Superior Drilling Products, Inc.

2023 Q3 Form 10-Q Financial Statement

#000149315223028223 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.315M $1.180M
YoY Change 110.81% -58.27%
Cash & Equivalents $4.315M $1.180M
Short-Term Investments
Other Short-Term Assets $307.2K $192.5K
YoY Change -60.36% 117.29%
Inventory $3.219M $3.152M
Prepaid Expenses $533.3K $351.8K
Receivables $2.439M $4.688M
Other Receivables $0.00 $0.00
Total Short-Term Assets $10.81M $9.564M
YoY Change 20.46% 24.48%
LONG-TERM ASSETS
Property, Plant & Equipment $11.10M $11.09M
YoY Change 31.71% 49.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $199.8K $112.6K
YoY Change 79.18% 1.9%
Total Long-Term Assets $11.81M $11.76M
YoY Change 26.42% 49.78%
TOTAL ASSETS
Total Short-Term Assets $10.81M $9.564M
Total Long-Term Assets $11.81M $11.76M
Total Assets $22.62M $21.32M
YoY Change 23.5% 37.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.910M $2.434M
YoY Change 130.08% 122.13%
Accrued Expenses $945.2K $960.0K
YoY Change 6.98% 12.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $753.3K $1.424M
YoY Change -67.52% -35.4%
Total Short-Term Liabilities $5.297M $5.473M
YoY Change 7.8% 18.89%
LONG-TERM LIABILITIES
Long-Term Debt $1.703M $448.4K
YoY Change 148.96% 135.35%
Other Long-Term Liabilities $1.009M $1.017M
YoY Change -11.36%
Total Long-Term Liabilities $1.703M $448.4K
YoY Change 148.96% 135.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.297M $5.473M
Total Long-Term Liabilities $1.703M $448.4K
Total Liabilities $11.99M $10.94M
YoY Change 11.04% 23.29%
SHAREHOLDERS EQUITY
Retained Earnings -$34.04M -$34.05M
YoY Change -6.03% -7.62%
Common Stock $44.67M $44.44M
YoY Change 2.12% 2.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.63M $10.39M
YoY Change
Total Liabilities & Shareholders Equity $22.62M $21.32M
YoY Change 23.5% 37.27%

Cashflow Statement

Concept 2023 Q3 2023 Q2

Facts In Submission

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CY2023Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
6408 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
323167 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
10386435 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
6147928 usd
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
422601 usd
us-gaap Net Income Loss
NetIncomeLoss
93329 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
6663858 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
8086822 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
8086822 usd
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
456819 usd
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
6408 usd
us-gaap Net Income Loss
NetIncomeLoss
1836386 usd
us-gaap Net Income Loss
NetIncomeLoss
1836386 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
10386435 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
10386435 usd
CY2022Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
628358 usd
CY2023Q2 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
265760 usd
CY2022Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
265760 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24955292 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_847_eus-gaap--ConcentrationRiskCreditRisk_zEM8mkQclOd4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="xdx_86E_zubkHJP4nQ1k">Concentrations of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The Company has two significant customers that represented <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--TwoCustomersMember_zAZPSgjsusp6" title="Concentration risk percentage">84</span>% and <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--TwoCustomersMember_zP9zt5HSoTZi" title="Concentration risk percentage">89</span>% of its revenue for the six months ended June 30, 2023 and 2022, respectively. These customers had approximately $<span id="xdx_90B_eus-gaap--AccountsReceivableNet_iI_pp0p0_c20230630__srt--MajorCustomersAxis__custom--TwoCustomersMember_zvvpsQBwB5N8" title="Accounts receivable">2,540,000</span> and $<span id="xdx_909_eus-gaap--AccountsReceivableNet_iI_pp0p0_c20221231__srt--MajorCustomersAxis__custom--TwoCustomersMember_zQNgFE83fUfa" title="Accounts receivable">1,751,000</span> in accounts receivable as of June 30, 2023 and December 31, 2022, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The Company had two vendors that represented <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--TwoVendorsMember_zBO9aLxOvbq7" title="Concentration risk percentage">13</span>% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--TwoVendorsMember_z0EIO63y3nDa" title="Concentration risk percentage">14</span>% of its purchases for each of the six months ended June 30, 2023 and 2002, respectively. These vendors had approximately $<span id="xdx_90A_eus-gaap--AccountsPayableCurrent_iI_pp0p0_c20230630__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--TwoVendorsMember_zsNrIU1GdeY6" title="Accounts payable current">471,000</span> and $<span id="xdx_908_eus-gaap--AccountsPayableCurrent_iI_pp0p0_c20221231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--TwoVendorsMember_zBlSWRoJqtp2" title="Accounts payable current">77,000</span> in accounts payable as of June 30, 2023 and December 31, 2022, respectively.</span></p>
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5367350 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4540842 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11648564 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8671007 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
21840074 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13869239 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13263223 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11086053 usd
CY2023Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
1763567 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
1334669 usd
CY2023Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
752136 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
168214 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
636700 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
578377 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
3152403 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
2081260 usd
CY2023Q2 us-gaap Land
Land
880416 usd
CY2022Q4 us-gaap Land
Land
880416 usd
CY2023Q2 SDPI Buildings Gross
BuildingsGross
4764441 usd
CY2022Q4 SDPI Buildings Gross
BuildingsGross
4764441 usd
CY2023Q2 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
983668 usd
CY2022Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
755039 usd
CY2023Q2 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
17432649 usd
CY2022Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
14546060 usd
CY2023Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
628358 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8576851 usd
CY2023Q2 us-gaap Depreciation
Depreciation
284347 usd
CY2022Q2 us-gaap Depreciation
Depreciation
360981 usd
us-gaap Depreciation
Depreciation
606016 usd
us-gaap Depreciation
Depreciation
730046 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
14900000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
14900000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
14900000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
14830556 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
69444 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
27778 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
41667 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
69444 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
83333 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
1872481 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
1655363 usd
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
1424057 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1125864 usd
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
448424 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
529499 usd
CY2023Q2 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
50000 usd
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
4075779 usd
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
4112658 usd
CY2023Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
78842 usd
CY2022Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
74636 usd
CY2023Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
3996937 usd
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
4038022 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
323167 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-56508 usd
us-gaap Net Income Loss
NetIncomeLoss
1836386 usd
us-gaap Net Income Loss
NetIncomeLoss
93329 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29247563 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28235001 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29246328 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28235001 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
48198 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
48198 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
70100 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29295761 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28235001 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29294526 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28305101 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
63000 usd
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
23000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
126000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
25000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
220329 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
187394 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y5M12D
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y9M14D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0725 pure
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0725 pure
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5367350 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4540842 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11648564 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8671007 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
545932 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
127695 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
1923693 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
432582 usd

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