Balance Sheet

v3.24.3

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 4,165,000	$ 16,556,000
Restricted cash	2,000,000	7,742,000
Accounts receivable, net	232,032,000	447,202,000
Inventories	13,498,000	12,653,000
Prepaid expenses	2,912,000	12,181,000
Other current assets	581,000	591,000
Total current assets	255,188,000	496,925,000
Property, plant and equipment, net	109,394,000	113,905,000
Sand reserves, net	57,497,000	58,528,000
Operating lease right-of-use assets	5,010,000	9,551,000
Goodwill	9,214,000	9,214,000
Deferred income tax asset	0	1,844,000
Other non-current assets	6,675,000	8,512,000
Total assets	442,978,000	698,479,000
CURRENT LIABILITIES
Accounts payable	30,065,000	27,508,000
Accrued expenses and other current liabilities	35,433,000	87,954,000
Current operating lease liability	3,428,000	5,771,000
Income taxes payable	44,512,000	61,320,000
Total current liabilities	113,438,000	182,553,000
Long-term debt from related parties, net	49,009,000	42,809,000
Deferred income tax liabilities	2,272,000	628,000
Long-term operating lease liability	1,556,000	3,534,000
Asset retirement obligations	4,244,000	4,140,000
Other long-term liabilities	3,781,000	4,715,000
Total liabilities	174,300,000	238,379,000
COMMITMENTS AND CONTINGENCIES (Note 19)
EQUITY
Common stock, $0.01 par value, 200,000,000 shares authorized, 48,127,369 and 47,941,652 issued and outstanding at September 30, 2024 and December 31, 2023	481,000	479,000
Additional paid in capital	540,213,000	539,558,000
Accumulated deficit	(268,163,000)	(76,317,000)
Accumulated other comprehensive loss	(3,853,000)	(3,620,000)
Total equity	268,678,000	460,100,000
Total liabilities and equity	442,978,000	698,479,000
Nonrelated Party
CURRENT LIABILITIES
Accrued expenses and other current liabilities	35,433,000	86,713,000
Related Parties
CURRENT ASSETS
Accounts receivable, net	900,000	0
CURRENT LIABILITIES
Accounts payable	100,000	0
Accrued expenses and other current liabilities	$ 0	$ 1,241,000

- Definition

Carrying value as of the balance sheet date of obligations incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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