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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended June 30, 2023
or
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the Transition Period from ____________ to ____________
Commission
File Number 001-36453
SUPERIOR
DRILLING PRODUCTS, INC.
(Name
of registrant as specified in its charter)
Utah |
|
46-4341605 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
1583
South 1700 East
Vernal,
Utah |
|
84078 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
Registrant’s
Telephone Number: (435) 789-0594
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 |
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 ☐ 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 ☐ 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 ☒ |
|
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 Act). ☐ Yes ☒ No
As
of August 14, 2023, the registrant had 30,397,924 shares of its common stock issued and outstanding.
TABLE
OF CONTENTS
Forward-Looking
Statements
Forward-looking
statements involve risks and uncertainties that are beyond the control of Superior Drilling Products, Inc. (the “Company”
or “SDPI”). 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. Forward-looking statements are largely based on our expectations,
which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently
known market conditions and other factors. Forward-looking statements include statements that are not historical facts and can be identified
by the words “anticipate,” “estimate,” “expect,” “may,” “project,” “believe”
or similar expressions, or by the Company’s discussion of strategies or trends. Although we believe such estimates and assumptions
to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control, including:
|
● |
the
volatility of oil and natural gas prices; |
|
|
|
|
● |
the
cyclical nature of the oil and gas industry; |
|
|
|
|
● |
availability
of financing 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; |
|
|
|
|
● |
fluctuations
in our operating results; |
|
|
|
|
● |
our
dependence on key personnel; |
|
|
|
|
● |
costs
and availability 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,
specifically the Middle East region and Eastern Europe; |
|
|
|
|
● |
the
potential impact of the coronavirus, variants of the coronavirus or other major health crises on our business and results of operations,
including the impact to our supply chain; |
|
|
|
|
● |
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. |
PART
I — FINANCIAL INFORMATION
Item
1. Financial Statements (Unaudited).
Superior
Drilling Products, Inc.
Condensed
Consolidated Balance Sheets (Unaudited)
| |
June 30, 2023 | | |
December 31, 2022 | |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 1,179,791 | | |
$ | 2,158,025 | |
Accounts receivable | |
| 4,687,791 | | |
| 3,241,221 | |
Prepaid expenses | |
| 351,840 | | |
| 367,823 | |
Inventories | |
| 3,152,403 | | |
| 2,081,260 | |
Asset held for sale | |
| - | | |
| 216,000 | |
Other current assets | |
| 192,493 | | |
| 140,238 | |
Total current assets | |
| 9,564,318 | | |
| 8,204,567 | |
Property, plant and equipment, net | |
| 11,086,053 | | |
| 8,576,851 | |
Intangible assets, net | |
| - | | |
| 69,444 | |
Right of use assets | |
| 559,405 | | |
| 638,102 | |
Other noncurrent assets | |
| 112,619 | | |
| 111,519 | |
Total assets | |
$ | 21,322,395 | | |
$ | 17,600,483 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 2,433,587 | | |
$ | 1,043,581 | |
Accrued expenses | |
| 959,966 | | |
| 891,793 | |
Income tax payable | |
| 524,687 | | |
| 351,618 | |
Current portion of operating lease liability | |
| 52,116 | | |
| 44,273 | |
Current portion of financing obligation | |
| 78,842 | | |
| 74,636 | |
Current portion of long-term debt, net of discounts | |
| 1,424,057 | | |
| 1,125,864 | |
Other current liabilities | |
| - | | |
| 216,000 | |
Total current liabilities | |
| 5,473,255 | | |
| 3,747,765 | |
Operating lease liability, less current portion | |
| 342,344 | | |
| 523,375 | |
Long-term financing obligation, less current portion | |
| 3,996,937 | | |
| 4,038,022 | |
Long-term debt, less current portion, net of discounts | |
| 448,424 | | |
| 529,499 | |
Deferred income | |
| 675,000 | | |
| 675,000 | |
Total liabilities | |
| 10,935,960 | | |
| 9,513,661 | |
Commitments and contingencies (Note 9) | |
| - | | |
| - | |
Shareholders’ equity | |
| | | |
| | |
Common stock - $0.001 par value; 100,000,000 shares authorized; 29,252,872 and 29,245,080 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | |
| 29,253 | | |
| 29,245 | |
Additional paid-in-capital | |
| 44,407,147 | | |
| 43,943,928 | |
Accumulated deficit | |
| (34,049,965 | ) | |
| (35,886,351 | ) |
Total shareholders’ equity | |
| 10,386,435 | | |
| 8,086,822 | |
Total liabilities and shareholders’ equity | |
$ | 21,322,395 | | |
$ | 17,600,483 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
Superior
Drilling Products, Inc.
Condensed
Consolidated Statements of Operations (Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenue | |
$ | 5,367,350 | | |
$ | 4,540,842 | | |
$ | 11,648,564 | | |
$ | 8,671,007 | |
Operating cost and expenses | |
| | | |
| | | |
| | | |
| | |
Cost of revenue | |
| 2,013,167 | | |
| 2,116,096 | | |
| 4,251,758 | | |
| 3,883,995 | |
Selling, general, and administrative expenses | |
| 2,458,804 | | |
| 1,894,403 | | |
| 4,797,653 | | |
| 3,541,051 | |
Depreciation and amortization expense | |
| 349,447 | | |
| 402,648 | | |
| 675,460 | | |
| 813,379 | |
Total operating cost and expenses | |
| 4,821,418 | | |
| 4,413,147 | | |
| 9,724,871 | | |
| 8,238,425 | |
Operating income | |
| 545,932 | | |
| 127,695 | | |
| 1,923,693 | | |
| 432,582 | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 13,755 | | |
| 2,980 | | |
| 30,653 | | |
| 3,176 | |
Interest expense | |
| (129,866 | ) | |
| (132,738 | ) | |
| (283,956 | ) | |
| (256,600 | ) |
Recovery of related party note receivable | |
| - | | |
| - | | |
| 350,262 | | |
| - | |
Loss on disposition of assets | |
| - | | |
| (22,146 | ) | |
| - | | |
| (22,146 | ) |
Total other income (expense) | |
| (116,111 | ) | |
| (151,904 | ) | |
| 96,959 | | |
| (275,570 | ) |
Income tax expense | |
| (106,654 | ) | |
| (32,299 | ) | |
| (184,266 | ) | |
| (63,683 | ) |
Net income (loss) | |
$ | 323,167 | | |
$ | (56,508 | ) | |
$ | 1,836,386 | | |
$ | 93,329 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings (loss) per common share - basic | |
$ | 0.01 | | |
$ | (0.00 | ) | |
$ | 0.06 | | |
$ | 0.00 | |
Weighted average common shares outstanding - basic | |
| 29,247,563 | | |
| 28,235,001 | | |
| 29,246,328 | | |
| 28,235,001 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings (loss) per common share - diluted | |
$ | 0.01 | | |
$ | (0.00 | ) | |
$ | 0.06 | | |
$ | 0.00 | |
Weighted average common shares outstanding - diluted | |
| 29,295,761 | | |
| 28,235,001 | | |
| 29,294,526 | | |
| 28,305,101 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
Superior
Drilling Products, Inc.
Condensed
Consolidated Statements of Cash Flows (Unaudited)
| |
2023 | | |
2022 | |
| |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
Cash Flows from Operating Activities | |
| | | |
| | |
Net income | |
$ | 1,836,386 | | |
$ | 93,329 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation and amortization expense | |
| 675,460 | | |
| 813,379 | |
Share-based compensation expense | |
| 456,819 | | |
| 422,601 | |
Amortization of right-of-use assets | |
| 103,624 | | |
| - | |
Amortization of deferred loan costs | |
| 3,087 | | |
| 9,262 | |
Loss on disposition of assets | |
| - | | |
| 22,146 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (1,446,570 | ) | |
| 72,452 | |
Inventories | |
| (1,071,143 | ) | |
| (149,223 | ) |
Prepaid expenses and other current assets | |
| (37,372 | ) | |
| (285,628 | ) |
Accounts payable, accrued expenses, and other liabilities | |
| 227,145 | | |
| 342,193 | |
Income tax payable | |
| 173,069 | | |
| 13,422 | |
Net cash provided by operating activities | |
| 920,505 | | |
| 1,353,933 | |
Cash Flows From Investing Activities | |
| | | |
| | |
Purchases of property, plant and equipment | |
| (2,432,561 | ) | |
| (1,249,419 | ) |
Proceeds from recovery of related party note receivable | |
| 350,262 | | |
| - | |
Net cash used in investing activities | |
| (2,082,299 | ) | |
| (1,249,419 | ) |
Cash Flows from Financing Activities | |
| | | |
| | |
Principal payments on debt | |
| (283,139 | ) | |
| (281,487 | ) |
Proceeds received from debt | |
| 131,552 | | |
| 182,318 | |
Payments on revolving loan | |
| (499,887 | ) | |
| (553,650 | ) |
Proceeds received from revolving loan | |
| 828,626 | | |
| 553,631 | |
Proceeds from exercise of stock options | |
| 6,408 | | |
| - | |
Net cash provided by (used in) financing activities | |
| 183,560 | | |
| (99,188 | ) |
Net (decrease) increase in cash | |
| (978,234 | ) | |
| 5,326 | |
Cash at beginning of period | |
| 2,158,025 | | |
| 2,822,100 | |
Cash at end of period | |
$ | 1,179,791 | | |
$ | 2,827,426 | |
| |
| | | |
| | |
Supplemental information: | |
| | | |
| | |
Cash paid for interest | |
$ | 281,703 | | |
$ | 247,952 | |
Right of use assets obtained in exchange for lease obligations | |
$ | 24,927 | | |
$ | - | |
Disposal of asset held for sale | |
$ | 216,000 | | |
$ | - | |
Property, plant and equipment in accounts payable | |
$ | 682,658 | | |
$ | - | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
Superior
Drilling Products, Inc.
Condensed
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
| |
Shares | | |
Par
Value | | |
Capital | | |
Deficit | | |
Equity | |
| |
Common
Stock | | |
Additional
Paid-in | | |
Accumulated | | |
Total
Shareholders’ | |
| |
Shares | | |
Par
Value | | |
Capital | | |
Deficit | | |
Equity | |
For the
Quarter Ended June 30, 2022 | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - March
31, 2022 | |
| 28,235,001 | | |
$ | 28,235 | | |
$ | 43,281,334 | | |
$ | (36,801,671 | ) | |
$ | 6,507,898 | |
Share-based compensation expense | |
| - | | |
| - | | |
| 212,468 | | |
| - | | |
| 212,468 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (56,508 | ) | |
| (56,508 | ) |
Balance - June 30, 2022 | |
| 28,235,001 | | |
$ | 28,235 | | |
$ | 43,493,802 | | |
$ | (36,858,179 | ) | |
$ | 6,663,858 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
For the
Quarter Ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - March 31, 2023 | |
| 29,245,080 | | |
$ | 29,245 | | |
$ | 44,171,076 | | |
$ | (34,373,132 | ) | |
$ | 9,827,189 | |
Share-based compensation expense | |
| - | | |
| - | | |
| 229,671 | | |
| - | | |
| 229,671 | |
Exercise of stock options | |
| 7,792 | | |
| 8 | | |
| 6,400 | | |
| | | |
| 6,408 | |
Net income | |
| - | | |
| - | | |
| - | | |
| 323,167 | | |
| 323,167 | |
Balance - June 30, 2023 | |
| 29,252,872 | | |
$ | 29,253 | | |
$ | 44,407,147 | | |
$ | (34,049,965 | ) | |
$ | 10,386,435 | |
| |
Common Stock | | |
Additional Paid-in | | |
Accumulated | | |
Total Shareholders’ | |
| |
Shares | | |
Par Value | | |
Capital | | |
Deficit | | |
Equity | |
For the Six Months Ended June 30, 2022 | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - December 31, 2021 | |
| 28,235,001 | | |
$ | 28,235 | | |
$ | 43,071,201 | | |
$ | (36,951,508 | ) | |
$ | 6,147,928 | |
Share-based compensation expense | |
| - | | |
| - | | |
| 422,601 | | |
| - | | |
| 422,601 | |
Net income | |
| - | | |
| - | | |
| - | | |
| 93,329 | | |
| 93,329 | |
Balance - June 30, 2022 | |
| 28,235,001 | | |
$ | 28,235 | | |
$ | 43,493,802 | | |
$ | (36,858,179 | ) | |
$ | 6,663,858 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
For the Six Months Ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - December 31, 2022 | |
| 29,245,080 | | |
$ | 29,245 | | |
$ | 43,943,928 | | |
$ | (35,886,351 | ) | |
$ | 8,086,822 | |
Balance | |
| 29,245,080 | | |
$ | 29,245 | | |
$ | 43,943,928 | | |
$ | (35,886,351 | ) | |
$ | 8,086,822 | |
Share-based compensation expense | |
| - | | |
| - | | |
| 456,819 | | |
| - | | |
| 456,819 | |
Exercise of stock options | |
| 7,792 | | |
| 8 | | |
| 6,400 | | |
| | | |
| 6,408 | |
Net income | |
| - | | |
| - | | |
| - | | |
| 1,836,386 | | |
| 1,836,386 | |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| 1,836,386 | | |
| 1,836,386 | |
Balance - June 30, 2023 | |
| 29,252,872 | | |
$ | 29,253 | | |
$ | 44,407,147 | | |
$ | (34,049,965 | ) | |
$ | 10,386,435 | |
Balance | |
| 29,252,872 | | |
$ | 29,253 | | |
$ | 44,407,147 | | |
$ | (34,049,965 | ) | |
$ | 10,386,435 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
Superior
Drilling Products, Inc.
