0001558370-24-004547 | 10-K | XBRL Viewer

January 2024 - December 2024

January 2025 - December 2025

January 2026 - December 2026

January 2027 - December 2027

Obligations under finance leases

Major Clients (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of sales to major clients, as a percentage of operating revenues


	Year Ended December 31,
		2023	2022
A		36%	—
B		14%	—
C		12%	—
D		11%	12%
E		—	13%
F		—	10%

Recently Issued Accounting Pronouncements	12 Months Ended
Dec. 31, 2023
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements	17. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 seeks to improve disclosures about a public entity’s reportable segments and add disclosures around a reportable segment’s expenses. The updated guidance is effective for the Company for annual periods beginning January 1, 2024, and interim periods within fiscal years beginning January 1, 2025. As the Company has two reportable segments, the Company does not expect the adoption of this ASU to have a material impact on its financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 seeks to improve transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disclosures. The updated guidance is effective for the Company on January 1, 2025. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its financial statements and disclosures.

Recently Issued Accounting Pronouncements

12 Months Ended

Dec. 31, 2023

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

17. Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 seeks to improve disclosures about a public entity’s reportable segments and add disclosures around a reportable segment’s expenses. The updated guidance is effective for the Company for annual periods beginning January 1, 2024, and interim periods within fiscal years beginning January 1, 2025. As the Company has two reportable segments, the Company does not expect the adoption of this ASU to have a material impact on its financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 seeks to improve transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disclosures. The updated guidance is effective for the Company on January 1, 2025. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its financial statements and disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Debt - Aggregate principal amount and interest rates (Details) - Notes payable to finance companies for insurance - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
DEBT
Aggregate principal amount outstanding	$ 910	$ 205
Interest rate (as a percent)	8.75%	8.24%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Supplemental Consolidated Financial Statement Information (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Consolidated Financial Statement Information

Summary of prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following at December 31, 2023 and 2022 (in thousands):


	December 31,
	2023		2022 (as adjusted)
Contract assets	$	4,318	$	5,433
Prepaid expenses		3,197		2,271
Other assets		1,139		1,247
Other current assets	$	8,654	$	8,951

Schedule of other current liabilities


	December 31,
	2023		2022 (as adjusted)
Contract assets	$	4,318	$	5,433
Prepaid expenses		3,197		2,271
Other assets		1,139		1,247
Other current assets	$	8,654	$	8,951

Segments - Income statement (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Operating revenues
Operating revenues		$ 96,846	$ 51,630
Operating costs:
Operating expenses		88,044	46,546
General and administrative		11,430	15,455
Severance expense	$ 2,200	2,208
Depreciation and amortization		8,492	11,830
Total operating costs		110,174	73,831
Loss from operations		(13,328)	(22,201)
Other income (expense):
Interest income		576	317
Interest expense		(103)	(31)
Other income, net		612	411
Gain from employee retention credit			2,966
Loss before income tax		(12,243)	(18,538)
Income tax expense		96	(107)
Net loss		(12,147)	(18,645)
Other comprehensive income:
Net unrealized income (loss) on foreign exchange rate translation		161	(1,063)
Comprehensive loss		(11,986)	(19,708)
Fee Revenue
Operating revenues
Operating revenues		61,447	46,071
Operating costs:
Operating expenses		52,895	40,987
Reimbursable Revenue
Operating revenues
Operating revenues		35,399	5,559
Operating costs:
Operating expenses		35,149	5,559
Operating segment \| USA Operations
Operating revenues
Operating revenues		83,823	36,352
Operating costs:
Operating expenses		75,652	34,799
General and administrative		10,360	14,140
Severance expense		2,208
Depreciation and amortization		6,566	9,721
Total operating costs		94,786	58,660
Loss from operations		(10,963)	(22,308)
Other income (expense):
Interest income		333	225
Interest expense		(75)	(28)
Other income, net		553	385
Gain from employee retention credit			2,966
Loss before income tax		(10,152)	(18,760)
Income tax expense		96	(107)
Net loss		(10,056)	(18,867)
Other comprehensive income:
Comprehensive loss		(10,056)	(18,867)
Operating segment \| USA Operations \| Fee Revenue
Operating revenues
Operating revenues		49,045	31,096
Operating costs:
Operating expenses		41,124	29,543
Operating segment \| USA Operations \| Reimbursable Revenue
Operating revenues
Operating revenues		34,778	5,256
Operating costs:
Operating expenses		34,528	5,256
Operating segment \| Canada Operations
Operating revenues
Operating revenues		13,023	15,278
Operating costs:
Operating expenses		12,392	11,747
General and administrative		1,070	1,315
Depreciation and amortization		1,926	2,109
Total operating costs		15,388	15,171
Loss from operations		(2,365)	107
Other income (expense):
Interest income		243	92
Interest expense		(28)	(3)
Other income, net		59	26
Loss before income tax		(2,091)	222
Net loss		(2,091)	222
Other comprehensive income:
Net unrealized income (loss) on foreign exchange rate translation		161	(1,063)
Comprehensive loss		(1,930)	(841)
Operating segment \| Canada Operations \| Fee Revenue
Operating revenues
Operating revenues		12,402	14,975
Operating costs:
Operating expenses		11,771	11,444
Operating segment \| Canada Operations \| Reimbursable Revenue
Operating revenues
Operating revenues		621	303
Operating costs:
Operating expenses		$ 621	$ 303

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (12,147)	$ (18,645)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	8,492	11,830
Operating lease cost	1,094	998
Non-cash compensation		413
Deferred income tax (benefit) expense	(121)	116
Bad debt expense	68
(Gain) loss on disposal of assets	(23)	551
Remeasurement and other		(18)
Change in operating assets and liabilities:
(Increase) decrease in accounts receivable	(5,802)	2,890
(Increase) decrease in employee retention credit receivable	3,035	(3,035)
(Increase) decrease in prepaid expenses and other assets	1,902	(4,324)
Increase (decrease) in accounts payable	138	802
Increase (decrease) in accrued liabilities	906	705
Increase (decrease) in operating lease liabilities	(1,177)	(1,026)
Increase (decrease) in deferred revenue	4,449	5,474
Net cash provided by (used in) operating activities	814	(3,269)
Cash flows from investing activities:
Capital expenditures, net of non-cash capital expenditures summarized below	(3,721)	(1,429)
Acquisition of short-term investments	(1,000)
Proceeds from disposal of assets	217	340
Net cash used in investing activities	(4,504)	(1,089)
Cash flows from financing activities:
Principal payments on notes payable	(896)	(1,253)
Principal payments on finance leases	(253)	(47)
Tax withholdings related to stock-based compensation awards		(79)
Cash settlement of RSUs		(301)
Sale of treasury stock		113
Breckenridge cash distributions prior to acquisition	(3,055)	(583)
Net cash used in financing activities	(4,204)	(2,150)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	63	(265)
Net decrease in cash and cash equivalents and restricted cash	(7,831)	(6,773)
Cash and cash equivalents and restricted cash at beginning of period	23,603	30,376
Cash and cash equivalents and restricted cash at end of period	15,772	23,603
Supplemental cash flow information:
Cash paid for interest	98	31
Cash received for income taxes	9	7
Non-cash operating, investing and financing activities:
(Decrease) increase in accrued purchases of property and equipment	(272)	605
Increase in accrued purchases of property and equipment		605
Finance leases incurred	1,730	279
Increase in right-of-use assets and operating lease liabilities	283	598
Financed insurance premiums	1,602	1,193
Deemed distribution of Breckenridge net assets not acquired	2,329
Deemed contribution of Breckenridge net assets		(6,472)
Breckenridge
Non-cash operating, investing and financing activities:
Deemed distribution of Breckenridge net assets not acquired	2,329
Deemed contribution of Breckenridge net assets		$ (6,472)
Acquisition of net assets of Breckenridge	$ (1,335)

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Organization and Nature of Operations

The Company is a leading provider of onshore seismic data acquisition and processing services. Founded in 1952, the Company acquires and processes 2-D, 3-D and multi-component seismic data for its clients, ranging from major oil and gas companies to independent oil and gas operators as well as providers of multi-client data libraries. The Company operates in the lower 48 states of the U.S. and in Canada.

Basis of Presentation

The accompanying consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Certain prior period amounts in the condensed consolidated financial statements may have been reclassified to conform to the current period’s presentation.

These consolidated financial statements have been prepared using accounting principles generally accepted in the U.S. for interim financial information and the instructions to Form 10-K and applicable rules of Regulation S-X of the Securities and Exchange Commission (the “SEC”).

Asset Purchase Agreement. On March 24, 2023, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Wilks Brothers, LLC (“Wilks”) and Breckenridge Geophysical, LLC (“Breckenridge”), a wholly owned subsidiary of Wilks. Pursuant to the Purchase Agreement, the Company completed the purchase of substantially all of the Breckenridge assets related to seismic data acquisition services other than its multi-client data library, in exchange for a combination of equity consideration and a convertible note (the “Transaction”). While the Transaction was structured as an asset purchase, the Company’s financial presentation reflects combined results of the two companies as if the combination occurred on January 14, 2022, the date Wilks became the majority shareholder of the Company. This is due to the fact that both the Company and Breckenridge were under Wilks’ control from January 14, 2022 forward. The presentation is required as a combination of entities under common control. As part of the Purchase Agreement, in addition to the 1,188,235 shares of our common stock issued to Wilks at closing, we entered into a convertible note to deliver approximately 5.8 million shares of common stock to Wilks after the Company receives shareholder approval of the proposal to issue the shares upon conversion of the convertible note in accordance with NASDAQ Listing Rule 5635 (the “Convertible Note”). The shareholders approved conversion of the Convertible Note during a special meeting held on September 13, 2023. Pursuant to the Purchase Agreement, the Convertible Note in the amount of $9,880,000.50 was automatically converted into 5,811,765 newly-issued shares of the Company’s common stock following the requisite shareholder approval, and the Convertible Note was thereby extinguished.

The Purchase Agreement has been accounted for as a transfer of net assets between entities under common control in a manner similar to a pooling of interests. The Company’s historical consolidated financial statements have been retrospectively revised to reflect the effects on financial position, cash flows, and results of operations attributable to the activities of Breckenridge for all periods presented and are thus marked “(as adjusted)”. The effects of transactions in Breckenridge’s equity prior to the Transaction have been presented as a separate component of stockholders’ equity on the Condensed Consolidated Balance Sheets and on the Condensed Consolidated Statements of Stockholders’ Equity to demonstrate the effects of those transactions on the Company’s historical consolidated financial statements.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Dawson Operating LLC, Dawson Seismic Services Holdings, Inc., Eagle Canada, Inc., Eagle Canada Seismic Services ULC and Exploration Surveys, Inc. Additionally, Breckenridge has been consolidated on the Company’s statements for the period from January 14, 2022 (the date on which Wilks gained control of Dawson) to December 31, 2022, and for the period from January 1, 2023 to March 24, 2023. All significant intercompany balances and transactions have been eliminated in consolidation.

Cash Equivalents

For purposes of the consolidated financial statements, the Company considers demand deposits, certificates of deposit, overnight investments, money market funds and all highly liquid debt instruments purchased with an initial maturity of three months or less to be cash equivalents.

Allowance for Current Expected Credit Loss

The Company’s allowance for credit losses reflects its current estimate expected to be incurred over the life of the financial instrument and is determined based on a number of factors. Management determines the need for any allowance for credit losses on accounts receivable based on its review of past-due accounts, its past experience of historical write-offs, its current client base, when customer accounts exceed 90 days past due and specific customer account reviews. While the collectability of outstanding client invoices is continually assessed, the inherent volatility of the energy industry’s business cycle can cause swift and unpredictable changes in the financial stability of the Company’s clients. With the adoption of ASU No. 2016-13 in 2020, the Company made an accounting policy election to write off accrued interest amounts by reversing interest income. The Company's allowance for credit losses was $250,000 at December 31, 2023 and 2022.

Employee Retention Credit Receivable

Under the provisions of the CARES Act, the Company was eligible and, in April 2022, applied for a refundable employee retention credit subject to program conditions and requirements. The Company recognizes these credits as a gain when all uncertainties have been met and the amounts are realizable in accordance with similar gain contingencies. The Company recognized $3.0 million as a gain in other income and $69,000 as interest income in the Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2022 and recognized $3.0 million as an employee retention credit receivable in the Consolidated Balance Sheet as of December 31, 2022. Payments were received in January 2023.

Property and Equipment

Property and equipment is capitalized at historical cost or the fair value of assets acquired in a business combination and is depreciated over the useful life of the asset. Management’s estimation of this useful life is based on circumstances that exist in the seismic industry and information available at the time of the purchase of the asset. As circumstances change and new information becomes available, these estimates could change.

Depreciation is computed using the straight-line method. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the consolidated balance sheet, and any resulting gain or loss is reflected in the results of operations for the period.

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment when triggering events occur suggesting deterioration in the assets’ recoverability or fair value. Recognition of an impairment charge is required if future expected undiscounted net cash flows are insufficient to recover the carrying value of the assets and the fair value of the assets is below the carrying value of the assets. Management’s forecast of future cash flows used to perform impairment analysis includes estimates of future revenues and expenses based on the Company’s anticipated future results, while considering anticipated future oil and natural gas prices which is fundamental in assessing demand for the Company’s services. If the carrying amounts of the assets exceed the estimated expected undiscounted future cash flows, the Company measures the amount of possible

impairment by comparing the carrying amount of the assets to the fair value. No impairment charges were recognized for the years ended December 31, 2023 and 2022.

Leases

The Company leases certain vehicles, seismic recording equipment, real property and office equipment under lease agreements. The Company evaluates each lease to determine its appropriate classification as an operating lease or a finance lease for financial reporting purposes. The Company is the lessee in a lease contract when we obtain the right to control the asset. The majority of our operating leases are non-cancelable operating leases for office, shop and warehouse space in Midland, Plano, Houston and Calgary, Alberta.

The assets and liabilities under finance leases are recorded at the lower of the present value of the minimum lease payments or the fair market value of the related assets. Assets under finance leases are amortized using the straight-line method over the initial lease term. Amortization of assets under finance leases is included in depreciation expense.

For operating leases, where readily determinable, the Company uses the implicit interest rate in determining the present value of future minimum lease payments. In the absence of an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The Company gives consideration to its outstanding debt, as well as publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. The ROU assets are amortized to operating lease cost over the lease terms on a straight-line basis and is included in operating expense. The Company does not recognize leases with an initial term of 12 months or less and does not separate lease and non-lease components.

Several of the Company’s leases include options to renew, with renewal terms that can extend from one to 10 years or more. The exercise of lease renewal options is primarily at the Company’s discretion. To measure operating lease recognition, the Company evaluates its lease agreements to determine if they have economic incentives for renewal or options to purchase. The Company deems leasehold improvements as one of the few economic incentives that would entice the Company to renew a lease and all of its leasehold improvements are currently fully amortized.

Intangibles

The Company has intangible assets consisting primarily of trademarks/tradenames (which are not amortized) resulting from a business combination. The Company tests for impairment on an annual basis during the fourth quarter, and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. No impairment charges were recognized for the years ended December 31, 2023 and 2022.

Revenue Recognition

Services are provided under cancelable service contracts which usually have an original expected duration of one year or less. These contracts are either turnkey or term agreements. Under both types of agreements, the Company recognizes revenues as the services are performed. Revenue is generally recognized based on receivers laid out and picked up compared to total receivers anticipated to be recorded on the survey using the total estimated revenue for the service contract. In the case of a cancelled service contract, the client is billed and revenue is recognized for any third party charges and square miles of data recorded up to the date of cancellation.

The Company receives reimbursements for certain out-of-pocket expenses under the terms of the service contracts. The amounts billed to clients are included at their gross amount in the total estimated revenue for the service contract.

