Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
CURRENT ASSETS:    
Cash and cash equivalents $ 3,693 $ 33,794
Restricted cash 1,569 7,610
Accounts receivable (net of allowance for doubtful accounts of $12,000 and $22 in 2020 and 2019, respectively) 44,393 79,542
Inventory, net 7,965 9,052
Prepaids and other current assets 10,707 13,332
Total current assets 68,327 143,330
Property and equipment, net 235,332 441,610
Intangible assets, net 13,466 21,826
Goodwill 4,971 4,971
Deferred financing costs, net 1,127 1,045
TOTAL ASSETS 323,223 612,782
CURRENT LIABILITIES:    
Accounts payable 36,362 70,170
Accrued expenses and other current liabilities 14,781 40,481
Notes payable 998 8,068
Current portion of long-term equipment financing 3,519 5,564
Current portion of long-term capital lease obligation 54 10,474
Current portion of long-term debt 10,000 6,250
Total current liabilities 65,714 141,007
Long-term equipment financing 9,347 10,501
Long-term debt 274,555 274,391
Other long-term liabilities 3,539 215
TOTAL LIABILITIES 353,155 426,114
Commitments and contingencies (NOTE 16)
STOCKHOLDERS' EQUITY (DEFICIT)    
Additional paid in capital 241,465 248,302
Accumulated deficit (346,866) (111,201)
Total stockholders' equity (deficit) attributable to U.S. Well Services, Inc. (105,394) 137,107
Noncontrolling interest   10,633
Total Stockholders' Equity (Deficit) (105,394) 147,740
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY (DEFICIT) 323,223 612,782
Series A Convertible Redeemable Preferred Stock [Member]    
MEZZANINE EQUITY    
Redeemable Convertible Preferred Stock 52,776 38,928
Series B Convertible Redeemable Preferred Stock [Member]    
MEZZANINE EQUITY    
Redeemable Convertible Preferred Stock 22,686  
Common Class A [Member]    
STOCKHOLDERS' EQUITY (DEFICIT)    
Common stock 7 5
Total Stockholders' Equity (Deficit) $ 7 5
Common Class B [Member]    
STOCKHOLDERS' EQUITY (DEFICIT)    
Common stock   1
Total Stockholders' Equity (Deficit)   $ 1