Integrated Drilling Equipment Holdings Corp

[1]	There were no dilutive shares included in the computation of diluted loss per share for the years ended December 31, 2014 and 2013, because their inclusion would be anti-dilutive.

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net loss	$ (866)us-gaap_NetIncomeLoss	$ (7,660)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to cash provided by operating activities
Depreciation and amortization expense	2,117	2,162
Deferred income tax	0us-gaap_DeferredIncomeTaxExpenseBenefit	3,873us-gaap_DeferredIncomeTaxExpenseBenefit
Provision for bad debts	(222)us-gaap_ProvisionForDoubtfulAccounts	281us-gaap_ProvisionForDoubtfulAccounts
Provision for inventory obsolescence	(125)irig_ProvisionsForInventoryObsolescence	150irig_ProvisionsForInventoryObsolescence
Amortization of deferred financing costs	1,153us-gaap_AmortizationOfFinancingCosts	1,494us-gaap_AmortizationOfFinancingCosts
Impairment of intangible assets	0	858
Loss on sale of fixed assets	0	53
Unrealized gain on warrant valuation	(546)	(778)
Paid in-kind interest expense	1,480us-gaap_PaidInKindInterest	856us-gaap_PaidInKindInterest
Compensation expense in form of note payable	2,254	0
Changes in operating assets and liabilities
Trade accounts receivable	(6,615)	13,778
Inventories	(786)us-gaap_IncreaseDecreaseInInventories	5,150us-gaap_IncreaseDecreaseInInventories
Other current assets	(96)	259
Trade accounts and other payables	(211)	(9,230)
Accrued liabilities	(486)	(860)
Customer advanced billings and payments	4,014	(8,172)
Net cash provided by operating activities	1,065	2,214
Investing activities
Capital expenditures for intangibles	0	(479)
Capital expenditures for property, plant and equipment	(202)	(204)
Proceeds from sales of property, equipment and improvements	0	40
Restricted cash	83	420
Net cash used in investing activities	(119)	(223)
Financing activities
Issuance of long-term debt	87,809	102,615
Repayments of long-term debt	(88,369)us-gaap_RepaymentsOfLongTermDebt	(105,181)us-gaap_RepaymentsOfLongTermDebt
Payment of capital lease	(104)	(46)
Net cash (used in) financing activities	(664)	(2,612)
Increase (decrease) in cash and cash equivalents	282	(621)
Cash and cash equivalents
Beginning of year	981	1,602
End of year	1,263	981
Supplemental cash flow disclosure
Cash paid for interest	3,299us-gaap_InterestPaidNet	2,977us-gaap_InterestPaidNet
Cash paid for income taxes	41us-gaap_IncomeTaxesPaid	305us-gaap_IncomeTaxesPaid
Noncash activity
Property and equipment acquired through capital leases	182us-gaap_CapitalLeaseObligationsIncurred	142us-gaap_CapitalLeaseObligationsIncurred
Equity issued in exchange for obligations	$ 0	$ 1,242

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 1,263	$ 981
Restricted cash	0	83
Accounts receivable, net	20,170us-gaap_AccountsReceivableNetCurrent	13,333us-gaap_AccountsReceivableNetCurrent
Inventories, net	7,950us-gaap_InventoryNet	7,039us-gaap_InventoryNet
Deferred tax assets	50	133
Prepaid expenses and other current assets	878	782
Total current assets	30,311us-gaap_AssetsCurrent	22,351us-gaap_AssetsCurrent
Intangibles, net	1,508us-gaap_FiniteLivedIntangibleAssetsNet	2,798us-gaap_FiniteLivedIntangibleAssetsNet
Property, equipment and improvements, net	2,217us-gaap_PropertyPlantAndEquipmentNet	2,686us-gaap_PropertyPlantAndEquipmentNet
Deferred financing costs, net	364	1,517
Deposits	91us-gaap_DepositsAssetsNoncurrent	91us-gaap_DepositsAssetsNoncurrent
Total assets	34,491us-gaap_Assets	29,443us-gaap_Assets
Current liabilities
Current maturities of long-term debt	37,814us-gaap_LongTermDebtCurrent	12,974us-gaap_LongTermDebtCurrent
Current portion of capital lease obligations	90us-gaap_CapitalLeaseObligationsCurrent	64us-gaap_CapitalLeaseObligationsCurrent
Trade accounts and other payables	14,201us-gaap_AccountsPayableTradeCurrent	14,482us-gaap_AccountsPayableTradeCurrent
Customer advanced billings and payments	7,425us-gaap_AccruedLiabilitiesCurrent	8,654us-gaap_AccruedLiabilitiesCurrent
Customer advanced billings and payments, and other	9,892us-gaap_OtherLiabilitiesCurrent	5,877us-gaap_OtherLiabilitiesCurrent
Total current liabilities	69,422us-gaap_LiabilitiesCurrent	42,051us-gaap_LiabilitiesCurrent
Long-term debt, less current maturities	1,346us-gaap_LongTermDebtNoncurrent	22,746us-gaap_LongTermDebtNoncurrent
Capital lease obligations, net of current	124	98
Deferred tax liability	50	133
Total liabilities	70,942us-gaap_Liabilities	65,028us-gaap_Liabilities
Commitments and contingencies (see Note 15)
Stockholders’ deficit
Common stock $0.0001 par value Authorized shares 100,000,000 Issued shares 8,809,917	1us-gaap_CommonStockValue	1us-gaap_CommonStockValue
Accumulated deficit	(36,452)	(35,586)
Total stockholders’ deficit	(36,451)us-gaap_StockholdersEquity	(35,585)us-gaap_StockholdersEquity
Total liabilities and stockholders’ deficit	$ 34,491	$ 29,443