Clients are billed as permitted by the service contract. Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections. If billing occurs prior to the revenue recognition or billing exceeds the revenue recognized, the amount is considered deferred revenue and a contract liability. Conversely, if the revenue recognition exceeds the billing, the excess is considered an unbilled receivable and a contract asset. As services are performed, those deferred revenue amounts are recognized as revenue.

In some instances, third-party permitting, surveying, drilling, helicopter, equipment rental and mobilization costs that directly relate to the contract are utilized to fulfill the contract obligations. These fulfillment costs are capitalized in other current assets and generally amortized based on the total square miles of data recorded compared to total square miles anticipated to be recorded on the survey using the total estimated fulfillment costs for the service contract.

Estimates for total revenue and total fulfillment cost on any service contract are based on certain qualitative and quantitative judgments supported by underlying facts. Management considers a variety of factors such as whether various components of the performance obligation will be performed internally or externally, cost of third party services, and facts and circumstances unique to the performance obligation in making these estimates.

Additionally, the Company’s policy includes (i) ignoring the financing component when estimating the transaction price for service contracts completed within one year, (ii) excluding sales tax collected from the customer when determining the transaction price, and (iii) expensing incremental costs to obtain a customer contract if the amortization period for those costs would otherwise be one year or less.

Segments

Historically, the chief operating decision maker made operating decisions and evaluated operating results of the Company on a consolidated basis. In December 2023, we appointed a new Chief Executive Officer who is our current chief operating decision maker. Currently, our chief operating decision maker reviews the discrete segment financial information on a geographic basis for the US operations and Canada Operations. The revenue for both of the Company’s segments is generated by the same services, which utilize the same type of equipment and personnel. The performance of our segments is evaluated primarily on Adjusted EBITDA. We define Adjusted EBITDA as our net income (loss), before (i) interest expense, net, (ii) income tax expense or benefit, (iii) depreciation, depletion and amortization and (iv) other unusual or non-recurring charges, such as severance expenses. As a result, our business has two reportable segments, US operations and Canada Operations. We have included disclosures about our two reportable segments for all periods presented herein. See Note 15 for additional disclosures related to our reportable segments.

Stock-Based Compensation

The Company measures all stock-based compensation awards, which include stock options, restricted stock, restricted stock units and common stock awards, using the fair value method and recognizes compensation expense, net of actual forfeitures, as operating or general and administrative expense, as appropriate, in the Consolidated Statements of Operations and Comprehensive Loss on a straight-line basis over the vesting period of the related awards.

Foreign Currency Translation

The U.S. Dollar is the reporting currency for all periods presented. The functional currency of the Company’s foreign subsidiaries is generally the local currency. Any transactions denominated in a currency other than the functional currency are remeasured with the resulting unrealized gain or loss recognized in the Consolidated Statements of Operations and Comprehensive Loss as other income (expense). All assets and liabilities in the functional currency are then translated into U.S. Dollars at the exchange rate on the consolidated balance sheet date. Income and expenses are translated using the exchange rate applicable to each transaction. Equity transactions are translated using historical exchange rates. Adjustments resulting from translation are recorded as a separate component of accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. Realized foreign currency transaction gains (losses) are included in the Consolidated Statements of Operations and Comprehensive Loss as other income (expense).

Income Taxes

The Company accounts for income taxes by recognizing amounts of taxes payable or refundable for the current year, and by using an asset and liability approach in recognizing the amount of deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. Management determines deferred taxes by identifying the types and amounts of existing temporary differences, measuring the total deferred tax asset or liability using the applicable tax rate in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates of deferred tax assets and liabilities is recognized in income in the year of an enacted rate change. The deferred tax asset is reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be

realized. Management’s methodology for recording income taxes requires judgment regarding assumptions and the use of estimates, including determining the annual effective tax rate and the valuation of deferred tax assets, which can create variances between actual results and estimates and could have a material impact on the Company’s provision or benefit for income taxes. Due to recent operating losses and valuation allowances, the Company may recognize reduced or no tax benefits on future losses on the Consolidated Statements of Operations and Comprehensive Loss. The Company’s effective tax rates differ from the statutory federal rate of 21% for certain items such as state and local taxes, valuation allowances, non-deductible expenses and discrete items.

Use of Estimates in the Preparation of Financial Statements

Preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of certain assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The most sensitive estimates involve the Company’s estimates for total revenues and total fulfillment costs on service contracts. Because of the use of assumptions and estimates inherent in the reporting process, actual results could differ from those estimates.

Severance Expense

In December 2023, we recorded severance expenses of $2.2 million in connection with the termination of the Company’s (i) President and Chief Executive Officer, (ii) Chief Financial Officer, Executive Vice President, Secretary and Treasurer and (iii) Chief Operating Officer and Executive Vice President. This severance is included on the balance sheet within accrued liabilities in payroll costs and other taxes. This severance will be paid out in bi-weekly payments for (ii) and (iii) until February of 2025, and bi-weekly payments for (i) until December of 2025.

Risks and uncertainties

Our ability to be profitable in the future will depend on many factors beyond our control, but primarily on the level of demand for land-based seismic data acquisition services by oil and natural gas exploration and development companies. We incurred net losses of $12.1 million for the year ended December 31, 2023, and $18.6 million for the year ended December 31, 2022. As of December 31, 2023, we had $15.8 million in cash, and a positive working capital balance of $15 million. We believe that our cash flows from operations, and our current financial position are adequate to fund our continued operations.

Segments (Details) - USD ($) $ in Thousands	12 Months Ended
Segments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segments
Operating revenues	$ 96,846	$ 51,630
Net Property and Equipment	16,508	20,468
Right-of-use Assets	3,208	4,010
Operating segment \| United States
Segments
Operating revenues	83,823	36,352
Net Property and Equipment	14,386	18,181
Right-of-use Assets	2,808	3,722
Operating segment \| Canada
Segments
Operating revenues	13,023	15,278
Net Property and Equipment	2,122	2,287
Right-of-use Assets	$ 400	$ 288

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Leases - Supplemental balance sheet information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Operating leases
Operating lease right-of-use assets	$ 3,208,000	$ 4,010,000
Operating lease liabilities - current	1,202,000	1,118,000
Operating lease liabilities - long-term	2,363,000	3,331,000
Total operating lease liabilities	3,565,000	4,449,000
Finance leases
Property and equipment, at cost	10,672,000	8,942,000
Accumulated depreciation	(7,982,000)	(7,336,000)
Property and equipment, net	$ 2,690,000	$ 1,606,000
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Finance lease liabilities - current	$ 470,000	$ 70,000
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Capital Lease Obligations, Current	Long-term Debt and Capital Lease Obligations, Current
Finance lease liabilities - long-term	$ 1,289,000	$ 207,000
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Capital Lease Obligations	Long-term Debt and Capital Lease Obligations
Obligations under finance leases	$ 1,759,000	$ 277,000
Weighted average remaining lease term:
Operating leases	3 years 1 month 6 days	3 years 10 months 24 days
Finance leases	3 years 2 months 12 days	2 years 9 months 18 days
Weighted average discount rate:
Operating leases	5.20%	5.03%
Finance leases	6.60%	7.21%

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Equity Attributable to Breckenridge Prior to Acquisition	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Balance at beginning of period at Dec. 31, 2021		$ 237	$ 155,268	$ (92,018)	$ (1,010)	$ 62,477
Balance at beginning of period (in shares) at Dec. 31, 2021		23,692,379
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)	$ 1,806			(20,451)		(18,645)
Unrealized income (loss) on foreign exchange rate translation					(1,063)
Other comprehensive income (loss)					(1,063)	(1,063)
Issuance of common stock under stock compensation plans		$ 1	(1)
Issuance of common stock under stock compensation plans (in shares)		155,000
Stock-based compensation expense			413			413
Shares exchanged for taxes on stock-based compensation			(79)			(79)
Shares exchanged for taxes on stock-based compensation (in shares)		(35,050)
Cash settlement of RSUs			(301)			(301)
Treasury stock sale			113			113
Deemed contribution of Breckenridge net assets	6,472					6,472
Breckenridge cash distributions prior to acquisition	(583)					(583)
Balance at end of period at Dec. 31, 2022	7,695	$ 238	155,413	(112,469)	(2,073)	$ 48,804
Balance at end of period (in shares) at Dec. 31, 2022		23,812,329				23,812,329
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)	(976)			(11,171)		$ (12,147)
Unrealized income (loss) on foreign exchange rate translation					161
Other comprehensive income (loss)					161	161
Issuance of stock for Breckenridge acquisition	(1,335)	$ 12	2,008			685
Issuance of stock for Breckenridge acquisition (in shares)		1,188,235
Excess of purchase price over net assets acquired			(10,565)			(10,565)
Breckenridge cash distributions prior to acquisition	(3,055)					(3,055)
Deemed distributions of Breckenridge net assets not acquired	$ (2,329)					(2,329)
Issuance of stock for convertible note		$ 58	9,822			9,880
Issuance of stock for convertible note (in shares)		5,811,765
Balance at end of period at Dec. 31, 2023		$ 308	$ 156,678	$ (123,640)	$ (1,912)	$ 31,434
Balance at end of period (in shares) at Dec. 31, 2023		30,812,329				30,812,329