Notes
to the Condensed Consolidated Financial Statements (unaudited)
1.
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 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 in Vernal, Utah, where we manufacture solutions for the
drilling industry, as well as customers’ custom products. We also operate a repair facility in Dubai. Our headquarters are also
located in Vernal, Utah.
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 condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (“GAAP”). The condensed 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.
These
condensed consolidated financial statements for the three and six months ended June 30, 2023 and 2022, and the related footnote disclosures
included herein, are unaudited. The preparation of financial statements in conformity with GAAP requires the use of management’s
estimates. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of
operations expected for the year ended December 31, 2023. These condensed consolidated financial statements should be read in conjunction
with the audited consolidated financial statements of the Company for the years ended December 31, 2022 and 2021 and the notes thereto,
which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities
and Exchange Commission (the “SEC”).
Significant
Accounting Policies
The
Company’s accounting policies are set forth in Note 1 – Summary of Significant Accounting Policies of the Notes to Consolidated
Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC. There
were no significant updates or revisions to our accounting policies during the three or six months ended June 30, 2023.
Concentrations
of Credit Risk
The
Company has two significant customers that represented 84% and 89% of its revenue for the six months ended June 30, 2023 and 2022, respectively.
These customers had approximately $2,540,000 and $1,751,000 in accounts receivable as of June 30, 2023 and December 31, 2022, respectively.
The
Company had two vendors that represented 13% and 14% of its purchases for each of the six months ended June 30, 2023 and 2002, respectively.
These vendors had approximately $471,000 and $77,000 in accounts payable as of June 30, 2023 and December 31, 2022, respectively.
Superior
Drilling Products, Inc.
Notes
to the Condensed Consolidated Financial Statements (unaudited)
2.
REVENUE
Disaggregation
of Revenue
The
following table presents revenue disaggregated by type:
SCHEDULE
OF REVENUE DISAGGREGATED BY REVENUE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Tool revenue: | |
| | | |
| | | |
| | | |
| | |
Tool and product sales | |
$ | 609,000 | | |
$ | 627,200 | | |
$ | 2,146,380 | | |
$ | 1,291,500 | |
Tool rental | |
| 1,042,295 | | |
| 519,724 | | |
| 1,861,969 | | |
| 904,874 | |
Other related revenue | |
| 1,901,045 | | |
| 1,744,656 | | |
| 3,798,201 | | |
| 3,464,453 | |
Total tool revenue | |
| 3,552,340 | | |
| 2,891,580 | | |
| 7,806,550 | | |
| 5,660,827 | |
Contract services | |
| 1,815,010 | | |
| 1,649,262 | | |
| 3,842,014 | | |
| 3,010,180 | |
Total revenue | |
$ | 5,367,350 | | |
$ | 4,540,842 | | |
$ | 11,648,564 | | |
$ | 8,671,007 | |
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 ASC 606.
Contract
Costs
We
did not incur any material costs of obtaining contracts.
3.
INVENTORIES
Inventories
were comprised of the following:
SCHEDULE
OF INVENTORIES
| |
June 30, 2023 | | |
December 31, 2022 | |
Raw material | |
$ | 1,763,567 | | |
$ | 1,334,669 | |
Work in progress | |
| 752,136 | | |
| 168,214 | |
Finished goods | |
| 636,700 | | |
| 578,377 | |
Total inventories | |
$ | 3,152,403 | | |
$ | 2,081,260 | |
Superior
Drilling Products, Inc.
Notes
to the Condensed Consolidated Financial Statements (unaudited)
4.
PROPERTY, PLANT & EQUIPMENT
Property,
plant and equipment was comprised of the following:
SCHEDULE
OF PROPERTY, PLANT AND EQUIPMENT
| |
June 30, 2023 | | |
December 31, 2022 | |
Land | |
$ | 880,416 | | |
$ | 880,416 | |
Buildings | |
| 4,764,441 | | |
| 4,764,441 | |
Leasehold improvements | |
| 983,668 | | |
| 755,039 | |
Machinery, equipment, and rental tools | |
| 17,432,649 | | |
| 14,546,060 | |
Office equipment, fixtures and software | |
| 628,358 | | |
| 628,358 | |
Transportation assets | |
| 265,760 | | |
| 265,760 | |
Property, plant and equipment, gross | |
| 24,955,292 | | |
| 21,840,074 | |
Accumulated depreciation | |
| (13,869,239 | ) | |
| (13,263,223 | ) |
Total property, plant and equipment, net | |
$ | 11,086,053 | | |
$ | 8,576,851 | |
Depreciation
expense related to property, plant and equipment for the three months ended June 30, 2023 and 2022 was $284,347 and $360,981, respectively.
Depreciation expense related to property, plant and equipment for the six months ended June 30, 2023 and 2022 was $606,016 and $730,046
respectively.
5.
INTANGIBLE ASSETS
Intangible
assets were comprised of the following:
SCHEDULE
OF INTANGIBLE ASSETS
| |
June 30, 2023 | | |
December 31, 2022 | |
Developed technology | |
$ | 7,000,000 | | |
$ | 7,000,000 | |
Customer contracts | |
| 6,400,000 | | |
| 6,400,000 | |
Trademarks | |
| 1,500,000 | | |
| 1,500,000 | |
Total intangible assets, gross | |
| 14,900,000 | | |
| 14,900,000 | |
Less: accumulated amortization | |
| (14,900,000 | ) | |
| (14,830,556 | ) |
Total intangible assets, net | |
$ | - | | |
$ | 69,444 | |
Amortization
expense related to intangible assets for the three months ended June 30, 2023 and 2022 was $27,778 and $41,667, respectively. Amortization
expense related to intangible assets for the six months ended June 30, 2023 and 2022 was $69,444 and $83,333, respectively.
6.
RELATED PARTY 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”) 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 holds 8,267,860 shares of the Company’s common stock as collateral.
The Company will record a recovery of the loan upon receiving repayment of the note or interest in recovery of related party note receivable
on the condensed consolidated statements of operations.
Superior
Drilling Products, Inc.
Notes
to the Condensed Consolidated Financial Statements (unaudited)
On
March 31, 2023, the Company entered into a fourth amended and restated loan agreement and note with Tronco to extend the maturity date
of the principal to March 31, 2033. As amended, the interest rate on the note is fixed at 2.8% per annum and provides for principal and
accrued interest payments in the amount of $750,000 annually on March 31, 2024 through 2032, with the balance of all remaining outstanding
principal and accrued interest due on March 31, 2033. In the event the average closing price for the Company’s common stock for
10 consecutive trading days is equal to or greater than $3.00 per share, Tronco shall pay fifty percent of the then outstanding principal
balance together with all accrued, unpaid interest within ten days of the date on which the 10-day trading average first equals or exceeds
$3.00. In the event the average closing price for 10 consecutive trading days is $4.00 per share or greater, Tronco shall pay the entire
outstanding principal balance together with all accrued, unpaid interest within ten (10) days of the date on which the 10-day average
first equals or exceeds $4.00. In addition, in the event of a sale of all or substantially all of the assets or a controlling equity
interest in the Company, Tronco and the Meiers must utilize the proceeds received from such sale to pay the entire outstanding principal
balance on the note receivable together with all accrued, unpaid interest. On March 24, 2023, there was a principal and interest payment
of $350,262 which was reflected as a recovery of related party note receivable in other income and expense on the condensed consolidated
statements of operations. The Tronco note balance, including accrued interest, was approximately $6,613,000 and $6,884,000 as of June
30, 2023 and December 31, 2022, respectively, which is fully reserved.
7.
LONG-TERM DEBT
Long-term
debt is comprised of the following:
SCHEDULE
OF DEBT OBLIGATIONS
| |
June 30, 2023 | | |
December 31, 2022 | |
Credit Agreement | |
$ | 1,145,540 | | |
$ | 813,713 | |
Machinery loans | |
| 594,582 | | |
| 664,674 | |
Transportation loan | |
| 13,617 | | |
| 20,027 | |
Insurance loan | |
| 118,742 | | |
| 156,949 | |
Total long-term debt | |
| 1,872,481 | | |
| 1,655,363 | |
Less: current portion of long-term debt, net of discounts | |
| (1,424,057 | ) | |
| (1,125,864 | ) |
Total long-term debt, less current portion, net of discounts | |
$ | 448,424 | | |
$ | 529,499 | |
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 $4,300,000 credit facility, which includes a $800,000 term loan (the “Term
Loan”) and a $3,500,000 line of credit (the “Line of Credit”). The Credit Agreement originally was to mature on February
20, 2023, subject to early termination pursuant to the terms of the agreement or extension as may be agreed by the parties, but it has
been renewed to February 20, 2024. Cancellation is allowed with a 60-day notice. The balance of the Credit Agreement totaled approximately
$1,146,000 and $814,000 as of June 30, 2023 and December 31, 2022, respectively.
Amounts
outstanding under the Line of Credit 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. As of June 30, 2023, the Company had approximately
$50,000 of availability under the Line of Credit.
The
interest rate for the Term Loan and the Line of Credit is prime plus 5.6%, which was 13.85% at June 30, 2023. Even if our borrowings
under the Line of Credit are less than $1,000,000, we still pay interest as if we had borrowed $1,000,000. 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 or intellectual property. A collateral management fee is payable monthly on the used portion of the Line of Credit and Term
Loan.
Superior
Drilling Products, Inc.
Notes
to the Condensed Consolidated Financial Statements (unaudited)
The
Credit Agreement contains various restrictive covenants that, among other things, limit or restrict the ability of the borrowers 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 Line of Credit is classified
as current debt as a result of the required lockbox arrangement and the subjective acceleration clause. At June 30, 2023, we were in
compliance with the covenants in the Credit Agreement.
Machinery
Loans
The
Company financed the purchase of machinery and equipment through various loans. The outstanding loans have interest rates ranging from
5.50% to 5.94%, and repayment terms of 48-60 months. The balance of the machinery loans totaled approximately $595,000 and $665,000 as
of June 30, 2023 and December 31, 2022, respectively.
Transportation
Loan
The
Company financed the purchase of a vehicle with a loan agreement. The term of the loan is 60 months and matures in June 2024. The interest
rate of the loan is 6.99%. The loan is collateralized by the vehicle.
Insurance
Loan
The
Company financed insurance premiums with a loan agreement. The term of the loan is 10 months and matures in March 2024. The interest
rate of the loan is 7.08%. The balance of the insurance loan totaled approximately $119,000 and $157,000 as of June 30, 2023 and December
31, 2022, respectively.
8.
FINANCING OBLIGATION LIABILITY
On
December 7, 2020, the Company entered into an agreement to sell 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 (the “Sale Agreement”). Concurrent
with the sale of the Property, the Company entered into a fifteen-year lease agreement (the “Lease Agreement”) to 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 842, Leases, and as such, the transaction is a failed sale-leaseback
that 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 is estimated to be $2,188,710, which
corresponds to the carrying value of the property. The Company paid $36,879 and $32,532 of principal during the six months ended June
30, 2023 and 2022, respectively.
The
outstanding balance of the financing obligation liability is summarized below:
SCHEDULE
OF FINANCING OBLIGATION LIABILITY
| |
June 30, 2023 | | |
December 31, 2022 | |
Financing obligation for sale-leaseback transaction | |
$ | 4,075,779 | | |
$ | 4,112,658 | |
Current principal portion of finance obligation | |
| (78,842 | ) | |
| (74,636 | ) |
Non-current portion of financing obligation | |
$ | 3,996,937 | | |
$ | 4,038,022 | |
Superior
Drilling Products, Inc.
Notes
to the Condensed Consolidated Financial Statements (unaudited)
9.
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
that Stabil Drill Specialties, LLC’s (“Stabil Drill”) Smoothbore Eccentric Reamer infringes the patents of Extreme
Technologies, LLC (one of our subsidiaries) on our patented Drill-N-Ream well bore conditioning tool. 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 for their work manufacturing the Smoothbore Eccentric Reamer for Stabil Drill. The Dallas lawsuit is stayed
pending resolution of the first-filed, Houston suit. On October 1, 2020, Superior Energy Services, Stabil Drill’s parent company,
filed for bankruptcy, which resulted in a brief, automatic stay of the litigation. Superior Energy Services announced on February 2,
2021, that it successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, but this bankruptcy did not
affect Extreme Technologies’ claims against Stabil Drill. On March 9, 2021, the Court lifted the automatic bankruptcy stay, and
on May 12, 2021, the Court denied Stabil Drill’s motion for summary judgment of non-infringement. On May 23, 2022, the Court issued
its Order on Claim Construction of the patents, adopting Extreme Technologies’ proffered interpretation on the disputed claim terms.
On February 13, 2023, the lawsuit was reassigned to United States District Judge Drew B. Tipton and United States Magistrate Judge Peter
Bray. On March 27, 2023, Judge Bray entered an amended Scheduling Order. In accordance with such amended Scheduling Order, fact discovery
ended on April 14, 2023, and expert discovery is scheduled to end on or before August 31, 2023. On July 5, 2023, Judge Bray issued a
Memorandum and Recommendation finding that Stabil Drill is prohibited from asserting its patent invalidity affirmative defenses. On August 2, 2023, Stabil Drill filed objections to the Court’s Order and the Court could possibly modify the
Order based upon Stabil Drill’s filed objections. The
parties are preparing this case for trial and expect a jury trial setting in early spring of 2024.
