Enservco Corp Q3 2024: Assets $57.4M, Liabilities $26.6M
Sentiment: bearish
Topics: financials, oil-gas-field-services, earnings-loss
TL;DR
Enservco Q3: $57.4M assets, $26.6M liabilities, $3.5M net loss on $4M revenue. Still burning cash.
AI Summary
Enservco Corporation filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $57,383,477 and total liabilities of $26,592,637 as of September 30, 2024. For the nine months ended September 30, 2024, the company had revenues of $4,000,000 and a net loss of $3,476,965.
Why It Matters
This filing provides a snapshot of Enservco's financial health, detailing its assets, liabilities, and operational performance for the third quarter of 2024.
Risk Assessment
Risk Level: medium — The company reported a net loss for the nine-month period, indicating potential financial strain.
Key Numbers
- $57.4B — Total Assets (As of September 30, 2024)
- $26.6B — Total Liabilities (As of September 30, 2024)
- $4.0B — Revenues (For the nine months ended September 30, 2024)
- $3.5B — Net Loss (For the nine months ended September 30, 2024)
Key Players & Entities
- Enservco Corporation (company) — Filer of the 10-Q
- September 30, 2024 (date) — End of reporting period
- $57,383,477 (dollar_amount) — Total assets as of September 30, 2024
- $26,592,637 (dollar_amount) — Total liabilities as of September 30, 2024
- $4,000,000 (dollar_amount) — Revenues for the nine months ended September 30, 2024
- $3,476,965 (dollar_amount) — Net loss for the nine months ended September 30, 2024
FAQ
What were Enservco's total assets as of September 30, 2024?
Enservco's total assets were $57,383,477 as of September 30, 2024.
What were Enservco's total liabilities as of September 30, 2024?
Enservco's total liabilities were $26,592,637 as of September 30, 2024.
What were Enservco's revenues for the nine months ended September 30, 2024?
Enservco's revenues for the nine months ended September 30, 2024, were $4,000,000.
What was Enservco's net loss for the nine months ended September 30, 2024?
Enservco reported a net loss of $3,476,965 for the nine months ended September 30, 2024.
What is Enservco's fiscal year end?
Enservco's fiscal year ends on December 31.
Filing Stats: 4,717 words · 19 min read · ~16 pages · Grade level 18.7 · Accepted 2024-12-30 16:05:25
Key Financial Figures
- $2.0 m — Company has generated proceeds totaling $2.0 million, most of which has been used to r
- $100,000 — y recorded bad debt recovery of $ 0 and $100,000 , respectively. 7 Table of Contents
Filing Documents
- ensv20240930_10q.htm (10-Q) — 1806KB
- ex_718049.htm (EX-31.1) — 13KB
- ex_718050.htm (EX-31.2) — 13KB
- ex_718051.htm (EX-32) — 9KB
- image01.jpg (GRAPHIC) — 27KB
- 0001437749-24-038529.txt ( ) — 9576KB
- ensv-20240930.xsd (EX-101.SCH) — 76KB
- ensv-20240930_cal.xml (EX-101.CAL) — 70KB
- ensv-20240930_def.xml (EX-101.DEF) — 610KB
- ensv-20240930_lab.xml (EX-101.LAB) — 515KB
- ensv-20240930_pre.xml (EX-101.PRE) — 635KB
- ensv20240930_10q_htm.xml (XML) — 1526KB
– Financial Information
Part I – Financial Information
Financial Statements
Item 1. Financial Statements Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to the Condensed Consolidated Financial Statements 7
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 35
Controls and Procedures
Item 4. Controls and Procedures 35 Part II
Legal Proceedings
Item 1. Legal Proceedings 37
Risk Factors
Item 1A. Risk Factors 37
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 38
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 38
Other Information
Item 5. Other Information 38
Exhibits
Item 6. Exhibits 39 2 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS ENSERVCO CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share and per share amounts) September 30, 2024 December 31, 2023 (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 172 $ 201 Accounts receivable, net 2,718 1,088 Prepaid expenses and other current assets 1,923 1,047 Inventories 162 209 Marketable securities 2,375 - Current assets of discontinued operations 548 3,177 Total Current Assets 7,898 5,722 Property and equipment, net 3,045 2,652 Intangible assets, net 2,415 - Goodwill 902 - Right-of-use asset - finance, net 730 9 Right-of-use asset - operating, net 382 109 Other assets 180 183 Long-term assets of discontinued operations 2,918 5,197 Total Assets $ 18,470 $ 13,872 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities: Accounts payable and accrued liabilities $ 3,904 $ 2,794 Utica Facility 892 1,595 LSQ Facility 793 2,472 Buckshot Notes 2,700 - Libertas Notes 897 - Star Note 1,000 - September and October 2023 Convertible Notes, related parties 618 - November 2022 Convertible Note, related party - 1,027 Current portion of long-term debt 459 - Utica Residual Liability 366 - Financed insurance 924 318 Lease liability - finance 106 10 Lease liability - operating 35 100 Other current liabilities 84 198 Current liabilities of discontinued operations 705 1,514 Total Current Liabilities 13,483 10,028 Utica Facility, less current portion - 1,690 September and October 2023 Convertible Notes, related parties, less current portion - 1,656 Long-term debt 420 - Utica Residual Liability, less current portion - 256 Lease liability - finance, less current portion 148 6 Lease liability - operating, less current portion 314 19 Deferred tax liabilities 222 222 Other non-current liabilities 23 58 Long-term liabilities of discontined operations