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Summary of Significant Accounting Policies
Organization and Nature of Operations	Organization and Nature of Operations The Company is a leading provider of onshore seismic data acquisition and processing services. Founded in 1952, the Company acquires and processes 2-D, 3-D and multi-component seismic data for its clients, ranging from major oil and gas companies to independent oil and gas operators as well as providers of multi-client data libraries. The Company operates in the lower 48 states of the U.S. and in Canada.
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Certain prior period amounts in the condensed consolidated financial statements may have been reclassified to conform to the current period’s presentation. These consolidated financial statements have been prepared using accounting principles generally accepted in the U.S. for interim financial information and the instructions to Form 10-K and applicable rules of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Asset Purchase Agreement. On March 24, 2023, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Wilks Brothers, LLC (“Wilks”) and Breckenridge Geophysical, LLC (“Breckenridge”), a wholly owned subsidiary of Wilks. Pursuant to the Purchase Agreement, the Company completed the purchase of substantially all of the Breckenridge assets related to seismic data acquisition services other than its multi-client data library, in exchange for a combination of equity consideration and a convertible note (the “Transaction”). While the Transaction was structured as an asset purchase, the Company’s financial presentation reflects combined results of the two companies as if the combination occurred on January 14, 2022, the date Wilks became the majority shareholder of the Company. This is due to the fact that both the Company and Breckenridge were under Wilks’ control from January 14, 2022 forward. The presentation is required as a combination of entities under common control. As part of the Purchase Agreement, in addition to the 1,188,235 shares of our common stock issued to Wilks at closing, we entered into a convertible note to deliver approximately 5.8 million shares of common stock to Wilks after the Company receives shareholder approval of the proposal to issue the shares upon conversion of the convertible note in accordance with NASDAQ Listing Rule 5635 (the “Convertible Note”). The shareholders approved conversion of the Convertible Note during a special meeting held on September 13, 2023. Pursuant to the Purchase Agreement, the Convertible Note in the amount of $9,880,000.50 was automatically converted into 5,811,765 newly-issued shares of the Company’s common stock following the requisite shareholder approval, and the Convertible Note was thereby extinguished. The Purchase Agreement has been accounted for as a transfer of net assets between entities under common control in a manner similar to a pooling of interests. The Company’s historical consolidated financial statements have been retrospectively revised to reflect the effects on financial position, cash flows, and results of operations attributable to the activities of Breckenridge for all periods presented and are thus marked “(as adjusted)”. The effects of transactions in Breckenridge’s equity prior to the Transaction have been presented as a separate component of stockholders’ equity on the Condensed Consolidated Balance Sheets and on the Condensed Consolidated Statements of Stockholders’ Equity to demonstrate the effects of those transactions on the Company’s historical consolidated financial statements.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Dawson Operating LLC, Dawson Seismic Services Holdings, Inc., Eagle Canada, Inc., Eagle Canada Seismic Services ULC and Exploration Surveys, Inc. Additionally, Breckenridge has been consolidated on the Company’s statements for the period from January 14, 2022 (the date on which Wilks gained control of Dawson) to December 31, 2022, and for the period from January 1, 2023 to March 24, 2023. All significant intercompany balances and transactions have been eliminated in consolidation.
Cash Equivalents	Cash Equivalents For purposes of the consolidated financial statements, the Company considers demand deposits, certificates of deposit, overnight investments, money market funds and all highly liquid debt instruments purchased with an initial maturity of three months or less to be cash equivalents.
Allowance for Current Expected Credit Loss	Allowance for Current Expected Credit Loss The Company’s allowance for credit losses reflects its current estimate expected to be incurred over the life of the financial instrument and is determined based on a number of factors. Management determines the need for any allowance for credit losses on accounts receivable based on its review of past-due accounts, its past experience of historical write-offs, its current client base, when customer accounts exceed 90 days past due and specific customer account reviews. While the collectability of outstanding client invoices is continually assessed, the inherent volatility of the energy industry’s business cycle can cause swift and unpredictable changes in the financial stability of the Company’s clients. With the adoption of ASU No. 2016-13 in 2020, the Company made an accounting policy election to write off accrued interest amounts by reversing interest income. The Company's allowance for credit losses was $250,000 at December 31, 2023 and 2022.
Employee Retention Credit Receivable	Employee Retention Credit Receivable Under the provisions of the CARES Act, the Company was eligible and, in April 2022, applied for a refundable employee retention credit subject to program conditions and requirements. The Company recognizes these credits as a gain when all uncertainties have been met and the amounts are realizable in accordance with similar gain contingencies. The Company recognized $3.0 million as a gain in other income and $69,000 as interest income in the Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2022 and recognized $3.0 million as an employee retention credit receivable in the Consolidated Balance Sheet as of December 31, 2022. Payments were received in January 2023.
Property and Equipment	Property and Equipment Property and equipment is capitalized at historical cost or the fair value of assets acquired in a business combination and is depreciated over the useful life of the asset. Management’s estimation of this useful life is based on circumstances that exist in the seismic industry and information available at the time of the purchase of the asset. As circumstances change and new information becomes available, these estimates could change. Depreciation is computed using the straight-line method. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the consolidated balance sheet, and any resulting gain or loss is reflected in the results of operations for the period.
Impairment of Long-lived Assets	Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment when triggering events occur suggesting deterioration in the assets’ recoverability or fair value. Recognition of an impairment charge is required if future expected undiscounted net cash flows are insufficient to recover the carrying value of the assets and the fair value of the assets is below the carrying value of the assets. Management’s forecast of future cash flows used to perform impairment analysis includes estimates of future revenues and expenses based on the Company’s anticipated future results, while considering anticipated future oil and natural gas prices which is fundamental in assessing demand for the Company’s services. If the carrying amounts of the assets exceed the estimated expected undiscounted future cash flows, the Company measures the amount of possible impairment by comparing the carrying amount of the assets to the fair value. No impairment charges were recognized for the years ended December 31, 2023 and 2022.
Leases	Leases The Company leases certain vehicles, seismic recording equipment, real property and office equipment under lease agreements. The Company evaluates each lease to determine its appropriate classification as an operating lease or a finance lease for financial reporting purposes. The Company is the lessee in a lease contract when we obtain the right to control the asset. The majority of our operating leases are non-cancelable operating leases for office, shop and warehouse space in Midland, Plano, Houston and Calgary, Alberta. The assets and liabilities under finance leases are recorded at the lower of the present value of the minimum lease payments or the fair market value of the related assets. Assets under finance leases are amortized using the straight-line method over the initial lease term. Amortization of assets under finance leases is included in depreciation expense. For operating leases, where readily determinable, the Company uses the implicit interest rate in determining the present value of future minimum lease payments. In the absence of an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The Company gives consideration to its outstanding debt, as well as publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. The ROU assets are amortized to operating lease cost over the lease terms on a straight-line basis and is included in operating expense. The Company does not recognize leases with an initial term of 12 months or less and does not separate lease and non-lease components. Several of the Company’s leases include options to renew, with renewal terms that can extend from one to 10 years or more. The exercise of lease renewal options is primarily at the Company’s discretion. To measure operating lease recognition, the Company evaluates its lease agreements to determine if they have economic incentives for renewal or options to purchase. The Company deems leasehold improvements as one of the few economic incentives that would entice the Company to renew a lease and all of its leasehold improvements are currently fully amortized.
Intangibles	Intangibles The Company has intangible assets consisting primarily of trademarks/tradenames (which are not amortized) resulting from a business combination. The Company tests for impairment on an annual basis during the fourth quarter, and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. No impairment charges were recognized for the years ended December 31, 2023 and 2022.
Revenue Recognition	Revenue Recognition Services are provided under cancelable service contracts which usually have an original expected duration of one year or less. These contracts are either turnkey or term agreements. Under both types of agreements, the Company recognizes revenues as the services are performed. Revenue is generally recognized based on receivers laid out and picked up compared to total receivers anticipated to be recorded on the survey using the total estimated revenue for the service contract. In the case of a cancelled service contract, the client is billed and revenue is recognized for any third party charges and square miles of data recorded up to the date of cancellation. The Company receives reimbursements for certain out-of-pocket expenses under the terms of the service contracts. The amounts billed to clients are included at their gross amount in the total estimated revenue for the service contract. Clients are billed as permitted by the service contract. Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections. If billing occurs prior to the revenue recognition or billing exceeds the revenue recognized, the amount is considered deferred revenue and a contract liability. Conversely, if the revenue recognition exceeds the billing, the excess is considered an unbilled receivable and a contract asset. As services are performed, those deferred revenue amounts are recognized as revenue. In some instances, third-party permitting, surveying, drilling, helicopter, equipment rental and mobilization costs that directly relate to the contract are utilized to fulfill the contract obligations. These fulfillment costs are capitalized in other current assets and generally amortized based on the total square miles of data recorded compared to total square miles anticipated to be recorded on the survey using the total estimated fulfillment costs for the service contract. Estimates for total revenue and total fulfillment cost on any service contract are based on certain qualitative and quantitative judgments supported by underlying facts. Management considers a variety of factors such as whether various components of the performance obligation will be performed internally or externally, cost of third party services, and facts and circumstances unique to the performance obligation in making these estimates. Additionally, the Company’s policy includes (i) ignoring the financing component when estimating the transaction price for service contracts completed within one year, (ii) excluding sales tax collected from the customer when determining the transaction price, and (iii) expensing incremental costs to obtain a customer contract if the amortization period for those costs would otherwise be one year or less.
Segments	Segments Historically, the chief operating decision maker made operating decisions and evaluated operating results of the Company on a consolidated basis. In December 2023, we appointed a new Chief Executive Officer who is our current chief operating decision maker. Currently, our chief operating decision maker reviews the discrete segment financial information on a geographic basis for the US operations and Canada Operations. The revenue for both of the Company’s segments is generated by the same services, which utilize the same type of equipment and personnel. The performance of our segments is evaluated primarily on Adjusted EBITDA. We define Adjusted EBITDA as our net income (loss), before (i) interest expense, net, (ii) income tax expense or benefit, (iii) depreciation, depletion and amortization and (iv) other unusual or non-recurring charges, such as severance expenses. As a result, our business has two reportable segments, US operations and Canada Operations. We have included disclosures about our two reportable segments for all periods presented herein. See Note 15 for additional disclosures related to our reportable segments.
Stock-Based Compensation	Stock-Based Compensation The Company measures all stock-based compensation awards, which include stock options, restricted stock, restricted stock units and common stock awards, using the fair value method and recognizes compensation expense, net of actual forfeitures, as operating or general and administrative expense, as appropriate, in the Consolidated Statements of Operations and Comprehensive Loss on a straight-line basis over the vesting period of the related awards.
Foreign Currency Translation	Foreign Currency Translation The U.S. Dollar is the reporting currency for all periods presented. The functional currency of the Company’s foreign subsidiaries is generally the local currency. Any transactions denominated in a currency other than the functional currency are remeasured with the resulting unrealized gain or loss recognized in the Consolidated Statements of Operations and Comprehensive Loss as other income (expense). All assets and liabilities in the functional currency are then translated into U.S. Dollars at the exchange rate on the consolidated balance sheet date. Income and expenses are translated using the exchange rate applicable to each transaction. Equity transactions are translated using historical exchange rates. Adjustments resulting from translation are recorded as a separate component of accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. Realized foreign currency transaction gains (losses) are included in the Consolidated Statements of Operations and Comprehensive Loss as other income (expense).
Income Taxes	Income Taxes The Company accounts for income taxes by recognizing amounts of taxes payable or refundable for the current year, and by using an asset and liability approach in recognizing the amount of deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. Management determines deferred taxes by identifying the types and amounts of existing temporary differences, measuring the total deferred tax asset or liability using the applicable tax rate in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates of deferred tax assets and liabilities is recognized in income in the year of an enacted rate change. The deferred tax asset is reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. Management’s methodology for recording income taxes requires judgment regarding assumptions and the use of estimates, including determining the annual effective tax rate and the valuation of deferred tax assets, which can create variances between actual results and estimates and could have a material impact on the Company’s provision or benefit for income taxes. Due to recent operating losses and valuation allowances, the Company may recognize reduced or no tax benefits on future losses on the Consolidated Statements of Operations and Comprehensive Loss. The Company’s effective tax rates differ from the statutory federal rate of 21% for certain items such as state and local taxes, valuation allowances, non-deductible expenses and discrete items.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements Preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of certain assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The most sensitive estimates involve the Company’s estimates for total revenues and total fulfillment costs on service contracts. Because of the use of assumptions and estimates inherent in the reporting process, actual results could differ from those estimates.
Severance Expense	Severance Expense In December 2023, we recorded severance expenses of $2.2 million in connection with the termination of the Company’s (i) President and Chief Executive Officer, (ii) Chief Financial Officer, Executive Vice President, Secretary and Treasurer and (iii) Chief Operating Officer and Executive Vice President. This severance is included on the balance sheet within accrued liabilities in payroll costs and other taxes. This severance will be paid out in bi-weekly payments for (ii) and (iii) until February of 2025, and bi-weekly payments for (i) until December of 2025.
Risks and uncertainties	Risks and uncertainties Our ability to be profitable in the future will depend on many factors beyond our control, but primarily on the level of demand for land-based seismic data acquisition services by oil and natural gas exploration and development companies. We incurred net losses of $12.1 million for the year ended December 31, 2023, and $18.6 million for the year ended December 31, 2022. As of December 31, 2023, we had $15.8 million in cash, and a positive working capital balance of $15 million. We believe that our cash flows from operations, and our current financial position are adequate to fund our continued operations.

Stock-Based Compensation - Stock Options (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation
Outstanding stock options	0	0
Options granted (in shares)	0	0

Segments - Total assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Total assets by operating segment
Total assets	$ 57,519	$ 68,673
Operating segment \| United States
Total assets by operating segment
Total assets	48,495	58,091
Operating segment \| Canada
Total assets by operating segment
Total assets	$ 9,024	$ 10,582

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

11. Income Taxes

The Company’s components of loss before income tax, exclusive of Breckenridge were as follows (in thousands):


	Year Ended December 31,
	2023		2022
Domestic	$	(9,177)	$	(20,566)
Foreign		(2,090)		222
Loss before income tax	$	(11,267)	$	(20,344)

The Company’s components of income tax benefit (expense) were as follows (in thousands):


	Year Ended December 31,
	2023		2022
Current federal benefit	$	17	$	9
Current state expense		(42)		—
Deferred federal benefit (expense)		114		(109)
Deferred state benefit (expense)		7		(7)
Income tax benefit (expense)	$	96	$	(107)

The income tax provision differs from the amount computed by applying the statutory federal income tax rate to loss before income tax as follows (in thousands):


	Year Ended December 31,
	2023		2022
Tax benefit computed at statutory rate of 21%	$	2,366	$	4,272
Change in valuation allowance		(2,599)		15,352
State income tax expense, net of federal tax		(28)		(5)
Foreign losses		492		70
Section 382 limited NOL		—		(19,904)
Other		(135)		108
Income tax benefit (expense)	$	96	$	(107)

The principal components of the Company’s net deferred tax assets (liabilities) (in thousands) were as follows:


	December 31,
	2023		2022
Deferred tax assets:
Federal tax net operating loss ("NOL") carryforward	$	14,505	$	13,373
Foreign tax NOL carryforward		7,031		6,423
Deferred revenue		1,697		379
State tax NOL carryforward		1,579		1,398
Intangible Assets - Breckenridge		939		—
Accrued severance		456		—
Other comprehensive income		421		458
Foreign deferred taxes		256		252
Right-of-use assets		79		80
Canadian start-up costs		58		74
Other		53		52
Self-insurance		39		37
Workers’ compensation		3		8
Gross deferred tax assets		27,116		22,534
Less valuation allowances		(26,443)		(21,184)
Net deferred tax assets		673		1,350
Deferred tax liabilities:
Property and equipment		(688)		(1,486)
Net deferred tax liabilities	$	(15)	$	(136)

Domestic deferred tax liabilities	$	(15)	$	(136)
Foreign deferred tax liabilities		—		—
Net deferred tax liabilities	$	(15)	$	(136)

At December 31, 2023, the Company had a gross NOL for U.S. federal income tax purposes of approximately $163,849,000 but expects approximately $94,779,000 to expire unused due to the 382 event discussed below. The remaining NOL will begin to expire in 2027. Losses incurred after the year ended December 31, 2017 have no expiration. The Company will carry forward the tax benefits related to federal net NOL of approximately $14,505,000. The Company also had state net NOLs that will affect state taxes of approximately $1,579,000 at December 31, 2023. State NOLs began to expire in 2015 and continue to expire each year. The Company also had a Canadian gross NOL of $27,043,000 that will begin to expire in 2037.

On January 14, 2022, the Company was subject to an Internal Revenue Code section 382 event that limited some of our NOL utilization in future periods. The 382 limitation rendered a substantial portion of the NOLs unusable and caused the Company to write off approximately $19,904,000 of the federal net NOLs against the valuation allowance. It also caused the Company to adjust the valuation allowance so we are still in a naked credit position domestically, but it did not have a material impact on tax expense.

In evaluating the possible sources of taxable income during 2023, the Company determined it is more likely than not that the remaining deferred tax assets will not be realizable. As a result, the Company recorded full valuation allowance against foreign deferred tax assets and its federal and state deferred tax assets with the exception of its trademark intangible.

At December 31, 2023 and 2022, the Company did not have any uncertain tax positions. The Company’s policy is to recognize interest and penalties related to an uncertain tax position in income tax expense.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Leases - Components of lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases
Amortization of right-of-use assets	$ 957	$ 1,273
Interest on lease liabilities	57	3
Total finance lease cost	1,014	1,276
Operating lease cost	1,201	1,242
Total lease cost	$ 2,215	$ 2,518

Supplemental Purchase Agreement Transaction Information (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Purchase Agreement Transaction Information

Schedule of non-cash items associated with the Purchase Agreement

Historical financial information for Breckenridge was derived from Breckenridge’s financial statements. In the opinion of the Company’s management, the financial information of Breckenridge reflects all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The non-cash items associated with the Purchase Agreement shown on the Condensed Consolidated Statements of Cash Flows consist of “Deemed distribution (contribution)” and “Acquisition of Breckenridge net assets” and are derived as follows (in thousands):


Deemed Distribution (Contribution)	Year Ended December 31,
	2023		2022
Deemed distribution (contribution) of short-term investments	$	1,000	$	—
Deemed distribution (contribution) of accounts receivable		1,015		(2,605)
Deemed distribution (contribution) of prepaids and other		1		(133)
Deemed distribution (contribution) of land and buildings		514		(4,726)
Deemed (distribution) contribution of accounts payable		(132)		196
Deemed (distribution) contribution of accrued liabilities		(69)		228
Deemed (distribution) contribution of deferred revenue		—		568
Deemed distribution of Breckenridge net assets not acquired	$	2,329
Deemed contribution of Breckenridge net assets			$	(6,472)


Historical Carrying Value of Assets Acquired	March 24, 2023
Accounts receivable, net	$	67
Prepaid expenses and other current assets		56
Property and equipment, net		1,322
Other accrued liabilities		(16)
Deferred revenue		(94)
Acquisition of Breckenridge net assets	$	1,335

Schedule of consideration paid

Total consideration for the asset purchase is as follows (in thousands):


Consideration Paid	March 24, 2023
Common stock issued	$	2,020
Note payable issued		9,880
Purchase price	$	11,900

Schedule of excess purchase price

Because the Transaction constitutes a transaction among entities under common control, the excess purchase price over the historical carrying value of the net assets acquired was recorded as a charge to additional paid in capital. The excess purchase price over the historical carrying value of the assets at the acquisition date is as follows (unaudited and in thousands):


Excess Purchase Price	March 24, 2023
Purchase price	$	11,900
Historical carrying value of assets acquired		(1,335)
Excess purchase price	$	10,565

Schedule of reconciliation of previously reported to the current financial statements

The following table reconciles the previously reported Balance Sheet at December 31, 2022 to the current Balance Sheet for the same period (in thousands):


	December 31, 2022
	Dawson		Breckenridge		Dawson
	Previously Reported				As Adjusted

Assets
Current assets:
Cash and cash equivalents	$	13,914	$	4,689	$	18,603
Restricted cash		5,000		—		5,000
Short-term investments		265		—		265
Accounts receivable, net		6,945		1,027		7,972
Employee retention credit receivable		3,035		—		3,035
Prepaid expenses and other current assets		8,876		75		8,951
Total current assets		38,035		5,791		43,826

Property and equipment, net		18,127		2,341		20,468
Right-of-use assets		4,010		—		4,010
Intangibles, net		369		—		369
Total assets	$	60,541	$	8,132	$	68,673

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	4,015	$	125	$	4,140
Accrued liabilities:
Payroll costs and other taxes		1,973		28		2,001
Other		1,178		102		1,280
Deferred revenue		7,199		181		7,380
Current maturities of notes payable and finance leases		275		—		275
Current maturities of operating lease liabilities		1,118		—		1,118
Total current liabilities		15,758		436		16,194

Long-term liabilities:
Notes payable and finance leases, net of current maturities		207		—		207
Operating lease liabilities, net of current maturities		3,331		—		3,331
Deferred tax liabilities, net		136		1		137
Total long-term liabilities		3,674		1		3,675

Stockholders' equity:
Common stock		238		—		238
Additional paid-in capital		155,413		—		155,413
Accumulated earnings (deficit)		(112,469)		—		(112,469)
Equity of Breckenridge prior to acquisition		—		7,695		7,695
Accumulated other comprehensive income (loss), net		(2,073)		—		(2,073)
Total stockholders' equity		41,109		7,695		48,804

Total liabilities and stockholders' equity	$	60,541	$	8,132	$	68,673

The following tables reconcile the previously reported Statement of Operations for the year ended December 31, 2022 to the current Statement of Operations for the same periods (in thousands):


	Year Ended December 31, 2022
	Dawson		Breckenridge		Eliminations and		Dawson
	Previously Reported				Other Adjustments		As Adjusted
Operating revenues
Fee revenue	$	31,921	$	16,351	$	(2,201)	$	46,071
Reimbursable revenue		5,559		—		—		5,559
		37,480		16,351		(2,201)		51,630
Operating costs:
Operating expenses
Fee operating expenses		32,351		10,837		(2,201)		40,987
Reimbursable operating expenses		5,559		—		—		5,559
		37,910		10,837		(2,201)		46,546
General and administrative		13,785		1,670		—		15,455
Depreciation and amortization		9,795		2,035		—		11,830
		61,490		14,542		(2,201)		73,831