We
are not currently involved in any other litigation.
10.
EARNINGS PER SHARE
Basic
and diluted earnings (loss) per share of common stock have been computed as follows:
SCHEDULE
OF BASIC AND DILUTED EARNINGS PER SHARE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 323,167 | | |
$ | (56,508 | ) | |
$ | 1,836,386 | | |
$ | 93,329 | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares of common stock outstanding - basic | |
| 29,247,563 | | |
| 28,235,001 | | |
| 29,246,328 | | |
| 28,235,001 | |
Effect of dilutive options | |
| 48,198 | | |
| - | | |
| 48,198 | | |
| 70,100 | |
Weighted average shares of common stock outstanding - diluted | |
| 29,295,761 | | |
| 28,235,001 | | |
| 29,294,526 | | |
| 28,305,101 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings (loss) per common share – basic | |
$ | 0.01 | | |
$ | (0.00 | ) | |
$ | 0.06 | | |
$ | 0.00 | |
Earnings (loss) per common share - diluted | |
$ | 0.01 | | |
$ | (0.00 | ) | |
$ | 0.06 | | |
$ | 0.00 | |
11.
LEASES
The
Company leases certain facilities Utah and Dubai under long-term operating leases with lease terms of one year to two years. The operating
lease expense was approximately $63,000 and $23,000 for the three months ended June 30, 2023 and 2022, respectively, and $126,000 and
$25,000 for the six months ended June 30, 2023 and 2022, respectively.
Superior
Drilling Products, Inc.
Notes
to the Condensed Consolidated Financial Statements (unaudited)
Other
information related to operating leases:
SCHEDULE
OF OTHER INFORMATION RELATED TO OPERATING LEASE
| |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | |
Operating cash flows | |
$ | 220,329 | | |
$ | 187,394 | |
Weighted average remaining lease-term (in years) | |
| 2.45 | | |
| 2.79 | |
Weighted average discount rate | |
| 7.25 | % | |
| 7.25 | % |
12.
SEGMENT REPORTING
We
report our segment results based on our geographic areas of operations, North America and International. These segments have similarities
from a product perspective, but management believes that due to operational differences, such as sales models and regulatory environments,
information about the segments would be useful to readers of the financial statements.
|
● |
North
America includes our PDC drill bit and specialty tool sales and contract services business in the United States and Mexico, which
have been aggregated |
|
|
|
|
● |
International
includes our specialty tool rental business in the Middle East |
Revenue
and certain operating expenses are directly attributable to each segment.
Unallocated
corporate costs primarily include corporate shared costs, such as payroll and compensation, professional fees, and rent, as well as costs
associated with certain shared research and development activities.
Our
operating segments are not evaluated using asset information. Prior periods have been restated to conform with the current year presentation.
This change was made due to international revenue becoming more significant in the current year.
The
following table summarizes information about our segments:
SCHEDULE
OF SEGMENTS INFORMATION WITH GEOGRAPHIC AREAS
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenue: | |
| | | |
| | | |
| | | |
| | |
North America | |
$ | 4,325,055 | | |
$ | 4,021,118 | | |
$ | 9,800,115 | | |
$ | 7,766,133 | |
International | |
| 1,042,295 | | |
| 519,724 | | |
| 1,848,449 | | |
| 904,874 | |
Total revenue | |
$ | 5,367,350 | | |
$ | 4,540,842 | | |
$ | 11,648,564 | | |
$ | 8,671,007 | |
| |
| | | |
| | | |
| | | |
| | |
Operating income: | |
| | | |
| | | |
| | | |
| | |
North America | |
$ | 2,774,629 | | |
$ | 2,069,125 | | |
$ | 6,442,644 | | |
$ | 4,168,223 | |
International | |
| 229,310 | | |
| (69,223 | ) | |
| 277,066 | | |
| (216,870 | ) |
Corporate costs, unallocated | |
| (2,458,007 | ) | |
| (1,872,207 | ) | |
| (4,796,017 | ) | |
| (3,518,771 | ) |
Total operating income | |
$ | 545,932 | | |
$ | 127,695 | | |
$ | 1,923,693 | | |
$ | 432,582 | |
North
America revenue includes revenue from customers in Mexico totaling approximately $10,000 and $0 for the three months ended June 30, 2023
and 2022, respectively, and approximately $30,000 and $18,000 for the six months ended June 30, 2023 and 2022, respectively. The remainder
of the North America revenue was derived from customers in the United States of America.
Information
about products and services
See
Note 2 – Revenue
Superior
Drilling Products, Inc.
Notes
to the Condensed Consolidated Financial Statements (unaudited)
13.
SUBSEQUENT EVENT
Loan
Agreement
On
July 28, 2023, the Company entered into a Loan Agreement (the “Loan Agreement”) among Vast Bank, National Association, as
lender (the “Lender”), and various subsidiaries of the Company as guarantors (the “Guarantors”).
The
Loan Agreement provides for loans through the following facilities (collectively, the “Loans”):
|
● |
Revolving
Line which provides the lesser of $750,000 or the borrowing base, as defined in the agreement, and matures on July 28, 2025. The
interest rate per annum is the greater of (a) Prime plus 1.00% and (b) 7.50%. |
|
|
|
|
● |
Term
Loan for $1,719,200, which matures on July 28, 2028. The interest rate per annum applicable to the Term Loan is fixed at 8.18%. |
The
Company will make payments of principal and interest monthly on the Term Loan, and interest only on the Revolving Line, commencing on
August 28, 2023.
The
Company paid the Lender a non-refundable upfront fee of 0.75% of each of the Revolving Line and the Term Loan. The Company may prepay
and/or repay the Loans, in whole or in part, at any time without premium or penalty, subject to certain conditions.
A
portion of the proceeds of the Loans were used to repay the Credit Agreement.
In
connection with the Loan Agreement, the Company entered into Business Manager Agreements for the purchase by the Lender of certain domestic
and international accounts receivable of the Company. The face amount of the accounts under each agreement that may be purchased cannot
exceed $2,500,000 under the domestic agreement and $2,000,000 under the international agreement. The service charge associated with the
purchases is 1.25% under the domestic agreement and 2.0% under the international agreement.
Amendment
to Lease
In
connection with entering into the Loan Agreement, Meier Properties, Series LLC, a subsidiary of the Company, entered into an amendment
(the “Amendment”) to the lease for the Company’s facilities in Vernal, Utah. Under the amendment, the tenant paid a
security deposit of approximately $80,000 in exchange for the landlord entering into Landlord Lien Waiver and Collateral Access Agreement
with the Lender.
Restricted
Stock Units
On
August 10, 2023, the Board of Directors granted 250,943 restricted stock units to Troy Meier, Chairman and Chief Executive Officer,
granted 192,453 restricted stock units to Annette Meier, President and Chief Operating Officer, granted 90,556 restricted stock
units to Chris Cashion, Chief Financial Officer, and 56,604 restricted stock units to each of the three independent members of the
Board of Directors. In addition, the Board of Directors authorized 75,000 stock options to be granted to employees of the Company other than Mr. and Mrs.
Meier and Mr. Cashion. These stock options will vest over three years.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
Superior
Drilling Products, Inc. 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
and we operate a repair facility in Dubai. We design, manufacture, repair and sell or rent our drilling solutions which include the patented
Drill-N-Ream® well bore conditioning tool (“Drill-N-Ream tool” or “DNR”) and the patented Strider™
Drill String Oscillation System technology (“Strider technology” or “Strider”). In addition, the Company is a
refurbisher of PDC (polycrystalline diamond compact) drill bits primarily for a leading oil field services company. In our state-of-the-art
drill tool fabrication facility, we also design and manufacture custom products for our customers.
Our
strategy for growth is 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. 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.
As
a result of its ISO 9000 certification, the Company is qualified to bid on projects in industries outside oil and gas. We believe that
with this certification, and our history of supplying high quality parts to research and development departments operating in the aerospace
industry, we can work to diversify our revenue sources outside of the oil & gas industry.
Industry
Trends and Market Factors
The
Russia – Ukraine conflict is a global concern. The Company does not have any direct exposure to Russia or Ukraine through its operations,
employee base, investments or sanctions. The Company does not receive goods or services sourced from those countries, does not anticipate
any disruption in its supply chain and has no business relationships, connections to or assets in Russia, Belarus or Ukraine. No impairments
to assets have been made due to the conflict. The global oil industry has been impacted by this situation, but the Company’s operations
and business in the Middle East has not been disrupted to date. The increase in oil producing activities in the United States has benefitted
the Company’s operations. We are unable at this time to know the full ramifications of the Russia – Ukraine conflict and
its effects on our business.
Inflationary
and/or recessionary factors relating to the oil and gas industry may directly affect the Company’s operations. The increased demand
for oil and gas production has benefited the Company’s operations. The Company is not immune to the effects of inflation on its
labor requirements, supply chain and costs of revenues. The Company continues to monitor these economic trends as part of its strategic
forward planning.
The
total U.S. rig count as reported by Baker Hughes as of June 30, 2023 was 674 rigs, a decrease of 76 rigs from the rig count as of June
30, 2022.
The
Middle East market began to improve during 2022 after a slow rebound from the COVID-19 impact, and continues to improve through mid-2023.
Total rig count in that region as of June 30, 2023 was 329 compared with 303 at the same time last year.
How
We Generate our Revenue
We
are a drilling and completion tool technology company. We generate revenue from the refurbishment, manufacturing, repair, rental and
sale of drill string tools. Our manufactured products are produced in a standard manufacturing operation, even when produced to our customer’s
specifications. We also earn royalty fees under certain arrangements for certain tools we sell.
Tool
sales, rentals and other related revenue
Tool
and Product Sales: Revenue for tool and product sales is recognized upon shipment of tools or products to the customer. Shipping
and handling costs related to tool and product sales are recorded gross as a component of both the sales price and cost of the product
sold.
Tool
Rental: Rental revenue is recognized upon completion of the customer’s job for which the tool was rented. While the duration
of the rental will vary by job and number of runs, these rentals are generally less than one month. The rental agreements are typically
based on the price per run or footage drilled and do not have any minimum rental payments or term.
Other
Related Revenue: We receive revenue from the repair of tools upon delivery of the repaired tool to the customer. We earn royalty
commission revenue when our customer invoices their customer for the use of our tools.
Contract
Services
Drill
Bit Manufacturing and Refurbishment: We recognize revenue for our PDC drill bit services upon transfer of control, which we have
determined to be upon shipment of the product. Shipping and handling costs related to refurbishing services are paid directly by the
customer at the time of shipment. We also provide contract manufacturing services to customers.
Costs
of Conducting Our Business
Cost
of revenue is comprised of direct and indirect costs to manufacture, repair and supply our products, including labor, materials, utilities,
equipment repair, lease expense related to our facilities, supplies and freight.
Selling,
general and administrative expense is comprised of costs such as new business development, technical product support, research and development
costs, compensation expense for general corporate operations including accounting, human resources, risk management, etc., information
technology expenses, safety and environmental expenses, legal and professional fees and other related administrative functions.
Other
income (expense), net is comprised primarily of interest expense and recovery of a fully reserved related party note receivable.
Results
of Operations
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenue | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Tool Revenue | |
$ | 3,552,340 | | |
| 66 | % | |
$ | 2,891,580 | | |
| 64 | % | |
$ | 7,806,550 | | |
| 67 | % | |
$ | 5,660,827 | | |
| 65 | % |
Contract Services | |
| 1,815,010 | | |
| 34 | % | |
| 1,649,262 | | |
| 36 | % | |
| 3,842,014 | | |
| 33 | % | |
| 3,010,180 | | |
| 35 | % |
Total Revenue | |
| 5,367,350 | | |
| 100 | % | |
| 4,540,842 | | |
| 100 | % | |
| 11,648,564 | | |
| 100 | % | |
| 8,671,007 | | |
| 100 | % |
Operating cost and expenses | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cost of revenue | |
| 2,013,167 | | |
| 38 | % | |
| 2,116,096 | | |
| 47 | % | |
| 4,251,758 | | |
| 37 | % | |
| 3,883,995 | | |
| 45 | % |
Selling, general, and administrative expenses | |
| 2,458,804 | | |
| 46 | % | |
| 1,894,403 | | |
| 42 | % | |
| 4,797,653 | | |
| 41 | % | |
| 3,541,051 | | |
| 41 | % |
Depreciation and amortization expense | |
| 349,447 | | |
| 7 | % | |
| 402,648 | | |
| 9 | % | |
| 675,460 | | |
| 6 | % | |
| 813,379 | | |
| 9 | % |
Total operating cost and expenses | |
| 4,821,418 | | |
| 90 | % | |
| 4,413,147 | | |
| 97 | % | |
| 9,724,871 | | |
| 83 | % | |
| 8,238,425 | | |
| 95 | % |
Operating income | |
| 545,932 | | |
| 10 | % | |
| 127,695 | | |
| 3 | % | |
| 1,923,693 | | |
| 17 | % | |
| 432,582 | | |
| 5 | % |
Other income (expense) | |
| (116,111 | ) | |
| -2 | % | |
| (151,904 | ) | |
| -3 | % | |
| 96,959 | | |
| 1 | % | |
| (275,570 | ) | |
| -3 | % |
Income (loss) before income taxes | |
| 429,821 | | |
| 8 | % | |
| (24,209 | ) | |
| -1 | % | |
| 2,020,652 | | |
| 17 | % | |
| 157,012 | | |
| 2 | % |
Income tax expense | |
| (106,654 | ) | |
| -2 | % | |
| (32,299 | ) | |
| -1 | % | |
| (184,266 | ) | |
| -1 | % | |
| (63,683 | ) | |
| -1 | % |
Net income (loss) | |
$ | 323,167 | | |
| 6 | % | |
$ | (56,508 | ) | |
| -1 | % | |
$ | 1,836,386 | | |
| 16 | % | |
$ | 93,329 | | |
| 1 | % |
Comparison
of the Three Months Ended June 30, 2023 and 2022
Revenue
Our
revenue increased approximately $827,000, or 18%. The increase was driven by an approximately $661,000, or 23%, increase in tool revenue
reflecting approximately $523,000 from the expansion of our business in the Middle East. Contract services revenue increased by $166,000,
or 10%, over the prior year, primarily due to higher PDC bit refurbishment demand and a tool price increase implemented in the second
half of calendar year 2022.
