Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.

December 31,
2023 2022
Cash and cash equivalents $ 16,556  $ 17,282 
Restricted cash 7,742  — 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 24,298  $ 17,282 
Schedule of Restricted Cash
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.

December 31,
2023 2022
Cash and cash equivalents $ 16,556  $ 17,282 
Restricted cash 7,742  — 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 24,298  $ 17,282 
Schedule of Allowance for Expected Credit Losses
Following is a roll forward of the allowance for expected credit losses for the years ended December 31, 2023, 2022 and 2021 (in thousands):
Balance, January 1, 2021 $ 30,139 
Change in provision for expected credit losses 41,873 
Additions charged to revenue 27,071 
Additions charged to other selling, general, and administrative expense 273 
Additions charged to other, net - related parties 515 
Additions charged to other income (expense), net 1,474 
Recoveries of receivables previously charged to credit loss expense (211)
Write-offs charged against the provision (83,049)
Balance, December 31, 2021 18,085 
Change in provision for expected credit losses 3,550 
Recoveries of receivables previously charged to credit loss expense (161)
Write-offs charged against the provision (17,887)
Balance, December 31, 2022 3,587 
Change in provision for expected credit losses 47 
Recoveries of receivables previously charged to credit loss expense (638)
Write-offs charged against the provision (2,831)
Balance, December 31, 2023 $ 165 
Following is a roll forward of the allowance for expected credit losses specifically related to Gulfport (in thousands):
Balance, January 1, 2022 11,714 
Recoveries of receivables previously charged to credit loss expense (147)
Write-offs charged against the provision (11,567)
Balance, December 31, 2022 — 
Schedule of Asset Retirement Obligations
Following is a roll forward of the Company’s asset retirement obligations for the years ended December 31, 2023 and 2022 (in thousands):
December 31,
2023 2022
Balance as of beginning of period $ 3,981  $ 3,720 
Additions and revisions of prior estimates —  176 
Accretion expense 141  136 
Foreign currency translation adjustment 18  (51)
Asset retirement obligation as of end of period $ 4,140  $ 3,981 
Schedule of Concentration of Credit Risk and Significant Customers Following is a summary of our significant customers based on accounts receivable balances at December 31, 2023 and 2022 and revenues derived for the years ended December 31, 2023, 2022 and 2021:
REVENUES ACCOUNTS RECEIVABLE
Years Ended December 31, At December 31,
2023 2022 2021 2023 2022
Customer A(a)
9  % 10  % 6  % —  % —  %
Customer B(b)
—  % —  % —  % 90  % 83  %
a.Customer A is a third-party customer. Revenues and the related accounts receivable balances earned from Customer A were derived from the Company’s well completion services segment.
b.Customer B is a third-party customer. Revenues and the related accounts receivable balances earned from Customer B were derived from the Company’s infrastructure services segment. Accounts receivable for Customer B also includes receivables due for interest charged on delinquent accounts receivable.