Income (loss) from operations		(24,010)		1,809		—		(22,201)

Other income (expense):
Interest income		316		1		—		317
Interest expense		(31)		—		—		(31)
Other income (expense), net		415		(4)		—		411
Gain from employee retention credit		2,966		—		—		2,966
Income (loss) before income tax		(20,344)		1,806		—		(18,538)
Income tax benefit (expense)		(107)		—		—		(107)
Net income (loss)		(20,451)		1,806		—		(18,645)
Other comprehensive income (loss):
Net unrealized income (loss) on foreign exchange rate translation		(1,063)		—		—		(1,063)

Comprehensive (loss) income	$	(21,514)	$	1,806	$	—	$	(19,708)
Basic income (loss) per share of common stock	$	(0.86)	$	—	$	0.11	$	(0.75)
Diluted income (loss) per share of common stock	$	(0.86)	$	—	$	0.11	$	(0.75)
Weighted average equivalent common shares outstanding		23,782,796		—		1,188,235		24,971,031
Weighted average equivalent common shares outstanding
- assuming dilution		23,782,796		—		1,188,235		24,971,031

The following table reconciles the previously reported Statement of Cash Flows for the year ended December 31, 2022 to the current Statement of Cash Flows for the same period (in thousands):


	Year ended December 31, 2022
	Dawson		Breckenridge		Dawson
	Previously Reported				As Adjusted

Cash flows from operating activities:
Net (loss) income	$	(20,451)	$	1,806	$	(18,645)

Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		9,795		2,035		11,830
Operating lease cost		998		—		998
Non-cash compensation		413		—		413
Deferred income tax expense		116		—		116
Gain on disposal of assets		(219)		770		551
Remeasurement and other		(18)		—		(18)
Change in operating assets and liabilities:
(Increase) decrease in accounts receivable		1,311		1,579		2,890
Increase in employee retention credit receivable		(3,035)		—		(3,035)
(Increase) decrease in prepaid expenses and other assets		(4,382)		58		(4,324)
Increase (decrease) in accounts payable		873		(71)		802
Increase (decrease) in accrued liabilities		802		(97)		705
Increase (decrease) in operating lease liabilities		(1,026)		—		(1,026)
Increase (decrease) in deferred revenue		5,862		(388)		5,474
Net cash (used in) provided by operating activities		(8,961)		5,692		(3,269)

Cash flows from investing activities:
Capital expenditures		(894)		(535)		(1,429)
Proceeds from disposal of assets		225		115		340
Net cash used in investing activities		(669)		(420)		(1,089)

Cash flows from financing activities:
Principal payments on notes payable		(1,253)		—		(1,253)
Principal payments on finance leases		(47)		—		(47)
Tax withholdings related to stock-based compensation awards		(79)		—		(79)
Cash settlement of RSUs		(301)		—		(301)
Sale of treasury stock		113		—		113
Breckenridge cash contributions prior to acquisition		—		(583)		(583)
Net cash used in financing activities		(1,567)		(583)		(2,150)

Effect of exchange rate changes on cash and cash equivalents and restricted cash		(265)		—		(265)

Net (decrease) increase in cash and cash equivalents and restricted cash		(11,462)		4,689		(6,773)

Cash and cash equivalents and restricted cash at beginning of period		30,376		—		30,376

Cash and cash equivalents and restricted cash at end of period	$	18,914	$	4,689	$	23,603

Supplemental cash flow information:
Cash paid for interest	$	31	$	—	$	31
Cash received for income taxes	$	7	$	—	$	7

Non-cash operating, investing and financing activities:
Increase in accrued purchases of property and equipment	$	605	$	—	$	605
Financed leases incurred	$	279	$	—	$	279
Increase in right-of-use assets and operating lease liabilities	$	598	$	—	$	598
Financed insurance premiums	$	1,193	$	—	$	1,193
Deemed contribution of Breckenridge net assets	$	—	$	(6,472)	$	(6,472)

Schedule of standalone Breckenridge Statement of Operations

The following table details the standalone Breckenridge Statement of Operations for the period from January 1, 2023 through March 24, 2023 (in thousands):


	Year Ended
	December 31, 2023

Operating revenues	$	782

Operating costs:
Operating expenses		806
General and administrative		438
Depreciation and amortization		505
		1,749

Income (loss) from operations		(967)

Other income (expense):
Interest income		2
Interest expense		—
Other income (expense), net		(11)
Income (loss) before income tax		(976)
Income tax benefit (expense)		—
Net income (loss)	$	(976)

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2023

Net Loss per Share

Schedule of computation of basic and diluted loss per share

The computation of basic and diluted loss per share was as follows (in thousands, except share and per share data):


	Year Ended December 31,
	2023		2022 (as adjusted)
Net income (loss)	$	(12,147)	$	(18,645)
Weighted average common shares outstanding
Basic		26,752,055		24,971,031
Dilutive common stock options, restricted stock unit awards and restricted stock awards		—		—
Diluted		26,752,055		24,971,031
Basic income (loss) per share of common stock	$	(0.45)	$	(0.75)
Diluted income (loss) per share of common stock	$	(0.45)	$	(0.75)

Schedule of weighted average numbers of convertible note, stock options, restricted stock unit awards, and restricted stock awards that have been excluded from the calculation of diluted loss per share of common stock


	Year Ended December 31,
	2023		2022 (as adjusted)
Convertible Note		2,754,617		—
Restricted stock units		—		147,191
Total		2,754,617		147,191

Major Clients (Details) - segment	12 Months Ended
Major Clients (Details) - segment	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Number of business segments	2
Customer concentration risk \| Revenues \| A
Concentration Risk [Line Items]
Concentration risk percentage	36.00%
Customer concentration risk \| Revenues \| B
Concentration Risk [Line Items]
Concentration risk percentage	14.00%
Customer concentration risk \| Revenues \| C
Concentration Risk [Line Items]
Concentration risk percentage	12.00%
Customer concentration risk \| Revenues \| D
Concentration Risk [Line Items]
Concentration risk percentage	11.00%	12.00%
Customer concentration risk \| Revenues \| E
Concentration Risk [Line Items]
Concentration risk percentage		13.00%
Customer concentration risk \| Revenues \| F
Concentration Risk [Line Items]
Concentration risk percentage		10.00%

Net Loss per Share - Anti-Dilutive Awards Excluded from Calculation (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Anti-dilutive securities excluded from calculation of earnings per share
Number of securities excluded from calculation	2,754,617	147,191
Convertible Note
Anti-dilutive securities excluded from calculation of earnings per share
Number of securities excluded from calculation	2,754,617
Restricted stock units
Anti-dilutive securities excluded from calculation of earnings per share
Number of securities excluded from calculation		147,191

Supplemental Purchase Agreement Transaction Information - Consideration Paid (Details) - Breckenridge $ in Thousands	Mar. 24, 2023 USD ($)
Asset Acquisition
Common stock issued	$ 2,020
Note payable issued	9,880
Purchase price	$ 11,900

Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases
Operating cash flows from operating leases	$ (1,345)	$ (1,271)
Operating cash flows from finance leases	(57)	(3)
Financing cash flows from finance leases	(253)	(47)
Right-of-use assets obtained in exchange for operating leases	$ 283	$ 598

Employee Benefit Plans (Details) - USD ($)	12 Months Ended
Employee Benefit Plans (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Employee Benefit Plans
Employer matching contribution, percent matched	100.00%	100.00%
Percentage of employees gross pay that is matched	6.00%	6.00%
Matching contribution to the plan	$ 648,000	$ 537,000

Debt (Details)	Dec. 31, 2023 USD ($) item instrument	Sep. 30, 2023	Dec. 31, 2022 USD ($)	Sep. 30, 2019 USD ($)
DEBT
Deposit	$ 5,000,000		$ 5,000,000
Finance lease	$ 1,759,000		$ 277,000
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Capital Lease Obligations, Long-term Debt and Capital Lease Obligations, Current		Long-term Debt and Capital Lease Obligations, Long-term Debt and Capital Lease Obligations, Current
Dominion Loan Agreement
DEBT
Maximum borrowing capacity				$ 5,000,000
Deposit				$ 5,000,000.0
Available for withdrawal	$ 5,000,000
Dominion Loan Agreement \| Minimum
DEBT
Interest rate (as a percent)		4.75%
Dominion Loan Agreement \| Maximum
DEBT
Interest rate (as a percent)		7.75%
Dominion Letters of Credit
DEBT
Number of letters of credit \| item	1
Amount of letter of credit	$ 265,000
Notes payable to finance companies for insurance
DEBT
Interest rate (as a percent)	8.75%		8.24%
Number of notes payable \| instrument	1
Total insurance premiums	$ 910,000

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt

Schedule of aggregate principal amount of outstanding notes payable and the interest rates

The Company’s aggregate principal amount of outstanding notes payable and the interest rates and monthly payments as of December 31, 2023 and 2022 are as follows (in thousands):


	December 31, 2023		December 31, 2022
Notes payable to finance company for insurance
Aggregate principal amount outstanding	$	910	$	205
Interest rate		8.75%		8.24%

Schedule of aggregate maturities of finance leases

The Company’s aggregate maturities of finance leases at December 31, 2023 are as follows (in thousands):

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Supplemental Consolidated Financial Statement Information - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Supplemental Consolidated Financial Statement Information
Contract assets	$ 4,318	$ 5,433
Prepaid expenses	3,197	2,271
Other assets	1,139	1,247
Other current assets	$ 8,654	$ 8,951

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Jan. 14, 2022
Loss before income taxes
Loss before income tax	$ (12,243,000)	$ (18,538,000)
Income tax benefit (expense)
Current federal benefit	17,000	9,000
Current state expense	(42,000)
Deferred federal benefit (expense)	114,000	(109,000)
Deferred state benefit (expense)	7,000	(7,000)
Income tax benefit (expense):	$ 96,000	$ (107,000)
Reconciliation of income tax provision
Federal income tax rate (as a percent)	21.00%	21.00%
Tax benefit computed at statutory rate of 21%	$ 2,366,000	$ 4,272,000
Change in valuation allowance	(2,599,000)	15,352,000
State income tax expense, net of federal tax	(28,000)	(5,000)
Foreign losses	492,000	70,000
Section 382 limited NOL		(19,904,000)
Other	(135,000)	108,000
Income tax benefit (expense):	96,000	(107,000)
Deferred tax assets:
Federal tax net operating loss ("NOL") carryforward	14,505,000	13,373,000
Foreign tax NOL carryforward	7,031,000	6,423,000
Deferred revenue	1,697,000	379,000
State tax NOL carryforward	1,579,000	1,398,000
Intangible Assets - Breckenridge	939,000
Accrued severance	456,000
Other comprehensive income	421,000	458,000
Foreign deferred taxes	256,000	252,000
Right-of-use assets	79,000	80,000
Canadian start-up costs	58,000	74,000
Other	53,000	52,000
Self-insurance	39,000	37,000
Workers' compensation	3,000	8,000
Gross deferred tax assets	27,116,000	22,534,000
Less valuation allowances	(26,443,000)	(21,184,000)
Net deferred tax assets	673,000	1,350,000
Deferred tax liabilities:
Property and equipment	(688,000)	(1,486,000)
Net deferred tax liabilities	(15,000)	(136,000)
Unrecognized Tax Benefits	0	0
Canada
Deferred tax liabilities:
Net operating loss carry forwards	27,043,000
Federal
Loss before income taxes
Domestic	15,000	136,000
Deferred tax liabilities:
Net operating loss carry forwards	163,849,000
Amount expects to expire unused	94,779,000
Write off of NOLs against the valuation allowance			$ 19,904,000
Tax benefits carry forward	14,505,000
State
Deferred tax liabilities:
Net operating loss carry forwards	1,579,000
Exclusive of Breckenridge
Loss before income taxes
Domestic	(9,177,000)	(20,566,000)
Foreign	(2,090,000)	222,000
Loss before income tax	$ (11,267,000)	$ (20,344,000)

Supplemental Consolidated Financial Statement Information

12 Months Ended

Dec. 31, 2023

Supplemental Consolidated Financial Statement Information

Supplemental Consolidated Financial Statement Information

5. Supplemental Consolidated Financial Statement Information

Other Current Assets and Other Current Liabilities

Prepaid expenses and other current assets consist of the following at December 31, 2023 and 2022 (in thousands):


	December 31,
	2023		2022 (as adjusted)
Contract assets	$	4,318	$	5,433
Prepaid expenses		3,197		2,271
Other assets		1,139		1,247
Other current assets	$	8,654	$	8,951

Other current liabilities consisted of the following at December 31, 2023 and 2022 (in thousands):


	December 31,
	2023		2022 (as adjusted)
Accrued self-insurance reserves	$	338	$	435
Other accrued expenses and current liabilities		371		845
Other current liabilities	$	709	$	1,280

Related Party Transactions

For the year ending December 31, 2023, the Company incurred related party expenses totaling approximately $120,000 related to hauling charges paid to various commonly controlled companies of Wilks Brothers, LLC, the holder of approximately 80% of the Company’s outstanding stock. For the year ended December 31, 2023, the Company recorded approximately $10,000 of related party revenue from a commonly controlled company of Wilks Brothers, LLC. The Company did not have any related party transactions during the year ended December 31, 2022. As of December 31, 2023, the Company had approximately $11,000 of outstanding related party accounts payable and no outstanding related party accounts receivable.

For the years ended December 31, 2023, and December 31, 2022, Breckenridge incurred related party expenses totaling approximately $110,000 and $567,000, respectively. For the year ended December 31, 2023, these charges by various commonly controlled companies of Wilks Brothers, LLC consisted of trucking charges of $60,000, management charges of $44,000, and payroll administration charges of $6,000. For the year ended December 31, 2022, these charges by various commonly controlled companies of Wilks Brothers, LLC consisted of trucking charges of $92,000, management charges of $432,000, and payroll administration charges of $43,000.

Deferred Costs

Deferred costs were $5.4 million and $1 million at January 1, 2023 and 2022, respectively. The Company’s prepaid expenses and other current assets at December 31, 2023 and 2022 included deferred costs incurred to fulfill contracts with customers of $4.3 million and $5.4 million, respectively.

Deferred costs at December 31, 2023 compared to January 1, 2023 decreased primarily as a result of the completion of several projects for clients with significant deferred fulfillment costs at the beginning of the year. Deferred costs at December 31, 2022 compared to January 1, 2022 increased primarily as a result of new projects for clients with significant deferred fulfillment costs at December 31, 2022.

The amount of total deferred costs amortized for the years ended December 31, 2023 and 2022 was $38.3 million and $6.8 million, respectively. There were no material impairment losses incurred during these periods.

Deferred Revenue

Deferred revenue was $7.4 million and $1.3 million at January 1, 2023 and 2022, respectively. The Company’s deferred revenue at December 31, 2023 and 2022 was $11.8 million and $7.4 million, respectively.

Deferred revenue at December 31, 2023 and 2022 compared to January 1, 2023 and 2022, increased primarily as a result of various new projects for clients with large third party reimbursables where data has not yet been recorded.

Revenue recognized for the year ended December 31, 2023 that was included in the contract liability balance at the beginning of 2023 was $7.3 million. Revenue recognized for the year ended December 31, 2022 that was included in the contract liability balance at the beginning of 2022 was $1.1 million. Deferred revenue not recognized during 2023 relates to projects that have not yet started or were cancelled.

Segments

12 Months Ended

Dec. 31, 2023

Segments

Segments

15. Segments

The U.S. and Canada are the only operating segments for the Company.

