Financing Obligation  
Schedule of Financing Obligation

The financing obligation is summarized below:

 

    March 31, 2021     December 31, 2020  
Finance obligations for sale-leaseback transactions   $ 4,220,883     $ 4,239,952  
Current principal portion of finance obligation     (59,420 )     (61,691 )
Non-current portion of finance obligation   $ 4,161,463     $ 4,178,261  
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.21.1
Total Equity (Tables)
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Summary of Changes in Total Equity

A summary of changes in total equity for the three months ended March 31, 2021 and 2020 is presented below:

 

    Common Stock     Additional
Paid-in		     Accumulated     Total
Shareholders’		  
    Shares     Par Value     Capital     Deficit     Equity  
Balance - December 31, 2020     25,762,342     $ 25,762     $ 40,619,620     $ (36,421,707 )   $   4,223,675  
Stock-based compensation expense     -       -       167,472       -       167,472  
Net loss     -       -       -       (1,101,793 )     (1,101,793 )
Balance - March 31, 2021     25,762,342     $ 25,762     $ 40,787,092     $ (37,523,500 )   $ 3,289,354  

 

    Common Stock     Additional
Paid-in		     Accumulated     Total
Shareholders		  
    Shares     Par Value     Capital     Deficit     Equity  
Balance - December 31, 2019     25,418,126     $ 25,418     $ 40,069,391     $ (32,991,833 )   $ 7,102,976  
Stock-based compensation expense     -       -       106,996       -       106,996  
Net income     -       -       -       198,046       198,046  
Balance - March 31, 2020     25,418,126     $ 25,418     $ 40,176,387     $ (32,793,787 )   $ 7,408,018  
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.21.1
Geographical Operations Information (Tables)
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Schedule of Revenue and Property, Plant and Equipment by Geographic Location

The following summarizes revenue by geographic location:

 

    Three months ended March 31, 2021     Three months ended March 31, 2020  
Revenue:                
North America   $ 2,092,200     $ 4,580,510  
Middle East     332,453       777,253  
    $ 2,424,653     $ 5,357,763  

 

The following summarizes net property, plant and equipment by geographic location:

 

