ENSV · As filed with the SEC
Enservco cash flow statement, by fiscal year
The statement as Enservco presents it in its 10-Q and 10-K: its own lines, labels and order. Tables over time lines up standardized figures across every filing.
Consolidated Statements of Cash Flows · USD thousands
| USD thousands | FY2023 Year ended Dec 31, 2023 | FY2022 Year ended Dec 31, 2022 | FY2021 Year ended Dec 31, 2021 | FY2020 Year ended Dec 31, 2020 |
|---|---|---|---|---|
| Operating Activities: | ||||
| Net income (loss) | (8,517) | (5,575) | (8,052) | (2,509) |
| Net loss from discontinued operations | — | 0 | (8) | (107) |
| Net loss from continuing operations | — | (5,575) | (8,044) | (2,402) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||
| Depreciation and amortization | 3,654 | 4,347 | 5,215 | 5,282 |
| (Gain) loss on disposal of property and equipment | (16) | 300 | (124) | 47 |
| Impairment losses | 796 | 0 | 128 | 733 |
| Board compensation issued in equity | 82 | 60 | 311 | — |
| Write-off of inventories | 54 | 52 | — | — |
| Gain on debt extinguishment | 0 | (4,277) | (1,964) | — |
| Gain on early termination of finance leases | — | — | 0 | (3) |
| Paycheck Protection Program CARES Act | — | 0 | — | — |
| Interest paid-in-kind on line of credit | 0 | 119 | 0 | 326 |
| Conversion of Subordinated Debt to Equity | — | 0 | 304 | — |
| Stock-based compensation | 377 | 811 | 130 | 392 |
| Severance cost incurred through issuance of restricted shares | 0 | 112 | — | — |
| Amortization of debt issuance costs and discount | 277 | 100 | 9 | 131 |
| Deferred income tax benefit | (51) | 0 | 273 | — |
| Gain on restructuring of senior revolving credit facility | — | — | 0 | (11,916) |
| Bad debt recovery | (50) | (94) | 268 | 140 |
| Changes in operating assets and liabilities: | ||||
| Accounts receivable | 323 | (1,524) | (1,380) | 4,551 |
| Inventories | 57 | (27) | (51) | 103 |
| Prepaid expenses and other current assets | 1,714 | 1,728 | (1,117) | 157 |
| Income taxes receivable | — | — | 0 | 43 |
| Amortization of operating lease assets | 576 | 680 | 858 | 829 |
| Other assets | 291 | 18 | 320 | 1 |
| Accounts payable and accrued liabilities | (1,029) | 2,153 | 1,005 | (2,272) |
| Operating lease liabilities | (609) | (693) | (855) | (771) |
| Other liabilities | (79) | (536) | (64) | 54 |
| Net cash used in operating activities - continuing operations | — | (2,246) | (4,778) | (4,575) |
| Net cash provided by operating activities - discontinued operations | — | 0 | 4 | 132 |
| Net cash used in operating activities | (2,150) | (2,246) | (4,774) | (4,443) |
| Investing Activities: | ||||
| Purchases of property and equipment | (268) | (220) | (593) | (361) |
| Proceeds from insurance claims | — | — | 0 | 294 |
| Proceeds from disposals of property and equipment | 1,952 | 563 | 393 | 329 |
| Net cash provided by (used in) investing activities - continuing operations | — | 343 | (200) | 262 |
| Net cash provided by investing activities - discontinued operations | — | 0 | 0 | 765 |
| Collections on note receivable | 81 | — | — | — |
| Net cash provided by investing activities | 1,765 | 343 | (200) | 1,027 |
| Financing Activities: | ||||
| Proceeds from February 2023 Offering, net | — | 0 | 9,660 | 3,597 |
| Stock issuance costs and registration fees | — | 0 | (815) | (296) |
| The February 2023 Public Offering | 2,952 | — | — | — |
| Proceeds from exercise of pre-funded warrants | 14 | — | — | — |
| Term loan borrowings | 0 | — | — | — |
| Equipment Term Loan | — | (700) | — | — |
| Term loan contractual repayments | 0 | (1,050) | — | — |
| Term loan repayment consummated in conjunction with Refinance | 0 | (8,400) | — | — |