The following tables present the Company’s operating revenues, net property and equipment and right-of-use assets by operating segment (in thousands):


	Year Ended December 31,
	2023		2022 (as adjusted)
Operating Revenues
United States	$	83,823	$	36,352
Canada		13,023		15,278
Total	$	96,846	$	51,630


	Year Ended December 31,
	2023		2022 (as adjusted)
Net Property and Equipment
United States	$	14,386	$	18,181
Canada		2,122		2,287
Total	$	16,508	$	20,468


	Year Ended December 31,
	2023		2022 (as adjusted)
Right-of-use Assets
United States	$	2,808	$	3,722
Canada		400		288
Total	$	3,208	$	4,010

The following tables present the Company’s income statements by operating segment (in thousands):


	Twelve Months Ended December 31, 2023
	USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	49,045	$	12,402	$	61,447
Reimbursable revenue		34,778		621		35,399
		83,823		13,023		96,846

Operating costs:
Fee operating expenses		41,124		11,771		52,895
Reimbursable operating expenses		34,528		621		35,149
Operating expenses		75,652		12,392		88,044
General and administrative		10,360		1,070		11,430
Severance expense		2,208		—		2,208
Depreciation and amortization		6,566		1,926		8,492
		94,786		15,388		110,174

Loss from operations		(10,963)		(2,365)		(13,328)

Other income (expense):
Interest income		333		243		576
Interest expense		(75)		(28)		(103)
Other income, net		553		59		612
Gain from employee retention credit		—		—		—
Loss before income tax		(10,152)		(2,091)		(12,243)
Income tax benefit		96		—		96
Net loss		(10,056)		(2,091)		(12,147)
Other comprehensive income:
Net unrealized income on foreign exchange rate translation		—		161		161

Comprehensive loss	$	(10,056)	$	(1,930)	$	(11,986)


	Twelve Months Ended December 31, 2022
	USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	31,096	$	14,975	$	46,071
Reimbursable revenue		5,256		303		5,559
		36,352		15,278		51,630

Operating costs:
Fee operating expenses		29,543		11,444		40,987
Reimbursable operating expenses		5,256		303		5,559
Operating expenses		34,799		11,747		46,546
General and administrative		14,140		1,315		15,455
Depreciation and amortization		9,721		2,109		11,830
		58,660		15,171		73,831

(Loss) income from operations		(22,308)		107		(22,201)

Other income (expense):
Interest income		225		92		317
Interest expense		(28)		(3)		(31)
Other income, net		385		26		411
Gain from employee retention credit		2,966		—		2,966
(Loss) income before income tax		(18,760)		222		(18,538)
Income tax expense		(107)		—		(107)
Net (loss) income		(18,867)		222		(18,645)
Other comprehensive (loss):
Net unrealized loss on foreign exchange rate translation		—		(1,063)		(1,063)

Comprehensive loss	$	(18,867)	$	(841)	$	(19,708)

The following table present the Company’s total assets by operating segment (in thousands):


	Year Ended December 31,
	2023		2022
Total Assets
United States	$	48,495	$	58,091
Canada		9,024		10,582
Total Assets	$	57,519	$	68,673

Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

7. Leases

control the asset. The majority of our operating leases are non-cancelable operating leases for office, shop and warehouse space in Midland, Plano, Houston and Calgary, Alberta.

The components of lease cost for the years ended December 31, 2023 and 2022 were as follows (in thousands):


	Year Ended December 31,
	2023		2022
Finance lease cost
Amortization of right-of-use assets	$	957	$	1,273
Interest on lease liabilities		57		3
Total finance lease cost		1,014		1,276

Operating lease cost		1,201		1,242

Short-term lease cost		—		—
Total lease cost	$	2,215	$	2,518

Supplemental cash flow information related to leases for the years ended December 31, 2023 and 2022 was as follows (in thousands):


	Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	(1,345)	$	(1,271)
Operating cash flows from finance leases	$	(57)	$	(3)
Financing cash flows from finance leases	$	(253)	$	(47)
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	283	$	598
Finance leases	$	—	$	—

Supplemental balance sheet information related to leases as of December 31, 2023 and 2022 was as follows (in thousands):


	December 31,
	2023		2022
Operating leases
Operating lease right-of-use assets	$	3,208	$	4,010

Operating lease liabilities - current	$	1,202	$	1,118
Operating lease liabilities - long-term		2,363		3,331
Total operating lease liabilities	$	3,565	$	4,449

Finance leases
Property and equipment, at cost	$	10,672	$	8,942
Accumulated depreciation		(7,982)		(7,336)
Property and equipment, net	$	2,690	$	1,606

Finance lease liabilities - current	$	470	$	70
Finance lease liabilities - long-term		1,289		207
Total finance lease liabilities	$	1,759	$	277

Weighted average remaining lease term
Operating leases		3.1 years		3.9 years
Finance leases		3.2 years		2.8 years

Weighted average discount rate
Operating leases		5.20%		5.03%
Finance leases		6.60%		7.21%

Maturities of lease liabilities at December 31, 2023 are as follows (in thousands):


	Operating Leases		Finance Leases
January 2024 - December 2024	$	1,359	$	571
January 2025 - December 2025		1,071		638
January 2026 - December 2026		1,090		548
January 2027 - December 2027		336		208
January 2028 - December 2028		23		—
Thereafter		—		—
Total payments under lease agreements		3,879		1,965

Less imputed interest		(314)		(206)

Total lease liabilities	$	3,565	$	1,759

Supplemental Purchase Agreement Transaction Information - Non-cash asset purchase items (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset Acquisition
Deemed distribution of Breckenridge net assets not acquired	$ 2,329
Deemed contribution of Breckenridge net assets		$ (6,472)
Breckenridge
Asset Acquisition
Deemed distribution (contribution) of short-term investments	1,000
Deemed distribution (contribution) of accounts receivable	1,015	(2,605)
Deemed distribution (contribution) of prepaids and other	1	(133)
Deemed distribution (contribution) of land and buildings	514	(4,726)
Deemed (distribution) contribution of accounts payable	(132)	196
Deemed (distribution) contribution of accrued liabilities	(69)	228
Deemed (distribution) contribution of deferred revenue		568
Deemed distribution of Breckenridge net assets not acquired	$ 2,329
Deemed contribution of Breckenridge net assets		$ (6,472)

Segments (Tables)

12 Months Ended

Dec. 31, 2023

Segments

Schedule of operating revenues, net property and equipment, and right-of-use assets by operating segment

The following tables present the Company’s operating revenues, net property and equipment and right-of-use assets by operating segment (in thousands):


	Year Ended December 31,
	2023		2022 (as adjusted)
Operating Revenues
United States	$	83,823	$	36,352
Canada		13,023		15,278
Total	$	96,846	$	51,630


	Year Ended December 31,
	2023		2022 (as adjusted)
Net Property and Equipment
United States	$	14,386	$	18,181
Canada		2,122		2,287
Total	$	16,508	$	20,468


	Year Ended December 31,
	2023		2022 (as adjusted)
Right-of-use Assets
United States	$	2,808	$	3,722
Canada		400		288
Total	$	3,208	$	4,010

Schedule of company's income statements by operating segment

The following tables present the Company’s income statements by operating segment (in thousands):


	Twelve Months Ended December 31, 2023
	USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	49,045	$	12,402	$	61,447
Reimbursable revenue		34,778		621		35,399
		83,823		13,023		96,846

Operating costs:
Fee operating expenses		41,124		11,771		52,895
Reimbursable operating expenses		34,528		621		35,149
Operating expenses		75,652		12,392		88,044
General and administrative		10,360		1,070		11,430
Severance expense		2,208		—		2,208
Depreciation and amortization		6,566		1,926		8,492
		94,786		15,388		110,174

Loss from operations		(10,963)		(2,365)		(13,328)

Other income (expense):
Interest income		333		243		576
Interest expense		(75)		(28)		(103)
Other income, net		553		59		612
Gain from employee retention credit		—		—		—
Loss before income tax		(10,152)		(2,091)		(12,243)
Income tax benefit		96		—		96
Net loss		(10,056)		(2,091)		(12,147)
Other comprehensive income:
Net unrealized income on foreign exchange rate translation		—		161		161

Comprehensive loss	$	(10,056)	$	(1,930)	$	(11,986)


	Twelve Months Ended December 31, 2022
	USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	31,096	$	14,975	$	46,071
Reimbursable revenue		5,256		303		5,559
		36,352		15,278		51,630

Operating costs:
Fee operating expenses		29,543		11,444		40,987
Reimbursable operating expenses		5,256		303		5,559
Operating expenses		34,799		11,747		46,546
General and administrative		14,140		1,315		15,455
Depreciation and amortization		9,721		2,109		11,830
		58,660		15,171		73,831

(Loss) income from operations		(22,308)		107		(22,201)

Other income (expense):
Interest income		225		92		317
Interest expense		(28)		(3)		(31)
Other income, net		385		26		411
Gain from employee retention credit		2,966		—		2,966
(Loss) income before income tax		(18,760)		222		(18,538)
Income tax expense		(107)		—		(107)
Net (loss) income		(18,867)		222		(18,645)
Other comprehensive (loss):
Net unrealized loss on foreign exchange rate translation		—		(1,063)		(1,063)

Comprehensive loss	$	(18,867)	$	(841)	$	(19,708)

Schedule of company's total assets by operating segment


	Year Ended December 31,
	2023		2022
Total Assets
United States	$	48,495	$	58,091
Canada		9,024		10,582
Total Assets	$	57,519	$	68,673

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2023

Fair Value of Financial Instruments

Fair Value of Financial Instruments

3. Fair Value of Financial Instruments

At December 31, 2023 and 2022, the Company’s financial instruments included cash and cash equivalents, restricted cash, short-term investments in certificates of deposit, accounts receivable, employee retention credit receivable, other current assets, accounts payable, other current liabilities, notes payable, finance leases and operating lease liabilities. Due to the short-term maturities of cash and cash equivalents, restricted cash, accounts receivable, employee retention credit receivable, other current assets, accounts payable and other current liabilities, the carrying amounts approximate fair value at the respective balance sheet dates. The carrying value of the notes payable, finance leases and operating lease liabilities approximate their fair value based on a comparison with the prevailing market interest rates. Due to the short-term maturities of the Company’s investments in certificates of deposit, the carrying amounts approximate fair value at the respective balance sheet dates. The fair values of the Company’s notes payable, finance leases, operating lease liabilities and investments in certificates of deposit are level 2 measurements in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Summary of Significant Accounting Policies (Details)			1 Months Ended	12 Months Ended
Summary of Significant Accounting Policies (Details)	Sep. 13, 2023 USD ($) shares	Mar. 24, 2023 shares	Dec. 31, 2023 USD ($) item	Dec. 31, 2023 USD ($) item segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Number of states in which the Company operates \| item			48	48
Threshold period of past due (in days)				90 days
Allowance for credit losses			$ 250,000	$ 250,000	$ 250,000
Gain from employee retention credit					2,966,000
Employee retention credit receivable					3,035,000
Impairment of long-lived assets				$ 0	0
Option to extend				true
Impairment of intangibles				$ 0	$ 0
Maximum original expected duration of cancelable service contracts (in years)				1 year
Practical expedient, financing component				true
Number of reportable segments \| segment				2
Statutory federal rate (as a percent)				21.00%	21.00%
Severance expense			2,200,000	$ 2,208,000
Net loss				12,147,000	$ 18,645,000
Cash			15,772,000	15,772,000	23,603,000	$ 30,376,000
Working capital			$ 15,000,000	$ 15,000,000
Other income
Gain from employee retention credit					3,000,000.0
Interest income
Gain from employee retention credit					$ 69,000
Minimum
Renewal terms (in years)			1 year	1 year
Maximum
Renewal terms (in years)			10 years	10 years
Purchase Agreement
Number of shares issued \| shares		1,188,235
Number of shares to be issued under convertible notes payable \| shares		5,800,000
Convertible note	$ 9,880,000.50
Convertible note converted into shares \| shares	5,811,765

Supplemental Consolidated Financial Statement Information - Deferred Costs and Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2023	Jan. 01, 2022
Deferred costs			$ 5,400	$ 1,000
Total deferred costs amortized	$ 38,300	$ 6,800
Deferred costs impairment losses	0	0
Deferred revenue	11,829	7,380	$ 7,400	$ 1,300
Revenue recognized	7,300	1,100
Prepaid expenses and other current assets
Deferred costs	$ 4,300	$ 5,400

Short-Term Investments (Details)	12 Months Ended
Short-Term Investments (Details)	Dec. 31, 2023	Dec. 31, 2022
Minimum
Maturity period of certificates of deposit	3 months	3 months
Maximum
Maturity period of certificates of deposit	1 year	1 year

Short-Term Investments

12 Months Ended

Dec. 31, 2023

Short-Term Investments

Short-Term Investments

2.	Short-Term Investments

The Company had short-term investments at December 31, 2023 and 2022 consisting of certificates of deposit with original maturities greater than three months but less than a year. Certificates of deposit with any given banking institution did not exceed the FDIC insurance limit at December 31, 2023 or 2022.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Operating revenues		$ 96,846	$ 51,630
Operating expenses
Operating expenses		88,044	46,546
General and administrative		11,430	15,455
Severance expense	$ 2,200	2,208
Depreciation and amortization		8,492	11,830
Total operating costs		110,174	73,831
Loss from operations		(13,328)	(22,201)
Other income (expense):
Interest income		576	317
Interest expense		(103)	(31)
Other income, net		612	411
Gain from employee retention credit			2,966
Loss before income tax		(12,243)	(18,538)
Current		(25)	9
Deferred		121	(116)
Income tax benefit (expense):		96	(107)
Net loss		(12,147)	(18,645)
Other comprehensive income (loss):
Net unrealized income (loss) on foreign exchange rate translation		161	(1,063)
Comprehensive loss		$ (11,986)	$ (19,708)
Basic loss per share of common stock (in dollars per share)		$ (0.45)	$ (0.75)
Diluted loss per share of common stock (in dollars per share)		$ (0.45)	$ (0.75)
Weighted average equivalent common shares outstanding		26,752,055	24,971,031
Weighted average equivalent common shares outstanding - assuming dilution		26,752,055	24,971,031
Fee Revenue
Operating revenues		$ 61,447	$ 46,071
Operating expenses
Operating expenses		52,895	40,987
Reimbursable Revenue
Operating revenues		35,399	5,559
Operating expenses
Operating expenses		$ 35,149	$ 5,559

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of components of loss before income tax

The Company’s components of loss before income tax, exclusive of Breckenridge were as follows (in thousands):


	Year Ended December 31,
	2023		2022
Domestic	$	(9,177)	$	(20,566)
Foreign		(2,090)		222
Loss before income tax	$	(11,267)	$	(20,344)

Schedule of components of income tax benefit (expense)

The Company’s components of income tax benefit (expense) were as follows (in thousands):


	Year Ended December 31,
	2023		2022
Current federal benefit	$	17	$	9
Current state expense		(42)		—
Deferred federal benefit (expense)		114		(109)
Deferred state benefit (expense)		7		(7)
Income tax benefit (expense)	$	96	$	(107)

Schedule of the difference between the income tax provision and the amount computed by applying the statutory federal income tax rate to loss before income tax

The income tax provision differs from the amount computed by applying the statutory federal income tax rate to loss before income tax as follows (in thousands):


	Year Ended December 31,
	2023		2022
Tax benefit computed at statutory rate of 21%	$	2,366	$	4,272
Change in valuation allowance		(2,599)		15,352
State income tax expense, net of federal tax		(28)		(5)
Foreign losses		492		70
Section 382 limited NOL		—		(19,904)
Other		(135)		108
Income tax benefit (expense)	$	96	$	(107)

Schedule of the principal components of the Company's net deferred tax assets (liabilities)

The principal components of the Company’s net deferred tax assets (liabilities) (in thousands) were as follows:


	December 31,
	2023		2022
Deferred tax assets:
Federal tax net operating loss ("NOL") carryforward	$	14,505	$	13,373
Foreign tax NOL carryforward		7,031		6,423
Deferred revenue		1,697		379
State tax NOL carryforward		1,579		1,398
Intangible Assets - Breckenridge		939		—
Accrued severance		456		—
Other comprehensive income		421		458
Foreign deferred taxes		256		252
Right-of-use assets		79		80
Canadian start-up costs		58		74
Other		53		52
Self-insurance		39		37
Workers’ compensation		3		8
Gross deferred tax assets		27,116		22,534
Less valuation allowances		(26,443)		(21,184)
Net deferred tax assets		673		1,350
Deferred tax liabilities:
Property and equipment		(688)		(1,486)
Net deferred tax liabilities	$	(15)	$	(136)

Domestic deferred tax liabilities	$	(15)	$	(136)
Foreign deferred tax liabilities		—		—
Net deferred tax liabilities	$	(15)	$	(136)

Concentrations of Credit Risk

12 Months Ended

Dec. 31, 2023

Concentrations of Credit Risk

Concentrations of Credit Risk

18. Concentrations of Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk at any given time may consist of cash and cash equivalents, restricted cash, money market funds and overnight investment accounts, short-term investments in certificates of deposit, trade and other receivables and other current assets. At December 31, 2023 and 2022, the Company had deposits with domestic and international banks in excess of federally insured limits. Management believes the credit risk associated with these deposits is minimal. Money market funds seek to preserve the value of the investment, but it is possible to lose money investing in these funds.