Operating
Costs and Expenses
Cost
of Revenue
Cost
of revenue decreased approximately $103,000, or 5%. Cost savings were realized due to a better product mix and efficiencies in manufacturing.
Selling,
general and administrative expenses
Selling,
general and administrative expenses increased approximately $564,000, or 30%. The increase was the result of increased international
payroll costs with the hiring of four additional technical sales and business development personnel and increased intellectual property
related legal fees.
Depreciation
and amortization expenses
Depreciation
and amortization expenses decreased approximately $53,000, or 13%. The decrease was primarily due to a portion of the intellectual property
intangible balance that reached its full amortization and a decrease in depreciation expense due to assets becoming fully depreciated.
Comparison
of the Six Months Ended June 30, 2023 and 2022
Revenue
Our
revenue increased approximately $2,978,000, or 34%. The increase was driven by an approximately $2,146,000, or 38%, increase in tool
revenue reflecting strong DNR tool sales of approximately $855,000 and approximately $944,000 from the expansion of our business in the
Middle East. Contract services revenue increased by $832,000, or 28%, primarily due to higher PDC bit refurbishment demand and a tool
price increase implemented in the second half of calendar year 2022.
Operating
Costs and Expenses
Cost
of Revenue
Cost
of revenue increased approximately $368,000, or 9%. The increase was driven by higher sales volume. As a percent of revenue, costs declined
8 points to 37% of revenue due to improved overhead absorption on higher volume, a better product mix and efficiencies in manufacturing
more than offsetting higher payroll costs, additional facility expenses and higher tool repair costs associated expansion of our international
business.
Selling,
general and administrative expenses
Selling,
general and administrative expenses increased approximately $1,257,000, or 35%. Higher costs reflect the expansion of our Middle East
operations included staffing with four additional technical sales and business development personnel as well as increased intellectual
property related legal fees. Legal fees could increase further as we pursue the patent infringement lawsuit discussed in Note 9 –
Commitments and Contingencies of the notes to condensed consolidated financial statements within this Quarterly Report on Form 10-Q.
Depreciation
and amortization expenses
Depreciation
and amortization expenses decreased approximately $138,000, or 17%. The decrease was primarily due to a portion of the intellectual property
intangible balance that reached its full amortization and a decrease in depreciation expense due to assets becoming fully depreciated.
Other
Income (Expenses)
Recovery
of related party note receivable
Recovery
of related party note receivable increased approximately $350,000, or 100%, reflecting a principal and interest payment applied to the
fully reserved related party note receivable. No payment was received in the prior-year period. See Note 6 – Related Party Receivable
of the notes to condensed consolidated financial statements within this Quarterly Report on Form 10-Q.
Liquidity
and Capital Resources
At
June 30, 2023, we had working capital of approximately $4,091,000. 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 reflect revenue trends, accelerating collections of international receivables, and controlling our working
capital and debt to enhance liquidity.
Credit
Agreement
We
have a Loan and Security Agreement with Austin Financial Services, Inc. (“AFS”) (the “Credit Agreement”). The
Credit Agreement provides a $4,300,000 credit facility, which includes a $800,000 term loan (the “Term Loan”) and a $3,500,000
line of credit (the “Line of Credit”). The Credit Agreement originally was to mature on February 20, 2023, subject to early
termination pursuant to the terms of the agreement or extension as may be agreed by the parties, but it has been renewed to February
20, 2024. Cancellation is allowed with a 60-day notice. The balance of the Credit Agreement totaled approximately $1,146,000 as of June
30, 2023.
For
more details of the terms of the Credit Agreement, see Note 7 – Long-Term Debt of the notes to condensed consolidated financial
statements within this Quarterly Report on Form 10-Q.
Financing
Obligation Liability
We
have a financing obligation liability related to a failed sale-leaseback transaction. The balance of the financing obligation was approximately
$4,076,000 as of June 30, 2023.
For
more details on the terms of this transaction, see Note 8 – Financing Obligation Liability of the notes to condensed consolidated
financial statements within this Quarterly Report on Form 10-Q.
Machinery
Loans
The
Company financed the purchase of machinery and equipment in July 2022. The term of the loan is 60 months and matures in July 2027. The
loan has an interest rate of 5.50%. The balance of the machinery loans totaled approximately $595,000 as of June 30, 2023.
Cash
Flow
| |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
Net cash provided by operating activities | |
$ | 920,505 | | |
$ | 1,353,933 | |
Net cash used in investing activities | |
| (2,082,299 | ) | |
| (1,249,419 | ) |
Net cash provided by (used in) financing activities | |
| 183,560 | | |
| (99,188 | ) |
Net (decrease) increase in cash | |
$ | (978,234 | ) | |
$ | 5,326 | |
Operating
Cash Flows
For
the six months ended June 30, 2023, net cash provided by operating activities was approximately $921,000. The Company had approximately
$1,836,000 of net income, $1,239,000 of non-cash expenses, offset by $2,154,000 decrease in working capital accounts.
For
the six months ended June 30, 2022, net cash provided by operating activities was approximately $1,354,000. The Company had approximately
$93,000 of net income, approximately $1,267,000 of non-cash expenses and $7,000 increase in working capital accounts.
Investing
Cash Flows
For
the six months ended June 30, 2023, net cash used in investing activities was approximately $2,082,000, primarily related to purchases
of property, plant and equipment, offset by approximately $350,000 related to proceeds from recovery of the Tronco note receivable. The
investment in property, plant and equipment represents an increase the DNR Middle East rental fleet and the expansion of capacity to
refurbish a second customer’s PDC bits in the U.S. and repair the Company’s DNR tools in the Middle East. The Company expects
this will allow it to add new customers, increase volumes, and grow in potential new product lines.
For
the six months ended June 30, 2022, net cash used in investing activities was approximately $1,249,000, related to purchases of property,
plant and equipment, which included additions to the DNR Middle East rental fleet and an additional CNC machine.
Financing
Cash Flows
For
the six months ended June 30, 2023, net cash provided by financing activities was approximately $184,000, primarily related to net proceeds
from the revolving line of credit of approximately $329,000, proceeds from debt borrowings of approximately $132,000, offset by principal
payments on debt of approximately $283,000.
For
the six months ended June 30, 2022, net cash used in financing activities was approximately $99,000, primarily related to principal payments
on debt of approximately $281,000, offset by proceeds from debt borrowings of approximately $182,000.
Off
Balance Sheet Arrangements
The
Company had no off balance sheet arrangements.
Critical
Accounting Policies and Estimates
There
have been no significant changes to our critical accounting policies and estimates from those disclosed on our Annual Report on Form
10-K for the year ended December 31, 2022. Please refer to information regarding our critical accounting policies and estimates included
in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on
Form 10-K for the or the year ended December 31, 2022.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
Not
required for smaller reporting company.
Item
4. Controls and Procedures
Management’s
Evaluation of Disclosure Controls and Procedures
Disclosure
controls and procedures are our controls and other procedures that are designed to ensure that information required to be disclosed by
us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures
designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated
and communicated to our management, including our principal executive officer and principal financial officer to allow timely decisions
regarding required disclosure.
As
of the end of the period covered by this Quarterly Report, we carried out an evaluation, under the supervision and with the participation
of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation
of our disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b). Based upon that evaluation, as of June 30, 2023, our
Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective.
Changes
in Internal Controls over Financial Reporting
There
has been no change in our internal control over financial reporting that occurred during the quarter ended June 30, 2023 that has materially
affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Inherent
Limitations of the Effectiveness of Controls
Management
does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all
error and fraud. A control system, no matter how well designed and operated, is based upon certain assumptions and can provide only reasonable,
not absolute, assurance that its objectives will be met. Further, no evaluation of controls can provide absolute assurance that misstatements
due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected.
PART
II – OTHER INFORMATION
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
that Stabil Drill Specialties, LLC’s (“Stabil Drill”) Smoothbore Eccentric Reamer infringes the patents of Extreme
Technologies, LLC (one of our subsidiaries) on our patented Drill-N-Ream tool. 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
for their work manufacturing the Smoothbore Eccentric Reamer for Stabil Drill. The Dallas lawsuit is stayed pending resolution of the
first-filed, Houston suit. On October 1, 2020, Superior Energy Services, Stabil Drill’s parent company, filed for bankruptcy, which
resulted in a brief, automatic stay of the litigation. Superior Energy Services announced on February 2, 2021, that it successfully completed
its financial restructuring and emerged from Chapter 11 bankruptcy, but this bankruptcy did not affect Extreme Technologies’ claims
against Stabil Drill. On March 9, 2021, the Court lifted the automatic bankruptcy stay, and on May 12, 2021, the Court denied Stabil
Drill’s motion for summary judgment of non-infringement. On May 23, 2022, the Court issued its Order on Claim Construction of the
patents, adopting Extreme Technologies’ proffered interpretation on the disputed claim terms. On February 13, 2023, the lawsuit
was reassigned to United States District Judge Drew B. Tipton and United States Magistrate Judge Peter Bray. On March 27, 2023, Judge
Bray entered an amended Scheduling Order. In accordance with such amended Scheduling Order, fact discovery ended on April 14, 2023, and
expert discovery is scheduled to end on or before August 31, 2023. On July 5, 2023, Judge Bray issued a Memorandum and Recommendation
finding that Stabil Drill is prohibited from asserting its patent invalidity affirmative defenses. On August 2, 2023, Stabil Drill filed objections to the Court’s Order and the Court could possibly modify the
Order based upon Stabil Drill’s filed objections. The parties are preparing this case
for trial and expect a jury trial setting in early spring of 2024. We are not currently involved in any other litigation.
Item
1A. Risk Factors
Not
required for smaller reporting company.
Item
2. Unregistered Sale of Equity Securities and Use of Proceeds
None.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
applicable.
Item
5. Other Information
None.
Item
6. Exhibits
Exhibit
No. |
|
Description |
2.1 |
|
Agreement and Plan of Reorganization, dated December 15, 2013, between Meier Management Company, LLC, Meier Family Holding Company, LLC, and SD Company, Inc. (incorporated by reference to Exhibit 2.1 to the Registrant’ s Registration Statement on Form S-1 (Registration No. 333- 195085) filed with the SEC on April 7, 2014). |
|
|
|
3.1 |
|
Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Registrant’ s Registration Statement on Form S-1 (Registration No. 333- 195085) filed with the SEC on April 7, 2014S-1). |
|
|
|
3.2 |
|
Articles of Amendment to Articles of Incorporation (name change) (incorporated by reference to Exhibit 3.5 to Amendment No. 2 to the Registrant’ s Registration Statement on Form S-1 (Registration No. 333- 195085) filed with the SEC on May 6, 2014). |
|
|
|
3.3 |
|
Second Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on December 7, 2015). |
|
|
|
10.1 |
|
Loan Agreement among Superior Drilling Products, Inc., Vast Bank, National Association, and the guarantors named therein dated July 28, 2023 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 2, 2023). |
|
|
|
10.2 |
|
Term Loan Promissory Note between Superior Drilling Products, Inc. and Vast Bank, National Association dated July 28, 2023 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on August 2, 2023). |
|
|
|
10.3 |
|
Revolving Line Promissory Note between Superior Drilling Products, Inc. and Vast Bank, National Association dated July 28, 2023 (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on August 2, 2023). |
|
|
|
10.4 |
|
Business Manager Agreement (Domestic) between Vast Bank, National Association and Superior Drilling Company, Inc. dated July 28, 2023 (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed on August 2, 2023). |
|
|
|
10.5 |
|
Business Manager Agreement (International) between Vast Bank, National Association and Superior Drilling Company, Inc. dated July 28, 2023 (incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed on August 2, 2023). |
|
|
|
10.6 |
|
First Amendment to Commercial Lease dated July 17, 2023 between Ernest M. Cherry, Jr. Revocable Trust and Carole A. Cherry Revocable Trust, as landlord, and Meier Properties, Series LLC, as tenant (incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K filed on August 2, 2023). |
|
|
|
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** |
|
Certification pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 for G. Troy Meier and Christopher D. Cashion. |
|
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101* |
|
Interactive data files
pursuant to Rule 405 of Regulation S-T |
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Data File (embedded within the Inline XBRL document) |
* |
Filed herewith. |
** |
Furnished herewith. |
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) 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. |
|
|
|
August 14, 2023 |
By: |
/s/
G. TROY MEIER |
|
|
G.