| L S Q | 0 | 2,400 | — | — |
| Utica | 0 | 6,000 | — | — |
| Net line of credit repayments | — | 0 | (701) | (795) |
| L S Q | (470) | 545 | — | — |
| Utica | (1,993) | (846) | — | — |
| Troubled debt restructuring accrued future interest payments | 0 | (176) | (770) | — |
| Convertible Note proceeds, related party | — | — | — | 1,940 |
| Paycheck Protection Program CARES Act | — | — | 0 | — |
| March 2022 Convertible Note | 0 | 1,125 | — | — |
| July 2022 Convertible Note | 0 | 1,200 | — | — |
| November 2022 Convertible Note | 0 | 450 | — | — |
| Cross River | — | 750 | — | — |
| September and October 2023 Convertible Note | 1,650 | — | — | — |
| Cross River Revolver | 0 | — | — | — |
| Cross River subordinated debt repayment | 0 | — | — | — |
| Cross River | — | (145) | — | — |
| Repayment of long-term debt | — | (58) | — | (134) |
| Equipment Term Loan | — | — | (3,505) | — |
| Other Long-term Debt | — | — | (100) | — |
| Repayment of long-term debt | (54) | — | — | — |
| Payments on financed insurance | (1,539) | (673) | — | — |
| Payments of finance leases | — | (33) | (111) | (159) |
| Proceeds from sale of finance lease assets | — | — | 0 | 67 |
| Net cash provided by financing activities - continuing operations | — | 1,789 | 3,658 | 4,220 |
| Net cash used in financing activities - discontinued operations | — | 0 | (2) | — |
| Payments of finance leases | (9) | — | — | — |
| Net cash provided by financing activities | 551 | 1,789 | 3,656 | 4,220 |
| Net Increase (Decrease) in Cash and Cash Equivalents | 166 | (114) | (1,318) | 804 |
| Cash and Cash Equivalents, beginning of period | 35 | 149 | 1,467 | 663 |
| Cash and Cash Equivalents, end of period | 201 | 35 | 149 | 1,467 |
| Supplemental Cash Flow Information: | ||||
| Cash paid for interest | 1,668 | 1,027 | 822 | 1,414 |
| Cash paid for taxes | — | — | 0 | 2 |
| Non-Cash Investing and Financing Activities: | ||||
| Non-cash reduction of debt in connection with restructuring of senior revolving credit facility | — | — | 0 | 16,000 |
| Non-cash issuance of Company common stock and warrants in connection with restructuring of senior revolving credit facility | — | — | 0 | 2,532 |
| Establishment of EWB Obligation in conjunction with the Refinance | 0 | 1,000 | — | — |
| Acquisition of assets of OilServ, LLC through issuance of common stock | 1,058 | — | — | — |
| Non-cash exchange Convertible Note | 0 | — | — | — |
| March 2022 Convertible Note Into Common Stock | — | 1,200 | — | — |
| Cross River Revolver Note to November 2022 Convertible Note | 0 | 750 | — | — |
| March 2022 Convertible Note Into Common Stock | 1,200 | — | — | — |
| July 2022 Convertible Note Into Common Stock | 1,200 | — | — | — |
| Establishment of note receivable for sale of Tioga property in North Dakota | 0 | 300 | — | — |
| Non-cash financed insurance consummated with insurance renewals | — | 532 | — | — |
| Financed insurance consummated with insurance renewals | 1,773 | — | — | — |
| Issuance of warrants in connection with November 2022 Convertible Note | 0 | — | — | — |
| November 2022 Convertible Note | — | 416 | — | — |
| Operating lease exchange | 0 | 95 | — | — |
| Non-cash conversion of subordinated debt and accrued interest to Company common stock | — | 0 | 1,312 | 1,515 |
| Non-cash conversion of accrued interest to senior revolving credit facility | — | — | 0 | 326 |
| Non-cash conversion of unamortized subordinated debt discount | — | 0 | 61 | — |
| Deferred loan costs paid directly by related party in lieu of subordinated note payable | — | 0 | 210 | — |
As filed on EDGAR · Not affiliated with the U.S. SEC · Not investment advice. Each column links to its filing.