The Company’s sales are to clients whose activities relate to oil and natural gas exploration and production. The Company generally extends unsecured credit to these clients; therefore, collection of receivables may be affected by the economy surrounding the oil and natural gas industry or other economic conditions. The Company closely monitors extensions of credit and may negotiate payment terms that mitigate risk.

Supplemental Consolidated Financial Statement Information - Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other current liabilities
Accrued self-insurance reserves	$ 338	$ 435
Other accrued expenses and current liabilities	371	845
Other current liabilities	$ 709	$ 1,280

Debt

12 Months Ended

Dec. 31, 2023

Debt

Debt

6. Debt

Dominion Loan Agreement

On September 30, 2019, the Company entered into a Loan and Security Agreement with Dominion Bank, a Texas state bank (“Dominion Bank”). On September 30, 2023, the Company entered into a Fifth Loan Modification Agreement (the “Fifth Modification Agreement”) to the Loan and Security Agreement (as amended by (i) that certain Loan Modification Agreement dated as of September 30, 2020, (ii) that certain Second Loan Modification Agreement dated as of September 30, 2021, (iii) that certain Third Loan Modification Agreement dated as of September 30, 2022, (iv) that certain Fourth Modification Agreement dated as of March 21, 2023, and (v) the Fifth Modification Agreement, the “Loan Agreement”). The Loan Agreement now provides for a secured revolving credit facility (the “Revolving Credit Facility”) in an amount up to the lesser of (I) an amount equal to the Borrowing Base or (II) $5 million. The Company’s obligations under the Loan Agreement are secured by a Certificate of Deposit with Dominion Bank for $5.0M (the “Deposit”) in the

Company’s collateral account. As of December 31, 2023, the Company has not borrowed any amounts under the Revolving Credit Facility and has approximately $5 million available for withdrawal.

Under the Revolving Credit Facility, interest will accrue at an annual rate equal to the lesser of (i) 7.75% and (ii) the greater of (a) the prime rate as published from time to time in The Wall Street Journal or (b) 4.75%. From and after September 30, 2023 and so long as the Deposit held by Dominion Bank remains greater than or equal to the indebtedness (the “Financial Covenant Suspension Threshold”), the testing of the financial covenants set forth in the Loan Agreement has been suspended. The financial covenant testing shall resume if and when the Financial Covenant Suspension Threshold is no longer satisfied. The maturity date of the Loan Agreement is September 30, 2024.

The Company does not currently have any notes payable under the Revolving Credit Facility.

Dominion Letters of Credit

As of December 31, 2023, Dominion Bank has issued one letter of credit in the amount of $265,000 to support the Company’s workers compensation insurance. The letter of credit is secured by a certificate of deposit with Dominion Bank.

Other Indebtedness

As of December 31, 2023, the Company has one note payable to a finance company for various insurance premiums totaling $910,000.

In addition, the Company leases certain seismic recording equipment and vehicles under leases classified as finance leases. The Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022 include finance leases of $1.8 million and $277,000, respectively.

Maturities of Debt

The Company’s aggregate principal amount of outstanding notes payable and the interest rates and monthly payments as of December 31, 2023 and 2022 are as follows (in thousands):


	December 31, 2023		December 31, 2022
Notes payable to finance company for insurance
Aggregate principal amount outstanding	$	910	$	205
Interest rate		8.75%		8.24%

The Company’s aggregate maturities of finance leases at December 31, 2023 are as follows (in thousands):

Interest rates on these leases ranged from 4.86% to 8.74%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Supplemental Purchase Agreement Transaction Information - Statement of operations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 24, 2023	Dec. 31, 2023	Dec. 31, 2022
Operating revenues		$ 96,846	$ 51,630
Operating costs:
Operating expenses		88,044	46,546
General and administrative		11,430	15,455
Depreciation and amortization		8,492	11,830
Total operating costs		110,174	73,831
Income (loss) from operations		(13,328)	(22,201)
Other income (expense):
Interest income		576	317
Interest expense		(103)	(31)
Other income (expense),net		612	411
Gain from employee retention credit			2,966
Loss before income tax		(12,243)	(18,538)
Income tax benefit (expense)
Current		(25)	9
Income tax benefit (expense)		96	(107)
Net loss		$ (12,147)	$ (18,645)
Breckenridge
Operating revenues	$ 782
Operating costs:
Operating expenses	806
General and administrative	438
Depreciation and amortization	505
Total operating costs	1,749
Income (loss) from operations	(967)
Other income (expense):
Interest income	2
Other income (expense),net	(11)
Loss before income tax	(976)
Income tax benefit (expense)
Net loss	$ (976)

Advertising Costs (Details) - USD ($)	12 Months Ended
Advertising Costs (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Advertising Costs
Advertising costs	$ 32,000	$ 29,000

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Stock-Based Compensation

Stock-Based Compensation

8. Stock-Based Compensation

Since the date of its effectiveness on May 5, 2016, the Company issues new grants of stock-based awards pursuant to the Dawson Geophysical Company 2016 Stock and Performance Incentive Plan (the “2016 Plan”). All of the Company’s prior plans have expired pursuant to their terms and no awards previously granted under prior plans remain outstanding. The awards outstanding and available under the 2016 Plan, as restated in 2020, and their associated accounting treatment are discussed below.

In 2016, the Company adopted the 2016 Plan, which provides for the issuance of up to 1,000,000 shares of authorized Company common stock, which authorized amount was increased to 1,050,000 as a result of the 5% stock dividend approved by the Board on May 1, 2018. At the annual shareholders’ meeting on June 9, 2020, the Company’s shareholders approved a restated version of the 2016 Plan (the “Restated 2016 Plan”), which authorized an additional

1,000,000 shares. The total aggregate numbers of shares of Common Stock reserved under the Restated 2016 Plan is 2,050,000 shares. As of December 31, 2023, there were approximately 1,264,487 shares available for future issuance. The Restated 2016 Plan provides for the issuance of stock-based compensation awards, including stock options, common stock, restricted stock, restricted stock units and other forms. Stock option grant prices awarded under the Restated 2016 Plan may not be less than the fair market value of the common stock subject to such option on the grant date, and the term of stock options shall extend no more than ten years after the grant date. The Restated 2016 Plan terminates June 9, 2030.

The Company’s employees and officers that hold unvested restricted stock awarded during 2016 or thereafter are not entitled to dividends when the Company pays dividends.

Impact of Stock-Based Compensation

The following table summarizes stock-based compensation expense, which is included in operating or general and administrative expense, as appropriate, in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2023		2022
Restricted stock unit awards	$	—	$	413
Common stock awards		—		—
Total compensation expense	$	—	$	413

Stock Options

There was no stock option activity during the years ended December 31, 2023 and 2022. There were no outstanding stock options as of December 31, 2023 or 2022.

Restricted Stock Awards

There was no restricted stock award activity during the years ended December 31, 2023 and 2022.

Restricted Stock Unit Awards

The Company did not grant any restricted stock unit awards during the years ended December 31, 2023 or 2022.

As of December 31, 2023, there was no unrecognized compensation cost related to nonvested restricted stock unit awards.

The aggregate vesting date fair value of restricted stock units for the years ended December 31, 2023 and 2022 was $0 and $351,000, respectively.

The aggregate cash settlement date fair value of restricted stock units for the years ended December 31, 2023 and 2022 was $0 and $301,000, respectively. An additional 5% over fair value of restricted stock units was issued for those who chose the cash settlement option with an aggregate value for the years ended December 31, 2023 and 2022 of $0 and $15,000, respectively.

Common Stock Awards

The Company did not grant any common stock awards with immediate vesting to outside directors during the years ended December 31, 2023 and 2022.

Stock-Based Compensation - Restricted Stock Awards, Restricted Stock Unit Awards and Common Stock Awards (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted stock
Number of Restricted Stock Unit Awards
Granted (in shares)	0	0
Restricted stock units
Number of Restricted Stock Unit Awards
Granted (in shares)	0	0
Additional disclosures
Unrecognized compensation cost	$ 0
Aggregate vesting date fair value of restricted awards	0	$ 351,000
Aggregate cash settlement date fair value	$ 0	$ 301,000
Additional percentage over fair value of restricted stock units issued for those who chose the cash settlement option	5.00%	5.00%
Aggregate value	$ 0	$ 15,000
Common stock awards
Number of Restricted Stock Unit Awards
Granted (in shares)	0	0

Supplemental Purchase Agreement Transaction Information - Balance sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 24, 2023	Jan. 01, 2023	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 10,772			$ 18,603
Restricted cash	5,000			5,000
Short-term investments	265			265
Accounts receivable, net	12,735			7,972
Employee retention credit receivable				3,035
Prepaid expenses and other current assets	8,654			8,951
Total current assets	37,426			43,826
Property and equipment, net	16,508			20,468
Right-of-use assets	3,208			4,010
Intangibles, net	377			369
Total assets	57,519			68,673
Current liabilities:
Accounts payable	3,883			4,140
Accrued liabilities:
Payroll costs and other taxes	3,415			2,001
Other	709			1,280
Deferred revenue	11,829		$ 7,400	7,380	$ 1,300
Current maturities of notes payable and finance leases	1,380			275
Current maturities of operating lease liabilities	1,202			1,118
Total current liabilities	22,418			16,194
Long-term liabilities:
Notes payable and finance leases, net of current maturities	1,289			207
Operating lease liabilities, net of current maturities	2,363			3,331
Deferred tax liabilities, net	15			137
Total long-term liabilities	3,667			3,675
Stockholders' equity:
Common stock	308			238
Additional paid-in capital	156,678			155,413
Accumulated earnings (deficit)	(123,640)			(112,469)
Equity of Breckenridge prior to acquisition				7,695
Accumulated other comprehensive income (loss), net	(1,912)			(2,073)
Total stockholders' equity	31,434			48,804		$ 62,477
Total liabilities and stockholders' equity	$ 57,519			68,673
Breckenridge Geophysical, LLC
Current assets:
Accounts receivable, net		$ 67
Prepaid expenses and other current assets		56
Property and equipment, net		1,322
Accrued liabilities:
Other		16
Deferred revenue		$ 94
Previously reported
Current assets:
Cash and cash equivalents				13,914
Restricted cash				5,000
Short-term investments				265
Accounts receivable, net				6,945
Employee retention credit receivable				3,035
Prepaid expenses and other current assets				8,876
Total current assets				38,035
Property and equipment, net				18,127
Right-of-use assets				4,010
Intangibles, net				369
Total assets				60,541
Current liabilities:
Accounts payable				4,015
Accrued liabilities:
Payroll costs and other taxes				1,973
Other				1,178
Deferred revenue				7,199
Current maturities of notes payable and finance leases				275
Current maturities of operating lease liabilities				1,118
Total current liabilities				15,758
Long-term liabilities:
Notes payable and finance leases, net of current maturities				207
Operating lease liabilities, net of current maturities				3,331
Deferred tax liabilities, net				136
Total long-term liabilities				3,674
Stockholders' equity:
Common stock				238
Additional paid-in capital				155,413
Accumulated earnings (deficit)				(112,469)
Accumulated other comprehensive income (loss), net				(2,073)
Total stockholders' equity				41,109
Total liabilities and stockholders' equity				60,541
Adjustment \| Breckenridge Geophysical, LLC
Current assets:
Cash and cash equivalents				4,689
Accounts receivable, net				1,027
Prepaid expenses and other current assets				75
Total current assets				5,791
Property and equipment, net				2,341
Total assets				8,132
Current liabilities:
Accounts payable				125
Accrued liabilities:
Payroll costs and other taxes				28
Other				102
Deferred revenue				181
Total current liabilities				436
Long-term liabilities:
Deferred tax liabilities, net				1
Total long-term liabilities				1
Stockholders' equity:
Equity of Breckenridge prior to acquisition				7,695
Total stockholders' equity				7,695
Total liabilities and stockholders' equity				$ 8,132

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Mar. 26, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Transition Report	false
Entity File Number	001-32472
Entity Registrant Name	DAWSON GEOPHYSICAL COMPANY
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	74-2095844
Entity Address, Address Line One	508 West Wall, Suite 800
Entity Address, City or Town	Midland
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	432
Local Phone Number	684-3000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	DWSN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 12,491,000
Entity Common Stock, Shares Outstanding		30,812,329
Auditor Firm ID	49
Auditor Name	RSM US LLP
Auditor Location	Houston, Texas
Entity Central Index Key	0000799165
Document Fiscal Period Focus	FY
Amendment Flag	false

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Schedule of lease cost, cash flow information and balance sheet information related to operating and finance leases

The components of lease cost for the years ended December 31, 2023 and 2022 were as follows (in thousands):


	Year Ended December 31,
	2023		2022
Finance lease cost
Amortization of right-of-use assets	$	957	$	1,273
Interest on lease liabilities		57		3
Total finance lease cost		1,014		1,276

Operating lease cost		1,201		1,242

Short-term lease cost		—		—
Total lease cost	$	2,215	$	2,518

Supplemental cash flow information related to leases for the years ended December 31, 2023 and 2022 was as follows (in thousands):


	Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	(1,345)	$	(1,271)
Operating cash flows from finance leases	$	(57)	$	(3)
Financing cash flows from finance leases	$	(253)	$	(47)
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	283	$	598
Finance leases	$	—	$	—

Supplemental balance sheet information related to leases as of December 31, 2023 and 2022 was as follows (in thousands):


	December 31,
	2023		2022
Operating leases
Operating lease right-of-use assets	$	3,208	$	4,010

Operating lease liabilities - current	$	1,202	$	1,118
Operating lease liabilities - long-term		2,363		3,331
Total operating lease liabilities	$	3,565	$	4,449

Finance leases
Property and equipment, at cost	$	10,672	$	8,942
Accumulated depreciation		(7,982)		(7,336)
Property and equipment, net	$	2,690	$	1,606

Finance lease liabilities - current	$	470	$	70
Finance lease liabilities - long-term		1,289		207
Total finance lease liabilities	$	1,759	$	277

Weighted average remaining lease term
Operating leases		3.1 years		3.9 years
Finance leases		3.2 years		2.8 years

Weighted average discount rate
Operating leases		5.20%		5.03%
Finance leases		6.60%		7.21%

Schedule of maturities of lease liabilities - Operating Leases

Maturities of lease liabilities at December 31, 2023 are as follows (in thousands):


	Operating Leases		Finance Leases
January 2024 - December 2024	$	1,359	$	571
January 2025 - December 2025		1,071		638
January 2026 - December 2026		1,090		548
January 2027 - December 2027		336		208
January 2028 - December 2028		23		—
Thereafter		—		—
Total payments under lease agreements		3,879		1,965

