Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities    
Net loss $ (31,863,719) $ (6,850,578)
Adjustments to reconcile net loss to cash provided by operating activities:    
Equity based compensation (18,683) 0
Depreciation and amortization 52,815,813 53,696,264
Amortization of coil tubing strings 1,386,856 1,527,148
Amortization of debt origination costs 299,104 299,104
Bad debt expense 1,779,870 925,284
(Gain) loss on disposal of property and equipment (472,908) 1,132,324
Impairment of long-lived assets 1,870,885 5,379,237
Deferred income taxes (18,906) (6,026,372)
Changes in assets and liabilities:    
Accounts receivable, net (1,622,812) 5,732,098
Receivables from related parties (197,538) 16,910,443
Inventories (687,921) (2,104,342)
Prepaid expenses and other assets (53,517) 6,541,650
Accounts payable (374,921) (20,471,581)
Payables to related parties 1,279,925 (164,581)
Accrued expenses and other liabilities 1,492,897 (2,798,543)
Income taxes payable (4,052) 27,966
Net cash provided by operating activities 25,610,373 53,755,521
Cash flows from investing activities:    
Purchases of property and equipment (3,692,032) (24,474,906)
Proceeds from disposal of property and equipment 3,399,705 1,140,724
Net cash used in investing activities (292,327) (23,334,182)
Cash flows from financing activities:    
Borrowings from lines of credit 22,650,000 10,000,000
Repayments of lines of credit (48,407,804) (49,905,675)
Capital distributions 0 (711)
Net cash used in financing activities (25,757,804) (39,906,386)
Effect of foreign exchange rate on cash 186,967 (174,195)
Net decrease in cash and cash equivalents (252,791) (9,659,242)
Cash and cash equivalents at beginning of period 3,074,072 15,674,492
Cash and cash equivalents at end of period 2,821,281 6,015,250
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,832,660 4,069,792
Cash paid for income taxes 2,755,562 3,114,206
Supplemental disclosure of non-cash transactions:    
Purchases of property and equipment included in trade accounts payable $ 1,832,892 $ 689,983