Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

v3.20.4
Property and Equipment, Net
12 Months Ended
Dec. 31, 2020
Property Plant And Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE 6 – PROPERTY AND EQUIPMENT, NET

Property and equipment consisted of the following:

 

 

 

Estimated

Useful

Life (in years)

 

December 31,

2020

 

 

December 31,

2019

 

Fracturing equipment

 

1.5 to 25

 

$

263,869

 

 

$

651,162

 

Light duty vehicles

 

5

 

 

2,483

 

 

 

8,188

 

Furniture and fixtures

 

5

 

 

67

 

 

 

277

 

IT equipment

 

3

 

 

1,676

 

 

 

6,724

 

Auxiliary equipment

 

2 to 20

 

 

11,058

 

 

 

38,502

 

Leasehold improvements

 

Term of lease

 

 

287

 

 

 

725

 

 

 

 

 

 

279,440

 

 

 

705,578

 

Less: Accumulated depreciation and

   amortization

 

 

 

 

(44,108

)

 

 

(263,968

)

Property and equipment, net

 

 

 

$

235,332

 

 

$

441,610

 

 

Depreciation and amortization expense related to property and equipment during the years ended December 31, 2020 and 2019 was $79,263 and $148,149, respectively.

 

As a result of the impairment test on long-lived assets described in “Note 5 – Goodwill and Intangible Assets,” the Company recorded in the first quarter of 2020 an impairment charge of $140.3  million to reduce the carrying value of property and equipment from $414.1  million to $273.8  million, representing its fair value on the date of impairment.