COIL TUBING TECHNOLOGY, INC.

CIK:0001084463|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue:
Rental revenue	$ 426	$ 1,407	$ 2,195	$ 3,981
Product revenue	0	753	238	1,092
Inspection revenue	24	0	62	0
Total revenue	450	2,160	2,495	5,073
Cost of revenue:
Compensation and benefits	129	254	486	730
Material, supplies and support service	104	378	456	877
Facilities and support expenses	21	48	93	138
Depreciation of rental tools	271	302	880	874
Total cost of revenue	525	982	1,915	2,619
Gross profit	(75)	1,178	580	2,454
Operating (income) expenses:
Compensation and benefits	175	206	589	581
Selling and marketing	240	333	845	1,095
General and administrative	623	311	1,262	837
Depreciation and amortization	160	85	472	254
Gain (loss) on sale of fixed assets	(32)	(26)	(75)	(27)
Total operating expenses	1,166	909	3,093	2,740
Income (loss) from operations	(1,241)	269	(2,513)	(286)
Other income (expense):
Other income (expense)	9	0	(34)	1
Interest expense	(54)	(13)	(151)	(39)
Total other income (expense)	(45)	(13)	(185)	(38)
Consolidated net income (loss)	(1,286)	256	(2,698)	(324)
Net income attributable to non-controlling interest	30	0	55	0
Net income (loss) attributable to Coil Tubing Technology, Inc.	$ (1,256)	$ 256	$ (2,643)	$ (324)
Net loss per share:
Basic and diluted income (loss)	$ (.08)	$ .02	$ (.17)	$ (.02)
Weighted average common shares outstanding:
Basic and diluted	15,632,425	15,651,827	15,632,425	15,651,827

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows From Operating Activities:
Net loss	$ (2,698)	$ (324)
Adjustments to reconcile net loss to net cash provided by operating activities:
Bad debt expense	519	0
Stock based compensation	89	153
Depreciation and amortization	1,351	1,128
(Gain) loss on sale of rental tool	(75)	(27)
Changes in:
Accounts receivable	950	(458)
Other current assets	137	71
Accounts payable	(336)	96
Accrued liabilities related party	55	0
Accrued liabilities	55	178
Net cash provided by operating activities	47	817
Cash Flows From Investing Activities:
Purchases of rental tools	(118)	(525)
Proceeds from lost rental tools	85	156
Proceeds from sale of fixed assets	0	59
Purchase of building, machinery and equipment	(1,186)	(246)
Net cash used in investing activities	(1,219)	(556)
Cash Flows From Financing Activities:
Payments on notes payable	(127)	(70)
Proceeds from notes payable	797	110
Payments on related party notes payable	(91)	(117)
Retirement of common stock	(11)	0
Net cash used in financing activities	568	(77)
Net increase (decrease) in cash	(604)	184
Cash at beginning of period	1,280	902
Cash at end of period	676	1,086
Supplemental disclosure of cash flow information:
Cash paid for: interest	67	27
Cash paid for: Income taxes	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash	$ 676	$ 1,280
Accounts receivable, net	633	2,102
Other current assets	57	194
Total current assets	1,366	3,576
Rental tools, net	1,553	2,325
Property and equipment, net	2,537	1,575
Intangible assets, net	4,355	4,602
Total assets	9,811	12,078
Current liabilities:
Accounts payable	114	450
Accrued liabilities	145	89
Related party accrued liabilities	94	39
Related party notes payable - current	0	91
Notes payable, current	131	99
Total current liabilities	484	768
Long term liabilities:
Related party notes payable, net of current portion	3,750	3,750
Notes payable, net of current portion	1,511	873
Total liabilities	$ 5,745	$ 5,391
Commitments and contingencies
Stockholders' Equity:
Preferred Stock, $.001 par value, 5,000,000 shares authorized Series A Preferred Stock, $.001 par value, 1,000,000 shares authorized; 0 shares issued and outstanding Series B Convertible Preferred Stock, $.001 par value, 1,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2015 and December 31, 2014	$ 0	$ 0
Common Stock, $.001 par value, 200,000,000 shares authorized; 15,632,425 and 15,651,827 shares issued and outstanding at September 30, 2015 and December 31, 2014	16	16
Additional paid-in capital	10,125	10,047
Accumulated deficit	(6,020)	(3,376)
Total Coil Tubing Technology, Inc. Stockholders' Equity	4,121	6,687
Non-controlling interest	(55)	0
Total Stockholders' Equity	4,066	6,687
Total Liabilities and Stockholders' Equity	9,811	12,078
Series A Preferred Stock
Stockholders' Equity:
Preferred Stock, $.001 par value, 5,000,000 shares authorized Series A Preferred Stock, $.001 par value, 1,000,000 shares authorized; 0 shares issued and outstanding Series B Convertible Preferred Stock, $.001 par value, 1,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2015 and December 31, 2014	0	0
Series B Convertible Preferred Stock
Stockholders' Equity:
Preferred Stock, $.001 par value, 5,000,000 shares authorized Series A Preferred Stock, $.001 par value, 1,000,000 shares authorized; 0 shares issued and outstanding Series B Convertible Preferred Stock, $.001 par value, 1,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2015 and December 31, 2014	$ 0	$ 0