Less imputed interest		(314)		(206)

Total lease liabilities	$	3,565	$	1,759

Schedule of maturities of lease liabilities - Finance Leases

Maturities of lease liabilities at December 31, 2023 are as follows (in thousands):


	Operating Leases		Finance Leases
January 2024 - December 2024	$	1,359	$	571
January 2025 - December 2025		1,071		638
January 2026 - December 2026		1,090		548
January 2027 - December 2027		336		208
January 2028 - December 2028		23		—
Thereafter		—		—
Total payments under lease agreements		3,879		1,965

Less imputed interest		(314)		(206)

Total lease liabilities	$	3,565	$	1,759

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Employee Benefit Plans

Employee Benefit Plans

9. Employee Benefit Plans

The Company provides a 401(k) plan as part of its employee benefits package in order to retain quality personnel. The Company elected to match 100% of the employee contributions up to a maximum of 6% of the participant’s applicable compensation under its 401(k) plan for the years ended December 31, 2023 and 2022. The Company’s matching

contributions under its 401(k) plan for the years ended December 31, 2023 and 2022 were approximately $648,000 and $537,000, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Supplemental Consolidated Financial Statement Information - Related party transactions (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 24, 2023	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Revenue		$ 96,846,000	$ 51,630,000
Accounts payable		3,883,000	4,140,000
Accounts receivable, net		12,735,000	7,972,000
Related party
Related Party Transaction [Line Items]
Revenue		10,000
Accounts payable		11,000
Accounts receivable, net		0
Hauling
Related Party Transaction [Line Items]
Related party expenses		$ 120,000
Wilks Brothers, LLC \| Dawson Geophysical Company
Related Party Transaction [Line Items]
Percentage of common stock owned		80.00%
Breckenridge
Related Party Transaction [Line Items]
Related party expenses		$ 110,000	567,000
Revenue	$ 782,000
Breckenridge \| Trucking charges
Related Party Transaction [Line Items]
Related party expenses		60,000	92,000
Breckenridge \| Management charges
Related Party Transaction [Line Items]
Related party expenses		44,000	432,000
Breckenridge \| Payroll administration charges
Related Party Transaction [Line Items]
Related party expenses		$ 6,000	$ 43,000

Commitments and Contingencies (Details)	Apr. 01, 2019 defendant
Weatherford Litigation
Commitments and Contingencies
Number of other parties named as defendants	18

Supplemental Purchase Agreement Transaction Information - Historical Carrying Value of Assets Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 24, 2023	Jan. 01, 2023	Dec. 31, 2022	Jan. 01, 2022
Asset Acquisition
Accounts receivable, net	$ 12,735			$ 7,972
Prepaid expenses and other current assets	8,654			8,951
Property and equipment, net	16,508			20,468
Other accrued liabilities	(709)			(1,280)
Deferred revenue	(11,829)		$ (7,400)	$ (7,380)	$ (1,300)
Breckenridge
Asset Acquisition
Accounts receivable, net		$ 67
Prepaid expenses and other current assets		56
Property and equipment, net		1,322
Other accrued liabilities		(16)
Deferred revenue		(94)
Acquisition of Breckenridge net assets	$ 1,335	$ 1,335

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property and Equipment

Property and Equipment

4. Property and Equipment

Property and equipment, together with the related estimated useful lives at December 31, 2023 and 2022, were as follows (in thousands):


	December 31,
	2023		2022 (as adjusted)		Useful Lives
Land, building and other	$	13,476	$	13,440		3 to 40 years
Recording equipment		140,156		154,132		5 to 10 years
Vibrator energy sources		64,690		64,110		5 to 15 years
Vehicles		23,633		22,997		1.5 to 10 years
		241,955		254,679
Less accumulated depreciation		(225,447)		(234,211)
Property and equipment, net	$	16,508	$	20,468

Net Loss per Share

12 Months Ended

Dec. 31, 2023

Net Loss per Share

Net Loss per Share

13. Net Loss per Share

Basic net loss per share is computed by dividing the net loss by the weighted average shares outstanding. Diluted loss per share is computed by dividing the net loss by the weighted average diluted shares outstanding.

The computation of basic and diluted loss per share was as follows (in thousands, except share and per share data):


	Year Ended December 31,
	2023		2022 (as adjusted)
Net income (loss)	$	(12,147)	$	(18,645)
Weighted average common shares outstanding
Basic		26,752,055		24,971,031
Dilutive common stock options, restricted stock unit awards and restricted stock awards		—		—
Diluted		26,752,055		24,971,031
Basic income (loss) per share of common stock	$	(0.45)	$	(0.75)
Diluted income (loss) per share of common stock	$	(0.45)	$	(0.75)

The Company had a net loss in the years ended December 31, 2023 and 2022. As a result, all stock options, restricted stock unit awards, and restricted stock awards were anti-dilutive and excluded from weighted average shares used in determining the diluted loss per share of common stock for the respective periods.

The following weighted average numbers of shares related to the convertible note and restricted stock unit awards, have been excluded from the calculation of diluted loss per share of common stock, as their effect would be anti-dilutive for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022 (as adjusted)
Convertible Note		2,754,617		—
Restricted stock units		—		147,191
Total		2,754,617		147,191

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (12,147)	$ (18,645)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplemental Purchase Agreement Transaction Information

12 Months Ended

Dec. 31, 2023

Supplemental Purchase Agreement Transaction Information

Supplemental Purchase Agreement Transaction Information

12. Supplemental Purchase Agreement Transaction Information


Deemed Distribution (Contribution)	Year Ended December 31,
	2023		2022
Deemed distribution (contribution) of short-term investments	$	1,000	$	—
Deemed distribution (contribution) of accounts receivable		1,015		(2,605)
Deemed distribution (contribution) of prepaids and other		1		(133)
Deemed distribution (contribution) of land and buildings		514		(4,726)
Deemed (distribution) contribution of accounts payable		(132)		196
Deemed (distribution) contribution of accrued liabilities		(69)		228
Deemed (distribution) contribution of deferred revenue		—		568
Deemed distribution of Breckenridge net assets not acquired	$	2,329
Deemed contribution of Breckenridge net assets			$	(6,472)


Historical Carrying Value of Assets Acquired	March 24, 2023
Accounts receivable, net	$	67
Prepaid expenses and other current assets		56
Property and equipment, net		1,322
Other accrued liabilities		(16)
Deferred revenue		(94)
Acquisition of Breckenridge net assets	$	1,335

Total consideration for the asset purchase is as follows (in thousands):


Consideration Paid	March 24, 2023
Common stock issued	$	2,020
Note payable issued		9,880
Purchase price	$	11,900


Excess Purchase Price	March 24, 2023
Purchase price	$	11,900
Historical carrying value of assets acquired		(1,335)
Excess purchase price	$	10,565

The following table reconciles the previously reported Balance Sheet at December 31, 2022 to the current Balance Sheet for the same period (in thousands):


	December 31, 2022
	Dawson		Breckenridge		Dawson
	Previously Reported				As Adjusted

Assets
Current assets:
Cash and cash equivalents	$	13,914	$	4,689	$	18,603
Restricted cash		5,000		—		5,000
Short-term investments		265		—		265
Accounts receivable, net		6,945		1,027		7,972
Employee retention credit receivable		3,035		—		3,035
Prepaid expenses and other current assets		8,876		75		8,951
Total current assets		38,035		5,791		43,826

Property and equipment, net		18,127		2,341		20,468
Right-of-use assets		4,010		—		4,010
Intangibles, net		369		—		369
Total assets	$	60,541	$	8,132	$	68,673

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	4,015	$	125	$	4,140
Accrued liabilities:
Payroll costs and other taxes		1,973		28		2,001
Other		1,178		102		1,280
Deferred revenue		7,199		181		7,380
Current maturities of notes payable and finance leases		275		—		275
Current maturities of operating lease liabilities		1,118		—		1,118
Total current liabilities		15,758		436		16,194

Long-term liabilities:
Notes payable and finance leases, net of current maturities		207		—		207
Operating lease liabilities, net of current maturities		3,331		—		3,331
Deferred tax liabilities, net		136		1		137
Total long-term liabilities		3,674		1		3,675

Stockholders' equity:
Common stock		238		—		238
Additional paid-in capital		155,413		—		155,413
Accumulated earnings (deficit)		(112,469)		—		(112,469)
Equity of Breckenridge prior to acquisition		—		7,695		7,695
Accumulated other comprehensive income (loss), net		(2,073)		—		(2,073)
Total stockholders' equity		41,109		7,695		48,804

Total liabilities and stockholders' equity	$	60,541	$	8,132	$	68,673

The following tables reconcile the previously reported Statement of Operations for the year ended December 31, 2022 to the current Statement of Operations for the same periods (in thousands):


	Year Ended December 31, 2022
	Dawson		Breckenridge		Eliminations and		Dawson
	Previously Reported				Other Adjustments		As Adjusted
Operating revenues
Fee revenue	$	31,921	$	16,351	$	(2,201)	$	46,071
Reimbursable revenue		5,559		—		—		5,559
		37,480		16,351		(2,201)		51,630
Operating costs:
Operating expenses
Fee operating expenses		32,351		10,837		(2,201)		40,987
Reimbursable operating expenses		5,559		—		—		5,559
		37,910		10,837		(2,201)		46,546
General and administrative		13,785		1,670		—		15,455
Depreciation and amortization		9,795		2,035		—		11,830
		61,490		14,542		(2,201)		73,831

Income (loss) from operations		(24,010)		1,809		—		(22,201)

Other income (expense):
Interest income		316		1		—		317
Interest expense		(31)		—		—		(31)
Other income (expense), net		415		(4)		—		411
Gain from employee retention credit		2,966		—		—		2,966
Income (loss) before income tax		(20,344)		1,806		—		(18,538)
Income tax benefit (expense)		(107)		—		—		(107)
Net income (loss)		(20,451)		1,806		—		(18,645)
Other comprehensive income (loss):
Net unrealized income (loss) on foreign exchange rate translation		(1,063)		—		—		(1,063)

Comprehensive (loss) income	$	(21,514)	$	1,806	$	—	$	(19,708)
Basic income (loss) per share of common stock	$	(0.86)	$	—	$	0.11	$	(0.75)
Diluted income (loss) per share of common stock	$	(0.86)	$	—	$	0.11	$	(0.75)
Weighted average equivalent common shares outstanding		23,782,796		—		1,188,235		24,971,031
Weighted average equivalent common shares outstanding
- assuming dilution		23,782,796		—		1,188,235		24,971,031

The following table reconciles the previously reported Statement of Cash Flows for the year ended December 31, 2022 to the current Statement of Cash Flows for the same period (in thousands):


	Year ended December 31, 2022
	Dawson		Breckenridge		Dawson
	Previously Reported				As Adjusted

Cash flows from operating activities:
Net (loss) income	$	(20,451)	$	1,806	$	(18,645)

Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		9,795		2,035		11,830
Operating lease cost		998		—		998
Non-cash compensation		413		—		413
Deferred income tax expense		116		—		116
Gain on disposal of assets		(219)		770		551
Remeasurement and other		(18)		—		(18)
Change in operating assets and liabilities:
(Increase) decrease in accounts receivable		1,311		1,579		2,890
Increase in employee retention credit receivable		(3,035)		—		(3,035)
(Increase) decrease in prepaid expenses and other assets		(4,382)		58		(4,324)
Increase (decrease) in accounts payable		873		(71)		802
Increase (decrease) in accrued liabilities		802		(97)		705
Increase (decrease) in operating lease liabilities		(1,026)		—		(1,026)
Increase (decrease) in deferred revenue		5,862		(388)		5,474
Net cash (used in) provided by operating activities		(8,961)		5,692		(3,269)

Cash flows from investing activities:
Capital expenditures		(894)		(535)		(1,429)
Proceeds from disposal of assets		225		115		340
Net cash used in investing activities		(669)		(420)		(1,089)

Cash flows from financing activities:
Principal payments on notes payable		(1,253)		—		(1,253)
Principal payments on finance leases		(47)		—		(47)
Tax withholdings related to stock-based compensation awards		(79)		—		(79)
Cash settlement of RSUs		(301)		—		(301)
Sale of treasury stock		113		—		113
Breckenridge cash contributions prior to acquisition		—		(583)		(583)
Net cash used in financing activities		(1,567)		(583)		(2,150)

Effect of exchange rate changes on cash and cash equivalents and restricted cash		(265)		—		(265)

Net (decrease) increase in cash and cash equivalents and restricted cash		(11,462)		4,689		(6,773)

Cash and cash equivalents and restricted cash at beginning of period		30,376		—		30,376

Cash and cash equivalents and restricted cash at end of period	$	18,914	$	4,689	$	23,603

Supplemental cash flow information:
Cash paid for interest	$	31	$	—	$	31
Cash received for income taxes	$	7	$	—	$	7

Non-cash operating, investing and financing activities:
Increase in accrued purchases of property and equipment	$	605	$	—	$	605
Financed leases incurred	$	279	$	—	$	279
Increase in right-of-use assets and operating lease liabilities	$	598	$	—	$	598
Financed insurance premiums	$	1,193	$	—	$	1,193
Deemed contribution of Breckenridge net assets	$	—	$	(6,472)	$	(6,472)

The following table details the standalone Breckenridge Statement of Operations for the period from January 1, 2023 through March 24, 2023 (in thousands):


	Year Ended
	December 31, 2023

Operating revenues	$	782

Operating costs:
Operating expenses		806
General and administrative		438
Depreciation and amortization		505
		1,749

Income (loss) from operations		(967)

Other income (expense):
Interest income		2
Interest expense		—
Other income (expense), net		(11)
Income (loss) before income tax		(976)
Income tax benefit (expense)		—
Net income (loss)	$	(976)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 250,000	$ 250,000
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized	4,000,000	4,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	35,000,000	35,000,000
Common stock, shares issued	30,812,329	23,812,329
Common stock, shares outstanding	30,812,329	23,812,329

Recently Issued Accounting Pronouncements (Details)	12 Months Ended
Recently Issued Accounting Pronouncements (Details)	Dec. 31, 2023 segment
Recently Issued Accounting Pronouncements.
Number of reportable segments	2

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Stock-Based Compensation

Summary of stock-based compensation expense


	Year Ended December 31,
	2023		2022
Restricted stock unit awards	$	—	$	413
Common stock awards		—		—
Total compensation expense	$	—	$	413

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment
Property and equipment, Gross	$ 241,955	$ 254,679
Less accumulated depreciation	(225,447)	(234,211)
Property and equipment, net	16,508	20,468
Land, building and other
Property and Equipment
Property and equipment, Gross	$ 13,476	$ 13,440
Land, building and other \| Minimum
Property and Equipment
Estimated useful lives of property and equipment (in years)	3 years	3 years
Land, building and other \| Maximum
Property and Equipment
Estimated useful lives of property and equipment (in years)	40 years	40 years
Recording equipment
Property and Equipment
Property and equipment, Gross	$ 140,156	$ 154,132
Recording equipment \| Minimum
Property and Equipment
Estimated useful lives of property and equipment (in years)	5 years	5 years
Recording equipment \| Maximum
Property and Equipment
Estimated useful lives of property and equipment (in years)	10 years	10 years
Vibrator energy sources
Property and Equipment
Property and equipment, Gross	$ 64,690	$ 64,110
Vibrator energy sources \| Minimum
Property and Equipment
Estimated useful lives of property and equipment (in years)	5 years	5 years
Vibrator energy sources \| Maximum
Property and Equipment
Estimated useful lives of property and equipment (in years)	15 years	15 years
Vehicles
Property and Equipment
Property and equipment, Gross	$ 23,633	$ 22,997
Vehicles \| Minimum
Property and Equipment
Estimated useful lives of property and equipment (in years)	1 year 6 months	1 year 6 months
Vehicles \| Maximum
Property and Equipment
Estimated useful lives of property and equipment (in years)	10 years	10 years

Major Clients

12 Months Ended

Dec. 31, 2023

Major Clients

Major Clients

14. Major Clients

The Company operates in two business segments, contract seismic data acquisition and processing services. Sales to these clients, as a percentage of operating revenues that exceeded 10%, were as follows:


	Year Ended December 31,
		2023	2022
A		36%	—
B		14%	—
C		12%	—
D		11%	12%
E		—	13%
F		—	10%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases - Maturities of lease liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
January 2024 - December 2024	$ 1,359,000
January 2025 - December 2025	1,071,000
January 2026 - December 2026	1,090,000
January 2027 - December 2027	336,000
January 2028 - December 2028	23,000
Total payments under lease agreements	3,879,000
Less imputed interest	(314,000)
Total lease liabilities	3,565,000	$ 4,449,000
Finance Leases
January 2024 - December 2024	571,000
January 2025 - December 2025	638,000
January 2026 - December 2026	548,000
January 2027 - December 2027	208,000
Total payments under lease agreements	1,965,000
Less imputed interest	(206,000)
Total lease liabilities	$ 1,759,000	$ 277,000

Advertising Costs

12 Months Ended

Dec. 31, 2023

Advertising Costs

Advertising Costs

10. Advertising Costs

Advertising costs are charged to expense as incurred. Advertising costs for the years ended December 31, 2023 and 2022 totaled $32,000 and $29,000, respectively.