    March 31, 2021     December 31, 2020  
Property, plant and equipment, net:                
North America   $ 5,975,625     $ 6,008,431  
Middle East     1,236,023       1,526,667  
    $ 7,211,648     $ 7,535,098  
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Accounts receivable $ 846,000 $ 2,120,000  
Accounts payable 741,727   $ 430,014
Two Vendors [Member]      
Accounts payable   454,000  
Purchases from vendor   $ 524,000  
One Vendor [Member]      
Accounts payable 221,000    
Purchases from vendor $ 239,000    
Customer Concentration Risk [Member] | Revenue [Member] | Two Customers [Member]      
Concentration risk percentage 85.00% 84.00%  
Supplier Concentration Risk [Member] | Purchases [Member] | Two Vendor [Member]      
Concentration risk percentage 22.00%    
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.21.1
Liquidity (Details Narrative) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Subsequent Event [Line Items]      
Shareholders' equity $ 3,289,354 $ 4,223,675 $ 4,700,000
Maximum [Member]      
Subsequent Event [Line Items]      
Sale of securities   $ 20,000,000  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.21.1
Revenue (Details Narrative)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Disaggregation of Revenue [Line Items]    
Description of payment terms All of our contracts are less than one year in duration. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.  
Revenue [Member] | North America [Member]    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage of revenue 86.00% 85.00%
Revenue [Member] | Middle East [Member]    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage of revenue 14.00% 15.00%
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.21.1
Revenue - Schedule of Revenue Disaggregated by Revenue (Details) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Disaggregation of Revenue [Line Items]    
Total Revenue $ 2,424,653 $ 5,357,763
Tools and Product Sales [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 495,000 990,734
Tool Rental [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 336,453 777,253
Other Related Revenue [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 832,310 1,844,931
Tool Revenue [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 1,663,763 3,612,918
Contract Services [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue $ 760,890 $ 1,744,845
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.21.1
Inventories - Schedule of Inventories (Details) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Inventory Disclosure [Abstract]    
Raw material $ 734,215 $ 733,734
Work in progress 99,261 50,631
Finished goods 162,607 235,643
Inventories, net $ 996,083 $ 1,020,008
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.21.1
Property, Plant and Equipment (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended
Mar. 31, 2021
Feb. 29, 2020
Mar. 31, 2021
Mar. 31, 2020
Property, Plant and Equipment [Abstract]        
Gain on sale of airplane property $ 10,000 $ 142,000    
Depreciation expense related to property, plant and equipment     $ 398,408 $ 469,098
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.21.1
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Abstract]    
Land $ 880,416 $ 880,416
Buildings 4,764,441 4,764,441
Building improvements 755,039 755,039
Machinery and equipment 11,373,601 11,298,642
Office equipment, fixtures and software 628,358 628,358
Transportation assets 265,760 265,760
Property, plant and equipment, gross 18,667,615 18,592,656
Accumulated depreciation (11,455,967) (11,057,558)
Property, plant and equipment, net $ 7,211,648 $ 7,535,098
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.21.1
Intangible Assets (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization of intangible assets $ 291,666 $ 291,666
Impairment of intangible assets
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.21.1
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
Mar. 31, 2021
Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross $ 14,900,000 $ 14,900,000
Accumulated amortization (14,372,222) (14,080,556)
Intangible assets, net 527,778 819,444
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 47 R36.htm IDEA: XBRL DOCUMENT v3.21.1
Related Party Note Receivable (Details Narrative) - Tronco Energy Corporation [Member] - USD ($)
 3 Months Ended
Aug. 31, 2017
Mar. 31, 2021
Jul. 07, 2020
Related party note receivable $ 6,979,043    
Debt instrument decrease $ 0    
Common stock hold as collateral 8,267,860    
Debt maturity description   Interest only is due December 31, 2021, with a balloon payment of all unpaid interest and principal due upon maturity on December 31, 2022.  
Debt interest rate     2.00%
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.21.1
Long-Term Debt (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended
Dec. 31, 2014
Mar. 31, 2021
Dec. 31, 2020
Feb. 28, 2019
Loan and Security Agreement [Member] | Term Loan and Revolving Loan [Member]        
Debt Instrument [Line Items]        
Line of credit interest rate   8.85%    
Management fee rate, percentage   3.60%    
Debt instrument interest rate effective percentage   9.56%    
Debt instrument maturity date   Feb. 20, 2023    
Loan and Security Agreement [Member] | Term Loan and Revolving Loan [Member] | Prime Rate [Member]        
Debt Instrument [Line Items]        
Line of credit interest rate   2.00%    
Loan and Security Agreement [Member] | Austin Financial Services, Inc. [Member]        
Debt Instrument [Line Items]        
Long term line of credit       $ 4,500,000
Loan and Security Agreement [Member] | Austin Financial Services, Inc. [Member] | Term Loan [Member]        
Debt Instrument [Line Items]        
Long term line of credit       1,000,000
Loan outstanding amount   $ 583,330    
Loan and Security Agreement [Member] | Austin Financial Services, Inc. [Member] | Revolving Loan [Member]        
Debt Instrument [Line Items]        