Troy Meier, Chief Executive Officer
(Principal
Executive Officer) |
|
|
|
August 14, 2023 |
By: |
/s/
CHRISTOPHER CASHION |
|
|
Christopher Cashion, Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer) |
|
|
|
August 14, 2023 |
By: |
/s/
ANNETTE MEIER |
|
|
Annette Meier, President, Chief Operating Officer and
Director |
|
|
|
August 14, 2023 |
By: |
/s/
JAMES LINES |
|
|
James Lines, Director |
|
|
|
August 14, 2023 |
By: |
/s/
ROBERT IVERSEN |
|
|
Robert Iversen, Director |
|
|
|
August 14, 2023 |
By: |
/s/
MICHAEL RONCA |
|
|
Michael Ronca, Director |
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: August 14, 2023 |
|
|
|
|
/s/ G.
Troy Meier |
|
G. Troy Meier |
|
President and Chief Executive Officer |
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: August 14, 2023 |
|
|
|
|
/s/ Christopher
Cashion |
|
Christopher Cashion |
|
Chief Financial Officer |
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 on Form 10-Q of Superior Drilling Products, Inc. (the “Company”) for the period ended
June 30, 2023, 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: August 14, 2023 |
|
|
|
|
/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.
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 on Form 10-Q of Superior Drilling Products, Inc. (the “Company”) for the period ended
June 30, 2023, 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: August 14, 2023 |
|
|
|
|
/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.
v3.23.2
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Aug. 14, 2023 |
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Entity File Number |
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Entity Registrant Name |
SUPERIOR
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0001600422
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v3.23.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets |
|
|
Cash |
$ 1,179,791
|
$ 2,158,025
|
Accounts receivable |
4,687,791
|
3,241,221
|
Prepaid expenses |
351,840
|
367,823
|
Inventories |
3,152,403
|
2,081,260
|
Asset held for sale |
|
216,000
|
Other current assets |
192,493
|
140,238
|
Total current assets |
9,564,318
|
8,204,567
|
Property, plant and equipment, net |
11,086,053
|
8,576,851
|
Intangible assets, net |
|
69,444
|
Right of use assets |
559,405
|
638,102
|
Other noncurrent assets |
112,619
|
111,519
|
Total assets |
21,322,395
|
17,600,483
|
Current liabilities |
|
|
Accounts payable |
2,433,587
|
1,043,581
|
Accrued expenses |
959,966
|
891,793
|
Income tax payable |
524,687
|
351,618
|
Current portion of operating lease liability |
52,116
|
44,273
|
Current portion of financing obligation |
78,842
|
74,636
|
Current portion of long-term debt, net of discounts |
1,424,057
|
1,125,864
|
Other current liabilities |
|
216,000
|
Total current liabilities |
5,473,255
|
3,747,765
|
Operating lease liability, less current portion |
342,344
|
523,375
|
Long-term financing obligation, less current portion |
3,996,937
|
4,038,022
|
Long-term debt, less current portion, net of discounts |
448,424
|
529,499
|
Deferred income |
675,000
|
675,000
|
Total liabilities |
10,935,960
|
9,513,661
|
Commitments and contingencies (Note 9) |
|
|
Shareholders’ equity |
|
|
Common stock - $0.001 par value; 100,000,000 shares authorized; 29,252,872 and 29,245,080 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively |
29,253
|
29,245
|
Additional paid-in-capital |
44,407,147
|
43,943,928
|
Accumulated deficit |
(34,049,965)
|
(35,886,351)
|
Total shareholders’ equity |
10,386,435
|
8,086,822
|
Total liabilities and shareholders’ equity |
$ 21,322,395
|
$ 17,600,483
|
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v3.23.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
29,252,872
|
29,245,080
|
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29,252,872
|
29,245,080
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenue |
$ 5,367,350
|
$ 4,540,842
|
$ 11,648,564
|
$ 8,671,007
|
Operating cost and expenses |
|
|
|
|
Cost of revenue |
2,013,167
|
2,116,096
|
4,251,758
|
3,883,995
|
Selling, general, and administrative expenses |
2,458,804
|
1,894,403
|
4,797,653
|
3,541,051
|
Depreciation and amortization expense |
349,447
|
402,648
|
675,460
|
813,379
|
Total operating cost and expenses |
4,821,418
|
4,413,147
|
9,724,871
|
8,238,425
|
Operating income |
545,932
|
127,695
|
1,923,693
|
432,582
|
Other income (expense) |
|
|
|
|
Interest income |
13,755
|
2,980
|
30,653
|
3,176
|
Interest expense |
(129,866)
|
(132,738)
|
(283,956)
|
(256,600)
|
Recovery of related party note receivable |
|
|
350,262
|
|
Loss on disposition of assets |
|
(22,146)
|
|
(22,146)
|
Total other income (expense) |
(116,111)
|
(151,904)
|
96,959
|
(275,570)
|
Income (loss) before income taxes |
429,821
|
(24,209)
|
2,020,652
|
157,012
|
Income tax expense |
(106,654)
|
(32,299)
|
(184,266)
|
(63,683)
|
Net income (loss) |
$ 323,167
|
$ (56,508)
|
$ 1,836,386
|
$ 93,329
|
Earnings (loss) per common share - basic |
$ 0.01
|
$ (0.00)
|
$ 0.06
|
$ 0.00
|
Weighted average common shares outstanding - basic |
29,247,563
|
28,235,001
|
29,246,328
|
28,235,001
|
Earnings (loss) per common share - diluted |
$ 0.01
|
$ (0.00)
|
$ 0.06
|
$ 0.00
|
Weighted average common shares outstanding - diluted |
29,295,761
|
28,235,001
|
29,294,526
|
28,305,101
|
X |
- DefinitionThe aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash Flows from Operating Activities |
|
|
Net income |
$ 1,836,386
|
$ 93,329
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization expense |
675,460
|
813,379
|
Share-based compensation expense |
456,819
|
422,601
|
Amortization of right-of-use assets |
103,624
|
|
Amortization of deferred loan costs |
3,087
|
9,262
|
Loss on disposition of assets |
|
22,146
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(1,446,570)
|
72,452
|
Inventories |
(1,071,143)
|
(149,223)
|
Prepaid expenses and other current assets |
(37,372)
|
(285,628)
|
Accounts payable, accrued expenses, and other liabilities |
227,145
|
342,193
|
Income tax payable |
173,069
|
13,422
|
Net cash provided by operating activities |
920,505
|
1,353,933
|
Cash Flows From Investing Activities |
|
|
Purchases of property, plant and equipment |
(2,432,561)
|
(1,249,419)
|
Proceeds from recovery of related party note receivable |
350,262
|
|
Net cash used in investing activities |
(2,082,299)
|
(1,249,419)
|
Cash Flows from Financing Activities |
|
|
Principal payments on debt |
(283,139)
|
(281,487)
|
Proceeds received from debt |
131,552
|
182,318
|
Payments on revolving loan |
(499,887)
|
(553,650)
|
Proceeds received from revolving loan |
828,626
|
553,631
|
Proceeds from exercise of stock options |
6,408
|
|
Net cash provided by (used in) financing activities |
183,560
|
(99,188)
|
Net (decrease) increase in cash |
(978,234)
|
5,326
|
Cash at beginning of period |
2,158,025
|
2,822,100
|
Cash at end of period |
1,179,791
|
2,827,426
|
Supplemental information: |
|
|
Cash paid for interest |
281,703
|
247,952
|
Right of use assets obtained in exchange for lease obligations |
24,927
|
|
Disposal of asset held for sale |
216,000
|
|
Property, plant and equipment in accounts payable |
$ 682,658
|
|
X |
- DefinitionDisposal of asset held for sale.
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v3.23.2
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
$ 28,235
|
$ 43,071,201
|
$ (36,951,508)
|
$ 6,147,928
|
Balance, shares at Dec. 31, 2021 |
28,235,001
|
|
|
|
Share-based compensation expense |
|
422,601
|
|
422,601
|
Net income (loss) |
|
|
93,329
|
93,329
|
Balance at Jun. 30, 2022 |
$ 28,235
|
43,493,802
|
(36,858,179)
|
6,663,858
|
Balance, shares at Jun. 30, 2022 |
28,235,001
|
|
|
|
Balance at Mar. 31, 2022 |
$ 28,235
|
43,281,334
|
(36,801,671)
|
6,507,898
|
Balance, shares at Mar. 31, 2022 |
28,235,001
|
|
|
|
Share-based compensation expense |
|
212,468
|
|
212,468
|
Net income (loss) |
|
|
(56,508)
|
(56,508)
|
Balance at Jun. 30, 2022 |
$ 28,235
|
43,493,802
|
(36,858,179)
|
6,663,858
|
Balance, shares at Jun. 30, 2022 |
28,235,001
|
|
|
|
Balance at Dec. 31, 2022 |
$ 29,245
|
43,943,928
|
(35,886,351)
|
8,086,822
|
Balance, shares at Dec. 31, 2022 |
29,245,080
|
|
|
|
Share-based compensation expense |
|
456,819
|
|
456,819
|
Net income (loss) |
|
|
1,836,386
|
1,836,386
|
Exercise of stock options |
$ 8
|
6,400
|
|
6,408
|
Share based compensation arrangement by share-based payment award, options, exercises in period |
7,792
|
|
|
|
Balance at Jun. 30, 2023 |
$ 29,253
|
44,407,147
|
(34,049,965)
|
10,386,435
|
Balance, shares at Jun. 30, 2023 |
29,252,872
|
|
|
|
Balance at Mar. 31, 2023 |
$ 29,245
|
44,171,076
|
(34,373,132)
|
9,827,189
|
Balance, shares at Mar. 31, 2023 |
29,245,080
|
|
|
|
Share-based compensation expense |
|
229,671
|
|
229,671
|
Net income (loss) |
|
|
323,167
|
323,167
|
Exercise of stock options |
$ 8
|
6,400
|
|
6,408
|
Share based compensation arrangement by share-based payment award, options, exercises in period |
7,792
|
|
|
|
Balance at Jun. 30, 2023 |
$ 29,253
|
$ 44,407,147
|
$ (34,049,965)
|
$ 10,386,435
|
Balance, shares at Jun. 30, 2023 |
29,252,872
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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v3.23.2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
1.
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 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 in Vernal, Utah, where we manufacture solutions for the
drilling industry, as well as customers’ custom products. We also operate a repair facility in Dubai. Our headquarters are also
located in Vernal, Utah.
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 condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (“GAAP”). The condensed 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.
These
condensed consolidated financial statements for the three and six months ended June 30, 2023 and 2022, and the related footnote disclosures
included herein, are unaudited. The preparation of financial statements in conformity with GAAP requires the use of management’s
estimates. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of
operations expected for the year ended December 31, 2023. These condensed consolidated financial statements should be read in conjunction
with the audited consolidated financial statements of the Company for the years ended December 31, 2022 and 2021 and the notes thereto,
which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities
and Exchange Commission (the “SEC”).
Significant
Accounting Policies
The
Company’s accounting policies are set forth in Note 1 – Summary of Significant Accounting Policies of the Notes to Consolidated
Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC. There
were no significant updates or revisions to our accounting policies during the three or six months ended June 30, 2023.
Concentrations
of Credit Risk
The
Company has two significant customers that represented 84% and 89% of its revenue for the six months ended June 30, 2023 and 2022, respectively.
These customers had approximately $2,540,000 and $1,751,000 in accounts receivable as of June 30, 2023 and December 31, 2022, respectively.
The
Company had two vendors that represented 13% and 14% of its purchases for each of the six months ended June 30, 2023 and 2002, respectively.
These vendors had approximately $471,000 and $77,000 in accounts payable as of June 30, 2023 and December 31, 2022, respectively.
Superior
Drilling Products, Inc.
Notes
to the Condensed Consolidated Financial Statements (unaudited)
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v3.23.2
REVENUE
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE |
2.
REVENUE
Disaggregation
of Revenue
The
following table presents revenue disaggregated by type:
SCHEDULE
OF REVENUE DISAGGREGATED BY REVENUE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Tool revenue: | |
| | | |
| | | |
| | | |
| | |
Tool and product sales | |
$ | 609,000 | | |
$ | 627,200 | | |
$ | 2,146,380 | | |
$ | 1,291,500 | |
Tool rental | |
| 1,042,295 | | |
| 519,724 | | |
| 1,861,969 | | |
| 904,874 | |
Other related revenue | |
| 1,901,045 | | |
| 1,744,656 | | |
| 3,798,201 | | |
| 3,464,453 | |
Total tool revenue | |
| 3,552,340 | | |
| 2,891,580 | | |
| 7,806,550 | | |
| 5,660,827 | |
Contract services | |
| 1,815,010 | | |
| 1,649,262 | | |
| 3,842,014 | | |
| 3,010,180 | |
Total revenue | |
$ | 5,367,350 | | |
$ | 4,540,842 | | |
$ | 11,648,564 | | |
$ | 8,671,007 | |
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 ASC 606.
Contract
Costs
We
did not incur any material costs of obtaining contracts.
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v3.23.2
INVENTORIES
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
INVENTORIES |
3.