Supplemental Purchase Agreement Transaction Information - Statement of cash flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net (loss) income	$ (12,147)	$ (18,645)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	8,492	11,830
Operating lease cost	1,094	998
Non-cash compensation		413
Deferred income tax expense	(121)	116
Gain on disposal of assets	(23)	551
Remeasurement and other		(18)
Change in operating assets and liabilities:
(Increase) decrease in accounts receivable	(5,802)	2,890
Increase in employee retention credit receivable	3,035	(3,035)
(Increase) decrease in prepaid expenses and other assets	1,902	(4,324)
Increase (decrease) in accounts payable	138	802
Increase (decrease) in accrued liabilities	906	705
Increase (decrease) in operating lease liabilities	(1,177)	(1,026)
Increase (decrease) in deferred revenue	4,449	5,474
Net cash provided by (used in) operating activities	814	(3,269)
Cash flows from investing activities:
Capital expenditures	(3,721)	(1,429)
Proceeds from disposal of assets	217	340
Net cash used in investing activities	(4,504)	(1,089)
Cash flows from financing activities:
Principal payments on notes payable	(896)	(1,253)
Principal payments on finance leases	(253)	(47)
Tax withholdings related to stock-based compensation awards		(79)
Cash settlement of RSUs		(301)
Sale of treasury stock		113
Breckenridge cash contributions prior to acquisition	(3,055)	(583)
Net cash used in financing activities	(4,204)	(2,150)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	63	(265)
Net decrease in cash and cash equivalents and restricted cash	(7,831)	(6,773)
Cash and cash equivalents and restricted cash at beginning of period	23,603	30,376
Cash and cash equivalents and restricted cash at end of period	15,772	23,603
Supplemental cash flow information:
Cash paid for interest	98	31
Cash received for income taxes	9	7
Non-cash operating, investing and financing activities:
Increase in accrued purchases of property and equipment		605
Finance leases incurred	1,730	279
Increase in right-of-use assets and operating lease liabilities	283	598
Financed insurance premiums	1,602	1,193
Deemed contribution of Breckenridge net assets		(6,472)
Breckenridge Geophysical, LLC
Non-cash operating, investing and financing activities:
Deemed contribution of Breckenridge net assets		(6,472)
Previously reported
Cash flows from operating activities:
Net (loss) income		(20,451)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		9,795
Operating lease cost		998
Non-cash compensation		413
Deferred income tax expense		116
Gain on disposal of assets		(219)
Remeasurement and other		(18)
Change in operating assets and liabilities:
(Increase) decrease in accounts receivable		1,311
Increase in employee retention credit receivable		(3,035)
(Increase) decrease in prepaid expenses and other assets		(4,382)
Increase (decrease) in accounts payable		873
Increase (decrease) in accrued liabilities		802
Increase (decrease) in operating lease liabilities		(1,026)
Increase (decrease) in deferred revenue		5,862
Net cash provided by (used in) operating activities		(8,961)
Cash flows from investing activities:
Capital expenditures		(894)
Proceeds from disposal of assets		225
Net cash used in investing activities		(669)
Cash flows from financing activities:
Principal payments on notes payable		(1,253)
Principal payments on finance leases		(47)
Tax withholdings related to stock-based compensation awards		(79)
Cash settlement of RSUs		(301)
Sale of treasury stock		113
Net cash used in financing activities		(1,567)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(265)
Net decrease in cash and cash equivalents and restricted cash		(11,462)
Cash and cash equivalents and restricted cash at beginning of period	18,914	30,376
Cash and cash equivalents and restricted cash at end of period		18,914
Supplemental cash flow information:
Cash paid for interest		31
Cash received for income taxes		7
Non-cash operating, investing and financing activities:
Increase in accrued purchases of property and equipment		605
Finance leases incurred		279
Increase in right-of-use assets and operating lease liabilities		598
Financed insurance premiums		1,193
Adjustment \| Breckenridge Geophysical, LLC
Cash flows from operating activities:
Net (loss) income		1,806
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		2,035
Gain on disposal of assets		770
Change in operating assets and liabilities:
(Increase) decrease in accounts receivable		1,579
(Increase) decrease in prepaid expenses and other assets		58
Increase (decrease) in accounts payable		(71)
Increase (decrease) in accrued liabilities		(97)
Increase (decrease) in deferred revenue		(388)
Net cash provided by (used in) operating activities		5,692
Cash flows from investing activities:
Capital expenditures		(535)
Proceeds from disposal of assets		115
Net cash used in investing activities		(420)
Cash flows from financing activities:
Breckenridge cash contributions prior to acquisition		(583)
Net cash used in financing activities		(583)
Net decrease in cash and cash equivalents and restricted cash		4,689
Cash and cash equivalents and restricted cash at beginning of period	$ 4,689
Cash and cash equivalents and restricted cash at end of period		4,689
Non-cash operating, investing and financing activities:
Deemed contribution of Breckenridge net assets		$ (6,472)

Supplemental Purchase Agreement Transaction Information - Statement of comprehensive loss (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating revenues	$ 96,846	$ 51,630
Operating expenses
Operating expenses	88,044	46,546
General and administrative	11,430	15,455
Depreciation and amortization	8,492	11,830
Total operating costs	110,174	73,831
Income (loss) from operations	(13,328)	(22,201)
Other income (expense):
Interest income	576	317
Interest expense	(103)	(31)
Other income (expense),net	612	411
Gain from employee retention credit		2,966
Income (loss) before income tax	(12,243)	(18,538)
Income tax benefit (expense)
Current	(25)	9
Income tax benefit (expense)	96	(107)
Net Income (Loss)	(12,147)	(18,645)
Other comprehensive income (loss):
Net unrealized income (loss) on foreign exchange rate translation	161	(1,063)
Comprehensive (loss) income	$ (11,986)	$ (19,708)
Basic income (loss) per share of common stock (in dollars per share)	$ (0.45)	$ (0.75)
Diluted income (loss) per share of common stock (in dollars per share)	$ (0.45)	$ (0.75)
Weighted average equivalent common shares outstanding	26,752,055	24,971,031
Weighted average equivalent common shares outstanding - assuming dilution	26,752,055	24,971,031
Fee Revenue
Operating revenues	$ 61,447	$ 46,071
Operating expenses
Operating expenses	52,895	40,987
Reimbursable Revenue
Operating revenues	35,399	5,559
Operating expenses
Operating expenses	$ 35,149	5,559
Eliminations and Other Adjustments
Operating revenues		(2,201)
Operating expenses
Operating expenses		(2,201)
Total operating costs		$ (2,201)
Other comprehensive income (loss):
Basic income (loss) per share of common stock (in dollars per share)		$ 0.11
Diluted income (loss) per share of common stock (in dollars per share)		$ 0.11
Weighted average equivalent common shares outstanding		1,188,235
Weighted average equivalent common shares outstanding - assuming dilution		1,188,235
Eliminations and Other Adjustments \| Fee Revenue
Operating revenues		$ (2,201)
Operating expenses
Operating expenses		(2,201)
Previously reported
Operating revenues		37,480
Operating expenses
Operating expenses		37,910
General and administrative		13,785
Depreciation and amortization		9,795
Total operating costs		61,490
Income (loss) from operations		(24,010)
Other income (expense):
Interest income		316
Interest expense		(31)
Other income (expense),net		415
Gain from employee retention credit		2,966
Income (loss) before income tax		(20,344)
Income tax benefit (expense)
Income tax benefit (expense)		(107)
Net Income (Loss)		(20,451)
Other comprehensive income (loss):
Net unrealized income (loss) on foreign exchange rate translation		(1,063)
Comprehensive (loss) income		$ (21,514)
Basic income (loss) per share of common stock (in dollars per share)		$ (0.86)
Diluted income (loss) per share of common stock (in dollars per share)		$ (0.86)
Weighted average equivalent common shares outstanding		23,782,796
Weighted average equivalent common shares outstanding - assuming dilution		23,782,796
Previously reported \| Fee Revenue
Operating revenues		$ 31,921
Operating expenses
Operating expenses		32,351
Previously reported \| Reimbursable Revenue
Operating revenues		5,559
Operating expenses
Operating expenses		5,559
Adjustment \| Breckenridge Geophysical, LLC
Operating revenues		16,351
Operating expenses
Operating expenses		10,837
General and administrative		1,670
Depreciation and amortization		2,035
Total operating costs		14,542
Income (loss) from operations		1,809
Other income (expense):
Interest income		1
Other income (expense),net		(4)
Income (loss) before income tax		1,806
Income tax benefit (expense)
Net Income (Loss)		1,806
Other comprehensive income (loss):
Comprehensive (loss) income		1,806
Adjustment \| Breckenridge Geophysical, LLC \| Fee Revenue
Operating revenues		16,351
Operating expenses
Operating expenses		$ 10,837

Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net Loss per Share
Net Income (Loss)	$ (12,147)	$ (18,645)
Weighted average common shares outstanding
Basic	26,752,055	24,971,031
Diluted	26,752,055	24,971,031
Basic income (loss) per share of common stock (in dollars per share)	$ (0.45)	$ (0.75)
Diluted income (loss) per share of common stock (in dollars per share)	$ (0.45)	$ (0.75)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property and Equipment

Schedule of property and equipment

Property and equipment, together with the related estimated useful lives at December 31, 2023 and 2022, were as follows (in thousands):


	December 31,
	2023		2022 (as adjusted)		Useful Lives
Land, building and other	$	13,476	$	13,440		3 to 40 years
Recording equipment		140,156		154,132		5 to 10 years
Vibrator energy sources		64,690		64,110		5 to 15 years
Vehicles		23,633		22,997		1.5 to 10 years
		241,955		254,679
Less accumulated depreciation		(225,447)		(234,211)
Property and equipment, net	$	16,508	$	20,468

Supplemental Purchase Agreement Transaction Information - Excess Purchase Price (Details) - Breckenridge - USD ($) $ in Thousands	Mar. 24, 2023	Dec. 31, 2023
Asset Acquisition
Purchase price	$ 11,900
Historical carrying value of assets acquired	(1,335)	$ (1,335)
Excess purchase price	$ 10,565

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 10,772	$ 18,603
Restricted cash	5,000	5,000
Short-term investments	265	265
Accounts receivable, net of allowance for doubtful accounts of $250 at December 31, 2023 and 2022	12,735	7,972
Employee retention credit receivable		3,035
Prepaid expenses and other current assets	8,654	8,951
Total current assets	37,426	43,826
Property and equipment	241,955	254,679
Less accumulated depreciation	(225,447)	(234,211)
Property and equipment, net	16,508	20,468
Right-of-use assets	3,208	4,010
Intangibles, net	377	369
Total assets	57,519	68,673
Current liabilities:
Accounts payable	3,883	4,140
Accrued liabilities:
Payroll costs and other taxes	3,415	2,001
Other	709	1,280
Deferred revenue	11,829	7,380
Current maturities of notes payable and finance leases	1,380	275
Current maturities of operating lease liabilities	1,202	1,118
Total current liabilities	22,418	16,194
Long-term liabilities:
Notes payable and finance leases, net of current maturities	1,289	207
Operating lease liabilities, net of current maturities	2,363	3,331
Deferred tax liabilities, net	15	137
Total long-term liabilities	3,667	3,675
Commitments and contingencies
Stockholders' equity:
Preferred stock-par value $1.00 per share; 4,000,000 shares authorized, none outstanding
Common stock-par value $0.01 per share; 35,000,000 shares authorized, 30,812,329 and 23,812,329 shares issued, and 30,812,329 and 23,812,329 shares outstanding at December 31, 2023 and December 31, 2022, respectively	308	238
Additional paid-in capital	156,678	155,413
Accumulated deficit	(123,640)	(112,469)
Equity of Breckenridge prior to acquisition		7,695
Accumulated other comprehensive loss, net	(1,912)	(2,073)
Total stockholders' equity	31,434	48,804
Total liabilities and stockholders' equity	$ 57,519	$ 68,673

Stock-Based Compensation (Details) - USD ($) $ in Thousands				12 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Thousands	Jun. 09, 2020	May 01, 2018	May 05, 2016	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2016
Stock-Based Compensation Plans
Number of awards previously granted under prior plans remains outstanding					0
Stock-based compensation expense				$ 413
Restricted stock units
Stock-Based Compensation Plans
Stock-based compensation expense				$ 413
The 2016 Plan
Stock-Based Compensation Plans
Number of shares authorized		1,050,000				1,000,000
Percentage of stock dividend approved by the board		5.00%
Restated 2016 Plan
Stock-Based Compensation Plans
Number of shares authorized	2,050,000
Number of additional shares authorized	1,000,000
Shares available for future issuance					1,264,487
Option expiration term			10 years

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Commitments and Contingencies

16. Commitments and Contingencies

From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. Although the Company cannot predict the outcomes of any such legal proceedings, management believes that the resolution of pending legal actions will not have a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity, as the Company believes it is adequately indemnified and insured.

The Company is also party to the following legal proceeding: On April 1, 2019, Weatherford International, LLC and Weatherford U.S., L.P. (collectively, “Weatherford”) filed a petition in state district court for Midland County, Texas, in which the Company and eighteen other parties were named as defendants, alleging the Company and/or the other named defendants contributed to or caused contamination of groundwater at and around property owned by Weatherford. Weatherford is seeking declaratory judgment, recovery and contribution for past and future costs incurred in responding to or correcting the contamination at and around the property from each defendant. The Company disputes Weatherford’s allegations with respect to the Company and intends to vigorously defend itself in this case. Subsequent to the filing of the petition, Weatherford filed for bankruptcy protection on July 1, 2019. While the outcome and impact of this legal proceeding on the Company cannot be predicted with certainty, based on currently available information, management believes that the resolution of this proceeding will not have a material adverse effect on our consolidated financial condition, results of operations or liquidity.

Additionally, the Company experiences contractual disputes with its clients from time to time regarding the payment of invoices or other matters. While the Company seeks to minimize these disputes and maintain good relations with its clients, the Company has experienced in the past, and may experience in the future, disputes that could affect its revenues and results of operations in any period.

Debt - Maturities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Aggregate maturities of finance leases
January 2024 - December 2024	$ 470,000
January 2025 - December 2025	569,000
January 2026 - December 2026	517,000
January 2027 - December 2027	203,000
Obligations under finance leases	$ 1,759,000	$ 277,000
Minimum
Aggregate maturities of finance leases
Interest rate on leases	4.86%
Maximum
Aggregate maturities of finance leases
Interest rate on leases	8.74%