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 | FY2019 Year ended Dec 31, 2019 | FY2018 Year ended Dec 31, 2018 | FY2017 Year ended Dec 31, 2017 | FY2016 Year ended Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities: | ||||||||
| Net income (loss) | (8,517) | (5,575) | (8,052) | (2,509) | (7,652) | (5,865) | (6,893) | (8,551.21) |
| Net loss from discontinued operations | — | 0 | (8) | (107) | (2,332) | (848) | — | — |
| Net loss from continuing operations | — | (5,575) | (8,044) | (2,402) | (5,320) | (5,017) | — | — |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 3,654 | 4,347 | 5,215 | 5,282 | 5,692 | 5,989 | 6,488 | 6,864.67 |
| (Gain) loss on disposal of property and equipment | (16) | 300 | (124) | 47 | (73) | (108) | 18 | (242.24) |
| Impairment losses | 796 | 0 | 128 | 733 | 127 | — | — | — |
| Gain on settlement | — | — | — | — | (1,252,000) | — | — | — |
| Board compensation issued in equity | 82 | 60 | 311 | — | — | — | — | 1.71 |
| Amortization of Debt Issuance Costs | — | — | — | — | — | — | — | 152,724 |
| Write-off of inventories | 54 | 52 | — | — | — | — | — | — |
| Gain on debt extinguishment | 0 | (4,277) | (1,964) | — | — | — | — | — |
| Gain on early termination of finance leases | — | — | 0 | (3) | 62 | — | — | — |
| Paycheck Protection Program CARES Act | — | 0 | — | — | — | — | — | — |
| Interest paid-in-kind on line of credit | 0 | 119 | 0 | 326 | — | — | — | — |
| Fair value of warrant issued upon conversion of subordinated debt to equity | — | — | — | — | — | 540 | 524 | — |
| Deferred income taxes | — | — | — | — | — | — | (331,000) | — |
| Conversion of Subordinated Debt to Equity | — | 0 | 304 | — | — | — | — | — |
| Stock-based compensation | 377 | 811 | 130 | 392 | 275 | 393 | 704 | 661.92 |
| Severance cost incurred through issuance of restricted shares | 0 | 112 | — | — | — | — | — | — |
| Amortization of debt issuance costs and discount | 277 | 100 | 9 | 131 | 321 | 297 | 484 | — |
| Deferred income tax benefit | (51) | 0 | 273 | — | — | — | — | (3,937.40) |
| Gain on restructuring of senior revolving credit facility | — | — | 0 | (11,916) | — | — | — | — |
| Bad debt recovery | (50) | (94) | 268 | 140 | 160 | 43 | 37 | 156.98 |
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 323 | (1,524) | (1,380) | 4,551 | 3,257 | 1,691 | (7,069) | 2,066.17 |
| Inventories | 57 | (27) | (51) | 103 | 116 | 38 | (168) | (99.08) |
| Prepaid expenses and other current assets | 1,714 | 1,728 | (1,117) | 157 | 17 | 1,082 | 84 | 261.35 |
| Income taxes receivable | — | — | 0 | 43 | 43 | (28) | 111 | (1.4) |
| Amortization of operating lease assets | 576 | 680 | 858 | 829 | 736 | — | — | — |
| Other assets | 291 | 18 | 320 | 1 | 274 | (120) | (403) | 26.25 |
| Accounts payable and accrued liabilities | (1,029) | 2,153 | 1,005 | (2,272) | 1,328 | (2,616) | 2,425 | 642.74 |
| Operating lease liabilities | (609) | (693) | (855) | (771) | (727) | — | — | — |
| Other liabilities | (79) | (536) | (64) | 54 | 44 | 25 | — | — |
| Net cash used in operating activities - continuing operations | — | (2,246) | (4,778) | (4,575) | 5,080 | 2,209 | — | (1,996.83) |
| Net cash provided by operating activities - discontinued operations | — | 0 | 4 | 132 | (613) | (873) | — | — |
| Net cash used in operating activities | (2,150) | (2,246) | (4,774) | (4,443) | 4,467 | 1,336 | (3,989) | — |
| Investing Activities: | ||||||||
| Acquisition of Adler Hot Oil Service, LLC | — | — | — | — | — | (6,164,000) | — | — |
| Purchases of property and equipment | (268) | (220) | (593) | (361) | (1,191) | (1,781) | (1,766) | (5,165.02) |
| Proceeds from insurance claims | — | — | 0 | 294 | 49 | 122 | 183 | 280.66 |
