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 ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net loss $ (4,936,514) $ (21,130,434)
Adjustments to reconcile net loss to cash provided by operating activities:    
Equity based compensation 569,831 0
Depreciation and amortization 16,893,777 17,413,591
Amortization of coil tubing strings 492,409 551,300
Amortization of debt origination costs 99,701 99,701
Bad debt expense (40,446) 23,543
Gain disposal of property and equipment (79,408) (21,000)
Deferred income taxes (3,801,212) 93,451
Changes in assets and liabilities:    
Accounts receivable, net (4,282,133) (1,854,385)
Receivables from related parties (5,081,734) 19,802,936
Inventories (1,059,948) (162,003)
Prepaid expenses and other assets 62,571 (4,530,288)
Accounts payable 12,185,209 (3,123,148)
Payables to related parties 2,487,033 1,393,117
Accrued expenses and other liabilities 658,419 12,100,124
Income taxes payable (28,156) (26,912)
Net cash provided by operating activities 14,139,399 20,629,593
Cash flows from investing activities:    
Purchases of property and equipment (30,935,179) (534,525)
Proceeds from disposal of property and equipment 369,258 34,863
Net cash used in investing activities (30,565,921) (499,662)
Cash flows from financing activities:    
Borrowings from lines of credit 0 4,800,000
Repayments of lines of credit 0 (14,299,772)
Net cash used in financing activities 0 (9,499,772)
Effect of foreign exchange rate on cash 10,657 260,074
Net (decrease) increase in cash and cash equivalents (16,415,865) 10,890,233
Cash and cash equivalents at beginning of period 28,693,985 3,074,072
Cash and cash equivalents at end of period 12,278,120 13,964,305
Supplemental disclosure of cash flow information:    
Cash paid for interest 186,584 1,138,550
Cash paid for income taxes 700,825 934,262
Supplemental disclosure of non-cash transactions:    
Purchases of property and equipment included in trade accounts payable $ 9,346,077 $ 597,885