INVENTORIES
Inventories
were comprised of the following:
SCHEDULE
OF INVENTORIES
| |
June 30, 2023 | | |
December 31, 2022 | |
Raw material | |
$ | 1,763,567 | | |
$ | 1,334,669 | |
Work in progress | |
| 752,136 | | |
| 168,214 | |
Finished goods | |
| 636,700 | | |
| 578,377 | |
Total inventories | |
$ | 3,152,403 | | |
$ | 2,081,260 | |
Superior
Drilling Products, Inc.
Notes
to the Condensed Consolidated Financial Statements (unaudited)
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v3.23.2
PROPERTY, PLANT & EQUIPMENT
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY, PLANT & EQUIPMENT |
4.
PROPERTY, PLANT & EQUIPMENT
Property,
plant and equipment was comprised of the following:
SCHEDULE
OF PROPERTY, PLANT AND EQUIPMENT
| |
June 30, 2023 | | |
December 31, 2022 | |
Land | |
$ | 880,416 | | |
$ | 880,416 | |
Buildings | |
| 4,764,441 | | |
| 4,764,441 | |
Leasehold improvements | |
| 983,668 | | |
| 755,039 | |
Machinery, equipment, and rental tools | |
| 17,432,649 | | |
| 14,546,060 | |
Office equipment, fixtures and software | |
| 628,358 | | |
| 628,358 | |
Transportation assets | |
| 265,760 | | |
| 265,760 | |
Property, plant and equipment, gross | |
| 24,955,292 | | |
| 21,840,074 | |
Accumulated depreciation | |
| (13,869,239 | ) | |
| (13,263,223 | ) |
Total property, plant and equipment, net | |
$ | 11,086,053 | | |
$ | 8,576,851 | |
Depreciation
expense related to property, plant and equipment for the three months ended June 30, 2023 and 2022 was $284,347 and $360,981, respectively.
Depreciation expense related to property, plant and equipment for the six months ended June 30, 2023 and 2022 was $606,016 and $730,046
respectively.
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v3.23.2
INTANGIBLE ASSETS
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS |
5.
INTANGIBLE ASSETS
Intangible
assets were comprised of the following:
SCHEDULE
OF INTANGIBLE ASSETS
| |
June 30, 2023 | | |
December 31, 2022 | |
Developed technology | |
$ | 7,000,000 | | |
$ | 7,000,000 | |
Customer contracts | |
| 6,400,000 | | |
| 6,400,000 | |
Trademarks | |
| 1,500,000 | | |
| 1,500,000 | |
Total intangible assets, gross | |
| 14,900,000 | | |
| 14,900,000 | |
Less: accumulated amortization | |
| (14,900,000 | ) | |
| (14,830,556 | ) |
Total intangible assets, net | |
$ | - | | |
$ | 69,444 | |
Amortization
expense related to intangible assets for the three months ended June 30, 2023 and 2022 was $27,778 and $41,667, respectively. Amortization
expense related to intangible assets for the six months ended June 30, 2023 and 2022 was $69,444 and $83,333, respectively.
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v3.23.2
RELATED PARTY RECEIVABLE
|
6 Months Ended |
Jun. 30, 2023 |
Receivables [Abstract] |
|
RELATED PARTY RECEIVABLE |
6.
RELATED PARTY 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”) 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 holds 8,267,860 shares of the Company’s common stock as collateral.
The Company will record a recovery of the loan upon receiving repayment of the note or interest in recovery of related party note receivable
on the condensed consolidated statements of operations.
Superior
Drilling Products, Inc.
Notes
to the Condensed Consolidated Financial Statements (unaudited)
On
March 31, 2023, the Company entered into a fourth amended and restated loan agreement and note with Tronco to extend the maturity date
of the principal to March 31, 2033. As amended, the interest rate on the note is fixed at 2.8% per annum and provides for principal and
accrued interest payments in the amount of $750,000 annually on March 31, 2024 through 2032, with the balance of all remaining outstanding
principal and accrued interest due on March 31, 2033. In the event the average closing price for the Company’s common stock for
10 consecutive trading days is equal to or greater than $3.00 per share, Tronco shall pay fifty percent of the then outstanding principal
balance together with all accrued, unpaid interest within ten days of the date on which the 10-day trading average first equals or exceeds
$3.00. In the event the average closing price for 10 consecutive trading days is $4.00 per share or greater, Tronco shall pay the entire
outstanding principal balance together with all accrued, unpaid interest within ten (10) days of the date on which the 10-day average
first equals or exceeds $4.00. In addition, in the event of a sale of all or substantially all of the assets or a controlling equity
interest in the Company, Tronco and the Meiers must utilize the proceeds received from such sale to pay the entire outstanding principal
balance on the note receivable together with all accrued, unpaid interest. On March 24, 2023, there was a principal and interest payment
of $350,262 which was reflected as a recovery of related party note receivable in other income and expense on the condensed consolidated
statements of operations. The Tronco note balance, including accrued interest, was approximately $6,613,000 and $6,884,000 as of June
30, 2023 and December 31, 2022, respectively, which is fully reserved.
|
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v3.23.2
LONG-TERM DEBT
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
LONG-TERM DEBT |
7.
LONG-TERM DEBT
Long-term
debt is comprised of the following:
SCHEDULE
OF DEBT OBLIGATIONS
| |
June 30, 2023 | | |
December 31, 2022 | |
Credit Agreement | |
$ | 1,145,540 | | |
$ | 813,713 | |
Machinery loans | |
| 594,582 | | |
| 664,674 | |
Transportation loan | |
| 13,617 | | |
| 20,027 | |
Insurance loan | |
| 118,742 | | |
| 156,949 | |
Total long-term debt | |
| 1,872,481 | | |
| 1,655,363 | |
Less: current portion of long-term debt, net of discounts | |
| (1,424,057 | ) | |
| (1,125,864 | ) |
Total long-term debt, less current portion, net of discounts | |
$ | 448,424 | | |
$ | 529,499 | |
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 $4,300,000 credit facility, which includes a $800,000 term loan (the “Term
Loan”) and a $3,500,000 line of credit (the “Line of Credit”). The Credit Agreement originally was to mature on February
20, 2023, subject to early termination pursuant to the terms of the agreement or extension as may be agreed by the parties, but it has
been renewed to February 20, 2024. Cancellation is allowed with a 60-day notice. The balance of the Credit Agreement totaled approximately
$1,146,000 and $814,000 as of June 30, 2023 and December 31, 2022, respectively.
Amounts
outstanding under the Line of Credit 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. As of June 30, 2023, the Company had approximately
$50,000 of availability under the Line of Credit.
The
interest rate for the Term Loan and the Line of Credit is prime plus 5.6%, which was 13.85% at June 30, 2023. Even if our borrowings
under the Line of Credit are less than $1,000,000, we still pay interest as if we had borrowed $1,000,000. 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 or intellectual property. A collateral management fee is payable monthly on the used portion of the Line of Credit and Term
Loan.
Superior
Drilling Products, Inc.
Notes
to the Condensed Consolidated Financial Statements (unaudited)
The
Credit Agreement contains various restrictive covenants that, among other things, limit or restrict the ability of the borrowers 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 Line of Credit is classified
as current debt as a result of the required lockbox arrangement and the subjective acceleration clause. At June 30, 2023, we were in
compliance with the covenants in the Credit Agreement.
Machinery
Loans
The
Company financed the purchase of machinery and equipment through various loans. The outstanding loans have interest rates ranging from
5.50% to 5.94%, and repayment terms of 48-60 months. The balance of the machinery loans totaled approximately $595,000 and $665,000 as
of June 30, 2023 and December 31, 2022, respectively.
Transportation
Loan
The
Company financed the purchase of a vehicle with a loan agreement. The term of the loan is 60 months and matures in June 2024. The interest
rate of the loan is 6.99%. The loan is collateralized by the vehicle.
Insurance
Loan
The
Company financed insurance premiums with a loan agreement. The term of the loan is 10 months and matures in March 2024. The interest
rate of the loan is 7.08%. The balance of the insurance loan totaled approximately $119,000 and $157,000 as of June 30, 2023 and December
31, 2022, respectively.
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v3.23.2
FINANCING OBLIGATION LIABILITY
|
6 Months Ended |
Jun. 30, 2023 |
Financing Obligation Liability |
|
FINANCING OBLIGATION LIABILITY |
8.
FINANCING OBLIGATION LIABILITY
On
December 7, 2020, the Company entered into an agreement to sell 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 (the “Sale Agreement”). Concurrent
with the sale of the Property, the Company entered into a fifteen-year lease agreement (the “Lease Agreement”) to 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 842, Leases, and as such, the transaction is a failed sale-leaseback
that 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 is estimated to be $2,188,710, which
corresponds to the carrying value of the property. The Company paid $36,879 and $32,532 of principal during the six months ended June
30, 2023 and 2022, respectively.
The
outstanding balance of the financing obligation liability is summarized below:
SCHEDULE
OF FINANCING OBLIGATION LIABILITY
| |
June 30, 2023 | | |
December 31, 2022 | |
Financing obligation for sale-leaseback transaction | |
$ | 4,075,779 | | |
$ | 4,112,658 | |
Current principal portion of finance obligation | |
| (78,842 | ) | |
| (74,636 | ) |
Non-current portion of financing obligation | |
$ | 3,996,937 | | |
$ | 4,038,022 | |
Superior
Drilling Products, Inc.
Notes
to the Condensed Consolidated Financial Statements (unaudited)
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
9.
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
that Stabil Drill Specialties, LLC’s (“Stabil Drill”) Smoothbore Eccentric Reamer infringes the patents of Extreme
Technologies, LLC (one of our subsidiaries) on our patented Drill-N-Ream well bore conditioning tool. 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 for their work manufacturing the Smoothbore Eccentric Reamer for Stabil Drill. The Dallas lawsuit is stayed
pending resolution of the first-filed, Houston suit. On October 1, 2020, Superior Energy Services, Stabil Drill’s parent company,
filed for bankruptcy, which resulted in a brief, automatic stay of the litigation. Superior Energy Services announced on February 2,
2021, that it successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, but this bankruptcy did not
affect Extreme Technologies’ claims against Stabil Drill. On March 9, 2021, the Court lifted the automatic bankruptcy stay, and
on May 12, 2021, the Court denied Stabil Drill’s motion for summary judgment of non-infringement. On May 23, 2022, the Court issued
its Order on Claim Construction of the patents, adopting Extreme Technologies’ proffered interpretation on the disputed claim terms.
On February 13, 2023, the lawsuit was reassigned to United States District Judge Drew B. Tipton and United States Magistrate Judge Peter
Bray. On March 27, 2023, Judge Bray entered an amended Scheduling Order. In accordance with such amended Scheduling Order, fact discovery
ended on April 14, 2023, and expert discovery is scheduled to end on or before August 31, 2023. On July 5, 2023, Judge Bray issued a
Memorandum and Recommendation finding that Stabil Drill is prohibited from asserting its patent invalidity affirmative defenses. On August 2, 2023, Stabil Drill filed objections to the Court’s Order and the Court could possibly modify the
Order based upon Stabil Drill’s filed objections. The
parties are preparing this case for trial and expect a jury trial setting in early spring of 2024.
We
are not currently involved in any other litigation.
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v3.23.2
EARNINGS PER SHARE
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
EARNINGS PER SHARE |
10.
EARNINGS PER SHARE
Basic
and diluted earnings (loss) per share of common stock have been computed as follows:
SCHEDULE
OF BASIC AND DILUTED EARNINGS PER SHARE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 323,167 | | |
$ | (56,508 | ) | |
$ | 1,836,386 | | |
$ | 93,329 | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares of common stock outstanding - basic | |
| 29,247,563 | | |
| 28,235,001 | | |
| 29,246,328 | | |
| 28,235,001 | |
Effect of dilutive options | |
| 48,198 | | |
| - | | |
| 48,198 | | |
| 70,100 | |
Weighted average shares of common stock outstanding - diluted | |
| 29,295,761 | | |
| 28,235,001 | | |
| 29,294,526 | | |
| 28,305,101 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings (loss) per common share – basic | |
$ | 0.01 | | |
$ | (0.00 | ) | |
$ | 0.06 | | |
$ | 0.00 | |
Earnings (loss) per common share - diluted | |
$ | 0.01 | | |
$ | (0.00 | ) | |
$ | 0.06 | | |
$ | 0.00 | |
|
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v3.23.2
LEASES
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
LEASES |
11.
LEASES
The
Company leases certain facilities Utah and Dubai under long-term operating leases with lease terms of one year to two years. The operating
lease expense was approximately $63,000 and $23,000 for the three months ended June 30, 2023 and 2022, respectively, and $126,000 and
$25,000 for the six months ended June 30, 2023 and 2022, respectively.
Superior
Drilling Products, Inc.
Notes
to the Condensed Consolidated Financial Statements (unaudited)
Other
information related to operating leases:
SCHEDULE
OF OTHER INFORMATION RELATED TO OPERATING LEASE
| |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | |
Operating cash flows | |
$ | 220,329 | | |
$ | 187,394 | |
Weighted average remaining lease-term (in years) | |
| 2.45 | | |
| 2.79 | |
Weighted average discount rate | |
| 7.25 | % | |
| 7.25 | % |
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v3.23.2
SEGMENT REPORTING
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SEGMENT REPORTING |
12.