| Proceeds from disposals of property and equipment | 1,952 | 563 | 393 | 329 | 284 | 578 | 279 | 138.63 |
| Net cash provided by (used in) investing activities - continuing operations | — | 343 | (200) | 262 | (858) | (7,245) | — | (4,745.73) |
| Net cash provided by investing activities - discontinued operations | — | 0 | 0 | 765 | 400 | (29) | — | — |
| Collections on note receivable | 81 | — | — | — | — | — | — | — |
| Net cash provided by investing activities | 1,765 | 343 | (200) | 1,027 | (458) | (7,274) | (1,304) | — |
| Financing Activities: | ||||||||
| Gross proceeds from stock issuance | — | — | — | — | — | — | — | 5,175,000 |
| Stock issuance costs and registration fees | — | — | — | — | — | — | (1,000) | — |
| Proceeds from February 2023 Offering, net | — | 0 | 9,660 | 3,597 | — | — | — | — |
| Stock issuance costs and registration fees | — | 0 | (815) | (296) | — | — | — | (758.80) |
| 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) | — | — | (115) | (800) | — | — |
| 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) | 61 | 6,728 | 4,312 | — |
| 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 | 500 | — | 1,000 | — |
| 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 Revolver Note proceeds | — | — | — | — | — | — | — | 16,367.05 |
| Payments related to revolving credit facility | — | — | — | — | — | — | — | (13,892,776) |
| 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) | (3,700) | (93) | (189) | (281.90) |
| Payment of debt issuance costs for credit facilities | — | — | — | — | — | — | (59,000) | (50,000) |
| 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) | (326) | — | — | — |
| Proceeds from sale of finance lease assets | — | — | 0 | 67 | — | — | — | — |
| Other financing | — | — | — | — | (1,000) | (31,000) | — | — |
| Net cash provided by financing activities - continuing operations | — | 1,789 | 3,658 | 4,220 | (3,581) | — | — | 6,558.58 |
| Net cash used in financing activities - discontinued operations | — | 0 | (2) | — | (22) | — | — | — |
| Payments of finance leases | (9) | — | — | — | — | — | — | — |
| Net cash provided by financing activities | 551 | 1,789 | 3,656 | 4,220 | (3,603) | 5,804 | 5,063 | — |
| Net decrease in Cash and Cash Equivalents | — | — | — | — | 406,000 | (134,000) | (230,000) | (183,973) |
| Cash and Cash Equivalents, beginning of period | — | — | — | — | — | 391,000 | 621,000 | 804,737 |
| Cash and Cash Equivalents, end of period | — | — | — | — | — | — | 391,000 | 620,764 |
| Cash and Cash Equivalents, beginning of period | — | — | — | 663,000 | 257,000 | 391,000 | — | — |
| Cash and Cash Equivalents, end of period | — | — | — | — | 663,000 | 257,000 | — | — |
| 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 | 2,281 | 1,838 | 674 | 1,677.08 |
| Cash paid for taxes | — | — | 0 | 2 | 32 | 32 | (222) | 14.47 |
| 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 proceeds from senior revolving credit facility debt | — | — | — | — | 125,000 | 141,000 | 1,124,000 | — |
| Cashless exercise of stock options | — | — | — | — | — | 994,000 | — | — |
| Non-cash proceeds from warrant exercise | — | — | — | — | — | 500,000 | — | — |
| Non-cash subordinated debt principal repayment | — | — | — | — | — | (500,000) | — | — |
| Non-cash conversion of warrant liability to equity | — | — | — | — | — | 1,371,000 | — | — |
| Non-cash proceeds from subordinated debt borrowings | — | — | — | — | — | 4,800,000 | 1,500,000 | — |
| Non-cash repayment of revolving credit facility | — | — | — | — | — | — | (1,500,000) | — |
| 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.