Long term line of credit       $ 3,500,000
Loan outstanding amount   $ 454,925    
Line of credit facility description   Amounts outstanding under the Revolving Loan at any time may not exceed the sum of: (a) up to 85% of accounts receivable or such lesser percentage as AFS in its sole discretion may deem appropriate if it determines that there has been a material adverse effect (less a dilution reserve as determined by AFS in its sole good faith discretion), plus (b) the lesser of (i) up to 50% of inventory or such lesser percentage as AFS in its sole discretion may deem appropriate if it determines that there has been a material adverse effect, or (ii) the inventory sublimit, minus (c) the borrowing base reserve as may be determined from time to time by AFS.    
Current borrowing   $ 1,000,000 $ 1,000,000  
Loan and Security Agreement [Member] | Austin Financial Services, Inc. [Member] | Revolving Loan One [Member]        
Debt Instrument [Line Items]        
Loan outstanding amount   $ 456,428    
Line of credit facility description   Amounts outstanding on the Revolving Loan as of March 31, 2021, may not exceed $456,428, which is based on a calculation applying 85% of accounts receivable and 50% of inventory.    
Credit Agreement [Member] | Revolving Loan [Member]        
Debt Instrument [Line Items]        
Accrued interest   $ 10,000    
Hard Rock Note [Member]        
Debt Instrument [Line Items]        
Business combination, consideration transferred, liabilities incurred $ 12,500,000      
Payments to acquire businesses, gross $ 12,500,000      
Notes payable   $ 1,500,000    
Hard Rock Note [Member] | July 5, 2021 [Member]        
Debt Instrument [Line Items]        
Principle payment term   The Hard Rock Note has a remaining balance of $1,500,000 as of March 31, 2021, accrues interest at 8.00% per annum and is due in full by October 5, 2022. Under the amended terms of the Hard Rock Note, we are required to make the following payments: accrued interest on January 5, April 5, July 5 and October 5 in 2021 and 2022; plus $750,000 in principal on July 5, 2021 with the remaining balance of principal and accrued interest on the Hard Rock Note due on October 5, 2022. In January and April 2021, the Company made interest payments of $30,247 and $29,589, respectively.    
Principle payment   $ 750,000    
Hard Rock Note [Member] | January 2021 [Member]        
Debt Instrument [Line Items]        
Interest payment   30,247    
Hard Rock Note [Member] | April 2021 [Member]        
Debt Instrument [Line Items]        
Interest payment   $ 29,589    
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.21.1
Long-Term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Long term debt, Total $ 2,992,770 $ 2,848,386
Current portion of long-term debt (1,651,283) (1,397,337)
Long-term debt, net 1,341,487 1,451,049
Hard Rock Note [Member]    
Debt Instrument [Line Items]    
Long term debt, Total 150,000 1,500,000
Credit Agreement [Member]    
Debt Instrument [Line Items]    
Long term debt, Total 1,002,749 825,366
Machinery Loans [Member]    
Debt Instrument [Line Items]    
Long term debt, Total 440,716 466,448
Transportation Loans [Member]    
Debt Instrument [Line Items]    
Long term debt, Total $ 49,305 $ 56,572
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.21.1
Financing Obligation (Details Narrative) - USD ($)
 3 Months Ended
Dec. 07, 2020
Mar. 31, 2021
Mar. 31, 2020
Purchase price   $ 9,236 $ 37,850
Net proceeds received   50,000 117,833
Sale Agreement [Member]      
Purchase price   1,622,106  
Real estate debt retired   $ 2,638,773  
Sale Agreement [Member] | Vernal, Utaht [Member]      
Purchase price $ 4,448,500    
Lease Agreement [Member]      
Lease term 15 years    
Lease back property, annual rate $ 311,395    
Annual rent increases 1.50%    
Option to extend true    
Net proceeds received $ 4,260,879    
Implied interest rate 6.00%    
Financing obligation residual amount $ 2,160,242    
Principal payments     $ 25,950
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.21.1
Financing Obligation - Schedule of Financing Obligation (Details) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Financing Obligation    
Finance obligations for sale-leaseback transactions $ 4,220,883 $ 4,239,952
Current principal portion of finance obligation (59,420) (61,691)
Non-current portion of finance obligation $ 4,161,463 $ 4,178,261
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.21.1
Total Equity - Summary of Changes in Total Equity (Details) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Common Stock [Member]    
Beginning balance $ 25,762 $ 25,418
Beginning balance, shares 25,762,342 25,418,126
Stock-based compensation expense
Net income (loss)
Ending balance $ 25,762 $ 25,418
Ending balance, shares 25,762,342 25,418,126
Additional Paid-in Capital [Member]    
Beginning balance $ 40,619,620 $ 40,069,391
Stock-based compensation expense 167,472 106,996
Net income (loss)
Ending balance 40,787,092 40,176,387
Accumulated Deficit [Member]    
Beginning balance (36,421,707) (32,991,833)
Stock-based compensation expense
Net income (loss) (1,101,793) 198,046
Ending balance (37,523,500) (32,793,787)
Total Shareholders Equity [Member]    
Beginning balance 4,223,675 7,102,976
Stock-based compensation expense 167,472 106,996
Net income (loss) (1,101,793) 198,046
Ending balance $ 3,289,354 $ 7,408,018
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.21.1
Geographical Operations Information - Schedule of Revenue and Property, Plant and Equipment by Geographic Location (Details) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Revenue $ 2,424,653 $ 5,357,763  
Property, plant and equipment, net 7,211,648   $ 7,535,098
North America [Member]      
Revenue 2,092,200 4,580,510  
Property, plant and equipment, net 5,975,625   6,008,431
Middle East [Member]      
Revenue 332,453 $ 777,253  
Property, plant and equipment, net $ 1,236,023   $ 1,526,667
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