Note 4 - Property and Equipment

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note

4

- Property and Equipment

Property and equipment consists of the following:

	June 30,			December 31,
	201 7			2016
Trucks and vehicles	$	54,855,287		$	54,353,632
Water transfer equipment		4,906,505			4,520,155
Other equipment		2,913,112			2,898,457
Buildings and improvements		3,896,865			3,896,865
Land		784,636			784,636
Disposal wells		391,003			391,003
Total property and equipment		67,747,408			66,844,748
Accumulated depreciation		(35,476,894	)		(32,226,787	)
Property and equipment – net	$	32,270,514		$	34,617,961

Effective

January 1, 2016,

HWWM acquired various water transfer assets from WET Oil Services, LLC (“WET”) and HII Technologies, Inc. (“HIIT”) for approximately

$4

million. These assets include high and low volume pumps, aluminum pipe, manifolds, lay flat hose, generators, other support equipment including vehicles and trailers. As part of the HIIT acquisition, HWWM also acquired a new water treatment technology utilized in devices sold under the name of HydroFLOW. In accordance with FASB Accounting Standards Codification

805,

Business Combinations, the Company has accounted for the transactions with both HIIT and WET as asset acquisitions.