Print Page  |  Close Window

SEC Filings

BASIC ENERGY SERVICES INC filed this Form 10-Q on 11/05/2018
Entire Document

have been completed on a daily basis either as Accounts Receivable or Work-in-Process ("WIP"), when all of the proper approvals are obtained.
A small percentage of our jobs may require performance obligations which extend over a longer period of time and are not invoiced until all performances obligations in the contract are complete, such as, drilling or plugging a well, fishing services, and pad site preparation jobs. Because these jobs are performed on the customer's job site, and we are contractually entitled to bill for our services performed to date, revenues for these service lines are recognized on a daily basis as services are performed and recorded as Contract Assets rather than a WIP or Accounts Receivable. Contract Assets are typically invoiced within 30 to 60 days of recognizing revenue.
As of September 30, 2018, accounts receivable related to products and services were $156.2 million. At September 30, 2018 and December 31, 2017, the Company had $1.9 million and $2.4 million of contract assets, respectively, and had $2.6 million and no contract liabilities, respectively recorded on the consolidated balance sheet.
Basic does not have any long-term service contracts; nor do we have revenue expected to be recognized in any future year related to remaining performance obligations or contracts with variable consideration related to undelivered performance obligations.