SEGMENT REPORTING
We
report our segment results based on our geographic areas of operations, North America and International. These segments have similarities
from a product perspective, but management believes that due to operational differences, such as sales models and regulatory environments,
information about the segments would be useful to readers of the financial statements.
|
● |
North
America includes our PDC drill bit and specialty tool sales and contract services business in the United States and Mexico, which
have been aggregated |
|
|
|
|
● |
International
includes our specialty tool rental business in the Middle East |
Revenue
and certain operating expenses are directly attributable to each segment.
Unallocated
corporate costs primarily include corporate shared costs, such as payroll and compensation, professional fees, and rent, as well as costs
associated with certain shared research and development activities.
Our
operating segments are not evaluated using asset information. Prior periods have been restated to conform with the current year presentation.
This change was made due to international revenue becoming more significant in the current year.
The
following table summarizes information about our segments:
SCHEDULE
OF SEGMENTS INFORMATION WITH GEOGRAPHIC AREAS
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenue: | |
| | | |
| | | |
| | | |
| | |
North America | |
$ | 4,325,055 | | |
$ | 4,021,118 | | |
$ | 9,800,115 | | |
$ | 7,766,133 | |
International | |
| 1,042,295 | | |
| 519,724 | | |
| 1,848,449 | | |
| 904,874 | |
Total revenue | |
$ | 5,367,350 | | |
$ | 4,540,842 | | |
$ | 11,648,564 | | |
$ | 8,671,007 | |
| |
| | | |
| | | |
| | | |
| | |
Operating income: | |
| | | |
| | | |
| | | |
| | |
North America | |
$ | 2,774,629 | | |
$ | 2,069,125 | | |
$ | 6,442,644 | | |
$ | 4,168,223 | |
International | |
| 229,310 | | |
| (69,223 | ) | |
| 277,066 | | |
| (216,870 | ) |
Corporate costs, unallocated | |
| (2,458,007 | ) | |
| (1,872,207 | ) | |
| (4,796,017 | ) | |
| (3,518,771 | ) |
Total operating income | |
$ | 545,932 | | |
$ | 127,695 | | |
$ | 1,923,693 | | |
$ | 432,582 | |
North
America revenue includes revenue from customers in Mexico totaling approximately $10,000 and $0 for the three months ended June 30, 2023
and 2022, respectively, and approximately $30,000 and $18,000 for the six months ended June 30, 2023 and 2022, respectively. The remainder
of the North America revenue was derived from customers in the United States of America.
Information
about products and services
See
Note 2 – Revenue
Superior
Drilling Products, Inc.
Notes
to the Condensed Consolidated Financial Statements (unaudited)
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v3.23.2
SUBSEQUENT EVENT
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENT |
13.
SUBSEQUENT EVENT
Loan
Agreement
On
July 28, 2023, the Company entered into a Loan Agreement (the “Loan Agreement”) among Vast Bank, National Association, as
lender (the “Lender”), and various subsidiaries of the Company as guarantors (the “Guarantors”).
The
Loan Agreement provides for loans through the following facilities (collectively, the “Loans”):
|
● |
Revolving
Line which provides the lesser of $750,000 or the borrowing base, as defined in the agreement, and matures on July 28, 2025. The
interest rate per annum is the greater of (a) Prime plus 1.00% and (b) 7.50%. |
|
|
|
|
● |
Term
Loan for $1,719,200, which matures on July 28, 2028. The interest rate per annum applicable to the Term Loan is fixed at 8.18%. |
The
Company will make payments of principal and interest monthly on the Term Loan, and interest only on the Revolving Line, commencing on
August 28, 2023.
The
Company paid the Lender a non-refundable upfront fee of 0.75% of each of the Revolving Line and the Term Loan. The Company may prepay
and/or repay the Loans, in whole or in part, at any time without premium or penalty, subject to certain conditions.
A
portion of the proceeds of the Loans were used to repay the Credit Agreement.
In
connection with the Loan Agreement, the Company entered into Business Manager Agreements for the purchase by the Lender of certain domestic
and international accounts receivable of the Company. The face amount of the accounts under each agreement that may be purchased cannot
exceed $2,500,000 under the domestic agreement and $2,000,000 under the international agreement. The service charge associated with the
purchases is 1.25% under the domestic agreement and 2.0% under the international agreement.
Amendment
to Lease
In
connection with entering into the Loan Agreement, Meier Properties, Series LLC, a subsidiary of the Company, entered into an amendment
(the “Amendment”) to the lease for the Company’s facilities in Vernal, Utah. Under the amendment, the tenant paid a
security deposit of approximately $80,000 in exchange for the landlord entering into Landlord Lien Waiver and Collateral Access Agreement
with the Lender.
Restricted
Stock Units
On
August 10, 2023, the Board of Directors granted 250,943 restricted stock units to Troy Meier, Chairman and Chief Executive Officer,
granted 192,453 restricted stock units to Annette Meier, President and Chief Operating Officer, granted 90,556 restricted stock
units to Chris Cashion, Chief Financial Officer, and 56,604 restricted stock units to each of the three independent members of the
Board of Directors. In addition, the Board of Directors authorized 75,000 stock options to be granted to employees of the Company other than Mr. and Mrs.
Meier and Mr. Cashion. These stock options will vest over three years.
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v3.23.2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Operations |
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 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 in Vernal, Utah, where we manufacture solutions for the
drilling industry, as well as customers’ custom products. We also operate a repair facility in Dubai. Our headquarters are also
located in Vernal, Utah.
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 condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (“GAAP”). The condensed 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.
These
condensed consolidated financial statements for the three and six months ended June 30, 2023 and 2022, and the related footnote disclosures
included herein, are unaudited. The preparation of financial statements in conformity with GAAP requires the use of management’s
estimates. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of
operations expected for the year ended December 31, 2023. These condensed consolidated financial statements should be read in conjunction
with the audited consolidated financial statements of the Company for the years ended December 31, 2022 and 2021 and the notes thereto,
which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities
and Exchange Commission (the “SEC”).
|
Concentrations of Credit Risk |
Concentrations
of Credit Risk
The
Company has two significant customers that represented 84% and 89% of its revenue for the six months ended June 30, 2023 and 2022, respectively.
These customers had approximately $2,540,000 and $1,751,000 in accounts receivable as of June 30, 2023 and December 31, 2022, respectively.
The
Company had two vendors that represented 13% and 14% of its purchases for each of the six months ended June 30, 2023 and 2002, respectively.
These vendors had approximately $471,000 and $77,000 in accounts payable as of June 30, 2023 and December 31, 2022, respectively.
|
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v3.23.2
REVENUE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
SCHEDULE OF REVENUE DISAGGREGATED BY REVENUE |
The
following table presents revenue disaggregated by type:
SCHEDULE
OF REVENUE DISAGGREGATED BY REVENUE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Tool revenue: | |
| | | |
| | | |
| | | |
| | |
Tool and product sales | |
$ | 609,000 | | |
$ | 627,200 | | |
$ | 2,146,380 | | |
$ | 1,291,500 | |
Tool rental | |
| 1,042,295 | | |
| 519,724 | | |
| 1,861,969 | | |
| 904,874 | |
Other related revenue | |
| 1,901,045 | | |
| 1,744,656 | | |
| 3,798,201 | | |
| 3,464,453 | |
Total tool revenue | |
| 3,552,340 | | |
| 2,891,580 | | |
| 7,806,550 | | |
| 5,660,827 | |
Contract services | |
| 1,815,010 | | |
| 1,649,262 | | |
| 3,842,014 | | |
| 3,010,180 | |
Total revenue | |
$ | 5,367,350 | | |
$ | 4,540,842 | | |
$ | 11,648,564 | | |
$ | 8,671,007 | |
|
X |
- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
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v3.23.2
INVENTORIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORIES |
Inventories
were comprised of the following:
SCHEDULE
OF INVENTORIES
| |
June 30, 2023 | | |
December 31, 2022 | |
Raw material | |
$ | 1,763,567 | | |
$ | 1,334,669 | |
Work in progress | |
| 752,136 | | |
| 168,214 | |
Finished goods | |
| 636,700 | | |
| 578,377 | |
Total inventories | |
$ | 3,152,403 | | |
$ | 2,081,260 | |
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v3.23.2
PROPERTY, PLANT & EQUIPMENT (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT |
Property,
plant and equipment was comprised of the following:
SCHEDULE
OF PROPERTY, PLANT AND EQUIPMENT
| |
June 30, 2023 | | |
December 31, 2022 | |
Land | |
$ | 880,416 | | |
$ | 880,416 | |
Buildings | |
| 4,764,441 | | |
| 4,764,441 | |
Leasehold improvements | |
| 983,668 | | |
| 755,039 | |
Machinery, equipment, and rental tools | |
| 17,432,649 | | |
| 14,546,060 | |
Office equipment, fixtures and software | |
| 628,358 | | |
| 628,358 | |
Transportation assets | |
| 265,760 | | |
| 265,760 | |
Property, plant and equipment, gross | |
| 24,955,292 | | |
| 21,840,074 | |
Accumulated depreciation | |
| (13,869,239 | ) | |
| (13,263,223 | ) |
Total property, plant and equipment, net | |
$ | 11,086,053 | | |
$ | 8,576,851 | |
|
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v3.23.2
INTANGIBLE ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSETS |
Intangible
assets were comprised of the following:
SCHEDULE
OF INTANGIBLE ASSETS
| |
June 30, 2023 | | |
December 31, 2022 | |
Developed technology | |
$ | 7,000,000 | | |
$ | 7,000,000 | |
Customer contracts | |
| 6,400,000 | | |
| 6,400,000 | |
Trademarks | |
| 1,500,000 | | |
| 1,500,000 | |
Total intangible assets, gross | |
| 14,900,000 | | |
| 14,900,000 | |
Less: accumulated amortization | |
| (14,900,000 | ) | |
| (14,830,556 | ) |
Total intangible assets, net | |
$ | - | | |
$ | 69,444 | |
|
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v3.23.2
LONG-TERM DEBT (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF DEBT OBLIGATIONS |
Long-term
debt is comprised of the following:
SCHEDULE
OF DEBT OBLIGATIONS
| |
June 30, 2023 | | |
December 31, 2022 | |
Credit Agreement | |
$ | 1,145,540 | | |
$ | 813,713 | |
Machinery loans | |
| 594,582 | | |
| 664,674 | |
Transportation loan | |
| 13,617 | | |
| 20,027 | |
Insurance loan | |
| 118,742 | | |
| 156,949 | |
Total long-term debt | |
| 1,872,481 | | |
| 1,655,363 | |
Less: current portion of long-term debt, net of discounts | |
| (1,424,057 | ) | |
| (1,125,864 | ) |
Total long-term debt, less current portion, net of discounts | |
$ | 448,424 | | |
$ | 529,499 | |
|
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v3.23.2
FINANCING OBLIGATION LIABILITY (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Financing Obligation Liability |
|
SCHEDULE OF FINANCING OBLIGATION LIABILITY |
The
outstanding balance of the financing obligation liability is summarized below:
SCHEDULE
OF FINANCING OBLIGATION LIABILITY
| |
June 30, 2023 | | |
December 31, 2022 | |
Financing obligation for sale-leaseback transaction | |
$ | 4,075,779 | | |
$ | 4,112,658 | |
Current principal portion of finance obligation | |
| (78,842 | ) | |
| (74,636 | ) |
Non-current portion of financing obligation | |
$ | 3,996,937 | | |
$ | 4,038,022 | |
|
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v3.23.2
EARNINGS PER SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
SCHEDULE OF BASIC AND DILUTED EARNINGS PER SHARE |
Basic
and diluted earnings (loss) per share of common stock have been computed as follows:
SCHEDULE
OF BASIC AND DILUTED EARNINGS PER SHARE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 323,167 | | |
$ | (56,508 | ) | |
$ | 1,836,386 | | |
$ | 93,329 | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares of common stock outstanding - basic | |
| 29,247,563 | | |
| 28,235,001 | | |
| 29,246,328 | | |
| 28,235,001 | |
Effect of dilutive options | |
| 48,198 | | |
| - | | |
| 48,198 | | |
| 70,100 | |
Weighted average shares of common stock outstanding - diluted | |
| 29,295,761 | | |
| 28,235,001 | | |
| 29,294,526 | | |
| 28,305,101 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings (loss) per common share – basic | |
$ | 0.01 | | |
$ | (0.00 | ) | |
$ | 0.06 | | |
$ | 0.00 | |
Earnings (loss) per common share - diluted | |
$ | 0.01 | | |
$ | (0.00 | ) | |
$ | 0.06 | | |
$ | 0.00 | |
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v3.23.2
LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
SCHEDULE OF OTHER INFORMATION RELATED TO OPERATING LEASE |
Other
information related to operating leases:
SCHEDULE
OF OTHER INFORMATION RELATED TO OPERATING LEASE
| |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | |
Operating cash flows | |
$ | 220,329 | | |
$ | 187,394 | |
Weighted average remaining lease-term (in years) | |
| 2.45 | | |
| 2.79 | |
Weighted average discount rate | |
| 7.25 | % | |
| 7.25 | % |
|
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v3.23.2
SEGMENT REPORTING (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SCHEDULE OF SEGMENTS INFORMATION WITH GEOGRAPHIC AREAS |
The
following table summarizes information about our segments:
SCHEDULE
OF SEGMENTS INFORMATION WITH GEOGRAPHIC AREAS
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenue: | |
| | | |
| | | |
| | | |
| | |
North America | |
$ | 4,325,055 | | |
$ | 4,021,118 | | |
$ | 9,800,115 | | |
$ | 7,766,133 | |
International | |
| 1,042,295 | | |
