Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

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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