Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities      
Net loss $ (88,407,995) $ (27,231,414) $ (2,010,548)
Adjustments to reconcile net loss to cash provided by operating activities:      
Equity based compensation 501,147 0 3,838,842
Depreciation and amortization 69,910,858 72,393,882 35,627,165
Amortization of coil tubing strings 2,027,752 2,075,787 1,508,761
Amortization of debt origination costs 398,806 398,805 1,094,367
Bad debt expense 1,968,001 3,682,218 603,289
(Gain) loss on disposal of property and equipment (747,896) 1,429,087 (341,459)
Impairment of long-lived assets 1,870,885 12,124,353 0
Deferred income taxes 47,898,688 (5,717,451) 5,814,982
Changes in assets and liabilities:      
Accounts receivable, net (4,636,428) 27,522,839 (4,246,612)
Receivables from related parties (2,415,741) 9,499,181 (26,985,235)
Inventories (1,627,179) (2,611,047) (1,055,660)
Prepaid expenses and other assets (372,308) 4,086,044 (2,233,175)
Accounts payable 295,550 (27,633,817) (417,121)
Payables to related parties (4,578,623) 2,420,581 (2,663,197)
Accrued expenses and other liabilities 6,015,365 (4,054,709) 1,834,108
Income taxes payable 770 8,277 (2,120,793)
Net cash provided by operating activities 28,101,652 68,392,616 8,247,714
Cash flows from investing activities:      
Purchases of property and equipment 11,317,909 26,251,675 111,592,602
Purchases of property and equipment - related parties 0 0 97,454
Proceeds from disposal of property and equipment 4,022,092 1,416,766 3,063,803
Other, net 0 0 2,270
Business combination cash acquired (Note 12) 0 0 7,059,068
Net cash used in investing activities (7,295,817) (24,834,909) (101,564,915)
Cash flows from financing activities:      
Borrowings on long-term debt 28,560,000 14,500,000 203,690,193
Repayments of long-term debt (126,974,820) (70,430,761) (149,992,040)
Proceeds from initial public offering 105,838,750 0 0
Initial public offering costs (2,764,089) 0 0
Debt issuance costs 0 0 (2,328,603)
Capital (distributions) contributions 0 (711) 51,756,201
Net cash provided by (used in) financing activities 4,659,841 (55,931,472) 103,125,751
Effect of foreign exchange rate on cash 154,237 (226,655) (2,418,289)
Net increase (decrease) in cash and cash equivalents 25,619,913 (12,600,420) 7,390,261
Cash and cash equivalents at beginning of period 3,074,072 15,674,492 8,284,231
Cash and cash equivalents at end of period 28,693,985 3,074,072 15,674,492
Supplemental disclosure of cash flow information:      
Cash paid for interest 3,518,623 5,120,482 3,492,763
Cash paid for income taxes 3,587,871 3,888,470 3,709,620
Supplemental disclosure of non-cash transactions:      
Acquisition of Stingray Pressure Pumping and Stingray Logistics (Note 13) 0 0 176,570,932
Purchases of property and equipment included in trade accounts payable $ 2,788,602 $ 740,555 $ 7,047,706