| 519,724 | | |
| 1,848,449 | | |
| 904,874 | |
Total revenue | |
$ | 5,367,350 | | |
$ | 4,540,842 | | |
$ | 11,648,564 | | |
$ | 8,671,007 | |
| |
| | | |
| | | |
| | | |
| | |
Operating income: | |
| | | |
| | | |
| | | |
| | |
North America | |
$ | 2,774,629 | | |
$ | 2,069,125 | | |
$ | 6,442,644 | | |
$ | 4,168,223 | |
International | |
| 229,310 | | |
| (69,223 | ) | |
| 277,066 | | |
| (216,870 | ) |
Corporate costs, unallocated | |
| (2,458,007 | ) | |
| (1,872,207 | ) | |
| (4,796,017 | ) | |
| (3,518,771 | ) |
Total operating income | |
$ | 545,932 | | |
$ | 127,695 | | |
$ | 1,923,693 | | |
$ | 432,582 | |
|
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v3.23.2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Product Information [Line Items] |
|
|
|
Accounts payable current |
$ 2,433,587
|
|
$ 1,043,581
|
Two Vendors [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Accounts payable current |
471,000
|
|
77,000
|
Two Customers [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Accounts receivable |
$ 2,540,000
|
|
$ 1,751,000
|
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customers [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk percentage |
84.00%
|
89.00%
|
|
Supplier Concentration Risk [Member] | Purchases [Member] | Two Vendors [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk percentage |
13.00%
|
14.00%
|
|
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v3.23.2
SCHEDULE OF REVENUE DISAGGREGATED BY REVENUE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
$ 5,367,350
|
$ 4,540,842
|
$ 11,648,564
|
$ 8,671,007
|
Tools And Product Sales [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
609,000
|
627,200
|
2,146,380
|
1,291,500
|
Tool Rental [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
1,042,295
|
519,724
|
1,861,969
|
904,874
|
Other Related Tool Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
1,901,045
|
1,744,656
|
3,798,201
|
3,464,453
|
Tool Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
3,552,340
|
2,891,580
|
7,806,550
|
5,660,827
|
Contract Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
$ 1,815,010
|
$ 1,649,262
|
$ 3,842,014
|
$ 3,010,180
|
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v3.23.2
SCHEDULE OF INVENTORIES (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Inventory Disclosure [Abstract] |
|
|
Raw material |
$ 1,763,567
|
$ 1,334,669
|
Work in progress |
752,136
|
168,214
|
Finished goods |
636,700
|
578,377
|
Total inventories |
$ 3,152,403
|
$ 2,081,260
|
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v3.23.2
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] |
|
|
Land |
$ 880,416
|
$ 880,416
|
Buildings |
4,764,441
|
4,764,441
|
Leasehold improvements |
983,668
|
755,039
|
Machinery, equipment, and rental tools |
17,432,649
|
14,546,060
|
Office equipment, fixtures and software |
628,358
|
628,358
|
Transportation assets |
265,760
|
265,760
|
Property, plant and equipment, gross |
24,955,292
|
21,840,074
|
Accumulated depreciation |
(13,869,239)
|
(13,263,223)
|
Total property, plant and equipment, net |
$ 11,086,053
|
$ 8,576,851
|
X |
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v3.23.2
PROPERTY, PLANT & EQUIPMENT (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Property, Plant and Equipment [Abstract] |
|
|
|
|
Depreciation expense related to property, plant and equipment |
$ 284,347
|
$ 360,981
|
$ 606,016
|
$ 730,046
|
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v3.23.2
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Trademarks |
$ 14,900,000
|
$ 14,900,000
|
Total intangible assets, gross |
14,900,000
|
14,900,000
|
Less: accumulated amortization |
(14,900,000)
|
(14,830,556)
|
Total intangible assets, net |
|
69,444
|
Developed Technology Rights [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Trademarks |
7,000,000
|
7,000,000
|
Total intangible assets, gross |
7,000,000
|
7,000,000
|
Customer Contracts [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Trademarks |
6,400,000
|
6,400,000
|
Total intangible assets, gross |
6,400,000
|
6,400,000
|
Trademarks and Trade Names [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Trademarks |
1,500,000
|
1,500,000
|
Total intangible assets, gross |
$ 1,500,000
|
$ 1,500,000
|
X |
- DefinitionAccumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
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v3.23.2
RELATED PARTY RECEIVABLE (Details Narrative) - Tronco Energy Corporation [Member] - USD ($)
|
Mar. 31, 2023 |
Mar. 24, 2023 |
Aug. 31, 2017 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Related party note receivable |
|
|
$ 6,979,043
|
|
|
Debt instrument, increase (decrease),net |
|
|
$ 0
|
|
|
Common stock hold as collateral |
|
|
8,267,860
|
|
|
Principal maturity date |
Mar. 31, 2033
|
|
|
|
|
Interest rate |
280.00%
|
|
|
|
|
Principal amount |
$ 750,000
|
|
|
|
|
Debt average conversion |
In the event the average closing price for the Company’s common stock for
10 consecutive trading days is equal to or greater than $3.00 per share, Tronco shall pay fifty percent of the then outstanding principal
balance together with all accrued, unpaid interest within ten days of the date on which the 10-day trading average first equals or exceeds
$3.00. In the event the average closing price for 10 consecutive trading days is $4.00 per share or greater, Tronco shall pay the entire
outstanding principal balance together with all accrued, unpaid interest within ten (10) days of the date on which the 10-day average
first equals or exceeds $4.00
|
|
|
|
|
Principal and interest payment |
|
$ 350,262
|
|
|
|
Accured interest |
|
|
|
$ 6,613,000
|
$ 6,884,000
|
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v3.23.2
SCHEDULE OF DEBT OBLIGATIONS (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Debt Instrument [Line Items] |
|
|
Total long-term debt |
$ 1,872,481
|
$ 1,655,363
|
Less: current portion of long-term debt, net of discounts |
(1,424,057)
|
(1,125,864)
|
Total long-term debt, less current portion, net of discounts |
448,424
|
529,499
|
Credit Agreement [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Total long-term debt |
1,145,540
|
813,713
|
Machinery Loans [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Total long-term debt |
594,582
|
664,674
|
Transportation Loans [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Total long-term debt |
13,617
|
20,027
|
Insurance Loan [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Total long-term debt |
$ 118,742
|
$ 156,949
|
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LONG-TERM DEBT (Details Narrative) - USD ($)
|
6 Months Ended |
12 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Feb. 28, 2019 |
Line of Credit Facility [Line Items] |
|
|
|
Line of credit availability |
$ 50,000
|
|
|
Equipment Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Notes payable |
$ 595,000
|
$ 665,000
|
|
Transportation Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Notes payable |
6.99%
|
|
|
Loan matures |
June 2024
|
|
|
Insurance Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Notes payable |
7.08%
|
|
|
Notes payable |
$ 119,000
|
157,000
|
|
Minimum [Member] | Equipment Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Notes payable |
5.50%
|
|
|
Maximum [Member] | Equipment Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Notes payable |
5.94%
|
|
|
Loan and security agreement [Member] | Term Loan and Revolving Loan [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Line of credit interest rate |
5.60%
|
|
|
Management fee rate, percentage |
13.85%
|
|
|
Line of credit borrowing capacity |
$ 1,000,000
|
|
|
Line of credit borrowing interest paid |
1,000,000
|
|
|
Loan and security agreement [Member] | Austin Financial Services Inc [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Long term line of credit |
|
|
$ 4,300,000
|
Loan and security agreement [Member] | Austin Financial Services Inc [Member] | Term Loan [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Long term line of credit |
|
|
800,000
|
Loan and security agreement [Member] | Austin Financial Services Inc [Member] | Revolving Credit Facility [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Long term line of credit |
|
|
$ 3,500,000
|
Outstanding line of credit |
$ 1,146,000
|
$ 814,000
|
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v3.23.2
SCHEDULE OF FINANCING OBLIGATION LIABILITY (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Financing Obligation Liability |
|
|
Financing obligation for sale-leaseback transaction |
$ 4,075,779
|
$ 4,112,658
|
Current principal portion of finance obligation |
(78,842)
|
(74,636)
|
Non-current portion of financing obligation |
$ 3,996,937
|
$ 4,038,022
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v3.23.2
FINANCING OBLIGATION LIABILITY (Details Narrative) - USD ($)
|
|
6 Months Ended |
Dec. 07, 2020 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Purchase price |
|
$ 2,432,561
|
$ 1,249,419
|
Sale Agreement [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Proceeds from financial obligation |
$ 1,622,106
|
|
|
Real estate debt retired |
2,638,773
|
|
|
Financing obligation liability |
$ 4,260,879
|
|
|
Implied interest rate |
6.00%
|
|
|
Financing obligation residual amount |
$ 2,188,710
|
|
|
Principal payments |
|
$ 36,879
|
$ 32,532
|
Sale Agreement [Member] | UTAH |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Purchase price |
$ 4,448,500
|
|
|
Lessee finance lease description |
the Company entered into a fifteen-year lease agreement
|
|
|
Lease Agreement [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Lease cost |
$ 311,395
|
|
|
Annual rent increases |
1.50%
|
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v3.23.2
SCHEDULE OF BASIC AND DILUTED EARNINGS PER SHARE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Numerator: |
|
|
|
|
Net income (loss) |
$ 323,167
|
$ (56,508)
|
$ 1,836,386
|
$ 93,329
|
Denominator: |
|
|
|
|
Weighted average shares of common stock outstanding - basic |
29,247,563
|
28,235,001
|
29,246,328
|
28,235,001
|
Effect of dilutive options |
48,198
|
|
48,198
|
70,100
|
Weighted average shares of common stock outstanding - diluted |
29,295,761
|
28,235,001
|
29,294,526
|
28,305,101
|
Earnings (loss) per common share – basic |
$ 0.01
|
$ (0.00)
|
$ 0.06
|
$ 0.00
|
Earnings (loss) per common share - diluted |
$ 0.01
|
$ (0.00)
|
$ 0.06
|
$ 0.00
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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SCHEDULE OF SEGMENTS INFORMATION WITH GEOGRAPHIC AREAS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenue: |
|
|
|
|
Total revenue |
$ 5,367,350
|
$ 4,540,842
|
$ 11,648,564
|
$ 8,671,007
|
Operating income: |
|
|
|
|
Total operating income |
545,932
|
127,695
|
1,923,693
|
432,582
|
North America [Member] |
|
|
|
|
Revenue: |
|
|
|
|
Total revenue |
4,325,055
|
4,021,118
|
9,800,115
|
7,766,133
|
Operating income: |
|
|
|
|
Total operating income |
2,774,629
|
2,069,125
|
6,442,644
|
4,168,223
|
International [Member] |
|
|
|
|
Revenue: |
|
|
|
|
Total revenue |
1,042,295
|
519,724
|
1,848,449
|
904,874
|
Operating income: |
|
|
|
|
Total operating income |
229,310
|
(69,223)
|
277,066
|
(216,870)
|
Corporate Costs Unallocated [Member] |
|
|
|
|
Operating income: |
|
|
|
|
Total operating income |
$ (2,458,007)
|
$ (1,872,207)
|
$ (4,796,017)
|
$ (3,518,771)
|
X |
- DefinitionThe net result for the period of deducting operating expenses from operating revenues.
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SEGMENT REPORTING (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total revenue |
$ 5,367,350
|
$ 4,540,842
|
$ 11,648,564
|
$ 8,671,007
|
MEXICO |
|
|
|
|
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|
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|
|
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$ 10,000
|
$ 0
|
$ 30,000
|
$ 18,000
|
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v3.23.2
SUBSEQUENT EVENT (Details Narrative) - Subsequent Event [Member] - USD ($)
|
Aug. 10, 2023 |
Jul. 28, 2023 |
Restricted Stock Units (RSUs) [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Vesting period |
3 years
|
|
Chairman and Chief Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Restricted stock units granted |
250,943
|
|
President and Chief Operating Officer [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Restricted stock units granted |
192,453
|
|
Chief Financial Officer [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Restricted stock units granted |
90,556
|
|
Director One [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Restricted stock units granted |
56,604
|
|
Director Two [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Restricted stock units granted |
56,604
|
|
Director Three [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Restricted stock units granted |
56,604
|
|
Empolyees [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Restricted stock units granted |
75,000
|
|
Revolving Line [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Term loan |
|
0.75%
|
Loan Agreement [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Line of credit facility current borrowing capacity |
|
$ 750,000
|
Term loan |
|
8.18%
|
Line of credit |
|
$ 1,719,200
|
Security deposit |
|
$ 80,000
|
Loan Agreement [Member] | Minimum [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Term loan |
|
1.00%
|
Loan Agreement [Member] | Maximum [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Term loan |
|
7.50%
|
Domestic Agreement [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Term loan |
|
1.25%
|
Debt instrument face amount |
|
$ 2,500,000
|
International Agreement [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Term loan |
|
2.00%
|
Debt instrument face amount |
|
$ 2,000,000
|
X |
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Superior Drilling Products (AMEX:SDPI)
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De May 2024 a Jun 2024
Superior Drilling Products (AMEX:SDPI)
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De Jun 2023 a Jun 2024